Notice2026-07044
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend the Lists of Regulatory Halts and Operational Halts
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Published
April 13, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 70 (Monday, April 13, 2026)</title>
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[Federal Register Volume 91, Number 70 (Monday, April 13, 2026)]
[Notices]
[Pages 18902-18904]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07044]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105182; File No. SR-NYSEAMER-2026-27]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend the
Lists of Regulatory Halts and Operational Halts
April 8, 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 27, 2026, NYSE American LLC (``NYSE American'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The 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 proposes to amend the lists of Regulatory Halts and
Operational Halts referenced in Rule 7.18E (``Trading Halts''). 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
NYSE American LLC (``NYSE American'' or the ``Exchange'') proposes
to amend the lists of Regulatory Halts and Operational Halts referenced
in Rule 7.18E (``Trading Halts'').
In 2025, the Exchange filed the ``Original Filing,'' \3\ which
amended Rule 7.18E to effectuate amendments to Second Restatement of
the CTA Plan and the Restated CQ Plan (together, the ``Amended CTA
Plan'').\4\ The Original Filing amended the rule's categories of
regulatory and operational halts, improved the rule's clarity, and
adopted defined terms from the Amended CTA Plan. Since that time, the
Exchange's affiliate exchanges New York Stock Exchange LLC, NYSE Arca,
Inc., NYSE National, Inc., and NYSE Texas, Inc. (collectively the
``Affiliate Exchanges'') have all filed similar versions of the
rule,\5\ as have numerous other SROs.\6\ Such rule filings are
effective but not yet operative; as provided for in the Original
Filing, the amended Trading Halt rules of the Exchange and the various
other SROs will be implemented simultaneously in conjunction with the
Processors and the other SROs implementing related technology and
procedural changes.
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\3\ See Securities Exchange Act Release Nos. 102810 (April 10,
2025), 90 FR 16041 (April 16, 2025) (SR-NYSEAMER-2025-19).
\4\ On February 3, 2021, the CTA/CQ Plan participants
(``Participants'') filed Amendment 36 to the Second Restatement of
the CTA Plan and Amendment 27 to the Restated CQ Plan, to revise
provisions governing regulatory and operational halts. See Letter
from Robert Books, Chair, CTA/CQ Operating Committee, to Vanessa
Countryman, Secretary, Securities and Exchange Commission, dated
February 3, 2021. The SEC approved the amendments on May 28, 2021
(the ``Amended CTA Plan''). See Securities Exchange Act Release No.
92070 (May 28, 2021), 86 FR 29849 (June 3, 2021) (SR-CTA/CQ-2021-
01). The SEC also approved similar amendments to the Nasdaq UTP
Plan. See Securities Exchange Act Release No. 92071 (May 28, 2021),
86 FR 29846 (June 3, 2021) (S7-24-89) (the ``Amended Nasdaq UTP
Plan''). The Amended CTA Plan and the Amended Nasdaq UTP Plan
include provisions requiring Participant self-regulatory
organizations (``SROs'') to honor a Regulatory Halt declared by the
Primary Listing Market. The provisions in the Amended CTA Plan and
the Amended Nasdaq UTP Plan include provisions similar to the
changes proposed by the Exchange in this filing.
\5\ See Securities Exchange Act Release Nos. 103356 (June 30,
2025), 90 FR 29600 (July 3, 2025) (SR-NYSE-2025-21); 103476 (July
16, 2025), 90 FR 34314 (July 21, 2025) (SR-NYSEARCA-2025-50); 103698
(August 13, 2025), 90 FR 40108 (August 18, 2025) (SR-NYSENAT-2025-
17); 103699 (August 13, 2025), 90 FR 40114 (August 18, 2025) (SR-
NYSETEX-2025-23).
