# 2026-19298: No More Bribing Rival Traders' Staff, Nasdaq Declares

2026-19298, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Options 10, Section 27, Influencing or Rewarding Employees of Others, is a Federal Register notice from Securities and Exchange Commission published 2026-09-22, effective 2026-09-08; PRIA reads it as touching household money (as of 2026-09-29).

- Canonical: https://policyrisk.com/federal-register/2026-19298
- As of: 2026-09-29
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-19298
- Title: Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Options 10, Section 27, Influencing or Rewarding Employees of Others
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 60186
- Published: 2026-09-22
- Effective: 2026-09-08
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-09-29

## In one line

No More Bribing Rival Traders' Staff, Nasdaq Declares

## Summary

Nasdaq PHLX just added a new rule to stop people from trying to influence or reward employees of other companies in sneaky ways. This change helps keep trading fair and honest, and it kicks in right away with no extra costs. If you work in trading or finance, this new rule affects how you can interact with others’ employees.

## Effects PRIA read

- New $300 Gift Limit to Others' Employees: cost, low. Member firms and their associated persons may not give anything of value, including gratuities, in excess of $300 per individual per year to an employee, agent, or representative of another firm when the payment is in relation to the business of that employee's employer. The rule treats any gift as…
- New Valuation, Aggregation, and Record Rules: cost, low. Member organizations must value gifts (other than event tickets) at cost excluding tax and delivery; event tickets must be valued at the higher of cost or face value. Firms must aggregate all gifts given by the firm and its associated persons to each recipient over the year (calendar, fiscal, or ro…
- Supervision and Record-Retention Obligations: cost, low. Member organizations must retain records of all payments or gratuities known to the firm and any related employment agreements for the period specified by Rule 17a-4 of the Exchange Act, and must have supervisory systems reasonably designed to achieve compliance with the rule. Procedures must ensur…
- Specified Exceptions and Exemptive Relief: benefit, low. The rule does not apply to (1) employment contracts or compensation where there is a prior written agreement describing the employment and consent of the employer; (2) customary personal gifts (e.g., wedding or birth gifts) that are personal and not related to the recipient's employer; (3) bereavem…

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## Sources
- [2026-19298 on federalregister.gov](https://www.federalregister.gov/documents/2026/09/22/2026-19298/self-regulatory-organizations-nasdaq-phlx-llc-notice-of-filing-and-immediate-effectiveness-of)
- [2026-19298 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-09-22/pdf/2026-19298.pdf)

## Related
- [Previous: 2026-19297, National Institute of Environmental Health Sciences; Notice of Meeting; Request…](https://policyrisk.com/federal-register/2026-19297)
- [Next: 2026-19299, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Imm…](https://policyrisk.com/federal-register/2026-19299)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-19298 (as of 2026-09-29).