Notice2026-06923
Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Amendment No. 2 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 2, To Adopt New Rule 5.2(j)(9) To Permit the Generic Listing and Trading of Class Exchange-Traded Fund Shares
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
April 10, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 69 (Friday, April 10, 2026)</title>
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[Federal Register Volume 91, Number 69 (Friday, April 10, 2026)]
[Notices]
[Pages 18499-18506]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-06923]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105165; File No. SR-NYSE-2026-10]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Amendment No. 2 and Order Granting Accelerated
Approval of a Proposed Rule Change, as Modified by Amendment No. 2, To
Adopt New Rule 5.2(j)(9) To Permit the Generic Listing and Trading of
Class Exchange-Traded Fund Shares
April 7, 2026.
On February 12, 2026, New York Stock Exchange LLC (``NYSE'' 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 Rule 5.2(j)(9) to permit the
generic listing and trading of Class Exchange-Traded Fund Shares. On
February 23, 2026, the Exchange filed Amendment No. 1, which amended
and replaced the proposed rule change in its entirety. The proposed
rule change, as modified by Amendment No. 1, was published for comment
in the Federal Register on March 2, 2026.\3\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 104889 (Feb. 25,
2026), 91 FR 10164.
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On March 4, 2026, the Exchange filed Amendment No. 2, which amended
and replaced the proposed rule change, as modified by Amendment No. 1,
in its entirety.\4\ The Commission has received no comments regarding
the proposed rule change.
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\4\ Amendment No. 2 to the proposed rule change is available on
the Commission's website at: <a href="https://www.sec.gov/comments/sr-nyse-2026-10/srnyse202610-719127-2251554.pdf">https://www.sec.gov/comments/sr-nyse-2026-10/srnyse202610-719127-2251554.pdf</a>.
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The Commission is publishing this notice and order to solicit
comments on the proposed rule change, as modified by Amendment No. 2,
from interested persons and to grant approval of the proposed rule
change, as modified by Amendment No. 2, on an accelerated basis.
I. The Exchange's Description of the Proposal, as Modified by Amendment
No. 2
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. 2 to SR-NYSE-2026-10 replaces SR-NYSE-2026-10 and Amendment No. 1
thereto as originally filed and supersedes such filings in their
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
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.\5\
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\5\ 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 18500]]
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 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.\6\ 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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\6\ 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 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 to
refer to the NYSE rule rather than the NYSE Arca rule.
Proposed Rule 5.2(j)(9)(e)(1), titled ``Initial and Continued
Listing,'' would
[[Page 18501]]
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 Rule
5.5(m) 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 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 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
``Exchange Traded Product and UTP Exchange Traded Product'' in Rule
1.1(1). 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(l) 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.
The Exchange also proposes conforming changes to Section 302.00 of
the NYSE Listed Company Manual, which sets forth requirements related
to annual meetings.\7\ The Exchange proposes to amend Section 302.00 to
include Class ETF Shares listed pursuant to Rule 5.2(j)(9) in the list
of securities for which the requirements concerning annual meetings do
not apply.
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\7\ The Exchange also proposes two non-substantive formatting
changes in Section 302.00.
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Discussion
The Exchange will monitor for compliance to ensure that (i) the
Multi-Class Fund is, and continues to be, eligible to operate an ETF
Class as an exchange-traded fund pursuant to, and is in otherwise in
compliance with, the terms and conditions of, the Multi-Class Fund
Exemptive Relief, (ii) the ETF Class continues to be compliant with the
conditions and requirements of Rule 6c-11 under the Investment Company
Act, except as noted in such Multi-Class
[[Page 18502]]
Fund Exemptive Relief, and (iii) the ETF Class and the Multi-Class Fund
each satisfies the requirements of Rule 5.2(j)(9), as applicable, on an
initial and continuing basis. Specifically, the Exchange will review
the website of Class ETF Shares listed on the Exchange in order to
ensure that the requirements of Rule 6c-11 are being met. The Exchange
will also employ numerous intraday alerts that will notify Exchange
personnel of trading activity throughout the day that is potentially
indicative of certain disclosures not being made timely or the presence
of other unusual conditions or circumstances that could be detrimental
to the maintenance of a fair and orderly market. As a backstop to the
surveillances described above, the Exchange also notes that Rule
5.2(j)(9) would require an issuer of Class ETF Shares to notify the
Exchange of any failure to comply with the requirements of the proposed
Rule, the Multi-Class Fund Exemptive Relief, or Rule 6c-11 under the
Investment Company Act.
