Notice2025-18943
Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Temporary Exemption From the Ownership and Voting Limitations in the Limited Liability Agreement of 24X Bermuda 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 30, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 187 (Tuesday, September 30, 2025)</title>
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[Federal Register Volume 90, Number 187 (Tuesday, September 30, 2025)]
[Notices]
[Pages 47111-47114]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18943]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104053; File No. SR-24X-2025-08]
Self-Regulatory Organizations; 24X National Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Extend the Temporary Exemption From the Ownership and Voting
Limitations in the Limited Liability Agreement of 24X Bermuda Holdings
LLC
September 25, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on September 24, 2025, 24X National Exchange LLC (``24X'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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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 revise the Limited Liability Company Operating Agreement of 24X
Bermuda Holdings LLC (the ``24X Bermuda Holdco Agreement'') to provide
a brief two-month extension of the temporary exemption from the
ownership and voting limitations set forth in Section 9.2(g) of the 24X
Bermuda Holdco LLC Agreement with respect to Dmitri Galinov and his
Related Persons. 24X Bermuda Holdings LLC (``24X Bermuda Holdco'')
wholly owns 24X US Holdings LLC (``24X US Holdco''), which, in turn,
wholly owns the Exchange. The text of the proposed rule change is
available on the Exchange's website (<a href="https://equities.24exchange.com/regulation">https://equities.24exchange.com/regulation</a>) and at the principal office of the Exchange.
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 is filing with the Commission a proposed rule change
to revise the Limited Liability Company Operating Agreement of 24X
Bermuda Holdings LLC (the ``24X Bermuda Holdco Agreement'') to provide
a brief two-month extension of the temporary exemption from the
ownership and voting limitations set forth in Section 9.2(g) of the 24X
Bermuda Holdco LLC Agreement with respect to Dmitri Galinov and his
Related Persons. 24X Bermuda Holdings LLC (``24X Bermuda Holdco'')
wholly owns 24X US Holdings LLC (``24X US Holdco''), which, in turn,
wholly owns the Exchange.
a. Background
i. Temporary Exemption From Ownership and Voting Limitations
The 24X Bermuda Holdco LLC Agreement includes restrictions on the
ability to own and vote units in 24X Bermuda Holdco (``Units'').\5\ As
the SEC stated in its approval order for the registration of the
Exchange, ``[t]hese limitations are designed to prevent any party to
the 24X Bermuda LLC Agreement from exercising undue control over the
operation of the Exchange and to ensure that the Exchange and the
Commission are able to carry out their regulatory obligations under the
Exchange Act.'' \6\
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\5\ See Section 9.2 of the 24X Bermuda Holdco LLC Agreement.
\6\ See Securities Exchange Act Rel. No. 101777 (Nov. 27, 2024),
89 FR 97092, 97095 (Dec. 6, 2024) (``24X Registration Approval
Order'').
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The relevant ownership limitation in the 24X Bermuda Holdco LLC
Agreement provides that, for so long as 24X Bermuda Holdco shall
control, directly or indirectly, 24X, no Person, either alone or
together with its Related
[[Page 47112]]
Persons,\7\ are permitted to own, directly or indirectly, of record or
beneficially, more than forty percent of the then issued and
outstanding Units.\8\
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\7\ For the definition of a Related Person, see Section 1.49 of
the 24X Bermuda Holdco LLC Agreement.
\8\ Section 9.2(a)(i) of the 24X Bermuda Holdco LLC Agreement.
While Section 9.2(a)(ii) of the 24X Bermuda Holdco LLC Agreement
also sets forth an ownership restriction that applies to 24X
Exchange Members, this provision does not apply to Dmitri Galinov;
the ownership limitation that does apply to Dmitri Galinov and his
Related Persons is set forth in Section 9.2(a)(i) of the 24X Bermuda
Holdco LLC Agreement.
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In addition, with regard to the voting limitation, the 24X Bermuda
Holdco LLC Agreement provides that no Person, alone or together with
its Related Persons, may, directly, indirectly, or pursuant to any
voting trust, agreement, plan or other arrangement, vote or cause the
voting of Units or give any consent or proxy with respect to Units
representing more than 20% of the voting power of the then issued and
outstanding Units.\9\ Nor may any Person, either alone or together with
its Related Persons, enter into any agreement, plan or other
arrangement with any other Person, either alone or together with its
Related Persons, under circumstances that would result in the Units
that are subject to such agreement, plan or other arrangement not being
voted on any matter or matters or any proxy relating thereto being
withheld, where the effect of such agreement, plan or other arrangement
would be to enable any Person, either alone or together with its
Related Persons, to vote, possess the right to vote, or cause the
voting of Units that would represent more than 20% of such voting
power.\10\
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\9\ Section 9.2(a)(iii) of the 24X Bermuda Holdco LLC Agreement.
