Notice2026-04018

Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing of Proposed Rule Change, As Modified by Amendment No. 1, To Adopt New Rule 5.2(j)(9) Relating to the Listing and Trading of Class Exchange-Traded Fund Shares

Primary source

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Published
March 2, 2026

Issuing agencies

Securities and Exchange Commission

Full Text

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<title>Federal Register, Volume 91 Issue 40 (Monday, March 2, 2026)</title>
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[Federal Register Volume 91, Number 40 (Monday, March 2, 2026)]
[Notices]
[Pages 10159-10162]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-04018]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-104890; File No. SR-NYSETEX-2026-05]


Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing 
of Proposed Rule Change, As Modified by Amendment No. 1, To Adopt New 
Rule 5.2(j)(9) Relating to the Listing and Trading of Class Exchange-
Traded Fund Shares

February 25, 2026.
    On February 12, 2026, NYSE Texas, Inc. (``NYSE Texas'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to adopt new NYSE Texas Rule 5.2(j)(9) relating to 
the listing and trading of Class Exchange-Traded Fund Shares. On 
February 23, 2026, the Exchange filed Amendment No. 1 to the proposed 
rule change, which replaced and superseded the original filing in its 
entirety. The proposed rule change, as modified by Amendment No. 1, is 
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, as modified by Amendment No. 1, 
from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to (1) adopt a new Rule 5.2(j)(9) to permit 
the generic listing and trading of Class Exchange-Traded Fund (``ETF'') 
Shares, and (2) make certain conforming changes to the Exchange's rules 
to accommodate the proposed listing of Class ETF Shares. This Amendment 
No. 1 to SR-NYSETEX-2026-05 replaces SR-NYSETEX-2026-05 as originally 
filed and supersedes such filing in its entirety. The proposed rule 
change is available on the Exchange's website at <a href="http://www.nyse.com">www.nyse.com</a> and at 
the principal office of the Exchange.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of those statements may be examined at 
the places specified in Item IV below. The Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to (1) adopt a new Rule 5.2(j)(9) to permit 
the generic listing and trading, or trading pursuant to unlisted 
trading privileges, of Class ETF Shares, and (2) make certain 
conforming changes to the Exchange's rules to accommodate the proposed 
listing of Class ETF Shares.
    Consistent with other products (specifically, Investment Company 
Units listed pursuant to Rule 5.2(j)(3), Managed Fund Shares listed 
pursuant to Rule 8.600, and ETF Shares listed pursuant to Rule 
5.2(j)(8)), Class ETF Shares would be permitted to be listed and traded 
on the Exchange without prior Commission approval order or notice of 
effectiveness pursuant to Section 19(b) of the Act.\3\
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    \3\ Rule 19b-4(e)(1) provides that the listing and trading of a 
new derivative securities product by a self-regulatory organization 
(``SRO'') is not deemed a proposed rule change, pursuant to 
paragraph (c)(1) of Rule 19b-4, if the Commission has approved, 
pursuant to Section 19(b) of the Act, the SRO's trading rules, 
procedures and listing standards for the product class that would 
include the new derivative securities product and the SRO has a 
surveillance program for the product class. As contemplated by 
proposed Rule 5.2(j)(9), the Exchange proposes to establish generic 
listing standards for Class ETF Shares of the ETF Class (as defined 
herein) that would be required to operate as an ETF pursuant to the 
Multi-Class Fund Exemptive Relief (as defined herein) and be in 
compliance with the conditions and requirements of Rule 6c-11 under 
the Investment Company Act of 1940 (the ``Investment Company Act''), 
except as noted in the Multi-Class Fund Exemptive Relief. Class ETF 
Shares listed under proposed Rule 5.2(j)(9) would therefore not need 
a separate proposed rule change pursuant to Rule 19b-4 before it can 
be listed and traded on the Exchange.

