Notice2026-02887
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Clarify the Priority of Certain Orders With an All Sessions Order Instruction
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 13, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 30 (Friday, February 13, 2026)</title>
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[Federal Register Volume 91, Number 30 (Friday, February 13, 2026)]
[Notices]
[Pages 6925-6928]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-02887]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104811; File No. SR-CBOE-2026-012]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Clarify
the Priority of Certain Orders With an All Sessions Order Instruction
February 10, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on January 29, 2026, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
and II below, which Items have been prepared by the Exchange. The
Exchange filed the proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend the Good-til-Cancelled and GTC (hereinafter referred to as
``GTC'') and Good-til-Date and GTD (hereinafter referred to as ``GTD'')
Times-in-Force provided in Exchange Rule 5.6 (Order Types, Order
Instructions, and Times-in-Force) and adopt a new Additional Priority
Rule under Exchange Rule 5.32 (Order and Quote Book Processing,
Display, Priority, and Execution). Both proposed rule changes are
designed to explicitly provide that orders with an All Sessions Order
Instruction are prioritized over orders with a Regular Trading Hours
(``RTH'') Only or RTH and Curb Order Instruction when transitioning
from the Global Trading Hours (``GTH'') trading session to the RTH
trading session. 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/options/regulation/rule_filings/bzx/">https://www.cboe.com/us/options/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 proposes to amend the GTC and GTD Times-in-Force \5\
provided in Exchange Rule 5.6(d) to explicitly provide that orders with
an Order Instruction \6\ of All Sessions \7\ are prioritized over
orders with an Order Instruction of RTH Only \8\ or RTH and Curb \9\
when transitioning from the GTH trading session \10\ to the RTH trading
session \11\ and thereafter until the order
[[Page 6926]]
fully executes. The Exchange also proposes to adopt a new Additional
Priority Rule under Exchange Rule 5.32(a)(3)(D) which would provide
that All Sessions orders at a given price have priority over RTH Only
orders and RTH and Curb orders when transitioning from the GTH trading
session to the RTH trading session and thereafter until the order fully
executes.
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\5\ A ``Time-in-Force'' means the period of time the System
holds an order or quote, subject to the restrictions set forth in
Exchange Rule 5.5(c)(3) with respect to bulk messages submitted
through bulk ports, for potential execution. Unless otherwise
specified in the Rules or the context indicates otherwise, the
Exchange determines which of the following Times-in-Force are
available on a class, system, or trading session basis. Exchange
Rule 5.33 sets forth the Times-in-Force the Exchange may make
available for complex orders. See Exchange Rule 5.6(d).
\6\ An ``Order Instruction'' is a processing instruction a User
may apply to an order (multiple instructions may apply to a single
order), subject to the restrictions set forth in Exchange Rule
5.5(c) with respect to orders and bulk messages submitted through
bulk ports and any other restrictions set forth in the Rules, when
entering it into the System for electronic or open outcry
processing. See Exchange Rule 5.1(c).
\7\ An ``All Sessions'' order (including a bulk message) is an
order a User designates as eligible to trade during all trading
sessions. An unexecuted All Sessions order on the Book at the end of
a GTH trading session enters the RTH Queuing Book and becomes
eligible for execution during the RTH opening rotation and trading
session on that same trading day, subject to a User's instructions.
An unexecuted All Sessions order on the Book at the end of the RTH
trading session remains on the Book and becomes eligible for
execution during the Curb trading session on that same trading day,
subject to a User's instructions. An unexecuted All Sessions order
on the Book at the end of the Curb trading session enters the GTH
Queuing Book and becomes eligible for execution during the GTH
opening rotation and trading session on the next trading day,
subject to a User's instructions. All Sessions Day orders on the
Book at the conclusion of the Curb trading session will be canceled.
A User may not designate an All Sessions order as Direct to PAR. See
Exchange Rule 5.6(c).
\8\ An ``RTH Only'' order is an order (including a bulk message)
a User designates as eligible to trade only during RTH or not
designated as All Sessions or RTH and Curb. An unexecuted RTH Only
order with a Time-in-Force of GTC or GTD on the Book at the end of
an RTH trading session enters the RTH Queuing Book and becomes
eligible for execution during the RTH opening rotation and trading
session on the following trading day (but not during the Curb
trading session on the same trading day or the GTH trading session
on the following trading day), subject to a User's instructions. See
Exchange Rule 5.6(c).
