Notice2026-03918
Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d-2; Notice of Filing of Proposed Amended Plan for the Allocation of Regulatory Responsibilities Between the Financial Industry Regulatory Authority, Inc., MEMX LLC, and MX2 LLC
Primary source
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Published
February 26, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 38 (Thursday, February 26, 2026)</title>
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[Federal Register Volume 91, Number 38 (Thursday, February 26, 2026)]
[Notices]
[Pages 9663-9671]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-03918]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104883; File No. 4-762]
Program for Allocation of Regulatory Responsibilities Pursuant to
Rule 17d-2; Notice of Filing of Proposed Amended Plan for the
Allocation of Regulatory Responsibilities Between the Financial
Industry Regulatory Authority, Inc., MEMX LLC, and MX2 LLC
February 24, 2026.
Pursuant to Section 17(d) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 17d-2 thereunder,\2\ notice is hereby given that
on February 3, 2026, the Financial Industry Regulatory Authority, Inc.
(``FINRA''), MEMX LLC (``MEMX''), and MX2 LLC (together, the
``Parties'') filed with the Securities and Exchange Commission
(``Commission'' or ``SEC'') a plan for the allocation of regulatory
responsibilities, dated January 20, 2026 (``17d-2 Plan'' or the
``Plan''). This Agreement amends and restates the agreement entered
into between FINRA and MEMX approved by the SEC on October 18, 2022,
entitled ``Agreement between Financial Industry Regulatory Authority,
Inc. and MEMX LLC pursuant to Rule 17d-2 under the Securities Exchange
Act of 1934,'' and any subsequent amendments thereafter. The Commission
is publishing this
[[Page 9664]]
notice to solicit comments on the 17d-2 Plan from interested persons.
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\1\ 15 U.S.C. 78q(d).
\2\ 17 CFR 240.17d-2.
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I. Introduction
Section 19(g)(1) of the Act,\3\ among other things, requires every
self-regulatory organization (``SRO'') registered as either a national
securities exchange or national securities association to examine for,
and enforce compliance by, its members and persons associated with its
members with the Act, the rules and regulations thereunder, and the
SRO's own rules, unless the SRO is relieved of this responsibility
pursuant to Section 17(d) or Section 19(g)(2) of the Act.\4\ Without
this relief, the statutory obligation of each individual SRO could
result in a pattern of multiple examinations of broker-dealers that
maintain memberships in more than one SRO (``common members''). Such
regulatory duplication would add unnecessary expenses for common
members and their SROs.
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\3\ 15 U.S.C. 78s(g)(1).
\4\ 15 U.S.C. 78q(d) and 15 U.S.C. 78s(g)(2), respectively.
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Section 17(d)(1) of the Act \5\ was intended, in part, to eliminate
unnecessary multiple examinations and regulatory duplication.\6\ With
respect to a common member, Section 17(d)(1) authorizes the Commission,
by rule or order, to relieve an SRO of the responsibility to receive
regulatory reports, to examine for and enforce compliance with
applicable statutes, rules, and regulations, or to perform other
specified regulatory functions.
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\5\ 15 U.S.C. 78q(d)(1).
\6\ See Securities Act Amendments of 1975, Report of the Senate
Committee on Banking, Housing, and Urban Affairs to Accompany S.
249, S. Rep. No. 94-75, 94th Cong., 1st Session 32 (1975).
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To implement Section 17(d)(1), the Commission adopted two rules:
Rule 17d-1 and Rule 17d-2 under the Act.\7\ Rule 17d-1 authorizes the
Commission to name a single SRO as the designated examining authority
(``DEA'') to examine common members for compliance with the financial
responsibility requirements imposed by the Act, or by Commission or SRO
rules.\8\ When an SRO has been named as a common member's DEA, all
other SROs to which the common member belongs are relieved of the
responsibility to examine the firm for compliance with the applicable
financial responsibility rules. On its face, Rule 17d-1 deals only with
an SRO's obligations to enforce member compliance with financial
responsibility requirements. Rule 17d-1 does not relieve an SRO from
its obligation to examine a common member for compliance with its own
rules and provisions of the federal securities laws governing matters
other than financial responsibility, including sales practices and
trading activities and practices.
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\7\ 17 CFR 240.17d-1 and 17 CFR 240.17d-2, respectively.
\8\ See Securities Exchange Act Release No. 12352 (April 20,
1976), 41 FR 18808 (May 7, 1976).
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To address regulatory duplication in these and other areas, the
Commission adopted Rule 17d-2 under the Act.\9\ Rule 17d-2 permits SROs
to propose joint plans for the allocation of regulatory
responsibilities with respect to their common members. Under paragraph
(c) of Rule 17d-2, the Commission may declare such a plan effective if,
after providing for appropriate notice and comment, it determines that
the plan is necessary or appropriate in the public interest and for the
protection of investors; to foster cooperation and coordination among
the SROs; to remove impediments to, and foster the development of, a
national market system and a national clearance and settlement system;
and is in conformity with the factors set forth in Section 17(d) of the
Act. Commission approval of a plan filed pursuant to Rule 17d-2
relieves an SRO of those regulatory responsibilities allocated by the
plan to another SRO.
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\9\ See Securities Exchange Act Release No. 12935 (October 28,
1976), 41 FR 49091 (November 8, 1976).
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II. The Plan
On June 17, 2020, the Commission declared effective the Plan
entered into between FINRA and MEMX for allocating regulatory
responsibility pursuant to Rule 17d-2.\10\ The Plan is intended to
reduce regulatory duplication for firms that are common members of
FINRA and MEMX by allocating regulatory responsibility with respect to
certain applicable laws, rules, and regulations that are common among
them. Included in the Plan is an exhibit that lists every MEMX rule for
which FINRA bears responsibility under the Plan for overseeing and
enforcing with respect to MEMX members that are also members of FINRA
and the associated persons therewith (``Certification''). On October 6,
2022, the parties submitted an amendment to the Plan to add Securities
Exchange Act Rule 14e-4(a)(1)(ii)(D) to the Certification and to
reflect updated rule citations.\11\
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\10\ See Securities Exchange Act Release No. 89084 (June 17,
2020), 85 FR 37701 (June 23, 2020).
\11\ See Securities Exchange Act Release No. 96101 (October 18,
2022), 87 FR 64280 (October 24, 2022).
