Notice2026-00800
Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 14.602 To Update, Reorganize, and Adopt New Complimentary Products and Services the Exchange Offers to Currently and Newly Listed Companies
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 16, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 11 (Friday, January 16, 2026)</title>
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[Federal Register Volume 91, Number 11 (Friday, January 16, 2026)]
[Notices]
[Pages 2216-2219]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-00800]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104587; File No. SR-LTSE-2025-31]
Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rule 14.602 To Update, Reorganize, and Adopt New Complimentary
Products and Services the Exchange Offers to Currently and Newly Listed
Companies
January 13, 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 31, 2025, the Long-Term Stock Exchange, Inc. (``LTSE'' or
``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 self-regulatory
organization. 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 is filing with the Securities and Exchange Commission
(``Commission'') a proposal to amend Rule 14.602 (Products and Services
Offered to Companies) to update, reorganize, and adopt new
complimentary products and services that the Exchange offers to
currently and newly listed companies (``Companies'') through its
affiliate, LTSE Services, Inc. (``LTSE Services'').
The text of the proposed rule change is available at the Exchange's
website at <a href="https://longtermstockexchange.com/">https://longtermstockexchange.com/</a> and at the principal
office of the Exchange.
II. Self-Regulatory Organization's Statement on 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 self-regulatory organization has prepared summaries,
set forth in
[[Page 2217]]
Sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement on the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
In March 2022, LTSE began offering complimentary Capital Markets
Solutions to Companies following the Commission's approval of relevant
amendments to Rule 14.602.\3\ Currently, Rule 14.602 provides that
Capital Markets Solutions includes the Investor Alignment solution
providing analysis and strategy to identify and access long-term and
Environmental, Social and Governance (``ESG'') performance-focused
investors. Rule 14.602 also includes the Long-Term Investor Platform
(``LTIP''), a software platform providing shareholder intelligence and
utilization for long-term growth.
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\3\ See Securities Exchange Act Release No. 94465 (March 18,
2022), 87 FR 16800 (March 24, 2022) (SR-LTSE-2021-08).
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The Exchange now proposes to amend Rule 14.602 to update,
reorganize, and adopt new complimentary products and services available
to Companies through LTSE Services. As part of these amendments, the
Exchange proposes to create a new category of ``Market Intelligence
products and services,'' which will include: (i) the existing Capital
Markets Reports, retained in their current form; and (ii) a Market
Intelligence Reports offering, consisting of a new investor-holding
analysis together with the existing ESG focused analysis.\4\ Under this
revised structure, all Market Intelligence products and services will
be assigned a single consolidated retail value of $150,000 per year,
replacing the prior methodology of valuing each component
individually.\5\
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\4\ Market Intelligence Report(s) will consist of both (i)
analysis designed to quantify the holding behavior of all relevant
investors with strategies to identify, access and engage with
investors across the short-term to long-term spectrum; and (ii)
analysis and strategy designed to identify, access and engage with
ESG focused investors.
\5\ A single valuation is appropriate because the Exchange
intends to produce these services through shared analytical
processes and systems, and therefore the Exchange will not incur or
track separate marginal costs for each component.
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The Exchange also proposes to: (i) remove the LTIP, which is no
longer offered; \6\ (ii) renumber `Company-specific web page updates'
within the rule; and (iii) adopt an Investor Access Program, which will
provide Companies with a complimentary virtual engagement program
designed to facilitate direct interaction between listed issuers and
investors.\7\
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\6\ LTIP is not currently used by any Companies, and no issuer
has expressed an interest in using it.
\7\ The scope and formats of the Investor Access Program will be
described on the Exchange's website. The website description of
these services will be updated contemporaneously with implementation
of this rule change.
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Lastly, the rule text is being reorganized so that subsection (b)
now sets forth the principal categories of offerings, while a newly
numbered subsection (c) sets forth the duration of such offerings, and
also consolidates rule text adopted over successive periods, that
resulted in segmented timeframes, to directly state that the offerings
are available for a four-year term, and adopt a new subsection (d)
heading titled `Election of Services' above the existing rule text to
provide consistency with the new organization of the rule, and improve
clarity and usability for Companies and market participants.
Market Intelligence Products and Services
The Exchange proposes to rename the prior ``Capital Markets
Solutions'' offering with a new category titled ``Market Intelligence
products and services,'' which consists of a suite of analytical and
strategic tools designed to assist Companies in understanding and
engaging with their investor base through LTSE Services. This revised
category will encompass (i) the existing Capital Market Reports, which
provide tailored investor and capital-markets insights for each listed
Company, and (ii) new Market Intelligence Reports designed to quantify
the holding behavior of all relevant investors with strategies to
identify, access and engage with investors across the short-term to
long-term spectrum and identify, access and engage with targeted
investors. Under the revised structure, all Market Intelligence
products and services will be assigned a single consolidated
approximate retail value of $150,000 per year, replacing the prior
component-by-component valuation.
