Notice2026-05163
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Methodology for Assessment and Collection of the Options Regulatory Fee (ORF)
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
March 17, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 51 (Tuesday, March 17, 2026)</title>
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[Federal Register Volume 91, Number 51 (Tuesday, March 17, 2026)]
[Notices]
[Pages 12851-12854]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-05163]
[[Page 12851]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104984; File No. SR-BOX-2026-05]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Adopt a New
Methodology for Assessment and Collection of the Options Regulatory Fee
(ORF)
March 12, 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 March 6, 2026, BOX Exchange LLC (the ``Exchange'') filed with
the Securities and Exchange Commission (the ``Commission'') a proposed
rule change as described in Items I and II 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
The Exchange is filing with the Securities and Exchange Commission
(``Commission'') a proposed rule change to amend the Fee Schedule to
amend Section II. (Regulatory Fees) of the Fee Schedule relating to the
Options Regulatory Fee (``ORF'') to adopt a new methodology for
assessment and collection of ORF for transactions that occur on the
Exchange (``On-Exchange ORF'').
While the changes proposed herein are effective upon filing, the
Exchange intends to collect ORF under its current methodology for
assessment and collection of ORF until at least June 30, 2026. The
Exchange is prepared to implement On-Exchange ORF effective July 1,
2026, if by April 1, 2026, all U.S. options exchanges charging an ORF
have filed to modify their current methodologies for assessment of ORF
to limit the fee to transactions occurring on their respective
exchange.\3\ However, if all other options exchanges have not filed to
adopt a similar methodology by April 1, 2026, the Exchange will delay
implementation commensurate with the additional time required for other
options exchanges to adopt a similar method for collection and
assessment of ORF.\4\ The Exchange will file a separate rule filing
with the On-Exchange ORF fee in advance of assessing and collecting it
under the proposed method.\5\ 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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\3\ As of the date of filing this proposal, the Exchange
acknowledges that all U.S. options exchanges have filed to modify
their current ORFs to adopt a similar methodology.
\4\ The Exchange may also delay implementation if certain
currently unresolved operational issues remain so and impact the
industry's ability to transition to the new methodology on July 1,
2026, commensurate with any additional time required to resolve such
issues (and will continue collecting ORF under its current
methodology until such time that the new ORF methodology is
implemented).
\5\ As is the case today, the Exchange will notify Participants
via Regulatory Notice of the applicable On-Exchange ORF rate at
least 30 calendar days prior to the effective date of the change.
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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 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 its current methodology for
assessment and collection of a regulatory fee to assess On-Exchange ORF
only for options transactions that occur on the Exchange that would
clear in the ``customer'' \6\ range at The Options Clearing Corporation
(``OCC''). The Exchange would no longer assess a regulatory fee for
options transactions that occur on other exchanges. This proposal only
proposes to amend the method of assessment and collection of the fee. A
future rule filing would be filed to set the applicable On-Exchange ORF
rate in advance of assessing and collecting it under the proposed
method. The following provides more detail regarding the proposal.
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\6\ Currently, The ORF is collected by OCC on behalf of BOX from
either (1) a Participant that was the ultimate clearing firm for the
transaction or (2) a non-Participant that was the ultimate clearing
firm where a Participant was the executing clearing firm for the
transaction. The Exchange uses reports from OCC to determine the
identity of the executing clearing firm and ultimate clearing firm.
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Background
The ORF is designed to cover a material portion of the costs to the
Exchange of the supervision and regulation of Participant's \7\
customer options business, including performing routine surveillances,
investigations, examinations, financial monitoring, as well as policy,
rulemaking, interpretive and enforcement activities. The Exchange
believes that revenue generated from the ORF, when combined with all of
the Exchange's other regulatory fees and fines, will cover a material
portion, but not all, of the Exchange's regulatory costs.
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\7\ The term ``Participant'' means a firm, or organization that
is registered with the Exchange pursuant to the Rule 2000 Series for
purposes of participating in trading on a facility of the Exchange
and includes an ``Options Participant'' and ``BSTX Participant.''
See BOX Rule 100.
