The NYSE Arca has extended the expiration date of temporary rules that allow disciplinary hearings to be conducted via video conference instead of in-person, due to COVID-19 health risks. Initially set to expire on December 31, 2020, the temporary amendments to Rules 10.9261 and 10.9830 will now last until April 30, 2021, aligning with similar extensions by the Financial Industry Regulatory Authority (FINRA). The proposed rule change does not alter the rule texts but ensures that disciplinary actions and hearings can continue safely and without delay during the ongoing pandemic. The Securities and Exchange Commission has waived the usual waiting period so the changes can take effect immediately.
Simple Explanation
The NYSE Arca is letting important meetings happen over video calls instead of in person, so everyone stays safe from COVID-19, and they've decided to keep doing this a little longer, just like another group called FINRA.