\6\ See, e.g., Securities Exchange Act Release Nos. 95069 (June
8, 2022), 87 FR 36018 (June 14, 2022) (SR-NASDAQ-2022-017); 96574
(December 22, 2022), 87 FR 80213 (December 29, 2022) (SR-Phlx-2022-
49); 97093 (March 9, 2023), 88 FR 16045 (March 15, 2023) (SR-PEARL-
2023-11); and 97824 (June 29, 2023), 88 FR 43159 (July 6, 2023) (SR-
MEMX-2023-11).
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The Exchange now proposes to make several minor changes to Rule
7.18E to make it consistent with the Affiliate Exchanges' amended
Trading Halt rules. Specifically, the Exchange proposes to amend the
lists of conditions when the Exchange will or may declare Regulatory
Halts and Operational Halts.
Regulatory Halts
Rule 7.18E(b)(1)(A) and (B) list the Exchange's authority to
initiate a Regulatory Halt. Subsection (A), titled ``Mandatory Halts,''
currently provides that the Exchange will declare a Regulatory Halt:
(i) ``pursuant to Rule 7.11E concerning Limit Up Limit Down;'' (ii)
``pursuant to Rule 7.12E concerning Market-Wide Circuit Breaker;''
(iii) ``as provided for in Sections 107 and 402 of the Exchange's
Company Guide;'' or (iv) ``for a security for which the Exchange is the
Primary Listing Market before the end of the Late Trading Session on
the day immediately before the market effective date of the reverse
stock split (`Reverse Stock Split Halt').''
Similarly, Subsection (B), titled ``Discretionary Halts,''
currently provides that the Exchange may declare a Regulatory Halt in
trading for any security for which it is the Primary Listing Market as
follows: (i) ``as provided for in Sections 107 and 402 of the
Exchange's Company Guide;'' (ii) ``of a security that is the subject of
an initial pricing on the Exchange that has not been listed on a
national securities exchange immediately prior to initial pricing
(`Initial Listing Regulatory Halt');'' (iii) ``if it determines there
is a
[[Page 18903]]
SIP Outage, Material SIP Latency, or Extraordinary Market Activity'' as
defined in the Rule; or (iv) ``in the event of national, regional, or
localized disruption that necessitates a Regulatory Halt to maintain a
fair and orderly market.''
The Exchange proposes to revise these lists to cross-reference
several other provisions of the Exchange's Rules that give it authority
to initiate a Regulatory Halt. Such additions are permissible under the
Amended CTA Plan, which expressly preserves the Exchange's existing
halt authority by providing in Section XI(a)(iii)(1) that a Primary
Listing Exchange may declare a Regulatory Halt ``as provided for in the
rules of the Primary Listing Market.'' \7\
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\7\ See Amended CTA Plan, supra note 5, at Section
XI(a)(iii)(1).
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First, the Exchange proposes to add to the list of ``Mandatory
Halts'' in Subsection (A) a provision regarding a ``Dissemination
Halt,'' which would require the Exchange to issue a Regulatory Halt if
it becomes aware that, with respect to Derivative Securities Products
listed on the Exchange for which a Net Asset Value (``NAV'') (and in
the case of Managed Fund Shares under Rule 8.600E and Managed Trust
Securities under Rule 8.700E, a Disclosed Portfolio) is disseminated,
such NAV or Disclosed Portfolio is not being disseminated to all market
participants at the same time. This proposed rule is based on the
Exchange's Rules 8.600E and 8.700E. This Dissemination Halt is included
in the Trading Halt rules of the Exchange's Affiliate Exchanges and is
not novel.\8\
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\8\ See supra note 6.