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Collection of ORF
The Exchange assesses the per-contract ORF to each Participant for
all options transactions cleared or ultimately cleared by the
Participant, which are cleared by the OCC in the ``customer'' range,\8\
regardless of the exchange on which the transaction occurs. The ORF is
collected by OCC on behalf of the Exchange from either: (1) a
Participant that was the ultimate clearing firm \9\ for the
transaction; or (2) a non-Participant that was the ultimate clearing
firm where a Participant was the executing clearing firm \10\ for the
transaction. The Exchange uses reports from OCC to determine the
identity of the executing clearing firm and ultimate clearing firm.
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\8\ Exchange participants must record the appropriate account
origin code on all orders at the time of entry in order. The
Exchange represents that it has surveillances in place to verify
that Participants mark orders with the correct account origin code.
\9\ The Exchange takes into account any Clearing Member Trade
Assignment (``CMTA'') transfers when determining the ultimate
clearing firm for a transaction. CMTA is a form of ``give up''
whereby the position will be assigned to a specific clearing firm at
the OCC.
\10\ Throughout this filing, ``executing clearing firm'' means
the clearing firm through which the entering broker indicated that
the transaction would be cleared at the time it entered the original
order which executed, and that clearing firm could be a designated
``give up'', if applicable. The executing clearing firm may be the
ultimate clearing firm if no CMTA transfer occurs. If a CMTA
transfer occurs, however, the ultimate clearing firm would be the
clearing firm that the position was transferred to for clearing via
CMTA.
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To illustrate how the ORF is assessed and collected, the Exchange
provides the following set of examples. If the transaction is executed
on the Exchange and the ORF is assessed, if there is no
[[Page 12852]]
change to the clearing account of the original transaction, then the
ORF is collected from the Participant that is the executing clearing
firm for the transaction. (The Exchange notes that, for purposes of the
Fee Schedule, when there is no change to the clearing account of the
original transaction, the executing clearing firm is deemed to be the
ultimate clearing firm.) If there is a change to the clearing account
of the original transaction (i.e., the executing clearing firm ``gives-
up'' or ``CMTAs'' the transaction to another clearing firm), then the
ORF is collected from the clearing firm that ultimately clears the
transaction--the ultimate clearing firm. The ultimate clearing firm may
be either a Participant or non-Participant of the Exchange. If the
transaction is executed on an away exchange and the ORF is assessed,
then the ORF is collected from the ultimate clearing firm for the
transaction. Again, the ultimate clearing firm may be either a
Participant or non-Participant of the Exchange. The Exchange notes,
however, that when the transaction is executed on an away exchange, the
Exchange does not assess the ORF when neither the executing clearing
firm nor the ultimate clearing firm is a Participant (even if a
Participant is ``given-up'' or ``CMTAed'' and then such Participant
subsequently ``gives-up'' or ``CMTAs'' the transaction to another non-
Participant via a CMTA reversal). Finally, the Exchange does not assess
the ORF on outbound linkage trades, whether executed at the Exchange or
an away exchange. ``Linkage trades'' are tagged in the Exchange's
system, so the Exchange can readily tell them apart from other trades.
ORF Revenue and Monitoring of ORF
The Exchange monitors the amount of revenue collected from the ORF
to ensure that it, in combination with other regulatory fees and fines,
does not exceed regulatory costs. In determining whether an expense is
considered a regulatory cost, the Exchange reviews all costs and makes
determinations if there is a nexus between the expense and a regulatory
function. The Exchange notes that fines collected by the Exchange in
connection with a disciplinary matter offset ORF.
The Exchange believes that its broad regulatory responsibilities
with respect to a Participant's activities supports applying the ORF to
transactions cleared but not executed by a Participant. The Exchange's
regulatory responsibilities are the same regardless of whether a
Participant enters a transaction or clears a transaction executed on
its behalf. The Exchange regularly reviews all such activities,
including performing surveillance for position limit violations,
manipulation, front-running, contrary exercise advice violations and
insider trading.
