Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay the Implementation of the FLEX and Cabinet Automation, 80363-80364 [2023-25386]
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Federal Register / Vol. 88, No. 221 / Friday, November 17, 2023 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–98919; File No. SR–PHLX–
2023–48]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Delay the
Implementation of the FLEX and
Cabinet Automation
November 13, 2023.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
9, 2023, Nasdaq PHLX LLC (‘‘Phlx’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to delay the
implementation of SR–Phlx–2023–22.3
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/phlx/rules, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
khammond on DSKJM1Z7X2PROD with NOTICES
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 97658
(June 7, 2023), 88 FR 38562 (June 13, 2023) (SR–
Phlx–2023–22) (Notice of Filing and Immediate
Effectiveness of Proposed Rule Change To Amend
Various Options 8 Rules) (‘‘SR–Phlx–2023–22’’).
2 17
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18:57 Nov 16, 2023
Jkt 262001
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to delay the
implementation of a rule change to
automate FLEX and Cabinet Orders. The
Exchange previously filed SR–Phlx–
2023–22, a rule change that amended
several Phlx Options 8 rules related to
Phlx’s trading floor.
FLEX Orders
With respect to FLEX Orders, SR–
Phlx–2023–22 amended FLEX Orders in
3 ways. First, the Exchange amended
the rules to require FLEX Orders to be
reported into Phlx’s Options Floor
Based Management System or ‘‘FBMS,’’
thereby further automating the
execution and reporting of FLEX
Options. All executed FLEX contracts
will be reported to OPRA and sent to
The Options Clearing Corporation
(‘‘OCC’’) for clearing, similar to all other
equity, equity index and U.S. dollarsettled foreign currency options orders
executed on the Exchange’s trading
floor. Second, the Exchange removed its
RFQ process including the BBO
Improvement Interval Process, with the
rule change. Third, the Exchange
reorganized Options 8, Section 34 to
restructure the rule to include
additional information which describes
current FLEX trading on Phlx.
Cabinet Options
With respect to Cabinet Orders, SR–
Phlx–2023–22 amended Options 8,
Section 33 to require Cabinet Orders to
be reported into FBMS. With this
change, members and member
organizations will be required to record
all Cabinet Orders represented in the
trading crowd into FBMS. All executed
contracts will be reported to OPRA and
sent to OCC for clearing similar to all
other equity, equity index and U.S.
dollar-settled foreign currency options
orders executed on the Exchange’s
trading floor.
SR–Phlx–2023–22 stated that the rule
change would be implemented on or
before March 29, 2024. At this time, the
Exchange proposes to delay the
implementation of SR–Phlx–2023–22 to
on or before August 30, 2024 to permit
the Exchange additional time to code
and test the functionality. The Exchange
would issue an Options Trader Alert
announcing the exact implementation
date to members and member
organizations.
PO 00000
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Fmt 4703
Sfmt 4703
80363
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,4 in general, and furthers the
objectives of Section 6(b)(5) of the Act,5
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest. The
Exchange’s proposal to delay the
implementation of SR–Phlx–2023–22 to
on or before August 30, 2024 is
consistent with the Act and the
protection of investors and the general
public as it will permit the Exchange
additional time to code and test the
functionality.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
The Exchange’s proposal to delay the
implementation of SR–Phlx–2023–22 to
on or before August 30, 2024 does not
impose any burden on competition as it
will permit the Exchange additional
time to code and test the functionality.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act 6 and
subparagraph (f)(6) of Rule 19b–4
thereunder.7
At any time within 60 days of the
filing of the proposed rule change, the
4 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
6 15 U.S.C. 78s(b)(3)(A)(iii).
7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
5 15
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17NON1
80364
Federal Register / Vol. 88, No. 221 / Friday, November 17, 2023 / Notices
khammond on DSKJM1Z7X2PROD with NOTICES
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–PHLX–2023–48 and should be
submitted on or before December 8,
2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Sherry R. Haywood,
Assistant Secretary.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
[FR Doc. 2023–25386 Filed 11–16–23; 8:45 am]
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
PHLX–2023–48 on the subject line.
TIME AND DATE:
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to file
number SR–PHLX–2023–48. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
VerDate Sep<11>2014
18:57 Nov 16, 2023
Jkt 262001
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
Notice is hereby given,
pursuant to the provisions of the
Government in the Sunshine Act, Public
Law 94–409, that the Securities and
Exchange Commission Small Business
Capital Formation Advisory Committee
will hold a public meeting on
Wednesday, November 29, 2023, at the
Commission’s headquarters and via
videoconference.
PLACE: The meeting will be hybrid, with
some Committee members attending by
remote means (videoconference) and
others in-person at the Commission’s
headquarters, 100 F Street NE,
Washington, DC 20549, in MultiPurpose Room LL–006. Members of the
public may watch the webcast of the
meeting on the Commission’s website at
www.sec.gov.
STATUS: The meeting will begin at 10:00
a.m. (ET) and will be open to the public
via webcast on the Commission’s
website at www.sec.gov. This Sunshine
Act notice is being issued because a
majority of the Commission may attend
the meeting.
MATTERS TO BE CONSIDERED: The agenda
for the meeting includes matters relating
to rules and regulations affecting small
and emerging businesses and their
investors under the federal securities
laws.