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Second, the Exchange proposes to add to both the list of
``Mandatory Halts'' in Subsection (A) and the list of ``Discretionary
Halts'' in Subsection (B) a provision entitling the Exchange to issue
Regulatory Halts ``as provided for elsewhere in the Rules of the
Exchange.'' The proposed rule text lists various non-exclusive
provisions of the Exchange's Rules that provide for mandatory and
discretionary halts, mostly for violations of the Exchange's
requirements concerning listing, delisting, and maintaining listings of
certain types of securities, and regarding the public dissemination of
material information. Such ``catch-all'' provisions are included in the
Trading Halt rules of the Exchange's Affiliate Exchanges and are not
novel.\9\ The reference in current Rule 7.18E(b)(1)(A)(iii) to
``Sections 107 and 402 of the Exchange's Company Guide'' would be
relocated and incorporated into this provision in proposed Subsection
(A)(v) and Subsection (B)(iv).
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\9\ Id.
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Third, the Exchange proposes to reorder these lists to conform to
their numbering in the Trading Halt rules of the Affiliate
Exchanges.\10\
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\10\ Id.
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The proposed rule text would provide:
(A) Mandatory Halts. The Exchange will declare a Regulatory Halt:
(i) pursuant to Rule 7.11E concerning Limit Up Limit Down;
(ii) pursuant to Rule 7.12E concerning Market-Wide Circuit Breaker;
(iii) for a security for which the Exchange is the Primary Listing
Market before the end of the Late Trading Session on the day
immediately before the market effective date of the reverse stock split
(``Reverse Stock Split Halt'');
(iv) if the Exchange becomes aware that, with respect to Derivative
Securities Products listed on the Exchange for which a Net Asset Value
(``NAV'') (and in the case of Managed Fund Shares under Rule 8.600E and
Managed Trust Securities under Rule 8.700E, a Disclosed Portfolio) is
disseminated, such NAV or Disclosed Portfolio is not being disseminated
to all market participants at the same time (``Dissemination Halt'');
or
(v) as provided for elsewhere in the Rules of the Exchange,
including but not limited to Rules 5.1E, 5.2E, 5.5E, 8.3E, 8.12E,
8.100E, 8.200E, 8.202E, 8.204E, 8.400E, 8.500E, 8.600E, 8.700E, and
Sections 107 and 402 of the Exchange's Company Guide, concerning
requirements for listing, delisting, and maintaining listings of
certain types of securities, and regarding the public dissemination of
material information.
(B) Discretionary Halts. The Exchange may declare a Regulatory Halt
in trading for any security for which it is the Primary Listing Market
as follows:
(i) of a security that is the subject of an initial pricing on the
Exchange that has not been listed on a national securities exchange
immediately prior to initial pricing (``Initial Listing Regulatory
Halt'');
(ii) if it determines there is a SIP Outage, Material SIP Latency,
or Extraordinary Market Activity;
(iii) in the event of national, regional, or localized disruption
that necessitates a Regulatory Halt to maintain a fair and orderly
market; or
(iv) as provided for elsewhere in the Rules of the Exchange,
including but not limited to Rules 5.1E, 5.2E, 5.5E, 8.3E, 8.12E,
8.100E, 8.200E, 8.202E, 8.204E, 8.400E, 8.500E, 8.600E, 8.700E, and
Sections 107 and 402 of the Exchange's Company Guide, concerning
requirements for listing, delisting, and maintaining listings of
certain types of securities, and regarding the public dissemination of
material information.
Operational Halts
The Exchange also proposes to amend Rule 7.18E(c)(1) regarding the
instances when it may declare an Operational Halt. Operational Halts
are non-regulatory in nature and apply only to the exchange that calls
the halt. Rule 7.18E(c)(1) currently provides that the Exchange may
declare an Operational Halt for any security trading on the Exchange:
(A) ``if is experiencing Extraordinary Market Activity on the
Exchange;'' (B) ``if a Primary Listing Market imposes an Operational
Halt in a security that is a derivative or component of a security
listed on the Exchange,'' or (C) ``when otherwise necessary to maintain
a fair and orderly market or in the public interest.''
