Notice2025-19057
Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Limited Liability Agreement of 24X US Holdings LLC Regarding the Warrant Performance Incentive Program
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 47029-47033]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-19057]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104098; File No. SR-24X-2025-11]
Self-Regulatory Organizations; 24X National Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend the Limited Liability Agreement of 24X US Holdings LLC Regarding
the Warrant Performance Incentive Program
September 26, 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 25, 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 files this proposed rule change to amend the Limited
Liability Company Agreement for 24X US Holdings LLC, the parent company
of the Exchange, in connection with a warrant performance incentive
program. 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 amend and restate the Second Amended and Restated Limited Liability
Company Agreement of 24X US Holdings LLC (the ``24X US Holdco LLC
Agreement'') \5\ as the Third Amended and Restated Limited Liability
Company Agreement of 24X US Holdings LLC to include amendments related
to the warrant performance incentive program (``Program'').\6\ 24X US
Holdings LLC (``24X US Holdco'') is the parent company of the Exchange
and wholly owns the Exchange.
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\5\ The Exchange proposes to revise the Explanatory Statement
and signature block of the 24X US Holdco LLC Agreement to reflect
the amendment and restatement of the 24X US Holdco LLC Agreement.
Specifically, the headings and signature block for the 24X US Holdco
Agreement would reflect the ``Third,'' rather than the ``Second,''
24X US Holdco LLC Agreement. In addition, paragraph A of the
Explanatory Statement for 24X US Holdco LLC would be revised to
indicate that 24X US Holdco ``had'' operated ``pursuant to that
certain Limited Liability Company Agreement of the Company,
effective as of February 1, 2022 (the `Original Agreement').''
Finally, the Exchange proposes to delete the following description
of first restatement of the 24X US Holdco LLC Agreement: ``to, among
other things, (i) make certain changes related to the Company's
operation as a holding company of a national securities exchange and
(ii) govern the management and operation of the Company, and the
relationship of 24X Bermuda Holdings and the Company from and after
the Effective Date in accordance with the terms and subject to the
conditions set forth in this Agreement.'' The Exchange proposes to
replace this language to indicate that, after operating pursuant to
the original 24X US Holdco LLC Agreement, 24X US Holdco operated
``subsequently pursuant to the Second Amended and Restated Limited
Liability Company Agreement dated December 9, 2024.''
\6\ Securities Exchange Act Rel. No. 104018 (Sept. 23, 2025)
(``Warrant Program Release'').
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a. Warrant Performance Incentive Program
In a separate filing,\7\ the Exchange established the Program to
allow Members of the Exchange who participate in the Program
(``Participants'') to earn the right to acquire Non-Voting Common Units
of 24X US Holdco, the Exchange's parent company. As described in more
detail in such filing, each Member of the Exchange may become a
Participant in the Program by prepaying $500,000 in Exchange fees and
satisfying the Program eligibility requirements. Upon joining the
Program, each Participant
[[Page 47030]]
will receive a warrant that vests based on the Participant's
achievement of certain minimum trading volumes (``Target Volume'') \8\
on the Exchange during each designated pre-determined period in which
the Program is in effect (``Measurement Period'') \9\ and the
Exchange's achievement of a minimum market share during such
Measurement Periods (``24X Minimum Overall Market Share'').\10\ When
the warrants vest, Participants will have the right to exercise the
warrants to purchase a certain number of 24X US Holdco Non-Voting
Common Units. It is anticipated that the Program will commence on and
including September 29, 2025 and will end on and including December 31,
2027. The Exchange files this proposed rule change to make changes to
the 24X US Holdco LLC Agreement related to the implementation of the
Program. As discussed below, such proposed changes include amendments
to authorize the issuance of Non-Voting Common Units as well as the
implementation of the early liquidity program discussed below.
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\7\ Id.
\8\ As discussed in more detail in the Warrant Program Release,
the ``Target Volume'' is 5% of the average daily trading volume on
the Exchange, where the daily trading volume is calculated based on
total aggregated average daily volume traded over each Measurement
Period.
