# Federal Register #SR-NasdaqTX-2026-049

Nasdaq Texas proposal to revise investor information requirements for UTP derivative securities

**Buyer:** Securities and Exchange Commission
**Posted:** October 13, 2026
**Respond By:** November 03, 2026
**Identifier:** SR-NasdaqTX-2026-049

The Securities and Exchange Commission notice describes a Nasdaq Texas rule change for information provided to investors in certain securities; it is not a procurement opportunity.
- **Government agency:** Securities and Exchange Commission (SEC), which published the notice; no purchasing agency or sub-agency is identified.
- **Organizations named:** Nasdaq Texas, LLC proposed the change; Cboe BZX Exchange, Inc. is mentioned as having filed a similar proposal.
- **Rule change:** Removes Nasdaq Texas’s requirement to distribute a duplicative information circular before trading begins in each unlisted trading privileges (UTP) derivative security. It also updates cross-references, renumbers provisions, and makes technical revisions.
- **Investor information requirement:** A written description is required only when the listing exchange requires one, and must be provided no later than delivery of the purchaser’s first transaction confirmation.
- **Procurement items:** No products, services, quantities, or part numbers are requested. The rule change became effective upon filing.

### Description

Nasdaq Texas, LLC proposes amendments to Rule 5740 concerning information circular requirements for unlisted trading privileges (UTP) derivative securities. The proposal removes the requirement for the Exchange to distribute a duplicative information circular before trading begins, while adding or updating rule cross-references. It also revises when and how a required written description must be provided, and renumbers provisions and makes technical changes. The notice states that the proposed rule change became effective upon filing.

[View original listing](https://www.federalregister.gov/documents/2026/10/13/2026-20804/self-regulatory-organizations-nasdaq-texas-llc-notice-of-filing-and-immediate-effectiveness-of-a)