Notice2026-00414
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE American Equities Price List
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 13, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 8 (Tuesday, January 13, 2026)</title>
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[Federal Register Volume 91, Number 8 (Tuesday, January 13, 2026)]
[Notices]
[Pages 1364-1365]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-00414]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104557; File No. SR-NYSEAMER-2025-75]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE
American Equities Price List
January 8, 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 29, 2025, NYSE American LLC (``NYSE American'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the NYSE American Equities Price
List (the ``Price List'') with respect to the system processing fees
for use of the Central Registration Depository (``CRD'' or ``CRD
system'') collected by the Financial Industry Regulatory Authority,
Inc. (``FINRA''). The proposed rule change is available on the
Exchange's website at <a href="http://www.nyse.com">www.nyse.com</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 self-regulatory organization
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 those 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the Price List with respect to the
system processing fees for use of CRD collected by FINRA.\3\ The
Exchange proposes to implement the fee change effective January 2,
2026.
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\3\ CRD is the central licensing and registration system for the
U.S. securities industry. The CRD system enables individuals and
firms seeking registration with multiple states and self-regulatory
organizations to do so by submitting a single form, fingerprint
card, and a combined payment of fees to FINRA. Through the CRD
system, FINRA maintains the qualification, employment, and
disciplinary histories of registered associated persons of broker-
dealers.
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FINRA collects and retains certain regulatory fees via CRD for the
registration of associated persons of Exchange member organizations
that are not FINRA members (``Non-FINRA Member Organizations'').\4\ CRD
fees are user-based, and there is no distinction in the cost incurred
by FINRA if the user is a FINRA member or a Non-FINRA Member
Organization.
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\4\ The Exchange originally adopted fees for use of the CRD
system in 2003 and amended those fees in 2013, 2022, 2023, and 2024.
See Securities Exchange Act Release Nos. 48066 (June 19, 2003), 68
FR 38409 (June 27, 2003) (SR-Amex-2003-49); 68630 (January 11,
2013), 78 FR 6152 (January 29, 2013) (SR-NYSEMKT-2013-01); 93902
(January 5, 2022), 87 FR 1461 (January 11, 2022) (SR-NYSEAMER-2021-
47); 96711 (January 19, 2023), 88 FR 4872 (January 25, 2023) (SR-
NYSEAMER-2023-06); 99296 (January 8, 2024), 89 FR 2262 (January 12,
2024) (SR-NYSEAMER-2023-67). While the Exchange lists these fees in
its Price List, it does not collect or retain these fees.
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In 2024, FINRA amended certain fees assessed for use of the CRD
system for implementation between 2026 and 2028.\5\ The Exchange
accordingly proposes to amend the Price List to mirror the system
processing fees assessed by FINRA, which will be implemented
concurrently with the amended FINRA fees as of January 2026.\6\
Specifically, the Exchange proposes to amend the Price List to modify
the system processing fees charged to Non-FINRA Member Organizations
for each registered representative and principal from $70 to the
following, based on the number of securities regulators with which each
such registered person is registered, excluding registration as an
investment adviser representative: \7\
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\5\ See Securities Exchange Act Release No. 93709 (November 21,
2024), 89 FR 93709 (November 27, 2024) (SR-FINRA-2024-019).
\6\ The Exchange notes that it has only adopted the CRD system
fees charged by FINRA to Non-FINRA Member Organizations when such
fees are applicable. In this regard, certain FINRA CRD system fees
and requirements are specific to FINRA members, but do not apply to
NYSE American-only member organizations. Non-FINRA Member
Organizations have been charged CRD system fees since 2001. See note
5, supra. Member organizations that are also FINRA members are
charged CRD system fees according to Section 4 of Schedule A to the
FINRA By-Laws.
\7\ See Section (4)(b)(7) of Schedule A to the FINRA By-laws.
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Number of securities regulators Fee
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1 to 5........................................................... $70
6 to 20.......................................................... 95
21 to 40......................................................... 110
41 or more....................................................... 125
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The Exchange notes that the proposed change is not otherwise
intended to address any other issues surrounding regulatory fees, and
the Exchange is not aware of any problems that member organizations
would have in complying with the proposed change.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\8\ in general, and furthers the
objectives of Section 6(b)(4) \9\ of the Act, in particular, in that it
is designed to provide for the equitable allocation of reasonable dues,
fees, and other charges. The Exchange also believes that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\10\ in that
it is designed to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, 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
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4).
\10\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposed fee change is reasonable
because the fees will be identical to those adopted by FINRA as of
January 2026 for use of the CRD system for each of the member's
registered representatives and principals for system processing. The
costs of operating and improving the CRD system are similarly borne by
FINRA when a Non-FINRA Member
[[Page 1365]]
Organization uses the CRD system; accordingly, the fees collected for
such use should, as proposed by the Exchange, mirror the fees assessed
to FINRA members. In addition, as FINRA noted in amending its fees, it
believes that its proposed pricing structure is reasonable and
correlates fees with the components that drive its regulatory costs to
the extent feasible. The Exchange further believes that the change is
reasonable because it will provide greater specificity regarding the
CRD system fees that are applicable to Non-FINRA Member Organizations.
All similarly situated member organizations are subject to the same fee
structure, and every member organization must use the CRD system for
registration and disclosure. Accordingly, the Exchange believes that
the fees collected for such use should likewise increase in lockstep
with the fees assessed to FINRA members, as proposed by the Exchange.
The Exchange further believes that the proposed fee change provides
for the equitable allocation of reasonable fees and other charges, and
does not unfairly discriminate between customers, issuers, brokers, and
dealers. The fees apply equally to all individuals and firms required
to report information in the CRD system, and the proposed change will
result in the same regulatory fees being charged to all member
organizations required to report information to CRD and for services
performed by FINRA regardless of whether such member organizations are
FINRA members. Accordingly, the Exchange believes that the fees
collected for such use should increase in lockstep with the fees
adopted by FINRA as of January 2026, as proposed by the Exchange.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\11\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Specifically, the Exchange believes that the
proposed change will reflect fees that will be assessed by FINRA as of
January 2026 and will thus result in the same regulatory fees being
charged to all member organizations required to report information to
the CRD system and for services performed by FINRA, regardless of
whether or not such member organizations are FINRA members.
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\11\ See 15 U.S.C. 78f(b)(8).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Pursuant to Section 19(b)(3)(A)(ii) of the Act,\12\ and Rule 19b-
4(f)(2) thereunder \13\ the Exchange has designated this proposal as
establishing or changing a due, fee, or other charge imposed on any
person, whether or not the person is a member of the self-regulatory
organization, which renders the proposed rule change effective upon
filing. 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.
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\12\ 15 U.S.C. 78s(b)(3)(A)(ii).
\13\ 17 CFR 240.19b-4.
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#453730292068262a2828202b3136053620266b222a33"><span class="__cf_email__" data-cfemail="9be9eef7feb6f8f4f6f6fef5efe8dbe8fef8b5fcf4ed">[email protected]</span></a>. Please include
file number SR-NYSEAMER-2025-75 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-NYSEAMER-2025-75. 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-NYSEAMER-2025-75 and should be submitted
on or before February 3, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-00414 Filed 1-12-26; 8:45 am]
BILLING CODE 8011-01-P
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