Notice2026-07592
Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change Regarding Complimentary Products and Services Offered by the Exchange
Primary source
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Published
April 20, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 75 (Monday, April 20, 2026)</title>
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[Federal Register Volume 91, Number 75 (Monday, April 20, 2026)]
[Notices]
[Pages 21061-21063]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07592]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105243; File No. SR-LTSE-2025-31]
Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.;
Notice of Filing of Amendment No. 1 and Order Granting Accelerated
Approval of a Proposed Rule Change Regarding Complimentary Products and
Services Offered by the Exchange
April 15, 2026.
I. Introduction
On December 31, 2025, Long-Term Stock Exchange, Inc. (``LTSE'' or
the ``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 amend Rule 14.602 (Products and Services
Offered to Companies) to update, reorganize, and adopt new
complimentary products and services that the Exchange offers Companies
\3\ through its affiliate, LTSE Services, Inc. (``LTSE Services''). The
proposed rule change was published for comment in the Federal Register
on January 16, 2026.\4\ On February 26, 2026, pursuant to Section
19(b)(2) of the Act,\5\ the Commission designated a longer period
within which to approve the proposed rule change.\6\ On April 8, 2026,
the Exchange filed Amendment No. 1 to the proposed rule change, which
replaced and superseded the proposed rule change in its entirety.\7\
The Commission has received no comment letters on the proposed rule
change. This order provides notice of the filing of Amendment No. 1 to
the proposed rule change, and grants approval of the proposed rule
change, as modified by Amendment No. 1, on an accelerated basis.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ ``Company'' means the issuer of a security listed or
applying to list on the Exchange. For purposes of Chapter 14 of the
LTSE Rules, the term ``Company'' includes an issuer that is not
incorporated, such as, for example, a limited partnership. See
Exchange Rule 14.002(a)(5).
\4\ See Securities Exchange Act Release No. 104587 (Jan. 13,
2026), 91 FR 2216 (``Notice'').
\5\ 15 U.S.C. 78s(b)(2).
\6\ See Securities Exchange Act Release No. 104898, 91 FR 10424
(Mar. 3, 2026). The Commission designated April 16, 2026, as the
date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to disapprove, the
proposed rule change.
\7\ In Amendment No. 1 to the proposed rule change, the
Exchange: (i) reflected changes made in LTSE-2026-09, which extended
the time complimentary services may be provided from 4 years to 5
years; (ii) provided additional description and support for certain
aspects of the proposal; and (iii) made minor technical changes to
improve the clarity and readability of the proposed rule change.
Amendment No. 1 is available on the Commission's website at <a href="https://www.sec.gov/rules-regulations/public-comments/sr-ltse-2025-31">https://www.sec.gov/rules-regulations/public-comments/sr-ltse-2025-31</a>.
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II. Description of Proposed Rule Change, as Modified by Amendment No. 1
Pursuant to Rule 14.602, the Exchange offers the following
complimentary products and services (``Complimentary Services''), which
each Company may elect whether or not to receive: (1) promotional
services offered in connection with listing, including Company-specific
web pages on the Exchange's website, press releases, articles, videos,
and podcasts, and invitations to participate in listing ceremonies; (2)
periodic Capital Market Reports that provide tailored investor and
capital markets as well as sector-specific insights and analytics for
each listed Companies; (3) periodic updates to listed Company-specific
web pages on the Exchange's website on an on-going basis; and (4)
Capital Markets Solutions, which consists of (a) the Investor Alignment
Solution focused on Environmental, Social and Governance (``ESG'')
analysis and strategy to help identify and access long-term and ESG
performance-focused investors and (b) the Long-Term Investor Platform
(``LTIP''), a software platform providing shareholder intelligence and
utilization for long-term growth.\8\
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\8\ See Amendment No. 1, supra note 7, at 4-5.
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The Exchange proposes to amend Rule 14.602 to update, reorganize,
and adopt new complimentary products and services available to
Companies through LTSE Services. As part of these amendments, the
Exchange proposes to create a new category of ``Market Intelligence
products and services,'' which will include: (i) the existing Capital
Markets Reports, retained in their current form; \9\ and (ii) a Market
Intelligence Reports offering, consisting of a new investor-holding
analysis together with the existing ESG focused analysis.\10\ The
Exchange proposes to remove the requirement that Companies request
within 90 days of listing access to the currently offered Capital
Market Solutions reports to permit both newly listed and currently
listed Companies to request the newly proposed Market Intelligence
Report(s) at any time, subject to the defined five-year availability
period.\11\
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\9\ See Notice, supra note 4, at 2217.The Exchange represents
that the Capital Market Reports will continue to have an approximate
retail value of $5,000 per year. See Amendment No. 1, supra note 7,
at 6.
\10\ See Notice, supra note 4, at 2217. The Exchange represents
that the proposed Market Intelligence Reports will have an
approximate retail value of $150,000 per year. See Amendment No. 1,
supra note 7, at 6.
