Notice2026-02224
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Reflect Adjustments to Section II.A. (FINRA Fees) and Section II.B. (Registration and Continuing Education Fees)
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 4, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 23 (Wednesday, February 4, 2026)</title>
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<body><pre>
[Federal Register Volume 91, Number 23 (Wednesday, February 4, 2026)]
[Notices]
[Pages 5125-5128]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-02224]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104749; File No. SR-BOX-2026-03]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee
Schedule To Reflect Adjustments to Section II.A. (FINRA Fees) and
Section II.B. (Registration and Continuing Education Fees)
January 30, 2026.
Pursuant to Section 19(b)(1) under the Securities Exchange Act of
1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on January 22, 2026, BOX Exchange LLC (``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 Exchange filed the proposed
rule change pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\ and Rule
19b-4(f)(2) thereunder,\4\ which renders the proposal effective upon
filing with the Commission. 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)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange is filing with the Securities and Exchange Commission
(``Commission'') a proposed rule change to amend the Fee Schedule to
reflect adjustments to Section II.A. (FINRA Fees) and Section II.B.
(Registration and Continuing Education Fees).\5\ Specifically, the
Exchange is proposing to: (1) replace the existing $70 FINRA Annual
System Processing Fee Assessed only during Renewals with the new tiered
FINRA Annual System Processing Fee structure; (2) update the Series 57
Exam fee to $105; (3) increase the $18 Continuing Education Fee to $25;
(4) increase the Fingerprinting Processing Fees; (5) increase the $125
FINRA Web CRD Processing Fee to $175; and (6) increase the $155 FINRA
Disclosure Processing Fee to $215. The changes proposed herein for the
FINRA Annual System Processing Fee, the Series 57 Exam fee, and the
Continuing Education Fee will become operative upon filing.
Additionally, the Exchange designates that the proposed changes to the
FINRA Web CRD Processing Fee, the FINRA Disclosure Processing Fee, and
the FINRA Fingerprinting Processing Fees will become operative January
1, 2028.\6\ The text of the proposed rule change is available from the
principal office of the Exchange, and also on the Exchange's internet
website at <a href="https://rules.boxexchange.com/rulefilings">https://rules.boxexchange.com/rulefilings</a>.
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\5\ This rule change impacts FINRA Fees for members who trade on
BOX. The BOX Fee Schedule, Section II.A FINRA Fees and Section II.B
Registration and Continuing Education Fees, contains a list of fees
that will be collected and retained by FINRA via the Web CRD
registration system for the registration of associated persons of
Exchange members that are not also FINRA members.
\6\ See Securities Exchange Act Release No. 101696 (November 21,
2024), 89 FR 93709 (November 27, 2024) (SR-FINRA-2024-019) (Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change to
Adjust FINRA Fees to Provide Sustainable Funding for FINRA's
Regulatory Mission).
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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
[[Page 5126]]
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 proposes to amend the Fee Schedule for trading on BOX
to reflect adjustments to various FINRA fees.\7\
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\7\ The Exchange initially filed the proposed change on December
30, 2025 (SR-BOX-2025-32). On January 12, 2026, the Exchange
withdrew SR-BOX-2025-32 and submitted SR-BOX-2026-01. On January 22,
2026, the Exchange withdrew SR-BOX-2026-01 and replaced it with the
instant filing.
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This proposal amends BOX's Fee Schedule to reflect adjustments to
the Annual System Processing Fee, the Series 57 Exam fee, the
Continuing Education Fee, the FINRA Web CRD Processing Fee, the FINRA
Disclosure Processing Fee and the FINRA Fingerprinting Processing Fees.
The FINRA fees are collected and retained by FINRA via Web CRD for the
registration of employees of BOX Participants and Participant
organizations that are not FINRA members (``Non-FINRA members'').\8\
The Exchange is merely listing these fees on its Fee Schedule. The
Exchange does not collect or retain these fees.
