LTSE Rule Change Requires Dual Listing on Another National Exchange

The Securities and Exchange Commission published a notice that Long-Term Stock Exchange, Inc. filed a proposed rule change on Oct. 5, 2026. The filing, identified as Release No. 34-106695; File No. SR-LTSE-2026-23, seeks to adopt Supplementary Material .02 to Rule 14.210 (Dually-Listed Securities) and to require that every company listing securities on LTSE be listed on another registered national securities exchange. The proposal was submitted as a non-controversial change under Section 19(b)(3)(A)(iii) of the Act and Rule 19b-4(f)(6).

The Exchange states that the amendment does not modify its existing initial or continued listing standards, including those set forth in Rule 14.425 (Long-Term Policies). Instead, it codifies the current practice in which LTSE lists only issuers that already maintain a primary listing elsewhere, thereby providing clear and transparent guidance on the dual-listing model.

The Commission concluded that the rule change does not significantly affect investor protection, impose an undue burden on competition, or raise novel regulatory issues. Accordingly, it waived the standard 30-day operative delay prescribed by Rule 19b-4(f)(6)(iii) and designated the amendment effective upon filing, per Section 19(b)(3)(A) and Rule 19b-4(f)(6).

The proposed requirement mirrors Nasdaq Texas, LLC's IM-5220-1 rule, which imposes an identical dual-listing condition. The Exchange reported that it neither solicited nor received comments on the proposal.

The notice appears in the Federal Register, Volume 91, Number 203 (Thursday, Oct. 22, 2026), pages 66756-66758. Interested parties may submit comments during the standard comment period as outlined in the filing.