Submission for OMB Review; Comment Request; Extension: Form 1-U, 99934-99935 [2024-29023]
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lotter on DSK11XQN23PROD with NOTICES1
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Federal Register / Vol. 89, No. 238 / Wednesday, December 11, 2024 / Notices
discussed, Users can also continue to
access the Exchange through shared
CPU Cores at no additional cost. Finally,
all Users will be entitled to two
Dedicated Cores at no additional cost.
Next, the Exchange believes the
proposed rule change does not impose
any burden on intermarket competition
that is not necessary or appropriate in
furtherance of the purposes of the Act.
As previously discussed, the Exchange
operates in a highly competitive market,
including competition for exchange
memberships. Market Participants have
numerous alternative venues that they
may participate on, including 15 other
equities exchanges, as well as offexchange venues, where competitive
products are available for trading.
Indeed, participants can readily choose
to submit their order flow to other
exchange and off-exchange venues if
they deem fee levels at those other
venues to be more favorable. Moreover,
the Commission has repeatedly
expressed its preference for competition
over regulatory intervention in
determining prices, products, and
services in the securities markets.
Specifically, in Regulation NMS, the
Commission highlighted the importance
of market forces in determining prices
and SRO revenues and, also, recognized
that current regulation of the market
system ‘‘has been remarkably successful
in promoting market competition in its
broader forms that are most important to
investors and listed companies.’’ 20 The
fact that this market is competitive has
also long been recognized by the courts.
In NetCoalition v. Securities and
Exchange Commission, the D.C. Circuit
stated as follows: ‘‘[n]o one disputes
that competition for order flow is
‘fierce.’ . . . As the SEC explained, ‘[i]n
the U.S. national market system, buyers
and sellers of securities, and the brokerdealers that act as their order-routing
agents, have a wide range of choices of
where to route orders for execution’;
[and] ‘no exchange can afford to take its
market share percentages for granted’
because ‘no exchange possesses a
monopoly, regulatory or otherwise, in
the execution of order flow from broker
dealers’. . . .’’.21 Accordingly, the
Exchange does not believe its proposed
change imposes any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.
20 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).
21 NetCoalition v. SEC, 615 F.3d 525, 539 (D.C.
Cir. 2010) (quoting Securities Exchange Act Release
No. 59039 (December 2, 2008), 73 FR 74770, 74782–
83 (December 9, 2008) (SR–NYSEArca–2006–21)).
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18:17 Dec 10, 2024
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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
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 22 and paragraph (f) of Rule
19b–4 23 thereunder. At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
CboeBZX–2024–122 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–CboeBZX–2024–122. 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
22 15
23 17
PO 00000
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
Frm 00108
Fmt 4703
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–CboeBZX–2024–122 and should be
submitted on or before January 2, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–29043 Filed 12–10–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–660, OMB Control No.
3235–0722]
Submission for OMB Review;
Comment Request; Extension: Form
1–U
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
Form 1–U (17 CFR 239.93) is used to
file current event reports by Tier 2
issuers under Regulation A, an
exemption from registration under the
Securities Act of 1933 (15 U.S.C 77a et
seq.). Form 1–U provides information to
the public within four business days of
fundamental changes in the nature of
the issuer’s business and other
24 17
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CFR 200.30–3(a)(12).
11DEN1
Federal Register / Vol. 89, No. 238 / Wednesday, December 11, 2024 / Notices
significant events. We estimate that
approximately 1,502 issuers file Form
1–U annually. We estimate that Form 1–
U takes approximately 5.0 hours to
prepare. We estimate that 85% of the 5.0
hours per response is prepared by the
company for a total annual burden of
6,384 hours (4.25 hours per response ×
1,502 responses).
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
Public Comment Instructions: The 30day public comment period for this
information collection request opens on
December 11, 2024 and closes at the end
of the day on January 10, 2025. The
public may view the full information
request and submit comments at https://
www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202412-3235-005
or email comments to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov.