\9\ An ``RTH and Curb'' order is an order (including a bulk
message) a User designates as eligible to trade only during RTH and
Curb or not designated as All Sessions or RTH Only. An unexecuted
RTH and Curb order with a Time-in-Force of GTC or GTD on the Book at
the end of an RTH trading session remains in the Book and becomes
eligible for execution during the Curb trading session on the same
trading day, subject to a User's instructions. An unexecuted RTH and
Curb order with a Time-in-Force of GTC or GTD on the Book at the end
of a Curb trading session enters the RTH Queuing Book and becomes
eligible for execution during the RTH opening rotation and trading
session on the following trading day (but not during the GTH trading
session on the following trading day), subject to a User's
instructions. All RTH and Curb Day orders on the Book at the
conclusion of the Curb trading session will be canceled. See
Exchange Rule 5.6(c).
\10\ The terms ``Global Trading Hours'' and ``GTH'' mean the
trading session consisting of the hours outside of Regular Trading
Hours and Curb Trading Hours during which transactions in options
may be effected on the Exchange and are set forth in Exchange Rule
5.1. See Exchange Rule 1.1.
\11\ The terms ``Regular Trading Hours'' and ``RTH'' mean the
trading session consisting of the regular hours during which
transactions in options may be effected on the Exchange and are set
forth in Exchange Rule 5.1. See Exchange Rule 1.1.
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By way of background, the Exchange offers three trading sessions:
\12\ RTH, Curb Trading Hours (``Curb''),\13\ and Global Trading Hours
(``GTH''). RTH for transactions in equity options generally occurs from
9:30 a.m.\14\ to 4:00 p.m., Monday through Friday, as the normal
business hours set forth by the primary market trading the securities
underlying the options.\15\ The Curb session is from 4:15 p.m. to 5:00
p.m., Monday through Friday, for designated classes.\16\ Trading in GTH
for index options occurs from 8:15 p.m. to 9:25 a.m. the next day,
Monday through Friday.\17\
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\12\ The term ``trading session'' means the hours during which
the Exchange is open for trading for Regular Trading Hours, Global
Trading Hours or Curb Trading Hours (each of which may referred to
as a trading session), each as set forth in Exchange Rule 5.1.
Unless otherwise specified in the Rules or the context otherwise
indicates, all Rules apply in the same manner during each trading
session. See Exchange Rule 1.1 (Definitions).
\13\ The terms ``Curb Trading Hours'' and ``Curb'' mean the
trading session consisting of the hours outside of Regular Trading
Hours and Global Trading Hours during which transactions in options
may be effected on the Exchange and are set forth in Exchange Rule
5.1. See Exchange Rule 1.1.
\14\ All times referenced herein are Eastern Time, unless
otherwise specifically noted.
\15\ Options on ETFs, ETNs, Index Portfolio Shares, Index
Portfolio Receipts, and Trust Issued Receipts that the Exchange
designates to remain open for trading beyond 4:00 p.m. but in no
case will the RTH session continue after 4:15 p.m.
\16\ See Exchange Rule 5.1(d).
\17\ See Exchange Rule 5.1(c).
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Exchange Rule 5.6 provides for Order Types,\18\ Order Instructions,
and Times-in-Force available on the Exchange, each of which may be
designated on a given order. RTH Only, RTH and Curb, and All Sessions
are Order Instructions provided under Exchange Rule 5.6(c) that
designate the trading session during which an order is eligible to
execute. RTH Only is an order (including a bulk message) a User \19\
designates as eligible to trade only during RTH or not designated as
All Sessions or RTH and Curb.\20\ RTH and Curb is an order (including a
bulk message) a User designates as eligible to trade only during RTH
and Curb or not designated as All Sessions or RTH Only. All Sessions is
an order (including a bulk message) a User designates as eligible to
trade during all trading sessions.
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\18\ Order Types may be either a limit or market order. See
Exchange Rule 5.6(b).
\19\ The term ``User'' means any TPH or Sponsored User who is
authorized to obtain access to the System pursuant to Exchange Rule
5.5. See Exchange Rule 1.1.
\20\ See Exchange Rule 5.1(c).