The Exchange may suspend trading in and commence delisting
proceedings for Class ETF Shares where such securities are not in
compliance with the applicable listing standards or where the Exchange
believes that further dealings on the Exchange are inadvisable.\8\ The
Exchange also notes that proposed Rule 5.2(j)(9)(e) requires any issuer
to provide the Exchange with prompt notification after it becomes aware
that: (i) the Multi-Class Fund is no longer eligible to operate an ETF
Class as an exchange-traded fund pursuant to, or otherwise no longer
complies with, the terms and conditions of, the Multi-Class Fund
Exemptive Relief; (ii) the ETF Class is no longer compliant with the
conditions and requirements of Rule 6c-11 under the Investment Company
Act, except as noted in such Multi-Class Fund Exemptive Relief; or
(iii) the ETF Class or the Multi-Class Fund no longer satisfies the
requirements of proposed Rule 5.2(j)(9), as applicable, on an initial
and continuing basis.\9\
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\8\ Specifically, proposed Rule 5.2(j)(9)(e)(1) provides that
Class ETF Shares will be listed and traded on the Exchange subject
to application of proposed Rule 5.2(j)(9)(e)(2). Proposed Rule
5.2(j)(9)(e)(2) provides that the Exchange will consider the
suspension of trading in, and will commence delisting proceedings
under Rule 5.5(m) for, Class ETF Shares under any of the following
circumstances: (i) if the Exchange becomes aware, with respect to
the Class ETF Shares: (1) 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 (2) 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; (ii) if any of the other listing
requirements set forth in this Rule are not continuously maintained;
(iii) 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 such the Class ETF Shares;
or (iv) 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)(h) provides 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 Class ETF Shares be removed from Exchange listing.
\9\ The Exchange notes that failure by an issuer to notify the
Exchange of non-compliance pursuant to proposed Rule 5.2(j)(9)(e)
would itself be considered non-compliance with the requirements of
Rule 5.2(j)(9) and would subject the Class ETF Shares to potential
trading halts and the delisting process under Rule 5.5(m).
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Further, the Exchange also represents that its surveillance
procedures are adequate to properly monitor the trading of the Class
ETF Shares in all trading sessions and to deter and detect violations
of Exchange rules and applicable federal securities laws. Specifically,
the Exchange intends to utilize its existing surveillance procedures
applicable to derivative products, which are currently applicable to
Investment Company Units, Managed Fund Shares, and ETF Shares, among
other product types, to monitor trading in Class ETF Shares on the
Exchange. The Exchange or the Financial Industry Regulatory Authority,
Inc. (``FINRA''), on behalf of the Exchange, will communicate as needed
regarding trading in Class ETF Shares and certain of their applicable
underlying components with other markets that are members of the
Intermarket Surveillance Group (``ISG'') or with which the Exchange has
in place a comprehensive surveillance sharing agreement. In addition,
the Exchange may obtain information regarding trading in Class ETF
Shares and certain of their applicable underlying components from
markets and other entities that are members of ISG or with which the
Exchange has in place a comprehensive surveillance sharing agreement.
Additionally, FINRA, on behalf of the Exchange, is able to access trade
information for certain fixed income securities that may be held by a
Multi-Class Fund for the Class ETF Shares reported to FINRA's Trade
Reporting and Compliance Engine. FINRA also can access data obtained
from the Municipal Securities Rulemaking Board's Electronic Municipal
Market Access system relating to municipal bond trading activity for
surveillance purposes in connection with trading in Class ETF Shares,
to the extent that the Multi-Class Fund for the Class ETF Shares holds
municipal securities. Finally, the issuer of Class ETF Shares will be
required to comply with Rule 10A-3 under the Act for the initial and
continued listing of Class ETF Shares, as provided under Rule 5.3.\10\
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\10\ The Exchange notes that these proposed changes would
subject Class ETF Shares to the same corporate governance
requirements as other open-end management investment companies
listed on the Exchange.