Dated: December 5, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–29023 Filed 12–10–24; 8:45 am]
BILLING CODE 8011–01–P
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing of Proposed Rule Change To
Amend Equity 4, Rule 4759 Concerning
Data Feeds Utilized
December 5, 2024.
lotter on DSK11XQN23PROD with NOTICES1
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
25, 2024, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I and
II 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
2 17
18:17 Dec 10, 2024
The Exchange proposes to update and
amend the data feeds table in Equity 4,
Rule 4759, which sets forth on a marketby-market basis the specific proprietary
and network processor feeds that the
Exchange utilizes for the handling,
routing, and execution of orders, and for
performing the regulatory compliance
processes related to each of those
functions. Specifically, the table would
be amended to reflect that the Exchange
will receive a direct feed from the LongTerm Stock Exchange (‘‘LTSE’’) as its
primary quotation data source and CQS/
UQDF will become its secondary data
source for the handling, routing and
execution of orders and for performing
regulatory compliance processes related
to each of those functions. The change
to the primary sources reflects the
Exchange’s effort to include an
additional source and the use of
secondary sources in the event the
primary source is unable to provide
data.
The operative date of the proposed
rule change shall be November 25, 2024.
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of the Act,3 in general, and furthers the
objectives of Section 6(b)(5) of the Act,4
in particular, in that it is designed 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 change removes
impediments to and perfects the
mechanism of a free and open market
because updating its data feeds table of
market centers for which the exchange
consumes quotation data through a
direct feed will provide clarity to market
participants. Additionally, it is
necessary and consistent with the
public interest and the protection of
investors to update the Exchange’s table
of market centers in Equity 4, Rule 4759
in order to provide transparency with
respect to all the direct proprietary and
network processor feeds from which the
Exchange obtains market data.
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 not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change is not designed to
address any competitive issue; instead,
its purpose is to enhance transparency
with respect to the operation of the
Exchange and its use of market data
feeds.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 5 and Rule
19b–4(f)(6) thereunder.6 Because the
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, if
consistent with the protection of
3 15
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Sep<11>2014
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.
1. Purpose
[Release No. 34–101821; File No. SR–
NASDAQ–2024–074]
1 15
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
The Exchange proposes to amend
Equity 4, Rule 4759 (Data Feeds
Utilized) to change the primary and
secondary source of quotation data of
certain market centers in the list of
proprietary and network processor feeds
that the Exchange utilizes for the
handling, routing, and execution of
orders as well as regulatory compliance
processes related to those functions.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/nasdaq/rules, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
Sfmt 4703
99935
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
5 15 U.S.C. 78s(b)(3)(A)(iii).
6 17 CFR 240.19b–4(f)(6).
4 15
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]]>Agencies
[Federal Register Volume 89, Number 238 (Wednesday, December 11, 2024)]
[Notices]
[Pages 99934-99935]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-29023]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-660, OMB Control No. 3235-0722]
Submission for OMB Review; Comment Request; Extension: Form 1-U
Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget this request for extension of the previously approved
collection of information discussed below.
Form 1-U (17 CFR 239.93) is used to file current event reports by
Tier 2 issuers under Regulation A, an exemption from registration under
the Securities Act of 1933 (15 U.S.C 77a et seq.). Form 1-U provides
information to the public within four business days of fundamental
changes in the nature of the issuer's business and other
[[Page 99935]]
significant events. We estimate that approximately 1,502 issuers file
Form 1-U annually. We estimate that Form 1-U takes approximately 5.0
hours to prepare. We estimate that 85% of the 5.0 hours per response is
prepared by the company for a total annual burden of 6,384 hours (4.25
hours per response x 1,502 responses).
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid control number.
Public Comment Instructions: The 30-day public comment period for
this information collection request opens on December 11, 2024 and
closes at the end of the day on January 10, 2025. The public may view
the full information request and submit comments at https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202412-3235-005 or email
comments to [email protected].
Dated: December 5, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-29023 Filed 12-10-24; 8:45 am]
BILLING CODE 8011-01-P