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III. Proposed Amendment to Plan
On February 3, 2026, the parties submitted a proposed amendment to
the Plan. The primary purpose of the amendment is to add MX2 as a
Participant to the Plan, to amend the procedures regarding statutory
disqualifications, and to specify the notice that FINRA would be
required to give if it decided to charge MEMX and MX2 for performing
the Regulatory Responsibilities under the Agreement. The text of the
proposed amended 17d-2 plan is as follows (additions are italicized;
deletions are [bracketed]):
AGREEMENT AMONG [BETWEEN] FINANCIAL INDUSTRY REGULATORY AUTHORITY,
INC., [AND] MEMX LLC AND MX2 LLC PURSUANT TO RULE 17d-2 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
This Agreement, by and between the Financial Industry Regulatory
Authority, Inc. (``FINRA''), [and] MEMX LLC (``MEMX'') and MX2 LLC
(``MX2''), is made this [18th ] 20th day of [October] January, [2022]
2026 (the ``Agreement''), pursuant to Section 17(d) of the Securities
Exchange Act of 1934 (the ``Exchange Act'') and Rule 17d-2 thereunder,
which permits agreements between self-regulatory organizations to
allocate regulatory responsibility to eliminate regulatory duplication.
FINRA, [and] MEMX and MX2 may be referred to individually as a
``party'' and together as the ``parties.''
This Agreement amends and restates the agreement entered into
between FINRA and MEMX approved by the SEC on October 18, 2022,
entitled ``Agreement between Financial Industry Regulatory Authority,
Inc. and MEMX LLC pursuant to Rule 17d-2 under the Securities Exchange
Act of 1934,'' and any subsequent amendments thereafter.
Whereas, [FINRA and MEMX] the parties desire to reduce duplication
in the examination and surveillance of their [Dual] Common Members (as
defined herein) and in the filing and processing of certain
registration and membership records; and
Whereas, [FINRA and MEMX] the parties desire to execute an
agreement covering such subjects pursuant to the provisions of Rule
17d-2 under the Exchange Act and to file such agreement with the
Securities and Exchange Commission (the ``SEC'' or ``Commission'') for
its approval.
Now, therefore, in consideration of the mutual covenants contained
hereinafter, [FINRA and MEMX] the parties hereby agree as follows:
1. Definitions. Unless otherwise defined in this Agreement or the
context otherwise requires, the terms used in this Agreement shall have
the same meaning as they have under the Exchange Act and the rules and
[[Page 9665]]
regulations thereunder. As used in this Agreement, the following terms
shall have the following meanings:
(a) ``MEMX Rules,'' [or] ``MX2 Rules'' or ``FINRA Rules'' shall
mean:
(i) the rules of MEMX or MX2, or
(ii) the rules of FINRA, respectively, as the rules of an exchange
or association are defined in Exchange Act Section 3(a)(27).
(b) ``Common Rules'' shall mean MEMX and MX2 Rules that are
substantially similar to the applicable FINRA Rules and certain
provisions of the Exchange Act and SEC rules set forth on Exhibit 1 in
that examination or surveillance for compliance with such provisions
and rules would not require FINRA to develop one or more new
examination or surveillance standards, modules, procedures, or criteria
in order to analyze the application of the provision or rule, or a
[Dual] Common Member's activity, conduct, or output in relation to such
provision or rule; provided, however, Common Rules shall not include
the application of the SEC, MEMX, MX2 or FINRA rules as they pertain to
violations of insider trading activities, which is covered by a
separate 17d-2 Agreement by and among Cboe BZX Exchange, Inc., Cboe BYX
Exchange, Inc., NYSE Texas [Chicago] Stock Exchange, Inc., Cboe EDGA
Exchange, Inc., Cboe EDGX Exchange, Inc., Financial Industry Regulatory
Authority, Inc., MEMX LLC, MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq
PHLX LLC, The Nasdaq Stock Market LLC, NYSE National, Inc., New York
Stock Exchange, LLC, NYSE American LLC, NYSE Arca, Inc., [and]
Investors' Exchange LLC, [and] Long-Term Stock Exchange, Inc., 24X
National Exchange LLC, and Green Impact Exchange, LLC [effective]
approved by the Commission on September 9, 2025 [23, 2020], as may be
amended from time to time. Common Rules shall not include any
provisions regarding (i) notice, reporting or any other filings made
directly to or from MEMX or MX2, (ii) incorporation by reference of
MEMX or MX2 Rules that are not Common Rules, (iii) exercise of
discretion in a manner that differs from FINRA's exercise of discretion
including, but not limited to exercise of exemptive authority, by MEMX
or MX2, (iv) prior written approval of MEMX or MX2 and (v) payment of
fees or fines to MEMX or MX2.
(c) ``Common [Dual] Members'' shall mean those MEMX or MX2 members
that are also members of FINRA and the associated persons therewith.
(d) ``Effective Date'' shall be the date this Agreement is approved
by the Commission.
(e) ``Enforcement Responsibilities'' shall mean the conduct of
appropriate proceedings, in accordance with FINRA's Code of Procedure
(the Rule 9000 Series) and other applicable FINRA procedural rules, to
determine whether violations of Common Rules have occurred, and if such
violations are deemed to have occurred, the imposition of appropriate
sanctions as specified under FINRA's Code of Procedure and sanctions
guidelines.
(f) ``Regulatory Responsibilities'' shall mean the examination
responsibilities, surveillance responsibilities and Enforcement
Responsibilities relating to compliance by the [Dual] Common Members
with the Common Rules and the provisions of the Exchange Act and the
rules and regulations thereunder, and other applicable laws, rules and
regulations, each as set forth on Exhibit 1 attached hereto.
