Notice2025-18794
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Eighth Amended and Restated Limited Liability Company Agreement of MEMX Holdings LLC
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 29, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 186 (Monday, September 29, 2025)</title>
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[Federal Register Volume 90, Number 186 (Monday, September 29, 2025)]
[Notices]
[Pages 46666-46670]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18794]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104029; File No. SR-MEMX-2025-30]
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend the Eighth
Amended and Restated Limited Liability Company Agreement of MEMX
Holdings LLC
September 24, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 11, 2025, MEMX LLC (``MEMX'' or the ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Exchange filed the proposal as
a ``non-controversial'' proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing with the Commission a proposed rule change
to amend the Eighth Amended and Restated Limited Liability Company
Agreement (the ``Holdco LLC Agreement'') of MEMX Holdings LLC
(``Holdco'' or the ``Company''), as further described below. Holdco is
the parent company of the Exchange and directly or indirectly owns all
of the limited liability company membership interests in the Exchange.
The text of the proposed rule change is provided in Exhibit 5 and is
available on the Exchange's website at <a href="https://info.memxtrading.com/regulation/rules-and-filings/">https://info.memxtrading.com/regulation/rules-and-filings/</a>.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the Holdco LLC Agreement \5\ to
reflect amendments that were previously approved by the Holdco Board in
accordance with the Holdco LLC Agreement and Delaware law, including:
(i) an amendment to the provisions relating to the pre-emptive right of
certain limited liability company members of the Company (``Members'')
with respect to issuances of Units \6\ or other equity interests in the
Company or its subsidiaries (``Company Subsidiaries''); and (ii)
amendments intended to update and/or clarify existing language in
various provisions. Each of these amendments is discussed below.
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\5\ References herein to the ``Holdco LLC Agreement'' refer to
the Eighth Amended and Restated Limited Liability Company Agreement
of MEMX Holdings LLC, as may be amended from time to time. All
section references herein are to sections of the Holdco LLC
Agreement unless indicated otherwise. Capitalized terms used but not
defined herein shall have the meanings ascribed to such terms in the
Holdco LLC Agreement.
\6\ The term ``Units'' means a unit representing a fractional
part of the membership interests of the Members. See Section 1.1.
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Amendment To Pre-Emptive Right Provision
Section 9.1 of the Holdco LLC Agreement provides for a pre-emptive
right of certain Members to purchase a pro rata portion of any New
Securities \7\ that the Company or any Company Subsidiary may from time
to time propose to issue or sell to any party within a specified
timeframe. The Exchange notes that pre-emptive rights are commonly
provided to equity owners of private companies, such as
[[Page 46667]]
the Company, and are designed to protect equity owners against dilution
resulting from new issuances by allowing an equity owner to purchase
its pro rata portion of a new security issuance to maintain its
proportional stake in the company.
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\7\ The term ``New Securities'' means any authorized but
unissued Units and any Unit Equivalents convertible into Units,
exchangeable or exercisable for Units, or providing a right to
subscribe for, purchase or acquire Units, or, in each of the
foregoing cases, if such New Securities are issued by a Company
Subsidiary any equity interests or Equity Interest Equivalents in
such Company Subsidiary; provided, that the term ``New Securities''
shall not include Units, Unit Equivalents, equity interests or
Equity Interest Equivalents issued or sold by the Company or any
Company Subsidiary in connection with: (i) a grant to any existing
or prospective Directors, Officers or other service providers of the
Company pursuant to any incentive plan of the Company or similar
equity-based plans or other compensation agreement (including the
Incentive Plan); (ii) the conversion or exchange of any validly
issued securities of the Company or any Company Subsidiary into
Units or other equity interests, or the exercise of any warrants or
other rights to acquire Units or other equity interests; (iii) any
acquisition by the Company or any Company Subsidiary of any equity
interests, assets, properties or business of any Person; (iv) any
merger, consolidation or other business combination involving the
Company or any Company Subsidiary; (v) the commencement of any
Public Offering; (vi) without prejudice to clause (iv) above, any
issuance of Units, Unit Equivalents, equity interests or Equity
Interest Equivalents in a transaction which results in a Change of
Control of the Company or any Company Subsidiary, with respect to
which the Board has waived the rights of the Members under Section
9.1 pursuant to a Supermajority Board Vote; (vii) conversion of
Class C Units and/or Class D Units, as applicable, pursuant to
Sections 3.10(d), 3.10(e) or 3.11, as applicable; or (viii) to the
extent not covered by clauses (i) through (vii) above, Common Units
issued in the manner set forth in clauses (A) through (H) of the
definition of Exempted Securities. See Section 9.1(b).
