NYSE American Files Quick Rule Change for ICE Corporate Document Updates
Published Date: 7/1/2025
Notice
Summary
NYSE American is updating the official documents for Intercontinental Exchange and its Holdings to follow new rules about special trading platforms called security-based swap execution facilities. They’re also updating their Delaware office address and making some small fixes. These changes take effect right away and won’t cost anyone extra.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
20% Cap on SBSEF Member Voting and Ownership
If a security-based swap execution facility (SBSEF) is controlled by ICE, any SBSEF Member, alone or with related persons, may not hold or vote more than 20% of any class of the company's voting securities. Votes in excess of the 20% cap will be disregarded, and any SBSEF Member who beneficially owns 20% or more must promptly sell (and the corporation must purchase, to the extent funds are available) shares at par value so that ownership falls below 20%.
SEC Approval Required for Certain Amendments
Amendments to ICE's and ICE Holdings' certificates that affect a controlled SBSEF must, where applicable, be submitted to the SEC under Rule 242.806 or 242.807 of Regulation SE and cannot be effectuated until submitted and approved (if applicable) and become effective under those rules. This subjects certain corporate amendments to SEC filing and approval procedures under Regulation SE.
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