2. Regulatory and Enforcement Responsibilities. FINRA shall assume
Regulatory Responsibilities and Enforcement Responsibilities for [Dual]
Common Members. Attached as Exhibit 1 to this Agreement and made part
hereof, MEMX and MX2 furnished FINRA with a current list of Common
Rules and certified to FINRA that such rules that are MEMX Rules and
MX2 Rules are substantially similar to the corresponding FINRA Rules
(the ``Certification''). FINRA hereby agrees that the rules listed in
the Certification are Common Rules as defined in this Agreement. Each
year following the Effective Date of this Agreement, or more frequently
if required by changes in [either] the rules of the parties, MEMX and
MX2 [or FINRA,] shall submit an updated list of Common Rules to FINRA
for review which shall add MEMX Rules or MX2 Rules not included in the
current list of Common Rules that qualify as Common Rules as defined in
this Agreement; delete MEMX Rules or MX2 Rules included in the current
list of Common Rules that no longer qualify as Common Rules as defined
in this Agreement; and confirm that the remaining rules on the current
list of Common Rules continue to be MEMX Rules or MX2 Rules that
qualify as Common Rules as defined in this Agreement. Within 30 days of
receipt of such updated list, FINRA shall confirm in writing whether
the rules listed in any updated list are Common Rules as defined in
this Agreement. Notwithstanding anything herein to the contrary, it is
explicitly understood that the term ``Regulatory Responsibilities''
does not include, and MEMX and MX2 shall retain full responsibility for
(unless otherwise addressed by separate agreement or rule)
(collectively, the ``Retained Responsibilities'') the following:
(a) surveillance, examination, investigation and enforcement with
respect to trading activities or practices involving MEMX's and MX2's
own marketplace for rules that are not Common Rules;
(b) registration pursuant to [its] their applicable rules of
associated persons (i.e., registration rules that are not Common
Rules);
(c) discharge of [its] their duties and obligations as a Designated
Examining Authority pursuant to Rule 17d-1 under the Exchange Act; and
(d) any MEMX Rules or MX2 Rules that are not Common Rules, except
for MEMX Rules and MX2 Rules for any MEMX or MX2 member that operates
as a facility (as defined in Section 3(a)(2) of the Exchange Act), acts
as an outbound or inbound router for [the] MEMX or MX2 and is a member
of FINRA (``Router Member'') as provided in paragraph 5 [6]. [As of the
date of this Agreement,] MEMX Execution Services LLC is the only Router
Member and acts as both outbound and inbound router for both MEMX and
MX2.\1\ Specifically, MEMX Rules 2.11 and 2.12 and MX2 Rules 2.11 and
2.12 govern the activity of MEMX Execution Services as outbound and
inbound router, respectively, for MEMX and MX2.
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\1\ As of the date of this agreement, MX2 LLC has not yet
launched. Upon launch, MEMX Execution Services LLC will serve as
outbound and inbound router for MX2 LLC as described above.
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[3. Dual Members. Prior to the Effective Date, MEMX shall furnish
FINRA with a current list of Dual Members, which shall be updated no
less frequently than once each quarter.]
3. [4.] No Charge. There shall be no charge to MEMX and MX2 by
FINRA for performing the Regulatory Responsibilities and Enforcement
Responsibilities under this Agreement except [as otherwise agreed by
the parties, either herein or in a separate agreement] hereinafter
provided. FINRA shall provide MEMX and MX2 with ninety (90) days
advance written notice in the event FINRA decides to impose any charges
to MEMX and MX2 for performing the Regulatory Responsibilities under
this Agreement. If FINRA determines to impose a charge, MEMX and MX2
shall have the right at the time of the imposition of such charge to
terminate this Agreement; provided, however, that FINRA's Regulatory
Responsibilities under this Agreement shall continue until the
Commission approves the termination of this Agreement.
4. [5.] Applicability of Certain Laws, Rules, Regulations or
Orders.
[[Page 9666]]
Notwithstanding any provision hereof, this Agreement shall be
subject to any statute, or any rule or order of the Commission. To the
extent such statute, rule or order is inconsistent with this Agreement,
the statute, rule or order shall supersede the provision(s) hereof to
the extent necessary for them to be properly effectuated and the
provision(s) hereof in that respect shall be null and void.
5. [6.] Notification of Violations.
(a) In the event that FINRA becomes aware of apparent violations of
any MEMX Rules or MX2 Rules, which are not listed as Common Rules,
discovered pursuant to the performance of the Regulatory
Responsibilities assumed hereunder, FINRA shall notify MEMX and MX2 of
those apparent violations for such response as MEMX and MX2 deem[s]
appropriate. With respect to apparent violations of any MEMX or MX2
Rules by any Router Member, FINRA shall not make referrals to MEMX or
MX2 pursuant to this paragraph 5 [6]. Such apparent violations shall be
processed by, and enforcement proceedings in respect thereto will be
conducted by, FINRA as provided in this Agreement.
(b) In the event that MEMX or MX2 becomes aware of apparent
violations of any Common Rules, discovered pursuant to the performance
of the Retained Responsibilities, MEMX and MX2 shall notify FINRA of
those apparent violations and such matters shall be handled by FINRA as
provided in this Agreement.
(c) Apparent violations of Common Rules shall be processed by, and
enforcement proceedings in respect thereto shall be conducted by FINRA
as provided hereinbefore; provided, however, that in the event a [Dual]
Common Member is the subject of an investigation relating to a
transaction on MEMX or MX2, MEMX and MX2 may in [its] their discretion
assume concurrent jurisdiction and responsibility.
(d) Each party agrees to make available promptly all files, records
and witnesses necessary to assist the other in its investigation or
proceedings.
6. [7.] Continued Assistance.
(a) FINRA shall make available to MEMX and MX2 all information
obtained by FINRA in the performance by it of the Regulatory
Responsibilities hereunder with respect to the [Dual] Common Members
subject to this Agreement. In particular, and not in limitation of the
foregoing, FINRA shall furnish MEMX and MX2 any information it obtains
about [Dual] Common Members which reflects adversely on their financial
condition. MEMX and MX2 shall make available to FINRA any information
coming to its attention that reflects adversely on the financial
condition of [Dual] Common Members or indicates possible violations of
applicable laws, rules or regulations by such firms.
(b) The parties agree that documents or information shared shall be
held in confidence[,] and used only for the purposes of carrying out
their respective regulatory obligations. [Neither] No party shall
assert regulatory or other privileges as against [the] any other with
respect to documents or information that is required to be shared
pursuant to this Agreement.
(c) The sharing of documents or information [between] among the
parties pursuant to this Agreement shall not be deemed a waiver as
against third parties of regulatory or other privileges relating to the
discovery of documents or information.