Revenue generated from ORF, when combined with all of the
Exchange's other regulatory fees and fines, is designed to cover a
material portion of the regulatory costs to the Exchange of the
supervision and regulation of Participant's customer options business
including performing routine surveillances, investigations,
examinations, financial monitoring, and policy, rulemaking,
interpretive, and enforcement activities. Unlike other options
exchanges, all of the Exchange's expenses support the regulatory
function as the Exchange is a fully separate legal entity from BOX
Options Market LLC, the equity options facility of the Exchange. The
Exchange fulfills the regulatory functions and responsibilities as a
national securities exchange registered with the SEC under Section 6 of
the Securities Exchange Act of 1934, and oversees the BOX Options
Market. Exchange expenses are solely regulatory in nature because, due
to the unique structure between the Exchange and the BOX Options Market
facility, the Exchange expenses are separate from the BOX Options
Market facility expenses and there can be no commingling of the funds.
Put another way, all of the Exchange's expenses support the regulatory
function of BOX Exchange because the Exchange expenses are completely
separate from the BOX Options Market facility expenses. The ORF is
designed to cover a material portion of these regulatory costs to the
Exchange, including the supervision and regulation of its Participant's
customer options business, including performing routine surveillances,
investigations, examinations, financial monitoring, and policy,
rulemaking, interpretive, and enforcement activities.
Proposal
The Exchange appreciates the evolving changes in the market and
regulatory environment and has been evaluating its current
methodologies and practices for the assessment and collection of ORF
while considering industry and the Securities and Exchange Commission
(the ``Commission'') feedback. As a result of this review, the Exchange
proposes to modify its current ORF to continue to assess ORF for
options transactions cleared by OCC in the ``customer'' range, however
ORF would be assessed on each side of an options transaction cleared by
the OCC in the ``customer'' range for executions that occur on the
Exchange. Specifically, the ORF would continue to be collected by OCC
on behalf of the Exchange from Participants and non-Participants for
all ``customer'' transactions executed on the Exchange. ORF would be
assessed and collected on all ultimately cleared ``customer''
contracts, taking into account adjustments for CMTA that were provided
to the Exchange the same day as the trade.\11\
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\11\ Adjustments to CMTA that occur at OCC would not be taken
into account.
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Further, the Exchange would bill ORF according to the clearing
instructions provided on the execution. More specifically, the Exchange
proposes to assess ORF based on the clearing instruction provided on
the execution on trade date and would not take into consideration CMTA
changes or transfers that occur at OCC.\12\ As a result of this
proposed rule change, if a Participant executes a customer transaction
on the Exchange and is the Clearing Participant \13\ on record on the
transaction on the Exchange, the ORF will be assessed to that
Participant. With this proposal, in the case where a Participant
executes a customer transaction on the Exchange and a different
Participant is the Clearing Participant on record on the transaction on
the Exchange, the ORF will be assessed to and collected from the
Participant who is the Clearing Participant on record on the
transaction and not the Participant who executes the transaction.
Additionally, in the case where a Participant executes a customer
transaction on the Exchange and a non-Participant is the Clearing
Participant on record on the transaction on the Exchange, the ORF will
be assessed to the non-Participant who is the Clearing Participant on
record on the transaction and not the Participant who executes the
transaction. With this proposal, in the case where a Participant
executes a customer transaction not on the Exchange, the Exchange will
not assess an ORF, regardless of how the transaction is cleared. As is
the case today, OCC will collect ORF from OCC clearing members on
behalf of the Exchange based on the Exchange's instructions.
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\12\ Adjustments that were made the same day as the trade on the
Exchange will be taken into account.
\13\ The term ``Clearing Participant'' means an Options
Participant that is self-clearing or an Options Participant that
clears BOX Transactions for other Options Participants of BOX. See
BOX Rule 100.
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With this proposal, the Exchange intends to collect ORF under its
current methodology for assessment and collection of ORF until at least
June 30,
[[Page 12853]]
2026. The Exchange is prepared to implement On-Exchange ORF effective
July 1, 2026, if by April 1, 2026, all U.S. options exchanges charging
an ORF have filed to modify their current methodologies of assessment
of the fee to limit the fee to transactions occurring on their
respective exchange. However, if all other options exchanges have not
filed to adopt a similar methodology by April 1, the Exchange will
delay implementation commensurate with the additional time required for
other options exchanges to adopt a similar method for collection and
assessment of ORF.\14\ The Exchange will at that time file a separate
rule filing with the amount of the On-Exchange ORF in advance of
assessing and collecting the fee under the proposed method. As is the
case today, the Exchange will notify Participants via Regulatory Notice
of the applicable On-Exchange ORF rate at least 30 calendar days prior
to the effective date of the change. The Exchange believes a fee to
cover a material portion of costs for regulatory programs associated
with monitoring activities is reasonable; however, the Exchange would
consider alternative approaches for assessment and collection of the
fee in order to achieve consistency across the industry.