\9\ As discussed in more detail in the Warrant Program Release,
the ``Measurement Period'' for Year 1 (2025) is September 29, 2025
through December 31, 2025 (subject to the Exchange commencing
trading on or prior to October 15, 2025); the Measurement Periods
for Year 2 (2026) are (1) January 1-March 31, 2026, (2) April 1-June
30, 2026, (3) July 1-September 30, 2026, and (4) October 1-December
31, 2026; and the Measurement Periods for Year 3 (2027) are (1)
January 1-March 31, 2027, (2) April 1-June 30, 2027, (3) July 1-
September 30, 2027, and (4) October 1-December 31, 2027.
\10\ As discussed in more detail in the Warrant Program Release,
the ``24X Minimum Overall Market Share'' is defined as follows: (1)
for each Measurement Period of Year 2, the 24X Minimum Overall
Market Share is 0.50% of the Consolidated Average Daily Volume
(``CADV'') for all NMS Stocks eligible for trading on 24X; and (2)
for each Measurement Period of Year 3, the 24X Minimum Overall
Market Share is 1.00% of the CADV for all NMS Stocks eligible for
trading on 24X.
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b. Issuance of Non-Voting Common Units
To facilitate the Program, which allows Participants to earn the
right to purchase Non-Voting Common Units of 24X US Holdco, the
Exchange proposes to amend the 24X US Holdco LLC Agreement to allow 24X
US Holdco to issue Non-Voting Common Units. 24X US Holdco proposes to
sell such Non-Voting Common Units pursuant to an exemption from
registration under the Securities Act of 1933. The Exchange proposes to
add the following new paragraph (a) to Section III of the 24X US Holdco
LLC Agreement: \11\
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\11\ With the proposed addition of the new paragraph (a) to
Section III of the 24X US Holdco LLC Agreement, the Exchange also
proposes to update the lettering of the paragraphs and to update the
references to those paragraphs throughout Section III.
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The Company \12\ is authorized to issue 1,100,000 Non-Voting Common
Units. The Non-Voting Common Units may be issued or reserved for
issuance pursuant to the Warrant Performance Incentive Program (as
defined below). Authorization of any additional Units or any newly
created class or series of Units may only be effected by an amendment
of this Agreement pursuant to paragraphs (a) and (b) of Section XI and
approval by the Manager.
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\12\ ``The Company,'' as used herein, means 24X US Holdco,
unless otherwise noted.
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Correspondingly, the Exchange proposes to amend Exhibit B of the
24X US Holdco LLC Agreement by defining the new terms used in proposed
paragraph (a) of Section III of the 24X US Holdco: ``Non-Voting Common
Units'' and ``Warrant Performance Incentive Program.'' The Exchange
proposes to define ``Non-Voting Common Units'' in Exhibit B as ``a non-
voting common Unit.'' \13\ A Non-Voting Common Unit represents a common
membership interest in 24X US Holdco that does provide any voting
rights with regard to 24X US Holdco.
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\13\ The term ``Unit'' is defined in Exhibit B of the 24X US
Holdco LLC Agreement to mean ``the limited liability company
interests issued by the Company to the Members and, where
applicable, having the powers, preferences, priorities and rights
and the qualifications, limitations and restrictions set forth in
this Agreement. For the sake of clarity, the Units shall constitute
the `limited liability company interests' of the Company for all
purposes of, and within the meaning set forth in, the Act and shall
represent interests in ownership, Profits and Losses of the
Company.''
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In addition, the Exchange proposes to define the term ``Warrant
Performance Incentive Program'' to mean ``that certain program
effective as of September 10, 2025 pursuant to which certain members of
24X National Exchange may be eligible to receive warrants to purchase
Non-Voting Common Units on terms and conditions as set forth in
Securities Exchange Act Release No. 104018 regarding the program, which
has been approved by the Manager.'' The referenced release is the
Warrant Program Release, which describes the terms and conditions of
the Program.
c. Liquidity Program
The Exchange proposes to add to the 24X US Holdco LLC Agreement a
description of the liquidity program applicable to a holder of a Non-
Voting Common Unit obtained pursuant to the Program. Specifically, the
Exchange proposes to add the following new Section XIII to the 24X US
Holdco LLC Agreement:
With respect to any holder of a Non-Voting Common Unit who obtained
such Non-Voting Common Unit pursuant to the Warrant Performance
Incentive Program, such holder shall have the rights and be subject to
the obligations set forth in Exhibit C-1.\14\
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\14\ With the addition of new Section XIII, the Exchange
proposes to amend Section XIII to be Section XIV of the 24X US
Holdco LLC Agreement.
