Regulatory Alerts2015-04-02 | 2015-07293Added
Exemption for Certain Exchange Members
The Securities and Exchange Commission proposes to amend Rule 15b9-1 to replace the current gross income allowance with a narrower exemption from national securities association membership for brokers or dealers that carry no customer accounts. The proposed amendments would specifically exempt dealers effecting off-exchange transactions solely for hedging floor-based risks or routing orders to prevent trade-throughs consistent with Regulation NMS. This change aims to align the exemption scope with modern market activities and ensure appropriate regulatory oversight for non-member firms.
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