Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX Rule 2.160(a) To Better Reflect the Process for a Broker-Dealer To Become a Member (or Continue as a Member) of the Exchange Notwithstanding the Member (or a Person Associated With the Member) Being Subject to a Statutory Disqualification, 96698-96701 [2024-28426]
Download as PDF
<![CDATA[
96698
Federal Register / Vol. 89, No. 234 / Thursday, December 5, 2024 / Notices
As outlined above,22 the SROs also
propose to amend Section 2.11 of the
CGM Bylaws, which are the advance
notice bylaws, to reflect what the SROs
assess and represent are recent
developments in Delaware Law.23
Among other things, the SROs aim to
ensure the objectives of the advance
notice bylaws are met without
burdening stockholders with potentially
overbroad requests for information in a
manner that is consistent with what the
SROs represent and assess are recent
developments in Delaware Law.24 The
Commission believes that these
proposed changes are also reasonably
designed to comply with the
requirements under Section 6(b)(1) 25 of
Act in that they allow the Exchange to
carry out the purposes of the Exchange
Act and to comply, and to enforce
compliance by its exchange members
and persons associated with its
exchange members, with the provisions
of the Act, the rules and regulations
thereunder, and the rules of the SROs.
Finally, SROs proposed to revise
revisions to Sections 2.9 and 3.10 of the
CGM Bylaws to address proxy card
color categorization and to allow the
Lead Director to call a special meeting
of the board in order to mitigate
circumstances in which the CGM
Bylaws would not otherwise empower a
second Independent Director to call a
special meeting, respectively. The
Commission believes that these changes
are reasonably designed to facilitate
more efficient and effective corporate
governance of CGM in accordance with
the requirements of Section 6(b)(1) 26 of
Act.
IV. Conclusion
khammond on DSK9W7S144PROD with NOTICES
For the foregoing reasons, the
Commission finds that the Proposals are
consistent with the Act and the rules
and regulations thereunder applicable to
a national securities exchange.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,27 that the
Proposals (SR–CBOE–2024–041; SR–
C2–2024–016; SR–CboeBZX–2024–087;
SR–CboeBYX–2024–034; SR–
CboeEDGX–2024–059; SR–CboeEDGA–
2024–037) be, and hereby are, approved.
22 See
supra notes 9–14 and accompanying text.
e.g., CboeBZX Notice, supra note 3, at
86053–54.
24 Id.
25 15 U.S.C. 78f(b)(1).
26 15 U.S.C. 78f(b)(1).
27 15 U.S.C. 78s(b)(2).
23 See,
VerDate Sep<11>2014
16:31 Dec 04, 2024
Jkt 265001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.28
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024–28427 Filed 12–4–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–101779; File No. SR–IEX–
2024–26]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend IEX
Rule 2.160(a) To Better Reflect the
Process for a Broker-Dealer To
Become a Member (or Continue as a
Member) of the Exchange
Notwithstanding the Member (or a
Person Associated With the Member)
Being Subject to a Statutory
Disqualification
November 29, 2024.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on
November 19, 2024, the Investors
Exchange LLC (‘‘IEX’’ 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
Pursuant to the provisions of Section
19(b)(1) under the Act,4 and Rule 19b–
4 thereunder,5 the Exchange is filing
with the Commission a proposed rule
change to amend IEX Rule 2.160(a) to
better reflect the process for a brokerdealer to become a Member (or continue
as a Member) of the Exchange
notwithstanding the Member (or a
person associated with the Member)
being subject to a statutory
disqualification. The Exchange has
designated this proposed rule change as
‘‘non-controversial’’ under Section
19(b)(3)(A) of the Act 6 and provided the
28 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(1).
5 17 CFR 240.19b–4.
6 15 U.S.C. 78s(b)(3)(A).
1 15
PO 00000
Frm 00063
Fmt 4703
Sfmt 4703
Commission with the notice required by
Rule 19b–4(f)(6) thereunder.7
The text of the proposed rule change
is available at the Exchange’s website at
www.iextrading.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 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.
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 IEX
Rule 2.160(a) to better reflect the
process for a broker-dealer firm to
become a Member 8 (or continue as a
Member) of the Exchange
notwithstanding the Member (or a
person associated with the Member)
being subject to a statutory
disqualification.9
Section 3(a)(39) of the Act defines the
term ‘‘statutory disqualification’’ and
the circumstances that can cause a
person (either a Member, or a person
associated with a Member) to be subject
to a statutory disqualification.10 For
example, a broker-dealer is subject to a
statutory disqualification if the
Commission finds that the firm
‘‘willfully aided, abetted, counseled,
commanded, induced, or procured the
violation of another person of the
[Exchange Act] . . . or failed to
reasonably supervise another person
who commits such a violation.’’ 11 As
discussed below, absent relief, a
statutory disqualification would
7 17
CFR 240.19b–4.
