Notice2025-23532
Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Certain Changes to the Governing Documents of the Exchange's Parent Company
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
December 22, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 243 (Monday, December 22, 2025)</title>
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[Federal Register Volume 90, Number 243 (Monday, December 22, 2025)]
[Notices]
[Pages 59920-59924]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-23532]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104438; File No. SR-TXSE-2025-002]
Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Adopt Certain Changes to the Governing Documents of the Exchange's
Parent Company
December 17, 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 December 16, 2025, Texas Stock Exchange LLC (the ``Exchange''
or ``TXSE'') 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)(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 filed a proposal to amend and restate: (i) the Sixth
Amended and Restated Stockholders' Agreement (the ``Stockholders'
Agreement'') of TXSE Group Inc. (``TXSE Group'') as the Seventh Amended
and Restated Stockholders' Agreement of TXSE Group; \5\ and (ii) the
Fifth Amended and Restated Certificate of Incorporation of TXSE Group
(the ``Certificate of Incorporation'') as the Sixth Amended and
Restated Certificate
[[Page 59921]]
of Incorporation of TXSE Group.\6\ TXSE Group is the parent company of
the Exchange and directly owns 100% of the Exchange. The text of the
proposed rule change is provided in Exhibit 5.
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\5\ The Exchange notes that the Sixth Amended and Restated
Stockholders' Agreement will remain in effect until and unless this
proposal becomes effective and operative.
\6\ The Exchange notes that the Fifth Amended and Restated
Certificate of Incorporation will remain in effect until and unless
this proposal becomes effective and operative.
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The text of the proposed rule change is available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>) at the
Exchange's website (<a href="https://txse.com/rule-filings">https://txse.com/rule-filings</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 parts 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 and restate the Governing Documents
to reflect amendments made in connection with a capital raise by TXSE
Group from certain new and existing Stockholders \7\ (the
``Transaction'') as further described below. Each of these proposed
amendments is discussed below.
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\7\ ``Stockholder'' means an owner of shares of TXSE Group who
is a party to the Stockholders' Agreement and includes without
limitation any owner who, subsequent to the Stockholders' Agreement,
acquires any shares of TXSE Group now or hereafter issued by TXSE
Group directly from TXSE Group or from a previous owner thereof.
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Background
The primary purpose of the Exchange's proposal to amend and restate
the Stockholders' Agreement and the Certificate of Incorporation in
order to add two new Stockholders and to make all necessary
corresponding changes. The proceeds resulting from the Transaction will
be paid to TXSE Group by the new and existing Stockholders
participating in the Transaction, and such proceeds will be used by
TXSE Group for general corporate expenses, including to support the
operations and regulation of the Exchange, which is a subsidiary of
TXSE Group. Although each Stockholder's proportionate ownership of TXSE
Group may change as a result of the Transaction, no Stockholder will
exceed any ownership or voting limitations applicable to the
Stockholders set forth in the Stockholders' Agreement or Certificate of
Incorporation after giving effect to the Transaction and the amendments
to the Stockholders' Agreement and Certificate of Incorporation
proposed herein.\8\ None of the amendments to the Governing Documents
proposed herein would impact the governance of TXSE Group or the
Exchange.
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\8\ See Section 14 of the Stockholders' Agreement, which sets
forth certain limitations with respect to the ownership of TXSE
Group. The Exchange notes that the proposal contains an amendment to
Section 14, which is described below.
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The Transaction and all amendments to the Stockholders' Agreement
and Certificate of Incorporation proposed herein were previously
approved by the TXSE Group Board on December 4, 2025, in accordance
with the Stockholders' Agreement. The Exchange expects the Transaction
to be completed pursuant to one or more closings that would occur on or
shortly after the date on which the amendments to the Certificate of
Incorporation proposed herein become effective.