7. [8.] Statutory Disqualifications. When FINRA becomes aware of a
statutory disqualification as defined in the Exchange Act with respect
to a Common [Dual] Member or a person associated with a Common Member
(``Associated Person''), FINRA will [shall] determine pursuant to
Sections 15A(g) and[/or] Section 6(c) of the Exchange Act the
acceptability or continued acceptability [applicability] of the Common
Member or the Associated [p]Person to whom such disqualification
applies, and whether a notice is required to be filed under Section
19h-1 of the Exchange Act [keep MEMX advised of its actions in this
regard for such subsequent proceedings as MEMX may initiate].
FINRA shall advise MEMX and MX2 in writing of such acceptability or
continued acceptability, which may include providing MEMX and MX2 with
draft notices or other draft documents regarding the disqualified
Common Member or Associated Person. MEMX and MX2 shall, within 30 days
of receiving such information from FINRA, advise FINRA in writing of
its decision regarding whether it concurs with FINRA's determination.
MEMX and MX2 will reimburse FINRA for reasonable expenses incurred in
notifying MEMX and MX2 of FINRA's determination regarding a statutory
disqualification under Section 15A(g) and Section 6(c) of the Exchange
Act.
When FINRA becomes aware of a statutory disqualification as defined
in the Exchange Act with respect to a Common Member or an Associated
Person that does not result in FINRA determining the acceptability or
continued acceptability of the Common Member or the Associated Person
or in preparing a notice under Section 19h-1 of the Exchange Act, FINRA
shall, if appropriate, promptly update in CRD the statutory
disqualification status of the Common Member or the Associated Person.
Such update shall include any applicable information pertaining to the
reason for the statutory disqualification and, as applicable, any
resolution pertaining to the Common Member's or the Associated Person's
statutory disqualification.
8. [9.] Customer Complaints. MEMX and MX2 shall forward to FINRA
copies of all customer complaints involving [Dual] Common Members
received by MEMX and MX2 relating to FINRA's Regulatory
Responsibilities under this Agreement. It shall be FINRA's
responsibility to review and take appropriate action in respect to such
complaints.
9. [10.] Advertising. FINRA shall assume responsibility to review
the advertising of [Dual] Common Members subject to the Agreement,
provided that such material is filed with FINRA in accordance with
FINRA's filing procedures and is accompanied with any applicable filing
fees set forth in FINRA Rules.
10. [11.] No Restrictions on Regulatory Action. Nothing contained
in this Agreement shall restrict or in any way encumber the right of
[either] any party to conduct its own independent or concurrent
investigation, examination or enforcement proceeding of or against
[Dual] Common Members, as [either] any party, in its sole discretion,
shall deem appropriate or necessary.
11. [12.] Termination. This Agreement may be terminated by [MEMX or
FINRA] any party at any time upon the approval of the Commission after
[six (6) month's] one (1) year's written notice to the other [party]
parties (or such shorter time as agreed by the parties), except as
provided in paragraph 3.
12. [13.] Arbitration. In the event of a dispute [between] among
the parties as to the operation of this Agreement, [MEMX and FINRA] the
parties hereby agree that any such dispute shall be settled by
arbitration in Washington, DC in accordance with the rules of the
American Arbitration Association then in effect, or such other
procedures as the parties may mutually agree upon. Judgment on the
award rendered by the arbitrator(s) may be entered in any court having
jurisdiction. Each party acknowledges that the timely and complete
performance of its obligations pursuant to this Agreement is critical
to the business and operations of [the other parties] each party. In
the event of a dispute [between] among the parties, the parties shall
continue to perform
[[Page 9667]]
their respective obligations under this Agreement in good faith during
the resolution of such dispute unless and until this Agreement is
terminated in accordance with its provisions. Nothing in this Section
12[3] shall interfere with a party's right to terminate this Agreement
as set forth herein.
13. Separate Agreement. This Agreement is wholly separate from the
following agreement: (1) the multiparty Agreement made pursuant to Rule
17d-2 of the Exchange Act among Cboe BZX Exchange, Inc., BOX Exchange,
LLC, Cboe Exchange, Inc., Cboe C2 Exchange, Inc., Nasdaq ISE, LLC,
Financial Industry Regulatory Authority, Inc., Miami International
Securities Exchange, LLC, NYSE American LLC, NYSE Arca, Inc., The
Nasdaq Stock Market LLC, Nasdaq BX, Inc., Nasdaq PHLX LLC, Nasdaq GEMX,
LLC, Cboe EDGX Exchange, Inc., Nasdaq MRX, LLC, MIAX PEARL, LLC, MIAX
Emerald, LLC, MIAX Sapphire, LLC and MEMX LLC involving the allocation
of regulatory responsibilities with respect to common members for
compliance with common rules relating to the conduct by broker-dealers
of accounts for listed options or index warrants entered as approved by
the SEC on July 31, 2024, and as may be amended from time to time; and
(2) the multiparty Agreement made pursuant to Rule 17d-2 of the
Exchange Act among NYSE American LLC, Cboe BZX Exchange, Inc., Cboe
EDGX Exchange, Inc., Cboe C2 Exchange, Inc., Cboe Exchange, Inc.,
Nasdaq ISE, LLC, Financial Industry Regulatory Authority, Inc., NYSE
Arca, Inc., The Nasdaq Stock Market LLC, BOX Exchange LLC, Nasdaq BX,
Inc., Nasdaq PHLX LLC, Miami International Securities Exchange, LLC,
Nasdaq GEMX, LLC, Nasdaq MRX, LLC, MIAX PEARL, LLC, MIAX Emerald, LLC,
MIAX Sapphire and MEMX LLC involving the allocation of regulatory
responsibilities with respect to SRO market surveillance of common
members activities with regard to certain common rules relating to
listed options approved by the SEC on August 1, 2024, and as may be
amended from time to time.
[14. Notification of Members. MEMX and FINRA shall notify Dual
Members of this Agreement after the Effective Date by means of a
uniform joint notice.]
14. [15.] Amendment. This Agreement may be amended in writing
[duly] provided that the changes are approved by each party. All such
amendments must be filed with and approved by the Commission before
they become effective.
