Notice2026-02120
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Exchange Rule 14.12
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
February 3, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 22 (Tuesday, February 3, 2026)</title>
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[Federal Register Volume 91, Number 22 (Tuesday, February 3, 2026)]
[Notices]
[Pages 4990-4994]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-02120]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104744; File No. SR-CboeBZX-2026-005]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Amend Exchange Rule 14.12
January 29, 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 January 29, 2026, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (``SEC'' or
``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
Cboe BZX Exchange, Inc. (``BZX'' or the ``Exchange'') is filing
with the Securities and Exchange Commission (``Commission'' or ``SEC'')
a proposal to amend Exchange Rule 14.12 (Failure to Meet Listing
Standards) to authorize the Listing Qualifications Department to grant
Companies an additional 180-day compliance period for deficiencies
related to the beneficial holders continued listings standard (as
provided in Rule 14.11) that require submission of a Plan of Compliance
under Rule 14.12(f). The text of the proposed rule change is provided
in Exhibit 5.
The text of the proposed rule change is also available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>), the
Exchange's website (<a href="https://www.cboe.com/us/equities/regulation/rule_filings/bzx/">https://www.cboe.com/us/equities/regulation/rule_filings/bzx/</a>), and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is submitting a proposal to amend Exchange Rule 14.12
(Failure to Meet Listing Standards) to authorize the Listing
Qualifications Department \3\ (``Staff'') to grant Companies \4\ an
additional 180-day compliance period for deficiencies related to the
beneficial holder continued listing standard (as provided under Rule
14.11) \5\ that require submission of a Plan of Compliance under Rule
14.12(f).
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\3\ See Exchange Rule 14.12(b)(7) (defining ``Listing
Qualifications Department'').
\4\ See Exchange Rule 14.1(a)(3) (defining ``Company'').
\5\ The ``beneficial holders'' continued listing requirement
refers to the record and/or beneficial holders requirement. See
Exchange Rules 14.11(b)(9)(B)(i)(a), 14.11(c)(9)(B)(i)(a),
14.11(e)(4)(I)(i), 14.11(e)(5)(E)(ii)(a), 14.11(e)(6)(E)(ii)(a),
14.11(e)(7)(E)(ii)(a), 14.11(e)(8)(D)(ii)(a),
14.11(e)(9)(D)(ii)(a)(1), 14.11(e)(10)(E)(ii)(d)(1),
14.11(f)(2)(D)(ii)(a), 14.11(f)(4)(C)(ii)(a),
14.11(i)(4)(B)(iii)(a), 14.11(k)(4)(B)(ii)(a), 14.11(l)(4)(B)(i)(c),
14.11(m)(4)(B)(iv)(a), and 14.11(n)(4)(B)(i)(c).
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[[Page 4991]]
Current Rule Framework
Exchange Rule 14.12 generally governs the procedures for the
independent review, suspension, and delisting of Companies that fail to
satisfy one or more standards for initial or continued listing on the
Exchange, and thus are ``deficient'' with respect to Exchange listing
standards.\6\ When Staff determines that a Company does not meet a
listing standard set forth in Chapter XIV, it will immediately notify
the Company of the deficiency.\7\
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\6\ See Exchange Rule 14.12(a).
\7\ See Exchange Rule 14.12(c).
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Unless the Company is currently under review by an Adjudicatory
Body for a Staff Delisting Determination, Staff may accept and review a
plan to regain compliance (a ``Company Compliance Plan'') when a
Company is deficient with the beneficial holder continued listing
requirement or other applicable requirement.\8\
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\8\ See Exchange Rule 14.12(f)(2)(A).
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Existing Exchange Rule 14.12(f)(2)(B)(i) provides that upon review
of a Company Compliance Plan, the Exchange may grant an extension of
time to regain compliance not greater than 180 calendar days from the
date of Staff's initial notification. If Staff grants an extension, it
informs the Company in writing of the basis for granting the extension
and the terms of the extension.