CONTACT PERSON FOR MORE INFORMATION:
For further information and to ascertain
what, if any, matters have been added,
deleted or postponed; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
Authority: 5 U.S.C. 552b.
Dated: November 15, 2023.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2023–25606 Filed 11–15–23; 4:15 pm]
BILLING CODE 8011–01–P
8 17
PO 00000
CFR 200.30–3(a)(12).
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SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–185, OMB Control No.
3235–0238]
Proposed Collection; Comment
Request; Extension: Form N–6F
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) the Securities
and Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
The title for the collection of
information is ‘‘Form N–6F (17 CFR
274.15), Notice of Intent to Elect to be
Subject to Sections 55 through 65 of the
Investment Company Act of 1940.’’ The
purpose of Form N–6F is to notify the
Commission of a company’s intent to
file a notification of election to become
subject to Sections 55 through 65 of the
Investment Company Act of 1940 (15
U.S.C. 80a-1 et seq.) (‘‘1940 Act’’).
Certain companies may have to make a
filing with the Commission before they
are ready to elect to be regulated as a
business development company.1 A
company that is excluded from the
definition of ‘‘investment company’’ by
Section 3(c)(1) because it has fewer than
one hundred shareholders and is not
making a public offering of its securities
may lose such an exclusion solely
because it proposes to make a public
offering of securities as a business
development company. Such company,
under certain conditions, would not
lose its exclusion if it notifies the
Commission on Form N–6F of its intent
to make an election to be regulated as
a business development company. The
company only has to file a Form N–6F
once.
The Commission estimates that on
average approximately 9 companies file
these notifications each year. Each of
those companies need only make a
single filing of Form N–6F. The
Commission further estimates that this
information collection imposes burden
of 0.5 hours, resulting in a total annual
1 A company might not be prepared to elect to be
subject to Sections 55 through 65 of the 1940 Act
because its capital structure or management
compensation plan is not yet in compliance with
the requirements of those sections.
E:\FR\FM\17NON1.SGM
17NON1
]]>Agencies
[Federal Register Volume 88, Number 221 (Friday, November 17, 2023)]
[Notices]
[Pages 80363-80364]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-25386]
[[Page 80363]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98919; File No. SR-PHLX-2023-48]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Delay the
Implementation of the FLEX and Cabinet Automation
November 13, 2023.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on November 9, 2023, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to delay the implementation of SR-Phlx-2023-
22.\3\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 97658 (June 7,
2023), 88 FR 38562 (June 13, 2023) (SR-Phlx-2023-22) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Various Options 8 Rules) (``SR-Phlx-2023-22'').
---------------------------------------------------------------------------
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/phlx/rules, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to delay the implementation of a rule change
to automate FLEX and Cabinet Orders. The Exchange previously filed SR-
Phlx-2023-22, a rule change that amended several Phlx Options 8 rules
related to Phlx's trading floor.
FLEX Orders
With respect to FLEX Orders, SR-Phlx-2023-22 amended FLEX Orders in
3 ways. First, the Exchange amended the rules to require FLEX Orders to
be reported into Phlx's Options Floor Based Management System or
``FBMS,'' thereby further automating the execution and reporting of
FLEX Options. All executed FLEX contracts will be reported to OPRA and
sent to The Options Clearing Corporation (``OCC'') for clearing,
similar to all other equity, equity index and U.S. dollar-settled
foreign currency options orders executed on the Exchange's trading
floor. Second, the Exchange removed its RFQ process including the BBO
Improvement Interval Process, with the rule change. Third, the Exchange
reorganized Options 8, Section 34 to restructure the rule to include
additional information which describes current FLEX trading on Phlx.
Cabinet Options
With respect to Cabinet Orders, SR-Phlx-2023-22 amended Options 8,
Section 33 to require Cabinet Orders to be reported into FBMS. With
this change, members and member organizations will be required to
record all Cabinet Orders represented in the trading crowd into FBMS.
All executed contracts will be reported to OPRA and sent to OCC for
clearing similar to all other equity, equity index and U.S. dollar-
settled foreign currency options orders executed on the Exchange's
trading floor.
SR-Phlx-2023-22 stated that the rule change would be implemented on
or before March 29, 2024. At this time, the Exchange proposes to delay
the implementation of SR-Phlx-2023-22 to on or before August 30, 2024
to permit the Exchange additional time to code and test the
functionality. The Exchange would issue an Options Trader Alert
announcing the exact implementation date to members and member
organizations.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\4\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\5\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect investors and the public interest.
The Exchange's proposal to delay the implementation of SR-Phlx-2023-22
to on or before August 30, 2024 is consistent with the Act and the
protection of investors and the general public as it will permit the
Exchange additional time to code and test the functionality.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act. The Exchange's proposal to delay the implementation of SR-
Phlx-2023-22 to on or before August 30, 2024 does not impose any burden
on competition as it will permit the Exchange additional time to code
and test the functionality.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \6\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the
[[Page 80364]]
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-PHLX-2023-48 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-PHLX-2023-48. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-PHLX-2023-48 and should be
submitted on or before December 8, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-25386 Filed 11-16-23; 8:45 am]
BILLING CODE 8011-01-P
