NYSE Arca Options Fee Schedule Modification to Waive Fees

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deades@vedder.com and Mark A. thereunder. At any time within 60 days SECURITIES AND EXCHANGE of the filing of the proposed rule change, Quade, Vedder Price P.C., mquade@COMMISSION the Commission summarily may vedder.com. [Investment Company Act Release No. temporarily suspend such rule change if : 36072; 812–15991] FOR FURTHER INFORMATION CONTACTit appears to the Commission that such Trace W. Rakestraw, Senior Special action is necessary or appropriate in the Regan Capital Alternative Income Fund Counsel, at (202) 551–6825 (Division of public interest, for the protection of and Regan Capital, LLC Investment Management, Chief investors, or otherwise in furtherance of Counsel’s Office). the purposes of the Act. If the March 26, 2026. : For : Securities and Exchange Commission takes such action, the SUPPLEMENTARY INFORMATIONAGENCYApplicants’ representations, legal Commission (‘‘Commission’’ or ‘‘SEC’’). Commission will institute proceedings analysis, and conditions, please refer to to determine whether the proposed rule : Notice. ACTIONApplicants’ application, dated February change should be approved or Notice of an application under section 17, 2026, which may be obtained via the disapproved. 6(c) of the Investment Company Act of Commission’s website by searching for IV. Solicitation of Comments 1940 (the ‘‘Act’’) for an exemption from the file number at the top of this sections 18(a)(2), 18(c) and 18(i) of the document, or for an Applicant using the Interested persons are invited to Act, under sections 6(c) and 23(c) of the Company name search field on the submit written data, views and Act for an exemption from rule 23c–3 SEC’s EDGAR system. The SEC’s arguments concerning the foregoing, EDGAR system may be searched at under the Act, and for an order pursuant including whether the proposal is to section 17(d) of the Act and rule 17d– https://www.sec.gov/search-filings. You consistent with the Act. Comments may 1 under the Act. may also call the SEC’s Office of be submitted by any of the following Investor Education and Advocacy at methods: : Applicants SUMMARY OF APPLICATION(202) 551–8090. request an order to permit certain Electronic Comments registered closed-end investment For the Commission, by the Division of • Use the Commission’s internet companies to issue multiple classes of Investment Management, under delegated comment form (https://www.sec.gov/ shares and to impose asset-based authority. rules/sro.shtml); or distribution and/or service fees and Sherry R. Haywood, • Send an email to rule-comments@early withdrawal charges. Assistant Secretary. sec.gov. Please include File Number SR– : Regan Capital Alternative APPLICANTSTXSE–2026–003 on the subject line. [FR Doc. 2026–06140 Filed 3–30–26; 8:45 am] Income Fund and Regan Capital, LLC. BILLING CODE 8011–01–P Paper Comments : The application was filed FILING DATEon February 17, 2026. • Send paper comments in triplicate SECURITIES AND EXCHANGE : to Secretary, Securities and Exchange HEARING OR NOTIFICATION OF HEARINGCOMMISSION Commission, 100 F Street NE, An order granting the requested relief Washington, DC 20549–1090. will be issued unless the Commission orders a hearing. Interested persons may [Release No. 34–105088; File No. SR– All submissions should refer to File No. NYSEARCA–2026–32] request a hearing on any application by SR–TXSE–2026–003. This file number emailing the SEC’s Secretary at should be included on the subject line Self-Regulatory Organizations; NYSE Secretarys-Office@sec.gov and serving if email is used. To help the Arca, Inc.; Notice of Filing and the Applicants with a copy of the Commission process and review your Immediate Effectiveness of a Proposed request by email, if an email address is comments more efficiently, please use Rule Change To Modify the NYSE Arca listed for the relevant Applicant below, only one method. The Commission will Options Fee Schedule To Waive the or personally or by mail, if a physical post all comments on the Commission’s Combined Cap on Submitting Broker address is listed for the relevant internet website (https://www.sec.gov/ Credits Paid for QCC Trades and Floor Applicant below. The email should rules/sro.shtml). Copies of the filing will Broker Rebates Paid Through the be available for inspection and copying include the file number referenced Manual Billable Rebate Program for the at the principal office of the Exchange. above. Hearing requests should be Month of March 2026 Do not include personal identifiable received by the Commission by 5:30 information in submissions; you