Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule, 20509-20511 [2024-06072]
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Federal Register / Vol. 89, No. 57 / Friday, March 22, 2024 / Notices
Dated: March 20, 2024.
Vanessa A. Countryman,
Secretary.
FR 51627; October 24, 2011, 76 FR
65756; April 29, 2005, 70 FR 22516.
Christopher Doyle,
Attorney, Ethics and Compliance.
[FR Doc. 2024–06296 Filed 3–20–24; 4:15 pm]
BILLING CODE 8011–01–P
[FR Doc. 2024–06108 Filed 3–21–24; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 6576/March 18, 2024]
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 will hold the
SEC–NASAA–Georgia Secretary of State
Joint Investor Roundtables on
Wednesday and Thursday, March 27,
and 28, 2024. The events will begin at
10 a.m. (ET) and will be open to the
public.
TIME AND DATE:
The meeting will be conducted
in-person at: Wednesday, March 27,
2024, University of North Georgia, Mike
Cottrell College of Business, 265 S
Chestatee St., Dahlonega, GA 30597, 10
a.m. to 4:30 p.m. (EST) and Thursday,
March 28, 2024, Dalton State College,
Wright School of Business, 650 College
Dr., Dalton, GA 30720, 10 a.m. to 4:30
p.m. (EST) and by remote means.
Members of the public may attend inperson or watch the webcast of the
events beginning at 1 p.m. each day on
the Commission’s website at
www.sec.gov.
PLACE:
This Sunshine Act notice is
being issued because a majority of the
Commission may attend the meeting.
STATUS:
These
public roundtables will be an
opportunity for investors, regulators,
and members of the investment
community to share their experiences
with SEC staff and discuss topics that
are important to them, such as securities
fraud and feedback on SEC rulemaking.
These events are designed to listen to
investors and better understand their
needs in future policy and practice.
Questions and feedback may be
submitted in advance to
InvestorEngagement@sec.gov.
ddrumheller on DSK120RN23PROD with NOTICES1
MATTERS TO BE CONSIDERED:
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.
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Notice of Intention To Cancel
Registration Pursuant to Section
203(h) of the Investment Advisers Act
of 1940
Notice is given that the Securities and
Exchange Commission (the
‘‘Commission’’) intends to issue an
order, pursuant to Section 203(h) of the
Investment Advisers Act of 1940 (the
‘‘Act’’), cancelling the registration of
Hennii Investment Advisory Services,
Inc., File No. 801–120518, hereinafter
referred to as the ‘‘registrant.’’
Section 203(h) provides, in pertinent
part, that if the Commission finds that
any person registered under section 203,
or who has pending an application for
registration filed under that section, is
no longer in existence, is not engaged in
business as an investment adviser, or is
prohibited from registering as an
investment adviser under section 203A,
the Commission shall by order, cancel
the registration of such person.
The registrant, since March of 2021,
has not filed a Form ADV amendment
with the Commission as required by
rule 204–1 under the Act and appears to
be no longer in business as an
investment adviser or is otherwise not
engaged in business as an investment
adviser.1 Accordingly, the Commission
believes that reasonable grounds exist
for a finding that this registrant is no
longer in existence and is no longer
eligible to be registered with the
Commission as an investment adviser
and that the registration should be
cancelled pursuant to section 203(h) of
the Act.
Notice is also given that any
interested person may, by April 12,
2024, at 5:30 p.m., submit to the
Commission in writing a request for a
hearing on the cancellation,
accompanied by a statement as to the
nature of his or her interest, the reason
for such request, and the issues, if any,
of fact or law proposed to be
controverted, and he or she may request
that he or she be notified if the
1 Rule 204–1 under the Act requires any adviser
that is required to complete Form ADV to amend
the form at least annually and to submit the
amendments electronically through the Investment
Adviser Registration Depository.
PO 00000
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20509
Commission should order a hearing
thereon. Any such communication
should be emailed to the Commission’s
Secretary at Secretarys-Office@sec.gov.