IEX Rule 1.160(s).
9 Additionally, and as discussed further below,
IEX is proposing this rule change to address a
situation of first impression for the Exchange in
which it is evaluating a firm’s application for
membership on the Exchange while that firm is in
the process of eligibility proceedings related to a
statutory disqualification with FINRA and other
SROs of which the firm is already a member.
10 15 U.S.C. 78c(a)(39).
11 15 U.S.C. 78o(b)(4)(E), which is cited in 15
U.S.C. 78c(a)(39)(F).
8 See
E:\FR\FM\05DEN1.SGM
05DEN1
Federal Register / Vol. 89, No. 234 / Thursday, December 5, 2024 / Notices
khammond on DSK9W7S144PROD with NOTICES
preclude a broker-dealer or person
associated with a broker-dealer from
certain activities, including membership
in a self-regulatory organization
(‘‘SRO’’).
Notwithstanding the above, there is a
well-established process through which
a broker-dealer (or a person associated
with a broker-dealer) may continue to
operate in the securities industry (and
either become a member of, or continue
as a member of, one or more SROs)
despite being subject to a statutory
disqualification.12 In particular, SEC
Rule 19h–1 13 describes several ways an
SRO may seek relief for a member firm
(or prospective member firm) that is
subject to a statutory disqualification,
including whether an SRO must file a
notice with the Commission in order to
allow the disqualified firm to become or
continue as a member with the SRO (a
‘‘19h–1 Notice’’). For example, a 19h–1
Notice does not need to be filed by an
SRO if the firm subject to a statutory
disqualification is a member of at least
one other SRO, and that SRO intends to
file a 19h–1 Notice for the firm.14
Several IEX rules address statutory
disqualifications and the process for
seeking relief from those
disqualifications. For example, IEX Rule
2.160(a)(3) states that ‘‘No person may
become a Member or continue as a
Member in any capacity on the
Exchange where such person is subject
to a statutory disqualification, except
that a person may become a Member or
continue as a Member where, pursuant
to Rules 19d–1, 19d–2, 19d–3 and 19h–
1 of the Act,15 the Commission has
issued an order providing relief from
such a disqualification and permitting
such a person to become a Member.’’
And IEX Rule 9.522 describes the
process by which a Member or a person
associated with a Member may continue
as a Member of IEX notwithstanding
being subject to a statutory
disqualification. Notably, several
sections of IEX Rule 9.522 mirror
sections of Rule 19h–1; for example, IEX
Rule 9.522(e)(1)(C)(i) mirrors Rule 19h–
1(a)(3)(i) in that both describe how an
SRO like IEX need not file a 19h–1
Notice with the Commission for a
Member subject to a statutory
disqualification, if the firm is a member
of at least one other SRO, and that SRO
12 See FINRA Regulatory Notice 09–19
(‘‘Amendments to FINRA Rule 9520 Series to
Establish Procedures Applicable to Firms and
Associated Persons Subject to Certain Statutory
Disqualifications’’).
13 17 CFR 240.19h–1
14 Exchange Act Rule 19h–1(a)(3), 17 CFR
240.19h–1(a)(3).
15 See 17 CFR 240.19d–1, 17 CFR 240.19d–2, 17
CFR 240.19d–3, and 17 CFR 240.19h–1.
VerDate Sep<11>2014
16:31 Dec 04, 2024
Jkt 265001
intends to file a 19h–1 Notice for the
firm.16
A broker-dealer firm that recently
became subject to a statutory
disqualification applied for IEX
membership. In the course of reviewing
this membership application, IEX
identified that its rules do not
specifically address this situation,
which has not previously occurred with
respect to IEX. Specifically, the
Exchange believes that its rules
regarding the process by which a
prospective Member that is subject to a
statutory disqualification can be
approved for membership on IEX
notwithstanding the statutory
disqualification could be enhanced to
provide additional clarity and more
clearly align with the processes set forth
in Rule 19h–1 for a membership
applicant that is subject to a statutory
disqualification. IEX notes that other
exchanges rules do address this issue—
specifically BOX, Cboe BZX, Cboe BYX,
Cboe EDGX, and Cboe EDGA, amended
their respective rules in 2016 to provide
more clarity as to the authority of each
Exchange to determine whether to admit
a prospective Member that is subject to
a statutory disqualification.17 The 2016
rule change filings of these exchanges
also amended several other aspects of
their application procedures, but IEX is
only seeking to harmonize its rules
insofar as they apply to Members and
prospective Members (and associated
person of the Members) that are subject
to a statutory disqualification in order to
address the membership application
described herein.18
Accordingly, IEX proposes to amend
its rules to align them with those of
these other exchanges, specifically with
respect to the process of assessing an
applicant for membership that is subject
to a statutory disqualification. 19
16 See IEX Rule 9.522(e)(1)(C)(i) and Rule 19h–
1(a)(3)(i).