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[[Page 10160]]

    As further discussed below, proposed Rule 5.2(j)(9) is based on 
Rule 5.2-E(j)(9) of the Exchange's affiliated exchange, NYSE Arca, Inc. 
(``NYSE Arca''), with only certain non-substantive conforming changes 
to replace internal references to NYSE Arca rules with references to 
the corresponding NYSE Texas rules.
Proposed Rule Change
    Proposed Rule 5.2(j)(9)(a) would provide that the Exchange will 
consider for trading, whether by listing or pursuant to unlisted 
trading privileges, Class ETF Shares that meet the criteria of the 
proposed rule.\4\ Proposed Rule 5.2(j)(9)(a) is based on NYSE Arca Rule 
5.2-E(a)(j)(9)(a) without any changes.
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    \4\ To the extent that Class ETF Shares do not satisfy one or 
more of the criteria in proposed Rule 5.2(j)(9), the Exchange may 
file a separate proposal under Section 19(b) of the Act in order to 
list such securities on the Exchange. Any of the statements or 
representations in that proposal regarding the index composition, 
the description of the portfolio or reference assets, limitations on 
portfolio holdings or reference assets, dissemination and 
availability of index, reference asset, and intraday indicative 
values (as applicable), or the applicability of Exchange listing 
rules specified in any filing to list such Class ETF Shares shall 
constitute continued listing requirements for the Class ETF Shares. 
Further, in the event that Class ETF Shares become listed under 
proposed Rule 5.2(j)(9) and subsequently can no longer satisfy the 
requirements of proposed Rule 5.2(j)(9), such Class ETF Shares may 
be listed as Investment Company Units pursuant to Rule 5.2(j)(3) or 
Managed Fund Shares under Rule 8.600, as applicable, as long as the 
Class ETF Shares meet all listing requirements applicable under the 
alternate listing rule. If the Class ETF Shares do change listing 
standards, the Exchange would have to comply with all requirements 
of Rule 19b-4(e) with respect to such Class ETF Shares.
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    Proposed Rule 5.2(j)(9)(b), titled ``Applicability,'' would provide 
that the proposed rule would be applicable only to Class ETF Shares. 
Except to the extent inconsistent with proposed Rule 5.2(j)(9), or 
unless the context otherwise requires, the rules and procedures of the 
Board of Directors shall be applicable to the trading on the Exchange 
of such securities. Class ETF Shares are included within the definition 
of ``security'' or ``securities'' as such terms are used in the Rules 
of the Exchange. Proposed Rule 5.2(j)(9)(b) is based on NYSE Arca Rule 
5.2-E(j)(9)(b) without any changes.
    Proposed Rule 5.2(j)(9)(c), titled ``Definitions,'' would set forth 
the meanings of terms as used in the Rule unless the context otherwise 
requires. Proposed Rule 5.2(j)(9)(c) is based on NYSE Arca Rule 5.2-
E(j)(9)(c) with only non-substantive changes as noted below.
    Proposed Rule 5.2(j)(9)(c)(1) would provide that the term ``Class 
ETF Shares'' means shares of the ETF Class issued by a Multi-Class 
Fund. Proposed Rule 5.2(j)(9)(c)(1) is based on NYSE Arca Rule 5.2-
E(j)(9)(c)(1) without any changes.
    Proposed Rule 5.2(j)(9)(c)(2) would provide that the term ``ETF 
Class'' means the class of exchange-traded shares of a Multi-Class Fund 
that (i) operates as an exchange-traded fund pursuant to exemptive 
relief granted by order under the Investment Company Act (``Multi-Class 
Fund Exemptive Relief''), and (ii) is in compliance with the 
requirements of Rules 5.2(j)(9)(e)(1)(ii) and 5.2(j)(9)(e)(2)(A)(ii) 
discussed below on an initial and continued listing basis. Proposed 
Rule 5.2(j)(9)(c)(2) is based on NYSE Arca Rule 5.2-E(j)(9)(c)(2) with 