should p.m., Eastern time on April 20, 2026, March 26, 2026. submit only information that you wish and should be accompanied by proof of Pursuant to Section 19(b)(1) of the 1to make available publicly. We may service on the Applicants, in the form Securities Exchange Act of 1934 redact in part or withhold entirely from of an affidavit, or, for lawyers, a (‘‘Act’’), and Rule 19b–4 thereunder, 2 3publication submitted material that is certificate of service. Pursuant to rule 0– notice is hereby given that on March 17, obscene or subject to copyright 5 under the Act, hearing requests should 2026, NYSE Arca, Inc. (‘‘NYSE Arca’’ or protection. All submissions should refer state the nature of the writer’s interest, the ‘‘Exchange’’) filed with the to file number SR–TXSE–2026–003 and any facts bearing upon the desirability Securities and Exchange Commission should be submitted on or before April of a hearing on the matter, the reason for (the ‘‘Commission’’) the proposed rule 21, 2026. the request, and the issues contested. change as described in Items I and II Persons who wish to be notified of a below, which Items have been prepared For the Commission, by the Division of hearing may request notification by by the self-regulatory organization. The Trading and Markets, pursuant to delegated emailing the Commission’s Secretary. authority. Commission is publishing this notice to 34: The Commission: Sherry R. Haywood, solicit comments on the proposed rule ADDRESSESSecretarys-Office@sec.gov. Applicants: change from interested persons. Assistant Secretary. Alyssa M. Bernard, Regan Capital [FR Doc. 2026–06149 Filed 3–30–26; 8:45 am] Alternative Income Fund, 15 U.S.C. 78s(b)(1). BILLING CODE 8011–01–P 1alyssa.bernard@usbank.com; with 15 U.S.C. 78a. 2copies to Deborah Bielicke Eades, 17 CFR 200.30–3(a)(12). 17 CFR 240.19b–4. 343

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1. Self-Regulatory Organization’s purpose of the proposal is to encourage the execution of multiply-listed equity Statement of the Terms of Substance of Submitting Brokers and Floor Brokers to and ETF options order flow. More the Proposed Rule Change continue to direct order flow to the specifically, in January 2026, the Exchange, despite increasing industry Exchange had 10.39% market share of The Exchange proposes to modify the volumes making it less difficult to reach executed volume of multiply-listed NYSE Arca Options Fee Schedule (the the Cap. equity and ETF options trades. In such ‘‘Fee Schedule’’) to waive the maximum 9Although the Exchange cannot predict a low-concentrated and highly combined Submitting Broker credits with certainty how many firms would competitive market, no single options paid for QCC trades and Floor Broker be impacted by this change, the exchange possesses significant pricing rebates paid through the Manual Exchange believes that the proposed power in the execution of options order Billable Rebate Program for the month change would incent firms to continue flow. Within this environment, market of March 2026. The proposed rule to direct their order flow to the participants can freely and often do shift change is available on the Exchange’s Exchange, thus increasing liquidity to their order flow among the Exchange website at www.nyse.com and at the the benefit of all market participants. and competing venues in response to principal office of the Exchange. changes in their respective pricing 2. Statutory Basis II. Self-Regulatory Organization’s schedules. The Exchange believes that the Statement of the Purpose of, and The proposed waiver of the Cap is proposed rule change is consistent with Statutory Basis for, the Proposed Rule reasonable because it is designed to Section 6(b) of the Act, in general, and Change encourage the role performed by 5furthers the objectives of Sections Submitting Brokers in facilitating QCC In its filing with the Commission, the 6(b)(4) and (5) of the Act, in particular, transactions and Floor Brokers in self-regulatory organization included 6because it provides for the equitable facilitating the execution of orders via statements concerning the purpose of, allocation of reasonable dues, fees, and open outcry, functions that the and basis for, the proposed rule change other charges among its members, Exchange wishes to support for the and discussed any comments it received issuers and other persons using its benefit of all market participants, and on the proposed rule change. The text facilities and does not unfairly would allow the Exchange time to of those statements may be examined at discriminate between customers, evaluate changes to the amount of the the places