Notice2026-09123
Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing of a Proposed Rule Change To Adopt Rules Related to the Listing and Trading of Closed-End Funds on the Exchange
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
May 8, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 89 (Friday, May 8, 2026)</title>
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[Federal Register Volume 91, Number 89 (Friday, May 8, 2026)]
[Notices]
[Pages 25400-25404]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-09123]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105367; File No. SR-TXSE-2026-005]
Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice
of Filing of a Proposed Rule Change To Adopt Rules Related to the
Listing and Trading of Closed-End Funds on the Exchange
May 5, 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 April 23, 2026, Texas Stock Exchange LLC (the ``Exchange'' or
``TXSE'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit
[[Page 25401]]
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 filed a proposal to adopt rules related to the listing
and trading of closed-end funds on the Exchange.
The text of the proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>) at the
Exchange's website (<a href="https://txse.com/rule-filings">https://txse.com/rule-filings</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
The Exchange proposes to amend its Rules to: (i) add new Rule
16.316 related to the initial and continued quantitative listing
standards applicable to Closed-End Funds \3\ based on existing criteria
applicable to Closed-End Funds listed on Cboe BZX Exchange, Inc.
(``BZX''); \4\ (ii) add new rule text specifically related to the
initial and continued listing of Interval Funds, as defined below, on
the Exchange; and (iii) to add Closed-End Funds to the list of security
types for which the annual shareholder meaning[sic] requirements do not
apply.
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\3\ As defined in proposed Rule 16.316(a)(1), the term Closed-
End Fund means a closed-end management investment company registered
under the Investment Company Act of 1940.
\4\ See BZX Rule 14.8(e).
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Initial Listing
Closed-End Funds
As proposed, a Closed-End Fund must meet the initial listing
requirements for either an individual Closed-End Fund (the ``Individual
CEF Standard'') or a Group \5\ of Closed-End Funds (the ``Group CEF
Standard''), as provided below, before being listed on the Exchange.
The Individual CEF Standard requires: (a) a Public Distribution \6\ of:
(i) at least 500,000 shares where there are at least 800 Public
Shareholders,\7\ except that companies that are not banks whose
securities are concentrated in a limited geographical area, or whose
securities are largely held in block by institutional investors, are
normally not considered eligible for listing unless the Public
Distribution appreciably exceeds 500,000 shares; \8\ or (ii) at least
1,000,000 shares where there are at least 400 Public Shareholders; (b)
a Public Distribution with a market value \9\ or net assets of at least
$20 million; (c) a minimum bid price of at least $4 per share; and (d)
at least four registered and active Market Makers.\10\ The Group CEF
Standard requires that a Closed-End Fund which is part of a Group be
subject to the following criteria: (a) the Group has a Public
Distribution with a market value or net assets of at least $75 million;
(b) the Closed-End Funds in the Group have a Public Distribution with
an average market value or average net assets of at least $15 million;
(c) each Closed-End Fund in the Group has a Public Distribution with a
market value or net assets of at least $10 million; and (d) each
Closed-End Fund in the Group has: (i) a Public Distribution of: (a) at
least 500,000 shares where there are at least 800 Public Shareholders,
except that companies that are not banks whose securities are
concentrated in a limited geographical area, or whose securities are
largely held in block by institutional investors, are normally not
considered eligible for listing unless the Public Distribution
appreciably exceeds 500,000 shares; \11\ or (b) at least 1,000,000
shares where there are at least 400 Public Shareholders; (ii) a minimum
bid price of at least $4 per share; and (iii) at least four registered
and active Market Makers. As noted above, these proposed quantitative
initial listing requirements for Closed-End Funds are substantively
identical to those of BZX.\12\
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\5\ As defined in proposed Rule 16.316(b)(2), a ``Group'' is a
group of Closed-End Funds which are or will be listed on the
Exchange, and which are managed by a common investment adviser or
investment advisers who are ``affiliated persons'' as defined in
Section 2(a)(3) of the Investment Company Act of 1940 as amended.
Section 2(a)(3) of the Investment Company Act of 1940 defines
affiliated person of another person as ``(A) any person directly or
indirectly owning, controlling, or holding with power to vote, 5 per
centum or more of the outstanding voting securities of such other
person; (B) any person 5 per centum or more of whose outstanding
voting securities are directly or indirectly owned, controlled, or
held with power to vote, by such other person; (C) any person
directly or indirectly controlling, controlled by, or under common
control with, such other person; (D) any officer, director, partner,
copartner, or employee of such other person; (E) if such other
person is an investment company, any investment adviser thereof or
any member of an advisory board thereof; and (F) if such other
person is an unincorporated investment company not having a board of
directors, the depositor thereof.''
