<html>
<head>
<title>Federal Register, Volume 91 Issue 2 (Monday, January 5, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 2 (Monday, January 5, 2026)]
[Notices]
[Pages 311-314]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-24226]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104526; File No. SR-IEX-2025-38]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the
Certificate of Incorporation of the Exchange's Parent Company, IEX
Group, Inc., To Update Certain Ownership and Voting Restrictions
December 30, 2025.
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 December 19, 2025, the Investors Exchange LLC (``IEX'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Pursuant to the provisions of Section 19(b)(1) under the Securities
Exchange Act of 1934 (``Act''),\4\ and Rule 19b-4 thereunder,\5\ the
Exchange is filing with the Commission a proposed rule change to amend
the certificate of incorporation (defined below) of the Exchange's
parent company, IEX Group, Inc. (``IEXG'' or ``Group'') to update
certain ownership and voting restrictions to align them with the
equivalent provisions in the corporate governance documents of other
national securities exchanges.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
The Exchange has designated this proposal as non-controversial and
provided the Commission with the notice required by Rule 19b-
4(f)(6)(iii) under the Act.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
The text of the proposed rule change is available at the Exchange's
website at <a href="https://www.iexexchange.io/resources/regulation/rule-filings">https://www.iexexchange.io/resources/regulation/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
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 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend IEXG's Third Amended and Restated
Certificate of Incorporation (the ``Charter'') \7\ to reflect
amendments that were approved by both the Group Board and Exchange
Board in accordance with the terms of the Charter and Delaware law.
Subject to this rule filing, these amendments would update certain of
the Charter's provisions regarding ownership restrictions and the
allocation of voting power of Group shareholders to better align those
sections of the Charter with the equivalent provisions in the corporate
governance documents of other national securities exchanges.
Specifically, as described below, these proposed amendments to the
Charter would apply Group's ownership restrictions to owners of all
classes of Group stock (instead of on a per-class basis as is currently
done) and would provide for the pro rata allocation of voting power
[[Page 312]]
among other shareholders if one or more shareholder's ownership
interest exceeds the 20% cap on voting power set forth in the Charter.
---------------------------------------------------------------------------
\7\ Group governance documents, including the Charter, are
accessible on the Group website at <a href="https://www.iex.io/legal/governance">https://www.iex.io/legal/governance</a>. These documents are also accessible on the Exchange's
website at <a href="https://www.iexexchange.io/resources/regulation/governance">https://www.iexexchange.io/resources/regulation/governance</a>.
---------------------------------------------------------------------------
Background
IEXG is a Delaware corporation organized under and by virtue of the
provisions of the General Corporation Law of the State of Delaware (the
``General Corporation Law''). Amendments to the Charter that must be
filed with the Commission shall only be effective if the amendments are
submitted to the Exchange's Board of Directors, and if the amendments
are ``filed with or filed with and approved'' by the Commission
pursuant to Section 19 of the Act.\8\ As noted in Item 2, supra, both
the Group and Exchange Boards have approved these proposed amendments,
which IEX now files with the Commission so that IEXG may effectuate the
proposed changes to the Charter.
---------------------------------------------------------------------------
\8\ See Article NINTH of the Charter.
---------------------------------------------------------------------------
IEXG issues two classes of stock: ``Common Stock'' and ``Preferred
Stock.'' \9\ Holders of Common Stock are entitled to one vote for each
share.\10\ The same is true for holders of each of the three series
\11\ of Preferred Stock.\12\
---------------------------------------------------------------------------
\9\ See Article FOURTH of the Charter (specifying that IEXG can
issue up to 11,000,000 shares of common stock with a par value of
$0.01 per share (``Common Stock'') and up to 5,020,882 shares of
preferred stock with a par value of $0.01 per share (``Preferred
Stock'').
\10\ See Article FOURTH, Section A.1 of the Charter.
\11\ See Article FOURTH, Section B. of the Charter.
\12\ Calculating the voting power of holders of Preferred Stock
requires determining the number of Common Shares into which their
Preferred Stock shares are convertible. See Article FOURTH, Section
B.3.1 of the Charter. Because all Preferred Stock is convertible to
Common Stock on a one-to-one basis, each share of Preferred Stock
entitles its owner to one vote. See Article FOURTH, Section B.4.1 of
the Charter.