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\8\ FINRA operates Web CRD, the central licensing and
registration system for the U.S. securities industry. FINRA uses Web
CRD to maintain the qualification, employment and disciplinary
histories of registered associated persons of broker-dealers.
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Annual System Processing Fee
FINRA currently assesses an annual system processing fee for each
of the member's registered persons. Under the current fee structure, a
flat $70 fee applies to each registered person of a member. Many
registered persons are registered with one or more securities
regulators (i.e., with jurisdictions as a broker-dealer agent and with
SROs as a representative or principal). FINRA is replacing the current
flat fee structure with a tiered rate structure beginning in 2026 as
described below. Under FINRA's new tiered rate structure, the fee would
be calculated based on the total number of securities regulators with
which each registered person of a member is registered (whether as a
broker-dealer agent with one or more jurisdictions or as a
representative or principal with one or more SROs).\9\
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\9\ A registered person's registration as an investment adviser
representative would not be considered.
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The Exchange proposes to amend Section II.A.3. of the Fee Schedule
to replace the current $70 FINRA Annual System Processing Fee Assessed
only during Renewals with the new tiered FINRA Annual System Processing
Fee structure, which will be assessed for each registered
representative and principal (annually, based on the number of
securities regulators with which each such registered person is
registered, excluding registration as an investment adviser
representative). The fees will now be as follows: (1) 1 to 5
registrations: $70; (2) 6 to 20 registrations: $95; (3) 21 to 40
registrations: $110; and (4) 41+ registrations: $125. The Exchange is
also proposing to increase the FINRA Annual System Processing Fee to
the following amounts beginning January 1, 2028: 1 to 5 registrations
to $100; 6 to 20 registrations to $125; 21 to 40 registrations to $140;
and 41+ registrations to $155.\10\
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\10\ See supra note 6. FINRA is implementing the proposed tiered
rate structure in 2026 and, to allow members additional time to
adjust and plan, FINRA is deferring the implementation of the
proposed increases to this fee until 2028.
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These amendments are being made in accordance with a FINRA rule
change to adjust its fees.\11\ The Exchange is merely listing these
fees on its Fee Schedule. The Exchange does not collect or retain these
fees.
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\11\ See supra note 6. FINRA noted in its rule change that it
was adjusting its fees to provide sustainable funding for FINRA's
regulatory mission.
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Series 57 Exam Fee
The Exchange also proposes to amend Section II.B.1. of the Fee
Schedule to update the Series 57 Exam fee to $105.\12\ These amendments
are being made in accordance with a FINRA rule change to adjust its
fees.\13\ The Exchange is merely listing these fees on its Fee
Schedule. The Exchange does not collect or retain these fees.
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\12\ The Exchange notes that the Fee Schedule inadvertently
reflects an outdated fee, the current fee for the Series 57
examination is $80.
\13\ See supra note 6. FINRA noted in its rule change that it
was adjusting its fees to provide sustainable funding for FINRA's
regulatory mission.
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Continuing Education Fee
The Exchange also proposes to amend Section II.B.2. of the Fee
Schedule to increase the Continuing Education Fee from $18 to $25.\14\
These amendments are being made in accordance with a FINRA rule change
to adjust its fees.\15\ The Exchange is merely listing these fees on
its Fee Schedule. The Exchange does not collect or retain these fees.
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\14\ The Continuing Education Fee will be assessed to each
individual who is required to complete the Regulatory Element of the
Continuing Education Requirements pursuant to Exchange Rule 2040 and
is paid directly to FINRA.
\15\ See supra note 6. FINRA noted in its rule change that it
was adjusting its fees to provide sustainable funding for FINRA's
regulatory mission.
