Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify Listing Rules Regarding Dually-Listed Securities

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<title>Federal Register, Volume 91 Issue 203 (Thursday, October 22, 2026)</title>
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[Federal Register Volume 91, Number 203 (Thursday, October 22, 2026)]
[Notices]
[Pages 66756-66758]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-21575]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-106695; File No. SR-LTSE-2026-23]


Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
To Modify Listing Rules Regarding Dually-Listed Securities

October 19, 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 October 5, 2026, Long-Term Stock Exchange, Inc. (the 
``Exchange'' or ``LTSE'') 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 Exchange filed the proposal as a ``non-controversial'' 
proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 
\3\ and Rule 19b-4(f)(6) thereunder.\4\ 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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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 Commission a proposed rule change 
to adopt Supplementary Material .02 to Rule 14.210 (Dually-Listed 
Securities) to specify that all companies listing securities on LTSE 
must be listed on another registered national securities exchange 
(``Supplementary Material .02'').
    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 on the Commission's website at <a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>.

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 adopt Supplementary Material .02 to Rule 
14.210 (Dually-Listed Securities) to specify that all companies listing 
securities on LTSE must be listed on another registered national 
securities exchange (``Supplementary Material .02'').
    While LTSE maintains primary listing standards in its Rulebook and 
intends to operate as a primary listing market in the future, LTSE 
currently lists only issuers that also maintain a primary listing on 
another national securities exchange. The proposed rule text does not 
modify or eliminate LTSE's underlying initial or continued listing 
standards; instead, it clarifies the relationship between those 
standards and LTSE's current listing model for dually listed issuers.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\5\ in general, and 
furthers the objectives of Section 6(b)(5) of the Act,\6\ in 
particular, in that it is designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade, to remove impediments to and perfect the mechanism 
of a free and open market and a national market system, and, in 
general, to protect investors and the public interest.
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    \5\ 15 U.S.C. 78f.
    \6\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change promotes just 
and equitable principles of trade and protects investors by providing 
clear and transparent rules regarding LTSE's current listing model. 
Although LTSE maintains comprehensive primary listing standards within 
its Rulebook, LTSE currently operates under a model where listed 
issuers maintain a dual listing on another registered national 
securities exchange. The Exchange believes that codifying this 
requirement in proposed Supplementary Material .02 ensures that 
issuers, investors, and market participants have clarity regarding the 
requisite dual-listing status for LTSE-listed securities. By 
eliminating potential ambiguity surrounding LTSE's current listing 
operations, the proposed rule change prevents confusion in the 
marketplace and ensures that all market participants operate with a 
shared, precise understanding of LTSE's dual-listing framework.
    Importantly, the proposed rule text does not modify, relax, or 
eliminate LTSE's existing initial or continued listing standards.\7\ 
Instead, it simply clarifies the practical application of those 
standards in relation to LTSE's present operating model. By preserving 
underlying quality and governance benchmarks while harmonizing rule 
text

[[Page 66757]]

with operational reality, the Exchange maintains high listing standards 
that promote market integrity without disrupting existing trading 
mechanisms or regulatory oversight across the national market system.
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    \7\ For example, companies that dually list on LTSE must satisfy 
its unique listing requirements, including those set forth in Rule 
14.425 (Long-Term Policies), in addition to satisfying the 
requirements on the primary listing venue.
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    The mandatory dual-listing requirement under Supplementary Material 
.02 will apply uniformly to all issuers listing securities on LTSE. 
Furthermore, the proposed rule change is identical in substance to 
existing rules previously approved or adopted by other self-regulatory 
organizations. Specifically, the proposed rule text mirrors Nasdaq 
Texas, LLC (``Nasdaq TX'') IM-5220-1, which similarly requires all 
companies listing on that exchange to maintain a dual-listing on 
another national securities exchange.\8\ Adopting an identical approach 
establishes regulatory consistency across listing venues.
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    \8\ See Nasdaq TX IM-5220-1 (``All Companies listed on LTSE must 
be listed on another national securities exchange.''). Like LTSE, 
Nasdaq TX plans to support primary listings in the future and 
similarly has rules related to the qualification, listing and 
delisting of companies on its exchange. See, e.g., Nasdaq TX Rule 
Series 5000 (consisting of Rules 5000-5999).
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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 proposed rule change 
fosters intermarket competition by clarifying the parameters under 
which issuers may list on LTSE while maintaining their primary listings 
elsewhere. Because the rule is substantively identical to Nasdaq Texas 
IM-5220-1, it ensures a level playing field among national securities 
exchanges that operate dual-listing structures.
    The proposed rule will apply equally to all issuers listing 
securities on LTSE. Because the proposed rule merely codifies current 
operational practice and explicitly preserves the Exchange's underlying 
listing standards, it imposes no unexpected burdens on issuers or 
market participants while fostering fair and open competition within 
the national market system.

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

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\ 
Because the 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 prior to 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate, if consistent with the protection of 
investors and the public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6)(iii) thereunder.\12\
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    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 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, 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) \13\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission 
may 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 upon filing. The Exchange states that the proposed 
rule is identical to the rule of another national securities 
exchange.\15\ Further, the Exchange states that the proposed change 
would add clarity and transparency to LTSE's Rulebook regarding its 
current listing model. For these reasons, and because the proposed rule 
change does not raise any new or novel regulatory issues, the 
Commission finds that waiving the 30-day operative delay is consistent 
with the protection of investors and the public interest. Accordingly, 
the Commission waives the 30-day operative delay and designates the 
proposed rule change as operative upon filing.\16\
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    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
    \15\ See supra note 8 and accompanying text (regarding Nasdaq 
Texas IM-5220-1).
    \16\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See U.S.C. 78c(f).
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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 under 
Section 19(b)(2)(B) \17\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \17\ 15 U.S.C. 78s(b)(2)(B).
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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#0173746d642c626e6c6c646f7572417264622f666e77"><span class="__cf_email__" data-cfemail="b5c7c0d9d098d6dad8d8d0dbc1c6f5c6d0d69bd2dac3">[email&#160;protected]</span></a>. Please include 
file number SR-LTSE-2026-23 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-2026-23. 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-2026-23 and should be submitted on 
or before November 12, 2026.


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    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12), (59).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-21575 Filed 10-21-26; 8:45 am]
BILLING CODE 8011-01-P


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