specified in Item IV below. issuers, brokers or dealers. Cap. Absent the proposed waiver, the The Exchange has prepared summaries, The proposed change is reasonable, Exchange believes that, as soon as firms set forth in sections A, B, and C below, equitable, and not unfairly reach the Cap, they are likely to redirect of the most significant parts of such discriminatory. As a threshold matter, order flow away from the Exchange, statements. the Exchange is subject to significant which may adversely impact other A. Self-Regulatory Organization’s competitive forces in the market for market participants trading on the Statement of the Purpose of, and the options securities transaction services Exchange. To the extent that the Statutory Basis for, the Proposed Rule that constrain its pricing determinations proposed waiver encourages Submitting in that market. The Commission has Change Brokers and Floor Brokers to facilitate repeatedly expressed its preference for transactions on the Exchange instead of 1. Purpose competition over regulatory on a competing market, all market The purpose of this filing is to amend intervention in determining prices, participants at the Exchange would the Fee Schedule to waive the products, and services in the securities benefit from the increased liquidity. The maximum combined Submitting Broker markets. In Regulation NMS, the Exchange believes the proposed waiver credits paid for QCC trades and Floor Commission highlighted the importance should continue to incent Submitting Broker rebates paid through the Manual of market forces in determining prices Brokers and Floor Brokers to encourage Billable Rebate Program for the month and SRO revenues and, also, recognized market participants to aggregate their of March 2026. that current regulation of the market executions at the Exchange as a primary The Exchange imposes a limit on the system ‘‘has been remarkably successful execution venue. To the extent that the maximum combined Submitting Broker in promoting market competition in its proposed change achieves its purpose in credits paid for QCC trades and Floor broader forms that are most important to attracting more volume to the Exchange, Broker rebates paid through the Manual investors and listed companies.’’ this increased order flow would 7Billable Rebate Program per month per There are currently 18 registered continue to make the Exchange a more firm (the ‘‘Cap’’).Because of elevated options exchanges competing for order competitive venue for order execution, 4volumes on the Exchange, the Exchange flow. Based on publicly-available thus improving market quality for all proposes to waive the Cap for the month information, and excluding index-based market participants. of March 2026 and to use the period options, no single exchange has more The Exchange believes the proposed during which the Cap is waived to than 16% of the market share of waiver of the Cap is an equitable evaluate an adjustment to the amount of executed volume of multiply-listed allocation of its fees and credits and is the Cap. The proposed waiver is being equity and ETF options trades. not unfairly discriminatory because the 8adopted in anticipation of firms Therefore, currently no exchange proposal is based on the amount and possesses significant pricing power in reaching the Cap before month’s end type of business transacted on the and potentially redirecting their order Exchange. Submitting Brokers and Floor flow away from the Exchange. In the Brokers are not obligated to execute 15 U.S.C. 78f(b). 5absence of the proposed waiver, firms QCC transactions or manual 15 U.S.C. 78f(b)(4) and (5). 6may choose to redirect such order flow See Securities Exchange Act Release No. 51808 transactions to earn credits and rebates 7(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) to a competing market. Accordingly, the (S7–10–04) (‘‘Reg NMS Adopting Release’’). Based on a compilation of OCC data for monthly The OCC publishes options and futures volume 98See Fee Schedule, Endnote 17 (providing that volume of equity-based options and monthly in a variety of formats, including daily and monthly 4Submitting Broker credits paid for QCC trades and volume of ETF-based options, see id., the volume by exchange, available here: https://Floor Broker rebates paid through the Manual Exchange’s market share in multiply-listed equity www.theocc.com/Market-Data/Market-Data- Billable Rebate Program shall not combine to and ETF options decreased from 13.08% in January Reports/Volume-and-Open-Interest/Monthly- exceed $3,000,000 per month per firm). 2025 to 10.39% for the month of January 2026. Weekly-Volume-Statistics.