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Fingerprinting Processing Fees
The Exchange also proposes to amend Section II.A. to increase the
following Fingerprinting Processing Fees: (1) the $31.25 first card
submission (electronic) fee to $38; \16\ (2) the $41.25 first card
submission (non-electronic) fee to $52; \17\ (3) the $20 second card
submission (electronic) fee to $28; \18\ (4) the $30 second card
submission (non-electronic) fee to $42; \19\ (5) the $31.25 third card
submission (electronic) fee to $38; \20\ (6) the $41.25 third card
submission (non-electronic) fee to $52; \21\ and (7) the $30 processing
fee for fingerprint results processed through a self-regulatory
organization other than FINRA to $42. The Fingerprinting Processing Fee
listed on the Exchange's Fee Schedule reflects the combined FINRA and
FBI charges for fingerprint submissions. Specifically, today, the FBI
fingerprint charge is $10,\22\ the FINRA electronic Fingerprinting
Processing Fee \23\ will increase from $20 to $28 in 2028, the FINRA
non-electronic
[[Page 5127]]
Fingerprinting Processing Fee \24\ will increase from $30 to $42 in
2028, and the fee for processing fingerprint results where the member
had prints processed through a through a self-regulatory organization
other than FINRA will increase from $30 to $42.\25\ These amendments to
the Fingerprinting Processing Fees are designated as operative January
1, 2028, and are being made in accordance with a FINRA rule change to
adjust its fees.\26\ The Exchange is merely listing these fees on its
Fee Schedule. The Exchange does not collect or retain these fees.
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\16\ This fee includes a $28.00 FINRA fee and $10.00 FBI fee.
See <a href="https://www.finra.org/rules-guidance/rule-filings/sr-finra-2024-019/fee-adjustment-schedule">https://www.finra.org/rules-guidance/rule-filings/sr-finra-2024-019/fee-adjustment-schedule</a>.
\17\ This fee includes a $42.00 FINRA fee and a $10.00 FBI fee.
See <a href="https://www.finra.org/rules-guidance/rule-filings/sr-finra-2024-019/fee-adjustment-schedule">https://www.finra.org/rules-guidance/rule-filings/sr-finra-2024-019/fee-adjustment-schedule</a>.
\18\ This fee includes a $28.00 FINRA fee. The FBI does not
charge its fee on a second fingerprint transaction when it
identifies the first set of fingerprints as illegible for the same
individual. See <a href="https://www.finra.org/rules-guidance/rule-filings/sr-finra-2024-019/fee-adjustment-schedule">https://www.finra.org/rules-guidance/rule-filings/sr-finra-2024-019/fee-adjustment-schedule</a> and <a href="https://www.finra.org/registration-exams-ce/classic-crd/fingerprints/fingerprint-fees">https://www.finra.org/registration-exams-ce/classic-crd/fingerprints/fingerprint-fees</a>.
\19\ This fee includes a $42.00 FINRA fee. The FBI does not
charge its fee on a second fingerprint transaction when it
identifies the first set of fingerprints as illegible for the same
individual. See <a href="https://www.finra.org/rules-guidance/rule-filings/sr-finra-2024-019/fee-adjustment-schedule">https://www.finra.org/rules-guidance/rule-filings/sr-finra-2024-019/fee-adjustment-schedule</a> and <a href="https://www.finra.org/registration-exams-ce/classic-crd/fingerprints/fingerprint-fees">https://www.finra.org/registration-exams-ce/classic-crd/fingerprints/fingerprint-fees</a>.
\20\ This fee includes a $28.00 FINRA fee and $10.00 FBI fee.
See <a href="https://www.finra.org/rules-guidance/rule-filings/sr-finra-2024-019/fee-adjustment-schedule">https://www.finra.org/rules-guidance/rule-filings/sr-finra-2024-019/fee-adjustment-schedule</a>.
\21\ This fee includes a $42.00 FINRA fee and $10.00 FBI fee.
See <a href="https://www.finra.org/rules-guidance/rule-filings/sr-finra-2024-019/fee-adjustment-schedule">https://www.finra.org/rules-guidance/rule-filings/sr-finra-2024-019/fee-adjustment-schedule</a>.