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The definition of New Securities in the Holdco LLC Agreement
describes the types of securities that are included in that term and
therefore are subject to the Members' pre-emptive right, and it also
specifies certain types of securities that are excluded from that term
and therefore are not subject to the Members' pre-emptive right. The
Holdco Board has resolved, and the Exchange therefore proposes, to
amend the definition of New Securities to specifically exclude Units or
other equity interests issued or sold by the Company or any Company
Subsidiary in connection with a warrants or other equity rights program
administered by a Regulated Securities Exchange Subsidiary \8\ that is
approved by the Holdco Board by Supermajority Board Vote and is
effective pursuant to a rule filing that is filed with the Commission
(any such program, an ``Exchange Warrants Program''). The Exchange
notes that Exchange Warrants Programs are generally designed for the
purpose of incentivizing Exchange participation in exchange for the
issuance of Units or other equity interests,\9\ and the Holdco Board
has determined that the Members' pre-emptive right should not apply to
issuances under such programs.
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\8\ The term ``Regulated Securities Exchange Subsidiary'' means
any national securities exchange controlled, directly or indirectly,
by the Company, including MEMX LLC and MX2 LLC. See Section 1.1.
\9\ The Exchange notes that it in 2024 adopted an Exchange
Warrants Program (the ``2024 Warrants Program'') pursuant to which
warrants representing the right to acquire equity in Holdco upon
vesting are issued to participants on the Exchange's options
platform (``MEMX Options'') who also participate in the 2024
Warrants Program in exchange for such participants' achievement of
certain trade volume thresholds on MEMX Options. The 2024 Warrants
Program was designed to incentivize market participants on MEMX
Options to direct greater trade volume to MEMX Options, thereby
enhancing its market quality. See Securities Exchange Act Release
No. 100247 (May 30, 2024), 89 FR 48203 (June 5, 2024) (SR-MEMX-2024-
21).
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Thus, under the proposed rule change, issuances of Units or other
equity interests under future Exchange Warrants Programs would not be
subject to the Members' pre-emptive right, and the Exchange believes
this proposed change would facilitate the administration of future
Exchange Warrants Programs on the Exchange, as it would limit
participation in the equity issuances under such programs to the
participants in such programs, consistent with the design of such
programs. The Exchange notes that while this proposed change may have
an impact on the proportional ownership of the Exchange or its parent
company in connection with a future Exchange Warrants Program by
disapplying the right of certain Members to participate in the equity
issuance thereunder, any such Exchange Warrants Program must be
effective pursuant to a rule filing that is filed with the Commission
and any related equity issuance is subject to the ownership limitations
of the Holdco LLC Agreement.\10\
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\10\ See, e.g., Section 3.5(a)(ii) of the Holdco LLC Agreement,
which states that ``[n]o Exchange Member, either alone or together
with its Related Persons, may own, directly or indirectly, of record
or beneficially, Units constituting more than twenty percent (20%)
of any class of Units.''
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Amendments To Update and/or Clarify Various Provisions
The Exchange is also proposing to make amendments to the Holdco LLC
Agreement that are intended to update and/or clarify existing language
in various provisions. The purpose of these amendments is to add
clarity to the Holdco LLC Agreement by updating information that is
outdated or otherwise clarifying the relevant provision consistent with
its original intent. Each amendment was previously approved by the
Holdco Board and is discussed below.
<bullet> The Exchange proposes to amend the definition of ``MX2 LLC
Agreement'' in Section 1.1. Currently, Section 1.1 defines the term
``MX2 LLC Agreement'' as the First Amended and Restated Limited
Liability Company Agreement of MX2 LLC, a Subsidiary of the Company,
effective as of September 17, 2024, as may be amended or restated from
time to time. The MX2 LLC Agreement was initially adopted by its
Managing Member, Holdco, on September 17, 2024, and then it was
subsequently amended and restated and adopted by the Board of Directors
of MX2 LLC on April 28, 2025. The Exchange proposes to amend the
definition of MX2 LLC Agreement to update the referenced effective date
to April 28, 2025, which is the date that it was adopted by the Board
of Directors of MX2 LLC.
