30 Day Notice

Federal Register / Vol. 88, No. 145 / Monday, July 31, 2023 / Notices
the public interest. Because the
proposed rule change does not raise any
novel regulatory issues, 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.16
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:

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–CboeEDGA–2023–012 and should
be submitted on or before August 21,
2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2023–16113 Filed 7–28–23; 8:45 am]
BILLING CODE 8011–01–P

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–
CboeEDGA–2023–012 on the subject
line.

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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–CboeEDGA–2023–012. 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
16 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).

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SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–21, OMB Control No.
3235–0025]

Submission for OMB Review;
Comment Request; Extension: Rule
30e–1
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, under the
Paperwork Reduction Act of 1995 (44
U.S.C. 3501 et seq.) (‘‘Paperwork
Reduction Act’’), the Securities and
Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
Rule 30e–1 (17 CFR 270.30e–1) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) (‘‘Investment
Company Act’’) generally requires a
registered investment company (‘‘fund’’)
to transmit to its shareholders, at least
semi-annually, reports containing the
information that is required to be

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17 17

CFR 200.30–3(a)(12), (a)(59).

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included in such reports by the fund’s
registration statement form under the
Investment Company Act. The purpose
of the collection of information required
by rule 30e–1 is to provide fund
shareholders with current information
about the operation of their funds in
accordance with Section 30 of the
Investment Company Act.
Approximately 2,490 funds, with a
total of approximately 10,750 portfolios,
respond to rule 30e–1 annually. Based
on conversations with fund
representatives, we estimate that it takes
approximately 84 hours to comply with
the collection of information associated
with rule 30e–1 per portfolio. This time
is spent, for example, preparing,
reviewing, and certifying the reports.
Accordingly, we calculate the total
estimated annual internal burden of
responding to rule 30e–1 to be
approximately 903,000 hours (84 hours
× 10,750 portfolios). In addition to the
burden hours, based on conversations
with fund representatives, we estimate
that the total cost burden of compliance
with the information collection
requirements of rule 30e–1 is
approximately $31,061 per portfolio.
This includes, for example, the costs for
funds to prepare, print, and mail the
reports. Accordingly, we calculate the
total external cost burden associated
with rule 30e–1 to be approximately
$333,905,750.
Estimates of the average burden hours
are made solely for the purposes of the
Paperwork Reduction Act and are not
derived from a comprehensive or even
representative survey or study of the
costs of Commission rules and forms.
The collection of information under rule
30e–1 is mandatory. The information
provided under rule 30e–1 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.
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 by August 30, 2023 to (i)
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission, c/
o John Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected].

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Federal Register / Vol. 88, No. 145 / Monday, July 31, 2023 / Notices

Dated: July 25, 2023.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2023–16100 Filed 7–28–23; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97987; File No. SRCboeEDGX–2023–046]

Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend
Exchange Rules To Provide Users With
a Risk Setting They May Elect To Apply
to their Orders That Will Allow Them
To Reject Market Orders During
Continuous Trading and/or Auctions
July 25, 2023.

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 July 14,
2023, Cboe EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX’’) filed with the
Securities and Exchange Commission
(‘‘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.

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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe EDGX Exchange, Inc. (‘‘EDGX’’
or the ‘‘Exchange’’) is filing with the
Securities and Exchange Commission
(the ‘‘Commission’’) a proposal to
amend Interpretation and Policy .01 to
Rule 11.10 in connection with a risk
setting that Users 3 may elect to apply to
their orders that will allow them to
reject market orders during continuous
trading and/or auctions.4 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.
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 A User is any Member or Sponsored Participant
who is authorized to obtain access to the System
pursuant to Rule 11.3. See Rule 1.5(ee).
4 The Exchange plans to implement the proposed
rule change on a date that will be circulated in a
notice from the Cboe Trade Desk to all Members.
2 17

