Texas Stock Exchange: New LLC Agreement, Same Old Operations
Published Date: 3/6/2026
Notice
Summary
The Texas Stock Exchange is updating its company agreement to a new version called the Third Amended and Restated LLC Agreement. This change affects the Exchange’s internal rules and how it operates but doesn’t impact money or timing for the public. The update is effective immediately and aims to keep things running smoothly behind the scenes.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Member Rep Directors May Own Stakes
The Exchange removed the rule that barred a Member Representative Director from owning, directly or indirectly, any ownership interest in the Exchange when it adopted the Third Amended and Restated LLC Agreement. This change is intended to give the Exchange more flexibility to elect qualified Member Representative Directors.
Members Keep Right To Nominate
The LLC Agreement keeps members' right to petition to submit their own candidates as Member Representative Directors, preserving a member-driven nomination process. The Exchange says this preserves the fair representation rights required under Section 6(b)(3) of the Securities Exchange Act.
Amendment Effective Immediately Upon Filing
The Exchange filed the proposed Third LLC Agreement on February 25, 2026, and the Commission waived the usual 30-day operative delay, making the change operative upon filing. The Exchange may begin its Member Representative Director selection and related actions immediately.
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