\6\ As defined in proposed Rule 16.316(a)(4), the term ``Public
Distribution'' shall mean the public distribution including only
Public Shareholders.
\7\ As defined in proposed Rule 16.316(a)(3), the term ``Public
Shareholders'' shall include both shareholders of record and
beneficial holders, but is exclusive of the holdings of officers,
directors, controlling shareholders, and other concentrated (i.e.
10% or greater), affiliated or family holdings.
\8\ The Exchange notes that where the Public Distribution
appreciably exceeds 500,000 shares for companies that are not banks
whose securities are concentrated in a limited geographical area, or
whose securities are largely held in block by institutional
investors, the 800 Public Shareholders requirement would also apply.
\9\ For purposes of Closed-End Funds, the term ``market value''
shall mean the official closing price multiplied by the unit of
account.
\10\ As provided in Rule 16.002(a)(!5)[sic], the term ``Market
Maker'' means a dealer that, with respect to a security, holds
itself out (by entering quotations into the Exchange) as being
willing to buy and sell such security for its own account on a
regular and continuous basis and that is registered as such.
\11\ The Exchange notes that where the Public Distribution
appreciably exceeds 500,000 shares for companies that are not banks
whose securities are concentrated in a limited geographical area, or
whose securities are largely held in block by institutional
investors, the 800 Public Shareholders requirement would also apply.
\12\ See BZX Rule 14.8(e).
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Interval Funds
The Exchange is also proposing to add Rule 16.316(b)(3) related to
the initial listing requirements that apply to Interval Funds.\13\
Interval Funds are a type of Closed-End Fund that offer to repurchase
shares of the fund at its net asset value on a periodic basis pursuant
to the requirements of Rule 23c-3. Specifically, the Exchange is
proposing that an Interval Fund may be listed on the Exchange where it:
(i) meets the requirements applicable to Closed-End Funds under
proposed Rule 16.316(b); and (ii) has a periodic interval at which it
offers to repurchase its common stock equal to or less than three
months. While Interval Funds are already eligible for listing under
standard Closed-End Fund listing rules, the Exchange believes that
adding these rules will both provide additional transparency and
clarity under exchange rules about the listing of Interval Funds and
also create a heightened standard for listing Interval Funds on
exchange--rather than merely needing to comply with the requirements
under Rule 23c-3 under the Investment Company Act of 1940, exchange-
listed interval funds will be required to offer repurchase at net asset
value at least every three months instead of having the flexibility to
have a periodic interval for repurchase of three, six, or twelve months
as provided in Rule 23c-3(a)(1).
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\13\ As provided in proposed Rule 16.316(a)(2), the term
``Interval Fund'' shall mean a Closed-End Fund that repurchases
common stock of which it is the issuer pursuant to Rule 23c-3 of the
Investment Company Act of 1940. The Exchange notes that this
proposal is also intended to allow the listing of registered closed-
end management investment companies that offer multiple classes of
shares (i.e. an unlisted class and a listed class) and make periodic
repurchase offers pursuant to Rule 23c-3 under the Investment
Company Act of 1940.
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[[Page 25402]]
Continued Listing
Closed-End Funds
The Exchange will consider the suspension of trading in and will
initiate delisting proceedings (and such Closed-End Fund will not be
eligible to follow the cure procedures outlined in Rule 16.501) for a
Closed-End Fund where: (a) the market value of the Public Distribution
and net assets each are less than $5,000,000 for more than 60
consecutive days; (b) the Closed-End Fund no longer qualifies as a
closed-end fund under the Investment Company Act of 1940 (unless the
resultant entity otherwise qualifies for listing); (c) the Public
Distribution is less than 200,000; (d) the total number of Public
Shareholders is less than 300; (e) the Public Distribution has a market
value of less than $1,000,000 for more than 90 consecutive days; (f)
the bid price is less than $1 per share; or (g) there are fewer than
four registered and active Market Makers. Any failure to meet any of
the continued listing requirements will subject the applicable Closed-
End Fund to delisting proceedings in accordance with the provisions set
forth in Rule 16.501 and, as noted above, any such Closed-End Fund will
not be eligible to follow the cure procedures outlined in Rule 16.501
in order to regain compliance prior to delisting. The Exchange notes
that these proposed quantitative continued listing requirements for
Closed-End Funds are substantively identical to those of BZX.\14\
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\14\ See BZX Rule 14.8(i).
