NYSE moves to scrap 'approved person' category, align with FINRA definition

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

NYSE filed a rule change with the SEC on September 18, 2026 eliminating its longstanding approved person registration category and replacing it with an associated person definition modelled on FINRA Rule 1011(b). The filing matters to member organizations and control persons whose Form BD-based disclosures will now substitute for a separate Exchange-specific registration track.

• NYSE filed SR-NYSE-2026-47 with the SEC on September 18, 2026, published for comment on October 1, 2026 as release 34-106566.
• The filing deletes the 'approved person' category from Rule 2(c) and Rule 304 and replaces it with a new 'associated person' definition based on FINRA Rule 1011(b).
• NYSE states control relationships formerly tracked via approved person registration are already disclosed through Schedules A and B of Form BD in the CRD system.
• A new Supplementary Material .30 would define 'Control Persons' as both direct and indirect owners identified on Schedules A and B of Form BD.
• Conforming changes replace 'approved person' and related employee references with 'associated person' in Rule 2A and in Rules 5.2, 8.204(f)(2), 8.300(e)(2), 8.400(e)(2) and 8.700.

Executive summary

The SEC published notice on October 1, 2026 of a proposed rule change filed by NYSE on September 18, 2026 under Section 19(b)(1) of the Exchange Act and Rule 19b-4. NYSE filed the proposal as non-controversial under Section 19(b)(3)(A)(iii) and…

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