15. [16.] Limitation of Liability. [Neither FINRA nor MEMX] None of
the parties nor any of their respective directors, governors, officers
or employees shall be liable to [the] any other party to this Agreement
for any liability, loss or damage resulting from or claimed to have
resulted from any delays, inaccuracies, errors or omissions with
respect to the provision of Regulatory Responsibilities as provided
hereby or for the failure to provide any such responsibility, except
with respect to such liability, loss or damages as shall have been
suffered by [one or the other of FINRA or MEMX] any party and caused by
the willful misconduct of the other party or their respective
directors, governors, officers or employees. No warranties, express or
implied, are made by [FINRA or MEMX] any party hereto with respect to
any of the responsibilities to be performed by each of them hereunder.
16. [17.] Relief from Responsibility. Pursuant to Sections
17(d)(1)(A) and 19(g) of the Exchange Act and Rule 17d-2 thereunder,
FINRA [and], MEMX and MX2 join in requesting the Commission, upon its
approval of this Agreement or any part thereof, to relieve MEMX and MX2
of any and all responsibilities with respect to matters allocated to
FINRA pursuant to this Agreement; provided, however, that this
Agreement shall not be effective until the Effective Date.
17. [18.] Severability. Any term or provision of this Agreement
that is invalid or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity or
unenforceability without rendering invalid or unenforceable the
remaining terms and provisions of this Agreement or affecting the
validity or enforceability of any of the terms or provisions of this
Agreement in any other jurisdiction.
18. [19.] Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, and such
counterparts together shall constitute one and the same instrument.
[Remainder of page intentionally left blank.]
* * * * *
Exhibit 1
MEMX and MX2 Certification of Common Rules
MEMX and MX2 hereby [certifies] certify that the requirements
contained in the rules listed below for MEMX and MX2 are identical to,
or substantially similar to, the comparable FINRA [(NASD)] Rules,
Exchange Act provision or SEC rule identified (``Common Rules'').
# Common Rules shall not include any provisions regarding (i)
notice, reporting or any other filings made directly to or from MEMX or
MX2, (ii) incorporation by reference of MEMX or MX2 Rules that are not
Common Rules, (iii) exercise of discretion in a manner that differs
from FINRA's exercise of discretion including, but not limited to
exercise of exemptive authority, by MEMX or MX2, (iv) prior written
approval of MEMX or MX2 and (v) payment of fees or fines to MEMX or
MX2.
------------------------------------------------------------------------
FINRA [(NASD)] rule,
exchange act
MEMX rule MX2 rule provision[,] or SEC
rule
------------------------------------------------------------------------
Rule 2.5.01(j) Lapse of Rule 2.5.01(j) Lapse FINRA Rule 1210.08--
Registration and Expiration of Registration and Registration
of SIE . Expiration of SIE . Requirements--Lapse
of Registration and
Expiration of SIE.
Rule 2.5 Restrictions, Rule 2.5.02 FINRA Rule 1240
Interpretation and Policies Continuing Continuing
.02 Continuing Education Education Education
Requirements 1. Requirements . Requirements.
Rule 2.5 Restrictions, Rule 2.5 FINRA By-Laws of the
Interpretations and Restrictions, Corporation,
Policies .04 Termination of Interpretations and Article V, Section
Employment. Policies .04 3 Notification by
Termination of Member to the
Employment. Corporation and
Associated Person
of Termination;
Amendments to
Notification; FINRA
Rule 1010(e)
Electronic Filing
Requirements for
Uniform Forms.
[[Page 9668]]
Rule 2.6(b) and (g) Rule 2.6(b) and (g) FINRA By-Laws of the
Application Procedures for Application Corporation,
Membership or to become an Procedures for Article IV, Section
Associated Person of a Membership or to 1(c) Application
Member . become an for Membership and
Associated Person Article V, Sec.
of a Member . 2(c); FINRA Rule
1010(c) Electronic
Filing Requirements
for Uniform Forms.
Rule 3.1 Business Conduct of MEMX Rule 3.1 FINRA Rule 2010
Members [supcaret]. Business Conduct of Standards of
Members Commercial Honor
incorporated by and Principles of
reference into Trade.[supcaret]
Chapter 3 of the
MX2 Rulebook
[supcaret].
Rule 3.2 Violations MEMX Rule 3.2 FINRA Rule 2010
Prohibited [supcaret] #. Violations Standards of
Prohibited Commercial Honor
incorporated by and Principles of
reference into Trade and FINRA
Chapter 3 of the Rule 3110
MX2 Rulebook Supervision.[supcar
[supcaret] . et]
Rule 3.3 Use of Fraudulent MEMX Rule 3.3 Use of FINRA Rule 2020 Use
Devices [supcaret]. Fraudulent Devices of Manipulative,
incorporated by Deceptive or Other
reference into Fraudulent
Chapter 3 of the Devices.[supcaret]
MX2 Rulebook
[supcaret].
Rule 3.5 Communications with MEMX Rule 3.5 FINRA Rule 2210
the Public. Communications with Communications with
the Public the Public.
incorporated by
reference into
Chapter 3 of the
MX2 Rulebook.
Rule 3.6 Fair Dealing with MEMX Rule 3.6 Fair FINRA Rule 2020 Use
Customers. Dealing with of Manipulative,
Customers Deceptive or Other
incorporated by Fraudulent
reference into Devices,[supcaret]
Chapter 3 of the [\1\] \2\ FINRA
MX2 Rulebook. Rule 2111(a) and
.06 Suitability,
FINRA Rule 2010
Standards of
Commercial Honor
and Principles of
Trade,[supcaret]
FINRA Rule 2150(a)
Improper Use of
Customers'
Securities or
Funds; Prohibition
Against Guarantees
and Sharing in
Accounts, and FINRA
Rule 3240(a)
Borrowing From or
Lending to
Customers.
Rule 3.7(a) Recommendations MEMX Rule 3.7(a) FINRA Rule 2111(a)
to Customers. Recommendations to and SM .03
Customers Suitability.
incorporated by
reference into
Chapter 3 of the
MX2 Rulebook.
Rule 3.8(a) The Prompt MEMX Rule 3.8(a) The FINRA Rule 11860 COD
Receipt and Delivery of Prompt Receipt and Orders.
Securities. Delivery of
Securities
incorporated by
reference into
Chapter 3 of the
MX2 Rulebook.
Rule 3.8(b) The Prompt MEMX Rule 3.8(b) The SEC Regulation SHO.
Receipt and Delivery of Prompt Receipt and
Securities. Delivery of
Securities
incorporated by
reference into
Chapter 3 of the
MX2 Rulebook.