Authorization and Issuance of Additional Non-Voting SLHC Common Stock
Article FOURTH(a) of the Certificate of Incorporation currently
contains provisions related to the authorization and issuance of Common
Stock in multiple series including Voting Common Stock, Non-Voting
Common Stock, Non-Voting SLHC Common Stock, Non-Voting BHC Common
Stock, and Preferred Stock (all defined in Articles FOURTH(a)(i) and
(ii)) and specifies the rights associated with each type of Equity
Security.\9\ The Exchange is proposing to amend Articles FOURTH(a) and
FOURTH(a)(i) to increase the authorized stock from eighty million
(80,000,000) shares to one hundred million (100,000,000) shares, to
increase the authorized Common Stock from seventy million (70,000,000)
shares to ninety million (90,000,000) shares, and to increase the
authorized Non-Voting BHC Common Stock from ten million (10,000,000) to
thirty million (30,000,000). Non-Voting BHC Common Stock is designed to
prevent exceeding regulatory thresholds associated with the U.S. Bank
Holding Company Act of 1956, as amended (the ``BHCA''), and Regulation
Y. As proposed and further described below, Article SIXTH(a)(v)
provides the circumstances under which Voting Common Stock held by a
bank holding company investor will convert into Non-Voting BHC Common
Stock to maintain compliance with applicable regulatory thresholds
under the BHCA and Regulation Y, and further provides for protective
voting rights for amendments that would significantly and adversely
affect the rights of such type of Equity Security.
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\9\ As provided in the Stockholders' Agreement, the term
``Equity Securities'' means ``any and all shares of Common Stock and
any other securities of TXSE Group convertible into, or exchangeable
or exercisable for, such shares of Common Stock.''
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The purpose of this change is to facilitate compliance of the New
Stockholders \10\ with requirements and restrictions under the BHCA,
and amendments to the BHCA regulations issued by the Board of Governors
of the Federal Reserve System regarding the framework for determining
``control'' under the BHCA, as well as interpretations of such
amendments by the New Stockholders. The remaining changes applicable to
the Stockholders' Agreement and Certificate of Incorporation are
further described below.
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\10\ The term ``New Stockholders'' includes (i) Banc of America
Strategic Investments Corporation and its Permitted Transferees
(defined as ``BofA'' under proposed new Section 1(k) of the
Stockholders' Agreement); and (ii) Goldman Sachs PSI Global
Holdings, LLC, a Delaware limited liability company, and its
Permitted Transferees (defined as ``Goldman'' under proposed new
Section 1(z) of the Stockholders' Agreement).
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Stockholders' Agreement
The Exchange is also proposing to make the following changes to the
Stockholders' Agreement:
<bullet> To add the following definitions under Section 1:
[cir] d. ``Anti-Dilution Rights'' means collectively, the BofA
Anti-Dilution Rights, the BlackRock Anti-Dilution Right, the Citadel
Anti-Dilution Right, the Goldman Anti-Dilution Right, the JPM Anti-
Dilution Right, the Schwab Anti-Dilution Right and the Warren Anti-
Dilution Right.
[cir] e. ``BHC Entity'' means any of BofA, Goldman, and JPM.
[cir] l. ``BofA Parent'' means Bank of America Corporation, a
Delaware corporation.
[cir] m. ``BofA Regulatory Sale'' means the right of BofA to sell
all, but not less than all, of its shares of Common Stock, in the event
that there is a material change to the regulatory environment to which
the Company or BofA Parent (or any of its affiliates) is subject that
has a material and adverse effect on BofA Parent (or any of its
affiliates) (whether
[[Page 59922]]
caused by a change in regulation that applies to the Company as of the
date hereof or a change in the Company's business activities or
direction that subjects it to different or additional regulation or
otherwise). For the purposes of this Section 1(m), ``affiliate'' shall
have the same meaning as that term is defined for purposes of the BHCA.
[cir] aa. ``Goldman Parent'' means The Goldman Sachs Group, Inc., a
Delaware corporation.