At any time after April 12, 2024, the
Commission may issue an order
cancelling the registration, upon the
basis of the information stated above,
unless an order for a hearing on the
cancellation shall be issued upon
request or upon the Commission’s own
motion. Persons who requested a
hearing, or who requested to be advised
as to whether a hearing is ordered, will
receive any notices and orders issued in
this matter, including the date of the
hearing (if ordered) and any
postponements thereof. Any adviser
whose registration is cancelled under
delegated authority may appeal that
decision directly to the Commission in
accordance with rules 430 and 431 of
the Commission’s rules of practice (17
CFR 201.430 and 431).
ADDRESSES: The Commission:
Secretarys-Office@sec.gov.
FOR FURTHER INFORMATION CONTACT: Asaf
Barouk, Senior Counsel at 202–551–
6999; SEC, Division of Investment
Management, Office of Chief Counsel,
100 F Street NE, Washington, DC
20549–8549.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.2
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–06052 Filed 3–21–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99762; File No. SR–CBOE–
2024–013]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Its Fees
Schedule
March 18, 2024.
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 March 7,
2024, Cboe Exchange, Inc. (‘‘Exchange’’
or ‘‘Cboe Options’’) 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
by the self-regulatory organization. The
2 17
CFR 200.30–5(e)(2).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 89, No. 57 / Friday, March 22, 2024 / Notices
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
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes to amend
its Fees Schedule. The text of the
proposed rule change is provided in
Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://www.cboe.com/
AboutCBOE/CBOELegalRegulatory
Home.aspx), at the Exchange’s Office of
the Secretary, 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
ddrumheller on DSK120RN23PROD with NOTICES1
1. Purpose
The Exchange proposes to amend its
Fees Schedule, effective March 7, 2024.
Specifically, the Exchange proposes to
make clarifying changes to the
‘‘Regulatory Fees’’ section. Under the
Exchange’s Regulatory Fees, the
Exchange charges a fee to TPHs,
including Designated Primary MarketMakers 3 (‘‘DPMs’’), that are subject to
Rule 15c3–1 under the Exchange Act
(the ‘‘Net Capital Rule’’) 4 and for which
the Exchange has been assigned as the
Designated Examining Authority
(‘‘DEA’’), called the ‘‘DPM’s and Firm
Designated Examining Authority Fee.’’
The Exchange currently charges TPHs
subject to this fee $0.60 per $1,000 of
gross revenue as reported on quarterly
FOCUS reports filed by such TPHs
(excluding commodity commission
revenue). In addition, this fee is subject
to a monthly minimum fee of $1,500 per
3 See Exchange Rule 1.1, which defines a
‘‘Designated Primary Market-Maker.’’
4 17 CFR 240.15c3–1.
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month for Clearing TPHs and $400 for
non-Clearing TPHs.
The Exchange first proposes to
remove ‘‘DPM’’ from the fee title, as
such fee is not assessed to TPHs because
of their DPM capacity. As stated above,
the Firm DEA Fee is assessed to all
TPHs that are subject to the Net Capital
Rule and for which the Exchange has
been assigned as the DEA. While this
may include DPMs, it does not
necessarily include all DPMs; thus, the
Exchange proposes to remove DPM from
the fee title, to avoid potential confusion
and clarify the purpose and application
of the fee.
Further, the Exchange proposes to add
clarifying language regarding the
calculation and billing of the Firm DEA
Fee to add further transparency to the
Fees Schedule. The Firm DEA Fee is
calculated by the Exchange and assessed
to TPHs, as applicable, on a quarterly
basis. The Exchange proposes to add
language stating that if the Exchange is
the DEA for a TPH for less than all three
months of the relevant quarter, the Firm
DEA Fee for the TPH for that quarter is
prorated based on the number of months
in the quarter in which the Exchange
acted as DEA for the TPH.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.5 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 6 requirements that the rules of
an exchange be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, 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.
Additionally, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) 7 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange also believes the
proposed rule change is consistent with
5 15
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
7 Id.
PO 00000
Frm 00088
Section 6(b)(4) of the Act,8 which
requires that Exchange rules provide for
the equitable allocation of reasonable
dues, fees, and other charges among its
Trading Permit Holders and other
persons using its facilities.
