IndexIQ Active ETF Trust and IndexIQ Advisors LLC, 83179-83180 [2023-26118]
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Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices
for competition over regulatory
intervention in determining prices,
products, and services in the securities
markets. Specifically, in Regulation
NMS, the Commission highlighted the
importance of market forces in
determining prices and SRO revenues
and, also, recognized that current
regulation of the market system ‘‘has
been remarkably successful in
promoting market competition in its
broader forms that are most important to
investors and listed companies.’’ 25 The
fact that this market is competitive has
also long been recognized by the courts.
In NetCoalition v. Securities and
Exchange Commission, the D.C. Circuit
stated as follows: ‘‘[n]o one disputes
that competition for order flow is
‘fierce.’ . . . As the SEC explained, ‘[i]n
the U.S. national market system, buyers
and sellers of securities, and the brokerdealers that act as their order-routing
agents, have a wide range of choices of
where to route orders for execution’;
[and] ‘no exchange can afford to take its
market share percentages for granted’
because ‘no exchange possesses a
monopoly, regulatory or otherwise, in
the execution of order flow from broker
dealers.’ . . .’’.26 Accordingly, the
Exchange does not believe its proposed
fee change imposes any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
lotter on DSK11XQN23PROD with NOTICES1
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to section 19(b)(3)(A)
of the Act 27 and paragraph (f) of Rule
19b–4 28 thereunder. At any time within
60 days of the filing of the proposed rule
change, the 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
25 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).
26 NetCoalition v. SEC, 615 F.3d 525, 539 (D.C.
Cir. 2010) (quoting Securities Exchange Act Release
No. 59039 (December 2, 2008), 73 FR 74770, 74782–
83 (December 9, 2008) (SR–NYSEArca–2006–21)).
27 15 U.S.C. 78s(b)(3)(A).
28 17 CFR 240.19b–4(f).
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Commission will institute proceedings
to determine whether the proposed rule
change 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 rule-comments@
sec.gov. Please include file number SR–
CboeEDGA–2023–020 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–CboeEDGA–2023–020. 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–CboeEDGA–2023–020 and should
be submitted on or before December 19,
2023.
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83179
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.29
Christina Z. Milnor,
Assistant Secretary.
[FR Doc. 2023–26189 Filed 11–27–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
35055; 812–15514]
IndexIQ Active ETF Trust and IndexIQ
Advisors LLC
November 21, 2023.
Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’).
ACTION: Notice.
AGENCY:
Notice of an application under section
6(c) of the Investment Company Act of
1940 (‘‘Act’’) for an exemption from
section 15(a) of the Act, as well as from
certain disclosure requirements in rule
20a–1 under the Act, Item 19(a)(3) of
Form N–1A, Items 22(c)(1)(ii),
22(c)(1)(iii), 22(c)(8) and 22(c)(9) of
Schedule 14A under the Securities
Exchange Act of 1934, and sections 6–
07(2)(a), (b), and (c) of Regulation S–X
(‘‘Disclosure Requirements’’).
Summary of Application: The requested
exemption would permit Applicants to
enter into and materially amend
subadvisory agreements with
subadvisers without shareholder
approval and would grant relief from
the Disclosure Requirements as they
relate to fees paid to the subadvisers.
Applicants: IndexIQ Active ETF Trust
and IndexIQ Advisors LLC.
Filing Dates: The application was filed
on October 12, 2023.
Hearing or Notification of Hearing: An
order granting the requested relief will
be issued unless the Commission orders
a hearing. Interested persons may
request a hearing on any application by
emailing the SEC’s Secretary at
Secretarys-Office@sec.gov and serving
the Applicants with a copy of the
request by email, if an email address is
listed for the relevant Applicant below,
or personally or by mail, if a physical
address is listed for the relevant
Applicant below. Hearing requests
should be received by the Commission
by 5:30 p.m. on December 18, 2023, and
should be accompanied by proof of
service on the Applicants, in the form
of an affidavit, or, for lawyers, a
certificate of service. Pursuant to rule 0–
5 under the Act, hearing requests should
29 17
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CFR 200.30–3(a)(12).