---------------------------------------------------------------------------
The Charter currently limits ownership of IEXG stock such that no
Person,\13\ either alone or together with its Related Persons,\14\
``may own . . . shares constituting more than forty percent (40%) of
any class of capital stock of the Corporation.'' \15\ The Charter
imposes a stricter ownership limitation for any Exchange Members,\16\
who, either alone or together with their Related Persons, may not own
more than twenty percent (20%) of any class of capital stock in the
Corporation.\17\
---------------------------------------------------------------------------
\13\ ``Person'' is defined as ``a natural person, partnership,
corporation, limited liability company, entity, government, or
political subdivision, agency or instrumentality of a government.''
See Article TENTH, Section A.1 of the Charter.
\14\ ``Related Persons'' is broadly defined to include any
``affiliate'' of a Person (as such term is defined in Rule 12b-2
under the Act), as well as officers and directors of a corporation,
and the immediate family members of any affiliated persons. See
Article TENTH, Section A.2 of the Charter.
\15\ See Article TENTH, Section B.1.1 of the Charter.
\16\ See IEX Rule 1.160(s).
\17\ See Article TENTH, Section B.1.2 of the Charter.
---------------------------------------------------------------------------
Furthermore, the Charter limits the amount of voting power that may
be exercised by any Person, either alone or together with its Related
Persons.\18\ Specifically, there is a limitation against any Person,
either alone or together with its Related Persons, voting or causing
the voting of shares of the capital stock of Group that represent more
than twenty percent (20%) of the voting power of the issued and
outstanding capital stock of Group.\19\ Thus, a non-Member shareholder
may own up to 40% of any class of the capital stock of Group, but that
shareholder may only vote up to 20% of its shares.
---------------------------------------------------------------------------
\18\ See Article TENTH, Section B.1.3 of the Charter.
\19\ Id.
---------------------------------------------------------------------------
As described below, IEX believes that the proposed changes to the
Charter that are the subject of this rule filing are fully consistent
with the Commission's approval of IEX,\20\ as well as ownership and
voting limitations recently approved by the Commission for other
national securities exchanges.
---------------------------------------------------------------------------
\20\ See Securities Exchange Act Release No. 78101 (June 17,
2016), 81 FR 41142, 41145-41146 (June 23, 2016) (File No. 10-222)
(``IEX Approval Order'').
---------------------------------------------------------------------------
Proposal
A. Ownership Restrictions
In the past year, the Commission approved the applications for
registration as a national securities exchange of the 24X National
Exchange LLC (``24X'') and the Texas Stock Exchange LLC (``TXSE'').\21\
Both the 24X and TXSE Approval Orders note that the charter for the
holding company that owns the exchange includes restrictions on the
ability to own and vote shares of stock or ownership units
(collectively referred to herein as ``shares'').\22\ The ownership
restrictions contained in the 24X and TXSE charters are nearly
identical to the restrictions in the IEXG Charter described above, with
one notable exception: the charters do not restrict ownership based
upon class of shares, but rather impose the ownership limitations on an
aggregate basis across all outstanding shares.\23\
---------------------------------------------------------------------------
\21\ See Securities Exchange Act Release No. 101777 (November
27, 2024), 89 FR 97092 (December 6, 2024) (File No. 10-242) (``24X
Approval Order'') and Securities Exchange Act Release No. 104146
(September 30, 2025), 90 FR 47880 (October 2, 2025) (File No. 10-
249) (``TXSE Approval Order'').
\22\ See 24X Approval Order, supra note 18, at 97095-96 and TXSE
Approval Order, supra note 18, at 47883-84.
\23\ See Articles 9.2(a)(i) and 9.2(a)(ii) of the Third Amended
and Restated Limited Liability Company Operating Agreement of 24X
Bermuda Holdings LLC (``24X Charter''), available at <a href="https://equities.24exchange.com/api/media/file/24X%20Bermuda%20Holdings%20LLC%203rd%20A%26R%20LLC%20Agreement.pdf">https://equities.24exchange.com/api/media/file/24X%20Bermuda%20Holdings%20LLC%203rd%20A%26R%20LLC%20Agreement.pdf</a>
and Article SEVENTH, Sections (b)(i)(A) and (b)(i)(B) of the Fourth
Amended and Restated Certificate of Incorporation of TXSE Group Inc.
(``TXSE Charter''), available at <a href="https://www.sec.gov/files/rules/other/2025/txse-form-1-exhibit-c-1a.pdf">https://www.sec.gov/files/rules/other/2025/txse-form-1-exhibit-c-1a.pdf</a>.