\22\ Effective January 1, 2025, the FBI fingerprint fee, for
both electronic and hardcopy fingerprint transactions, has been
reduced to $10 per charged fingerprint submission. <a href="https://www.finra.org/registration-exams-ce/classic-crd/fingerprints/fingerprint-fees">https://www.finra.org/registration-exams-ce/classic-crd/fingerprints/fingerprint-fees</a>.
\23\ This fee applies for processing and posting to the CRD
system each set of fingerprints submitted electronically by a member
to FINRA, plus any other charge that may be imposed by the United
States Department of Justice for processing each set of
fingerprints.
\24\ This fee applies for processing and posting to the CRD
system each set of fingerprints submitted in non-electronic format
by a member to FINRA, plus any other charge that may be imposed by
the United States Department of Justice for processing each set of
fingerprints.
\25\ See supra note 6. FINRA noted in its rule change that it
was adjusting its fees to provide sustainable funding for FINRA's
regulatory mission. The Exchange does not collect or retain these
fees.
\26\ See supra note 6. FINRA noted in its rule change that it
was adjusting its fees to provide sustainable funding for FINRA's
regulatory mission.
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Registration Fees
The Exchange also proposes to amend Section II.A. to increase the
$125 FINRA Web CRD Processing Fee \27\ to $175 and the $155 FINRA
Disclosure Processing Fee \28\ to $215. These amendments are being made
in accordance with a FINRA rule change to adjust its fees.\29\ The
Exchange is merely listing these fees on its Fee Schedule. The Exchange
does not collect or retain these fees.
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\27\ This fee applies for each initial or transfer Uniform
Application for Securities Industry Registration or Transfer (``Form
U4'') filed by a member in the CRD system to register an individual.
\28\ This fee applies for the additional processing of each
initial or amended Form U4, Form U5, or Form BD that includes the
initial reporting, amendment, or certification of one or more
disclosure events or proceedings.
\29\ See supra note 6. FINRA noted in its rule change that it
was adjusting its fees to provide sustainable funding for FINRA's
regulatory mission.
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Each of these fees are listed within Section II.A. and Section
II.B. of the BOX Fee Schedule. These amendments are being made in
accordance with a FINRA rule change to adjust its fees.\30\ The FINRA
Web 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.
Accordingly, the proposed fees mirror those assessed by FINRA.
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\30\ See supra note 6.
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Lastly, the Exchange also proposes to make non-substantive
technical changes to renumber the endnotes within the BOX Fee Schedule
to conform with the changes proposed herein.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act, in general, and Section
6(b)(4) and 6(b)(5) of the Act,\31\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees, and other
charges among BOX Participants and other persons using its facilities
and does not unfairly discriminate between customers, issuers, brokers
or dealers.
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\31\ 15 U.S.C. 78f(b)(4) and (5).
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The Exchange believes it is reasonable to: (1) replace the existing
$70 FINRA Annual System Processing Fee Assessed only during Renewals
with the new tiered FINRA Annual System Processing Fee structure and to
increase such tiered fees in 2028; (2) update the Series 57 Exam fee to
$105; (3) increase the $18 Continuing Education Fee to $25; (4)
increase the Fingerprinting Processing Fees; (5) increase the $125
FINRA Web CRD Processing Fee to $175; and (6) increase the $155 FINRA
Disclosure Processing Fee to $215 because each of the proposed fees are
identical to those adopted by FINRA for the use of Web CRD for
disclosures and the registration of FINRA members and their associated
persons. The Exchange further believes it is reasonable to update the
Fingerprinting Fees to reflect the reduced FBI Fee of $10.\32\ The
amendments to the Fingerprint Fees will provide all Participants with
the correct Fingerprint Fees.
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\32\ See supra note 22.