Additionally, the Exchange proposes to delete Rule 14.602(b)(2)(A),
which limits newly listed Companies to a 90-day period following
listing in which to request access to the Capital Markets Solutions
reports. As part of the proposed amendments, the Capital Markets
Solutions reports are being replaced by, and incorporated into, the
newly defined Market Intelligence Reports offering. The Exchange
believes the 90-day request limitation is no longer necessary or
appropriate given the revised structure of Rule 14.602, under which
both newly listed and currently listed Companies may elect to receive
Market Intelligence Reports at any time, subject to a clearly defined
four-year availability period. Removing the 90-day request limitation
improves flexibility for Companies and avoids requiring Companies to
make time-sensitive elections during the initial post-listing period.
Company-Specific Web Page Updates
The Exchange also proposes to renumber `Company-specific web page
updates,' from (b)(ii) to (b)(3). This service will continue to have an
approximate retail value of $5,000 per year. This change relocates the
existing language to improve readability and to reflect that this
service is distinct from the Market Intelligence offerings and
therefore are more appropriately a separate category given these
updates serve a communications and issuer-visibility function rather
than an analytical or investor-based function.
Investor Access Program
The Exchange further proposes to adopt a new Investor Access
Program, valued at approximately $150,000 per year, which will provide
Companies with a complimentary virtual engagement program designed to
facilitate direct interaction between listed issuers and investors.
Following approval of the proposed rule change, the Exchange expects to
make the Investor Access Program available soon thereafter. The
Investor Access Program is designed to provide Companies with a direct
and independent approach to investor engagement. The program will
include a suite of virtual event products and services, thematic
investor forums, and other virtual engagement formats, which will be
described on the Exchange's website and may be updated from time to
time. The Investor Access Program also allows for LTSE Services to
engage and fund a third-party provider to identify potential investors
and facilitate introductions for Companies, with LTSE Services having
no role beyond contracting for and paying for such services. The
Investor Access Program will be available for a four-year period,
consistent with the 48-month issuer-services framework approved for the
New York Stock Exchange (``NYSE'').\8\
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\8\ See Securities Exchange Act Release No. 34-94222 (February
10, 2022), 87 FR 8886, 8888 n.21 (February 16, 2022) (SR-NYSE-2021-
68, Amendment No. 1).
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This represents a new complimentary offering under the Exchange's
issuer-services framework. The Exchange notes that the structure and
purpose of its proposed Investor Access Program are generally
consistent with similar
[[Page 2218]]
programs and services offered by other national securities exchanges.
For example, both NYSE \9\ and Nasdaq \10\ provide issuer-focused
investor-engagement programs designed to facilitate meeting with
institutional investors and support long-term shareholder-relations
objectives. The Exchange's program is comparable in that it offers
Companies organized access to long-only investors through a structured
and exchange-facilitated framework.\11\ Consistent with that precedent,
LTSE's Investor Access Program is an optional program, offered on a
complimentary basis, designed to enhance communication between listed
issuers and the broader investment community and participation is
entirely voluntary. The program supports LTSE's mission of fostering
long-term value creation and efficient capital formation by furthering
Companies' engagements with potential shareholders, or with existing
investors that are positioned to maintain or increase holdings in LTSE-
listed Companies.
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\9\ See <a href="https://www.nyse.com/investoraccess">https://www.nyse.com/investoraccess</a> (which provides an
overview of 2025's offerings) and <a href="https://www.nyse.com/corporate-services">https://www.nyse.com/corporate-services</a> (which provides a high-level description of general
offerings).
\10\ See Nasdaq Investor Relations Intelligence (which provides
a high-level description of general offerings).
\11\ See note 8.
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Removal of LTIP
The Exchange also proposes to delete from Rule 14.602 references to
the LTIP, as the Exchange no longer intends to offer this product.\12\
This deletion does not reduce or alter any existing benefit available
to issuers because no Companies currently use the LTIP and no issuer
has expressed an interest in using it, therefore its removal has no
effect on any existing or prospective benefit available to Companies.
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\12\ No listed Company utilizes the LTIP and the proposed change
will not reduce or alter any existing benefit available to issuers.
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Structural Revisions to Rule 14.602 To Clarify Product Categories and
Time Periods
The Exchange also proposes a reorganization of Rule 14.602 to
clearly delineate and categorize the complimentary products and
services available to Companies. Under the prior rule text, Capital
Markets Reports, Company-specific web page updates, and the former
Capital Markets Solutions were grouped together in a single list. The
revised rule separates these offerings into clearer categories by (i)
creating two principal product groupings: Market Intelligence products
and services and the Investor Access Program; (ii) relocating Capital
Markets Reports into the Market Intelligence category, where they align
with the other analytical tools; and (iii) renumbering Company-specific
web page updates from (b)(ii) to (b)(3). This restructuring is intended
to improve readability by allowing Companies and market participants to
easily understand the scope and organization of each offering.