Rule 3.9 Charges for MEMX Rule 3.9 FINRA Rule 2122
Services Performed. Charges for Charges for
Services Performed Services Performed.
incorporated by
reference into
Chapter 3 of the
MX2 Rulebook.
Rule 3.10 Use of Information MEMX Rule 3.10 Use FINRA Rule 2060 Use
of Information of Information
incorporated by Obtained in
reference into Fiduciary Capacity.
Chapter 3 of the
MX2 Rulebook.
Rule 3.11 Publication of MEMX Rule 3.11 FINRA Rule 5210
Transactions and Quotations Publication of Publication of
. Transactions and Transactions and
Quotations Quotations.
incorporated by
reference into
Chapter 3 of the
MX2 Rulebook .
Rule 3.12 Offers at Stated MEMX Rule 3.12 FINRA Rule 5220
Prices. Offers at Stated Offers at Stated
Prices incorporated Prices.
by reference into
Chapter 3 of the
MX2 Rulebook.
Rule 3.13 Payments Involving MEMX Rule 3.13 FINRA Rule 5230
Publications that Influence Payments Involving Payments Involving
the Market Price of a Publications that Publications that
Security. Influence the Influence the
Market Price of a Market Price of a
Security Security.
incorporated by
reference into
Chapter 3 of the
MX2 Rulebook.
Rule 3.14 Disclosure on MEMX Rule 3.14 FINRA Rule 2232(a)
Confirmations. Disclosure on Customer
Confirmations Confirmations and
incorporated by SEC Rule 10b-10
reference into Confirmation of
Chapter 3 of the Transactions.
MX2 Rulebook.
Rule 3.15 Disclosure of MEMX Rule 3.15 FINRA Rule 2262
Control. Disclosure of Disclosure of
Control Control
incorporated by Relationship With
reference into Issuer.
Chapter 3 of the
MX2 Rulebook.
Rule 3.16 Discretionary MEMX Rule 3.16 FINRA Rule 3260
Accounts. Discretionary Discretionary
Accounts Accounts.
incorporated by
reference into
Chapter 3 of the
MX2 Rulebook.
Rule 3.17 Customer's MEMX Rule 3.17 FINRA Rule 2150(a)
Securities or Funds. Customer's Improper Use of
Securities or Funds Customers'
incorporated by Securities or
reference into Funds; Prohibition
Chapter 3 of the Against Guarantees
MX2 Rulebook. and Sharing in
Accounts--Improper
Use.
Rule 3.18 Prohibition MEMX Rule 3.18 FINRA Rule 2150(b)
Against Guarantees. Prohibition Against Improper Use of
Guarantees Customers'
incorporated by Securities or
reference into Funds; Prohibition
Chapter 3 of the Against Guarantees
MX2 Rulebook. and Sharing in
Accounts--Prohibiti
on Against
Guarantees.
[[Page 9669]]
Rule 3.19 Sharing in MEMX Rule 3.19 FINRA Rule
Accounts; Extent Sharing in 2150(c)(1) Improper
Permissible. Accounts; Extent Use of Customers'
Permissible Securities or
incorporated by Funds; Prohibition
reference into Against Guarantees
Chapter 3 of the and Sharing in
MX2 Rulebook. Accounts--Sharing
in Accounts; Extent
Permissible.
Rule 3.21 Customer MEMX Rule 3.21 FINRA Rule 2265
Disclosures. Customer Extended Hours
Disclosures Trading Risk
incorporated by Disclosure.
reference into
Chapter 3 of the
MX2 Rulebook.
Rule 3.20 Influencing or MEMX Rule 3.20 FINRA Rule 3220
Rewarding Employees of Influencing or Influencing or
Others. Rewarding Employees Rewarding Employees
of Others of Others.
incorporated by
reference into
Chapter 3 of the
MX2 Rulebook.
Rule 3.22 Telemarketing and MEMX Rule 3.22 FINRA Rule 3230
Interpretations and Telemarketing and Telemarketing.
Policies .01. Interpretations and
Policies .01
incorporated by
reference into
Chapter 3 of the
MX2 Rulebook.
Rule 4.1 Requirements ..... MEMX Rule 4.1 Section 17 of the
Requirements Exchange Act and
incorporated by rules thereunder
reference into and FINRA Rule
Chapter 4 of the 4511(a) and (c)
MX2 Rulebook . General
Requirements.[\2\]
\3\
Rule 4.3 Record of Written MEMX Rule 4.3 Record FINRA Rule 4513
Complaints. of Written Records of Written
Complaints Customer
incorporated by Complaints.
reference into
Chapter 4 of the
MX2 Rulebook.
Rule 5.1 Written Procedures MEMX Rule 5.1 FINRA Rule
. Written Procedures 3110(b)(1)
incorporated by Supervision-Written
reference into Procedures.[supcare
Chapter 5 of the t]
MX2 Rulebook .
Rule 5.2 Responsibility of MEMX Rule 5.2 FINRA Rule 3110
Members. Responsibility of (a)(4), (b)(4) and
Members (b)(7) Supervision--
incorporated by Supervisory System/
reference into Written Procedures--
Chapter 5 of the Review of
MX2 Rulebook. Correspondence and
Internal
Communications.[sup
caret]
Rule 5.3 Records............ MEMX Rule 5.3 FINRA Rule 3110
Records Supervision.[supcar
incorporated by et]
reference into
Chapter 5 of the
MX2 Rulebook.
Rule 5.4 Review of MEMX Rule 5.4 Review FINRA Rule 3110(c)
Activities. of Activities and (d)
incorporated by Supervision--Intern
reference into al Inspections/
Chapter 5 of the Transaction Review
MX2 Rulebook. and
Investigation.[supc
aret]
Rule 5.6 Anti-Money MEMX Rule 5.6 Anti- FINRA Rule 3310 Anti-
Laundering Compliance Money Laundering Money Laundering
Program . Compliance Program Compliance Program.
incorporated by
reference into
Chapter 5 of the
MX2 Rulebook.
Rule 9.3 Predispute MEMX Rule 9.3 FINRA Rule 2268
Arbitration Agreements. Predispute Requirements When
Arbitration Using Predispute
Agreements Arbitration
incorporated by Agreements for
reference into Customer Accounts.
Chapter 9 of the
MX2 Rulebook.
