SEC Greenlights FINRA-Texas Stock Exchange Regulatory Pact
Published Date: 3/6/2026
Notice
Summary
FINRA and Texas Stock Exchange teamed up to split their regulatory duties so they don’t both check the same members twice. This new plan, approved by the SEC, means fewer duplicate exams and less hassle (and cost) for broker-dealers who belong to both groups. The change kicks in right away, making regulation smoother and smarter for everyone involved.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Fewer Duplicate Exams for Dual Members
If you are a broker-dealer that is a member of both the Financial Industry Regulatory Authority (FINRA) and the Texas Stock Exchange (TXSE), the SEC-approved plan reduces duplicate regulatory examinations. The Plan allocates certain examination and enforcement duties so you should face fewer overlapping exams and lower related compliance costs starting when the Plan became effective on March 3, 2026.
FINRA Takes On Oversight of Similar TXSE Rules
If you are a dual member of TXSE and FINRA, FINRA will assume examination and enforcement responsibility for TXSE rules that are listed in the Plan's Certification and are substantially similar to FINRA rules, as well as certain federal securities laws and rules listed there. The Certification will be reviewed at least annually and updated as needed to confirm which TXSE rules FINRA will oversee.
TXSE Keeps Trading Surveillance and Certain Oversight
If you trade on TXSE or are subject to TXSE-specific registration rules that are not in the Certification, TXSE will continue to handle surveillance, examinations, investigations, and enforcement for those trading activities and registration matters. The Plan also acknowledges that TXSE may, at its discretion, exercise concurrent jurisdiction in investigations relating to TXSE transactions.
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