Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Permit the Generic Listing and Trading of Multi-Class ETF Shares, 48202-48203 [2024-12254]

Download as PDF 48202 Federal Register / Vol. 89, No. 109 / Wednesday, June 5, 2024 / Notices POSTAL REGULATORY COMMISSION [Docket Nos. MC2024–329 and CP2024–337; MC2024–330 and CP2024–338; MC2024–331 and CP2024–339] New Postal Products Postal Regulatory Commission. ACTION: Notice. AGENCY: The Commission is noticing a recent Postal Service filing for the Commission’s consideration concerning a negotiated service agreement. This notice informs the public of the filing, invites public comment, and takes other administrative steps. DATES: Comments are due: June 7, 2024. ADDRESSES: Submit comments electronically via the Commission’s Filing Online system at https:// www.prc.gov. Those who cannot submit comments electronically should contact the person identified in the FOR FURTHER INFORMATION CONTACT section by telephone for advice on filing alternatives. SUMMARY: FOR FURTHER INFORMATION CONTACT: David A. Trissell, General Counsel, at 202–789–6820. SUPPLEMENTARY INFORMATION: Table of Contents I. Introduction II. Docketed Proceeding(s) khammond on DSKJM1Z7X2PROD with NOTICES I. Introduction The Commission gives notice that the Postal Service filed request(s) for the Commission to consider matters related to negotiated service agreement(s). The request(s) may propose the addition or removal of a negotiated service agreement from the Market Dominant or the Competitive product list, or the modification of an existing product currently appearing on the Market Dominant or the Competitive product list. Section II identifies the docket number(s) associated with each Postal Service request, the title of each Postal Service request, the request’s acceptance date, and the authority cited by the Postal Service for each request. For each request, the Commission appoints an officer of the Commission to represent the interests of the general public in the proceeding, pursuant to 39 U.S.C. 505 (Public Representative). Section II also establishes comment deadline(s) pertaining to each request. The public portions of the Postal Service’s request(s) can be accessed via the Commission’s website (https:// www.prc.gov). Non-public portions of the Postal Service’s request(s), if any, can be accessed through compliance VerDate Sep<11>2014 16:50 Jun 04, 2024 Jkt 262001 with the requirements of 39 CFR 3011.301.1 The Commission invites comments on whether the Postal Service’s request(s) in the captioned docket(s) are consistent with the policies of title 39. For request(s) that the Postal Service states concern Market Dominant product(s), applicable statutory and regulatory requirements include 39 U.S.C. 3622, 39 U.S.C. 3642, 39 CFR part 3030, and 39 CFR part 3040, subpart B. For request(s) that the Postal Service states concern Competitive product(s), applicable statutory and regulatory requirements include 39 U.S.C. 3632, 39 U.S.C. 3633, 39 U.S.C. 3642, 39 CFR part 3035, and 39 CFR part 3040, subpart B. Comment deadline(s) for each request appear in section II. II. Docketed Proceeding(s) 1. Docket No(s).: MC2024–329 and CP2024–337; Filing Title: USPS Request to Add Priority Mail Express, Priority Mail & USPS Ground Advantage Contract 85 to Competitive Product List and Notice of Filing Materials Under Seal; Filing Acceptance Date: May 30, 2024; Filing Authority: 39 U.S.C. 3642, 39 CFR 3040.130 through 3040.135, and 39 CFR 3035.105; Public Representative: Jennaca D. Upperman; Comments Due: June 7, 2024. 2. Docket No(s).: MC2024–330 and CP2024–338; Filing Title: USPS Request to Add Priority Mail Express, Priority Mail & USPS Ground Advantage Contract 86 to Competitive Product List and Notice of Filing Materials Under Seal; Filing Acceptance Date: May 30, 2024; Filing Authority: 39 U.S.C. 3642, 39 CFR 3040.130 through 3040.135, and 39 CFR 3035.105; Public Representative: Jennaca D. Upperman; Comments Due: June 7, 2024. 3. Docket No(s).: MC2024–331 and CP2024–339; Filing Title: USPS Request to Add Priority Mail Express, Priority Mail & USPS Ground Advantage Contract 87 to Competitive Product List and Notice of Filing Materials Under Seal; Filing Acceptance Date: May 30, 2024; Filing Authority: 39 U.S.C. 3642, 39 CFR 3040.130 through 3040.135, and 39 CFR 3035.105; Public Representative: Jennaca D. Upperman; Comments Due: June 7, 2024. This Notice will be published in the Federal Register. Erica A. Barker, Secretary. 