\10\ Id.
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As set forth in the Section 9.2(g)(i) of the 24X Bermuda Holdco LLC
Agreement, Dmitri Galinov and his Related Persons have a temporary
exemption from the ownership limitation set forth in Section 9.2 of the
24X Bermuda Holdco LLC Agreement until nine months after the Commission
grants 24X's application for registration as a national securities
exchange or until 24X commences operation, if later than nine
months.\11\ Further, the 24X Bermuda Holdco LLC Agreement states that
if Dmitri Galinov and his Related Persons do not comply with the
ownership limitation in Section 9.2 of the 24X Bermuda Holdco LLC
Agreement within the applicable time period, then 24X Bermuda shall
redeem all of the Units the holding of which by Dmitri Galinov and/or
his Related Persons results in a violation of Section 9.2 for a price
per Unit, as applicable, equal to the lesser of (a) book value or (b)
Fair Market Value of such Units.\12\
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\11\ Section 9.2(g)(i) of the 24X Bermuda Holdco LLC Agreement.
\12\ Id.
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Dmitri Galinov and his Related Persons also have a temporary
exemption from the voting limitation set forth in Section 9.2 of the
24X Bermuda Holdco LLC Agreement until nine months after the Commission
grants 24X's application for registration as a national securities
exchange or until 24X commences operation, if later than nine months,
but only with respect to any vote regarding any merger, consolidation
or dissolution of the 24X Bermuda or any sale of all or substantially
all of the assets of the 24X Bermuda.\13\
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\13\ Section 9.2(g)(ii) of the 24X Bermuda Holdco LLC Agreement.
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When the Commission approved the limited temporary exemption in
Section 9.2(g) of the 24X Bermuda Holdco LLC Agreement from the
ownership limitation and voting imitations set forth in Section 9.2 of
the 24X Bermuda Holdco LLC Agreement for Dmitri Galinov and his Related
Persons as consistent with the Exchange Act, the Commission determined
that the limited, defined period time in which the exemption would be
in place would prevent Dmitri Galinov and his Related Persons from
exercising undue control over 24X and minimize the possibility that
24X's ability to carry out its self-regulatory responsibilities under
the Exchange Act could be impaired.\14\ In addition, the Commission
noted that, because the exemption from the voting limitation applies
only with respect to the limited situations involving any merger,
consolidation or dissolution of 24X Bermuda Holdco or any sale of all
or substantially all of the assets of the 24X Bermuda Holdco, the
exemption would not permit undue control over 24X or impair the
regulatory responsibilities of 24X.\15\ The Commission further noted
that the ``temporary exemption is designed to afford Dmitri Galinov and
his Related Persons the ability to protect the investment they have
already made in the establishment of 24X that is over the current
ownership limitation, represented by 24X to be 3.29% of the Units of
all outstanding Units.'' \16\ Finally, the Commission noted that the
Commission has approved other temporary exemptions from the ownership
or voting limitations included in the governance documents of owners of
a national securities exchange.\17\
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\14\ 24X Registration Approval Order at 97098.
\15\ Id.
\16\ Id. The excess percentage is now 3.07% of the Units of all
outstanding Units.
\17\ See Securities Exchange Act Release No. 49067 (Jan. 13,
2004), 69 FR 2761 (Jan. 20, 2004) (order granting approval to a
proposed rule change by the Boston Stock Exchange Inc. Relating to
the LLC Operating Agreement of the Proposed New Exchange Facility to
be Operated by the Boston Options Exchange Group LLC) (approval of
an exemption from a voting limitation for a period of 10 years for
an owner of the BOX facility).
See also Securities Exchange Act Release No. 42455 (Feb. 24,
2000), 65 FR 11388 (Mar. 2, 2000) (order granting registration of
the International Securities Exchange LLC) (approval of an exemption
from an ownership limitation for period of 10 years for certain
founders of the exchange).
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ii. Ownership by Dmitri Galinov and Related Persons
Exhibit K of 24X's Form 1 describes Dmitri Galinov and his Related
Person's 43.07% ownership of 24X Bermuda Holdco. Absent the exemption,
such ownership would exceed the 40% ownership limitation set forth in
the 24X Bermuda Holdco LLC Agreement. Specifically, Exhibit K of 24X's
Form 1 describes their ownership as follows:
Dmitri Galinov owns 7,000,000 Common Units and 179,215 Seed-3
Preferred Units, for a total of 7,179,215 Units for all classes
outstanding. Dmitri Galinov is a Related Person of KNG CAPITAL LLC,
Tanya Nazarov-Kenneally, and Vladimir Nazarov. KNG CAPITAL LLC owns
320,616 Seed-1 Preferred Units, which represents 1.84% of all classes
of outstanding Units. Tanya Nazarov-Kenneally owns 1794 Seed-3
Preferred Units, which represents 0.01% of all classes of outstanding
Units. Vladimir Nazarov owns 7176 Seed-3 Preferred Units, which
represents 0.04% of all classes of outstanding Units. Accordingly, on
an aggregate basis, Dmitri Galinov, together with his Related Persons,
owns 43.07% of the Units of all classes of outstanding Units.\18\
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\18\ Exhibit K of 24X Form 1 at footnote 2.