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The Times-in-Force GTC and GTD are provided in Exchange Rule 5.6(d)
and each state that ``if after entry into the System, the order is not
fully executed, the order (or unexecuted portion) remains available for
potential display or execution (with the same timestamp) unless
cancelled by the entering User, or until the option expires, whichever
comes first.'' Under these existing provisions, the Exchange Rules do
not consider the trading session Order Instruction in determining the
priority of orders with a GTC or GTD Time-in-Force.
The Exchange proposes to amend the GTC and GTD Times-in-Force
provided in Exchange Rule 5.6(d) to provide that orders ranked on the
book during GTH receive time priority over orders that only become
eligible at the start of RTH (i.e., RTH Only and RTH and Curb).\21\
Specifically, as proposed, GTC and GTD Times-in-Force provided under
Exchange Rule 5.6(d) would state ``if after entry into the System, the
order is not fully executed, the order (or unexecuted portion) remains
available for potential display or execution (with the same timestamp,
except that All Sessions orders at a given price are prioritized before
RTH Only and RTH and Curb orders when transitioning from the GTH
trading session to the RTH trading session and thereafter until the
order fully executes) unless cancelled by the entering User, or until
the option expires, whichever comes first.''
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\21\ The proposed functionality applies only to RTH Only and RTH
and Curb orders entered outside the RTH trading session. RTH Only
and RTH and Curb orders entered during the RTH trading session would
retain price and time priority as they do today.
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The Exchange also proposes to adopt Exchange Rule 5.32(a)(3)(D)
which would similarly provide that All Sessions order at a given price
have priority over RTH Only orders and RTH and Curb orders when
transitioning from the GTH trading session to the RTH trading session
and thereafter until the order fully executes.
This approach aligns priority with trading eligibility. Orders that
are available to trade earlier in the day, and thus ranked and
accessible to market participants during GTH, receive priority over
orders that only become available later. This prioritization reflects
both market logic and System capability. All Sessions orders provide
liquidity and are exposed to the market during GTH, while RTH Only and
RTH and Curb orders are not yet active or available for execution. The
System does not have the ability to prioritize an order that is not yet
eligible to trade ahead of an order that is already ranked and
available for execution. For example, an RTH Only order with a GTD
Time-in-Force entered prior to the RTH trading session would not be
ranked or eligible to trade at the time of entry. In contrast, an All
Sessions order with a GTD Time-in-Force entered prior to the RTH
trading session would be ranked and eligible to trade immediately upon
entry. Therefore, when the Exchange transitions from the GTH trading
session to the RTH trading session, the All Sessions order receives
priority because it was already ranked and eligible to trade, while the
RTH Only order was not.\22\
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\22\ The Exchange notes that in the foregoing example, if the
All Sessions order does not fully execute during the RTH trading
session, it would maintain its priority over RTH and Curb Orders
when transitioning from the RTH trading session to the Curb trading
session.
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The proposed rule change memorializes this existing System
functionality and ensures that priority is determined based on when
orders become ranked and eligible to trade, rather than solely on entry
timestamp.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\23\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \24\ 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) \25\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\23\ 15 U.S.C. 78f(b).
\24\ 15 U.S.C. 78f(b)(5).
\25\ Id.
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In particular, the proposed rule change removes impediments to and
[[Page 6927]]
perfects the mechanism of a free and open market and a national market
system by providing greater clarity and transparency regarding the
priority treatment of orders with GTC and GTD Times-in-Force that have
different Order Instructions designating trading session eligibility.
The proposed amendment explicitly provides that All Sessions orders are
prioritized before RTH Only and RTH and Curb orders when transitioning
from the GTH trading session to the RTH trading session and thereafter
until the order fully executes, thereby aligning priority with trading
eligibility and display. This approach is consistent with fundamental
principles of order priority: orders that are displayed on the book and
available to trade during GTH provide liquidity and are exposed to the
market earlier in the trading day than orders that only become eligible
to trade at the start of RTH. By prioritizing orders based on when they
become ranked and eligible to trade, rather than solely on entry
timestamp, the proposed rule change ensures that market participants
who make their orders available for execution during GTH receive
appropriate priority over orders that are not yet active or available
for execution during that session.