only non-substantive changes to update internal references to refer to 
NYSE Texas rules rather than NYSE Arca rules.
    Proposed Rule 5.2(j)(9)(c)(3) would provide that the term ``Multi-
Class Fund'' means a registered open-end management company that (i) 
pursuant to Multi-Class Fund Exemptive Relief, issues Class ETF Shares 
and one or more classes of shares that are not exchange traded, and 
(ii) is in compliance with the conditions and requirements of the 
Multi-Class Fund Exemptive Relief. Proposed Rule 5.2(j)(9)(c)(3) is 
based on NYSE Arca Rule 5.2-E(j)(9)(c)(3) without any changes.
    Proposed Rule 5.2(j)(9)(c)(4) would provide that the term 
``Reporting Authority'' in respect of a particular Multi-Class Fund 
means the Exchange, an institution, or a reporting service designated 
by the Exchange or by the exchange that lists Class ETF Shares (if the 
Exchange is trading such securities pursuant to unlisted trading 
privileges) as the official source for calculating and reporting 
information relating to such Multi-Class Fund, including, but not 
limited to, the amount of any dividend equivalent payment or cash 
distribution to holders of Class ETF Shares, net asset value, index or 
portfolio value, the current value of the portfolio of securities 
required to be deposited in connection with the issuance of Class ETF 
Shares, or other information relating to the issuance, redemption or 
trading of Class ETF Shares. A Multi-Class Fund may have more than one 
Reporting Authority, each having different functions. Proposed Rule 
5.2(j)(9)(c)(4) is based on NYSE Arca Rule 5.2-E(j)(9)(c)(4) without 
any changes.
    Proposed Rule 5.2(j)(9)(d), titled ``Limitation of Exchange 
Liability,'' would provide that neither the Exchange, the Reporting 
Authority, nor any agent of the Exchange shall have any liability for 
damages, claims, losses or expenses caused by any errors, omissions, or 
delays in calculating or disseminating any current index or portfolio 
value; the current value of the portfolio of securities required to be 
deposited to the Multi-Class Fund in connection with the issuance of 
Class ETF Shares; the amount of any dividend equivalent payment or cash 
distribution to holders of Class ETF Shares; net asset value; or other 
information relating to the purchase, redemption, or trading of Class 
ETF Shares, resulting from any negligent act or omission by the 
Exchange, the Reporting Authority, or any agent of the Exchange, or any 
act, condition, or cause beyond the reasonable control of the Exchange, 
its agent, or the Reporting Authority, including, but not limited to, 
an act of God; fire; flood; extraordinary weather conditions; war; 
insurrection; riot; strike; accident; action of government; 
communications or power failure; equipment or software malfunction; or 
any error, omission, or delay in the reports of transactions in one or 
more underlying securities. Proposed Rule 5.2(j)(9)(d) is based on NYSE 
Arca Rule 5.2-E(j)(9)(d) without any changes.
    Proposed Rule 5.2(j)(9)(e) would provide that the Exchange may 
approve Class ETF Shares of a Multi-Class Fund for listing and/or 
trading (including pursuant to unlisted trading privileges) pursuant to 
Rule 19b-4(e) of the Act. For each listed Class ETF Shares, the ETF 
Class and the Multi-Class Fund issuing the Class ETF Shares, as 
applicable, must satisfy the requirements of Rule 5.2(j)(9) upon 
initial listing and, except for subparagraph (1)(A) of Rule 
5.2(j)(9)(e), on a continuing basis. An issuer of such securities must 
notify the Exchange of any failure to comply with such requirements. 
Proposed Rule 5.2(j)(9)(e) is based on NYSE Arca Rule 5.2-E(j)(9)(e) 
with only a non-substantive change to update an internal reference