[cir] bb. ``Goldman Regulatory Sale'' means the right of Goldman to
sell all, but not less than all, of its shares of Common Stock, in the
event that there is a material change to the regulatory environment to
which the Company or Goldman Parent (or any of its affiliates) is
subject that has a material and adverse effect on Goldman Parent (or
any of its affiliates) (whether caused by a change in regulation that
applies to the Company as of the date hereof or a change in the
Company's business activities or direction that subjects it to
different or additional regulation or otherwise). For the purposes of
this Section 1(bb), ``affiliate'' shall have the same meaning as that
term is defined for purposes of the BHCA.
<bullet> To change the following definitions under Section 1:
[cir] To amend the definition of ``HOLA'' under cc to make a
clarifying change to add ``of 1933'' after ``Home Owners Loan Act.''
[cir] To amend the definition of ``Market Maker'' under kk to make
non-substantive clarifying changes.
[cir] To amend the definition of ``Major Investors'' under jj to
add BofA and Goldman.
[cir] To amend the definition of ``Permitted Transfer'' under pp to
make a clarifying change to explicitly add the parent company of BofA,
BlackRock, Citadel, and Goldman under permitted transfer rights and to
add identical language for both BofA and Goldman (and their Affiliates
and parent companies) as for other Major Investors.
[cir] To amend the definition of ``Transfer'' under bbb to add
identical language for BofA and Goldman as for other Major Investors.
[cir] To amend the definition of ``Warren Incremental Amount''
under fff to add BofA Anti-Dilution Right and Goldman Anti-Dilution
Right.
<bullet> To add the following sections to provide equivalent
privileges, preference, duties, liabilities, obligations, and/or rights
as other Major Investors to BofA and Goldman:
[cir] Section 2(m) and (o) related to BofA and Goldman's observer
rights, respectively;
[cir] Section 2(n) and (p) related to BofA and Goldman's consent
rights, respectively;
[cir] Section 3(c)(iii) related to manner of payment in a Control
Transaction;
[cir] Section 3(e)(vi) and (vii) related to the granting of BofA
and Goldman's anti-dilution rights, respectively;
[cir] Section 3(e)(viii)(6) and (7) related to the right to
exercise anti-dilution rights for BofA and Goldman, respectively;
[cir] Section 7(f) and (g) related to amendment of the
Stockholders' Agreement with respect to BofA and Goldman, respectively;
<bullet> To amend the following provisions to add reference to BofA
and Goldman:
[cir] Section 2(a) related to voting for the Executive Director;
[cir] Section 2(q) related to the most favored nations clause;
[cir] Section 2(s) related to proxy appointment;
[cir] Section 3(b) related to conditions of a transfer;
[cir] Section 3(d)(i) related to tag-along rights;
[cir] Section 3(e)(viii)(9) related to anti-dilution rights;
[cir] Section 4(a) related to termination of the Stockholders'
Agreement;
[cir] Section 15 related to use of name and logo;
<bullet> To make clarifying and clean-up changes to the following
provisions:
[cir] Section 2(d)(i), 2(g)(i), 2(i)(i), and 2(k)(i) related to
Observer Rights by adding the words ``and'' and ``further'' to make the
language more clear;
[cir] Section 3(e)(viii)(2), (4), and (5) to update references to
the Certificate of Incorporation;
[cir] Section 3(e)(viii)(8) and (9) to eliminate specific
references to anti-dilution rights and rather refer to all other anti-
dilution rights;
[cir] Section 3(g) to reference Section 3(f)(i)-(v), which is a
corresponding change and a correction of a typo;
[cir] Section 3(g) to correct a typo by referring to Section 3(f)
instead of specific provisions within 3(f);
[cir] Section 19(b) to correct a typo by deleting a comma;
[cir] The Exchange is also proposing to change all references to
the ``Sixth Amended and Restated Stockholders' Agreement of TXSE Group
Inc.'' to the ``Seventh Amended and Restated Stockholders' Agreement of
TXSE Group Inc.''
