Notice2026-17801
Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing of Proposed Rule Change To Adopt New Rule 24 Under Article 22 of the NYSE Texas Rule Book
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
September 1, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 168 (Tuesday, September 1, 2026)</title>
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[Federal Register Volume 91, Number 168 (Tuesday, September 1, 2026)]
[Notices]
[Pages 56247-56249]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-17801]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106204; File No. SR-NYSETEX-2026-30]
Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing
of Proposed Rule Change To Adopt New Rule 24 Under Article 22 of the
NYSE Texas Rule Book
August 27, 2026.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on August 13, 2026, the NYSE Texas, Inc. (``NYSE Texas'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III 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\ 15 U.S.C. 78a.
\3\ 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 adopt new Rule 24 under Article 22 of the
NYSE Texas Rule Book (the ``Rule Book') to offer certain issuers
complimentary products and services from the Exchange. 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,
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of the most significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
In 2025, the Exchange reincorporated in the State of Texas and was
re-named NYSE Texas, Inc. At the time of its reincorporation, there
were approximately thirty issuers with a dual listing on the Exchange.
Since the date of its reincorporation, many additional issuers have
sought a dual listing on the Exchange. The Exchange now proposes to
adopt new Rule 24 under Article 22 of the Rule Book to offer
complimentary services to certain issuers listed on the Exchange.
The Exchange proposes to codify in new Rule 24 that all issuers
listed on the Exchange are entitled to certain services, including use
of the Exchange's headquarters in Dallas, Texas, on a complimentary
basis as described on the Exchange's website. The Exchange offers these
complimentary services to all issuers without regard to size or any
other factor.
In addition, the Exchange proposes to specify that Eligible Dual
Listings (as defined below) are entitled to receive a package of
visibility and investor engagement products and services with a
commercial value of approximately $50,000. For purposes of Rule 24, the
Exchange proposes to define Eligible Dual Listings as any U.S. or any
non-U.S. company (i) whose primary class of equity securities is listed
on another national securities exchange and is listing such class of
securities on the Exchange as a dual listing pursuant to Rule 18 of the
Rule Book, and (ii) that has 160 million or more total shares of common
stock issued and outstanding in all share classes, including and in
addition to treasury shares (a non-U.S. company must have 160 million
or more shares of an equity security issued and outstanding in the
U.S.).
Under the Exchange's proposal, Eligible Dual Listings may elect to
receive some or all of the products and services for with they are
eligible under proposed Rule 24 but are under no obligation to accept
any such product or service.
The package of visibility and investor engagement products and
services would entitle eligible issuers to hold an investor meeting at
the Exchange's headquarters in Dallas, Texas as well as a marketing
activation to publicize the issuer's dual listing on the Exchange or
other corporate developments. The Exchange proposes to provide this
package of visibility and investor engagement products and services to
companies that have at least 160 million or more total shares of common
stock issued and outstanding in all share classes, including and in
addition to treasury shares. To qualify as an Eligible Dual Listing,
any non-U.S. company must have 160 million or more shares of an equity
security issued and outstanding in the U.S.
In determining to offer the proposed package of complimentary
products and services, the Exchange notes the growing economy of the
southwestern United States and issuers increasing interest in
developing a presence in Texas. The Exchange believes that the offering
of services will facilitate issuer engagement with investors in this
growing economic hub and entice issuers to dually list on the
Exchange.\4\ In this regard, the Exchange notes that other exchanges
offer complimentary products and services to issuers on a tiered basis
based on shares outstanding.\5\ The Exchange believes it is reasonable
to offer its proposed package of services to issuers with at least 160
million shares outstanding as such issuers tend to be larger and have
greater demand for visibility and engagement. In addition, any issuer
that may not initially qualify based on its shares outstanding will be
eligible in the future if it reaches the proposed threshold.
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\4\ In this regard, the Exchange notes that Nasdaq Texas, LLC
recently adopted a package of complimentary services offered to
issuers dually listed on its exchange. See Securities Exchange Act
Release No. 105883 (July 10, 2026), 91 FR 43408 (July 15, 2026).
\5\ See, for example, Section 907.00 of the NYSE Listed Company
Manual. The NYSE offers ongoing complimentary products and services
to issuers with at least 160 million shares outstanding. This
threshold is consistent with the Exchange's proposal.
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As noted above, Eligible Dual Listings are not obligated to accept
any of the proposed services and a determination not to accept such
services will have no effect on an issuer's continued listing on the
Exchange. Further, the Exchange represents that the existence of this
program will not adversely affect the funding available for the
Exchange's regulatory responsibilities.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\6\ in general, and furthers the
objectives of Section 6(b)(5) \7\ of the Act, in particular, in that it
is designed to promote just and equitable principles of trade, to
remove impediments and to perfect the mechanism of a free and open
market and a national market system and, in general, to protect
investors and the public interest. It is also consistent with this
provision because it is not designed to permit unfair discrimination
between issuers. All similarly situated issuers will receive the same
level of complimentary products and services and all issuers will
receive some level of complimentary products and services. The proposed
rule change is equitable and not unfairly discriminatory because the
criteria for being an Eligible Dual Listing is the same for all
issuers.
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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that it is reasonable to offer complimentary
products and services to attract new listings and respond to
competitive pressures. The Exchange faces competition in the market for
listing services and it competes, in part, by improving the quality of
the services that it offers to listed companies. By offering products
and services on a complimentary basis and ensuring that it is offering
the services most valued by its listed issuers, the Exchange will
improve the quality of the services that listed companies receive. The
Exchange believes it is reasonable to offer companies with at least 160
million shares outstanding an enhanced package of complimentary
products and services as such companies tend to be larger and desire
enhanced visibility and engagement. The Exchange believes its proposal
will entice additional companies to dually list on the Exchange.
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. The proposal will not burden
competition between listed companies because all companies receive some
level of complimentary products and services and all similarly situated
companies (i.e. those with at least 160 million shares outstanding) are
eligible to receive a complimentary visibility and investor engagement
package. Any company that may not initially qualify will be eligible to
receive such package if it subsequently achieves the required
threshold. No issuer is required to accept the services as a condition
of listing. The proposal also will not burden competition with other
national securities exchanges because such exchange either already
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offer such services \8\ or can elect to compete by doing so.
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\8\ See, e.g., Rule 5950 of the Nasdaq Texas, LLC Rules
(Products and Services Offered to Companies), Section 907.00 of the
NYSE Listed Company Manual (Products and Services Available to
Issuers); Rule 14.602 of the Long Term Stock Exchange Rules
(Products and Services Offered to Companies).
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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
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 self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove the 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 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#0f7d7a636a226c6062626a617b7c4f7c6a6c21686079"><span class="__cf_email__" data-cfemail="c1b3b4ada4eca2aeacaca4afb5b281b2a4a2efa6aeb7">[email protected]</span></a>. Please include
file number SR-NYSETEX-2026-30 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-NYSETEX-2026-30. 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-NYSETEX-2026-30 and should be submitted
on or before September 22, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-17801 Filed 8-31-26; 8:45 am]
BILLING CODE 8011-01-P
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