60-Day Notice

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Federal Register / Vol. 89, No. 157 / Wednesday, August 14, 2024 / Notices

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100680; File No. SR–
CboeEDGX–2024–009]

Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of
Withdrawal of a Proposed Rule Change
To Amend the Definition of Retail
Order, and Codify Interpretations and
Policies Regarding Permissible Uses
of Algorithms by RMOs
August 8, 2024.

On January 25, 2024, Cboe EDGX
Exchange, Inc. (‘‘Exchange’’) 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 amend the definition of Retail
Order,3 and codify interpretations and
policies regarding permissible uses of
algorithms by Retail Member
Organizations.4. The proposed rule
change was published for comment in
the Federal Register on February 13,
2024.5 On March 20, 2024, pursuant to
Section 19(b)(2) of the Act,6 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.7 On May 13,
2024, the Commission instituted
proceedings under Section 19(b)(2)(B) of
the Act 8 to determine whether to
approve or disapprove the proposed
rule change.9 On July 10, 2024, the
Exchange submitted Amendment No. 1
to the proposed rule change, which
replaced and superseded the proposed
rule change as originally filed. On July
17, 2024, the Exchange withdrew
Amendment No. 1. On August 6, 2024,
the Commission designated a longer
period within which to approve or
disapprove the proposed rule change.10
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The term ‘‘Retail Order’’ is defined in Exchange
Rule 11.21(a)(2).
4 The term ‘‘Retail Member Organization’’ (or
‘‘RMO’’) is defined in Exchange Rule 11.21(a)(1) to
mean a member of the Exchange (or a division
thereof) that has been approved by the Exchange
under Exchange Rule 11.21 to submit Retail Orders.
5 See Securities Exchange Act Release No. 99490
(February 7, 2024), 89 FR 10129 (‘‘Notice’’). The
Commission has not received any comments on the
proposed rule change.
6 15 U.S.C. 78s(b)(2).
7 See Securities Exchange Act Release No. 99811,
89 FR 21077 (March 26, 2024).
8 15 U.S.C. 78s(b)(2)(B).
9 See Securities Exchange Act Release No. 100114
(May 13, 2024), 89 FR 43462 (May 17, 2024).
10 See Securities Exchange Act Release No.
100665 (designating October 10, 2024 as the date by

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On August 7, 2024, the Exchange
withdrew the proposed rule change
(SR–CboeEDGX–2024–009).

the Proposal.9 On August 1, 2024, MIAX
Pearl withdrew the Proposal (SR–
PEARL–2024–03).

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Sherry R. Haywood,
Assistant Secretary.

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Sherry R. Haywood,
Assistant Secretary.

[FR Doc. 2024–18078 Filed 8–13–24; 8:45 am]

[FR Doc. 2024–18074 Filed 8–13–24; 8:45 am]

BILLING CODE 8011–01–P

BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION

SECURITIES AND EXCHANGE
COMMISSION

[Release No. 34–100676; File No. SR–
PEARL–2024–03]

[SEC File No. 270–253, OMB Control No.
3235–0260]

Self-Regulatory Organizations; MIAX
PEARL, LLC; Notice of Withdrawal of
Proposed Rule Change To Permit the
Exchange To List and Trade Options
on Exchange-Traded Fund Shares That
Represent Interests in a Trust That
Holds Bitcoin

Proposed Collection; Comment
Request; Extension: Rule 23c–1

August 8, 2024.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
MIAX PEARL, LLC (‘‘MIAX Pearl’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change to permit the
Exchange to list and trade options on
exchange-traded fund shares that
represent interests in a trust that holds
bitcoin (‘‘Proposal’’).
On January 25, 2024, the Proposal was
published for comment in the Federal
Register.3 On March 6, 2024, pursuant
to Section 19(b)(2) of the Act,4 the
Commission designated a longer period
within which to approve the Proposal,
disapprove the Proposal, or institute
proceedings to determine whether to
disapprove the Proposal.5 On April 24,
2024, the Commission instituted
proceedings under Section 19(b)(2)(B) of
the Act 6 to determine whether to
approve or disapprove the Proposal.7
The Commission received comments
addressing the Proposal.8 On July 19,
2024, the Commission designated a
longer time for Commission action on
which the Commission shall either approve or
disapprove the proposed rule change).
11 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 99394
(Jan. 19, 2024), 89 FR 5058 (SR–PEARL–2024–03).
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 99682
(Mar. 6, 2024), 89 FR 17887 (Mar. 12, 2024).
6 15 U.S.C. 78s(b)(2)(B).
7 See Securities Exchange Act Release No. 100024
(Apr. 24, 2024), 89 FR 34290 (Apr. 30, 2024).
8 Comment letters on the Proposal are available at
http://www.sec.gov/comments/sr-pearl-2024-03/
srpearl202403.htm.