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These costs are borne by FINRA when a Non-FINRA member uses Web
CRD. The Exchange's rule text will reflect the current registration and
fingerprint rates that are assessed by FINRA for the Annual System
Processing Fee, the Series 57 Exam fee, the Continuing Education Fee,
the electronic and non-electronic Fingerprinting Processing Fees, the
Web CRD Processing Fee, and the Disclosure Processing Fee. As noted
previously, the FINRA Annual System Processing Fee, the Series 57 Exam
fee, and the Continuing Education Fee will become operative upon
filing,\33\ and the Web CRD Processing Fee, the Disclosure Processing
Fee, and the Fingerprinting Processing Fees will become operative
January 1, 2028.
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\33\ See supra note 10.
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The Exchange believes it is equitable and not unfairly
discriminatory to: (1) replace the existing $70 FINRA Annual System
Processing Fee Assessed only during Renewals with the new tiered FINRA
Annual System Processing Fee structure and to increase such tiered fees
in 2028; (2) update the Series 57 Exam fee to $105; (3) increase the
$18 Continuing Education Fee to $25; (4) increase the Fingerprinting
Processing Fees; (5) increase the $125 FINRA Web CRD Processing Fee to
$175; and (6) increase the $155 FINRA Disclosure Processing Fee to $215
because the Exchange will not be collecting or retaining these fees,
therefore, the Exchange will not be in a position to apply them in an
inequitable or unfairly discriminatory manner. Similarly, the Exchange
believes it is equitable and not unfairly discriminatory to update the
Fingerprinting Fees to reflect the reduced FBI Fee of $10, because the
Exchange will not be collecting or retaining these fees, therefore, the
Exchange will not be in a position to apply them in an inequitable or
unfairly discriminatory manner.
Lastly, the Exchange believes the proposed changes to renumber the
endnotes within the BOX Fee Schedule are reasonable, equitable, and not
unfairly discriminatory. These non-substantive technical amendments
will bring greater clarity to the Fee Schedule.
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 not necessary or appropriate in
furtherance of the purposes of the Act.
The Exchange believes that is proposal to: (1) replace the existing
$70 FINRA Annual System Processing Fee Assessed only during Renewals
with the new tiered FINRA Annual System Processing Fee structure and to
increase such tiered fees in 2028; (2) update the Series 57 Exam fee to
$105; (3) increase the $18 Continuing Education Fee to $25; (4)
increase the Fingerprinting Processing Fees; (3) increase the $125
FINRA Web CRD Processing Fee to $175; and (4) increase the $155 FINRA
Disclosure Processing Fee to $215 does not impose an undue burden on
competition because the Exchange will not be collecting or retaining
these fees, therefore, the Exchange will not be in a position to apply
them in an inequitable or unfairly discriminatory manner. Similarly,
the Exchange believes it does not impose an undue burden on competition
to update the Fingerprinting Fees to reflect the reduced FBI Fee of $10
because the Exchange will not be collecting or retaining these fees,
therefore, the Exchange will not be in a position to apply them in an
inequitable or unfairly discriminatory manner.
Lastly, the Exchange believes the proposed changes to renumber the
endnotes within the Fee Schedule do not impose an undue burden on
[[Page 5128]]
competition. These non-substantive amendments will bring greater
clarity to the Fee Schedule.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action Effectiveness
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Exchange Act \34\ and Rule 19b-4(f)(2)
thereunder,\35\ because it establishes or changes a due, or fee.
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\34\ 15 U.S.C. 78s(b)(3)(A)(ii).
\35\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend the rule
change if it appears to the Commission that the action is necessary or
appropriate in the public interest, for the protection of investors, or
would otherwise further the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule 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#afdddac3ca82ccc0c2c2cac1dbdcefdccacc81c8c0d9"><span class="__cf_email__" data-cfemail="1163647d743c727e7c7c747f6562516274723f767e67">[email protected]</span></a>. Please include
File Number SR-BOX-2026-03 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-BOX-2026-03. 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-BOX-2026-03 and should be submitted on
or before February 25, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
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\36\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-02224 Filed 2-3-26; 8:45 am]
BILLING CODE 8011-01-P
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