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iii. Expiration of Temporary Exemption
The Commission granted 24X's application for registration as a
national securities exchange on November 27, 2024; therefore, nine
months after such date is August 27, 2025. 24X plans to commence
operation on September 29, 2025, which is the later of the two dates.
Therefore, the temporary exemption is expected to expire on September
29, 2025.
b. Short Extension of Temporary Exemption From Ownership and Voting
Limitations
The Exchange proposes to revise the 24X Bermuda Holdco LLC
Agreement to provide a brief two-month extension of the temporary
exemption from the
[[Page 47113]]
ownership and voting limitations set forth in Section 9.2(g) of the 24X
Bermuda Holdco LLC Agreement with respect to Dmitri Galinov and his
Related Persons. Specifically, the Exchange proposes to amend Sections
9.2(g)(i) and (ii) of the 24X Bermuda Holdco LLC Agreement to state
that the temporary exemptions would be in place until nine months after
the date of approval by the SEC of 24X National Exchange's Form 1
application to register as a national securities exchange or until two
months after commencement of the operation of the national securities
exchange, if later than nine months. Accordingly, with this change and
the expected go-live date for the Exchange of September 29, 2025, the
temporary exemption would be in place until November 29, 2025, rather
than September 29, 2025. This brief two-month extension would allow the
Exchange to finalize a transaction to dilute Dmitri Galinnov and his
Related Person's indirect ownership in the Exchange, make the necessary
rule filings to implement such transaction, and for the Commission to
consider such filings.
The proposed two-month extension of the temporary exemption would
provide a reasonable and limited accommodation to a new entrant in the
exchange market, allowing the Exchange to commence operation as
scheduled on September 29, 2025 while it addresses the regulatory
requirements related to the pending dilution transaction. The brief
extension also would allow 24X Bermuda Holdco to avoid the potentially
significant expense of redeeming all of the Units the holding of which
by Dmitri Galinov and/or his Related Persons results in a violation of
Section 9.2 for a price per Unit, as applicable, equal to the lesser of
(a) book value or (b) Fair Market Value of such Units. Incurring such
an expense, particularly for the indirect parent of a new Exchange
seeking to commence operations, is unnecessary in light of the pendency
of a transaction to dilute the ownership percentages of Dmitri Galinov
and his Related Persons. Moreover, the proposed dilution transaction is
intended to provide additional funds for 24X US Holdco, which may be
used with regard to the operation and regulation of the Exchange.
Furthermore, the reasons that the Commission cited for approving
the temporary exemption in Section 9.2(g) of the 24X Bermuda Holdco LLC
Agreement as consistent with the Exchange Act also support the approval
of the brief, two-month extension of the exemption. First, the limited,
defined short period of time in which the extension would be in place
would serve to prevent Dmitri Galinov and his Related Persons from
exercising undue control over 24X and minimize the possibility that
24X's ability to carry out its self-regulatory responsibilities under
the Exchange Act could be impaired. Second, because the exemption from
the voting limitation would continue to apply only with respect to the
limited situations involving any merger, consolidation or dissolution
of 24X Bermuda Holdco or any sale of all or substantially all of the
assets of the 24X Bermuda Holdco, it would not permit undue control
over 24X or impair the regulatory responsibilities of 24X. Third, the
extension of the temporary exemption is designed to afford Dmitri
Galinov and his Related Persons the ability to protect the investment
they have already made in the establishment of 24X that is over the
current ownership limitation, which is only by 3.07% of the Units of
all outstanding Units. Fourth, as the Commission previously noted, the
Commission has approved other temporary exemptions from the ownership
or voting limitations included in the governance documents of owners of
a national securities exchange.\19\
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\19\ See Securities Exchange Act Release No. 49067 (Jan. 13,
2004), 69 FR 2761 (Jan. 20, 2004) (order granting approval to a
proposed rule change by the Boston Stock Exchange Inc. Relating to
the LLC Operating Agreement of the Proposed New Exchange Facility to
be Operated by the Boston Options Exchange Group LLC) (approval of
an exemption from a voting limitation for a period of 10 years for
an owner of the BOX facility).
See also Securities Exchange Act Release No. 42455 (Feb. 24,
2000), 65 FR 11388 (Mar. 2, 2000) (File No. 10-127) (order granting
registration of the International Securities Exchange LLC) (approval
of an exemption from an ownership limitation for period of 10 years
for certain founders of the exchange).