17 See Securities Exchange Act Release No. 78449
(August 1, 2016), 81 FR 51947 (August 5, 2016)
(SR–BOX–2016–26); Securities Exchange Act
Release No. 79229 (November 3, 2016), 81 FR 78875
(November 9, 2016) (SR–BatsBZX–2016–67);
Securities Exchange Act Release No. 79233
(November 3, 2016), 81 FR 78869 (November 9,
2016) (SR–BatsBYX–2016–28); Securities Exchange
Act Release No. 79234 (November 3, 2016), 81 FR
78867 (November 9, 2016) (SR–BatsEDGA–2016–
23); Securities Exchange Act Release No. 79236
(November 3, 2016), 81 FR 78878 (November 9,
2016) (SR–BatsEDGX–2016–59).
18 The 2016 rule filings also added some other
conditions for eligibility for exchange membership
such as adding a restriction that members must
meet any condition the exchange placed on such
member, which IEX believes are adequately
addressed in other IEX Rules. See, e.g., IEX Rules
2.160 and 2.170 which address membership
restrictions and agreements.
19 The proposed changes mirror the language in
the following rules: BOX Rule 2040(a) and IM–
PO 00000
Frm 00064
Fmt 4703
Sfmt 4703
96699
First, IEX proposes to add
Supplementary Material .01 to IEX Rule
2.160(a), to provide that the Exchange
could approve an applicant for
membership (or association with a
Member) that is subject to a statutory
disqualification when a proceeding is
pending before another SRO to
determine whether to permit a Member
or associated person of a Member to
become or continue membership or
association notwithstanding a statutory
disqualification. This provision, which
is consistent with SEC Rule 19h–1(a)(3),
would provide as follows:
Statutory Disqualification Proceedings
Pending Before Another SRO
The Exchange may waive the provisions of
this Rule when a proceeding is pending
before another self-regulatory organization to
determine whether to permit a member or
associated person of a member to become or
continue membership or association
notwithstanding a statutory disqualification.
In the event the Exchange determines to
waive the provisions of this Rule with
respect to a prospective IEX Member, existing
IEX Member, or associated person of such
Member or prospective Member, the
Exchange shall determine whether the
Exchange will concur in any Exchange Act
Rule 19h–1 filing made by another selfregulatory organization with respect to the
member or associated person.
IEX notes that this Supplementary
Material is substantively identical to
Interpretation and Policies .04 to Cboe
BZX, BYX, EDGX, and EDGA Rules 2.5,
except for the addition of some language
to clarify that the new supplementary
material would apply to both
prospective and existing IEX Members.
Second, IEX proposes a conforming
amendment to IEX Rule 2.160(a)(3) to
remove the language that states that a
person subject to statutory
disqualification may not become a
Member unless, pursuant to Rules 19d–
1, 19d–2, 19d–3, and 19h–1 of the Act,
the Commission has issued an order
providing relief from such
disqualification. IEX makes this
proposed rule change because, as
discussed above with respect to Rule
19h–1, not every statutory
disqualification requires an SRO to
make a filing under Rule 19h–1 of the
Act and not all filings require a
Commission order. As proposed the rule
will now read: ‘‘No person may become
a Member or continue as a Member in
any capacity on the Exchange where
such person is subject to a statutory
2040–08; Cboe BZX Rule 2.5(a) and Interpretation
and Policies .04; Cboe BYX Rule 2.5(a) and
Interpretation and Policies .04; Cboe EDGA Rule
2.5(a) and Interpretation and Policies .04; and Cboe
EDGX Rule 2.5(a) and Interpretation and Policies
.04.
E:\FR\FM\05DEN1.SGM
05DEN1
96700
Federal Register / Vol. 89, No. 234 / Thursday, December 5, 2024 / Notices
khammond on DSK9W7S144PROD with NOTICES
disqualification.’’ As discussed above
and in Item 7, below, IEX is making this
proposed rule change, and seeking a
waiver of the 30-day operative delay for
the rule change, in order to address an
unusual situation in which a firm
subject to a statutory disqualification
seeks to become an IEX Member during
the pendency of the process by which
the firm is seeking relief from the
statutory disqualification.