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83180
Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices
state the nature of the writer’s interest,
any facts bearing upon the desirability
of a hearing on the matter, the reason for
the request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
emailing the Commission’s Secretary.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov. Applicants:
Matthew V. Curtin, Esq., IndexIQ
Advisors, mcurtin@indexiq.com and
Barry I. Pershkow, Chapman and Cutler
LLP, pershkow@chapman.com.
FOR FURTHER INFORMATION CONTACT:
Trace W. Rakestraw, Senior Special
Counsel, at (202) 551–6825 (Division of
Investment Management, Chief
Counsel’s Office).
SUPPLEMENTARY INFORMATION: For
Applicants’ representations, legal
analysis, and conditions, please refer to
Applicants’ application, dated October
12, 2023, which may be obtained via the
Commission’s website by searching for
the file number at the top of this
document, or for an Applicant using the
Company name search field on the
SEC’s EDGAR system. The SEC’s
EDGAR system may be searched at
https://www.sec.gov/edgar/searchedgar/
legacy/companysearch.html. You may
also call the SEC’s Public Reference
Room at (202) 551–8090.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
BOX Rule amend BOX Rule 5050 (Series
of Options Contracts Open for Trading).
The text of the proposed rule change is
available from the principal office of the
Exchange, at the Commission’s Public
Reference Room and also on the
Exchange’s internet website at https://
rules.boxexchange.com/rulefilings.
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
self-regulatory organization 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 self-regulatory organization has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
For the Commission, by the Division of
Investment Management, under delegated
authority.
J. Matthew DeLesDernier,
Deputy Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2023–26118 Filed 11–27–23; 8:45 am]
1. Purpose
BILLING CODE 8011–01–P
The Exchange proposes to amend
BOX Rule 5050 (Series of Options
Contracts Open for Trading) to adopt
IM–5050–12 to implement a new strike
interval program for stocks that are
priced less than $2.50 and have an
average daily trading volume of at least
1,000,000 shares per day for the three
(3) preceding calendar months. The
Exchange also proposes to amend the
table in IM–5050–11 to harmonize the
table to the proposed change. This is a
competitive filing that is based on a
proposal recently submitted by Miami
International Securities Exchange, LLC
(‘‘MIAX’’) approved by the
Commission.3
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99009; File No. SR–BOX–
2023–26]
Self-Regulatory Organizations; BOX
Exchange LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend BOX Rule 5050
(Series of Options Contracts Open for
Trading)
November 21, 2023.
lotter on DSK11XQN23PROD with NOTICES1
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
from interested persons.
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
15, 2023, BOX Exchange LLC
(‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Background
Currently, BOX Rule 5050, Series of
Options Contracts Open for Trading,
describes the process and procedures for
listing and trading series of options 4 on
3 See Securities Exchange Act Release No. 98917
(November 13, 2023) (Order Approving SR–MIAX–
2023–36).
4 The term ‘‘option contract’’ means a put or a call
issued, or subject to issuance by the Clearing
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the Exchange. IM–5050–3 provides for a
$2.50 Strike Price Program, where the
Exchange may select up to 60 option
classes 5 on individual stocks for which
the interval of strike prices will be $2.50
where the strike price is greater than
$25.00 but less than $50.00.6 IM–5050–
2 also provides for a $1 Strike Price
Interval Program, where the interval
between strike prices of series of
options 7 on individual stocks may be
$1.00 or greater provided the strike
price is $50.00 or less, but not less than
$1.00.8 Additionally, Rule 5050
provides for a $0.50 Strike Program.9
The interval of strike prices of series of
options on individual stocks may be
$0.50 or greater beginning at $0.50
where the strike price is $5.50 or less,
but only for options classes whose
underlying security closed at or below
$5.00 in its primary market on the
previous trading day and which have
national average daily volume that
equals or exceeds 1,000 contracts per
day as determined by The Options
Clearing Corporation (‘‘OCC’’) during
the preceding three calendar months.
