FINRA and National Stock Exchange Propose Delineated Regulatory Responsibilities (Fed. Reg.)

The SEC solicited comments on a plan proposed by FINRA and the National Stock Exchange, Inc. ("NSX"). The proposed plan ("17d-2 Plan") would allocate regulatory responsibilities with respect to each party. A request for comment on the plan was published in the Federal Register.

Specifically, under the proposed 17d-2 Plan:

• FINRA would assume responsibility for examination and enforcement relating to compliance by Dual Members with the rules of NSX that are substantially similar to the applicable rules of FINRA, as well as with any provisions of the federal securities laws and the rules and regulations delineated in the Certification;

• NSX would retain full responsibility for surveillance and enforcement with respect to trading activities or practices involving NSX's own marketplace, including, 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 pursuant to Rule 17d-1 under the Act; and (iii) any NSX rules that are not common rules.

Comments on the proposed plan must be submitted by January 29, 2016.