In particular, the Exchange believes
the proposed rule changes to the Fees
Schedule do not change any fees
charged pursuant to the Firm DEA Fee,
but rather are clarifying in nature, and
thus, the fee will continue to be
reasonable and equitable, and uniformly
applied, as applicable, to all TPHs that
are subject to the Net Capital Rule and
for which the Exchange has been
assigned as the DEA. The Exchange
believes the proposed rule changes
remove impediments to and perfect the
mechanism of a free and open market
and national market system as they add
clarity, mitigate any potential confusion
in connection with the application of
these fees or billing in connection with
these fees, and facilitate better
understanding of the Fees Schedule for
all market participants, which
ultimately protects investors.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. As indicated
above, the proposed changes to the Fees
Schedule clarify language regarding the
Firm DEA Fee. As the Exchange is not
changing the fee itself, but merely
clarifying who the fee is assessed to and
how the fee is billed, the Exchange
believes the proposed clarifying rule
amendments do not substantively
change the Firm DEA Fee or the manner
in which it currently applies to market
participants, as applicable. The
proposed changes are not competitive in
nature and are merely intended to clean
up the Fees Schedule in order to
provide additional clarity and facilitate
better understanding of the Fees
Schedule for all market participants.
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.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change
does not: (i) significantly affect the
8 15
Fmt 4703
Sfmt 4703
U.S.C. 78f(b)(4).
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Federal Register / Vol. 89, No. 57 / Friday, March 22, 2024 / Notices
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative prior to 30 days from the date
on which it was filed, or such shorter
time as the Commission may designate,
if consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section
19(b)(3)(A)(iii) of the Act 9 and Rule
19b–4(f)(6) thereunder.10
A proposed rule change filed under
Rule 19b–4(f)(6) 11 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),12 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposed
rule change may become operative
immediately upon filing. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest, because it will allow the
Exchange to make clarifying changes to
its Fee Schedule. Accordingly, the
Commission designates the proposed
rule change to be operative upon
filing.13
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
Commission shall institute proceedings
under Section 19(b)(2)(B) 14 of the Act 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
9 15
U.S.C. 78s(b)(3)(A)(iii).
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, along with a brief
description and text of 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.
11 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii).
13 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
14 15 U.S.C. 78s(b)(2)(B).
ddrumheller on DSK120RN23PROD with NOTICES1
10 17
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19:15 Mar 21, 2024
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20511
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:
SECURITIES AND EXCHANGE
COMMISSION
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–
CBOE–2024–013 on the subject line.
Self-Regulatory Organizations; NYSE
National, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Rule 7.31
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–CBOE–2024–013. 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–CBOE–2024–013 and should be
submitted on or before April 12, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–06072 Filed 3–21–24; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–99761; File No. SR–
NYSENAT–2024–08]
March 18, 2024.
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on March 6,
2024, NYSE National, Inc. (‘‘NYSE
National’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. 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 amend
Rule 7.31 to provide for the use of Day
ISO Reserve Orders and make other
conforming changes. The proposed rule
change is available on the Exchange’s
website at www.nyse.com, 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
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 those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Rule 7.31 to provide for the use of Day
ISO Reserve Orders and make
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
15 17
PO 00000
CFR 200.30–3(a)(12), (59).
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]]>Agencies
[Federal Register Volume 89, Number 57 (Friday, March 22, 2024)]
[Notices]
[Pages 20509-20511]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-06072]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99762; File No. SR-CBOE-2024-013]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fees Schedule
March 18, 2024.
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 March 7, 2024, Cboe Exchange, Inc. (``Exchange'' or ``Cboe
Options'') 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 by the self-regulatory
organization. The
[[Page 20510]]
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
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its Fees Schedule. The text of the proposed rule change is
provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (https://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, 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 amend its Fees Schedule, effective March
7, 2024. Specifically, the Exchange proposes to make clarifying changes
to the ``Regulatory Fees'' section. Under the Exchange's Regulatory
Fees, the Exchange charges a fee to TPHs, including Designated Primary
Market-Makers \3\ (``DPMs''), that are subject to Rule 15c3-1 under the
Exchange Act (the ``Net Capital Rule'') \4\ and for which the Exchange
has been assigned as the Designated Examining Authority (``DEA''),
called the ``DPM's and Firm Designated Examining Authority Fee.'' The
Exchange currently charges TPHs subject to this fee $0.60 per $1,000 of
gross revenue as reported on quarterly FOCUS reports filed by such TPHs
(excluding commodity commission revenue). In addition, this fee is
subject to a monthly minimum fee of $1,500 per month for Clearing TPHs
and $400 for non-Clearing TPHs.
