Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the Pando Asset Spot Bitcoin Trust Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, 49926-49927 [2024-12792]

Download as PDF 49926 Federal Register / Vol. 89, No. 114 / Wednesday, June 12, 2024 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–12789 Filed 6–11–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–100293; File No. SR–NYSE– 2024–21] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change, as Modified by Amendment No. 1, to Amend Section 802.01D of the NYSE Listed Company Manual Concerning the Suspension and Delisting of a Listed Company that has Changed its Primary Business Focus ddrumheller on DSK120RN23PROD with NOTICES1 June 6, 2024. On April 4, 2024, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) 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 permit the Exchange to commence suspension and delisting proceedings, under certain circumstances, with respect to a listed company that has changed its primary business focus to a new area of business that it was not engaged in at the time of its original listing or which was immaterial to its operations at the time of original listing. On April 17, 2024, the Exchange filed Amendment No. 1 to the proposed rule change, which replaced and superseded the proposed rule change as originally filed. The proposed rule change, as modified by Amendment No. 1, was published for comment in the Federal Register on April 25, 2024.3 The Commission received no comments on the proposed rule change, as modified by Amendment No. 1. 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 20 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 99992 (April 19, 2024), 89 FR 31783 (‘‘Notice’’). 4 15 U.S.C. 78s(b)(2). 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 9, 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. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 designates July 24, 2024, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–NYSE–2024–21). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–12796 Filed 6–11–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–100289; File No. SR– CboeBZX–2023–101] Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the Pando Asset Spot Bitcoin Trust Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares June 6, 2024. On December 5, 2023, 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 list and trade shares of the Pando Asset Spot Bitcoin Trust under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares. The proposed rule change was 1 15 VerDate Sep<11>2014 17:43 Jun 11, 2024 Jkt 262001 5 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(31). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 6 17 PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 published for comment in the Federal Register on December 22, 2023.3 On February 1, 2024, pursuant to Section 19(b)(2) of the Act,4 the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.5 On March 21, 2024, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act 6 to determine whether to approve or disapprove the proposed rule change.7 Section 19(b)(2) of the Act 8 provides that, after initiating proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule change was published for comment in the Federal Register on December 22, 2023.9 The 180th day after publication of the proposed rule change is June 19, 2024. The Commission is extending the time period for approving or disapproving the proposed rule change for an additional 60 days. The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving 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,10 designates August 18, 2024, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR–CboeBZX– 2023–101). 3 See Securities Exchange Act Release No. 99197 (Dec. 18, 2023), 88 FR 88668. Comments on the proposed rule change are available at https:// www.sec.gov/comments/sr-cboebzx-2023-101/ srcboebzx2023101.htm. 4 15 U.S.C. 78s(b)(2). 5 See Securities Exchange Act Release No. 99460, 89 FR 8472 (Feb. 7, 2024). The Commission designated March 21, 2024, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change. 6 15 U.S.C. 78s(b)(2)(B). 7 See Securities Exchange Act Release No. 99833, 89 FR 21310 (Mar. 27, 2024). 8 15 U.S.C. 78s(b)(2). 9 See supra note 3 and accompanying text. 10 15 U.S.C. 78s(b)(2). E:\FR\FM\12JNN1.SGM 12JNN1 Federal Register / Vol. 89, No. 114 / Wednesday, June 12, 2024 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–12792 Filed 6–11–24; 8:45 am] BILLING CODE 8011–01–P [Investment Company Act Release No. 35210A] Deregistration Under the Investment Company Act of 1940 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change May 31, 2024. Correction In notice document 2024–12360, beginning on pages 48453–48458, in the issue of Thursday, June 6, 2024, make the following corrections: 1. On page 48457, in the first column, in the 20th and 21st lines, under the heading ‘‘Stone Ridge Longevity Risk Premium Fixed Income Trust 78F’’ ‘‘811–23549’’ is corrected to read: ‘‘811– 23551’’. 2. On the same page, in the same column, in the 38th and 39th lines under the heading ‘‘Stone Ridge Longevity Risk Premium Fixed Income Trust 78M’’ ‘‘811–23551’’ is corrected to read: ‘‘811–23549’’. [FR Doc. C1–2024–12360 Filed 6–11–24; 8:45 am] A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change The Exchange proposes to amend Rule 7.19 to make additional pre-trade risk controls available to Entering Firms. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–100281; File No. SR–NYSE– 2024–32] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.19 June 6, 2024. ddrumheller on DSK120RN23PROD with NOTICES1 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. 1. Purpose BILLING CODE 0099–10–P 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 May 31, 2024, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘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 by the self-regulatory organization. The Commission is 11 17 CFR 200.30–3(a)(57). U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 1 15 17:43 Jun 11, 2024 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 7.19 to make additional pre-trade risk controls available to Entering Firms. 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. SECURITIES AND EXCHANGE COMMISSION VerDate Sep<11>2014 publishing this notice to solicit comments on the proposed rule change from interested persons. Jkt 262001 Background and Proposal In 2020, in order to assist Member organizations’ efforts to manage their risk, the Exchange amended its rules to add Rule 7.19 (Pre-Trade Risk Controls),4 which established a set of optional pre-trade risk controls by which Entering Firms and their designated Clearing Firms 5 could set credit limits and other pre-trade risk controls for an Entering Firm’s trading on the Exchange and authorize the Exchange to take action if those credit limits or other pre-trade risk controls are exceeded. The Exchange has recently received several requests from market 4 See Securities Exchange Act Release No. 88776 (April 29, 2020), 85 FR 26768 (May 5, 2020) (SR– NYSE–2020–17). Later, in 2023, the Exchange amended its rules to make additional pre-trade risk controls available to Entering Firms (the ‘‘2023 Risk Controls’’). See Securities Exchange Act Release No. 97101 (March 1, 2023), 88 FR 14213 (March 7, 2023) (SR–NYSE–2023–14). 5 The terms ‘‘Entering Firm’’ and ‘‘Clearing Firm’’ are defined in Rule 7.19. PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 49927 participants to create an additional risk control to restrict the overall rate of orders. The Exchange notes that several other exchanges—including the Cboe equities exchanges, MEMX, and the MIAX Pearl equities exchange (‘‘MIAX Pearl’’) 6—currently offer risk controls substantially similar to the one proposed here. As such, market participants are already familiar with these risk checks, such that the ones proposed by the Exchange in this filing are not novel. In light of these requests, the Exchange proposes to amend Rule 7.19(b)(2) to add a new subparagraph (G), which would provide that the Single Order Risk Controls available to Entering Firms would include ‘‘controls to restrict the overall rate of orders.’’ As with the Exchange’s existing risk controls, use of the pre-trade risk controls proposed herein would be optional. The Exchange proposes no other changes to Rule 7.19 or its Commentary. Continuing Obligations of Member Organizations Under Rule 15c3–5 The proposed Pre-Trade Risk Controls described here are meant to supplement, and not replace, the member organizations’ own internal systems, monitoring, and procedures related to risk management. The Exchange does not guarantee that these controls will be sufficiently comprehensive to meet all of a member organization’s needs, the controls are not designed to be the sole means of risk management, and using these controls will not necessarily meet a member organization’s obligations required by Exchange or federal rules (including, without limitation, the Rule 15c3–5 under the Act 7 (‘‘Rule 15c3– 5’’)). Use of the Exchange’s Pre-Trade Risk Controls will not automatically constitute compliance with Exchange or federal rules and responsibility for compliance with all Exchange and SEC rules remains with the member organization.8 6 See, e.g., Cboe BZX Equities Rule 11.13 Interpretations and Policies .01 paragraph (f); Cboe BYX Equities Rule 11.13 Interpretations and Policies .01 paragraph (f); Cboe EDGA Equities Rule 11.10 Interpretations and Policies .01 paragraph (f); Cboe EDGX Equities Rule 11.10 Interpretations and Policies .01 paragraph (f); MEMX Rule 11.10 Interpretations and Policies .01 paragraph (f); and MIAX Pearl Equities Rule 2618(a)(1)(H). 7 See 17 CFR 240.15c3–5. 8 See also Commentary .01 to Rule 7.19, which provides that ‘‘[t]he pre-trade risk controls described in this Rule are meant to supplement, and not replace, the member organization’s own internal systems, monitoring and procedures related to risk management and are not designed for compliance with Rule 15c3–5 under the Exchange Act. Responsibility for compliance with all Exchange E:\FR\FM\12JNN1.SGM Continued 12JNN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 89, Number 114 (Wednesday, June 12, 2024)]
[Notices]
[Pages 49926-49927]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-12792]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100289; File No. SR-CboeBZX-2023-101]


Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
List and Trade Shares of the Pando Asset Spot Bitcoin Trust Under BZX 
Rule 14.11(e)(4), Commodity-Based Trust Shares

June 6, 2024.
    On December 5, 2023, 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 list and trade 
shares of the Pando Asset Spot Bitcoin Trust under BZX Rule 
14.11(e)(4), Commodity-Based Trust Shares. The proposed rule change was 
published for comment in the Federal Register on December 22, 2023.\3\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 99197 (Dec. 18, 
2023), 88 FR 88668. Comments on the proposed rule change are 
available at https://www.sec.gov/comments/sr-cboebzx-2023-101/srcboebzx2023101.htm.
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    On February 1, 2024, pursuant to Section 19(b)(2) of the Act,\4\ 
the Commission designated a longer period within which to approve the 
proposed rule change, disapprove the proposed rule change, or institute 
proceedings to determine whether to disapprove the proposed rule 
change.\5\ On March 21, 2024, the Commission instituted proceedings 
under Section 19(b)(2)(B) of the Act \6\ to determine whether to 
approve or disapprove the proposed rule change.\7\
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 99460, 89 FR 8472 
(Feb. 7, 2024). The Commission designated March 21, 2024, as the 
date by which the Commission shall approve or disapprove, or 
institute proceedings to determine whether to disapprove, the 
proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 99833, 89 FR 21310 
(Mar. 27, 2024).
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    Section 19(b)(2) of the Act \8\ provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving the proposed rule change not later than 180 days after the 
date of publication of notice of filing of the proposed rule change. 
The Commission may extend the period for issuing an order approving or 
disapproving the proposed rule change, however, by not more than 60 
days if the Commission determines that a longer period is appropriate 
and publishes the reasons for such determination. The proposed rule 
change was published for comment in the Federal Register on December 
22, 2023.\9\ The 180th day after publication of the proposed rule 
change is June 19, 2024. The Commission is extending the time period 
for approving or disapproving the proposed rule change for an 
additional 60 days.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2).
    \9\ See supra note 3 and accompanying text.
---------------------------------------------------------------------------

    The Commission finds that it is appropriate to designate a longer 
period within which to issue an order approving or disapproving 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,\10\ designates 
August 18, 2024, as the date by which the Commission shall either 
approve or disapprove the proposed rule change (File No. SR-CboeBZX-
2023-101).
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    \10\ 15 U.S.C. 78s(b)(2).


[[Page 49927]]


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    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(57).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-12792 Filed 6-11-24; 8:45 am]
BILLING CODE 8011-01-P

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