60 Day Notice

60944

Federal Register / Vol. 89, No. 145 / Monday, July 29, 2024 / Notices

19(b)(3)(A) 25 of the Act and paragraph
(f) 26 of Rule 19b–4 thereunder. 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.
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:

ddrumheller on DSK120RN23PROD with NOTICES1

Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules-regulations/self-regulatoryorganization-rulemaking); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
DTC–2024–006 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549.
All submissions should refer to file
number SR–DTC–2024–006. 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-regulations/self-regulatoryorganization-rulemaking). 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 DTC
and on DTCC’s website (dtcc.com/legal/
25 15
26 17

sec-rule-filings). 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–DTC–2024–006 and
should be submitted on or before
August 19, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.27
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–16551 Filed 7–26–24; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–523, OMB Control No.
3235–0585]

Proposed Collection; Comment
Request; Extension: Rule 206(4)–7
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
(‘‘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 for extension
and approval.
The title for the collection of
information is ‘‘Investment Advisers Act
rule 206(4)–7, 17 CFR 275.206(4)–7,
Compliance procedures and practices.’’
This collection of information is found
at 17 CFR 275.206(4)–7, and is
mandatory. Rule 206(4)–7 under the
Investment Advisers Act of 1940
(‘‘Advisers Act’’) requires each
investment adviser registered with the
Commission to (1) adopt and implement
written policies and procedures
reasonably designed to prevent
violations of the Advisers Act and its
rules, (2) review those compliance
policies and procedures annually, and
(3) designate a chief compliance officer
who is responsible for administering the
compliance policies and procedures.
The rule is designed to protect investors
by fostering better compliance with the

U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).

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securities laws. The collection of
information under rule 206(4)–7 is
necessary to help ensure that
investment advisers maintain
comprehensive internal programs that
promote the advisers’ compliance with
the Advisers Act and its rules. The
Commission’s examination and
oversight staff may review the
information collected to assess
investment advisers’ compliance
programs. Responses provided to the
Commission pursuant to the rule in the
context of the Commission’s
examination and oversight program are
generally kept confidential.1 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 respondents to this information
collection are investment advisers
registered with the Commission.
Updated data indicate that there were
15,441 advisers registered with the
Commission as of December 31, 2023.
Each respondent would produce one
response, per year. Commission staff has
estimated that compliance with rule
206(4)–7 imposes an annual burden of
approximately 90 hours per response.
Based on this figure, Commission staff
estimates a total annual burden of
1,389,690 hours for this collection of
information.
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 September 27, 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.
1 See section 210(b) of the Advisers Act (15 U.S.C.
80b–10(b)).

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Federal Register / Vol. 89, No. 145 / Monday, July 29, 2024 / Notices
Dated: July 23, 2024.
Sherry R. Haywood,
Assistant Secretary.

Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.

[FR Doc. 2024–16567 Filed 7–26–24; 8:45 am]

A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change

BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100575; File No. SR–MRX–
2024–25]

Self-Regulatory Organizations; Nasdaq
MRX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend MRX’s Options
7
July 23, 2024.

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 15,
2024, Nasdaq MRX, LLC (‘‘MRX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘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
The Exchange proposes to amend the
Exchange’s Pricing Schedule at Options
7.3
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/mrx/rules, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.

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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
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 On June 11, 2024, the Exchange withdrew SR–
MRX–2024–13 and replaced it with SR–MRX–
2024–14. On June 25, 2024, the Exchange withdrew
SR–MRX–2024–14 and replaced it with SR–MRX–
2024–16. On July 2, 2024, the Exchange withdrew
SR–MRX–2024–16 and replaced it with SR–MRX–
2024–22. On July 15, 2024, the Exchange withdrew
SR–MRX–2024–22 and replaced it with this rule
change.
2 17