1 See Docket No. RM2018–3, Order Adopting Final Rules Relating to Non-Public Information, June 27, 2018, Attachment A at 19–22 (Order No. 4679). Fmt 4703 Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Permit the Generic Listing and Trading of Multi-Class ETF Shares May 30, 2024. On April 15, 2024, Cboe BZX Exchange, Inc. (‘‘BZX’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend BZX Rule 14.11(l) to permit the generic listing and trading of MultiClass ETF Shares. The proposed rule change was published for comment in the Federal Register on May 1, 2024.3 Section 19(b)(2) of the Act 4 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is June 15, 2024. The Commission is extending this 45day time period. The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 designates July 30, 2024, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 100034 (April 25, 2024), 89 FR 35255 (‘‘Notice’’). Comments received in response to the Notice can be found on the Commission’s website at: https:// www.sec.gov/comments/sr-cboebzx-2024-026/ srcboebzx2024026.htm. 4 15 U.S.C. 78s(b)(2). 5 15 U.S.C. 78s(b)(2). 2 17 BILLING CODE 7710–FW–P Frm 00061 [Release No. 34–100248; File No. SR– CboeBZX–2024–026] 1 15 [FR Doc. 2024–12307 Filed 6–4–24; 8:45 am] PO 00000 SECURITIES AND EXCHANGE COMMISSION Sfmt 4703 E:\FR\FM\05JNN1.SGM 05JNN1 Federal Register / Vol. 89, No. 109 / Wednesday, June 5, 2024 / Notices disapprove, the proposed rule change (File No. SR–CboeBZX–2024–026). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–12254 Filed 6–4–24; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–100247; File No. SR– MEMX–2024–21] Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Implement an Equity Rights Program May 30, 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 May 22, 2024, MEMX LLC (‘‘MEMX’’ 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. khammond on DSKJM1Z7X2PROD with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing with the Commission a proposed rule change to implement an equity rights program (the ‘‘Warrants Program’’ or the ‘‘Jump Ball Program’’) related to fees charged for the trading of options on the Exchange’s options platform (‘‘MEMX Options’’). The Exchange proposes to implement the changes to the Fee Schedule pursuant to this proposal immediately. 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 6 17 CFR 200.30–3(a)(31). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 16:50 Jun 04, 2024 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose BILLING CODE 8011–01–P VerDate Sep<11>2014 forth in sections A, B, and C below, of the most significant aspects of such statements. Jkt 262001 The Exchange proposes to implement the Warrants Program pursuant to which warrants representing the right to acquire equity in the Exchange’s parent holding company upon vesting would be issued to participants on MEMX Options who also participate in the Warrants Program (‘‘Participants’’), in exchange for payment of the initial prepayment fee (‘‘Prepayment Fee’’) and the achievement of certain liquidity volume thresholds on the Exchange’s options platform (‘‘MEMX Options’’) over a 24-month period (the ‘‘Term’’). The Warrants Program commenced on May 1, 2024 (the ‘‘Effective Date’’) and will end on May 1, 2026.3 The purpose of the Warrants Program is to promote the long-term interests of MEMX by providing incentives designed to encourage MEMX market participants to contribute to the growth and success of MEMX Options via actively providing and taking liquidity on the MEMX Options market. Participants in the Warrants Program will be able to vest their warrants through the process described in the following paragraphs and consequently will have the opportunity to share in the benefits of MEMX’s increased enterprise value. Participants who executed a Purchase Agreement and who provide a Prepayment Fee in the amount of $500,000 in advance of April 30, 2024 (the ‘‘Commitment Deadline’’) or such later date specified by the Exchange were issued a ‘‘ticket’’ indicating that the Participant has been accepted into the Warrants Program. Participants may purchase more than one ticket. The total number of tickets available for purchase is capped at 25 tickets. Upon making the Prepayment Fee corresponding to the number of tickets purchased, a Participant will be able to apply the Prepayment Fee to various fees for trading on MEMX Options, including 3 The Exchange initially filed the proposal to implement the Warrants Program on April 25, 2024 (SR–MEMX–2024–15) (the ‘‘Initial Proposal’’). On May 10, 2024, the Exchange withdrew the Initial Proposal and replaced the proposal with SR– MEMX–2024–18 (the ‘‘Second Proposal’’). The Exchange recently withdrew the Second Proposal and