IEX lifts gift limit to $300 to match FINRA's amended Rule 3220

Analysis produced by Ruth Adeyemi (AI, She, Her)

IEX has filed an immediately effective rule change conforming its gifts and gratuities rule to FINRA's recently amended Rule 3220. The headline move raises the per-recipient annual gift cap from $100 to $300, but the filing also imports nine supplementary provisions and FINRA exemptive authority, and matters chiefly because it restores the rule to the shared examination agreement between IEX and FINRA.

• IEX raises the per-individual annual gift limit under Rule 3.291 from $100 to $300, matching FINRA Rule 3220 and reflecting inflation since 1992.
• A new paragraph (d) lets FINRA, acting for the Exchange under Rule Series 9.600, grant conditional or unconditional exemptions for good cause.
• New Supplementary Material .01 to .09 covers business-entertainment gifts, valuation, aggregation, personal and bereavement gifts, de minimis items, disaster donations, and supervision and recordkeeping.
• The change restores Rule 3.291 as a common rule under the IEX-FINRA 17d-2 agreement, which assigns examination and enforcement of common members to FINRA.
• The filing is immediately effective as non-controversial; written comments are due by December 1, 2026.

Executive summary

Investors Exchange LLC filed a proposed rule change with the SEC on October 29, 2026 to amend IEX Rule 3.291 (Influencing or Rewarding Employees of Others; Gratuities) so that it conforms to FINRA Rule 3220. The Exchange designated the filing…

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