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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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this proposal is to
amend Interpretation and Policy .01 to
Rule 11.10 to allow the Exchange to
offer its Users the ability to apply a risk
setting to their orders that will allow
them to reject market orders during
continuous trading or auctions (‘‘Market
Order Check’’). Pursuant to
Interpretation and Policy .01 to Rule
11.10, the Exchange currently offers
certain optional risk settings applicable
to a User’s activities on the Exchange.
Specifically, pursuant to Interpretation
and Policy .01(c), the Exchange
currently provides Users with the
controls to restrict order types or
modifiers that can be utilized (including
pre-market, post-market, short sales,
ISOs, and Directed ISOs). When
utilized, this optional risk tool acts as a
risk filter by evaluating a User’s orders
to determine whether the orders comply
with certain criteria established by the
User.
Based on feedback from its Members,
the Exchange now seeks to expand this
risk setting to allow a User to restrict
additional order types from being
entered—market orders during
continuous trading and/or market orders
during auctions (‘‘Market Order
Check’’).5 The Market Order Check will
5 The Exchange notes that the proposed Market
Order Check will treat a Market Order with a Stop
Price as a regular market order. See Rule 11.8(a),
where the term Market Order is defined as ‘‘An
order to buy and sell a stated amount of a security
that is to be executed at the NBBO or better when
the order reaches the Exchange’’; see also Rule
11.8(a)(1), where the term ‘‘Stop Price’’ is defined
as ‘‘An order may include a Stop Price which will
convert the order into a Market Order when the
Stop Price is triggered. An order to buy converts to
a Market Order when the consolidated last sale in
the security occurs at, or above, the specified Stop
Price. An order to sell converts into a Market Order
when the consolidated last sale in the security
occurs at, or below, the specified Stop Price.

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reside at a User’s port level, a Userspecific logical session used to access
the Exchange. A User may utilize the
Market Order Check to control the
acceptance of, or rejection of, its
inbound market orders. Similarly, a
Sponsoring Member 6 may utilize the
check to control the acceptance of, or
rejection of, its Sponsored Participants 7
inbound market orders. Specifically,
when utilized the Market Order Check
will allow a User to (1) permit market
orders; (2) reject market orders during
continuous trading and allow market
orders during auctions, or (3) reject
market orders during continuous trading
and also during auctions. In the case of
Sponsored Participants, the Sponsoring
Member will be responsible for their
Sponsored Participant’s Market Order
Check settings. The Market Order Check
will apply only to equities orders and
will not apply to market on open or
Separately, the proposed Market Order Check will
treat market orders with a ROOC routing option as
auction orders. As such, if a User opts to block
market orders in continuous trading but allow
market orders in auctions, then all market orders
with a ROOC routing option will be accepted. If a
User chooses to block market orders during both
continuous trading and during auctions, then the
Market Order Check will prohibit the entry of
market orders with a ROOC routing option. The
Exchange is handling market orders with a ROOC
routing option to ensure that Users have a clear
understanding of how the Market Order Check will
operate in these scenarios. Orders with ROOC
routing options are hybrid in nature and can
execute in auctions or during continuous trading.
As such, an order may fully execute in the auction,
as well as receive no execution or receive a partial
fill with the remaining shares being posted to the
Exchange Book, executed on the Exchange, or
routed to other destinations. Given the various
iterations that a market order with a ROOC routing
option may encounter, the Exchange believes much
operational complexity can be avoided by treating
market orders with ROOC routing options in this
simplified manner. See Rule 11.11(g)(8), where the
term ‘‘ROOC’’ is defined as ‘‘a routing option for
orders that the entering firm wishes to designate for
the participation in the opening, re-opening
(following a halt, suspension, or pause), or closing
process of a primary listing market (Cboe BZX,
NYSE, Nasdaq, NYSE America, or NYSE Arca) if
received before the opening/re-opening/closing
time of such market. If shares remain unexecuted
after attempting to execute in the opening,
reopening, or closing process, they are either posted
to the EDGX Book, executed, or routed to
destinations on the System routing table.’’
6 The term ‘‘Sponsoring Member’’ shall mean a
broker-dealer that has been issued a membership by
the Exchange who has been designated by a
Sponsored Participant to execute, clear and settle
transactions resulting from the System. The
Sponsoring Member shall be either (i) a clearing
firm with membership in a clearing agency
registered with the Commission that maintains
facilities through which transactions may be cleared
or (ii) a correspondent firm with a clearing
arrangement with any such clearing firm. See Rule
1.5(aa), definition of, ‘‘Sponsoring Member’’.
7 The term ‘‘Sponsored Participant’’ shall mean a
person which has entered into a sponsorship
arrangement with a Sponsoring Member pursuant to
Rule 11.3. See Rule 1.5(z), definition of, ‘‘Sponsored
Participant’’.

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