---------------------------------------------------------------------------
24X and TXSE both issue multiple classes of shares, with some being
``preferred'' and others being ``common.'' \24\ Because of how the 24X
and TXSE Charters are worded, unless otherwise approved by the
Commission, a single person or entity (who is not a member of the
exchange) could own more than 40% of one or more classes of shares, so
long as it does not own more than 40% in the aggregate across all then-
outstanding shares.\25\
---------------------------------------------------------------------------
\24\ See Article 4.1 of the of the 24X Charter and Article
FOURTH, Sections (a)(i) and (a)(ii) of the TXSE Charter, supra note
20. 24X issues preferred and common ``units'' to its owners, while
TXSE, like IEX, issues preferred and common ``shares'' to its
owners. For the purposes of this filing, there is no functional
difference between units and shares of stock.
\25\ The 24X Approval Order noted that at the time of its
approval, the exchange's CEO, together with his Related Persons,
owned more than 40% of the then-outstanding units of the holding
company; the Commission granted a temporary exemption to the
ownership and voting restrictions to allow 24X ``to bring its
ownership and voting structure in line with the ownership and voting
restrictions upon SEC approval.'' See 24X Approval Order, supra note
18, at 97097-98.
---------------------------------------------------------------------------
As noted above, IEXG currently restricts ownership of the capital
stock of IEXG such that no Person, alone or together with any Related
Persons, may own more than 40% ``of any class of capital stock of the
Corporation.'' \26\ IEX now proposes to modify its ownership
restrictions to match those in the 24X and TXSE Charters, such that no
Person, alone or together with any Related Persons, may own more than
40% of the Corporation's capital stock in the aggregate, unless
otherwise approved by the Commission. Under this proposal, a Person,
alone or together with any Related Persons, could own more than 40% of
a class of Group stock, provided that the Person does not own more than
40% of the total outstanding shares of all capital stock of the
Corporation.\27\ This change to the Charter would allow Group
shareholders to have more flexibility with respect to the classes of
stock they may acquire in line with ownership restrictions imposed upon
other national securities exchanges, and would provide for Commission
prior
[[Page 313]]
approval to the extent IEX seeks in the future a waiver of such
restrictions.
---------------------------------------------------------------------------
\26\ See supra note 12.
\27\ The preferred stock votes on a one-to-one basis with the
common stock. Thus, aggregate ownership will be measured on a share-
by-share basis.
---------------------------------------------------------------------------
Similarly, IEX proposes to modify the ownership restrictions for
Exchange Members to be consistent with the proposed ownership
restrictions for non-Members. As proposed, Exchange Members would be
able to own more than 20% of a class of the capital stock of the
Corporation while continuing to be subject to an ownership restriction
that they cannot own more than 20% of the total outstanding shares of
all capital stock of the Corporation.
To effect this change, IEX proposes to amend the Charter as
follows:
<bullet> Amend Article TENTH, Section B.1.1 to replace the words
``of any class of'' that immediately precede ``capital stock'' with the
words ``of the.'' This section will now read in full: ``No Person,
either alone or together with its Related Persons, may own, directly or
indirectly, of record or beneficially, shares constituting more than
forty percent (40%) of the capital stock of the Corporation;''
<bullet> Amend Article TENTH, Section B.1.2 to replace the words
``of any class of'' that immediately precede ``capital stock'' with the
words ``of the.'' This section will now read in full: ``No Exchange
Member, either alone or together with its Related Persons, may own,
directly or indirectly, of record or beneficially, shares constituting
more than twenty percent (20%) of the capital stock of the
Corporation;''
<bullet> Amend the first sentence of Article TENTH, Section B.4 to
replace the words ``of any class of'' that immediately precede
``capital stock'' with the words ``of the.'' The relevant section of
the sentence will now read: ``any Person that either alone or together
with its Related Persons proposes to own, directly or indirectly, of
record or beneficially, shares of the capital stock of the Corporation
constituting more than forty percent (40%) of the outstanding shares of
the capital stock of the Corporation''
B. Voting Restrictions
As noted above, although a Person, alone or together with its
Related Persons, may own more than 20% of outstanding shares of Group
stock, that Person may not ``vote or cause the voting of shares of the
capital stock of the Corporation . . . representing more than twenty
percent (20%) of the voting power of the then issued and outstanding
capital stock of the Corporation.'' \28\ However, the Charter does not
specify how excess shares are to be treated in calculating voting power
when the 20% voting limitation applies.