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Interval Funds
Additionally, the Exchange will consider the suspension of trading
in and will initiate delisting proceedings (and such Interval Fund will
not be eligible to follow the cure procedures outlined in Rule
16.5010[sic]) for an Interval Fund where: (i) the Interval Fund no
longer meets the continued listing requirements for a Closed-End Fund
as enumerated in Rule 16.326(a); (ii) suspended or postponed repurchase
offers persist in a manner inconsistent with Rule 23c-3 under the
Investment Company Act of 1940; or (iii) the Interval Fund is otherwise
not in compliance with the requirements of Rule 23c-3 under the
Investment Company Act of 1940. While Interval Funds are already
eligible for listing under standard Closed-End Fund listing rules, the
Exchange believes that adding these continued listing rules will both
provide additional transparency and clarity under exchange rules about
the continued listing of Interval Funds.
Governance
Any Closed-End Funds listed on the Exchange will be subject to the
governance requirements in Rule 16.400 applicable to all management
investment companies listed on the Exchange, including Closed-End
Funds, except as provided in the exceptions to certain governance
requirements for management investment companies as provided under Rule
16.407(a)(5) and the associated Supplementary Material .04. The
Exchange is not proposing to make any changes to these exceptions. Rule
16.408(a) provides that ``Each company listing common stock or voting
preferred stock, and their equivalents, shall hold an annual meeting of
Shareholders no later than one (1) year after the end of the Company's
fiscal year-end, unless such Company is a limited partnership that
meets the requirements of TXSE Rule 16.407(a)(4)(D).'' Supplementary
Material .01 to Rule 16.408 clearly states that Rule 16.408 is not
applicable to a number of different types of securities that may be
listed on the Exchange, including Derivative Securities.\15\ The
Exchange is proposing to amend Supplementary Material .01 to Rule
16.408 in order to provide that Rule 16.408(a) would also not be
applicable to Closed-End Funds. The Exchange notes that there is no
existing regulatory obligation for Closed-End Funds to hold annual
meetings (including in the Investment Company Act of 1940).
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\15\ Under TXSE Rule 16.407(a)(6)(B), ``Derivative Securities,''
include the following: Exchange Traded Fund Shares (Rule 17.104),
Portfolio Depository Receipts and Index Fund Shares (Rule 17.105);
Equity Index-Linked Securities (Rule 17.110(k)(1)), Commodity-Linked
Securities (Rule 17.110(k)(2)), Fixed Income Index-Linked Securities
(Rule 17.110(k)(3)), Futures-Linked Securities (Rule 17.110(k)(4)),
Multifactor Index-Linked Securities (Rule 17.110(k)(5)), Index-
Linked Exchangeable Notes (Rule 17.111(a)), Equity Gold Shares (Rule
17.111(b)), Trust Certificates (Rule 17.111(c)), Commodity-Based
Trust Shares (Rule 17.111(d)), Currency Trust Shares (Rule
17.111(e)), Commodity Index Trust Shares (Rule 17.111(f)), Commodity
Futures Trust Shares (Rule 17.111(g)), Partnership Units (Rule
17.111(h)), Managed Trust Securities (Rule 17.111(j)), SEEDS (Rule
17.115), Trust Issued Receipts (Rule 17.120), Managed Fund Shares
(Rule 17.135) and Proxy Portfolio Shares (Rule 17.150). In addition
to ``Derivative Securities,'' TXSE Rules specifically provide that
``This requirement is not applicable to Companies whose only
securities listed on TXSE are non-voting preferred securities, debt
securities . . . or securities listed pursuant to TXSE Rule
17.130(a) and TXSE Rule 17.132 (such as Trust Preferred Securities
and Contingent Value Rights), unless the listed security is a common
stock or voting preferred stock equivalent (e.g., a callable common
stock).''
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Closed-End Funds share the key feature that makes the annual
shareholder meeting requirement inapplicable to Derivative Securities
under Supplementary Material .01: they are exchange-listed securities
whose value is tied to an underlying portfolio of holdings rather than
to the performance of an operating company, and holders invest for
exposure to that underlying portfolio rather than to supervise the
affairs of an operating company through annual shareholder meetings.