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applied toward the Cap. However, the To the extent that there is an additional Exchange believes that the proposed proposed waiver is designed to continue competitive burden on non-Submitting rule change reflects this competitive to encourage the roles performed by Brokers or non-Floor Brokers, the environment. Submitting Brokers and Floor Brokers in Exchange believes that any such burden C. Self-Regulatory Organization’s facilitating the execution of QCC would be appropriate because Statement on Comments on the transactions and orders via open outcry, Submitting Brokers and Floor Brokers Proposed Rule Change Received From functions that the Exchange wishes to serve an important function in Members, Participants, or Others support for the benefit of all market facilitating the execution of QCC No written comments were solicited participants. transactions and orders in open outcry, To the extent that the proposed or received with respect to the proposed to the benefit of all market participants. waiver of the Cap continues to attract Intermarket Competition. The rule change. manual transactions and QCCs to the Exchange operates in a highly III. Date of Effectiveness of the Exchange, this increased order flow competitive market in which market Proposed Rule Change and Timing for participants can readily favor one of the would continue to make the Exchange a Commission Action other 17 competing options exchanges if more competitive venue for order The foregoing rule change is effective they deem the Exchange’s fee levels to execution. Thus, the Exchange believes upon filing pursuant to Section be excessive. In such an environment, the proposed waiver would improve 19(b)(3)(A) of the Act and the Exchange must continually adjust its market quality for all market 13 subparagraph (f)(2) of Rule 19b–4 fees to remain competitive with other participants on the Exchange and attract 14 thereunder, because it establishes a due, exchanges and to attract order flow to more order flow to the Exchange, the Exchange. Based on publicly- fee, or other charge imposed by the thereby improving market-wide quality available information, and excluding Exchange. and price discovery. The resulting At any time within 60 days of the index-based options, no single exchange increased volume and liquidity would has more than 16% of the market share filing of such proposed rule change, the provide more trading opportunities and of executed volume of multiply-listed Commission summarily may tighter spreads to all market participants equity and ETF options trades. temporarily suspend such rule change if and thus would promote just and 11 Therefore, currently no exchange it appears to the Commission that such equitable principles of trade, remove possesses significant pricing power in action is necessary or appropriate in the impediments to and perfect the the execution of multiply-listed equity public interest, for the protection of mechanism of a free and open market and ETF options order flow. More investors, or otherwise in furtherance of and a national market system and, in specifically, in January 2026, the the purposes of the Act. If the general, protect investors and the public Exchange had 10.39% market share of Commission takes such action, the interest. executed volume of multiply-listed Commission shall institute proceedings Finally, the Exchange believes that it equity and ETF options trades. under Section 19(b)(2)(B) of the Act to is subject to significant competitive 12 15 The Exchange believes that the determine whether the proposed rule forces, as described below in the proposed waiver of the Cap reflects this change should be approved or Exchange’s statement regarding the competitive environment because it is disapproved. burden on competition. designed to continue to incent IV. Solicitation of Comments B. Self-Regulatory Organization’s Submitting Brokers and Floor Brokers to Statement on Burden on Competition direct manual and QCC transactions to Interested persons are invited to the Exchange, to provide liquidity and In accordance with Section 6(b)(8) of submit written data, views and to attract order flow. To the extent that the Act, the Exchange does not