The listing of $0.50 strike prices is
limited to options classes overlying no
more than 20 individual stocks (the
‘‘$0.50 Strike Program’’) as specifically
designated by the Exchange. The
Exchange may list $0.50 strike prices on
any other option classes if those classes
are specifically designated by other
securities exchanges that employ a
similar $0.50 Strike Program under their
respective rules. A stock shall remain in
the $0.50 Strike Program until otherwise
designated by the Exchange.10
Proposal
At this time, the Exchange proposes to
adopt a new strike interval program for
stocks that are not in the
aforementioned $0.50 Strike Program (or
the Short Term Option Series
Program) 11 and that close below $2.50
and have an average daily trading
volume of at least 1,000,000 shares per
day for the three (3) preceding calendar
months. The $0.50 Strike Program
considers stocks that have a closing
price at or below $5.00 whereas the
Exchange’s proposal will consider
Corporation pursuant to the Rules of the Clearing
Corporation. See BOX Rule 100(a)(38).
5 The terms ‘‘class of options’’ means all options
contracts of the same type and style covering the
same underlying security. See BOX Rule 100(a)(11).
6 See IM–5050–3.
7 The term ‘‘series of options’’ means all options
contracts of the same class of options having the
same exercise price and expiration date. See BOX
Rule 100(a)(63).
8 See IM–5050–2.
9 See IM–5050–5.
10 Id.
11 See IM–5050–6.
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]]>Agencies
[Federal Register Volume 88, Number 227 (Tuesday, November 28, 2023)]
[Notices]
[Pages 83179-83180]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-26118]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 35055; 812-15514]
IndexIQ Active ETF Trust and IndexIQ Advisors LLC
November 21, 2023.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').
ACTION: Notice.
-----------------------------------------------------------------------
Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from section 15(a) of
the Act, as well as from certain disclosure requirements in rule 20a-1
under the Act, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii),
22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A under the
Securities Exchange Act of 1934, and sections 6-07(2)(a), (b), and (c)
of Regulation S-X (``Disclosure Requirements'').
Summary of Application: The requested exemption would permit
Applicants to enter into and materially amend subadvisory agreements
with subadvisers without shareholder approval and would grant relief
from the Disclosure Requirements as they relate to fees paid to the
subadvisers.
Applicants: IndexIQ Active ETF Trust and IndexIQ Advisors LLC.
Filing Dates: The application was filed on October 12, 2023.
Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing on any application by emailing
the SEC's Secretary at [email protected] and serving the
Applicants with a copy of the request by email, if an email address is
listed for the relevant Applicant below, or personally or by mail, if a
physical address is listed for the relevant Applicant below. Hearing
requests should be received by the Commission by 5:30 p.m. on December
18, 2023, and should be accompanied by proof of service on the
Applicants, in the form of an affidavit, or, for lawyers, a certificate
of service. Pursuant to rule 0-5 under the Act, hearing requests should
[[Page 83180]]
state the nature of the writer's interest, any facts bearing upon the
desirability of a hearing on the matter, the reason for the request,
and the issues contested. Persons who wish to be notified of a hearing
may request notification by emailing the Commission's Secretary.
ADDRESSES: The Commission: [email protected]. Applicants:
Matthew V. Curtin, Esq., IndexIQ Advisors, [email protected] and
Barry I. Pershkow, Chapman and Cutler LLP, [email protected].
FOR FURTHER INFORMATION CONTACT: Trace W. Rakestraw, Senior Special
Counsel, at (202) 551-6825 (Division of Investment Management, Chief
Counsel's Office).
SUPPLEMENTARY INFORMATION: For Applicants' representations, legal
analysis, and conditions, please refer to Applicants' application,
dated October 12, 2023, which may be obtained via the Commission's
website by searching for the file number at the top of this document,
or for an Applicant using the Company name search field on the SEC's
EDGAR system. The SEC's EDGAR system may be searched at https://www.sec.gov/edgar/searchedgar/legacy/companysearch.html. You may also
call the SEC's Public Reference Room at (202) 551-8090.
For the Commission, by the Division of Investment Management,
under delegated authority.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2023-26118 Filed 11-27-23; 8:45 am]
BILLING CODE 8011-01-P
