Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Increase the Exchange's Port Fees in Options 7, Section 6, 2050-2051 [2025-00297]
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Federal Register / Vol. 90, No. 6 / Friday, January 10, 2025 / Notices
khammond on DSK9W7S144PROD with NOTICES
managing the account.3 In addition, the
sponsor (or its designee) must contact
the client annually to determine
whether the client’s financial situation
or investment objectives have changed
and whether the client wishes to impose
any reasonable restrictions on the
management of the account or
reasonably modify existing restrictions.
The sponsor (or its designee) must also
notify the client quarterly, in writing, to
contact the sponsor (or its designee)
regarding changes to the client’s
financial situation, investment
objectives, or restrictions on the
account’s management.
Additionally, the sponsor (or its
designee) must provide each client with
a quarterly statement describing all
activity in the client’s account during
the previous quarter. The sponsor and
personnel of the client’s account
manager who know about the client’s
account and its management must be
reasonably available to consult with the
client. Each client also must retain
certain indicia of ownership of all
securities and funds in the account.
The Commission staff estimates that
27,979,460 clients participate each year
in investment advisory programs relying
on rule 3a–4.4 Of that number, the staff
estimates that 2,127,147 are new clients
and 25,852,313 are continuing clients.5
The staff estimates that each year the
investment advisory program sponsors’
staff engage in 1.5 hours per new client
and 1 hour per continuing client to
prepare, conduct and/or review
interviews regarding the client’s
financial situation and investment
objectives as required by the rule.6
Furthermore, the staff estimates that
each year the investment advisory
program sponsors’ staff spends 1 hour
3 Clients specifically must be allowed to designate
securities that should not be purchased for the
account or that should be sold if held in the
account; the rule does not require that a client be
able to require particular securities be purchased for
the account.
4 These estimates are based on an analysis of the
number of individual clients from Form ADV Item
5D(a)(1) and (b)(1) of advisers that report they
provide portfolio management to wrap programs as
indicated in Form ADV Item 5I(2)(b) and (c), and
the number of individual clients of advisers that
identify as internet advisers in Form ADV Item
2A(11); from analysis comparing reported
individual client assets in Form ADV Item 5D(a)(3)
and 5D(b)(3) to reported wrap portfolio manager
assets in Form ADV Item 5I(2)(b) and (c), we
discount the estimated number of individual clients
of non-internet advisers providing portfolio
management to wrap programs by 10%.
5 These estimates are based on the number of new
clients expected due to average year-over-year
growth in individual clients from Form ADV Item
5D(a)(1) and (b)(1) (about 9%) and an assumed rate
of yearly client turnover of 10%.
6 These estimates are based upon consultation
with investment advisers that operate investment
advisory programs that rely on rule 3a–4.
VerDate Sep<11>2014
17:28 Jan 08, 2025
Jkt 265001
per client each year to prepare and mail
quarterly client account statements,
including notices to update
information.7 Based on the estimates
above, the Commission estimates that
the total annual burden of the rule’s
paperwork requirements is 57,022,493
hours.8
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act. The estimate
is not derived from a comprehensive or
even a representative survey or study of
the costs of Commission rules and
forms. 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 OMB
control number.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202410-3235-010
or send an email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice by
February 10, 2025.
Dated: January 3, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–00248 Filed 1–8–25; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–102091; File No. SR–MRX–
2024–50]
Self-Regulatory Organizations; Nasdaq
MRX, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Increase the
Exchange’s Port Fees in Options 7,
Section 6
7 The staff bases this estimate in part on the fact
that, by business necessity, computer records
already will be available that contain the
information in the quarterly reports.
8 This estimate is based on the following
calculation: (25,852,313 continuing clients × 1
hour) + (2,127,147 new clients × 1.5 hours) +
(27,979,460 total clients × (0.25 hours × 4
statements)) = 57,022,493 hours.
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
Fmt 4703
II. 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.5
Comments may be submitted
electronically by using the
Commission’s internet comment form
(https://www.sec.gov/rules-regulations/
self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-MRX-202450) or by sending an email to rulecomments@sec.gov. Please include file
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f). 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.
5 Copies of the submission, all subsequent
amendments, all written statements with respect to
the proposed rule change that are filed with the
Commission, and all written communications
relating to the proposed rule change between the
Commission and any person, other than those that
may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be
available for website viewing and printing in the
Commission’s Public Reference Room, 100 F Street
NE, Washington, DC 20549, on official business
days between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available for
inspection and copying at the principal office of
SRO.
4 17
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 December
20, 2024, Nasdaq MRX, LLC
(‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Item I below,
which Item has been substantially
Frm 00114
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to increase
the Exchange’s port fees in Options 7,
Section 6. While these amendments are
effective upon filing, the Exchange has
designated the proposed amendments to
be operative on January 1, 2025.
The proposed rule change, including
the Exchange’s statement of the purpose
of, and statutory basis for, the proposed
rule change, is available on the
Exchange’s website at https://listing
center.nasdaq.com/rulebook/mrx/rules
and on the Commission’s website at
https://www.sec.gov/rules-regulations/
self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-MRX-202450.
3 15
January 3, 2025.
PO 00000
prepared by the Exchange. The
Exchange has designated this proposal
for immediate effectiveness pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f) thereunder.4 The Commission
is publishing this notice to solicit
comments on the proposed rule change
from interested persons.
Sfmt 4703
E:\FR\FM\10JAN1.SGM
10JAN1
Federal Register / Vol. 90, No. 6 / Friday, January 10, 2025 / Notices
number SR–MRX–2024–50 on the
subject line. Alternatively, paper
comments may be sent to Secretary,
Securities and Exchange Commission,
100 F Street NE, Washington, DC
20549–1090. All submissions should
refer to file number SR–MRX–2024–50.