---------------------------------------------------------------------------
\3\ See Exchange Rule 1.1, which defines a ``Designated Primary
Market-Maker.''
\4\ 17 CFR 240.15c3-1.
---------------------------------------------------------------------------
The Exchange first proposes to remove ``DPM'' from the fee title,
as such fee is not assessed to TPHs because of their DPM capacity. As
stated above, the Firm DEA Fee is assessed to all TPHs that are subject
to the Net Capital Rule and for which the Exchange has been assigned as
the DEA. While this may include DPMs, it does not necessarily include
all DPMs; thus, the Exchange proposes to remove DPM from the fee title,
to avoid potential confusion and clarify the purpose and application of
the fee.
Further, the Exchange proposes to add clarifying language regarding
the calculation and billing of the Firm DEA Fee to add further
transparency to the Fees Schedule. The Firm DEA Fee is calculated by
the Exchange and assessed to TPHs, as applicable, on a quarterly basis.
The Exchange proposes to add language stating that if the Exchange is
the DEA for a TPH for less than all three months of the relevant
quarter, the Firm DEA Fee for the TPH for that quarter is prorated
based on the number of months in the quarter in which the Exchange
acted as DEA for the TPH.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\5\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \6\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, 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. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \7\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange also believes the proposed rule
change is consistent with Section 6(b)(4) of the Act,\8\ which requires
that Exchange rules provide for the equitable allocation of reasonable
dues, fees, and other charges among its Trading Permit Holders and
other persons using its facilities.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
\7\ Id.
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
In particular, the Exchange believes the proposed rule changes to
the Fees Schedule do not change any fees charged pursuant to the Firm
DEA Fee, but rather are clarifying in nature, and thus, the fee will
continue to be reasonable and equitable, and uniformly applied, as
applicable, to all TPHs that are subject to the Net Capital Rule and
for which the Exchange has been assigned as the DEA. The Exchange
believes the proposed rule changes remove impediments to and perfect
the mechanism of a free and open market and national market system as
they add clarity, mitigate any potential confusion in connection with
the application of these fees or billing in connection with these fees,
and facilitate better understanding of the Fees Schedule for all market
participants, which ultimately protects investors.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. As indicated above, the
proposed changes to the Fees Schedule clarify language regarding the
Firm DEA Fee. As the Exchange is not changing the fee itself, but
merely clarifying who the fee is assessed to and how the fee is billed,
the Exchange believes the proposed clarifying rule amendments do not
substantively change the Firm DEA Fee or the manner in which it
currently applies to market participants, as applicable. The proposed
changes are not competitive in nature and are merely intended to clean
up the Fees Schedule in order to provide additional clarity and
facilitate better understanding of the Fees Schedule for all market
participants.
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.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change does not: (i) significantly affect
the
[[Page 20511]]
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \9\ and Rule
19b-4(f)(6) thereunder.\10\
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\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 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, along
with a brief description and text of 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.
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A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately upon filing. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest,
because it will allow the Exchange to make clarifying changes to its
Fee Schedule. Accordingly, the Commission designates the proposed rule
change to be operative upon filing.\13\
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\11\ 17 CFR 240.19b-4(f)(6).
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 Commission shall institute proceedings under
Section 19(b)(2)(B) \14\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\14\ 15 U.S.C. 78s(b)(2)(B).
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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-CBOE-2024-013 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-CBOE-2024-013. 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-CBOE-2024-013 and should be
submitted on or before April 12, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-06072 Filed 3-21-24; 8:45 am]
BILLING CODE 8011-01-P