believe arguments concerning the foregoing, Submitting Brokers and Floor Brokers that the proposed rule change would including whether the proposed rule are encouraged to utilize the Exchange impose any burden on competition that change is consistent with the Act. as a primary trading venue for all is not necessary or appropriate in Comments may be submitted by any of transactions, all Exchange market furtherance of the purposes of the Act. the following methods: participants stand to benefit from the Instead, as discussed above the Electronic Comments improved market quality and increased Exchange believes that the proposed • Use the Commission’s internet opportunities for price improvement. changes would encourage the The Exchange notes that it operates in comment form (https://www.sec.gov/ submission of additional liquidity to a a highly competitive market in which rules/sro.shtml); or public exchange, thereby promoting • Send an email to rule-comments@ market participants can readily favor market depth, price discovery and competing venues. In such an sec.gov. Please include file number SR– transparency and enhancing order environment, the Exchange must NYSEARCA–2026–32 on the subject execution opportunities for all market continually review, and consider line. participants. As a result, the Exchange adjusting, its fees and credits to remain believes that the proposed change Paper Comments competitive with other exchanges. For furthers the Commission’s goal in • Send paper comments in triplicate the reasons described above, the adopting Regulation NMS of fostering to Secretary, Securities and Exchange integrated competition among orders, Commission, 100 F Street NE, which promotes ‘‘more efficient pricing The OCC publishes options and futures volume 11 Washington, DC 20549–1090. in a variety of formats, including daily and monthly of individual stocks for all types of volume by exchange, available here: https:// All submissions should refer to file orders, large and small.’’ 10 www.theocc.com/Market-Data/Market-Data- Intramarket Competition. The number SR–NYSEARCA–2026–32. This Reports/Volume-and-Open-Interest/Monthly- proposed waiver of the Cap would file number should be included on the Weekly-Volume-Statistics. apply equally to all similarly situated subject line if email is used. To help the Based on a compilation of OCC data for 12 monthly volume of equity-based options and Submitting Brokers and Floor Brokers. monthly volume of ETF-based options, see id., the 15 U.S.C. 78s(b)(3)(A). Exchange’s market share in multiply-listed equity 13 17 CFR 240.19b–4(f)(2). See Reg NMS Adopting Release, supra note 7, and ETF options decreased from 13.08% in January 1410at 37499. 2025 to 10.39% for the month of January 2026. 15 U.S.C. 78s(b)(2)(B). 15

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Commission process and review your notice is hereby given that, on March A. Self-Regulatory Organization’s comments more efficiently, please use Statement of the Purpose of, and the 16, 2026, NYSE American LLC (‘‘NYSE only one method. The Commission will Statutory Basis for, the Proposed Rule American’’ or the ‘‘Exchange’’) filed post all comments on the Commission’s Change with the Securities and Exchange internet website (https://www.sec.gov/ Commission (the ‘‘Commission’’) the 1. Purpose rules/sro.shtml). Copies of the filing will proposed rule change as described in The purpose of this filing is to amend be available for inspection and copying Items I and II below, which Items have the Fee Schedule to establish fees in at the principal office of the Exchange. been prepared by the self-regulatory connection with the launch of trading in Do not include personal identifiable organization. The Commission is options that overlie the MSCI EAFE information in submissions; you should publishing this notice to solicit Index (‘‘EAFE options’’ or ‘‘MXEA’’) and submit only information that you wish comments on the proposed rule change the MSCI Emerging Markets Index (‘‘EM to make available publicly. We may from interested persons. options’’ or ‘‘MXEF’’). The Exchange redact in part or withhold entirely from recently filed a proposed rule change to I. Self-Regulatory Organization’s publication submitted material