IEX believes that these proposed rule
changes would appropriately align IEX’s
rules with the SEC’s rules regarding
statutory disqualifications and enable a
consistent process across IEX and
several other SROs to make appropriate
SEC filings with respect to a prospective
Member that is subject to a statutory
disqualification. Specifically, in the
event that an applicant for membership
is subject to a statutory disqualification,
IEX will be able to assess whether to
approve the applicant and join in any
Rule 19h–1 Notices filed on behalf of
the prospective Member once approved
for IEX membership, as consistent with
the public interest and protection of
investors. The Exchange notes that in
assessing the statutory disqualification
of a Member (or prospective Member), it
must act consistent with the protection
of investors and in the public interest
and is prohibited from unfairly
discriminating against Members or
prospective Members.20 Further, any
prospective Member that has been
denied membership in the Exchange or
barred from becoming associated with a
Member is entitled to certain due
process pursuant to Chapter 9 of the
Exchange’s rules, which includes, but is
not limited to, potential review by the
Commission.21
2. Statutory Basis
IEX believes that the proposed rule
change is consistent with the provisions
of Section 6(b) 22 of the Act in general,
and furthers the objectives of Section
6(b)(5) of the Act 23 in particular, in that
it is designed to prevent fraudulent and
manipulative acts and practices, 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 believes that the
proposed rule changes are consistent
with the requirements above.
Specifically, the Exchange believes the
proposed changes would better align
20 15
U.S.C. 78f(b)(5).
Chapter 9 of the Exchange’s Rules.
22 15 U.S.C. 78f.
23 15 U.S.C. 78f(b)(5).
21 See
VerDate Sep<11>2014
16:31 Dec 04, 2024
Jkt 265001
IEX’s rules with the SEC’s rules
regarding statutory disqualifications and
enable a consistent process across IEX
and several other SROs to make
appropriate SEC filings with respect to
a prospective Member that is subject to
a statutory disqualification, thereby
protecting investors and the public
interest by providing more clarity and
consistency with respect to the process
of seeking relief from a statutory
disqualification.24
Additionally, the Exchange believes
that the clarity this rule change will
provide to Members, prospective
Members, and persons associated with
Members or prospective Member will
remove impediments to and perfect the
mechanism of a free and open market
and a national market system.
Furthermore, the Exchange believes is
it reasonable to remove the references to
Rules 19d–1, 19d–2, 19d–3, and 19h–1,
as well as the language regarding a
Commission order providing relief from
a statutory disqualification from Rule
2.160(a)(3), because, as discussed in the
Purpose section, not every statutory
disqualification requires an SRO to
make a filing pursuant to Commission
Rule 19h–1 to allow a Member or person
associated with a Member to continue
working in the securities industry
notwithstanding a statutory
disqualification, and not every filing
pursuant to Rule 19h–1 requires a
Commission order. Further, these
proposed changes would align IEX’s
Rule 2.160(a)(3) with the equivalent
rules of BOX, Cboe BZX, Cboe BYX,
Cboe EDGA, and Cboe EDGX.
Finally, as noted in the Purpose
section, this rule change is substantively
identical to rules of BOX, Cboe BZX,
Cboe BYX, Cboe EDGA, and Cboe
EDGX.25 Thus, IEX does not believe that
this proposal raises any new or novel
issues that have not already been
considered by the Commission.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
IEX does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
24 In a 2009 order approving a similar rule change
proposal filed by CBOE, the Commission found that
the proposed rule change was consistent with
Section 6(b)(5) of the Act because it enabled CBOE
to more efficiently administer its statutory
disqualification program. See Securities Exchange
Act Release No. 60370 (July 23, 2009), 74 FR 37758
(July 29, 2009) (SR–CBOE–2009–033).
25 See supra notes 17 and 18. As noted in the
Purpose section, IEX only seeks to mirror the
language in these other exchanges’ rules with
respect to current or prospective Members that are
subject to a statutory disqualification.
PO 00000
Frm 00065
Fmt 4703
Sfmt 4703
proposed rule change is not designed to
address any competitive issue but to
align the Exchange’s rules with those of
other exchanges and with the
Commission’s approach to handling
firms that are subject to statutory
disqualification. Consequently, the
Exchange does not believe that the
proposed change implicates competition
at all.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments on the proposed
rule change were neither solicited nor
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) of the Act 26 and Rule 19b–
4(f)(6) thereunder.27
A proposed rule change filed under
Rule 19b–4(f)(6) 28 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),29 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. IEX
has asked the Commission to waive the
30-day operative delay so that the
proposed rule change may become
operative upon filing. IEX states that
waiving the 30-day delay in this manner
would allow IEX to appropriately
address a pending membership
application, and would permit the
Exchange to harmonize the aspects of its
statutory disqualification-related rules
that are the subject of this proposed rule
change filing with the other exchanges
described herein upon effectiveness of
the proposed rule filing. Further, IEX
believes that the waiver of the operative
delay will avoid any potential confusion
that may otherwise occur on the part of
26 15
U.S.C. 78s(b)(3)(A).
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. FINRA has
satisfied this requirement.
28 17 CFR 240.19b–4(f)(6).
29 17 CFR 240.19b–4(f)(6)(iii).
