SEC Sets Effective Dates for Amendments that Narrow Exemption from FINRA Membership

The SEC set an effective date of November 6, 2023 and compliance date of September 6, 2024 for final amendments to narrow the scope of broker-dealer exemptions from FINRA membership. The final amendments were published in the Federal Register.

As previously covered, the final amendments to Exchange Act Rule 15b9-1 ("Exemption for certain exchange members") will narrow the scope of the broker-dealer exemption from FINRA membership by "eliminat[ing] the "de minimis allowance" and the proprietary trading exclusion."