Proposed Amendment
The Exchange proposes to adopt new Exchange Rule 14.12(f)(2)(B)(ii)
to permit the Staff to grant an additional cure period of 180 calendar
days, not to exceed a total of 360 calendar days from the date of the
Exchange's initial notification for deficiencies related to the
beneficial holders continued listing requirement (as provided in Rule
14.11). A Company currently under review by an Adjudicatory Body for a
Staff Delisting Determination will not be eligible for this additional
extension. If Staff grants an extension, it will inform the Company in
writing of the basis for granting the extension and the terms of the
extension.
The proposed rule change applies to all exchange-traded products
(``ETPs'') eligible to list pursuant to Exchange Rule 14.11, regardless
of product type or investment strategy. Any issuer that demonstrates
quantifiable progress toward compliance with the beneficial holder
requirement during the initial 180-day compliance period may be granted
the additional time at Staff's discretion. This approach ensures that
all issuers are treated equitably and that compliance timeframes can be
appropriately tailored based on objective evidence of progress toward
compliance.
The proposed additional 180-day extension would not be automatic
but rather would be granted at Staff's discretion based on quantifiable
evidence that the ETP is making progress toward compliance. Staff would
evaluate whether the product is demonstrating a clear trend of
beneficial holder growth during the initial 180-day compliance period.
Given that the beneficial holder requirement is a quantifiable standard
(50 beneficial holders), Staff can readily assess whether a product is
nearing compliance by reviewing periodic beneficial holder counts and
determining whether the product has shown measurable improvement. Staff
may consider whether the beneficial holder count has increased by a
meaningful percentage during the initial compliance period, whether the
rate of holder accumulation is accelerating, or whether the product has
achieved a threshold number of holders indicating that compliance is
likely within the extended period. This discretionary approach ensures
that the additional 180 days is granted only to products demonstrating
genuine progress toward compliance, rather than providing an automatic
extension that could allow non-viable products to remain listed
indefinitely.
While the proposed rule applies uniformly to all products, the
Exchange has observed that certain product structures, particularly
``Outcome Strategy ETPs'' as defined below, may face unique challenges
in achieving beneficial holder requirements within the standard 180-day
timeframe due to their structural characteristics and investor usage
patterns.
Outcome Strategy ETPs are multiple ETPs listed by an issuer that
are each designed to provide (i) a pre-defined set of returns; (ii)
over a specified outcome period; (iii) based on the performance of the
same underlying instruments; and (iv) each employ the same outcome
strategy for achieving the pre-defined set of returns. For example,
consider a tranche of funds that seeks to achieve its investment
objective through a laddered portfolio of twelve ETFs. The term
``laddered portfolio'' refers to the fund's investment in multiple
underlying ETFs that have outcome period expiration dates which occur
on a rolling, or staggered, basis. Each tranche represents a different
vintage or starting point within the same overall strategy, creating a
continuous spectrum of investment opportunities for investors seeking
to enter the strategy at different times.
The threat of delisting to a single tranche of the series
fundamentally impairs the fund manager's ability to distribute and
maintain the entire series. Unlike standalone ETPs, where one product's
delisting does not affect other products, Outcome Strategy ETPs are
marketed, distributed, and understood by investors as complete series.
An incomplete series creates a competitive disadvantage that extends
beyond the non-compliant tranche itself, as financial advisors and
institutional investors who allocate to these strategies rely on the
availability of a full ladder of expiration dates to implement their
investment strategies effectively. An incomplete series may cause these
market participants to abandon the entire product suite in favor of
competitors offering complete series, resulting in asset outflows and
holder reductions across all tranches, including those in full
compliance with listing standards.
Many investors in Outcome Strategy ETFs roll assets into the next
``front-month'' or near-dated tranche as their current holdings
approach expiration. This rolling behavior is fundamental to how these
products are designed to be used. Accordingly, near-term tranches tend
to accumulate assets and beneficial holders while back-dated tranches
(those further from expiration) tend to see less interest, fewer
assets, and fewer beneficial holders. This creates a predictable
pattern where back-dated tranches may temporarily fall below the
beneficial holder threshold during their early life but would naturally
cure as they become front-month tranches and attract rolling assets
from maturing positions. The 180-day timeframe may be insufficient for
a newly-launched or back-dated tranche to progress through this natural
maturation cycle and benefit from the rolling behavior that drives
holder accumulation.