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The Exchange also proposes to add Exhibit C-1, which describes the
liquidity program, to the 24X US Holdco LLC Agreement. Proposed new
Exhibit C-1 to the 24X US Holdco LLC Agreement describes the liquidity
program \15\ available to holders of Non-Voting Common Units pursuant
to the Warrant Performance Incentive Program.\16\ The liquidity program
provides Participants in the Program with an early opportunity to sell
back to 24X US Holdco their Non-Voting Common Units earned via the
Program. This can be a valuable benefit as typically private companies
do not provide for a way for their equity holders to monetize their
investment.
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\15\ Such liquidity program was described in the filing for the
Warrant Performance Incentive Program. See Warrant Program Release.
\16\ Proposed Exhibit C-1 notes that ``Capitalized but undefined
terms in this Exhibit C-1 have the meaning ascribed to such terms in
Securities Exchange Act Release No. 104018 regarding the Warrant
Performance Incentive Program and/or this Agreement.''
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Proposed paragraph 1 of Exhibit C-1 would state that, beginning
after January 1, 2029, each Participant who exercised a warrant via the
Program and owns Non-Voting Common Units in 24X US Holdco (a
``Qualifying Participant'') will have a right to sell a portion of its
Non-Voting Common Units to 24X US Holdco at a price per Unit equal to a
fixed percentage of the Fair Market Value of such Units. For purposes
of the liquidity program as described in Exhibit C-1, Fair Market Value
would mean the value of one Non-Voting Common Unit of 24X US Holdco as
determined below:
(a) If a Non-Voting Common Unit is a publicly traded security that
may be immediately sold in the public markets without any restrictions
or limitations, the average, over a period of twenty-one (21) business
days consisting of the date of valuation and the twenty (20)
consecutive business days prior to that date, of the average of the
closing prices of the sales of such securities on the primary
securities exchange on which such securities may at that time be
[[Page 47031]]
listed, or, if there have been no sales on such exchange on any
business day, the average of the highest bid and lowest asked prices on
such exchange at the end of such business day;
(b) if a Non-Voting Common Unit is not a publicly traded security
covered by clause (a), the fair value of a Non-Voting Common Unit, as
determined by the Manager of the Company in good faith based on such
factors as the Manager, in the exercise of its reasonable business
judgment, considers relevant but without taking into account any
discounts for lack of liquidity or minority interest or similar
discounts; provided, that a Qualifying Participant may, within fifteen
(15) business days following its receipt of the Manager's determination
of Fair Market Value, direct the Manager to obtain an independent
third-party appraisal of the determination, with the determination by
the independent appraiser binding on the parties.\17\
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\17\ Proposed paragraph 8 of Exhibit C-1 of 24X US Holdco LLC
Agreement. Note also that the Exchange proposes to revise the
definition of Fair Market Value in Exhibit B by deleting the
following dated phrase from paragraph (b) of such definition: ``or,
if on any business day such securities are not so listed, the
average of the representative bid and asked prices quoted in the
NASDAQ System as of 4:00 p.m., New York time, or, if on any business
day such securities are not quoted in the NASDAQ System, the average
of the highest bid and lowest asked prices on such business day in
the domestic over the counter market as reported by the National
Quotation Bureau Incorporated, or any similar successor
organization.'' In addition to deleting dated language, this
revision would make the definition of Fair Market Value in Exhibit B
consistent with the proposed definition of Fair Market Value in
Exhibit C-1.
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Proposed paragraph 1 of Exhibit C-1 would state that, no later than
30 days after 24X US Holdco receives the determination of Fair Market
Value, 24X US Holdco will provide notice to each Qualifying Participant
of such Fair Market Value and such Qualifying Participant will have 90
days from the date of notice to provide written notice to 24X US Holdco
that it wishes to sell a certain number of its Non-Voting Common Units
to 24X US Holdco.