[cir] The Exchange is also proposing to change all references to
the ``Fifth Amended and Restated Certificate of Incorporation of TXSE
Group Inc.'' to the ``Sixth Amended and Restated Certificate of
Incorporation of TXSE Group Inc.''
The Exchange is also proposing to make certain corresponding
changes throughout to add references to the newly adopted provisions,
adjust numbering based on such additions, and to update references to
JPM (currently the only BHC Entity) to refer to BHC Entities.
Certificate of Incorporation
The Exchange is also proposing to make the following changes to the
Stockholders' Agreement:
<bullet> To correct a typo in Section 4 of the introduction to
state ``the office of the Secretary of State of the State of Delaware''
instead of ``the office of the Secretary of the State of Delaware.''
<bullet> To add the following definitions under Article FIFTH (a):
[cir] (ii) the term ``BHC Entity'' shall mean any of BofA, Goldman,
and JPM.
[cir] (iv) the term ``BofA'' shall mean Banc of America Strategic
Investments Corporation.
[cir] (vi) the term ``Goldman'' shall mean Goldman Sachs PSI Global
Holdings, LLC.
[cir] (vii) the term ``JPM'' shall mean JPMC Strategic Investments
I Corporation.
<bullet> To amend the definition of ``HOLA'' under Article SIXTH
(a)(iv) to make a clarifying change to add ``of 1933, as amended''
after ``Home Owners Loan Act.''
<bullet> To update references to JPM (currently the only BHC
Entity) to refer to BHC Entities.
<bullet> To amend the definition of ``BHCA'' under Article SIXTH
(a)(v)(A) to make a clarifying change to add ``U.S.'' before and ``, as
amended'' after ``Home Owners Loan Act.''
<bullet> The Exchange is also proposing to change all references to
the ``Sixth Amended and Restated Stockholders' Agreement of TXSE Group
Inc.'' to the ``Seventh Amended and Restated Stockholders' Agreement of
TXSE Group Inc.''
The Exchange is also proposing to change all references to the
``Fifth Amended and Restated Certificate of Incorporation of TXSE Group
Inc.'' to the ``Sixth Amended and Restated Certificate of Incorporation
of TXSE Group Inc.''
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\11\ Specifically, the Exchange believes the proposed rule
[[Page 59923]]
change is consistent with the objectives of Section 6(b)(1) \12\ of the
Act 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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Amendments Related to the Transaction, Including Provisions Related to
Non-Voting BHC Common Stock
The Exchange believes that making the necessary changes to the
Stockholders' Agreement and Certificate of Incorporation to facilitate
the Transaction, including the changes related to Non-Voting BHC Common
Stock is consistent with the Act, as it would facilitate additional
investment and funding for TXSE Group resulting from the Transaction,
and such proceeds could be used by TXSE Group for general corporate
expenses, including to support the operations and regulation of the
Exchange. This would further 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. Further, the Exchange notes that the proposal
would put BofA and Goldman on equal footing with the existing Major
Investors. Accordingly, the Exchange does not believe that the
Transaction, making the necessary changes to the Stockholders'
Agreement and Certificate of Incorporation to add BofA and Goldman, and
making the corresponding changes related to the Non-Voting BHC Common
Stock would in any way restrict the Exchange's ability 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.
As noted above, although each Stockholder's proportionate ownership
of TXSE Group may change as a result of the Transaction, no Stockholder
will exceed any ownership or voting limitations applicable to the
Stockholders as set forth in the Stockholders' Agreement or Certificate
of Incorporation after giving effect to the Transaction and the
proposed amendments to the Stockholders' Agreement and Certificate of
Incorporation.
Therefore, the Exchange believes these proposed changes are
appropriate and consistent with Section 6(b)(1) of the Act, in that
such amendments enable 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, and because such amendments will not impair the
ability of the Exchange to carry out its functions and responsibilities
as an ``exchange'' under the Act, and the rules and regulations
promulgated thereunder, nor do such amendments impair the ability of
the SEC to enforce the Act and the rules and regulations promulgated
thereunder with respect to the Exchange.