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The Exchange notes that it may consider all relevant factors in
exercising its discretion to halt or suspend trading in Class ETF
Shares. Trading may be halted if the circuit breaker parameters in Rule
7.12 have been reached, because of other market conditions, or for
reasons that, in the view of the Exchange, make trading in the Shares
inadvisable. These may include: (1) the extent to which certain
information about the Class ETF Shares that is required to be disclosed
under Rule 6c-11 under the Investment Company Act is not being made
available, including specifically where the Exchange becomes aware that
the net asset value or the daily portfolio disclosure with respect to
Class ETF Shares is not disseminated to all market participants at the
same time, it will halt trading in such securities until such time as
the net asset value or the daily portfolio disclosure is available to
all market participants; \11\ (2) if an interruption to the
dissemination to the value of the index or reference asset on which
Class ETF Shares is based persists past the trading day in which it
occurred or is no longer calculated or available; (3) trading in the
securities comprising the underlying index or portfolio has been halted
in the primary market(s); or (4) whether other unusual conditions or
circumstances detrimental to the maintenance of a fair and orderly
market are present.
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\11\ The Exchange will obtain a representation from the issuer
of Class ETF Shares that the net asset value per share will be
calculated daily and made available to all market participants at
the same time, and the requirements pertaining to the Multi-Class
Fund Exemptive Relief and Rule 6c-11 under the Investment Company
Act in proposed Rule 5.2(j)(9) will be satisfied.
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The Exchange deems Class ETF Shares to be equity securities and
therefore they would be subject to the full panoply of Exchange rules
and procedures that currently govern the trading of equity securities
on the Exchange.\12\
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\12\ With respect to trading in Class ETF Shares, the Exchange
represents that all ETP Holder obligations relating to product
description and prospectus delivery requirements will continue to
apply in accordance with the Exchange's rules and federal securities
laws, and the Exchange will continue to monitor ETP Holders for
compliance with such requirements, which are not changing as a
result of the Multi-Class Fund Exemptive Relief order issued under
the Investment Company Act.
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[[Page 18503]]
2. Statutory Basic
The proposed rule change is consistent with Section 6(b) of the
Act,\13\ in general, and furthers the objectives of Section
6(b)(5),\14\ 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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\13\ 15 U.S.C. 78f(b).
\14\ 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 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. Discussion and Commission Findings
After careful review, the Commission finds that the proposed rule
change, as modified by Amendment No. 2, is consistent with the Act and
the rules and regulations thereunder applicable to a national
securities exchange.\15\ In particular, the Commission finds that the
proposed rule change, as modified by Amendment No. 2, is consistent
with Section 6(b)(5) of the Act,\16\ which requires, among other
things, that the Exchange's rules be designed to prevent fraudulent and
manipulative acts and practices, to remove impediments to and perfect
the mechanism of a free and open market, and, in general, to protect
investors and the public interest. The Commission also finds that the
proposed rule change, as modified by Amendment No. 2, is consistent
with Section 11A(a)(1)(C)(iii) of the Act, which sets forth Congress'
finding that it is in the public interest and appropriate for the
protection of investors and the maintenance of fair and orderly markets
to assure the availability to brokers, dealers, and investors of
information with respect to quotations for and transactions in
securities.\17\ In addition, the Commission finds that the proposed
rule change, as modified by Amendment No. 2, is consistent with Section
6(b)(1) of the Act,\18\ which requires, among other things, that the
Exchange is so organized and has the capacity to be able to enforce
compliance by its members and persons associated with its members with
the rules of the Exchange.
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\15\ In approving this proposed rule change, as modified by
Amendment No. 2, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. See 15
U.S.C. 78c(f).
\16\ 15 U.S.C. 78f(b)(5).
\17\ See 15 U.S.C. 78k-1(a)(1)(C)(iii).
\18\ 15 U.S.C. 78f(b)(1).