Rule 11.22(b)(1)(A)(i)(c) Rule FINRA Rule 6190(a)&
Limit Up-Limit Down Plan 11.22(b)(1)(A)(i)(c (b) Compliance with
and Trading Halts on the ) Limit Up-Limit Regulation NMS Plan
Exchange. Down Plan and to Address
Trading Halts on Extraordinary
the Exchange. Market Volatility.
[Rule 11.16(e)(3) & (4)] Rule 11.23(e)(3) & FINRA Rule 6190(a)&
Rule 11.23 Trading Halts (4) Trading Halts (b) Compliance with
Due to Extraordinary Market Due to Regulation NMS Plan
Volatility/Market-Wide Extraordinary to Address
Circuit Breakers . Market Volatility/ Extraordinary
Market-Wide Circuit Market Volatility.
Breakers.
Rule 11.10(a)(5) Order Rule 11.10(a)(5) FINRA Rule 6182
Execution Order Execution Trade Reporting of
[[supcaret][supcaret]] **. **. Short
Sales.[[supcaret][s
upcaret]] **
Rule 11.10(f) Locking Rule 11.10(f) FINRA Rule 6240
Quotation or Crossing Locking Quotation Prohibition from
Quotations in NMS Stocks **. or Crossing Locking or Crossing
Quotations in NMS Quotations in NMS
Stocks **. Stocks. **
Rule 12.1 Market MEMX Rule 12.1 FINRA Rule 6140(a)
Manipulation. Market Manipulation Other Trading
incorporated by Practices.
reference into
Chapter 12 of the
MX2 Rulebook.
Rule 12.2 Fictitious MEMX Rule 12.2 FINRA Rule 6140
Transactions. Fictitious Other Trading
Transactions Practices and FINRA
incorporated by Rule 5210
reference into Supplementary
Chapter 12 of the Material .02 Self-
MX2 Rulebook. Trades.
Rule 12.3 Excessive Sales by MEMX Rule 12.3 FINRA Rule 6140(c)
a Member. Excessive Sales by Other Trading
a Member Practices.
incorporated by
reference into
Chapter 12 of the
MX2 Rulebook.
Rule 12.4 Manipulative MEMX Rule 12.4 FINRA Rule 6140
Transactions. Manipulative Other Trading
Transactions Practices.
incorporated by
reference into
Chapter 12 of the
MX2 Rulebook.
Rule 12.5 Dissemination of MEMX Rule 12.5 FINRA Rule 6140(e)
False Information. Dissemination of Other Trading
False Information Practices.
incorporated by
reference into
Chapter 12 of the
MX2 Rulebook.
Rule 12.6 Prohibition MEMX Rule 12.6 FINRA Rule 5320
Against Trading Ahead of Prohibition Against Prohibition Against
Customer Orders **. Trading Ahead of Trading Ahead of
Customer Orders Customer Orders.**
incorporated by
reference into
Chapter 12 of the
MX2 Rulebook **.
Rule 12.9 Trade Shredding... MEMX Rule 12.9 Trade FINRA Rule 5290
Shredding Order Entry and
incorporated by Execution
reference into Practices.
Chapter 12 of the
MX2 Rulebook.
Rule 12.11 Best Execution ** MEMX Rule 12.11 Best FINRA Rule 5310 Best
Execution Execution and
incorporated by Interpositioning.**
reference into
Chapter 12 of the
MX2 Rulebook **.
[[Page 9670]]
Rule 12.13 Trading Ahead of MEMX Rule 12.13 FINRA Rule 5280
Research Reports **. Trading Ahead of Trading Ahead of
Research Reports Research
Execution Reports.[**]
incorporated by
reference into
Chapter 12 of the
MX2 Rulebook.
Rule 12.14 Front Running of MEMX Rule 12.14 FINRA Rule 5270
Block Transactions **. Front Running of Front Running of
Block Transactions Block
incorporated by Transactions.**
reference into
Chapter 12 of the
MX2 Rulebook **.
Rule 13.3(a), (b)(i), (d) Rule 13.3(a), FINRA Rule 2251
and Interpretation and (b)(i), (d) and Processing and
Policy .01 Forwarding of Interpretation and Forwarding of Proxy
Proxy and Other Issuer- Policy .01 and Other Issuer-
Related Materials; Proxy Forwarding of Proxy Related Materials.
Voting. and Other Issuer-
Related Materials;
Proxy Voting.
Rule 26.11 Restrictions on .................... FINRA Rule 4330
Pledge and Lending of Customer
Public Customers' Protection--Permiss
Securities. ible Use of
Customers'
Securities.
------------------------------------------------------------------------
\1\ FINRA Rule 1240.01 allows for eligible persons to make their
election to participate in the continuing education program under Rule
1240(c) either (1) between January 31, 2022, and March 15, 2022; or
(2) between March 15, 2023, and December 31, 2023. In contrast,
Interpretations and Policies .02(e) of MEMX Rule 2.5 allows for
eligible persons to make their election to participate in the
continuing education program under MEMX Rule 2.5(d) by March 15, 2022.
Therefore, FINRA shall not have Regulatory Responsibilities regarding
elections made under Interpretations and Policies .02(e) of MEMX Rule
2.5 following March 15, 2022.
In addition, MEMX Rule 2.5.02(d)(3) requires individuals enrolled in the
continuing education program under MEMX Rule 2.5.02(d) to complete all
prescribed continuing education annually by December 31 of each
calendar year during his or her participation in the program. In
contrast, FINRA Rule 1240.01 permits individuals enrolled in the
continuing education program under FINRA Rule 1240(c) during both 2022
and 2023 to complete any prescribed 2022 and 2023 continuing education
content by: (1) March 31, 2024; or (2) between May 22, 2024, and July
1, 2024 (where such individuals did not complete their prescribed 2022
and 2023 continuing education content as of March 31, 2024). FINRA
Rule 1240.01 provides further that such individuals who completed
their prescribed 2022 and 2023 continuing education content between
March 31, 2024, and May 22, 2024, will be deemed to have completed
such content by July 1, 2024. As a result, FINRA shall not have
Regulatory Responsibilities for MEMX Rule 2.5.02(d)(3) as it relates
to individuals who elected to participate in the continuing education
programs under MEMX Rule 2.5.02(d)(3) and FINRA Rule 1240(c), and, in
both 2022 and 2023, failed to complete the prescribed 2022 and 2023
continuing education content by December 31 of 2022 and 2023.