The proposed amendment aligns the Exchange's rules with competitive
practices. While NYSE Arca Rule 5.5-E(m) does not explicitly set forth
the parameters of its staff review of a compliance plan, NYSE Arca's
internal policies provide staff with discretion in determining how to
handle failures to meet continued listing standards.\9\ Specifically,
NYSE Arca's 2025 Listed ETP Compliance Guidance Letter states that
staff will conduct its own review and make a determination on how to
proceed with non-compliance with continued listing standards. This
[[Page 4992]]
discretionary framework provides NYSE Arca with flexibility in granting
compliance periods. The proposed rule change codifies an explicit
maximum compliance period in the Exchange's rules, providing regulatory
certainty while ensuring competitive parity with NYSE Arca's approach.
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\9\ See Section 2C at
2025_NYSE_Arca_Listed_ETP_Compliance_Guidance_Letter.pdf.
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The Exchange believes that the proposed additional 180-day
compliance period is not a relaxation of listing standards, but rather
an appropriate accommodation that aligns compliance timeframes with
demonstrated progress toward compliance. The extended period maintains
meaningful compliance pressure while preventing unnecessary delistings
of products that are demonstrably moving toward curing their
deficiencies. All other aspects of the Compliance Plan, including the
minimum beneficial holder requirement itself and all other continued
listing standards, remain unchanged.
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.\10\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \11\ requirements that the rules
of an exchange be 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 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.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \12\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
\12\ Id.
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The Exchange believes the proposed rule change removes impediments
to and perfects the mechanism of a free and open market and a national
market system and protects investors and the public interest by
providing Staff with appropriate discretion to grant an additional 180-
day compliance period (for a total of 360 days from initial
notification) when an issuer demonstrates quantifiable progress toward
curing a beneficial holder deficiency. The proposed amendment
recognizes that a uniform 180-day compliance period may be insufficient
in certain circumstances where issuers are making genuine progress
toward compliance but require additional time to achieve the listing
standard due to product-specific characteristics, market conditions, or
other factors affecting beneficial holder accumulation.
The proposed rule change is consistent with the protection of
investors and the public interest because it maintains robust listing
standards while providing appropriate flexibility to prevent premature
delistings of products that are demonstrably moving toward compliance.
The additional 180-day compliance period is not automatic but rather is
granted at Staff's discretion based on quantifiable evidence that the
issuer is making progress toward compliance with the beneficial holder
requirement. Staff will evaluate whether the issuer is demonstrating a
clear trend of beneficial holder growth during the initial 180-day
compliance period. Given that the beneficial holder requirement is a
quantifiable standard (50 beneficial holders), Staff can readily assess
whether an issuer is nearing compliance by reviewing periodic
beneficial holder counts and determining whether the issuer has shown
measurable improvement. Staff may consider whether the beneficial
holder count has increased by a meaningful percentage during the
initial compliance period, whether the rate of holder accumulation is
accelerating, or whether the issuer has achieved a threshold number of
holders indicating that compliance is likely within the extended
period. This discretionary approach ensures that the additional 180
days is granted only to issuers demonstrating genuine progress toward
compliance, rather than providing an automatic extension that could
allow non-viable products to remain listed indefinitely.
The proposed rule change protects investors by preventing premature
delistings that would disrupt the investment strategies of existing
holders when issuers are on a clear path to curing deficiencies.
Premature delisting forces investors to liquidate positions when the
issuer is making demonstrable progress toward compliance, potentially
resulting in tax consequences, transaction costs, and the inability to
maintain their intended exposure. The extended compliance period,
granted based on objective evidence of progress, reduces the likelihood
of such disruptions while maintaining meaningful compliance pressure
through Staff's ongoing review of beneficial holder trends.
The Exchange believes the proposed rule change promotes just and
equitable principles of trade by providing Staff with appropriate
flexibility to tailor compliance timeframes to individual circumstances
based on objective, quantifiable evidence of progress toward
compliance, rather than imposing rigid timeframes that may result in
unnecessary delistings. The proposed discretionary framework ensures
that compliance timeframes are appropriately calibrated based on
demonstrated progress rather than applying uniform deadlines that may
not account for varying circumstances affecting beneficial holder
accumulation.