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The Exchange proposes to adopt new NYSE Rule 5.2(j)(9) to permit
the generic listing and trading, or trading pursuant to unlisted
trading privileges, of Class ETF Shares in connection with the Multi-
Class Fund Exemptive Relief granted by order under the Investment
Company Act.\19\ Under the proposal and pursuant to the Multi-Class
Fund Exemptive Relief, a Multi-Class Fund is permitted to issue a class
of shares that are exchange-traded (i.e., ETF Class) and one or more
classes of shares that are not exchange-traded. In accordance with the
Multi-Class Fund Exemptive Relief, the ETF Class operates as an ETF in
compliance with the conditions and requirements of Rule 6c-11 under the
Investment Company Act, except as noted in the Multi-Class Fund
Exemptive Relief. The Exchange also proposes to make conforming changes
to the Exchange's definitions under NYSE Rule 1.1 and the corporate
governance requirements under Section 3 of the NYSE Listed Company
Manual to accommodate the proposed listing of Class ETF Shares.
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\19\ See supra note 5.
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A. Consistency with Section 6(b)(5) of the Act
(1) Proposed NYSE Rule 5.2(j)(9)
Proposed NYSE Rule 5.2(j)(9) is substantively identical to the
Class ETF Shares listing standards of other exchanges, and in
particular, to the Class ETF Shares listing standards in NYSE Arca Rule
5.2-E(j)(9).\20\ In
[[Page 18504]]
approving the Class ETF Shares generic listing standards for the other
exchanges, the Commission determined that the rules to permit the
generic listing and trading of Class ETF Shares were reasonably
designed to help prevent fraudulent and manipulative acts and
practices.\21\ Because proposed NYSE Rule 5.2(j)(9) is based on, and is
substantively identical to, the same listing standards for Class ETF
Shares of other exchanges, the Commission similarly concludes that
proposed NYSE Rule 5.2(j)(9) is reasonably designed to help prevent
fraudulent and manipulative acts and practices.
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\20\ See Securities Exchange Act Release No. 104251 (Nov. 24,
2025), 90 FR 54815 (Nov. 28, 2025) (SR-NYSEARCA-2025-39) (order
approving Class ETF Shares generic listing standards for NYSE Arca).
See also Securities Exchange Act Release No. 104252 (Nov. 24, 2025),
90 FR 54781 (Nov. 28, 2025) (SR-NASDAQ-2025-037) (order approving
Class ETF Shares generic listing standards for The Nasdaq Stock
Market LLC); and Securities Exchange Act Release No. 104247 (Nov.
24, 2025), 90 FR 54796 (Nov. 28, 2025) (SR-CboeBZX-2025-076) (order
approving Class ETF Shares generic listing standards for Cboe BZX
Exchange, Inc.).
\21\ See id.
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Proposed NYSE Rule 5.2(j)(9)(g) requires that the Exchange
implement and maintain written surveillance procedures for Class ETF
Shares. The Exchange represents that it will utilize its existing
surveillance procedures applicable to derivative products, which are
currently applicable to ETF Shares, among other product types, to
monitor trading in Class ETF Shares, and further represents that its
surveillance procedures are adequate to (a) properly monitor the
trading of the Class ETF Shares during all trading sessions and (b)
deter and detect violations of Exchange rules and the applicable
federal securities laws. The Exchange also represents that the
Exchange, or FINRA on behalf of the Exchange, will communicate or
obtain information, as needed, regarding trading in Class ETF Shares
and certain of their applicable underlying components with other
markets that are members of the ISG or with which the Exchange has in
place a comprehensive surveillance sharing agreement. Additionally,
FINRA, on behalf of the Exchange, is able to access, as needed, trade
information for certain fixed income securities that may be held by the
Multi-Class Fund for the Class ETF Shares reported to TRACE. FINRA also
can access data obtained from the EMMA system relating to municipal
bond trading activity for surveillance purposes in connection with
trading in Class ETF Shares, to the extent that the Multi-Class Fund
for the Class ETF Shares holds municipal securities. The Exchange
states that NYSE Rule 5.2(j)(9)(e) requires any issuer to provide the
Exchange with prompt notification after it becomes aware that (i) the
Multi-Class Fund is no longer eligible to operate an ETF Class as an
exchange-traded fund pursuant to, or otherwise no longer complies with,
the terms and conditions of, the Multi-Class Fund Exemptive Relief,
(ii) the ETF Class is no longer compliant with the conditions and
requirements of Rule 6c-11 under the Investment Company Act, except as
noted in such Multi-Class Fund Exemptive Relief, or (iii) the ETF Class
or the Multi-Class Fund no longer satisfies the requirements of NYSE
Rule 5.2(j)(9), as applicable, on an initial and continuing basis.\22\
The Exchange further represents that it will obtain a representation
from the issuer of Class ETF Shares stating that the requirements of
Rule 6c-11 and the applicable exemptive relief under the Investment
Company Act will be continuously satisfied and that the issuer will
notify the Exchange of any failure to do so.