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-regulations/
self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-MRX-202450). 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–MRX–2024–50 and
should be submitted on or before
January 31, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
J. Matthew DeLesDernier,
Deputy Secretary.
for immediate effectiveness pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f) thereunder.4 The Commission
is publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to increase
the Exchange’s port pricing in Options
7, Section 9 for the Specialized Quote
Feed (‘‘SQF’’) 5 Ports and SQF Purge
Ports.
While these amendments are effective
upon filing, the Exchange has
designated the proposed amendments to
be operative on January 1, 2025.
The proposed rule change, including
the Exchange’s statement of the purpose
of, and statutory basis for, the proposed
rule change, is available on the
Exchange’s website at https://listing
center.nasdaq.com/rulebook/phlx/rules
and on the Commission’s website at
https://www.sec.gov/rules-regulations/
self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-Phlx-202474.
[FR Doc. 2025–00297 Filed 1–8–25; 8:45 am]
3 15
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–102104; File No. SR–Phlx–
2024–74]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Increase the
Exchange’s Port Fees in Options 7,
Section 9
khammond on DSK9W7S144PROD with NOTICES
January 3, 2025.
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 December
20, 2024, Nasdaq PHLX LLC
(‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Item I below,
which Item has been substantially
prepared by the Exchange. The
Exchange has designated this proposal
6 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
17:28 Jan 08, 2025
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f). 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.
5 ‘‘Specialized Quote Feed’’ or ‘‘SQF’’ is an
interface that allows Lead Market Makers,
Streaming Quote Traders (‘‘SQTs’’) and Remote
Streaming Quote Traders (‘‘RSQTs’’) to connect,
send, and receive messages related to quotes,
Immediate-or-Cancel Orders, and auction responses
into and from the Exchange. Features include the
following: (1) options symbol directory messages
(e.g., underlying and complex instruments); (2)
system event messages (e.g., start of trading hours
messages and start of opening); (3) trading action
messages (e.g., halts and resumes); (4) execution
messages; (5) quote messages; (6) Immediate-orCancel Order messages; (7) risk protection triggers
and purge notifications; (8) opening imbalance
messages; (9) auction notifications; and (10) auction
responses. The SQF Purge Interface only receives
and notifies of purge requests from the Lead Market
Maker, SQT or RSQT. Lead Market Makers, SQTs
and RSQTs may only enter interest into SQF in
their assigned options series. Immediate-or-Cancel
Orders entered into SQF are not subject to the Order
Price Protection, the Market Order Spread
Protection, or Size Limitation in Options 3, Section
15(a)(1), (a)(2) and (b)(2), respectively. See Options
3, Section 7(a)(i)(B).
4 17
Jkt 265001
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
2051
II. 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.6
Comments may be submitted
electronically by using the
Commission’s internet comment form
(https://www.sec.gov/rules-regulations/
self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-Phlx-202474) or by sending an email to rulecomments@sec.gov. Please include file
number SR–Phlx–2024–74 on the
subject line. Alternatively, paper
comments may be sent to Secretary,
Securities and Exchange Commission,
100 F Street NE, Washington, DC
20549–1090. All submissions should
refer to file number SR–Phlx–2024–74.
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-regulations/
self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-Phlx-202474). 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–Phlx–2024–74 and
should be submitted on or before
January 31, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–00303 Filed 1–8–25; 8:45 am]
BILLING CODE 8011–01–P
6 Copies of the submission, all subsequent
amendments, all written statements with respect to
the proposed rule change that are filed with the
Commission, and all written communications
relating to the proposed rule change between the
Commission and any person, other than those that
may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be
available for website viewing and printing in the
Commission’s Public Reference Room, 100 F Street
NE, Washington, DC 20549, on official business
days between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available for
inspection and copying at the principal office of
SRO.
7 17 CFR 200.30–3(a)(12).
E:\FR\FM\10JAN1.SGM
10JAN1
]]>Agencies
[Federal Register Volume 90, Number 6 (Friday, January 10, 2025)]
[Notices]
[Pages 2050-2051]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-00297]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102091; File No. SR-MRX-2024-50]
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Increase the
Exchange's Port Fees in Options 7, Section 6
January 3, 2025.
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 December 20, 2024, Nasdaq MRX, LLC (``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Item I below, which Item has been substantially
prepared by the Exchange. The Exchange has designated this proposal for
immediate effectiveness pursuant to Section 19(b)(3)(A) of the Act \3\
and Rule 19b-4(f) thereunder.\4\ 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\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f). 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to increase the Exchange's port fees in
Options 7, Section 6. While these amendments are effective upon filing,
the Exchange has designated the proposed amendments to be operative on
January 1, 2025.
The proposed rule change, including the Exchange's statement of the
purpose of, and statutory basis for, the proposed rule change, is
available on the Exchange's website at https://listingcenter.nasdaq.com/rulebook/mrx/rules and on the Commission's
website at https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-MRX-2024-50.
II. 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.\5\ Comments may be submitted
electronically by using the Commission's internet comment form (https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-MRX-2024-50) or by sending
an email to [email protected]. Please include file
[[Page 2051]]
number SR-MRX-2024-50 on the subject line. Alternatively, paper
comments may be sent to Secretary, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549-1090. All submissions should
refer to file number SR-MRX-2024-50. 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-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-MRX-2024-50).
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-MRX-2024-50 and should
be submitted on or before January 31, 2025.
---------------------------------------------------------------------------
\5\ Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for website
viewing and printing in the Commission's Public Reference Room, 100
F Street NE, Washington, DC 20549, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of the filing also will be
available for inspection and copying at the principal office of SRO.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-00297 Filed 1-8-25; 8:45 am]
BILLING CODE 8011-01-P