[[Page 10161]]

to refer to the NYSE Texas rule rather than the NYSE Arca rule.
    Proposed Rule 5.2(j)(9)(e)(1), titled ``Initial and Continued 
Listing,'' would provide that Class ETF Shares will be listed and 
traded on the Exchange provided that: (i) the Multi-Class Fund is 
eligible to operate an ETF Class as an exchange-traded fund pursuant 
to, and is otherwise in compliance with the terms and conditions of, 
the Multi-Class Fund Exemptive Relief; (ii) the ETF Class is in 
compliance with the conditions and requirements of Rule 6c-11 under the 
Investment Company Act, except as noted in such Multi-Class Fund 
Exemptive Relief; and (iii) the ETF Class and the Multi-Class Fund each 
satisfies the requirements of this Rule, as applicable, on an initial 
and continued listing basis. Proposed Rule 5.2(j)(9)(e)(1)(A), titled 
``Initial Shares Outstanding,'' would provide that the Exchange will 
establish a minimum number of Class ETF Shares required to be 
outstanding at the time of commencement of trading on the Exchange. 
Proposed Rules 5.2(j)(9)(e)(1) and 5.2(j)(9)(e)(1)(A) are based on NYSE 
Arca Rules 5.2-E(j)(9)(e)(1) and 5.2-E(j)(9)(e)(1)(A) without any 
changes.
    Proposed Rule 5.2(j)(9)(e)(2), titled ``Suspension of trading or 
removal,'' would provide that the Exchange will consider the suspension 
of trading in, and will commence delisting proceedings under Article 
22, Rule 4 of, Class ETF Shares under any of the following 
circumstances:
    <bullet> if the Exchange becomes aware that with respect to the 
Class ETF Shares: (i) the Multi-Class Fund is no longer eligible to 
operate an ETF Class as an exchange-traded fund pursuant to, or is 
otherwise no longer in compliance with the terms and conditions of, the 
Multi-Class Fund Exemptive Relief; or (ii) the ETF Class is no longer 
in compliance with the conditions and requirements of Rule 6c-11 under 
the Investment Company Act, except as noted in such Multi-Class Fund 
Exemptive Relief (proposed Rule 5.2(j)(9)(e)(2)(A));
    <bullet> if any of the other listing requirements set forth in 
proposed Rule 5.2(j)(9) are not continuously maintained (proposed Rule 
5.2(j)(9)(e)(2)(B));
    <bullet> if, following the initial twelve-month period after 
commencement of trading on the Exchange of Class ETF Shares, there are 
fewer than 50 beneficial holders of Class ETF Shares (proposed Rule 
5.2(j)(9)(e)(2)(C)); or
    <bullet> if such other event shall occur or condition exists which, 
in the opinion of the Exchange, makes further dealings on the Exchange 
inadvisable (proposed Rule 5.2(j)(9)(e)(2)(D)).
    Proposed Rule 5.2(j)(9)(e)(2) and the subparagraphs thereunder are 
based on NYSE Arca Rule 5.2-E(j)(9)(e)(2) and its subparagraphs with 
only non-substantive changes to update internal references to refer to 
NYSE Texas rules rather than NYSE Arca rules.
    Proposed Rule 5.2(j)(9)(f) would provide that transactions in Class 
ETF Shares will occur during the trading hours specified in Rule 
7.34(a). Proposed Rule 5.2(j)(9)(f) is based on NYSE Arca Rule 5.2-
E(j)(9)(f) with only a non-substantive change to update an internal 
reference to refer to the NYSE Texas rule rather than the NYSE Arca 
rule.
    Proposed Rule 5.2(j)(9)(g), titled ``Surveillance Procedures,'' 
would provide that the Exchange will implement and maintain written 
surveillance procedures for Class ETF Shares. Proposed Rule 
5.2(j)(9)(g) is based on NYSE Arca Rule 5.2-E(j)(9)(g) without any 
changes.
    Proposed Rule 5.2(j)(9)(h), titled ``Termination,'' would provide 
that with respect to the Class ETF Shares, upon termination of the 
Multi-Class Fund or the ETF Class, as the case may be, the Exchange 
requires that the Class ETF Shares be removed from Exchange listing. 
Proposed Rule 5.2(j)(9)(h) is based on NYSE Arca Rule 5.2-E(j)(9)(h) 
without any changes.
    The Exchange proposes to add Commentary .01 to proposed Rule 
5.2(j)(9). Proposed Commentary .01 to Rule 5.2(j)(9) would provide that 
the following requirements shall be met by Class ETF Shares on an 
initial and continued listing basis. Proposed Commentary .01 and the 
subparagraphs thereunder are based on Commentary .01 to NYSE Arca Rule 
5.2-E(j)(9) and its subparagraphs without any changes.
    Subsection (a)(1) of proposed Commentary .01 would provide that 
with respect to Class ETF Shares based on an index, if the underlying 
index is maintained by a broker-dealer or fund adviser, the broker-
dealer or fund adviser will erect and maintain a ``fire wall'' around 
the personnel who have access to information concerning changes and 
adjustments to the index and the index will be calculated by a third 
party who is not a broker-dealer or fund adviser.
    Subsection (a)(2) of proposed Commentary .01 would provide that any 
advisory committee, supervisory board, or similar entity that advises a 
Reporting Authority (as defined in the proposed rule) or that makes 
decisions on the index composition, methodology and related matters, 
must implement and maintain, or be subject to, procedures designed to 
prevent the use and dissemination of material non-public information 
regarding the applicable index.
    Subsection (b) of proposed Commentary .01 would provide that with 
respect to a Multi-Class Fund that is actively managed, if the 
investment adviser to the Multi-Class Fund issuing Class ETF Shares is 
affiliated with a broker-dealer, such investment adviser will erect and 
maintain a ``fire wall'' between the investment adviser and the broker-
dealer with respect to access to information concerning the composition 
and/or changes to such Multi-Class Fund's portfolio. Further, personnel 
who make decisions on the portfolio composition must be subject to 
procedures designed to prevent the use and dissemination of material 
non-public information regarding the applicable portfolio. The 
Reporting Authority that provides information relating to the Multi-
Class Fund's portfolio must also implement and maintain, or be subject 
to, procedures designed to prevent the use and dissemination of 
material non-public information regarding the actual components of such 
portfolio.
Proposed Conforming Changes
    The Exchange proposes to add Class ETF Shares to the definition of 
``Derivative Securities Product and UTP Derivative Securities Product'' 
in Rule 1.1(k). This proposed change would align the treatment of Class 
ETF Shares with how other exchange-traded products are treated under 
the Exchange's rules. The proposed changes to Rule 1.1(k) would also 
align with the inclusion of Class ETF Shares in the definition of 
``Derivative Securities Product and UTP Derivative Securities Product'' 
in NYSE Arca Rule 1.1.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Act,\5\ in general, and furthers the objectives of Section 6(b)(5),\6\ 
in that it is designed to promote just and equitable principles of 
trade, 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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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes proposed Rule 5.2(j)(9) would promote just 
and equitable principles of trade, remove impediments to, and perfect 
the mechanism of, a free and open market and a national market system, 
and protect investors and the public interest by establishing generic 
standards for