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\22\ See supra note 9 and accompanying text.
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Consistent with the requirements of Section 6(b)(5) of the Act \23\
that the Exchange's rules be designed to remove impediments to, and
perfect the mechanism of, a free and open market, the Exchange's rules
regarding trading halts will help to ensure the maintenance of fair and
orderly markets for Class ETF Shares. Specifically, the Exchange may
consider all relevant factors in exercising its discretion to halt or
suspend trading in Class ETF Shares. The Exchange states that trading
in Class ETF Shares may be halted if the circuit breaker parameters in
NYSE Rule 7.12 have been reached, because of other market conditions,
or for reasons that, in the view of the Exchange, make trading in the
Class ETF Shares inadvisable. According to the Exchange, the reasons to
halt trading may include: (1) the extent to which certain information
about the Class ETF Shares that is required to be disclosed pursuant to
Rule 6c-11 under the Investment Company Act is not being made
available; \24\ (2) if an interruption to the dissemination to the
value of the index or reference asset on which the Class ETF Shares is
based persists past the trading day in which it occurred or is no
longer calculated or available; (3) trading in the securities
comprising the underlying index or portfolio has been halted in the
primary market(s); or (4) whether other unusual conditions or
circumstances detrimental to the maintenance of a fair and orderly
market are present. As the Exchange further represents in the proposal,
if the Exchange becomes aware that the net asset value or the daily
portfolio disclosure with respect to the Class ETF Shares is not
disseminated to all market participants at the same time, it will halt
trading in the Class ETF Shares until such time as the net asset value
or the daily portfolio disclosure is available to all market
participants.\25\ The Exchange represents that it may suspend trading
in and commence delisting proceedings for Class ETF Shares where such
securities are not in compliance with the applicable listing standards
or where the Exchange believes that further dealings on the Exchange
are inadvisable.\26\
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\23\ 15 U.S.C. 78f(b)(5).
\24\ See supra note 11 and accompanying text (the Exchange
represents that it will obtain a representation from the issuer of
Class ETF Shares that the net asset value per share will be
calculated daily and made available to all market participants at
the same time, and the requirements pertaining to the Multi-Class
Fund Exemptive Relief and Rule 6c-11 under the Investment Company
Act in proposed NYSE Rule 5.2(j)(9) will be satisfied).
\25\ See id.
\26\ See supra note 8 and accompanying text.
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The Commission also finds that, consistent with Section
11A(a)(1)(C)(iii) of the Act,\27\ the proposed rule change, as modified
by Amendment No. 2, is reasonably designed to promote fair disclosure
of information that may be necessary to price the Class ETF Shares
appropriately, to prevent trading when a reasonable degree of
transparency cannot be assured, to safeguard material non-public
information relating to the Class ETF Shares, and to ensure fair and
orderly markets for Class ETF Shares.
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\27\ See supra note 17 and accompanying text.
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(2) Other Related Proposed Rule Changes
The Exchange also proposes changes to accommodate Class ETF Shares
in other Exchange rules. First, the Exchange proposes to add Class ETF
Shares to the definition of ``Exchange Traded Product and UTP Exchange
Traded Product'' in NYSE Rule 1.1. In addition, the Exchange proposes
to amend Section 302.00 of the NYSE Listed Company Manual to include
Class ETF Shares listed pursuant to NYSE Rule 5.2(j)(9) in the list of
securities for which the requirements concerning annual meetings do not
apply.\28\ These proposed changes incorporate proposed NYSE Rule
5.2(j)(9) into the existing framework of the Exchange's rules, and
therefore the Commission finds that such changes are consistent with
Section 6(b)(5) of the Act.
