NYSE Texas disciplinary rule amendments aligned with FINRA procedures
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NYSE Texas is updating its disciplinary procedures to match recent FINRA changes. The proposal would automatically pause certain severe disciplinary outcomes, such as expulsions, membership cancellations, or denials of continued membership, so the SEC has time to review them. The change mainly affects NYSE Texas participants, participant firms, and people facing disciplinary or membership proceedings. For compliance teams at broker-dealers and exchange members, the practical point is that some final disciplinary actions may not take effect immediately while SEC review is available.
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Key Changes
- Automatically stays certain expulsions, membership cancellations, and denials of continued membership pending SEC review
- Aligns NYSE Texas disciplinary rules with recent FINRA disciplinary rule changes
- Adds authority for exchange staff and adjudicators to grant certain procedural relief in disciplinary matters
Obligations
What this law requires
NYSE Texas participant firms and associated persons subject to final disciplinary sanctions such as expulsion, cancellation of membership, or denial of continued membership should treat those outcomes as automatically stayed while SEC review is available, rather than assuming immediate effectiveness.
Compliance teams at NYSE Texas member or participant firms should update disciplinary-proceeding procedures to account for amended Rule 10.8000 and Rule 10.9000 processes harmonized with FINRA disciplinary rules.