[[Page 10162]]

listing and trading of Class ETF Shares. Proposed Rule 5.2(j)(9) would 
allow Class ETF Shares that meet the requirements of the Rule to be 
listed and traded on the Exchange without prior Commission approval 
order or notice of effectiveness pursuant to Section 19(b) of the Act. 
Accordingly, the proposed rule change would promote just and equitable 
principles of trade, remove impediments to, and perfect the mechanism 
of, a free and open market and a national market system, and protect 
investors and the public interest because it would facilitate efficient 
procedures for listing Class ETF Shares that meet the requirements of 
proposed Rule 5.2(j)(9), thereby reducing the time, resources, and 
costs associated with bringing new series of Class ETF Shares to market 
and promoting competition among issuers of such products, to the 
benefit of the market participants. In addition, the Exchange believes 
that the proposed rule change would further the intended objective of 
Rule 19b-4(e) under the Act by permitting Class ETF Shares that satisfy 
the proposed listing standards in proposed Rule 5.2(j)(9) to be listed 
and traded without separate Commission approval.
    The Exchange further believes that the proposed changes would 
promote just and equitable principles of trade, remove impediments to, 
and perfect the mechanism of, a free and open market and a national 
market system, and protect investors and the public interest because 
the proposed rules are based on the rules of the Exchange's affiliated 
market, NYSE Arca, which rules have been approved by the Commission. 
Accordingly, the proposed rule changes would facilitate the Exchange's 
ability to list and trade Class ETF Shares under generic listing 
standards identical to NYSE Arca's. The Exchange also believes that the 
proposed rule change would remove impediments to and perfect the 
mechanism of a free and open market and a national market system by 
promoting consistency across the rules of affiliated exchanges.

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. Instead, the Exchange 
believes that the proposed rule change would facilitate the listing and 
trading of Class ETF Shares through an efficient process that would 
enhance competition among market participants, to the benefit of 
investors and the marketplace. The Exchange believes that the proposed 
generic listing standards in Rule 5.2(j)(9) would reduce the timeframe 
for bringing additional series of Class ETF Shares to market, thereby 
reducing the burdens on issuers and other market participants and 
promoting competition among issuers of such products.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    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 self-regulatory organization consents, the Commission will:
    (A) by order approve or disapprove the 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, as modified by Amendment No. 1, 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#c9bbbca5ace4aaa6a4a4aca7bdba89baacaae7aea6bf"><span class="__cf_email__" data-cfemail="146661787139777b7979717a6067546771773a737b62">[email&#160;protected]</span></a>. Please include 
file number SR-NYSETEX-2026-05 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-NYSETEX-2026-05. 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-NYSETEX-2026-05 and should be submitted 
on or before March 23, 2026.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-04018 Filed 2-27-26; 8:45 am]
BILLING CODE 8011-01-P


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