---------------------------------------------------------------------------
\28\ See supra note 10 and accompanying text (the Exchange
states that these proposed changes would subject Class ETF Shares to
the same corporate governance requirements as other open-end
management investment companies listed on the Exchange).
---------------------------------------------------------------------------
B. Consistency with Section 6(b)(1) of the Act
The Commission also finds that the proposed rule change, as
modified by
[[Page 18505]]
Amendment No. 2, is consistent with Section 6(b)(1) of the Act,\29\
which requires, among other things, that the Exchange is so organized
and has the capacity to be able to enforce compliance by its members
and persons associated with its members with the rules of the Exchange.
The Exchange represents that, consistent with Section 6(b)(1) of the
Act,\30\ it will monitor for compliance to ensure that: (1) the Multi-
Class Fund is, and continues to be, eligible to operate an ETF Class as
an ETF pursuant to, and is otherwise in compliance with the terms and
conditions of, the Multi-Class Fund Exemptive Relief; (2) the ETF Class
continues to be compliant 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 (3) the ETF Class and the Multi-Class
Fund each satisfies the requirements of proposed NYSE Rule 5.2(j)(9),
as applicable, on an initial and continued listing basis. In addition,
the Exchange represents that it will review the website of the Class
ETF Shares listed on the Exchange to ensure that the requirements of
Rule 6c-11 under the Investment Company Act are being met and will
obtain a representation from the issuer of the Class ETF Shares that
the requirements of Rule 6 c-11 and the applicable exemptive relief
under the Investment Company Act will be continuously satisfied, and
that the issuer will notify the Exchange of any failure to do so. The
Exchange also represents that it will comply with all the requirements
of Rule 19b-4(e) to specifically note that such Class ETF Shares are
being listed on the Exchange pursuant to NYSE Rule 5.2(j)(9).\31\
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\29\ 15 U.S.C. 78f(b)(1).
\30\ Id.
\31\ Rule 19b-4(e) under the Act requires an SRO seeking to rely
on Rule 19b-4(e) to post on its publicly available internet website
within five business days after commencement of trading a new
derivative securities product the following information relating to
the new derivative securities product, using the most recent
versions of the XML schema and the associated PDF renderer as
published on the Commission's website: (A) type of issuer; (B)
class; (C) name of underlying instrument; (D) if the underlying
instrument is an index, whether it is broad-based or narrow-based;
(E) ticker symbol(s); (F) market(s) upon which securities composing
the underlying instrument trade; (G) settlement methodology; and (H)
position limits (if applicable). See 17 CFR 240.19b-4(e)(2)(ii). See
also supra notes 5 and 6 and respective accompanying text.
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The Exchange states that it will employ numerous intraday alerts to
notify Exchange personnel of trading activity throughout the day that
is potentially indicative of certain disclosures not being made
accurately or the presence of other unusual conditions or circumstances
that could be detrimental to the maintenance of a fair and orderly
market. The Exchange also states that proposed NYSE Rule 5.2(j)(9)(e)
requires any issuer to provide the Exchange with prompt notification
after it becomes aware of any non-compliance with proposed NYSE Rule
5.2(j)(9), which would include any failure of the issuer to comply with
Rule 6c-11 under the Investment Company Act or with the terms and
conditions of the Multi-Class Fund Exemptive Relief.\32\ Further,
proposed NYSE Rule 5.2(j)(9)(e)(2)(C) requires that the Exchange
consider the suspension of trading in, and commence delisting
proceedings for, Class ETF Shares if, following the initial 12-month
period after commencement of trading on the Exchange, there are fewer
than 50 beneficial holders of the Class ETF Shares.\33\ Finally, the
Exchange deems Class ETF Shares to be equity securities and represents,
therefore, that such Class ETF Shares would be subject to the full
panoply of Exchange rules and procedures that currently govern the
trading of equity securities on the Exchange.\34\ The Exchange states
that Class ETF Shares will be subject to rules governing Exchange
member disclosure obligations in connection with equities trading, and
that Rule 6c-11 under the Investment Company Act does not change the
applicability of these Exchange rules with respect to these
securities.\35\
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\32\ See supra note 9 and accompanying text.
