Summary

Bans national securities exchanges from executing trades in securities issued by a newly defined class called "natural asset companies." A "natural asset company" is any firm that holds rights to the ecological performance of a defined land area and whose main purpose is conserving, restoring, or sustainably managing that land to maintain or grow natural assets (including related affiliates). The rule effectively prevents those companies’ securities from being traded on registered national exchanges.

Key Points

• Prohibits national securities exchanges from effecting transactions in securities of “natural asset companies.”
• Defines a natural asset company as an entity holding rights to ecological performance of a specified land area and focused on conservation/restoration/sustainable management.
• Includes affiliates under common control in the covered company definition.
• Does not itself create new spending, tax changes, or explicit enforcement procedures — it adds a trading prohibition to securities law.
• Could prevent listed trading of firms that monetize natural‑capital/ecosystem performance, shifting fundraising and trading activity off exchanges.
• Creates compliance obligations for exchanges, brokers, and advisers to screen and block affected securities.
• Leaves open other trading venues (OTC, private markets, derivatives) which may be used instead unless separately restricted.
• The statutory definition may prompt disputes over whether a firm qualifies as a natural asset company, leading to litigation or regulatory guidance needs.

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