NYSE Arca Fixes Legal Docs and Addresses – Snooze Alert!
Published Date: 7/1/2025
Notice
Summary
NYSE Arca is updating the official documents for Intercontinental Exchange and its Holdings to include new rules about trading special financial contracts called security-based swaps. They’re also updating their Delaware office address and making some small fixes. These changes took effect right away on June 16, 2025, and mainly affect the company’s legal and regulatory setup.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
20% Ownership Cap and Par-Value Repurchase
For so long as the corporation directly or indirectly controls any SBSEF, no SBSEF Member or its Related Persons may own 20% or more of any class of voting securities. If a SBSEF Member and its Related Persons ever beneficially own voting securities in excess of the 20% SBSEF Concentration Limitation, they must sell promptly and the corporation shall be obligated to purchase promptly at a price equal to the par value of those securities, to the extent funds are legally available.
20% Voting Cap for SBSEF Members
If the corporation directly or indirectly controls a security-based swap execution facility (SBSEF), no SBSEF Member or its Related Persons may vote, cause the voting of, or give any consent or proxy with respect to more than 20% of the voting power of any class of securities. Any votes purported to be cast in excess of the 20% SBSEF Voting Limitation will be disregarded while that control exists.
SEC Filing Requirement Before Certain Amendments
If the board of directors of a controlled SBSEF determines that an amendment or repeal must be filed with or filed with and approved by the SEC under Rule 242.806 or 242.807 of Regulation SE, that amendment or repeal may not be effectuated until it has been filed with, and if applicable approved by, the SEC and has become effective thereunder. The ICE Proposed Certificates add this requirement to apply while ICE directly or indirectly controls an SBSEF.
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