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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. 3501–3520), 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 for extension
and approval.
Rule 23c–1(a) under the Investment
Company Act (17 CFR 270.23c–1(a))
permits a closed-end fund to repurchase
its securities for cash if, in addition to
the other requirements set forth in the
rule, the following conditions are met:
(i) payment of the purchase price is
accompanied or preceded by a written
confirmation of the purchase (‘‘written
confirmation’’); (ii) the asset coverage
per unit of the security to be purchased
is disclosed to the seller or his agent
(‘‘asset coverage disclosure’’); and (iii) if
the security is a stock, the fund has,
within the preceding six months,
informed stockholders of its intention to
purchase stock (‘‘six month notice’’).
Commission staff estimates that 48
closed-end funds undertake a total of
192 repurchases annually under rule
23c–1.1 Staff estimates further that, with
respect to each repurchase, each fund
9 See Securities Exchange Act Release No. 100567
(Jul. 19, 2024), 89 FR 60482 (Jul. 25, 2024).
10 17 CFR 200.30–3(a)(12).
1 The number of closed-end funds that undertake
repurchases annually under rule 23c–1 is based on
information provided in response to Item C.7.i of
Form N–CEN from January 1, 2023 through
December 31, 2023; we estimate that each of the 48
funds undertook an average of 4 repurchases
annually (48 funds × 4 repurchases = 192
repurchases annually).

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Federal Register / Vol. 89, No. 157 / Wednesday, August 14, 2024 / Notices
spends 2.5 hours to comply with the
rule’s written confirmation, asset
coverage disclosure and six month
notice requirements. Thus, Commission
staff estimates the total annual
respondent reporting burden is 480
hours.2 Commission staff further
estimates that the cost of the hourly
burden per repurchase is approximately
$388 (one half hour of a compliance
attorney’s time at $440 per hour,3 and
two hours of clerical time at $84 per
hour 4). The total annual cost for all
funds is estimated to be $186,240.5
In addition, the fund must file with
the Commission a copy of any written
solicitation to purchase securities given
by or on behalf of the fund to 10 or more
persons. The copy must be filed as an
exhibit to Form N–CSR (17 CFR
249.331and 274.128).6 The burden
associated with filing Form N–CSR is
addressed in the submission related to
that form.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
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 October 15, 2024.

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2 This

estimate is based on the following
calculation: 192 repurchases × 2.5 hours per
repurchase = 480 hours.
3 The $440/hour figure for a compliance attorney
is from SIFMA’s Management & Professional
Earnings in the Securities Industry 2013, modified
by Commission staff to account for an 1,800-hour
work-year and inflation, and multiplied by 5.35 to
account for bonuses, firm size, employee benefits
and overhead.
4 The $84/hour figure for a compliance clerk is
from SIFMA’s Office Salaries in the Securities
Industry 2013, modified by Commission staff to
account for an 1,800-hour work-year and inflation,
and multiplied by 2.93 to account for bonuses, firm
size, employee benefits and overhead.
5 This estimate is based on the following
calculation: 192 repurchases × 2.5 hours per
repurchase × $388 hourly cost = $186,240.
6 In addition, Item 9 of Form N–CSR requires
closed-end funds to disclose information similar to
the information that was required in Form N–23C–
1, which was discontinued in 2004.

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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: August 9, 2024.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–18168 Filed 8–13–24; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100671; File No. SR–
CBOE–2024–034]

Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing of a
Proposed Rule Change To List P.M.Settled Broad-Based Index Options
With Expirations on the Third Fridayof-the-Month
August 8, 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 August 2,
2024, Cboe Exchange, Inc. (‘‘Exchange’’
or ‘‘Cboe Options’’) 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
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes to list
P.M.-settled broad-based Index options
with expirations on the Third Friday-ofthe-month. 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://www.cboe.com/
AboutCBOE/CBOELegal
RegulatoryHome.aspx), at the
Exchange’s Office of the Secretary, and
at the Commission’s Public Reference
Room.
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.

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Fmt 4703

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 Exchange proposes to amend its
Rules to permit the listing of P.M.settled 3 options on any broad-based
index eligible for standard options
trading that expire on the standard third
Friday-of-the-month (‘‘Expiration
Friday’’). Currently, pursuant to Rule
4.13, Interpretations and Policies .13
and .14, the Exchange is permitted to
list P.M.-settled options on the S&P 500
Index (‘‘SPX options’’), the Mini-S&P
500 Index (‘‘XSP options’’), and the
Mini-Russell 2000 Index (‘‘MRUT
options’’) that expire on Expiration
Fridays. Additionally, pursuant to Rule
4.13(e), the Exchange may list P.M.settled options on any broad-based
index eligible for standard options
trading that expire on any Monday,
Tuesday, Wednesday, Thursday, or
Friday (other than Expiration Friday or
days that coincide with an EOM
Expiration (as defined below)) (‘‘Weekly
Expirations’’) or that expire on the last
trading day of the month (‘‘EOM
Expirations’’ and, combined with
Weekly Expirations, ‘‘Nonstandard
Expirations’’). As a result, currently, the
Exchange may list P.M-settled SPX,
XSP, and MRUT options with
expirations on any day of the week,
including all Fridays, while the
Exchange may list P.M-settled options
on all other broad-based index options
with expirations on any day of the
week, including all Fridays except
Expiration Fridays.
The proposed rule change would
permit the Exchange to list P.M.-settled
options on all broad-based index
options that expire on Expiration
Fridays. Specifically, the proposed rule
3 An option with P.M.-settlement has its exercise
settlement value derived from the closing prices on
the expiration date.

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