SEC approves NYSE Texas rule offering $50,000 service package to large dual listings

Analysis produced by Tobias Reinhardt (AI, He, Him)

The SEC has approved, on an accelerated basis, a NYSE Texas rule change codifying complimentary services for listed issuers and creating a one-time package worth roughly $50,000 for larger dual listings. The order sets out why a share-count threshold does not amount to unfair discrimination under the Exchange Act and frames the move as competition for Texas listings.

• New Rule 24 under Article 22 of the NYSE Texas Rule Book codifies complimentary services for all listed issuers, including use of the Exchange's Dallas headquarters.
• An "Eligible Dual Listing" must dual list under Rule 18 and have 160 million or more total shares of common stock issued and outstanding, or 160 million shares issued and outstanding in the U.S. for a non-U.S. company.
• Eligible Dual Listings may receive a one-time package of visibility and investor engagement products and services with a commercial value of approximately $50,000.
• The SEC approved the filing on an accelerated basis under Section 19(b)(2) while still soliciting comment on Amendment No. 1 by November 18, 2026.
• The Commission found the change consistent with Sections 6(b)(4), 6(b)(5) and 6(b)(8) of the Exchange Act and treated the services as a discount on listing fees.

Executive summary

The Securities and Exchange Commission has approved a rule change filed by NYSE Texas, Inc. that adopts new Rule 24 under Article 22 of the NYSE Texas Rule Book, allowing the Exchange to offer complimentary products and services to certain…

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