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2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Exchange Act \20\ in general, and furthers the
objectives of Section 6(b)(5) of the Exchange Act \21\ in particular,
in that it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, to remove impediments to and perfect the
mechanisms of a free and open market and a national market system and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) of the Exchange Act \22\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. The Exchange also believes
that the proposed rule change would further the objectives of Section
6(b)(1) of the Act,\23\ 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.
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\20\ 15 U.S.C. 78f.
\21\ 15 U.S.C. 78f(b)(5).
\22\ See id.
\23\ 15 U.S.C. 78f(b)(1).
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The brief two-month extension of the temporary exemption would
provide a reasonable and limited accommodation to a new entrant in the
exchange market, allowing the Exchange to commence operation as
scheduled on September 29, 2025. The two-month extension would allow
the Exchange to address the regulatory requirements related to the
pending transaction without incurring the potentially significant
expense of redeeming all of the Units in excess of the ownership
limitations of Dmitri Galinov and/or his Related Persons.
Furthermore, the brief, two-month extension of the exemption would
not undermine the goals of the ownership and voting limitations. Such a
brief extension would serve to prevent Dmitri Galinov and his Related
Persons from exercising undue control over 24X and minimize the
possibility that 24X's ability to carry out its self-regulatory
responsibilities under the Exchange Act could be impaired. Second,
because the exemption from the voting limitation would continue to
apply only with respect to the limited situations involving any merger,
consolidation or dissolution of 24X Bermuda Holdco or any sale of all
or substantially all of the assets of the 24X Bermuda Holdco, it would
not permit undue control over 24X or impair the regulatory
responsibilities of 24X. Third, the extension of the temporary
exemption is designed to afford Dmitri Galinov and his Related Persons
the ability to protect the investment they have already made in the
establishment of 24X that is over the current ownership limitation,
which is only by 3.07% of the Units of all outstanding Units. Fourth,
the temporary exemption is consistent with other temporary exemptions
from the ownership or voting limitations approved by the Commission
with regard to other national securities exchanges.
[[Page 47114]]
Finally, the extension of the temporary exemption would provide
additional time to facilitate additional investment and funding in 24X
US Holdco. Such investment could be used by 24X US Holdco and its
subsidiary, the Exchange, for general corporate expenses, including to
support the operations and regulation of the Exchange. Such additional
funding would enable the Exchange 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, in turn, would protect investors and the
public interest.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Exchange Act. The Exchange
believes that the proposed brief, two-month extension of the temporary
exemption from the ownership and voting limitations would enhance
competition. By providing 24X, a new entrant to the exchange market,
with limited additional time to address the regulatory requirements
regarding the dilution of the indirect ownership interest of Dmitri
Galinov and his Related Persons in the Exchange, the Exchange may
commence operation as planned, thereby bringing a new exchange to
market without delay. In doing so, however, the extension is short
enough to limit adverse competitive consequences related to the
exemption from the intended regulatory goals of the ownership and
voting limitations. Furthermore, the proposed rule change would enhance
competition by allowing additional time for the Exchange to seek to
increase the diversity of indirect ownership of the Exchange.
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \24\ and Rule 19b-4(f)(6) \25\ thereunder.
Because the foregoing proposed rule change does not: (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; or (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \26\ and Rule 19b-4(f)(6) \27\ thereunder.
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\24\ 15 U.S.C. 78s(b)(3)(A).
\25\ 17 CFR 240.19b-4(f)(6).
\26\ 15 U.S.C. 78s(b)(3)(A).
\27\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of its
intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \28\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\29\ the Commission
may designate a shorter time if such action is consistent with
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately upon filing. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because the proposal provides a brief extension of time for the
Exchange to finalize a transaction, and the accompanying regulatory
requirements, that would dilute Dmitri Galinov and his Related Persons'
ownership interest and bring them within the ownership limitation set
forth in the 24X Bermuda Holdco Agreement. Further, the proposal will
allow the Exchange to commence operations on September 29, 2025 and
does not introduce any novel regulatory issues. Accordingly, the
Commission designates the proposed rule change to be operative upon
filing.\30\
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\28\ 17 CFR 240.19b-4(f)(6).
\29\ 17 CFR 240.19b-4(f)(6)(iii).
\30\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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.
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#483a3d242d652b2725252d263c3b083b2d2b662f273e"><span class="__cf_email__" data-cfemail="eb999e878ec6888486868e859f98ab988e88c58c849d">[email protected]</span></a>. Please include
file number SR-24X-2025-08 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-24X-2025-08. 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 also 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-24X-2025-08 and should be submitted on
or before October 21, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
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\31\ 17 CFR 200.30-3(a)(12) and (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18943 Filed 9-29-25; 8:45 am]
BILLING CODE 8011-01-P
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