The Securities and Exchange Commission (SEC) is considering an application from Green Impact Exchange, LLC (GIX) to become a national securities exchange. GIX submitted its application under the Securities Exchange Act of 1934, and public comments have been both supportive and opposed to the proposal. The SEC has decided to extend the period by 90 days, until April 19, 2025, to fully assess whether GIX's application meets all necessary legal requirements. This extension allows the SEC more time to evaluate GIX's new Green Governance Standards and ensure compliance with existing rules.
Simple Explanation
Green Impact Exchange wants to be one of the big places where people can trade stocks, and the group that decides, called the SEC, needs more time to check if their new rules about being environmentally friendly are okay. They're taking a bit longer—until April 19, 2025—to make sure everything is just right.