Notice2026-00142
Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing of a Proposed Rule Change To Further 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
January 8, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
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<title>Federal Register, Volume 91 Issue 5 (Thursday, January 8, 2026)</title>
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[Federal Register Volume 91, Number 5 (Thursday, January 8, 2026)]
[Notices]
[Pages 746-750]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-00142]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104545; File No. SR-24X-2025-17]
Self-Regulatory Organizations; 24X National Exchange LLC; Notice
of Filing of a Proposed Rule Change To Further Extend the Temporary
Exemption From the Ownership and Voting Limitations in the Limited
Liability Agreement of 24X Bermuda Holdings LLC
January 6, 2026.
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 December 23, 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 extend
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 until December 14,
2030. 24X Bermuda Holdings LLC (``24X Bermuda Holdco'') wholly owns 24X
US Holdings LLC, 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.
[[Page 747]]
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 Third Amended and Restated Limited Liability Company
Operating Agreement of 24X Bermuda Holdings LLC (the ``24X Bermuda
Holdco Agreement'') to extend 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 until December 14, 2030. 24X Bermuda Holdings LLC
(``24X Bermuda Holdco'') wholly owns 24X US Holdings LLC, 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 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 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 two months after 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.
On September 25, 2025, this exemption was extended until two months
after the Exchange commenced operations. See Securities Exchange Act
Release No. 10453 (September 25, 2025), 90 FR 47111 (September 30,
2025) (``Two-Month Extension Release''). The Exchange commenced
operations on October 14, 2025. Therefore, the exemption was
extended until December 14, 2025.
\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 two months after 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 original 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,
[[Page 748]]
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 His 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 1,794 Seed-3
Preferred Units, which represents 0.01% of all classes of outstanding
Units. Vladimir Nazarov owns 7,176 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 was August 27, 2025. 24X commenced operation on
October 14, 2025. Two months after October 14, 2025 is December 14,
2025, which is the later of the two dates. Therefore, the temporary
exemption expired on December 14, 2025.
b. Extension of Temporary Exemption From Ownership and Voting
Limitations
The Exchange proposes to revise the 24X Bermuda Holdco LLC
Agreement to extend 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 until December 14, 2030, which will be the fifth anniversary of
the date on which 24X commenced operation. Accordingly, with these
changes, the temporary exemption would be in place until December 14,
2030, rather than December 14, 2025. In addition, 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 only remain in
place provided Dmitri Galinov and his Related Persons ownership
percentage in 24X Bermuda Holdco does not exceed the current ownership
level of 43.07% of 24X Bermuda Holdco LLC. This five-year extension
would allow the Exchange to dilute Dmitri Galinov and his Related
Person's ownership in Bermuda Holdco LLC, make any necessary rule
filings to implement any dilution transaction(s), and for the
Commission to consider such filing(s).
The first sentence of Section 9.2(g)(i) of the 24X Bermuda LLC
Agreement currently states the following:
Dmitri Galinov and his Related Persons shall have a temporary
exemption from the limitation on ownership set forth in Section 9.2
above until nine (9) 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 (9)
months.
The Exchange proposes to replace this sentence with the following
sentence:
Dmitri Galinov and his Related Persons shall have a temporary
exemption from the limitation on ownership set forth in Section 9.2
above until December 14, 2030 so long as the ownership percentage of
Dmitri Galinov and his Related Persons in the Company does not exceed
43.07% during such period.
Similarly, Section 9.2(g)(ii) of the 24X Bermuda LLC Agreement
currently states the following:
Dmitri Galinov and his Related Persons shall have a temporary
exemption from the voting limitations set forth in Section 9.2 above
until nine (9) 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 (9)
months, but only with respect to any vote regarding any merger,
consolidation or dissolution of the Company or any sale of all or
substantially all of the assets of the Company.
The Exchange proposes to revise this provision to state the
following:
Dmitri Galinov and his Related Persons shall have a temporary
exemption from the voting limitations set forth in Section 9.2 above
until December 14, 2030 so long as the ownership percentage of Dmitri
Galinov and his Related Persons in the Company does not exceed 43.07%
during such exemption, but only with respect to any vote regarding any
merger, consolidation or dissolution of the Company or any sale of all
or substantially all of the assets of the Company.
The proposed five-year extension of the temporary exemption would
provide a reasonable accommodation to a new entrant in the exchange
market by allowing 24X Bermuda Holdco to avoid the 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. Such funds instead 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 extension of the exemption. First, the limited, defined period
of time in which the extension would be in place and the limited amount
by which the ownership interest may exceed 40% 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
[[Page 749]]
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 by only 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, including exemptions that last longer
than five years.\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
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 proposed five-year extension of the temporary exemption would
provide a reasonable accommodation to a new entrant in the exchange
market by allowing the avoidance of the expense of redeeming all of the
Units in excess of the ownership limitations of Dmitri Galinov and/or
his Related Persons. Such funds instead may be used with regard to the
operation and regulation of the Exchange. The defined period of time in
which the extension would be in place and the limited amount by which
the ownership interest may exceed 40% 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.
The proposed five-year extension would provide the Exchange more time
to accomplish the required dilution.
Furthermore, the extension of the exemption would not undermine the
goals of the ownership and voting limitations. 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. 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 by only 3.07% of the Units of
all outstanding Units of 24X Bermuda Holdco. 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, including exemptions that last longer than five
years.\24\
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\24\ See note 17, supra.
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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 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 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 avoid the expense of
redeeming all of the Units in excess of the ownership limitations of
Dmitri Galinov and/or his Related Persons, and instead may use such
funds with regard to the operation and regulation of the Exchange. In
addition, 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. Furthermore, 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.
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
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 \25\ and Rule 19b-
4(f)(6) \26\ thereunder.
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\25\ 15 U.S.C. 78s(b)(3)(A).
\26\ 17 CFR 240.19b-4. 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) \27\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\28\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that
[[Page 750]]
the proposal 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.
The Commission has approved other temporary exemptions from the
ownership or voting limitations included in exchange governance
documents,\29\ and the proposal does not raise any novel regulatory
issues. Accordingly, the Commission designates the proposed rule change
to be operative upon filing.\30\
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\27\ 17 CFR 240.19b-4(f)(6).
\28\ 17 CFR 240.19b-4(f)(6)(iii).
\29\ See supra note 17.
\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
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#3745425b521a54585a5a525943447744525419505841"><span class="__cf_email__" data-cfemail="d1a3a4bdb4fcb2bebcbcb4bfa5a291a2b4b2ffb6bea7">[email protected]</span></a>. Please include
File Number SR-24X-2025-17 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-2025-17. 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-2025-17 and should be submitted on
or before January 29, 2026.
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. 2026-00142 Filed 1-7-26; 8:45 am]
BILLING CODE 8011-01-P
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