---------------------------------------------------------------------------
\28\ See supra note 15. Article TENTH Section B.1.3 reads in
full: No Person, either alone or together with its Related Persons,
at any time may, directly, indirectly or pursuant to any voting
trust, agreement, plan or other arrangement, vote or cause the
voting of shares of the capital stock of the Corporation or give any
consent or proxy with respect to shares representing more than
twenty percent (20%) of the voting power of the then issued and
outstanding capital stock of the Corporation, nor may any Person,
either alone or together with its Related Persons, enter into any
agreement, plan or other arrangement with any other Person, either
alone or together with its Related Persons, under circumstances that
would result in the shares of capital stock of the Corporation that
are subject to such agreement, plan or other arrangement not being
voted on any matter or matters or any proxy relating thereto being
withheld, where the effect of such agreement, plan or other
arrangement would be to enable any Person, either alone or together
with its Related Persons, to vote, possess the right to vote or
cause the voting of shares of the capital stock of the Corporation
which would represent more than twenty percent (20%) of said voting
power.
---------------------------------------------------------------------------
Accordingly, IEX proposes to add a new subsection B.1.3.1 to
Article TENTH, Section B.1.3 of the Charter (which addresses the voting
limitations). This new subsection will introduce a defined term,
``Voting Limitation'', and enumerate what happens when one or more
shareholders' ownership interest exceeds the Voting Limitation. Should
that occur, the new subsection of the Charter specifies that any votes
in excess of the Voting Limitation shall be automatically and
proportionally redistributed among the remaining stockholders entitled
to vote on such matter. Further, if, as a result of such
redistribution, any other stockholder would exceed the Voting
Limitation, the same adjustment and redistribution procedure shall be
applied successively until no stockholder exceeds the Voting
Limitation.\29\ Finally, the subsection clarifies that the pro rata
allocation of voting power will be automatic and self-executing,
although the Group Board may adopt any procedures it deems advisable to
implement this provision of the Charter in a fair and equitable manner.
---------------------------------------------------------------------------
\29\ See supra note 24 explaining that preferred stock series
vote on a one-to-one basis with the common stock.
---------------------------------------------------------------------------
The proposed pro rata allocation of voting power described above is
substantively identical to provisions in the BOX Exchange LLC (``BOX'')
Charter, which also provides for a pro rata voting adjustment (referred
to as a Voting Units Adjustment) if a BOX holder's economic interest in
BOX exceeds its voting ownership limit.\30\ The BOX Charter, like the
proposed changes to the Group Charter, also provides that the Voting
Units Adjustment would occur in an automatic manner.\31\
---------------------------------------------------------------------------
\30\ See Section 7.3(g)(ii) of BOX Second Amended and Restated
Limited Liability Company Agreement (``BOX Charter''), available at
<a href="https://boxexchange.com/assets/BOX-Exchange-Second-Amended-and-Restated-LLC-Agreement-as-amended-through-Amendment-No-2-230227.pdf">https://boxexchange.com/assets/BOX-Exchange-Second-Amended-and-Restated-LLC-Agreement-as-amended-through-Amendment-No-2-230227.pdf</a>.
\31\ Id.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\32\ in general, and furthers the
objectives of Section 6(b)(1) of the Act in particular,\33\ in that it
continues to assure that the Exchange is so organized as to have the
capacity to be able to carry out the purposes of the Act and to comply,
and to enforce compliance by its Exchange members and persons
associated with its Exchange members, with the provisions of the
Exchange Act, the rules and regulations thereunder, and the rules of
the Exchange.
---------------------------------------------------------------------------
\32\ 15 U.S.C. 78f(b).
\33\ 15 U.S.C. 78f(b)(1).
---------------------------------------------------------------------------
The Exchange also believes that the proposed rule change is
consistent with Section 6(b)(5) of the Act \34\ in that it is intended
to, inter alia, promote just and equitable principles of trade, foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, 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.
Additionally, the proposed amendments are not designed to permit unfair
discrimination between customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\34\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
As noted in the Purpose section, changing the existing ownership
limitations to apply on an aggregate basis across the outstanding
shares of the Company's stock, rather than on a class-by-class basis,
is designed to provide more flexibility to IEXG and its shareholders as
to how they allocate ownership of various classes of stock while
continuing to apply the existing ownership limitations, in a manner
consistent with the Commission's approval of IEX and of other national
securities exchanges. The Exchange believes that the proposed
amendments thereby fulfill the goals of Section 6(b) of the Act \35\ in
that they are designed to promote just and equitable principles of
trade, remove impediments to and perfect the mechanism of a free and
open market and national market system, and in general operate to
protect investors and the public interest.