27 17
E:\FR\FM\05DEN1.SGM
05DEN1
Federal Register / Vol. 89, No. 234 / Thursday, December 5, 2024 / Notices
khammond on DSK9W7S144PROD with NOTICES
Members and applicants as to the
applicable rules governing statutory
disqualifications. For these reasons, the
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest. Therefore, the
Commission hereby waives the
operative delay and designates the
proposal operative upon filing.
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
to determine whether the proposed rule
should be approved or disapproved.
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 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–IEX–2024–26 and
should be submitted on or before
December 26, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.30
Vanessa A. Countryman,
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. 2024–28426 Filed 12–4–24; 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–
IEX–2024–26 on the subject line.
Deregistration Under Section 8(f) of the
Investment Company Act of 1940
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–IEX–2024–26. 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
VerDate Sep<11>2014
16:31 Dec 04, 2024
Jkt 265001
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
35405]
November 29, 2024.
Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’).
ACTION: Notice of Applications for
Deregistration under Section 8(f) of the
Investment Company Act of 1940.
AGENCY:
The following is a notice of
applications for deregistration under
section 8(f) of the Investment Company
Act of 1940 for the month of November
2024. A copy of each application may be
obtained via the Commission’s website
by searching for the applicable file
number listed below, 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. An order
granting each application will be issued
unless the SEC orders a hearing.
Interested persons may request a
hearing on any application by emailing
the SEC’s Secretary at SecretarysOffice@sec.gov and serving the relevant
applicant 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
30 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00066
Fmt 4703
Sfmt 4703
96701
address is listed for the relevant
applicant below. Hearing requests
should be received by the SEC by 5:30
p.m. on December 24, 2024, and should
be accompanied by proof of service on
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 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 writing to the
Commission’s Secretary at SecretarysOffice@sec.gov.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov.
FOR FURTHER INFORMATION CONTACT:
Shawn Davis, Assistant Director, at
(202) 551–6413 or Chief Counsel’s
Office at (202) 551–6821; SEC, Division
of Investment Management, Chief
Counsel’s Office, 100 F Street NE,
Washington, DC 20549–8010.
SUPPLEMENTARY INFORMATION:
Aquila Municipal Trust [File No. 811–
04503]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to MainStay Funds
Trust, and on July 19, 2024 made a final
distribution to its shareholders based on
net asset value. Expenses of $2,010,479
incurred in connection with the
reorganization were paid by the
acquiring fund’s investment adviser.
Filing Dates: The application was
filed on September 27, 2024 and
amended on November 14, 2024.
Applicant’s Address: 120 West 45th
Street, Suite 3600, New York, New York
10036.
BCM Focus Funds [File No. 811–23833]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On October 11,
2024, applicant made a liquidating
distribution to its shareholders based on
net asset value. Expenses of $7,500
incurred in connection with the
liquidation were paid by the applicant’s
investment adviser.
Filing Date: The application was filed
on November 4, 2024.
Applicant’s Address: Bares Capital
Management, Inc., 12600 Hill Country
Boulevard, Suite 230, Austin, Texas
78738.
Cohen & Steers Alternative Income
Fund, Inc. [File No. 811–21668]
Summary: Applicant seeks an order
declaring that it has ceased to be an
E:\FR\FM\05DEN1.SGM
05DEN1
]]>Agencies
[Federal Register Volume 89, Number 234 (Thursday, December 5, 2024)]
[Notices]
[Pages 96698-96701]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-28426]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101779; File No. SR-IEX-2024-26]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX
Rule 2.160(a) To Better Reflect the Process for a Broker-Dealer To
Become a Member (or Continue as a Member) of the Exchange
Notwithstanding the Member (or a Person Associated With the Member)
Being Subject to a Statutory Disqualification
November 29, 2024.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on November 19, 2024, the Investors Exchange LLC (``IEX''
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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Pursuant to the provisions of Section 19(b)(1) under the Act,\4\
and Rule 19b-4 thereunder,\5\ the Exchange is filing with the
Commission a proposed rule change to amend IEX Rule 2.160(a) to better
reflect the process for a broker-dealer to become a Member (or continue
as a Member) of the Exchange notwithstanding the Member (or a person
associated with the Member) being subject to a statutory
disqualification. The Exchange has designated this proposed rule change
as ``non-controversial'' under Section 19(b)(3)(A) of the Act \6\ and
provided the Commission with the notice required by Rule 19b-4(f)(6)
thereunder.\7\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
The text of the proposed rule change is available at the Exchange's
website at www.iextrading.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 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.
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 IEX Rule 2.160(a) to better reflect
the process for a broker-dealer firm to become a Member \8\ (or
continue as a Member) of the Exchange notwithstanding the Member (or a
person associated with the Member) being subject to a statutory
disqualification.\9\
---------------------------------------------------------------------------
\8\ See IEX Rule 1.160(s).
\9\ Additionally, and as discussed further below, IEX is
proposing this rule change to address a situation of first
impression for the Exchange in which it is evaluating a firm's
application for membership on the Exchange while that firm is in the
process of eligibility proceedings related to a statutory
disqualification with FINRA and other SROs of which the firm is
already a member.
