60 Day Notice

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Federal Register / Vol. 89, No. 138 / Thursday, July 18, 2024 / Notices

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 foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act.19
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: (i) necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) 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
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:

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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–
NASDAQ–2024–032 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–NASDAQ–2024–032. 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
proposed rule change between the
Commission and any person, other than
19 15

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–NASDAQ–2024–032 and should be
submitted on or before August 8, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024–15761 Filed 7–17–24; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–172, OMB Control No.
3235–0169]

Proposed Collection; Comment
Request; Extension: Form N–5
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 (the
‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Form N–5 (17 CFR 239.24 and 274.5)
is the form used by small business
investment companies (‘‘SBICs’’) to
register their securities under the
Securities Act of 1933 (15 U.S.C. 77a et
seq.) (‘‘Securities Act’’) and the
Investment Company Act of 1940 (15
U.S.C. 80a–1 et seq.) (‘‘Investment
Company Act’’). Form N–5 is the
registration statement form adopted by
the Commission for use by an SBIC that

U.S.C. 78s(b)(3)(A)(ii).

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CFR 200.30–3(a)(12).

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has been licensed as such under the
Small Business Investment Act of 1958
or which has received the preliminary
approval of the Small Business
Administration (‘‘SBA’’) and has been
notified by the SBA that the company
may submit a license application Form
N–5 is an integrated registration form
and may be used as the registration
statement under both the Securities Act
and the Investment Company Act. The
purpose of Form N–5 is to meet the
filing and disclosure requirements of
both the Securities Act and Investment
Company Act, and to provide investors
with information sufficient to evaluate
an investment in an SBIC. The
information that is required to be filed
with the Commission permits
verification of compliance with
securities law requirements and assures
the public availability and
dissemination of the information.
The Commission did not receive any
filings on Form N–5 in the last three
years (or in the three years before that).
Nevertheless, for purposes of this PRA,
we conservatively estimate that at least
one Form N–5 will be filed in the next
three years, which translates to about
0.333 filings on Form N–5 per year. The
currently approved internal burden of
Form N–5 is 352 hours per response. We
continue to believe this estimate for
Form N–5’s internal hour burden is
appropriate. Therefore, the number of
currently approved aggregate burden
hours, when calculated using the
current estimate for number of filings, is
about 117 internal hours per year. The
currently approved external cost burden
of Form N–5 is $12,524per filing. The
requested external cost burden for filing
one Form N–5 would be $14,746 per
year. This estimated burden is based on
the estimated wage rate of $584/hour,
for 25.25 hours, for outside legal
services to complete the form and
provide the required hyperlinks.
Estimates of average burden hours
and costs 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.
Compliance with the collection of
information requirements of Form N–5
is mandatory. Responses to the
collection of information 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

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Federal Register / Vol. 89, No. 138 / Thursday, July 18, 2024 / Notices
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 September 16, 2024.
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: Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Oluwaseun Ajayi, 100
F Street NE, Washington, DC 20549 or
send an email to: PRA_Mailbox@
sec.gov.
Dated: July 15, 2024.
J. Matthew DeLesDernier,
Deputy Secretary.
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100525; File No. SR–
CboeBZX–2024–062]

Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend Its
Fee Schedule
July 12, 2024.

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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 1,
2024, Cboe BZX Exchange, Inc.
(‘‘Exchange’’ or ‘‘BZX’’) filed with the
Securities and Exchange Commission
(‘‘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
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

1 15
2 17

U.S.C. 78s(b)(1).
CFR 240.19b–4.

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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

[FR Doc. 2024–15823 Filed 7–17–24; 8:45 am]

Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) proposes to

amend its Fee 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/
equities/regulation/rule_filings/BZX/),
at the Exchange’s Office of the
Secretary, and at the Commission’s
Public Reference Room.

1. Purpose
The Exchange proposes to amend its
Fee Schedule applicable to its equities
trading platform (‘‘BZX Equities’’) by
introducing a new Non-Displayed Add
Volume Tier. The Exchange proposes to
implement this change effective July 1,
2024.
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 registered equities exchanges, as well
as a number of alternative trading
systems and other off-exchange venues
that do not have similar self-regulatory
responsibilities under the Securities
Exchange Act of 1934 (the ‘‘Act’’), to
which market participants may direct
their order flow. Based on publicly
available information,3 no single
registered equities exchange has more
than 16% of the market share. Thus, in
such a low-concentrated and highly
competitive market, no single equities
exchange possesses significant pricing
power in the execution of order flow.
The Exchange in particular operates a
3 See Cboe Global Markets, U.S. Equities Market
Volume Summary, Month-to-Date (June 21, 2024),
available at https://www.cboe.com/us/equities/
market_statistics/.

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58457

‘‘Maker-Taker’’ model whereby it pays
rebates to members that add liquidity
and assesses fees to those that remove
liquidity. The Exchange’s Fee Schedule
sets forth the standard rebates and rates
applied per share for orders that provide
and remove liquidity, respectively.
Currently, for orders in securities priced
at or above $1.00, the Exchange
provides a standard rebate of $0.00160
per share for orders that add liquidity
and assesses a fee of $0.0030 per share
for orders that remove liquidity.4 For
orders in securities priced below $1.00,
the Exchange does not provide a rebate
for orders that add liquidity and
assesses a fee of 0.30% of the total
dollar value for orders that remove
liquidity.5 Additionally, in response to
the competitive environment, the
Exchange also offers tiered pricing
which provides Members opportunities
to qualify for higher rebates or reduced
fees where certain volume criteria and
thresholds are met. Tiered pricing
provides an incremental incentive for
Members to strive for higher tier levels,
which provides increasingly higher
benefits or discounts for satisfying
increasingly more stringent criteria.
Add/Remove Volume Tiers
Under footnote 1 of the Fee Schedule,
the Exchange offers various Add/
Remove Volume Tiers. In particular, the
Exchange offers four Non-Displayed
Add Volume Tiers that each provide an
enhanced rebate for Members’
qualifying orders yielding fee codes
HB,6 HV,7 or HY,8 where a Member
reaches certain volume-based criteria
offered in each tier. The Exchange now
proposes to introduce a new NonDisplayed Add Volume Tier 5. The
proposed criteria for Non-Displayed
Add Volume Tier 5 is as follows:
• Non-Displayed Add Volume Tier 5
provides a rebate of $0.0027 per share
in securities priced at or above $1.00 to
qualifying orders (i.e., orders yielding
fee codes HB, HV, or HY) where a
Member adds a Step-Up ADV 9 from
4 See

BZX Equities Fee Schedule, Standard Rates.

5 Id.
6 Fee code HB is appended to non-displayed
orders that add liquidity to BZX in Tape B
securities.
7 Fee code HV is appended to non-displayed
orders that add liquidity to BZX in Tape A
securities.
8 Fee code HY is appended to non-displayed
orders that add liquidity to BZX in Tape C
securities.
9 Step-Up ADV means ADV in the relevant
baseline month subtracted from current day ADV.
ADV means average daily volume calculated as the
number of shares added or removed, combined, per
day and is calculated on a monthly basis.

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