\33\ See proposed NYSE Rule 5.2(j)(9)(e).
\34\ See proposed NYSE Rule 5.2(j)(9)(e)(2)(C).
\35\ As stated above, with respect to trading in Class ETF
Shares, the Exchange represents that all ETP Holder obligations
relating to product description and prospectus delivery requirements
will continue to apply in accordance with the Exchange's rules and
federal securities laws, and the Exchange will continue to monitor
ETP Holders for compliance with such requirements, which are not
changing as a result of the Multi-Class Fund Exemptive Relief order
issued under the Investment Company Act. See supra note 12 and
accompanying text.
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This approval order is based on all of the Exchange's
representations and descriptions in the proposed rule change, including
those set forth above and in Amendment No. 2, which the Commission has
carefully evaluated as discussed above. For the foregoing reasons, the
Commission finds that the proposed rule change, as modified by
Amendment No. 2, is consistent with Sections 6(b)(1) and 6(b)(5) of the
Act \36\ and the rules and regulations thereunder applicable to a
national securities exchange.
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\36\ 15 U.S.C. 78f(b)(1) and 15 U.S.C. 78f(b)(5), respectively.
---------------------------------------------------------------------------
IV. Solicitation of Comments on Amendment No. 2 to the Proposed Rule
Change
Interested persons are invited to submit written data, views, and
arguments concerning whether the proposed rule change, as modified by
Amendment No. 2, 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#a0d2d5ccc58dc3cfcdcdc5ced4d3e0d3c5c38ec7cfd6"><span class="__cf_email__" data-cfemail="d1a3a4bdb4fcb2bebcbcb4bfa5a291a2b4b2ffb6bea7">[email protected]</span></a>. Please include
file number SR-NYSE-2026-10 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-NYSE-2026-10. 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-NYSE-2026-10 and should be submitted on
or before May 1, 2026.
V. Accelerated Approval of Proposed Rule Change, as Modified by
Amendment No. 2
The Commission finds good cause to approve the proposed rule
change, as modified by Amendment No. 2, prior to the 30th day after the
date of publication of Amendment No. 2 in the Federal Register. In
Amendment No. 2, the Exchange provided additional information in
support of the proposal, including representations regarding NYSE's
ability to monitor for compliance of proposed NYSE Rule 5.2(j)(9) and
the specific requirements set forth therein, the procedures for
suspensions in trading of, and delisting procedures for, Class ETF
Shares, the applicable trading rules for Class ETF Shares, and the
Exchange's surveillance
[[Page 18506]]
procedures. The additional information in Amendment No. 2 is
substantially similar to the information provided by other exchanges
that adopted the same generic listing standards for Class ETF
Shares.\37\ The proposal, as modified by Amendment No. 1, has been
subject to public comment, and no comments have been received.
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\37\ See supra note 20 and accompanying text.
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The Commission finds that Amendment No. 2 to the proposed rule
change raises no novel regulatory issues that have not previously been
subject to comment, and is reasonably designed, among other things, to
prevent fraudulent and manipulative acts and practices, to remove
impediments to and perfect the mechanism of a free and open market,
and, in general, to protect investors and the public interest. The
Commission also finds that Amendment No. 2 to the proposed rule change
is consistent with Section 11A(a)(1)(C)(iii) of the Act.\38\
Accordingly, pursuant to Section 19(b)(2) of the Act,\39\ the
Commission finds good cause to approve the proposed rule change, as
modified by Amendment No. 2, on an accelerated basis.
---------------------------------------------------------------------------
\38\ See supra note 27 and accompanying text.
\39\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
VI. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\40\ that the proposed rule change (SR-NYSE-2026-10), as modified
by Amendment No. 2, be, and it hereby is, approved on an accelerated
basis.
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\40\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\41\
---------------------------------------------------------------------------
\41\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-06923 Filed 4-9-26; 8:45 am]
BILLING CODE 8011-01-P
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