Conforming and Clarifying Amendments
The Exchange believes the proposed amendments to make
clarifications, correct inadvertent drafting errors, delete obsolete
language, make conforming changes consistent with the other proposed
amendments to the Stockholders' Agreement and Certificate of
Incorporation described above, and make other technical and conforming
changes to reflect that the Stockholders' Agreement is being amended
and restated from the Sixth Amended and Restated Stockholders'
Agreement to the Seventh Amended and Restated Stockholders' Agreement
and the Certificate of Incorporation is being amended and restated from
the Fifth Amended and Restated Certificate of Incorporation to the
Sixth Amended and Restated Certificate of Incorporation are consistent
with the Act, as such amendments would update and clarify the
Stockholders' Agreement and Certificate of Incorporation, thereby
increasing transparency and helping to avoid any potential confusion
resulting from retaining outdated, obsolete, or unclear provisions.
The Exchange believes the proposed amendments to the Stockholders'
Agreement and Certificate of Incorporation described in this proposal
are consistent with, and will not interfere with, the self-regulatory
obligations of the Exchange. The Exchange importantly notes that it is
not proposing to materially alter TXSE Group's or the Exchange's
existing governance framework; amend any of the provisions within the
Exchange's LLC Agreement related to the Exchange's obligations as a
self-regulatory organization or within the Stockholders' Agreement and
the Certificate of Incorporation that would impact the Exchange's
ability to carry out its obligations as a self-regulatory organization;
or to alter any provisions dealing with the availability or protection
of information, books and records, undue influence, conflicts of
interest, unfair control by an affiliate, or regulatory independence of
the Exchange.\14\
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\14\ See, e.g., Securities Exchange Act Release No. 104146
(September 30, 2025), 90 FR 47880 (October 2, 2025) (In the Matter
of the Application of Texas Stock Exchange LLC for Registration as a
National Securities Exchange; Findings, Opinion, and Order of the
Commission) at Section III, A (``Ownership and Governance of TXSE'')
and Section III, B (``TXSE Group and Regulation of the Exchange'').
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For these reasons, the Exchange believes such amendments would
enable 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, promote just and equitable principles of trade, remove
impediments to and perfect the mechanism of a free and open market, and
protect 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 but rather is concerned with changes to the
Stockholders' Agreement and Certificate of Incorporation in connection
with the Transaction as well as updates and other changes to the
corporate documents of TXSE Group related to the administration and
governance of TXSE Group, as described above.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
[[Page 59924]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
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)(iii) of the Act \15\ and Rule
19b-4(f)(6) \16\ thereunder.
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\15\ 15 U.S.C. 78s(b)(3)(A)(iii).
\16\ 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 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) 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 has 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 Stockholders' Agreement
and Certificate of Incorporation to accommodate the addition of new
investors in TXSE Group in order to facilitate the closing of the
Transaction as soon as possible. The Commission finds that waiver of
the operative delay is consistent with the protection of investors and
the public interest because the proposed changes to the Stockholder's
Agreement and Certificate of Incorporation to reflect the addition of
new investors do not materially alter TXSE Group's governance framework
or raise novel issues. Accordingly, the Commission hereby waives the
operative delay and designates the proposal 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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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 proposal 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#186a6d747d357b7775757d766c6b586b7d7b367f776e"><span class="__cf_email__" data-cfemail="5d2f283138703e3230303833292e1d2e383e733a322b">[email protected]</span></a>. Please include
File No. SR-TXSE-2025-002 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 No. SR-TXSE-2025-002. 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-TXSE-2025-002 and should be submitted on
or before January 12, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
Sherry R. Haywood,
Assistant Secretary.
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\18\ 17 CFR 200.30-3(a)(12), (59).
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[FR Doc. 2025-23532 Filed 12-19-25; 8:45 am]
BILLING CODE 8011-01-P
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