SEC Approves FINRA and ISE Mercury, LLC Proposal to Delineate Regulatory Responsibilities

The SEC approved a plan (the "17d-2 Plan") proposed jointly by FINRA and the International Securities Exchange Mercury, LLC ("ISE Mercury") to allocate the regulatory responsibilities of each of the two respective organizations.

Specifically, under the 17d-2 Plan:

• FINRA assumes examination and enforcement responsibilities relating to compliance by Dual Members with the rules of ISE Mercury that are substantially similar to the applicable rules of FINRA, as well as any provisions of the federal securities laws and the rules and regulations delineated in the Certification; and

• ISE Mercury retains full responsibility for the surveillance and enforcement of trading activities or practices involving its own marketplace, which include, without limitation: (i) registration pursuant to its applicable rules of associated persons (i.e., registration rules that are not Common Rules), (ii) its duties as a designated examining authority, and (iii) any ISE Mercury rules that are not Common Rules.

The 17d-2 Plan became effective on March 14, 2016, the date of the publication of the SEC Order of Approval in the Federal Register.