# 2026-22452: Long-Term Stock Exchange Aligns Employee Gift Rules With FINRA

2026-22452, Self-Regulatory Organizations: Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend LTSE Rule 3.291, is a Federal Register notice from Securities and Exchange Commission published 2026-11-04, effective 2026-10-20; PRIA reads it as touching household money (as of 2026-11-06).

- Canonical: https://policyrisk.com/federal-register/2026-22452
- As of: 2026-11-06
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-22452
- Title: Self-Regulatory Organizations: Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend LTSE Rule 3.291
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 69593
- Published: 2026-11-04
- Effective: 2026-10-20
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-11-06

## In one line

Long-Term Stock Exchange Aligns Employee Gift Rules With FINRA

## Summary

The Long-Term Stock Exchange (LTSE) is updating its rule about giving gifts or rewards to employees of other companies to match FINRA’s similar rule. This change affects companies that are members of both LTSE and FINRA and helps keep the rules clear and fair. The update is effective immediately and aims to make sure everyone plays by the same rules without extra costs or delays.

## Effects PRIA read

- Gift Limit Raised to $300: benefit, low. If you are a Member of LTSE (or an employee of a Member), the per-person annual gift limit in LTSE Rule 3.291 increases from $100 to $300. This change was proposed to align LTSE with FINRA and is described in the filing dated October 20, 2026.
- FINRA Staff Can Grant Exemptions: benefit, low. The amended LTSE Rule 3.291 would add a provision authorizing FINRA staff to grant conditional or unconditional exemptions from any part of the rule for good cause, consistent with investor protection and the public interest. The exemption authority is to be exercised pursuant to LTSE Rule Series 9…
- New Valuation, Aggregation, and Records Rule: cost, medium. Members must value most gifts at cost (tickets at the higher of cost or face value), record recipient names and pro rata gift values when gifts go to multiple people, and aggregate gifts by Member and associated persons to a recipient to enforce the $300 yearly limit. Members must also state whethe…
- New Exemptions for Personal, Bereavement, and Small Gifts: benefit, low. LTSE Rule 3.291 would expressly exclude from its limits: customary personal gifts for infrequent life events (e.g., wedding or birth), bereavement gifts that are customary and reasonable, de minimis/promotional items of nominal value (e.g., pens, notepads, branded umbrellas) substantially below $30…
- Harmonization with FINRA and 17d-2 Inclusion: benefit, low. The amendment makes LTSE Rule 3.291 substantially similar to FINRA Rule 3220 so the rule can be incorporated into the Rule 17d-2 agreement; that means FINRA would have regulatory responsibility over common LTSE–FINRA members for this rule, reducing duplicate regulation. LTSE Rule 3.291 would still…

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## Sources
- [2026-22452 on federalregister.gov](https://www.federalregister.gov/documents/2026/11/04/2026-22452/self-regulatory-organizations-long-term-stock-exchange-inc-notice-of-filing-and-immediate)
- [2026-22452 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-11-04/pdf/2026-22452.pdf)

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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-22452 (as of 2026-11-06).