The ISG is an international group of exchanges, market centers, and market regulators that perform front-line market surveillance in their respective jurisdictions. The group was formed to facilitate the coordination and development of programs and procedures to identify possible fraudulent and manipulative activities across markets and to facilitate information sharing related to those efforts.

In 2020, the CMRWG was established as a voluntary working group of the ISG’s U.S. Subgroup to focus on ways to reduce unnecessary regulatory duplication. The CMRWG’s participants include certain U.S.-based self-regulatory organizations.1 The CMRWG serves as a non-exclusive forum for its participants’ regulatory employees to share information and collaborate in connection with their ongoing surveillance, investigation, and enforcement efforts. By doing so, the participants seek to reduce unnecessary duplication in those regulatory efforts consistent with their obligations to oversee the U.S. securities markets.

Please note that despite the participants’ efforts to avoid such unnecessary duplication, it is possible that an individual or firm may receive similar or overlapping requests for information from regulatory employees of more than one participant. We are issuing this notice to remind members that if an individual or firm believes that those requests may be unnecessarily duplicative, the CMRWG’s participants ask that the individual or firm raise it (or any related question about potential regulatory duplication) by contacting the relevant participants at the email addresses noted below. Doing so will help the participants and the CMRWG to address the concern efficiently and effectively.

Thank you for your assistance in connection with the participants’ efforts to reduce unnecessary regulatory duplication.

[1]The participating self-regulatory organizations include the following: 1) BOX Exchange LLC; 2) Cboe BYX Exchange, Inc.; 3) Cboe BZX Exchange, Inc.; 4) Cboe C2 Exchange, Inc.; 5) Cboe EDGA Exchange, Inc.; 6) Cboe EDGX Exchange, Inc.; 7) Cboe Exchange, Inc.; 8) Financial Industry Regulatory Authority, Inc.; 9) Investors’ Exchange, LLC; 10) Long-Term Stock Exchange, Inc; 11) MEMX LLC; 12) Miami International Securities Exchange LLC; 13) MIAX PEARL, LLC; 14) MIAX Emerald, LLC; 15) Nasdaq BX, Inc.; 16) Nasdaq GEMX, LLC; 17) Nasdaq ISE, LLC; 18) Nasdaq MRX, LLC; 19) Nasdaq PHLX LLC; 20) The Nasdaq Stock Market LLC; 21) New York Stock Exchange LLC; 22) NYSE American LLC; 23) NYSE Arca, Inc.; 24) NYSE Chicago, Inc.; and 25) NYSE National, Inc.