While the Exchange has observed that issuers of Outcome Strategy
ETPs have been particularly burdened by the existing 180-day compliance
timeframe, the proposed rule change is not limited to any specific
product type. Outcome Strategy ETPs function as integrated series where
individual tranches are interdependent components of a unified
investment strategy. These products experience predictable beneficial
holder accumulation patterns based on proximity to outcome period
expiration, as many investors roll assets into ``front-month'' or near-
dated tranches as their current holdings approach expiration. This
creates a pattern where back-dated tranches may temporarily fall below
the beneficial holder threshold during their early life but would
naturally cure as they become front-month tranches and attract rolling
assets from maturing positions.
However, the proposed rule change applies uniformly to all issuers
demonstrating quantifiable progress toward compliance, regardless of
product type or investment strategy. Any issuer that demonstrates a
clear trend of beneficial holder growth during the initial 180-day
compliance period may be granted the additional time at Staff's
discretion. This approach ensures that all issuers are treated
equitably and that compliance timeframes can be appropriately tailored
based on objective evidence of progress toward compliance, while
recognizing that certain product structures may face unique challenges
in achieving beneficial holder requirements within the standard
timeframe.
The proposed rule change also protects investors in products with
integrated series structures by preventing cascading non-compliance
effects. For products such as Outcome
[[Page 4993]]
Strategy ETPs that are marketed, distributed, and understood by
investors as complete series, the delisting of a single tranche can
render the entire series incomplete compared to competing offerings,
causing financial advisors and institutional investors to redirect
assets to competitors with full product suites. This can trigger holder
attrition across all tranches, including those in full compliance with
listing standards, potentially creating a cycle of serial non-
compliance. The extended compliance period, when granted based on
demonstrated progress, provides issuers with sufficient time to
implement comprehensive remediation strategies that stabilize
integrated product series, protecting the interests of holders across
all tranches and preventing unnecessary market disruption. However,
this investor protection benefit extends beyond Outcome Strategy ETPs
to any product where premature delisting based on temporary beneficial
holder deficiencies could harm investors when the issuer is making
measurable progress toward compliance.
The proposed rule change removes impediments to and perfects the
mechanism of a free and open market by promoting competitive equity
among listing venues. The Exchange is aware that NYSE Arca's internal
policies provide staff with discretion in determining how to handle
failures to meet continued listing standards, and that NYSE Arca's 2025
Listed ETP Compliance Guidance Letter states that staff will conduct
its own review and make a determination on how to proceed with non-
compliance with continued listing standards. This discretionary
framework provides NYSE Arca with flexibility in granting compliance
periods. The proposed rule change codifies an explicit maximum
compliance period in the Exchange's rules, providing regulatory
certainty and transparency while ensuring that issuers listing on the
Exchange are not disadvantaged relative to issuers on competing venues.
This promotes fair competition among exchanges and prevents regulatory
arbitrage that could disadvantage the Exchange and its listed issuers.
The proposed rule change does not relax or weaken listing
standards. The minimum beneficial holder requirement itself remains
unchanged at 50 beneficial holders, and all other continued listing
standards continue to apply without modification. The proposed
amendment merely provides Staff with discretion to grant an extended
timeframe for issuers to cure beneficial holder deficiencies when Staff
determines, based on quantifiable evidence, that the issuer is making
progress toward compliance and that additional time is appropriate.
Companies currently under review by an Adjudicatory Body for a Staff
Delisting Determination remain ineligible for the additional extension,
ensuring that the extended compliance period is available only during
the initial compliance review process and not as a means to
indefinitely delay delisting proceedings.
The Exchange believes the proposed rule change fosters cooperation
and coordination with persons engaged in facilitating transactions in
securities by providing issuers with a compliance framework that
recognizes varying circumstances affecting beneficial holder
accumulation while maintaining objective standards for granting
extensions. The extended compliance period, granted based on
demonstrated progress, allows issuers to pursue substantive remediation
efforts or to allow sufficient time for natural product lifecycles or
market conditions to support beneficial holder growth, while ensuring
through Staff's discretionary review that only issuers making genuine
progress receive additional time.
