MEMX LLC has filed a proposal with the Securities and Exchange Commission to change a rule regarding the submission of broker-dealer annual reports. Currently, broker-dealers must provide annual reports to all self-regulatory organizations they are members of, but MEMX suggests waiving this requirement for members for whom it is not the designated examining authority (DEA). MEMX LLC argues that it does not need these reports from members since it doesn't plan to use the information and can still request them when necessary. The proposed change aims to streamline processes and eliminate unnecessary paperwork for its members.
Simple Explanation
MEMX, a financial organization, wants to let its members skip sending certain yearly documents if they don't really need them, which helps save time and reduce clutter.