<bullet> The Exchange proposes to amend Sections 3.2(a) and (b) to
clarify the voting rights of the Class A-1 Units and Class A-2 Units.
Section 3.2 provides for the authorization and voting rights of the
Class A-1 Units, Class A-2 Units, Nonvoting Class A-1 Units, Nonvoting
Class A-2 Units, Class C-1 Units, Class C-2 Units, Class D-1 Units,
Class D-2 Units, Voting Common Units and Nonvoting Common Units.
Sections 3.2(a) and (b) relate to the Class A-1 Units and Class A-2
Units, respectively. The Exchange proposes to amend Sections 3.2(a) and
(b) to specify that, with respect to the Class A-1 Units and Class A-2
Units, each such Unit shall have one vote per Unit on all matters on
which such Units are entitled to vote. The Exchange notes that each
type of Unit described in Section 3.2, including Class A-1 Units and
Class A-2 Units, was originally intended to have one vote per Unit on
all matters on which such type of Unit is entitled to vote, and
Sections 3.2(c)-(g) include language that specifies this voting
construct with respect to the other types of Units described in that
section. Therefore, this proposed change is intended to clarify the
number of votes corresponding to each Class A-1 Unit and Class A-2 Unit
consistent with the original intent of the relevant provisions. The
Exchange notes that the proposed language in Sections 3.2(a) and (b)
mirrors the language used in Sections 3.2(c)-(g) to describe this
voting construct with respect to the other types of Units described in
Section 3.2.
<bullet> The Exchange proposes to amend Section 3.2(c) to correct
an inadvertent drafting error relating to the voting construct
applicable to the Nonvoting Class A-1 Units. Specifically, Section
3.2(c) contains an erroneous reference to ``Nonvoting Class A Unit''
that was originally intended to be a reference to ``Nonvoting Class A-1
Unit'' as that is the type of Unit to which this provision relates.
Therefore, the Exchange proposes to amend Section 3.2(c) to replace the
erroneous reference to ``Nonvoting Class A Unit'' with an appropriate
reference to ``Nonvoting Class A-1 Unit'' to clarify the provision
consistent with its original intent.
<bullet> The Exchange proposes to amend Section 7.4(f) to update an
outdated provision relating to a past tax election made by the Company.
Currently, Section 7.4(f) provides that the Company shall make a
specified tax election upon its filing of its 2020 U.S. federal income
tax return. The Company did in fact make the specified tax election
upon its filing of its 2020 U.S. federal income tax return, and as
such, the Exchange proposes to update the language in Section 7.4(f) to
reflect that this tax election was previously made by the Company.
<bullet> The Exchange proposes to amend Section 8.18(c)(i) to
include ``LLC'' after the references to ``MEMX'' and ``MX2'' to reflect
those entities' full legal names, which would clarify this provision
consistent with its original intent.
[[Page 46668]]
<bullet> The Exchange proposes to amend Section 8.18(c)(vi)(A) to
clarify a reference made to the Exchange Boards of MEMX LLC and MX2
LLC. Section 8.18(c)(vi) provides for certain actions in the event of a
Combination of Exchange Director Nominating Members, and subparagraph
(A) provides that following such Combination, the surviving Affiliated
group of Exchange Director Nominating Members shall have the right to
nominate one Exchange Director to an Exchange. The Exchange notes that
the reference to ``an Exchange'' in this provision was originally
intended to reference each applicable Exchange Board--namely, the
Exchange Boards of MEMX LLC and/or MX2 LLC, as applicable. The Exchange
proposes to amend Section 8.18(c)(vi)(A) to replace the reference to
``an Exchange'' with a reference to ``each applicable Exchange Board''
to clarify this provision consistent with its original intent.
