Regulatory Alerts2023-09-07 | 2023-18658Added
Exemption for Certain Exchange Members
The Securities and Exchange Commission adopted amendments to Rule 15b9-1 to rescind the broad proprietary trading exemption from national securities association membership. The new rule requires registered broker-dealers that are exchange members but carry no customer accounts to join an association when effecting off-exchange transactions, unless the trades result from regulatory order routing or stock-option execution. This change ensures direct regulatory oversight by associations like FINRA over significant off-exchange proprietary trading activities.
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