\11\ See Amendment No. 1, supra note 7, at 6.
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The Exchange also proposes to: (i) remove references to the LTIP
from the Rule 14.602, as it will no longer be offered; \12\ (ii)
renumber `Company-specific web page updates' within the rule; \13\ and
(iii) adopt an Investor Access Program,\14\ which will provide
Companies with a complimentary
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virtual engagement program designed to facilitate direct interaction
between listed issuers and investors.\15\
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\12\ See Notice, supra note 4, at 2217. The Exchange represents
that the LTIP is not currently used by any Companies, and no issuer
has expressed an interest in using it. Id.
\13\ Id. The Exchange represents that the Company-specific web
page updates will continue to have an approximate retail value of
$5,000 per year. Id.
\14\ Id. The Exchange represents that the Investor Access
Program will have an approximate value of $150,000 per year. Id.
\15\ Id. The Exchange represents that the Investor Access
Program will allow for LTSE Services to engage and fund a third-
party provider to identify investors and facilitate introductions
for Companies, with LTSE Services having no role beyond contracting
for and paying for such services. See Amendment No. 1, supra note 7,
at 7-8. The Exchange also states that the structure and purpose of
its proposed Investor Access Program are generally consistent with
similar programs and services offered by other national securities
exchanges. For example, both NYSE and Nasdaq provide issuer-focused
investor-engagement programs designed to facilitate meeting with
institutional investors. See Notice, supra note 4, at 2217-18. The
Exchange further represents that, to the extent introductions to
potential investors are facilitated, such activities will be
conducted by a third-party provider that is a registered broker-
dealer, as applicable. See Amendment No. 1, supra note 7, at n.12.
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Lastly, the Exchange proposes to reorganize Rule 14.602 to improve
readability so market participants can easily understand the scope and
organization of each offering.\16\ Specifically, the Exchange proposes
that subsection (b) will set forth the principal categories of
offerings,\17\ while a newly designated subsection (c) will set forth
that the duration of select offerings is a five-year term, and a new
subsection (d) titled `Election of Services' will be added to align
with the updated organization of the rule and improve clarity for
Companies and market participants.\18\
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\16\ See Amendment No. 1, supra note 7, at 9.
\17\ In particular, the Exchange explains that the description
of the Company-specific web page updates offering will be moved to
new section (b)(3). This offering will not be modified and will
continue to have an approximate retail value of $5,000 per year. See
Notice, supra note 4, at 2217.
\18\ See Notice, supra note 4, at 2218.
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The Exchange proposes to implement the revised Rule on a
prospective basis. The Exchange expects to begin offering the newly
adopted Market Intelligence Report(s) and the Investor Access Program
within two quarters of receiving approval.\19\ For Companies currently
receiving Capital Markets Solutions under the existing rule, the
Exchange proposes to transition those Companies to the revised Market
Intelligence Report(s) without interruption in service.\20\ The five-
year availability period for such Companies will continue to be
measured from the date the Company initially commenced receiving the
applicable reports, consistent with the amended rule.\21\ For the
Investor Access Program, the Exchange will notify newly and currently
listed Companies of the availability of the program following approval
and will make participation available on an elective basis. Companies
may elect to participate at any time, and the applicable five-year
period will be measured from the date of first use.\22\ The Exchange
does not anticipate any disruption to existing services during the
transition.\23\
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\19\ See Amendment No. 1, supra note 7, at 10.
\20\ Id.
\21\ Id. at 10-11. The Exchange represents that because the LTIP
is not currently utilized by any Company, its removal will not
require any operational transition. Id. at 11.
\22\ Id. at 11.
\23\ Id.
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III. Discussion and Commission Findings
The Commission has carefully review the proposed rule change, as
modified by Amendment No. 1, and finds that it is consistent with the
requirements of Section 6 of the Act.\24\ Specifically, the Commission
finds that the proposal is consistent with Section 6(b)(4) \25\ and
6(b)(5) of the Act \26\ in particular, in that the proposed rule is
designed to provide for the equitable allocation of reasonable dues,
fees, and other charges among Exchange members, issuers, and other
persons using the Exchange's facilities, and is not designed to permit
unfair discrimination between customers, issuers, brokers, or dealers.
Moreover, the Commission finds that the proposed rule change is
consistent with Section 6(b)(8) of the Act \27\ in that it does not
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
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\24\ 15 U.S.C. 78f. In approving this proposed rule change, the
Commission has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
\25\ 15 U.S.C. 78f(b)(4).
\26\ 15 U.S.C. 78f(b)(5).
\27\ 15 U.S.C. 78f(b)(8).