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\14\ The Exchange again notes that it may also delay
implementation if certain currently unresolved operational issues
remain so and impact the industry's ability to transition to the new
methodology on July 1, 2026, commensurate with any additional time
required to resolve such issues (and will continue collecting ORF
under its current methodology until such time that the new ORF
methodology is implemented).
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The Exchange will continue to monitor the amount of revenue
collected from the ORF to ensure that it, in combination with its other
regulatory fees and fines, does not exceed the Exchange's total
regulatory costs.
The Exchange will monitor its regulatory costs and revenues at a
minimum on a semi-annual basis. If the Exchange determines regulatory
revenues exceed or are insufficient to cover a material portion of its
regulatory costs in a given year, the Exchange will adjust the On-
Exchange ORF by submitting a fee change filing to the Commission. The
Exchange will notify Participants of adjustments to the On Exchange ORF
via a Regulatory Notice in advance of any change.
Lastly, the Exchange also proposes to make non-substantive
technical changes within Section II.C. of the Fee Schedule to add
numbering within subsection C and relocate Endnote 14.
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,\15\ 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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\15\ 15 U.S.C. 78f(b)(4) and (5).
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The Exchange believes that the proposed change to assess and
collect an On-Exchange ORF is reasonable, equitable and not unfairly
discriminatory for various reasons. First, On-Exchange ORF is
reasonable, equitable and not unfairly discriminatory in that it is
charged to all Exchange transactions that clear in the ``customer''
range at the OCC. Similar to ORF today, the Exchange believes On-
Exchange ORF ensures fairness by assessing a specific fee to those
Participants that require more Exchange regulatory services based on
the amount of customer options business they conduct. Over recent
years, options trading volume has increased with a growing percentage
of the volume applicable to customer transactions. Customers trading on
the Exchange (through a Participant) benefit from the protections of a
robust regulatory program including the maintenance of fair and orderly
markets and protections against fraud and other manipulation. The
Exchange believes it is equitable and not unfairly discriminatory to
assess a regulatory fee to transactions that clear in the ``customer''
range to cover regulatory costs, but not to transactions clearing in
the ``firm'' or ``market maker'' range because Clearing Participants
and Market Makers \16\ (who clear in the Firm and Market Maker range),
as those market participants are generally subject to other Exchange
fees, fines and obligations. For example, Clearing Participants and
Market Makers are required to pay Exchange application fees, permit
fees, and connectivity fees, amongst others. In addition, all fines
issued by the Exchange for regulatory infractions are assessed only to
Participants and would be applied to regulatory revenues. As with
today's ORF, the Exchange expects that Clearing Participants from whom
On-Exchange ORF is collected will pass through the fee to their
customers (as the Exchange understands occurs today). In addition,
Market Makers in particular are subject to various quoting and other
obligations to ensure that they provide stable and liquid markets,
which benefit all market participants including customers. Excluding
Market Maker transactions from On-Exchange ORF will allow Market Makers
to better manage their costs more effectively thus enabling them to
better allocate resources toward technology, risk management, and
capacity to ensure continued liquidity provision.
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\16\ The term ``Market Maker'' means an Options Participant
registered with the Exchange for the purpose of making markets in
options contracts traded on the Exchange and that is vested with the
rights and responsibilities specified in the Rule 8000 Series. All
Market Makers are designated as specialists on the Exchange for all
purposes under the Exchange Act or Rules thereunder. See BOX Rule
100.
