SEC Exempts IEX Listings from State Registration Requirements
The SEC adopted an amendment to Securities Act Rule 146 to exempt certain securities listed on the Investors Exchange LLC ("IEX") from state registration requirements, pursuant to Securities Act Section 18(b).
The SEC proposed the amendment in July 2017 after previously approving IEX's application to register as a national securities exchange. Under the adopted amendment, IEX-listed securities will be designated as "covered securities," and thus will not be subjected to state registration requirements. In designating IEX-listed securities as "covered," the SEC determined that IEX listing standards are "substantially similar" to those of other registered exchanges that are already exempted.
The rule will become effective 30 days after its publication in the Federal Register.
Related Articles
-
The SEC proposed a rule change that would designate certain securities listed on the Investors Exchange as "covered securities." Such a designation would exempt them from state registration requirements.
-
The SEC approved Investor Exchange LLC's amended application to register as a national securities exchange. In light of the unique features of the new exchange, the SEC updated its interpretation requiring trading centers to "honor" automated securities prices that are subject to small delays when accessed.