The parallel is even closer with Exchange Traded Fund Shares, Portfolio
Depository Receipts, and Index Fund Shares, each a type of Derivative
Security and, like a Closed-End Fund, a registered investment vehicle
holding assets on behalf of shareholders, with governance
comprehensively regulated under the Investment Company Act of 1940
rather than through the corporate governance model the annual meeting
requirement contemplates. The Exchange believes that the strong
similarities between Closed-End Funds and Derivative Securities,
combined with the absence of any statutory mandate requiring Closed-End
Funds to hold an annual shareholder meeting, support excluding Closed-
End Funds from the Rule 16.408 annual meeting requirement.\16\ Applying
the requirement to Closed-End Funds while not applying it to similarly
structured exchange-traded products would create an inconsistency in
treatment for which the Exchange sees no supporting policy rationale.
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\16\ Notwithstanding the foregoing, TXSE Rules would provide
that if the issuer of a Closed-End Fund also lists common stock or
voting preferred stock, or their equivalent, the Company must still
hold an annual meeting for the holders of that common stock or
voting preferred stock, or their equivalent.
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Trading Rules
Closed-End Funds are equity securities, thus rendering trading in
Closed-End Funds subject to the Exchange's existing rules governing the
trading of equity securities. The Exchange will allow trading in
Closed-End Funds from 8:00 a.m. until 5:00 p.m. Eastern Time and the
Exchange has appropriate rules to facilitate such transactions during
all trading sessions.\17\
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\17\ The Exchange notes that this includes three trading
sessions on the Exchange: the Pre-Market Session from 8:00 a.m. to
9:30 a.m. Eastern Time; Regular Trading Hours from 9:30 a.m. to 4:00
p.m. Eastern Time; and the Post-Market Session from 4:00 p.m. to
5:00 p.m. Eastern Time.
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Trading Halts
With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in a Closed-End Fund. The Exchange will halt trading in a
Closed-End Fund under the conditions specified in Rule 11.020(h)[sic]
and
[[Page 25403]]
11.021. Rule 16.207 also provides certain conditions under which the
Exchange will halt trading in a Closed-End Fund for additional reasons,
including for the dissemination of material news. Trading may also be
halted because of market conditions or for reasons that, in the view of
the Exchange, make trading in the Shares inadvisable. These include
whether unusual conditions or circumstances detrimental to the
maintenance of a fair and orderly market are present.
Surveillance
The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of Closed-End Funds on the Exchange
during all trading sessions and to deter and detect violations of
Exchange rules and the applicable federal securities laws. Trading of
Closed-End Funds on the Exchange will be subject to the Exchange's
surveillance procedures for ETPs and other equity securities traded on
the Exchange.
Listing Fees
The Exchange plans to separately submit a proposal to amend Rule
16.600 related to listing fees in order to implement fees applicable to
Closed-End Funds prior to this proposal becoming operational.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Act \18\ in general and Section 6(b)(5) of the Act
\19\ in particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system. The Exchange believes that the
proposed rules will facilitate the listing and trading of additional
types of exchange-traded securities on the Exchange that will enhance
competition among market participants, to the benefit of investors and
the marketplace. In addition, the listing and trading criteria set
forth in the proposed rules are intended to protect investors and the
public interest.
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\18\ 15 U.S.C. 78f.
\19\ 15 U.S.C. 78f(b)(5).
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As noted above, the Exchange's proposed quantitative listing
requirements related to Closed-End Funds for both initial and continued
listing are substantively identical to those of BZX and, as such, the
proposed rule change is consistent with the protection of investors and
the public interest. Additionally, the proposal is designed to prevent
fraudulent and manipulative acts and practices, as any Closed-End Funds
listed on the Exchange will be required to meet these proposed new
rules related to initial and continued listing and will be subject to
existing Exchange trading rules, trading halts, governance, and
surveillance procedures, as set forth above.
