30 Day Notice

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Federal Register / Vol. 85, No. 98 / Wednesday, May 20, 2020 / Notices

implementation schedule of the rule
changes, any impact on competition that
does arise from the revised
implementation schedule is necessary to
reflect concerns about market
conditions in light of the COVID–19
pandemic.
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
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 9 and Rule 19b–
4(f)(6) thereunder.10
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 11 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 12
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has asked
the Commission to waive the 30-day
operative delay so that the proposal may
become operative upon filing. The
Exchange stated that such waiver would
ensure that there is no confusion about
the implementation schedule for the
rule change. The Exchange further
stated that it believes waiver is
consistent with the protection of
investors and the public interest
because it would merely provide a
delay, until September 1, 2020, in the
implementation of an approved rule
change due to the highly unusual
market conditions resulting from the
ongoing spread of the COVID–19 virus.
The Exchange further noted that
investors will continue to be protected
by Nasdaq’s other bid price rules, which
will continue to apply during that time,
9 15

U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) 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. The Exchange
has satisfied this requirement.
11 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii).
10 17

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subject to a temporary tolling of
compliance periods through and
including June 30, 2020, as described
above.
The Commission notes that the
proposal is a temporary measure to
delay the effectiveness of an approved
rule change until September 1, 2020 in
light of current market conditions.
Further, Nasdaq’s existing bid price
rules will continue to apply, including
its ability to deny a company a second
compliance period if it does not appear
to Nasdaq that it is possible for the
company to cure the deficiency. The
waiver of the operative delay will also
help to ensure that all companies have
the same rules applied to them as to bid
price deficiencies as of the date of the
filing of this rule change to delay the
implementation date of the new rules.
For these reasons, the Commission
believes that waiver of 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 proposed rule change
operative upon filing.13
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
change should be approved or
disapproved.

Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2020–024. 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 (http://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. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NASDAQ–2020–024 and
should be submitted on or before June
10, 2020.

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:

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
J. Matthew DeLesDernier,
Assistant Secretary.

Electronic Comments
• Use the Commission’s internet
comment form (http://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NASDAQ–2020–024 on the subject line.

SECURITIES AND EXCHANGE
COMMISSION

Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange

Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736

13 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).

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[FR Doc. 2020–10812 Filed 5–19–20; 8:45 am]
BILLING CODE 8011–01–P

[SEC File No. 270–180, OMB Control No.
3235–0247]

Submission for OMB Review;
Comment Request

Extension:
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CFR 200.30–3(a)(12).

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Federal Register / Vol. 85, No. 98 / Wednesday, May 20, 2020 / Notices
Form N–8B–4

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘PRA’’), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) requests for extension of the
previously approved collection of
information discussed below.
Form N–8B–4 (17 CFR 274.14) is the
form used by face-amount certificate
companies to comply with the filing and
disclosure requirements imposed by
Section 8(b) of the Investment Company
Act of 1940 (15 U.S.C. 80a–8(b)). Among
other items, Form N–8B–4 requires
disclosure of the following information
about the face-amount certificate
company: Date and form of
organization; controlling persons;
current business and contemplated
changes to the company’s business;
investment, borrowing, and lending
policies, as well as other fundamental
policies; securities issued by the
company; investment adviser;
depositaries; management personnel;
compensation paid to directors, officers,
and certain employees; and financial
statements. The Commission uses the
information provided in the collection
of information to determine compliance
with Section 8(b) of the Investment
Company Act of 1940.
Form N–8B–4 and the burden of
compliance have not changed since the
last approval. Each registrant files Form
N–8B–4 for its initial filing and does not
file post-effective amendments to Form
N–8B–4.1 Commission staff estimates
that no respondents will file Form N–
8B–4 each year. There is currently only
one existing face-amount certificate
company, and no face-amount
certificate companies have filed a Form
N–8B–4 in many years. No new faceamount certificate companies have been
established since the last OMB
information collection approval for this
form, which occurred in 2017.
Accordingly, the staff estimates that,
each year, no face-amount certificate
companies will file Form N–8B–4, and
that the total burden for the information
collection is zero hours. Although
Commission staff estimates that there is
no hour burden associated with Form
1 Pursuant to Section 30(b)(1) of the Act (15
U.S.C. 80a-29), each respondent keeps its
registration statement current through the filing of
periodic reports as required by Section 13 of the
Securities Exchange Act of 1934 (15 U.S.C. 78m)
and the rules thereunder. Post-effective
amendments are filed with the Commission on the
face-amount certificate company’s Form S–1.
Hence, respondents only file Form N–8B–4 for their
initial registration statement and not for posteffective amendments.

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N–8B–4, the staff is requesting a burden
of one hour for administrative purposes.
Estimates of the burden hours are made
solely for the purposes of the PRA and
are not derived from a comprehensive or
even a representative survey or study of
the costs of SEC rules and forms.
The information provided on Form
N–8B–4 is mandatory. The information
provided on Form N–8B–4 will not be
kept confidential. 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.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to (i) www.reginfo.gov/public/do/
PRAMain and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission,
c/o Cynthia Roscoe, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected].
Dated: May 15, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–10880 Filed 5–19–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88876; File No. SR–
CboeEDGX–2020–020]

Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend Its
Fees Schedule
May 14, 2020.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 1,
2020, Cboe EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
1 15
2 17

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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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
Cboe EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX Options’’) is
filing with the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change to amend its Fees
Schedule. The text of the proposed rule
change is provided in Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (http://markets.cboe.com/us/
options/regulation/rule_filings/edgx/),
at the Exchange’s Office of the
Secretary, 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
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.
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 its
Fees Schedule for its equity options
platform (EDGX Options), effective May
1, 2020.
The Exchange first notes that it
operates in a highly competitive market
in which market participants can
readily direct order flow to competing
venues if they deem fee levels at a
particular venue to be excessive or
incentives to be insufficient. More
specifically, the Exchange is only one of
16 options venues to which market
participants may direct their order flow.
Based on publicly available information,
no single options exchange has more
than 20% of the market share and
currently the Exchange represents only
4% of the market share.3 Thus, in such
a low-concentrated and highly
competitive market, no single options
3 See Cboe Global Markets U.S. Options Market
Volume Summary (April 27, 2020), available at
https://markets.cboe.com/us/options/market_
statistics/.

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