In addition, the amended rule text relocates all time-period
provisions into a new subsection (c), which specifies: (i) the services
that are available on a continual basis and (ii) the four-year term
applicable to Market Intelligence Reports and the Investor Access
Program. Centralizing these timeframes in a single subsection enhances
clarity and enables Companies to readily identify when each product or
service is available and for how long. These revisions are non-
substantive in nature and do not alter the underlying duration of any
offering.
The Exchange proposes to insert a new subsection heading `(d)
Election of Services' above the existing rule text that states that
Companies may elect to use the complementary products and services
described in Rule 14.602. No substantive changes are being made to the
underlying text; the new header is intended solely to improve
organization and clarity.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\13\ in general, and
furthers the objectives of Section 6(b)(5) of the Act,\14\ in
particular, in that it is designed 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 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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\13\ 15 U.S.C. 78f.
\14\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed amendments to Rule 14.602 are
consistent with Section 6(b)(5) of the Act because they are designed to
promote transparency and clarity by reorganizing and updating the
description of the complimentary products and services offered to
Companies. As described above, the proposed changes modernize the rule
to more accurately describe the current suite of issuer-support
offerings available through LTSE Services by renumbering the Company-
specific web page updates into their own stand-alone category, removing
the unused LTIP, and reorganizing the format of the rule. The proposal
also deletes the prior 90-day request limitation for newly listed
Companies, while retaining the existing four-year term, thereby
improving flexibility without expanding the scope, duration, or value
of the services offered. Additionally, the proposal expands the
offerings through the adoption of a new Market Intelligence product
suite and the introduction of a new Investor Access Program. Presenting
these offerings in clearly defined categories, together with a
consolidated description of applicable time periods, enhances the
readability of the rule and provides issuers with a clearer
understanding of the services available to them.
The Exchange further believes that assigning a single consolidated
retail value for all Market Intelligence products and services, rather
than valuing each component individually, is consistent with Section
(6)(b)(5) because it promotes clarity and aligns the rule text with how
the Exchange anticipates these integrated analytical tools will be
delivered to issuers.
The Exchange also believes that the proposed enhancements,
including the expanded Market Intelligence products and services, the
adoption of the Investor Access Program and the removal of the unused
offering, represents a reasonable and appropriate competitive response
to similar issuer-support programs provided by other national
securities exchanges. NYSE and Nasdaq each maintain robust market-
intelligence, investor-relations, and corporate-access services for
their listed issuers, and exchanges compete for listings in part based
on the quality and scope of these offerings. By expanding, modernizing
and reorganizing its complimentary issuer-services program, the
Exchange seeks to remain competitive as a listing venue and to attract
and retain Companies by ensuring that they have access to services
comparable to those available on other exchanges. These enhancements
are designed to support issuer engagement with investors and thereby
further the Exchange's mission of promoting long-term value creation
and efficient capital formation. The Exchange submits that removing
references to services that are no longer part of its issuer-facing
offerings promotes clarity and transparency in its rules, consistent
with Section 6(b)(5) of the Act, which requires that exchange rules be
designed to remove impediments to and perfect the
[[Page 2219]]
mechanism of a free and open market and a national market system, and
to protect investors and the public interest.
The proposal does not introduce any discriminatory benefits or
impose any obligations on Companies. All currently and newly listed
Companies are eligible to receive these services on an equal basis, at
no cost, and may elect whether or not to participate. The Exchange
therefore believes that the proposed rule promotes just and equitable
principles of trade and does not unfairly discriminate among issuers.
The Exchange further notes that offering these complimentary
products and services will have no adverse impact on the Exchange's
regulatory function. The Exchange will continue to allocate sufficient
resources to, and fully perform, all of its regulatory obligations,
including those under Section 6(b) of the Act.
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 Act. The proposed amendments
clarify, reorganize, and update the description of complimentary
products and services provided to Companies and are only available to
LTSE-listed issuers. Because the complimentary services are offered on
an equal basis to all Companies listed on the Exchange, the proposal
will not impose a competitive burden among issuers.
Similarly, the proposed rule change will not impose a burden on
intermarket competition. Other national securities exchanges are free
to adopt similar complimentary service programs, and many already do
so. The proposal is therefore consistent with the competitive dynamics
among listing venues and promotes fair competition by ensuring that the
Exchange's offerings are described with transparency comparable to
those of other exchanges.
The Exchange further notes that removing the LTIP will have no
impact on intramarket competition because the offering was available
only to LTSE-listed Companies, and its removal affects all such
Companies equally.
Accordingly, the Exchange does not believe that the proposed rule
change would impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act.
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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission shall: (a) by order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#b6c4c3dad39bd5d9dbdbd3d8c2c5f6c5d3d598d1d9c0"><span class="__cf_email__" data-cfemail="91e3e4fdf4bcf2fefcfcf4ffe5e2d1e2f4f2bff6fee7">[email protected]</span></a>. Please include
file number SR-LTSE-2025-31 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-LTSE-2025-31. 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-LTSE-2025-31 and should be submitted on
or before February 6, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-00800 Filed 1-15-26; 8:45 am]
BILLING CODE 8011-01-P
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