Notice2026-07262
Self-Regulatory Organizations: Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Exchange Rule 14.602, To Extend the Duration of Certain Term-Limited Complimentary Products and Services
Primary source
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Published
April 15, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 72 (Wednesday, April 15, 2026)</title>
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[Federal Register Volume 91, Number 72 (Wednesday, April 15, 2026)]
[Notices]
[Pages 20235-20237]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07262]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105202; File No. SR-LTSE-2026-09]
Self-Regulatory Organizations: Long-Term Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Exchange Rule 14.602, To Extend the Duration of Certain Term-
Limited Complimentary Products and Services
April 10, 2026.
Pursuant to the provisions of Section 19(b)(1) under the Securities
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on April 2, 2026, Long-Term Stock Exchange, Inc.
(``LTSE'' 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 self-
regulatory organization. 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 LTSE Rule 14.602
(Products and Services Offered to Companies) to extend from four years
to five years the duration of certain term-limited complimentary
products and services offered to currently and newly listed companies
(``Companies'') through the Exchange's affiliate, LTSE Services, Inc.
(``LTSE Services'').
The text of the proposed rule change is available at the Exchange's
website at <a href="https://longtermstockexchange.com/">https://longtermstockexchange.com/</a>, at the principal office
of the Exchange, and at the Commission's Public Reference Room [sic].
II. Self-Regulatory Organization's Statement on 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 self-regulatory organization 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 LTSE Rule 14.602 to describe certain
products and services that the Exchange makes available to Companies
through the Exchange's affiliate, LTSE Services. Under Rule 14.602,
certain complimentary products and services are available to Companies
for defined time periods beginning on the date a Company initially
commences receiving such products and services.
The Exchange proposes to amend Rule 14.602 to extend from four
years to five years the duration during which Companies may continue
receiving certain term-limited complimentary products and services. The
Exchange believes that this modest extension is reasonable and
appropriate and is designed to provide Companies additional time to
realize the intended benefits of these offerings.
The Exchange believes that issuer engagement, shareholder
development, and market intelligence initiatives often require
continuity over multiple years to achieve their intended benefits,
particularly for newly listed Companies. In the Exchange's experience,
Companies frequently require multiple annual reporting cycles following
an initial listing to establish and refine investor relations
strategies, build and stabilize a shareholder base, and incorporate
market intelligence feedback into their ongoing investor engagement
practices. The Exchange believes that extending the term-limited
availability period from four years to five years will better align the
program with the practical realities of issuer development in the
public markets.
The Exchange further believes that extending the duration of these
offerings will provide greater predictability and continuity for
Companies that have incorporated these products and services into their
investor relations workflows. The Exchange believes that the additional
year will reduce disruption that may occur as Companies approach the
end of the current four-year period and will provide Companies
additional time to evaluate the effectiveness of the offerings over a
longer period.
The Exchange notes that the proposed extension remains
appropriately limited and does not establish an open-ended or perpetual
benefit tied to continued
[[Page 20236]]
listing. The proposed rule change does not modify the scope or nature
of the products and services described in Rule 14.602, does not alter
eligibility criteria, and does not change the voluntary election
framework applicable to the offerings. Companies remain free to elect
whether to receive the products and services and may discontinue
receiving them at any time. Receipt of the products and services is not
a condition of listing or continued listing on the Exchange. Because
the proposed rule change relates solely to the duration of existing
services and does not introduce new products, services, or fees, the
Exchange believes that the proposal does not raise any novel regulatory
issues and is appropriate for immediate effectiveness pursuant to
Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder.
The Exchange also believes that the proposed rule change will
enhance its ability to compete for listings in a highly competitive
market. Other national securities exchanges offer complimentary issuer
services for multi-year terms. The Exchange acknowledges that certain
peer exchange programs have historically provided complimentary issuer
services for terms of up to 48 months. However, the Exchange believes
that extending the duration of its term-limited offerings from four
years to five years is a modest and reasonable adjustment that remains
consistent with the concept of a defined and time-limited issuer
services program and is appropriate in light of LTSE's mission of
supporting long-term value creation.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6 of the Act, in general, and furthers the objectives of
Section 6(b)(5) of the Act, in particular, because it is designed to
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.
