Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing of Proposed Rule Change To Remove Existing Listing Rules and Establish New Listing Standards
Published Date: 2/2/2026
Notice
Summary
Nasdaq BX is shaking things up by scrapping its old listing rules and rolling out tougher new standards, matching those of the Nasdaq Global Market. This change affects companies listed on Nasdaq BX, aiming to boost quality and trust. The new rules kick in soon after SEC approval, potentially impacting which companies can stay listed and how they prepare financially.
Analyzed Economic Effects
6 provisions identified: 3 benefits, 3 costs, 0 mixed.
Venture Market Rules Removed (Small Issuers Affected)
The Exchange proposes to remove all current Venture Market listing rules by deleting Equity 3, which were aimed at smaller, less liquid companies. Companies that would have used BX's Venture Market listing path may no longer be eligible under the new, higher standards.
Stronger Delisting and Denial Authority
Nasdaq Texas proposes delisting standards and discretionary authority similar to Nasdaq that permit denial of initial listing, suspension, or termination of continued listing (including for regulatory misconduct or bankruptcy). The proposed rules include Listing Qualifications Department oversight, Hearings Panel procedures, and related delisting processes.
Exchange Adopts Nasdaq Global Market Rules
Nasdaq BX (referred to as Nasdaq Texas in the filing) proposes to remove its existing listing rules and replace them with new listing standards substantially similar to the Nasdaq Global Market (Rules 5000–5999). The change establishes higher quantitative and corporate governance requirements for companies that want to list on Nasdaq Texas.
Initially Only Dual Listings Allowed
The Exchange states it will initially only dually list securities that are also listed on another national securities exchange, and later expects to modify rules to permit primary listings. Firms seeking Nasdaq Texas as a sole primary listing venue will not be able to do so until future rule changes are filed.
Regulatory Halt Rules Updated for Material News
The Exchange proposes to amend Rule 4120(b) so Nasdaq Texas will declare a Regulatory Halt to permit dissemination of material news and may halt trading when it requests information from an issuer about material news or the issuer's ability to meet listing qualifications. In the Pre-Market Session, halts for news will occur only at an issuer's request or as specified in the rule.
New Rules for Convertible Debt and Subscription Receipts
Nasdaq Texas proposes listing requirements for convertible debt and subscription receipts that are substantially similar to rules in Nasdaq (e.g., references to Nasdaq Rules 5515(b), 5520, 5560, and 5565). These provisions allow such instruments to be listed under the Exchange's new Rule 5400 Series and related rules.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-10241 — Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Operational Arrangements (Necessary for Securities to Become and Remain Eligible for DTC Services)
The Depository Trust Company (DTC) is updating its rules to make it easier and clearer for agents handling corporate offers like tenders and subscriptions through its automated systems. This change affects companies and agents using DTC services to process these offers and starts right away with no extra costs. It’s all about smoother, faster, and more reliable processing for everyone involved!
2026-10244 — Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule Applicable to Members Concerning Equities Transaction Pricing
Investors Exchange (IEX) is updating its fee schedule starting June 1, 2026. Members who trade stocks will see changes in how they qualify for rebates and fee discounts based on their trading volume. These tweaks aim to make fees fairer and encourage more trading activity on the exchange.
2026-10245 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 3120 To Increase the Position and Exercise Limits for Options on the iShares Bitcoin Trust ETF
BOX Exchange is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF. This change lets bigger players trade more freely and takes effect immediately, matching similar moves by other exchanges. If you trade these options, get ready for bigger opportunities starting now!
2026-10129 — The Goldman Sachs Group, Inc.
Goldman Sachs is asking the SEC for special permission to create investment funds just for its employees, letting them skip some usual rules. This change mainly affects Goldman Sachs workers and could speed up how these funds work without changing important protections. If no one objects by June 12, 2026, the SEC will approve this request.
2026-10168 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 17a-2
The SEC is asking to keep the rules that require underwriters to keep records about certain stock market activities for three years. About 647 companies spend around 3,235 hours and $530,000 yearly to follow these rules. This extension keeps things running smoothly without adding new costs or changes.
Previous / Next Documents
Previous: 2026-01979 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Methodology for Assessment and Collection of the Options Regulatory Fee (ORF)
MIAX Pearl is changing how it charges the Options Regulatory Fee (ORF) by only charging fees on customer trades done on their exchange. This means some trades won’t be charged the fee anymore, starting right away. Traders using MIAX Pearl should watch for these changes as they could affect their costs.
Next: 2026-01981 — Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Methodology for Assessment and Collection of the Options Regulatory Fee (ORF)
MIAX Sapphire is changing how it charges the Options Regulatory Fee (ORF). Starting now, only options trades that clear as 'customer' transactions will be charged this fee, which could save some traders money. This new method kicks in immediately and affects anyone trading options on MIAX Sapphire.