60 Day Notice

Federal Register / Vol. 88, No. 185 / Tuesday, September 26, 2023 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.27
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–20807 Filed 9–25–23; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–813, OMB Control No.
3235–0765]

lotter on DSK11XQN23PROD with NOTICES1

Proposed Collection; Comment
Request; Extension: Rule 498A
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
(‘‘Paperwork Reduction Act’’) (44 U.S.C.
3501–3520), the Securities and
Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collections of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 498A under the Securities Act
permits a person to satisfy its
prospectus delivery obligations under
Section 5(b)(2) of the Securities Act for
a contract by: (1) sending or giving to
new investors key information
contained in a variable contract
statutory prospectus in the form of an
initial summary prospectus; (2) sending
or giving to existing investors each year
a brief description of certain changes to
the contract, and a subset of the
information in the initial summary
prospectus, in the form of an updating
summary prospectus; and (3) providing
the statutory prospectus and other
materials online. Rule 498A considers a
person to have met its prospectus
delivery obligations for any portfolio
companies associated with a variable
contract if the portfolio company
prospectuses are posted online. Under
the rule, a registrant (or the financial
intermediary distributing the variable
contract) relying on the rule must send
the variable contract statutory
prospectus (that statutory prospectus
must be filed as part of registration
statement on Form N–3, N–4, or N–6, as
applicable) and other materials to an
investor in paper or electronic format
upon request.
27 17

Based on current EDGAR data, 82% of
variable contracts that filed annual
updates to their registration statements
filed at least one summary prospectus
under rule 498A. In the aggregate, the
Commission staff estimates the total
annual hour burden to comply with
Rule 498A to be 7,634 hours, at an
internal time cost equivalent of
$2,337,471, and a total annual external
cost burden of $9,094,866.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act. The estimate
is based on communications with
industry representatives, and is not
derived from a comprehensive or even
a representative survey or study.
Responses 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 OMB control
number.
Written comments are invited on: (a)
whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimate of the burden of the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
by November 27, 2023.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
Please direct your written comments
to: David Bottom, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
[email protected].
Dated: September 21, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–20906 Filed 9–25–23; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–98455; File No. SR–CBOE–
2023–019]

Self-Regulatory Organizations; Cboe
Exchange, Inc.; Order Granting
Approval of a Proposed Rule Change
To Make Permanent the Operation of
Its Pilot Program That Allows the
Exchange To List P.M.-Settled Third
Friday-of-the-Month Mini-SPX Index
(‘‘XSP’’) Options and Mini-Russell 2000
Index (‘‘MRUT’’) Options Series
September 20, 2023.

I. Introduction
On April 19, 2023, Cboe Exchange,
Inc. (‘‘Exchange’’ or ‘‘Cboe Options’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b-4 thereunder,2 a proposed rule
change to make permanent the
operation of its pilot program
(‘‘Program’’) that permits the Exchange
to list p.m.-settled third Friday-of-themonth XSP and MRUT options (‘‘p.m.settled XSP’’ and ‘‘p.m.-settled MRUT,’’
respectively, and collectively, the ‘‘Pilot
Products’’). The proposed rule change
was published for comment in the
Federal Register on April 28, 2023.3 On
June 9, 2023, pursuant to section
19(b)(2) of the Act,4 the Commission
designated a longer period within which
to approve the proposed rule change,
disapprove the proposed rule change, or
institute proceedings to determine
whether to disapprove the proposed
rule change.5 On July 27, 2023, the
Commission instituted proceedings to
determine whether to approve or
disapprove the proposed rule change.6
The Commission did not receive any
comment letters and is approving the
proposed rule change.
II. Background
When cash-settled 7 index options
were first introduced in the 1980s, they
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 97366
(April 24, 2023), 88 FR 26359 (‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 97678,
88 FR 39285 (June 15, 2023). The Commission
designated July 27, 2023, as the date by which the
Commission shall approve or disapprove, or
institute proceedings to determine whether to
approve or disapprove, the proposed rule change.
6 See Securities Exchange Act Release No. 98005,
88 FR 50943 (August 2, 2023).
7 The seller of a ‘‘cash-settled’’ index option pays
out the cash value of the applicable index on
expiration or exercise. A ‘‘physical delivery’’
option, like equity and ETF options, involves the
2 17

CFR 200.30–3(a)(12).

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