---------------------------------------------------------------------------
Section 3(a)(39) of the Act defines the term ``statutory
disqualification'' and the circumstances that can cause a person
(either a Member, or a person associated with a Member) to be subject
to a statutory disqualification.\10\ For example, a broker-dealer is
subject to a statutory disqualification if the Commission finds that
the firm ``willfully aided, abetted, counseled, commanded, induced, or
procured the violation of another person of the [Exchange Act] . . . or
failed to reasonably supervise another person who commits such a
violation.'' \11\ As discussed below, absent relief, a statutory
disqualification would
[[Page 96699]]
preclude a broker-dealer or person associated with a broker-dealer from
certain activities, including membership in a self-regulatory
organization (``SRO'').
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78c(a)(39).
\11\ 15 U.S.C. 78o(b)(4)(E), which is cited in 15 U.S.C.
78c(a)(39)(F).
---------------------------------------------------------------------------
Notwithstanding the above, there is a well-established process
through which a broker-dealer (or a person associated with a broker-
dealer) may continue to operate in the securities industry (and either
become a member of, or continue as a member of, one or more SROs)
despite being subject to a statutory disqualification.\12\ In
particular, SEC Rule 19h-1 \13\ describes several ways an SRO may seek
relief for a member firm (or prospective member firm) that is subject
to a statutory disqualification, including whether an SRO must file a
notice with the Commission in order to allow the disqualified firm to
become or continue as a member with the SRO (a ``19h-1 Notice''). For
example, a 19h-1 Notice does not need to be filed by an SRO if the firm
subject to a statutory disqualification is a member of at least one
other SRO, and that SRO intends to file a 19h-1 Notice for the
firm.\14\
---------------------------------------------------------------------------
\12\ See FINRA Regulatory Notice 09-19 (``Amendments to FINRA
Rule 9520 Series to Establish Procedures Applicable to Firms and
Associated Persons Subject to Certain Statutory
Disqualifications'').
\13\ 17 CFR 240.19h-1
\14\ Exchange Act Rule 19h-1(a)(3), 17 CFR 240.19h-1(a)(3).
---------------------------------------------------------------------------
Several IEX rules address statutory disqualifications and the
process for seeking relief from those disqualifications. For example,
IEX Rule 2.160(a)(3) states that ``No person may become a Member or
continue as a Member in any capacity on the Exchange where such person
is subject to a statutory disqualification, except that a person may
become a Member or continue as a Member where, pursuant to Rules 19d-1,
19d-2, 19d-3 and 19h-1 of the Act,\15\ the Commission has issued an
order providing relief from such a disqualification and permitting such
a person to become a Member.'' And IEX Rule 9.522 describes the process
by which a Member or a person associated with a Member may continue as
a Member of IEX notwithstanding being subject to a statutory
disqualification. Notably, several sections of IEX Rule 9.522 mirror
sections of Rule 19h-1; for example, IEX Rule 9.522(e)(1)(C)(i) mirrors
Rule 19h-1(a)(3)(i) in that both describe how an SRO like IEX need not
file a 19h-1 Notice with the Commission for a Member subject to a
statutory disqualification, if the firm is a member of at least one
other SRO, and that SRO intends to file a 19h-1 Notice for the
firm.\16\
---------------------------------------------------------------------------
\15\ See 17 CFR 240.19d-1, 17 CFR 240.19d-2, 17 CFR 240.19d-3,
and 17 CFR 240.19h-1.
\16\ See IEX Rule 9.522(e)(1)(C)(i) and Rule 19h-1(a)(3)(i).
---------------------------------------------------------------------------
A broker-dealer firm that recently became subject to a statutory
disqualification applied for IEX membership. In the course of reviewing
this membership application, IEX identified that its rules do not
specifically address this situation, which has not previously occurred
with respect to IEX. Specifically, the Exchange believes that its rules
regarding the process by which a prospective Member that is subject to
a statutory disqualification can be approved for membership on IEX
notwithstanding the statutory disqualification could be enhanced to
provide additional clarity and more clearly align with the processes
set forth in Rule 19h-1 for a membership applicant that is subject to a
statutory disqualification. IEX notes that other exchanges rules do
address this issue--specifically BOX, Cboe BZX, Cboe BYX, Cboe EDGX,
and Cboe EDGA, amended their respective rules in 2016 to provide more
clarity as to the authority of each Exchange to determine whether to
admit a prospective Member that is subject to a statutory
disqualification.\17\ The 2016 rule change filings of these exchanges
also amended several other aspects of their application procedures, but
IEX is only seeking to harmonize its rules insofar as they apply to
Members and prospective Members (and associated person of the Members)
that are subject to a statutory disqualification in order to address
the membership application described herein.\18\
---------------------------------------------------------------------------
\17\ See Securities Exchange Act Release No. 78449 (August 1,
2016), 81 FR 51947 (August 5, 2016) (SR-BOX-2016-26); Securities
Exchange Act Release No. 79229 (November 3, 2016), 81 FR 78875
(November 9, 2016) (SR-BatsBZX-2016-67); Securities Exchange Act
Release No. 79233 (November 3, 2016), 81 FR 78869 (November 9, 2016)
(SR-BatsBYX-2016-28); Securities Exchange Act Release No. 79234
(November 3, 2016), 81 FR 78867 (November 9, 2016) (SR-BatsEDGA-
2016-23); Securities Exchange Act Release No. 79236 (November 3,
2016), 81 FR 78878 (November 9, 2016) (SR-BatsEDGX-2016-59).