<bullet> The Exchange proposes to amend Section 8.18(c)(vi)(D) to
replace an erroneous reference to ``Exchange Director Nomination
Rotation'' with an appropriate reference to each of the MEMX LLC
Exchange Director Nomination Rotation and the MX2 LLC Exchange Director
Nomination Rotation. The Exchange notes that the reference to
``Exchange Director Nomination Rotation'' in this provision was
originally intended to refer to each applicable nomination rotation--
namely, the MEMX LLC Exchange Director Nomination Rotation and the MX2
LLC Exchange Director Nomination Rotation--but the term ``Exchange
Director Nomination Rotation'' is not a defined term in the Holdco LLC
Agreement. Therefore, the proposed change to instead reference each of
the MEMX LLC Exchange Director Nomination Rotation and the MX2 LLC
Exchange Director Nomination Rotation is intended to clarify the
provision consistent its original intent by referencing the appropriate
defined terms.
<bullet> The Exchange proposes to amend Section 8.18(g)(iv) to
replace four erroneous references to ``Exchange'' with appropriate
references to ``Exchange Board'' as originally intended. The Exchange
notes that the term ``Exchange'' is not defined in the Holdco LLC
Agreement, so the proposed change is intended to clarity the provision
consistent with its original intent by replacing references to an
erroneous undefined term with the appropriate defined term.
<bullet> The Exchange proposes to amend Section 12.4(c) to remove a
reference to a date that has passed and delete related language that is
now outdated and obsolete. Section 12.4(c) provides that until February
19, 2023, no approval of the Holdco Board is required for a specified
level of variance in the Company's Annual Budget, and that upon such
date the Holdco Board shall determine by Supermajority Board Vote the
level of variance in the Company's Annual Budget that does not require
approval of the Holdco Board after such date. The Exchange notes that
such date has passed, and the Holdco Board has determined by
Supermajority Board Vote that the same level of variance in the
Company's Annual Budget that applied before such date will continue to
not require approval of the Holdco Board, consistent with the Company's
existing practice. Accordingly, the Exchange proposes to remove the
outdated reference to February 19, 2023, and delete the final sentence
of Section 12.4(c) regarding the Holdco Board's action to be taken upon
such date, as such date has passed and such action was previously
taken.
The Exchange proposes to update Exhibit A to remove a reference to
a date that has passed. Exhibit A, which is a Form of Adherence
Agreement, contains a field for a date to be filled in when completing
the form, and that date field currently references 2023. As 2023 has
passed, the Exchange proposes to update Exhibit A by deleting the
reference to 2023 and replacing it with a reference to ``2__'' for the
year to be filled in upon any future completion of the form.
2. Statutory Basis
The Exchange believes that the proposed amendments to the Holdco
LLC Agreement are consistent with Section 6(b) of the Act,\11\ in
general, and further the objectives of Section 6(b)(1) of the Act,\12\
in particular, in that such amendments enable the Exchange to be so
organized as to have the capacity to be able to carry out the purposes
of the Act and to comply with the provisions of the Act, the rules and
regulations thereunder, and the rules of the Exchange. The Exchange
also believes that the proposed amendments are consistent with Section
6(b)(5) of the Act,\13\ which requires the rules of an exchange to be
designed to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, to protect investors and the
public interest.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(1).
\13\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposed amendment to exclude from
the definition of New Securities, and, in turn, the Members' pre-
emptive right, Units or other equity interests issued or sold by the
Company or any Company Subsidiary in connection with an Exchange
Warrants Program is consistent with the Act because, as described
above, such change would facilitate the administration of future
Exchange Warrants Programs on the Exchange, which are generally
designed to incentivize Exchange participation and thereby enhance the
Exchange's market quality. As such, this proposed change would remove
impediments to and perfect the mechanism of a free and open market and
a national market system.
The Exchange notes that there was sufficient representation on the
Holdco Board of Members impacted by this proposed change and that the
approval of this proposed change by the Holdco Board was effectuated in
accordance with Delaware law. Furthermore, while this proposed change
may have an impact on the proportional ownership of the Exchange or its
parent company in connection with a future Exchange Warrants Program,
the Exchange notes that the proposed change requires that any such
Exchange Warrants Program be effective pursuant to a rule filing that
is filed with the Commission, so there would be Commission review of
any potential ownership changes resulting from any such Exchange
Warrants Program, which would also remain subject to the ownership
limitations of the Holdco LLC Agreement. In this regard, the Exchange
believes the proposed change is consistent with the Act, as it enables
the Exchange and its parent company to be organized as to have the
capacity to carry out the purposes of the Act and to comply with the
provisions of the Act, the rules and regulations thereunder, and the
rules of the Exchange and does not impair the ability of the SEC to
enforce the Exchange Act and the rules and regulations promulgated
thereunder with respect to the Exchange.