The Exchange also believes that its proposed initial and continued
listing standards for Interval Funds are consistent with the Act
because they are generally designed to memorialize the requirements for
Interval Funds to list on an exchange rather than just listing on
exchange under the Closed-End Fund rules. Further, the proposed rules
related to Interval Funds would require that exchange-listed interval
funds will be required to offer repurchase at net asset value at least
every three months instead of having the flexibility to have a periodic
interval for repurchase of three, six, or twelve months as provided in
Rule 23c-3(a)(1) which will further protect investors and the public
interest by reducing the likelihood of extended periods of trading
below their net asset value than Interval Funds with longer repurchase
periods. The Exchange notes that these proposed rules are designed to
supplement the requirements for Interval Funds that already exist under
the Investment Company Act of 1940.
The Exchange also believes that the existing governance
requirements applicable to Closed-End Funds are consistent with the Act
in that they are generally similar to those applicable to Closed-End
Funds listed on BZX, except that the Exchange is proposing to add
Closed-End Funds to the list of instruments that are not subject to the
annual shareholder meeting requirement. The annual meeting requirement
is generally intended to apply to operating companies. Closed-End Funds
share the key feature that makes the annual shareholder meeting
requirement inapplicable to Derivative Securities under Supplementary
Material .01: they are exchange-listed securities whose value is tied
to an underlying portfolio of holdings rather than to the performance
of an operating company, and holders invest for exposure to that
underlying portfolio rather than to supervise the affairs of an
operating company through annual shareholder meetings. The parallel is
even closer with Exchange Traded Fund Shares, Portfolio Depository
Receipts, and Index Fund Shares, each a type of Derivative Security
and, like a Closed-End Fund, a registered investment vehicle holding
assets on behalf of shareholders, with governance comprehensively
regulated under the Investment Company Act of 1940 rather than through
the corporate governance model the annual meeting requirement
contemplates. The Exchange believes that the strong similarities
between Closed-End Funds and Derivative Securities, combined with the
absence of any statutory mandate requiring Closed-End Funds to hold an
annual shareholder meeting, support excluding Closed-End Funds from the
Rule 16.408 annual meeting requirement.\20\ Applying the requirement to
Closed-End Funds while not applying it to similarly structured
exchange-traded products would create an inconsistency in treatment for
which the Exchange sees no supporting policy rationale. For these
reasons, the Exchange believes that Closed-End Funds are more
appropriately treated in the same manner as Derivative Securities
rather than as operating companies, and that excluding Closed-End Funds
from the Exchange's annual meeting requirement is consistent with the
Act.
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\20\ Notwithstanding the foregoing, TXSE Rules would provide
that if the issuer of a Closed-End Fund also lists common stock or
voting preferred stock, or their equivalent, the Company must still
hold an annual meeting for the holders of that common stock or
voting preferred stock, or their equivalent.
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The proposal is also designed to promote just and equitable
principles of trade by way of the proposed initial and continued
listing standards, which is further bolstered by the requirement that
any failure to meet any of the continued listing requirements will
subject the applicable Closed-End Fund to delisting proceedings in
accordance with the provisions set forth in Rule 16.501. These
requirements, together with the applicable Exchange equity trading
rules (which will apply to Closed-End Funds listed under the proposed
criteria) ensure that all investors will have the same access to
trading in Closed-End Funds listed on the Exchange, as is the case for
all other products listed and/or traded on the Exchange, all to the
benefit of public customers and the marketplace as a whole.
On the whole, the proposed rule change is designed to perfect the
mechanism of a free and open market and, in general, to protect
investors and the public interest in that it will facilitate the
listing and trading of an additional product type on the Exchange that
will enhance competition
[[Page 25404]]
among market participants, to the benefit of investors and the
marketplace.
For the above reasons, the Exchange believes that the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act.
(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, as amended. Instead, the
proposal is a competitive one which would facilitate the listing and
trading of Closed-End Funds on the Exchange, which the Exchange
believes will enhance competition among exchanges that list Closed-End
Funds, which can benefit investors, issuers, and the marketplace
generally.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
A. By order approve or disapprove such proposed rule change; or
B. Institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposal 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#493b3c252c642a2624242c273d3a093a2c2a672e263f"><span class="__cf_email__" data-cfemail="d8aaadb4bdf5bbb7b5b5bdb6acab98abbdbbf6bfb7ae">[email protected]</span></a>. Please include
File No. SR-TXSE-2026-005 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 No. SR-TXSE-2026-005. 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-TXSE-2026-005 and should be submitted on
or before May 29, 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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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-09123 Filed 5-7-26; 8:45 am]
BILLING CODE 8011-01-P
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