Proposed paragraphs 3 through 7 of Exhibit C-1 would describe the
rights for the liquidity program for the following years:
<bullet> For 2029 and 2030, each Qualifying Participant may sell up
to 10% of its then total Non-Voting Common Units at a price equal to
50% of the Fair Market Value of a Non-Voting Common Unit.
<bullet> For 2031, each Qualifying Participant may sell up to 30%
of its then total Non-Voting Common Units at a price equal to 60% of
the Fair Market Value.
<bullet> For 2032, each Qualifying Participant may sell up to 60%
of its then total Non-Voting Common Units at a price equal to 70% of
the Fair Market Value.
<bullet> For 2033, each Qualifying Participant may sell up to 90%
of its then total Non-Voting Common Units at a price equal to 80% of
the Fair Market Value.
<bullet> For 2034, each Qualifying Participant may sell up to 100%
of its then total Non-Voting Common Units at a price equal to 90% of
the Fair Market Value.
Proposed paragraph 9 of Exhibit C-1 describes the effect of a
Change of Control on the liquidity program. For these purposes,
proposed paragraph 9.d would define a ``Change of Control'' to mean:
(i) a Sale of the Company,\18\ as applied to the Company, (ii) a
Deemed Liquidation Event as applied to 24X Bermuda Holdings and as
defined in the Third Amended and Restated 24X Bermuda Holdings LLC
Limited Liability Company Operating Agreement, as may be amended, or
(iii) a Sale of the Company, as applied to 24X National Exchange, and
in each of clauses (i), (ii) and (iii) as indicated by the Company in
its written notice to each Qualifying Participant who holds a Non-
Voting Common Unit.
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\18\ For purposes of the definition of ``Change of Control,''
proposed paragraph 9.e of Exhibit C-1 would define a ``Sale of the
Company'' to mean ``either: (a) a single transaction or series of
related transactions in which a Person, or a group of affiliated
Persons, acquires from one or more Members Units representing a
majority of the outstanding equity of a company or of the
outstanding voting power of a company; (b) a sale, exclusive license
or other disposition of all or substantially all of the properties
and assets of a company and its subsidiaries, taken as a whole, in a
single transaction or series of related transactions; or (c) a
merger, reorganization or consolidation of a company with or into
another entity, or the Transfer of Units to a Person, or group of
affiliated Persons, and in any such merger, reorganization,
consolidation or Transfer the surviving or acquiring entity or such
Person or group would hold a majority of the outstanding equity of
the company or of the outstanding voting power of the company.''
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Proposed paragraph 9.a of Exhibit C-1 states that
If there is a Change of Control of the Company, 24X Bermuda
Holdings, or 24X National Exchange, the Company has the right to
purchase 100% of all Qualifying Participants' Non-Voting Common Units
at a price equal to the then applicable percentage of the Fair Market
Value of a Non-Voting Common Unit and if the Change of Control occurs
after 2034, at 100% of the Fair Market Value of a Non-Voting Common
Unit. At least 15 days prior to the expected closing date of the Change
of Control, the Company shall provide written notice of its intention
to purchase or not to purchase 100% of all Qualifying Participants'
Non-Voting Common Units. If the Company indicates its intention to
exercise its right to purchase all Non-Voting Common Units, it shall
pay in cash the applicable Fair Market Value for each Non-Voting Common
Unit on or before the closing of the Change of Control against delivery
of all documents as requested by the Company (which may be similar to
those executed and delivered in a Sale of the Company) (for the
avoidance of doubt, the Company is only obligated to make the payment
upon due execution and delivery of all requested documents).
Proposed paragraph 9.b of Exhibit C-1 states that
If the Company indicates in its written notice that it will not
exercise its right to purchase 100% of all Qualifying Participants'
Non-Voting Common Units, each Qualifying Participant has 10 days after
receipt of notice to indicate in writing to the Company that it wishes
to sell to the Company 100% of all such Qualifying Participant's Non-
Voting Common Units at a price equal to the then applicable percentage
of the Fair Market Value and if the Change of Control occurs after
2034, at 100% of the Fair Market Value of a Non-Voting Common Unit. The
Company shall pay in cash the applicable Fair Market Value for each
Non-Voting Common Unit on or before the closing of the Change of
Control against delivery of all documents as requested by the Company
(which may be similar to those executed and delivered in a Sale of the
Company) (for the avoidance of doubt, the Company is only obligated to
make the payment upon due execution and delivery of all requested
documents.
