The Securities and Exchange Commission has approved a new National Stock Exchange (NSX) rule requiring each NSX Equity Trading Permit (ETP) Holder to have its CEO (or equivalent officer) certify annually that the ETP Holder has in place processes to establish, maintain, review, modify and test its compliance policies and procedures. NSX also has adopted an Interpretation and Policy to accompany the new rule, which sets forth the language of the CEO certification and provides additional guidance for complying with the certification requirement. This Interpretation requires ETP holders to prepare a report for review by the CEO and chief compliance officer prior to the certification that documents the firm’s processes for setting and updating its compliance policies and procedures.