For these reasons, the Exchange believes the proposed rule change
is consistent with the requirements of Section 6(b)(5) of the Act and
the protection of investors and the public interest.
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 Exchange does not
believe the proposed rule change will impose any burden on intramarket
competition because it will apply uniformly to all issuers that are
deficient with the beneficial holder continued listing requirement. The
proposed additional 180-day compliance period (for a total of 360 days
from initial notification) is available to any issuer that demonstrates
quantifiable progress toward compliance with the beneficial holder
requirement during the initial 180-day compliance period, regardless of
the type of ETP or investment strategy employed. The rule does not
favor any particular issuer, product type, or market participant, but
rather provides Staff with discretion to grant additional time based on
measurable compliance progress.
The Exchange does not believe the proposed rule change will impose
any burden on intramarket competition because it will apply uniformly
to all issuers that are deficient with the beneficial holder continued
listing requirement. The proposed additional 180-day compliance period
(for a total of 360 days from initial notification) is available to any
issuer that demonstrates quantifiable progress toward compliance with
the beneficial holder requirement during the initial 180-day compliance
period, regardless of the type of ETP or investment strategy employed.
The rule does not favor any particular issuer, product type, or market
participant, but rather provides Staff with discretion to grant
additional time based on measurable compliance progress. The
discretionary nature of the additional compliance period ensures that
it does not create competitive advantages for any particular issuer or
product type. Staff will grant the extension only when the issuer
demonstrates a clear trend of beneficial holder growth during the
initial compliance period, ensuring that only issuers making genuine
efforts to cure deficiencies receive additional time. This maintains
competitive pressure on all issuers to achieve and maintain compliance
with listing standards while providing appropriate flexibility to
account for circumstances where additional time is warranted based on
demonstrated progress.
The Exchange does not believe the proposed rule change will impose
any burden on intermarket competition. To the contrary, the proposed
rule change promotes intermarket competition by aligning the Exchange's
compliance procedures with competitive practices at other listing
venues. As noted in the Purpose section, NYSE Arca's internal policies
provide staff with discretion in determining how to handle failures to
meet continued listing standards, and NYSE Arca's 2025 Listed ETP
Compliance Guidance Letter states that staff will conduct its own
review and make a determination on how to proceed with non-compliance
with continued listing standards. This discretionary framework provides
NYSE Arca with flexibility in granting compliance periods that may
functionally provide extended timeframes for issuers to cure
deficiencies.
The proposed rule change codifies an explicit maximum compliance
period in the Exchange's rules, providing regulatory certainty and
transparency while ensuring that issuers listing on the Exchange are
not disadvantaged relative to issuers on competing venues. Without this
amendment, issuers and particularly those of Outcome Strategy
[[Page 4994]]
ETPs or other products with unique structural characteristics, might
favor listing on other exchanges that provide greater flexibility in
compliance timeframes, which could disadvantage the Exchange and reduce
competition among listing venues. The proposed rule change levels the
competitive playing field and ensures that listing venue selection is
based on factors other than disparities in compliance procedures.
The Exchange believes the proposed rule change may enhance
intermarket competition by enabling the Exchange to attract and retain
listings of ETPs that might otherwise list on competing venues with
more flexible compliance frameworks. This increased competition among
listing venues benefits investors by providing greater choice in where
and how to access investment products. Other exchanges remain free to
adopt similar accommodations or to maintain their existing compliance
procedures, ensuring that competition among exchanges continues to
drive improvements in listing standards and procedures.
For these reasons, the Exchange does not believe the proposed rule
change will 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 up to 90 days (i) as the
Commission may designate 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 will:
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#4a383f262f67292527272f243e390a392f29642d253c"><span class="__cf_email__" data-cfemail="1260677e773f717d7f7f777c6661526177713c757d64">[email protected]</span></a>. Please include
file number SR-CboeBZX-2026-005 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-CboeBZX-2026-005. 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-CboeBZX-2026-005 and should be submitted
on or before February 24, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-02120 Filed 2-2-26; 8:45 am]
BILLING CODE 8011-01-P
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