\18\ The 2016 rule filings also added some other conditions for
eligibility for exchange membership such as adding a restriction
that members must meet any condition the exchange placed on such
member, which IEX believes are adequately addressed in other IEX
Rules. See, e.g., IEX Rules 2.160 and 2.170 which address membership
restrictions and agreements.
---------------------------------------------------------------------------
Accordingly, IEX proposes to amend its rules to align them with
those of these other exchanges, specifically with respect to the
process of assessing an applicant for membership that is subject to a
statutory disqualification. \19\
---------------------------------------------------------------------------
\19\ The proposed changes mirror the language in the following
rules: BOX Rule 2040(a) and IM-2040-08; Cboe BZX Rule 2.5(a) and
Interpretation and Policies .04; Cboe BYX Rule 2.5(a) and
Interpretation and Policies .04; Cboe EDGA Rule 2.5(a) and
Interpretation and Policies .04; and Cboe EDGX Rule 2.5(a) and
Interpretation and Policies .04.
---------------------------------------------------------------------------
First, IEX proposes to add Supplementary Material .01 to IEX Rule
2.160(a), to provide that the Exchange could approve an applicant for
membership (or association with a Member) that is subject to a
statutory disqualification when a proceeding is pending before another
SRO to determine whether to permit a Member or associated person of a
Member to become or continue membership or association notwithstanding
a statutory disqualification. This provision, which is consistent with
SEC Rule 19h-1(a)(3), would provide as follows:
Statutory Disqualification Proceedings Pending Before Another SRO
The Exchange may waive the provisions of this Rule when a
proceeding is pending before another self-regulatory organization to
determine whether to permit a member or associated person of a
member to become or continue membership or association
notwithstanding a statutory disqualification. In the event the
Exchange determines to waive the provisions of this Rule with
respect to a prospective IEX Member, existing IEX Member, or
associated person of such Member or prospective Member, the Exchange
shall determine whether the Exchange will concur in any Exchange Act
Rule 19h-1 filing made by another self-regulatory organization with
respect to the member or associated person.
IEX notes that this Supplementary Material is substantively
identical to Interpretation and Policies .04 to Cboe BZX, BYX, EDGX,
and EDGA Rules 2.5, except for the addition of some language to clarify
that the new supplementary material would apply to both prospective and
existing IEX Members.
Second, IEX proposes a conforming amendment to IEX Rule 2.160(a)(3)
to remove the language that states that a person subject to statutory
disqualification may not become a Member unless, pursuant to Rules 19d-
1, 19d-2, 19d-3, and 19h-1 of the Act, the Commission has issued an
order providing relief from such disqualification. IEX makes this
proposed rule change because, as discussed above with respect to Rule
19h-1, not every statutory disqualification requires an SRO to make a
filing under Rule 19h-1 of the Act and not all filings require a
Commission order. As proposed the rule will now read: ``No person may
become a Member or continue as a Member in any capacity on the Exchange
where such person is subject to a statutory
[[Page 96700]]
disqualification.'' As discussed above and in Item 7, below, IEX is
making this proposed rule change, and seeking a waiver of the 30-day
operative delay for the rule change, in order to address an unusual
situation in which a firm subject to a statutory disqualification seeks
to become an IEX Member during the pendency of the process by which the
firm is seeking relief from the statutory disqualification.
IEX believes that these proposed rule changes would appropriately
align IEX's rules with the SEC's rules regarding statutory
disqualifications and enable a consistent process across IEX and
several other SROs to make appropriate SEC filings with respect to a
prospective Member that is subject to a statutory disqualification.
Specifically, in the event that an applicant for membership is subject
to a statutory disqualification, IEX will be able to assess whether to
approve the applicant and join in any Rule 19h-1 Notices filed on
behalf of the prospective Member once approved for IEX membership, as
consistent with the public interest and protection of investors. The
Exchange notes that in assessing the statutory disqualification of a
Member (or prospective Member), it must act consistent with the
protection of investors and in the public interest and is prohibited
from unfairly discriminating against Members or prospective
Members.\20\ Further, any prospective Member that has been denied
membership in the Exchange or barred from becoming associated with a
Member is entitled to certain due process pursuant to Chapter 9 of the
Exchange's rules, which includes, but is not limited to, potential
review by the Commission.\21\
---------------------------------------------------------------------------
\20\ 15 U.S.C. 78f(b)(5).