The proposed rule change promotes just and equitable principles of
trade and protects investors and the public interest by establishing
clear and transparent rules that reflect the operational reality of the
System. All Sessions orders are ranked and accessible to market
participants during GTH, while RTH Only and RTH and Curb orders are not
yet active or available for execution during that session. The System
does not have the ability to prioritize an order that is not yet
eligible to trade ahead of an order that is already displayed and
available for execution. The proposed rule change memorializes this
existing System functionality and provides market participants with
clear notice of how priority is determined for orders with different
trading session eligibilities when transitioning from the GTH trading
session to the RTH trading session. This transparency allows market
participants to make informed decisions about order entry and trading
session designation, thereby promoting fair and orderly markets.
The proposed rule change is not designed to permit unfair
discrimination between customers, issuers, brokers, or dealers. The
proposed priority treatment applies uniformly to all market
participants and is based on objective criteria: whether an order is
designated as eligible to trade during GTH and thus ranked on the book
during that session. All market participants have equal access to
designate orders as All Sessions, RTH Only, or RTH and Curb, and the
proposed rules apply consistently regardless of the identity of the
entering User. The prioritization of All Sessions orders over RTH Only
and RTH and Curb orders when transitioning from the GTH trading session
to the RTH trading session is a reasonable and non-discriminatory
distinction based on the fundamental difference in when orders become
available to trade and provide liquidity to the market.
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 that the proposed rule change will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act because the proposed priority
treatment applies uniformly to all market participants. All Users have
equal access to designate orders with an Order Instruction of All
Sessions, RTH Only, or RTH and Curb, and the proposed rules apply
consistently regardless of the identity of the entering User. The
prioritization of All Sessions orders over RTH Only and RTH and Curb
orders when transitioning from the GTH trading session to the RTH
trading session and thereafter until the order fully executes is based
on objective criteria related to when orders become ranked and eligible
to trade, not on the characteristics of any particular market
participant. Market participants retain full discretion to choose the
Order Instruction that best suits their trading objectives, and the
proposed rule change simply provides transparency regarding the
priority treatment that results from those choices.
The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
proposed rule change applies only to how orders are prioritized on the
Exchange's book. The proposed amendment memorializes existing System
functionality and provides clarity regarding priority treatment for
orders with different trading session eligibilities when transitioning
from the GTH trading session to the RTH trading session. To the extent
that the proposed rule change makes the Exchange a more attractive
marketplace to market participants, any such competitive impact would
be the result of the Exchange providing greater transparency and
clarity regarding its rules, which the Exchange believes benefits all
market participants and promotes fair and orderly markets.
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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \26\ and Rule 19b-4(f)(6) thereunder.\27\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \28\ and Rule 19b-
4(f)(6)(iii) thereunder.\29\
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\26\ 15 U.S.C. 78s(b)(3)(A)(iii).
\27\ 17 CFR 240.19b-4(f)(6).
\28\ 15 U.S.C. 78s(b)(3)(A).
\29\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \30\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\31\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the Exchange
may provide market participants with clear rule text that accurately
reflects current System functionality without delay. The Exchange
states that the proposed rule change does not significantly affect the
protection of investors or the public interest because it memorializes
existing
[[Page 6928]]
System functionality; the System currently prioritizes All Sessions
orders over RTH Only and RTH and Curb orders based on when orders
become ranked and eligible to trade. Further, the Exchange states the
proposed rule change provides greater clarity and transparency
regarding the priority treatment of orders with GTC and GTD Times-in-
Force that have different Order Instructions designating trading
session eligibility. Finally, the Exchange states the proposed rule
change does not impose any significant burden on competition because it
applies uniformly to all market participants. For these reasons, and
because the proposed rule change does not raise any new or novel
regulatory issues, the Commission finds that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest. Accordingly, the Commission hereby waives the 30-day
operative delay and designates the proposed rule change as operative
upon filing.\32\
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\30\ 17 CFR 240.19b-4(f)(6).
\31\ 17 CFR 240.19b-4(f)(6)(iii).
\32\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See U.S.C. 78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings under
Section 19(b)(2)(B) \33\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\33\ 15 U.S.C. 78s(b)(2)(B).
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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#2351564f460e404c4e4e464d5750635046400d444c55"><span class="__cf_email__" data-cfemail="3c4e495059115f5351515952484f7c4f595f125b534a">[email protected]</span></a>. Please include
file number SR-CBOE-2026-012 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-CBOE-2026-012. 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-CBOE-2026-012 and should be submitted on
or before March 6, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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\34\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-02887 Filed 2-12-26; 8:45 am]
BILLING CODE 8011-01-P
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