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1. Purpose
MRX proposes to amend the
Exchange’s Pricing Schedule at Options
7 to make various changes. Specifically,
the Exchange proposes to amend
Options 7: Section 1, General
Provisions; Section 3, Regular Order
Fees and Rebates; and Section 4,
Complex Order Fees. Each change will
be described below.
Options 7, Section 3—Table 1
Today, MRX offers Regular Order
Maker Fees/Rebates and Taker Fees in
Penny and Non-Penny Symbols in
Options 7, Section 3, Table 1.
Specifically, with respect to Penny
Symbols, the Exchange assesses/pays
Market Makers 4 a Tier 1 Maker Fee of
$0.10 per contract, no Tier 2 Maker Fee,
a Tier 3 Maker Rebate of $0.05 per
contract and a Tier 4 Maker Rebate of
$0.10 per contract in Penny Symbols.
Today, the Exchange assesses Market
Maker Tier 1 through Tier 4 Penny
Symbol Taker Fees of $0.50 per
contract. Today, the Exchange assesses
Non-Nasdaq MRX Market Makers
(FarMM),5 Firm Proprietary/BrokerDealer 6 and Professional Customers 7 a
Tier 1 through Tier 4 Maker Fee of $0.47
per contract and a Tier 1 through Tier
4 Taker Fee of $0.50 per contract in
Penny Symbols. Finally, today, the
Exchange assesses a Priority Customer 8
no Maker Fees and pays no Maker
Rebates and assesses a $0.20 per
4 A ‘‘Market Maker’’ is a market maker as defined
in Nasdaq MRX Rule Options 1, Section 1(a)(21).
See Options 7, Section 1(c).
5 A ‘‘Non-Nasdaq MRX Market Maker’’ is a market
maker as defined in Section 3(a)(38) of the
Securities Exchange Act of 1934, as amended,
registered in the same options class on another
options exchange. See Options 7, Section 1(c).
6 A ‘‘Firm Proprietary’’ order is an order
submitted by a Member for its own proprietary
account. A ‘‘Broker-Dealer’’ order is an order
submitted by a Member for a broker-dealer account
that is not its own proprietary account. See Options
7, Section 1(c).
7 A ‘‘Professional Customer’’ is a person or entity
that is not a broker/dealer and is not a Priority
Customer. See Options 7, Section 1(c).
8 A ‘‘Priority Customer’’ is a person or entity that
is not a broker/dealer in securities, and does not
place more than 390 orders in listed options per day
on average during a calendar month for its own
beneficial account(s), as defined in Nasdaq MRX
Options 1, Section 1(a)(36). Unless otherwise noted,
when used in this Pricing Schedule the term
‘‘Priority Customer’’ includes ‘‘Retail’’. See Options
7, Section 1(c).

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60945

contract Tier 1 through Tier 4 Taker Fee
in Penny Symbols.
With respect to Non-Penny Symbols,
today, the Exchange assesses Market
Makers a Tier 1 Maker Fee of $0.35 per
contract, a Tier 2 Maker Fee of $0.20 per
contract, a Tier 3 Maker Fee of $0.15 per
contract and a Tier 4 Maker Fee of $0.10
per contract. Today, the Exchange
assesses Market Makers a Tier 1 through
Tier 4 Taker Fee of $1.10 per contract
in Non-Penny Symbols. Today, the
Exchange assesses Non-Nasdaq MRX
Market Makers (FarMM), Firm
Proprietary/Broker-Dealer and
Professional Customers a Tier 1 through
Tier 4 Maker Fee of $0.90 per contract
and a Tier 1 through Tier 4 Taker Fee
of $1.10 per contract in Non-Penny
Symbols. Finally, today, the Exchange
assesses a Priority Customer no Maker
Fees and assesses a $0.40 per contract
Tier 1 through Tier 4 Taker Fee in NonPenny Symbols.
At this time, the Exchange proposes to
no longer offer Maker Rebates for adding
liquidity and instead offer Taker Rebates
for removing liquidity. With this new
structure, the Exchange would continue
to assess Priority Customers no Maker
Fees for Penny and Non-Penny Symbols
to continue to encourage Members to
send Priority Customer order flow that
adds liquidity to MRX and rests on the
order book. The Exchange proposes to
begin offering Priority Customer Taker
Rebates in Penny and Non-Penny
Symbols to encourage Members to send
Priority Customer order flow that
removes liquidity from MRX’s order
book. MRX’s proposal offers to pay
rebates to Members to engage in Priority
Customer liquidity removing activity on
MRX. Specifically, the Exchange
believes that the Taker Rebates will
encourage additional order flow to be
sent to MRX with the goal of removing
liquidity and obtaining a Taker Rebate.
To the extent this proposal attracts such
order flow to MRX, all Members should
benefit through more trading
opportunities.
As a result of this structural change in
pricing, the Exchange would assess a
Market Maker a $0.50 per contract
Penny Symbol Maker Fee in Tier 1
through Tier 4. This would be an
increase in the Tier 1 Maker Fee of
$0.40 per contract and an increase in the
Tier 2 Maker Fee of $0.50 per contract
for Market Makers in Penny Symbols.
The Exchange would no longer pay a
$0.05 per contract Maker Rebate in Tier
3 nor pay a $0.10 per contract Tier 4
Maker Rebate to Market Makers in
Penny Symbols and instead assess the
$0.50 per contract Maker Fee.
Additionally, a Market Maker would
pay a decreased Penny Symbol Taker

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