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In addition to the overall increase in ``customer'' range volume
generally, regulating customer trading activity is more labor intensive
and requires greater expenditure of human and technical resources than
regulating non-customer trading activity, which tends to be more
automated and less labor-intensive. For example, there are costs
associated with main office and branch office examinations (e.g., staff
and travel expenses), as well as investigations into customer
complaints and terminations of registered persons. As a result, the
costs associated with administering the customer component of the
Exchange's overall regulatory program are materially higher than the
costs associated with administering the non-customer component (e.g.,
Clearing Participant proprietary transactions) of its regulatory
program.\17\ While the Exchange notes that it has broad regulatory
responsibilities with respect to its Participant's activities,
irrespective of where their transactions take place, the Exchange
believes it is reasonable to assess the proposed fee to only those
transactions occurring on the Exchange. The proposed change more
narrowly tailors the fee to products and transactions with a direct
connection to the Exchange. With this proposal, transactions that would
clear in the ``customer'' range occurring on other exchanges would no
longer be subject to an ORF assessed by the Exchange.
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\17\ If the Exchange changes its method of funding regulation or
if circumstances otherwise change in the future, the Exchange may
decide to modify On-Exchange ORF or assess a separate regulatory fee
on Participant proprietary transactions if the Exchange deems it
advisable.
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The Exchange believes it is equitable and not unduly discriminatory
to modify the method of collecting the fee such that On-Exchange ORF
will not consider CMTAs reported directly to OCC as is done in today's
method of ORF. CMTA transfers are considered today under the current
collection methodology for ORF as a convenience to industry members in
administering a pass through of the fee to their customers. Limiting
the On-Exchange
[[Page 12854]]
ORF to transactions on the Exchange poses a limitation in the use of
CMTA for this purpose. The Exchange understands that a CMTA may be
added at order entry, via post-trade edit on the Exchange, or post-
trade at OCC. CMTA transfers that occur at OCC do not necessarily
contain reliable information regarding the Exchange on which the
original transaction occurred.\18\ Without specific information as to
where the original transaction occurred, the Exchange would not be able
to accurately account for CMTA transfers that occur at OCC.
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\18\ Under the current methodology for assessing ORF, the
Exchange on which the transaction occurred is irrelevant.
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The Exchange further believes that the proposed change to the
method for assessment and collection of the fee is reasonable because
it would help ensure that revenue collected from the On-Exchange ORF,
in combination with other regulatory fees and fines, would cover a
material portion of the Exchange's regulatory costs.
As noted above, the Exchange will also continue to monitor on at
least a semiannual basis the amount of revenue collected from the On-
Exchange ORF, even as amended, to ensure that it, in combination with
its other regulatory fees and fines, would cover a material portion of
the Exchange's regulatory costs and not exceed it.
Lastly, the Exchange believes the proposed changes within Section
II.C. of the Fee Schedule to add numbering within subsection C and
relocate Endnote 14 are reasonable, equitable, and not unfairly
discriminatory, as 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. This proposal does not create
an unnecessary or inappropriate intra-market burden on competition
because On-Exchange ORF applies to all customer activity on the
Exchange, thereby raising regulatory revenue to offset regulatory
expenses. It also supplements the regulatory revenue derived from non-
customer activity. The Exchange notes, however, the proposed change is
not designed to address any competitive issues. Indeed, this proposal
does not create an unnecessary or inappropriate inter-market burden on
competition because it is a regulatory fee that supports regulation in
furtherance of the purposes of the Act. The Exchange is obligated to
ensure that the amount of regulatory revenue collected from the On-
Exchange ORF, in combination with its other regulatory fees and fines,
does not exceed regulatory costs. In addition, the Exchange will not
implement the On-Exchange ORF until all other options exchanges are
prepared to adopt a similar model to avoid overlapping ORFs.
Lastly, the Exchange believes the proposed changes within Section
II.C. of the Fee Schedule to add numbering within subsection C and
relocate Endnote 14 do not impose an undue burden on competition, as
these non-substantive technical 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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \19\ and paragraph (f) of Rule 19b-4 \20\
thereunder. 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 shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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\19\ 15 U.S.C. 78s(b)(3)(A).
\20\ 17 CFR 240.19b-4(f).
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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#90e2e5fcf5bdf3fffdfdf5fee4e3d0e3f5f3bef7ffe6"><span class="__cf_email__" data-cfemail="552720393078363a3838303b2126152630367b323a23">[email protected]</span></a>. Please include
file number SR-BOX-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-BOX-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-BOX-2026-05 and should be submitted on
or before April 7, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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\21\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-05163 Filed 3-16-26; 8:45 am]
BILLING CODE 8011-01-P
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