The Exchange believes that extending from four years to five years
the duration of the Exchange's term-limited complimentary issuer
services under Rule 14.602 is reasonable and appropriate because issuer
engagement and investor development initiatives often require
continuity over multiple years to achieve their intended benefits,
particularly for newly listed Companies. The Exchange believes that
Companies frequently require several annual reporting cycles to develop
stable investor engagement practices and to evaluate the effectiveness
of market intelligence and investor outreach initiatives. The Exchange
believes that providing an additional year will allow Companies more
time to incorporate these offerings into long-term planning and to
realize the benefits of the services over a longer period.
The Exchange further believes that the proposed rule change is
consistent with investor protection and the public interest because the
services described in Rule 14.602 are designed to support Companies in
developing more effective shareholder engagement and communication
practices.
The Exchange believes that the proposed rule change is equitable
and not unfairly discriminatory because the term-limited offerings
described in Rule 14.602 will remain available to all Companies on the
same terms and for the same five-year period, measured from the date a
Company initially commenced receiving such products and services. The
proposed rule change does not provide differential access to the
services based on market capitalization, trading volume, liquidity
thresholds, or any other issuer classification. Participation remains
voluntary, and no Company is required to receive the products and
services as a condition of listing or continued listing. Companies may
elect whether to receive the services and may discontinue receiving
them at any time.
The Exchange also believes that the proposed rule change is
consistent with Section 6(b)(8) of the Act because it does not impose
any burden on competition not necessary or appropriate in furtherance
of the purposes of the Act. The Exchange operates in a highly
competitive market for listings, and issuers have the ability to select
among listing venues based on the services and value propositions
offered by competing exchanges. The Exchange believes that extending
the duration of its term-limited offerings will enhance the Exchange's
ability to compete with other national securities exchanges that offer
complimentary issuer services for multi-year terms, thereby promoting
competition and issuer choice.
The Exchange acknowledges that certain peer exchange issuer
services programs have historically been structured around a term of up
to 48 months. However, the Exchange believes that the additional year
proposed here is a modest extension that remains appropriately time-
limited and continues to preserve the fundamental structure of a
defined-term issuer services offering. The Exchange believes that the
additional year is justified by the longer-term nature of issuer
development and investor engagement cycles, particularly for newly
listed Companies, and is consistent with the Exchange's mission of
promoting long-term value creation.
Finally, the Exchange represents that the proposed extension will
not impair the Exchange's ability to fulfill its regulatory obligations
under the Act. The Exchange will continue to devote appropriate
resources to its regulatory functions and will maintain appropriate
policies and procedures to ensure that the provision of products and
services under Rule 14.602 does not interfere with the Exchange's
regulatory responsibilities. The Exchange further believes that
immediate effectiveness of the proposed rule change is consistent with
the protection of investors and the public interest because it will
allow Companies to continue receiving existing services without
interruption and will avoid unnecessary disruption associated with the
expiration of the current four-year period.
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. The Exchange believes that
extending from four years to five years the duration of the term-
limited complimentary products and services offered under Rule 14.602
will enhance issuer choice and the Exchange's ability to compete for
listings, while continuing to apply uniformly and on an optional basis
to all Companies.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
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; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to Section
[[Page 20237]]
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\
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\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change 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) \5\ normally
does not become operative prior to 30 days after the date of the
filing. However, Rule 19b-4(f)(6)(iii) \6\ permits the Commission to
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange states that
this proposed rule change does not affect the scope or nature of the
products and services offered under Rule 14.602, but instead extends
the duration of such offerings by one year. Moreover, the Exchange
states that a waiver will provide immediate benefits to Companies by
allowing them to continue receiving existing services without
interruption and will promote continuity in issuer engagement and
investor relations practices. Therefore, the Commission believes that
waiver of the 30-day operative delay is consistent with the protection
of investors and the public interest. Accordingly, the Commission
hereby waives the 30-day operative delay and designates the proposed
rule change as operative upon filing.
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\5\ Id.
\6\ 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 shall institute proceedings to
determine whether the proposed rule 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="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#4634332a236b25292b2b232832350635232568212930"><span class="__cf_email__" data-cfemail="6614130a034b05090b0b030812152615030548010910">[email protected]</span></a>. Please include
File Number SR-LTSE-2026-09 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-LTSE-2026-09. 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="http://www.sec.gov/rules/sro.shtml">http://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-LTSE-2026-09 and should be submitted on or
before May 6, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07262 Filed 4-14-26; 8:45 am]
BILLING CODE 8011-01-P
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