that is adopt rules to facilitate the transfer and obscene or subject to copyright Statement of the Terms of Substance of trading of EAFE options and EM protection. All submissions should refer the Proposed Rule Change options, which currently trade on Cboe to file number SR–NYSEARCA–2026–32 The Exchange proposes to amend the The Exchange, Inc. (‘‘Cboe Options’’).and should be submitted on or before 4 NYSE American Options Fee Schedule Exchange proposes that the fees set forth April 21, 2026. (‘‘Fee Schedule’’) to adopt fees in this filing will take effect on March For the Commission, by the Division of 16, 2026, the day that trading in EAFE applicable to trading in options that Trading and Markets, pursuant to delegated options and EM options begins on the overlie each of the MSCI EAFE Index authority. 16 Exchange. and the MSCI Emerging Markets Index. Sherry R. Haywood, 5 The MSCI EAFE Index (‘‘EAFE The proposed rule change is available Assistant Secretary. Index’’) and MSCI Emerging Markets on the Exchange’s website at [FR Doc. 2026–06158 Filed 3–30–26; 8:45 am] Index (‘‘EM Index’’) are both free float- www.nyse.com and at the principal adjusted market capitalization indexes BILLING CODE 8011–01–P office of the Exchange. calculated by MSCI Inc. (‘‘MSCI’’). The II. Self-Regulatory Organization’s EAFE Index is designed to measure the SECURITIES AND EXCHANGE Statement of the Purpose of, and equity market performance of developed COMMISSION Statutory Basis for, the Proposed Rule markets, excluding the United States Change [Release No. 34–105087; File No. SR– and Canada, and the EM Index is 6NYSEAMER–2026–23] designed to measure equity market In its filing with the Commission, the performance of emerging markets. Both Self-Regulatory Organizations; NYSE 7 self-regulatory organization included indexes consist of large and midcap American LLC; Notice of Filing and statements concerning the purpose of, components, and each covers Immediate Effectiveness of a Proposed and basis for, the proposed rule change approximately 85% of the free float- Rule Change To Amend the NYSE and discussed any comments it received adjusted market capitalization in each American Options Fee Schedule To on the proposed rule change. The text country included in the respective Adopt Fees for Trading in Options of those statements may be examined at index. Overlying the MSCI EAFE Index and the places specified in Item IV below. The Exchange proposes to adopt the the MSCI Emerging Markets Index The Exchange has prepared summaries, following per contract transaction fees for manual executions in MXEA and set forth in sections A, B, and C below, March 26, 2026. Pursuant to Section 19(b)(1) of the MXEF, which are largely based on the of the most significant parts of such 1Securities Exchange Act of 1934 fees currently assessed by Cboe statements. (‘‘Act’’) and Rule 19b–4 thereunder, Options: 2 3 8

Rate per contract MXEA, MXEF Participant Penny/Non-Penny manual transactions

Broker-Dealer ......................................................................................................... Penny .................................................... $0.25

Non-Penny ............................................. 0.25

17 CFR 200.30–3(a)(12). See Cboe Options Fee Schedule, available at See https://www.nyse.com/trader-update/ 16 5 8 history#110000955053. sic; see also Securities except for differences in the pricing programs from following 24 emerging market country indexes: Exchange Act Release No. 74681 (April 8, 2015), 80 which transactions in MXEA and MXEF are Brazil, Chile, China, Colombia, Czech Republic, FR 20032 (April 14, 2015) (SR–CBOE–2015–023) excluded (based on differences between the Egypt, Greece, Hungary, India, Indonesia, Korea, (Order Granting Accelerated Approval of Proposed programs offered by the Exchange and those offered Malaysia, Mexico, Pakistan, Peru, Philippines, Rule Change, as Modified by Amendment No. 1, to by Cboe Options) and the amount of the proposed Poland, Qatar, Russia, South Africa, Taiwan, List and Trade Options on the MSCI EAFE Index and on the MSCI Emerging Markets Index). Thailand, Turkey and United Arab Emirates. Index License Surcharge.

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