\2\ [\1\] FINRA shall not have Regulatory Responsibilities regarding .01
of MEMX Rule 3.6 or 0.1 of MEMX Rule 3.6 Fair Dealing with Customers
incorporated by reference into Chapter 3 of the MX2 Rulebook. In
addition, MEMX Rule 3.6(e) provides, in part, that ``[p]ractices that
do not represent fair dealing include, but are not limited to . . .
(e) Unauthorized use or borrowing of customer funds or securities.''
FINRA shall only have Regulatory Responsibilities for MEMX Rule 3.6(e)
as it relates to conduct that violates FINRA Rule 2150(a) (Improper
Use of Customers' Securities or Funds; Prohibition Against Guarantees
and Sharing in Accounts) and FINRA Rule 3240(a) (Prohibition on
Borrowing From or Lending to Customers).
\3\ [\2\] FINRA shall not have Regulatory Responsibilities regarding
requirements to keep records ``in conformity with . . . Exchange
Rules;'' responsibility for such requirement remains with MEMX.
In addition, the following provisions shall be part of this 17d-2
Agreement:
SEA Rules:
<bullet> SEA Rule 200 of Regulation SHO--Definition of Short Sales and
Marking Requirements **
<bullet> SEA Rule 201 of Regulation SHO--Circuit Breaker **
<bullet> SEA Rule 203 of Regulation SHO--Borrowing and Delivery
Requirements **
<bullet> SEA Rule 204 of Regulation SHO--Close-Out Requirement **
<bullet> SEA Rule 101 of Regulation M--Activities by Distribution
Participants **
<bullet> SEA Rule 102 of Regulation M--Activities by Issuers and Selling
Security Holders During a Distribution **
<bullet> SEA Rule 103 of Regulation M--Nasdaq Passive Market Making **
<bullet> SEA Rule 104 of Regulation M--Stabilizing and Other Activities
in Connection with an Offering **
<bullet> SEA Rule 105 of Regulation M--Short Selling in Connection With
a Public Offering **
<bullet> SEA Rule 604 of Regulation NMS--Display of Customer Limit
Orders **
<bullet> SEA Rule 606 of Regulation NMS--Disclosure of Routing
Information **
<bullet> SEA Rule 610(d) of Regulation NMS--Locking or Crossing
Quotations **
<bullet> SEA Rule 611 of Regulation NMS--Order Protection Rule **
<bullet> SEA Rule 10b-5 Employment of Manipulative and Deceptive Devices
[supcaret]
<bullet> SEA Rule 17a-3/17a-4--Records to Be Made by Certain Exchange
Members, Brokers, and Dealers/Records to Be Preserved by Certain
Exchange Members, Brokers, and Dealers [supcaret]
<bullet> SEA Rule 14e-4--Prohibited Transactions in Connection with
Partial Tender Offers \++\
[supcaret] FINRA shall not have any Regulatory Responsibilities for
these rules as they pertain to violations of insider trading
activities, which is covered by a separate 17d-2 Agreement by and
among Cboe BZX Exchange, Inc., Cboe BYX Exchange, Inc., [Chicago Stock
Exchange] NYSE Texas, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX
Exchange, Inc., Financial Industry Regulatory Authority, Inc., MEMX
LLC, MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq PHLX LLC, The Nasdaq
Stock Market LLC, NYSE National, Inc., New York Stock Exchange LLC,
NYSE American LLC, NYSE Arca, Inc., [and] Investors' Exchange LLC,
[and] Long-Term Stock Exchange, Inc., 24X National Exchange LLC, and
Green Impact Exchange, LLC effective [September 23, 2020] September 9,
2025, as may be amended from time to time.
** In addition to performing examinations and Enforcement
Responsibilities as provided in this Agreement for the double star
rules, FINRA shall also perform the surveillance responsibilities for
the double star rules. These rules may be cited by FINRA in both the
context of this Agreement and the Regulatory Services Agreement among
the parties.
\++\ FINRA shall perform the surveillance responsibilities for SEA Rule
14e-4(a)(1)(ii)(D).
III. Date of Effectiveness of the Proposed Plan and Timing for
Commission Action
Pursuant to Section 17(d)(1) of the Act \12\ and Rule 17d-2
thereunder,\13\ after March 19, 2026, the Commission may, by written
notice, declare the plan submitted by MEMX, MX2, and FINRA, File No. 4-
762, to be effective if the Commission finds that the plan is necessary
or appropriate in the public interest and for the protection of
investors, to foster cooperation and coordination among self-regulatory
organizations, or to remove impediments to and foster the development
of the national market system and a national system for the clearance
and settlement of securities transactions and in conformity with the
factors set forth in Section 17(d) of the Act.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78q(d)(1).
\13\ 17 CFR 240.17d-2.
---------------------------------------------------------------------------
IV. Solicitation of Comments
In order to assist the Commission in determining whether to approve
the proposed 17d-2 Plan and to relieve
[[Page 9671]]
MEMX and MX2 of the responsibilities which would be assigned to FINRA,
interested persons are invited to submit written data, views, and
arguments concerning the foregoing. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/other.shtml">http://www.sec.gov/rules/other.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#2b595e474e06484446464e455f586b584e48054c445d"><span class="__cf_email__" data-cfemail="e193948d84cc828e8c8c848f9592a1928482cf868e97">[email protected]</span></a>. Please include
File Number 4-762 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, Station Place, 100 F Street NE, Washington, DC
20549-1090.
All submissions should refer to File Number 4-762. This file number
should be included on the subject line if email is used. To help the
Commission process and review your comments more efficiently, please
use only one method. The Commission will post all comments on the
Commission's internet website (<a href="http://www.sec.gov/rules/other.shtml">http://www.sec.gov/rules/other.shtml</a>).
Copies of the plan also will be available for inspection and copying at
the principal offices of MEMX, MX2, and FINRA. Do not include personal
identifiable information in submissions; you should submit only
information that you wish to make available publicly. We may redact in
part or withhold entirely from publication submitted material that is
obscene or subject to copyright protection. All submissions should
refer to File Number 4-762 and should be submitted on or before March
19, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(34).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-03918 Filed 2-25-26; 8:45 am]
BILLING CODE 8011-01-P
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.