The Exchange believes the proposed amendments to update and clarify
various provisions in the Holdco LLC Agreement are consistent with the
Act, as such amendments would update and clarify the Holdco LLC
Agreement in a manner consistent with actions previously taken by the
Holdco Board in accordance with the Holdco LLC Agreement, thereby
increasing transparency and helping to avoid any potential confusion
resulting from
[[Page 46669]]
retaining outdated, obsolete, or unclear provisions. The Exchange
believes that updating the Holdco LLC Agreement in this manner would
ensure clarity with respect to the corporate documents of the
Exchange's parent company, thereby enabling the Exchange to be so
organized as to have the capacity to carry out the purposes of the Act
and to comply with the provisions of the Act, the rules and regulations
thereunder, and the rules of the Exchange, promoting just and equitable
principles of trade, removing impediments to and perfect the mechanism
of a free and open market, and protecting investors and the public
interest.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposal will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The proposal is not intended to
address competitive issues nor the operation of the Exchange. Rather,
as described above, this proposal is concerned solely with the equity
rights of Members of Holdco and the administration of Holdco's
corporate documents. As such, the Exchange does not believe that this
proposed rule change will impose any burden on competition not
necessary or appropriate in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(iii) of the Act \14\ and Rule 19b-4(f)(6) thereunder \15\
in that it effects a change that: (i) does not significantly affect the
protection of investors or the public interest; (ii) does not impose
any significant burden on competition; and (iii) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest.
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\14\ 15 U.S.C. 78s(b)(3)(A)(iii).
\15\ 17 CFR 240.19b-4(f)(6).
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The Exchange believes that the proposed amendments to the Holdco
LLC Agreement described above would not significantly affect the
protection of investors and the public interest. In addition, the
Exchange does not believe that this proposal imposes any significant
burden on competition because the proposed amendments to the Holdco LLC
Agreement do not address competitive issues but rather are concerned
solely with the equity rights of Members of Holdco and the
administration of Holdco's corporate documents, as discussed above.
Furthermore, Rule 19b-4(f)(6)(iii) \16\ requires a self-regulatory
organization to give the Commission written notice of its intent to
file a proposed rule change under that subsection at least five
business days prior to the date of filing, or such shorter time as
designated by the Commission. The Exchange has provided such notice.
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\16\ 17 CFR 240.19b-4(f)(6)(iii).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative prior to 30 days after the date of filing. Rule
19b-4(f)(6)(iii), however, permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange requested that the
Commission waive the 30-day operative delay contained in Rule 19b-
4(f)(6)(iii) so that the Exchange may amend the Holdco LLC Agreement as
soon as possible. The Exchange states that waiver of the operative
delay is consistent with the protection of investors and the public
interest because it would allow the Holdco LLC Agreement to reflect
updated and clarified provisions that were previously approved by the
Holdco Board in accordance with the Holdco LLC Agreement and Delaware
law, each as discussed above, in a timely manner, thereby creating more
transparent, consistent, and clear standards for the administration and
governance of the parent company of the Exchange. The Exchange also
states that the proposed changes to the Holdco LLC Agreement do not
materially alter the existing governance framework of the Exchange or
its parent company. The Commission believes the proposed rule change
presents no novel legal or regulatory issues, and that waiver of the
30-day operative delay is consistent with the protection of investors
and the public interest. Accordingly, the Commission believes that
waiver of the 30-day operative delay is consistent with the protection
of investors and the public interest. Accordingly, the Commission
hereby waives the 30-day operative delay and designates the proposed
rule change operative upon filing.\17\
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\17\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#3644435a531b55595b5b535842457645535518515940"><span class="__cf_email__" data-cfemail="e496918881c9878b8989818a9097a4978187ca838b92">[email protected]</span></a>. Please include
file number SR-MEMX-2025-30 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-MEMX-2025-30. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-MEMX-2025-30 and should be submitted on
or before October 20, 2025.
[[Page 46670]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18794 Filed 9-26-25; 8:45 am]
BILLING CODE 8011-01-P
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