\21\ See Chapter 9 of the Exchange's Rules.
---------------------------------------------------------------------------
2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) \22\ of the Act in general, and furthers the
objectives of Section 6(b)(5) of the Act \23\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
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.
---------------------------------------------------------------------------
\22\ 15 U.S.C. 78f.
\23\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed rule changes are consistent
with the requirements above. Specifically, the Exchange believes the
proposed changes would better align IEX's rules with the SEC's rules
regarding statutory disqualifications and enable a consistent process
across IEX and several other SROs to make appropriate SEC filings with
respect to a prospective Member that is subject to a statutory
disqualification, thereby protecting investors and the public interest
by providing more clarity and consistency with respect to the process
of seeking relief from a statutory disqualification.\24\
---------------------------------------------------------------------------
\24\ In a 2009 order approving a similar rule change proposal
filed by CBOE, the Commission found that the proposed rule change
was consistent with Section 6(b)(5) of the Act because it enabled
CBOE to more efficiently administer its statutory disqualification
program. See Securities Exchange Act Release No. 60370 (July 23,
2009), 74 FR 37758 (July 29, 2009) (SR-CBOE-2009-033).
---------------------------------------------------------------------------
Additionally, the Exchange believes that the clarity this rule
change will provide to Members, prospective Members, and persons
associated with Members or prospective Member will remove impediments
to and perfect the mechanism of a free and open market and a national
market system.
Furthermore, the Exchange believes is it reasonable to remove the
references to Rules 19d-1, 19d-2, 19d-3, and 19h-1, as well as the
language regarding a Commission order providing relief from a statutory
disqualification from Rule 2.160(a)(3), because, as discussed in the
Purpose section, not every statutory disqualification requires an SRO
to make a filing pursuant to Commission Rule 19h-1 to allow a Member or
person associated with a Member to continue working in the securities
industry notwithstanding a statutory disqualification, and not every
filing pursuant to Rule 19h-1 requires a Commission order. Further,
these proposed changes would align IEX's Rule 2.160(a)(3) with the
equivalent rules of BOX, Cboe BZX, Cboe BYX, Cboe EDGA, and Cboe EDGX.
Finally, as noted in the Purpose section, this rule change is
substantively identical to rules of BOX, Cboe BZX, Cboe BYX, Cboe EDGA,
and Cboe EDGX.\25\ Thus, IEX does not believe that this proposal raises
any new or novel issues that have not already been considered by the
Commission.
---------------------------------------------------------------------------
\25\ See supra notes 17 and 18. As noted in the Purpose section,
IEX only seeks to mirror the language in these other exchanges'
rules with respect to current or prospective Members that are
subject to a statutory disqualification.
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
IEX does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule change is not
designed to address any competitive issue but to align the Exchange's
rules with those of other exchanges and with the Commission's approach
to handling firms that are subject to statutory disqualification.
Consequently, the Exchange does not believe that the proposed change
implicates competition at all.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments on the proposed rule change were neither solicited
nor 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) of the Act \26\ and Rule 19b-
4(f)(6) thereunder.\27\
---------------------------------------------------------------------------
\26\ 15 U.S.C. 78s(b)(3)(A).
\27\ 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.
FINRA has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \28\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\29\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. IEX has asked the
Commission to waive the 30-day operative delay so that the proposed
rule change may become operative upon filing. IEX states that waiving
the 30-day delay in this manner would allow IEX to appropriately
address a pending membership application, and would permit the Exchange
to harmonize the aspects of its statutory disqualification-related
rules that are the subject of this proposed rule change filing with the
other exchanges described herein upon effectiveness of the proposed
rule filing. Further, IEX believes that the waiver of the operative
delay will avoid any potential confusion that may otherwise occur on
the part of
[[Page 96701]]
Members and applicants as to the applicable rules governing statutory
disqualifications. For these reasons, the Commission believes that
waiving the 30-day operative delay is consistent with the protection of
investors and the public interest. Therefore, the Commission hereby
waives the operative delay and designates the proposal operative upon
filing.
---------------------------------------------------------------------------
\28\ 17 CFR 240.19b-4(f)(6).
\29\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
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 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-IEX-2024-26 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-IEX-2024-26. 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
10:00 a.m. and 3:00 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-IEX-2024-26 and should
be submitted on or before December 26, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
---------------------------------------------------------------------------
\30\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-28426 Filed 12-4-24; 8:45 am]
BILLING CODE 8011-01-P