is replacing it with the current filing (SR– MEMX–2024–21). PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 48203 MEMX Options connectivity fees,4 MEMX Options market data fees,5 MEMX Options membership fees,6 and MEMX Options transaction fees.7 The Prepayment Fee does not expire and a Participant may apply the Prepayment Fee to any of the above listed fees at any time. A Participant will obtain 279,600 unvested warrants per ticket that will vest on an equalized basis each calendar month during the Term (each such calendar month during the Term of the Warrants Program, a ‘‘Measurement Period’’) if such Participant satisfies certain volume commitments on MEMX Options, as described below. Participants shall vest warrants on a pro-rata basis based upon meeting or outperforming volume commitments during each Measurement Period, as is discussed below. The volume commitments may be met by trading activity in any listed equity option or exchange-traded fund option on MEMX Options.8 Participants that trade options which are not in the Penny Program 9 (such options, ‘‘Non-Penny’’ options) will receive double credit for such NonPenny activity for purposes of calculating the Participant’s performance during the Measurement Period. Each vested warrant entitles a Participant to purchase equity ownership of one Nonvoting Common Unit 10 of Holdco at a particular strike price. Only vested warrants are eligible to be exercised, and un-vested warrants are not exercisable. The total equity ownership of Holdco Units, including any purchased through the exercise of vested warrants, shall be subject to the ownership limitations of the Seventh Amended and Restated Limited Liability Company Agreement of MEMX Holdings LLC, as amended (the ‘‘Holdco LLC Agreement’’).11 4 See the MEMX Connectivity Fee Schedule, available at https://info.memxtrading.com/ connectivity-fees/. 5 See the MEMX Options Fee Schedule, available at https://info.memxtrading.com/us-optionstrading-resources/us-options-fee-schedule/. 6 See the MEMX Membership Fee Schedule, available at https://info.memxtrading.com/ membership-fees/. 7 See the MEMX Options Fee Schedule, available at https://info.memxtrading.com/us-optionstrading-resources/us-options-fee-schedule/. 8 The Exchange does not currently list or trade index options. 9 See Exchange Rule 21.5(d). 10 ‘‘Nonvoting Common Units’’ is defined in Section 3.2(g)(iii) of the Seventh Amended and Restated Limited Liability Company Agreement of MEMX Holdings LLC. 11 See, e.g., Section 3.5(a)(ii) of the Holdco LLC Agreement, which states that ‘‘[n]o Exchange Member, either alone or together with its Related Persons, may own, directly or indirectly, of record or beneficially, Units constituting more than twenty percent (20%) of any class of Units.’’ E:\FR\FM\05JNN1.SGM 05JNN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 89, Number 109 (Wednesday, June 5, 2024)]
[Notices]
[Pages 48202-48203]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-12254]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100248; File No. SR-CboeBZX-2024-026]


Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on a Proposed Rule 
Change To Permit the Generic Listing and Trading of Multi-Class ETF 
Shares

May 30, 2024.
    On April 15, 2024, Cboe BZX Exchange, Inc. (``BZX'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to amend BZX Rule 
14.11(l) to permit the generic listing and trading of Multi-Class ETF 
Shares. The proposed rule change was published for comment in the 
Federal Register on May 1, 2024.\3\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 100034 (April 25, 
2024), 89 FR 35255 (``Notice''). Comments received in response to 
the Notice can be found on the Commission's website at: https://www.sec.gov/comments/sr-cboebzx-2024-026/srcboebzx2024026.htm.
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is June 15, 2024. The Commission is extending this 45-day time period.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change so that it has 
sufficient time to consider the proposed rule change and the issues 
raised therein. Accordingly, the Commission, pursuant to Section 
19(b)(2) of the Act,\5\ designates July 30, 2024, as the date by which 
the Commission shall either approve or disapprove, or institute 
proceedings to determine whether to

[[Page 48203]]

disapprove, the proposed rule change (File No. SR-CboeBZX-2024-026).
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(31).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-12254 Filed 6-4-24; 8:45 am]
BILLING CODE 8011-01-P

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