The Exchange proposes to delete provision (B) above. Provision (B)
aims to address the same issue as the ``Dissemination Halt'' language
that the Exchange proposes to add to the list of Mandatory Regulatory
Halts above, but was erroneously described in the Original Filing as an
Operational Halt instead of a Regulatory Halt. The rule filings of the
Exchange's Affiliate Exchanges \11\ all include ``Dissemination Halt''
as a type of Mandatory Regulatory Halt, and none of them include
provision (B) as a type of Operational Halt. The Exchange proposes to
correct this miscategorization in its rule and conform its rule to
those of its Affiliate Exchanges.
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\11\ Id.
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Implementation
As noted above, the Original Filing is effective but not yet
operative, and will be implemented in conjunction with the Processors
and the other SROs implementing the necessary rule changes and related
technology and procedural changes. The Exchange proposes that the
instant rule filing would become operative in the same way. The
Exchange will publish a trader notice at least 30 business days before
implementing the proposed changes.
2. Statutory Basis
The Exchange believes that its proposal is consistent with the
requirements of the Act and the rules and regulations thereunder that
are applicable to a national securities exchange, and, in particular,
with the requirements of Section 6(b) of the
[[Page 18904]]
Act.\12\ Specifically, the proposal is consistent with Section 6(b)(5)
of the Act \13\ because it 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, in general, protect
investors and the public interest.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
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The Amended CTA Plan expressly maintains the Exchange's existing
halt authority by providing in Section XI(a)(iii)(1) that a Primary
Listing Exchange may declare a Regulatory Halt ``as provided for in the
rules of the Primary Listing Market.'' The proposed additions to the
lists of Mandatory and Discretionary Regulatory Halts in Rule
7.18E(b)(1) implement that provision of the Amended CTA Plan. In
addition, such additions 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, in general, protect
investors and the public interest by including a more complete list of
the provisions of the Exchange's rules that enable it to declare
Regulatory Halts, therefore providing greater transparency to market
participants.
The deletion of current provision (b) in Rule 7.18E(c)(1)
concerning types of Operational Halts 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, in
general, protect investors and the public interest by correcting the
erroneous categorization of the halt authority described in provision
(b), which is more appropriately described in the ``Dissemination
Halt'' language that the Exchange proposes to add to the list of
Mandatory Regulatory Halts. The proposed change would also perfect the
mechanism of a free and open market and a national market system by
harmonizing the Exchange's rule in this respect with the Trading Halt
rules of the Affiliate Exchanges, all of which include ``Dissemination
Halt'' as a type of Mandatory Regulatory Halt, and none of which
include provision (B) as a type of Operational Halt.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes the proposal is consistent with Section
6(b)(8) of the Act \14\ in that it does not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act as explained below. Rather than impacting
competition, the proposed change simply updates references to the
Exchange's pre-existing halt authority and harmonizes aspects of the
Exchange's Trading Halts rule to those of its Affiliate Exchanges.
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\14\ 15 U.S.C. 78f(b)(8).
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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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \15\ and Rule 19b-4(f)(6) \16\ thereunder.
Because the foregoing proposed rule change does not: (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; or (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \17\ and Rule 19b-4(f)(6) \18\ thereunder.
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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(6).
\17\ 15 U.S.C. 78s(b)(3)(A).
\18\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of its
intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \19\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\20\ the Commission
may designate a shorter time if such action is consistent with
protection of investors and the public interest.
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\19\ 17 CFR 240.19b-4(f)(6).
\20\ 17 CFR 240.19b-4(f)(6)(iii).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="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#b4c6c1d8d199d7dbd9d9d1dac0c7f4c7d1d79ad3dbc2"><span class="__cf_email__" data-cfemail="7604031a135b15191b1b131802053605131558111900">[email protected]</span></a>. Please include
file number SR-NYSEAMER-2026-27 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-NYSEAMER-2026-27. 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-NYSEAMER-2026-27 and should be submitted
on or before May 4, 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. 2026-07044 Filed 4-10-26; 8:45 am]
BILLING CODE 8011-01-P
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