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The Exchange states that the modifications to its Complimentary
Services represent ``a reasonable and appropriate competitive response
to similar issuer-support programs provided by other national
securities exchanges'' and that ``[b]y expanding, modernizing and
reorganizing its complimentary issuer-services program, the Exchange
seeks to remain competitive as a listing venue and to attract and
retain Companies by ensuring that they have access to services
comparable to those available on other exchanges.'' \28\ The Exchange
proposes to update and reorganize Exchange Rule 14.602 to more clearly
describe the Complimentary Services it provides to Companies, the
duration for which these services will be provided at no charge, and to
expand the scope of available services. Specifically, the Exchange
proposes to add Market Intelligence Reports \29\ and the Investor
Access Program \30\ to its suite of Complimentary Services. The
Exchange also proposes to eliminate the LTIP as an offered service.\31\
The Exchange further proposes to remove the requirement that newly
listed companies elect to receive access to Capital Market Solutions
within 90 days of listing.\32\ Instead, Companies would be permitted to
elect to receive Market Intelligence Reports and participate in the
Investor Access Program at any time. As proposed, all Complimentary
Services will be offered to both newly listed and currently listed
companies for the same period of time. In addition, the Exchange has
represented that offering the proposed complimentary products and
services will have no adverse impact on the Exchange's regulatory
function, and the Exchange will continue to allocate sufficient
resources to, and fully perform, all of its regulatory obligations.\33\
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\28\ See Notice supra note 4, at 2218.
\29\ See supra note 10 and accompanying text.
\30\ See supra notes 14-15 and accompanying text.
\31\ See supra note 12 and accompanying text.
\32\ See supra note 11 and accompanying text.
\33\ See Notice, supra note 4, at 2219.
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Describing in the Exchange's rules the products and services
available to listed companies, their associated values, and the length
of time for which issuers are entitled to receive such services adds
greater transparency to the Exchange's rules and will ensure that
individual listed companies are not given specially negotiated packages
of products or services to list, or remain listed, which would raise
unfair discrimination issues under the Act.\34\ Furthermore, all
Companies will receive the same Complimentary Services for the same
duration. For these reasons, the Commission believes that the package
of Complimentary Services is equitably allocated among issuers
consistent with Section 6(b)(4) of the Act,\35\ does not unfairly
discriminate between issuers consistent with Section 6(b)(5) of the
Act, and does not impost any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.\36\
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\34\ The Commission views complimentary products and services
provided by exchanges to listed companies as a discount on the
ultimate listing fees paid by such companies. See, e.g., Securities
Exchange Act Release Nos. 91054 (February 3, 2021), 86 FR 8812
(February 9, 2021) (order approving SR-LTSE-2020-22); 81872 (October
13, 2017), 82 FR 48733 (October 19, 2017) (order approving SR-IEX-
2017-20); 65127 (August 12, 2011), 76 FR 51449 (August 18, 2011)
(order approving SR-NYSE-2011-20); and 65963 (December 15, 2011), 76
FR 79262 (December 21, 2011) (order approving SR-NASDAQ-2011-122).
\35\ 15 U.S.C. 78f(b)(4).
\36\ 15 U.S.C. 78f(b)(5).
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IV. Solicitation of Comments on Amendment No. 1 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. 1, is consistent with the Act.
Comments may be submitted by any of the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#0674736a632b65696b6b636872754675636528616970"><span class="__cf_email__" data-cfemail="6f1d1a030a420c0002020a011b1c2f1c0a0c41080019">[email protected]</span></a>. Please include
file number SR-LTSE-2025-31 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-2025-31. 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-LTSE-2025-31 and should be submitted on
or before May 11, 2026.
V. Accelerated Approval of the Proposed Rule Change, as Modified by
Amendment No. 1
The Commission finds good cause to approve the proposed rule
change, as modified by Amendment No. 1, prior to the thirtieth day
after the date of publication of notice of the filing of Amendment No.
1 in the Federal Register. Amendment No. 1 sets forth additional
support and clarifying detail regarding the proposal. These changes (1)
reflect changes made in LTSE-2026-09, which extended the time
complimentary services may be provided from 4 years to 5 years; (2)
provide additional description and support for certain aspects of the
proposal; and (3) make other technical and non-substantive changes for
clarity and readability. Amendment No. 1 does not alter any substantive
provisions of the remaining parts of the proposed rule change from what
is set forth in the Notice, which was subject to public comment.
The Commission finds that Amendment No. 1 does not raise any novel
regulatory issues that have not previously been subject to public
comment and is reasonably designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to remove impediment to and perfect the mechanisms
of a free and open market and a national market system, and, in
general, to protect investors and the public interest, and not designed
to permit unfair discrimination between customers, issuers, brokers, or
dealers. Accordingly, the Commission finds good cause, pursuant to
Section 19(b)(2) of the Act, to approve the proposed rule change, as
modified by Amendment No. 1, on an accelerated basis.
VI. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\37\ that the proposed rule change (SR-LTSE-2025-31), as modified
by Amendment No. 1, be and hereby is, approved on an accelerated basis.
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\37\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
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\38\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07592 Filed 4-17-26; 8:45 am]
BILLING CODE 8011-01-P
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