[[Page 314]]
Moreover, the proposed amendments to the Group Charter are consistent
with those of other national securities exchanges, as discussed in the
Purpose section.\36\
---------------------------------------------------------------------------
\35\ 15 U.S.C. 78f(b).
\36\ See supra note 18.
---------------------------------------------------------------------------
Further, as discussed in the Purpose section, IEX believes that the
proposed pro rata allocation of voting interests when one or more non-
Member shareholders own more than 20% of Group is consistent with
Section 6(b)(1) \37\ of the Act in that this approach will continue to
assure that the Exchange is so organized as to have the capacity to be
able to carry out the purposes of the Act and to comply, and to enforce
compliance by its Exchange members and persons associated with its
Exchange members, with the provisions of the Exchange Act, the rules
and regulations thereunder, and the rules of the Exchange.
---------------------------------------------------------------------------
\37\ 15 U.S.C. 78f(b)(1).
---------------------------------------------------------------------------
Significantly, the Commission recently considered and approved the
identical type of ownership restrictions in the TXSE and 24X exchange
applications.\38\ And the Commission considered and approved
functionally identical reallocation of voting power provisions in the
BOX Charter.\39\
---------------------------------------------------------------------------
\38\ See supra notes 18, 21.
\39\ See supra note 27.
---------------------------------------------------------------------------
In conclusion, based on the foregoing, IEX believes that the
proposed Charter amendments are consistent with the investor protection
and public interest purposes of the Act because they are designed to
continue to apply appropriate ownership and voting limitations on Group
shareholders, in a manner comparable to other national securities
exchanges, and thus do not raise any new or novel issues that have not
already been considered by the Commission.
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 Exchange Act. The proposed
amendments are concerned solely with the corporate governance of Group,
the Exchange's parent corporation, and do not present any issues that
impact competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Pursuant to Section 19(b)(3)(A) of the Act \40\ and Rule 19b-
4(f)(6) \41\ thereunder, the Exchange has designated this proposal as
one that effects a change that: (i) does not significantly affect the
protection of investors or the public interest; (ii) does not impose
any significant burden on competition; and (iii) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest.\42\
---------------------------------------------------------------------------
\40\ 15 U.S.C. 78s(b)(3)(A).
\41\ 17 CFR 240.19b-4(f)(6).
\42\ 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.
---------------------------------------------------------------------------
A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act normally does not become operative for 30 days after the date of
its filing. However, Rule 19b-4(f)(6)(iii) \43\ permits the Commission
to designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange requested
that the Commission waive the 30-day operative delay. The Exchange
asserts that this proposal does not raise any novel legal or regulatory
issues, and it states that waiver of the operative delay would enable a
board meeting with a stockholder vote reflecting the revised provisions
within the next 30 days. As such, the Commission believes that it is
consistent with the protection of investors and the public interest for
the Exchange to implement this proposal prior to 30-days from the date
of filing. Accordingly, the Commission hereby waives the 30-day
operative delay and designates the proposed rule change operative upon
filing.\44\
---------------------------------------------------------------------------
\43\ 17 CFR 240.19b-4(f)(6)(iii).
\44\ 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 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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.
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#bccec9d0d991dfd3d1d1d9d2c8cffccfd9df92dbd3ca"><span class="__cf_email__" data-cfemail="1664637a733b75797b7b737862655665737538717960">[email protected]</span></a>. Please include
file number SR-IEX-2025-38 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-IEX-2025-38. 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-IEX-2025-38 and should be submitted on
or before January 26, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\45\
---------------------------------------------------------------------------
\45\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-24226 Filed 1-2-26; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>
Document
Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Certificate of Incorporation of the Exchange's Parent Company, IEX Group, Inc., To Update Certain Ownership and Voting Restrictions
<html> <head> <title>Federal Register, Volume 91 Issue 2 (Monday, January 5, 2026)</title> </head> <body><pre> [Federal Register Volume 91, Number 2 (Monday, January 5, 2026)] [...
Legal Citation
Federal Register Citation
Use this for formal legal and research references to the published document.
91 FR 311
Web Citation
Suggested Web Citation
Use this when citing the archival web version of the document.
“Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Certificate of Incorporation of the Exchange's Parent Company, IEX Group, Inc., To Update Certain Ownership and Voting Restrictions,” thefederalregister.org (January 5, 2026), https://thefederalregister.org/documents/2025-24226/self-regulatory-organizations-investors-exchange-llc-notice-of-filing-and-immediate-effectiveness-of-proposed-rule-chang.