Proposed paragraph (c) of Exhibit C-1 states that, instead of
clauses (a) and (b) applying, 24X US Holdco, in its discretion, can
have the Non-Voting Common Units receive what each such Unit is
entitled to receive in the Change on Control (pursuant to clause (i) of
the definition of such term) transaction at the closing of such
transaction.
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Exchange Act \19\ in general, and furthers the
objectives of Section 6(b)(5) of the Exchange Act \20\ 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
[[Page 47032]]
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 \21\ 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,\22\ 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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\19\ 15 U.S.C. 78f.
\20\ 15 U.S.C. 78f(b)(5).
\21\ See id.
\22\ 15 U.S.C. 78f(b)(1).
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The Exchange believes that the issuance of the Non-Voting Common
Units and other proposed amendments to the 24X US Holdco LLC Agreement
related to the Program are consistent with the Act. The proposed
changes to the 24X US Holdco LLC Agreement are intended to facilitate
the Program, which, as described in the Warrant Program Release,\23\
would promote the long-term interests of the Exchange by providing
incentives designed to encourage 24X market participants to contribute
to the growth and success of the Exchange via actively providing
liquidity on the 24X market. In addition, such proposed changes to the
24X US Holdco LLC Agreement also would facilitate additional investment
and funding into 24X US Holdco resulting from the Program, and such
proceeds could be used by 24X US Holdco and its subsidiary, the
Exchange, for the regulation and operation of the Exchange, which 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. In addition, the Exchange does not believe that the proposed
rule change would be unfairly discriminatory as all Exchange Members
may elect to participate (or elect not to participate) in the Program
on the same terms and conditions, assuming they satisfy the same
eligibility criteria, and all Participants may receive warrants that
provide the Participants with the right to purchase Non-Voting Common
Units on the same terms and conditions.
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\23\ See Warrant Program Release.
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Furthermore, the proposed liquidity program would balance the needs
of Participants and the Exchange, by providing Participants with the
early option to sell their Non-Voting Common Units but at a discounted
price, depending on the length of time the Non-Voting Common Units are
held. In addition, the Exchange does not believe that the proposed
liquidity program would be unfairly discriminatory as the liquidity
program would be available to Participants in the Program on the same
terms and conditions.
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 proposed rule
change would authorize the issuance of Non-Voting Common Units as well
as the implementation of the early liquidity program for the Program.
Accordingly, the Exchange believes that the proposed rule change would
facilitate the implementation of the Program described in the Warrant
Program Release.
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; and (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)
requires a self-regulatory organization 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 Exchange
states that waiver of the 30-day operative delay is necessary to amend
the 24X US Holdco LLC Agreement to allow for the commencement of the
Program by September 29, 2025. The Exchange also states that waiver of
the operative delay will allow the Program to move forward, thereby
allowing additional funding to 24X US Holdco and its subsidiary, the
Exchange. In addition, the Exchange states that the proposal does not
alter 24X US Holdco's existing governance framework. For these reasons,
and because the proposed rule change does not raise any novel legal or
regulatory issues, the Commission finds that waiver of the 30-day
operative delay is consistent with the protection of investors and the
public interest. Therefore, the Commission hereby waives the 30-day
operative delay and 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 shall 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
[[Page 47033]]
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="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#deacabb2bbf3bdb1b3b3bbb0aaad9eadbbbdf0b9b1a8"><span class="__cf_email__" data-cfemail="85f7f0e9e0a8e6eae8e8e0ebf1f6c5f6e0e6abe2eaf3">[email protected]</span></a>. Please include
File Number SR-24X-2025-11 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-2025-11. 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-24X-2025-11 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).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-19057 Filed 9-29-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 30, 2025.
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