Federal Register 30-Day Notice

105664

Federal Register / Vol. 89, No. 248 / Friday, December 27, 2024 / Notices

Data Consolidation Fee
The Exchange believes it is reasonable
to not charge Uncontrolled External
Distributors of Cboe One Summary and
Cboe One Premium a Data
Consolidation Fee until such time they
enlist one or more Users to receive the
applicable feed as such Distributors will
not be subject to the Data Consolidation
Fee for the applicable product(s) during
this period. For the avoidance of doubt,
once an Uncontrolled External
Distributor enlists its first User, this
waiver will no longer be applicable—at
no time will an Uncontrolled External
Distributor receive this waiver while it
has customers receiving the applicable
data feed. As previously discussed, the
Exchange believes the proposed Data
Consolidation Fee Waiver for
Uncontrolled External Distributors is
not designed to permit unfair
discrimination against Controlled
External Distributors because of the
longer lead times in the development
Uncontrolled External Distributors
experience. Further, as previously
discussed, the Exchange believes only
applying this to a subset of External
Distributors and not any Internal
Distributors is equitable and not
unfairly discriminatory given the
additional risk External Distributors
assume when building out a product for
which they have no existing use cases.
Therefore, the Exchange believes the
proposed application of the Data
Consolidation Fee Waiver is reasonable
and would not permit unfair
discrimination.

khammond on DSK9W7S144PROD with NOTICES

B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
The proposed rule changes are
grounded in the Exchange’s efforts to
compete more effectively and to assist
in mitigating business costs (i.e., the
costs associated with the development
of data feeds and seeking Users to
onboard for such data feeds) for
Uncontrolled External Distributors.
Further, as previously discussed, the
Exchange believes the proposed Data
Consolidation Fee Waiver for
Uncontrolled External Distributors is
not designed to permit unfair
discrimination against Controlled
External Distributors because of the
longer lead times in the development
Uncontrolled External Distributors
experience. As a result, the Exchange
believes this proposed rule change
permits fair competition among national

VerDate Sep<11>2014

20:34 Dec 26, 2024

Jkt 265001

securities exchanges. Further, the
Exchange believes that these changes
will not cause any unnecessary or
inappropriate burden on intermarket
competition, as the proposed incentive
program applies uniformly to all
Uncontrolled External Distributors.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
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)
of the Act 30 and paragraph (f) of Rule
19b–4 31 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. 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:
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–
CboeEDGX–2024–083 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-CboeEDGX–2024–083. 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
30 15
31 17

PO 00000

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

Frm 00130

Fmt 4703

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
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–CboeEDGX–2024–083 and should be
submitted on or before January 17, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.32
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–30901 Filed 12–26–24; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–521, OMB Control No.
3235–0579]

Submission for OMB Review;
Comment Request; Extension:
Regulation BTR
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’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
32 17

Sfmt 4703

E:\FR\FM\27DEN1.SGM

CFR 200.30–3(a)(12).

27DEN1

Federal Register / Vol. 89, No. 248 / Friday, December 27, 2024 / Notices

khammond on DSK9W7S144PROD with NOTICES

Regulation Blackout Trade Restriction
(‘‘Regulation BTR’’) (17 CFR 245.100—
245.104) clarifies the scope and
application of Section 306(a) of the
Sarbanes-Oxley Act of 2002 (‘‘Act’’) (15
U.S.C. 7244(a)). Section 306(a)(6) [15
U.S.C.7244(a)(6)] of the Act requires an
issuer to provide timely notice to its
directors and executive officers and to
the Commission of the imposition of a
blackout period that would trigger the
statutory trading prohibition of section
306(a)(1) [15 U.S.C. 7244(a)(1)]. Section
306(a) of the Act prohibits any director
or executive officer of an issuer of any
equity security, directly or indirectly,
from purchasing, selling or otherwise
acquiring or transferring any equity
security of that issuer during any
blackout period with respect to such
equity security if the director or
executive officer acquired the equity
security in connection with his or her
service or employment. Approximately
1,230 issuers file Regulation BTR
notices approximately 5 times a year for
a total of 6,150 responses. We estimate
that it takes approximately 2 hours to
prepare the blackout notice for a total
annual burden of 2,460 hours. The
issuer prepares 75% of the 2,460 annual
burden hours for a total reporting
burden of (1,230 issuers × 2 hours per
issuer × 0.75) 1,845 hours. In addition,
we estimate that an issuer distributes a
notice to five directors and executive
officers at an estimated 5 minutes per
notice (1,230 blackout period × 5 notices
× 5 minutes) for a total reporting burden
of 512 hours. The combined annual
reporting burden is (1,845 hours + 512
hours) 2,357 hours.
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.
Public Comment Instructions: The
public may view and comment on this
information collection request at:
https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202412-3235-022
or send an email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice by
January 27, 2025.
Dated: December 19, 2024.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024–30768 Filed 12–26–24; 8:45 am]

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–101990; File No. SR–
CboeBZX–2024–125]

Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Update Its
Fee Schedule Regarding Uncontrolled
External Distributors
December 19, 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 December
16, 2024, Cboe BZX Exchange, Inc. (the
‘‘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
Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) proposes to
update 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.
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.

BILLING CODE 8011–01–P
1 15
2 17

VerDate Sep<11>2014

20:34 Dec 26, 2024

Jkt 265001

PO 00000

U.S.C. 78s(b)(1).
CFR 240.19b–4.

Frm 00131

Fmt 4703

Sfmt 4703

105665

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 the
Market Data section of its Fee Schedule
to adopt a new fee waiver for
Uncontrolled External Distributors.3
Particularly, the Exchange proposes to:
(i) adopt a waiver of External
Distribution fees for Uncontrolled
External Distributors of the Summary
Depth Feed and Top Feed, and (ii) adopt
fee waiver of External Distribution fees
and Data Consolidation fees for
Uncontrolled External Distributors of
the Cboe One Summary Feed and Cboe
One Premium Feed.4
BZX Top and Summary Depth Data
By way of background, the Exchange
offers the BZX Top Data Feed, which is
a data feed that offers top-of-book
quotations and last sale information
based on orders entered into the
Exchange’s System. The BZX Top Data
Feed benefits investors by facilitating
their prompt access to real-time top-ofbook information contained in BZX Top
Data. The Exchange’s affiliated equities
exchanges (i.e., Cboe EDGA, Inc.
(‘‘EDGA’’), Cboe BYX Exchange, Inc.
(‘‘BYX’’), and Cboe EDGX Exchange,
Inc. (‘‘EDGX’’) (collectively, ‘‘Affiliates’’
and together with the Exchange, ‘‘Cboe
Equities Exchanges’’) also offer similar
top-of-book data feeds. Particularly,
each of the Exchange’s Affiliates offer
top-of-book quotation and last sale
information based on their own
quotation and trading activity that is
substantially similar to the information
provided by the Exchange through the
BZX Top Data Feed.
In addition to BZX Top Data Feed, the
Exchange offers BZX Summary Depth
Data Feed, which is a data feed that
offers aggregated two-sided quotations
for all displayed orders entered into the
System for up to five (5) price levels.
The BZX Summary Depth Data Feed
also contains the individual last sale
information, Market Status, Trading
Status, and Trade Break messages.5 The
BZX Summary Depth Data Feed benefits
investors by facilitating their prompt
access to real-time market depth
information contained in BZX Summary
3 The Exchange initially adopted this fee waiver
on December 2, 2024 (SR-CboeBZX–2024–123). On
December 16, 2024, the Exchange withdrew that
filing and submitted this filing.
4 For clarity, the Exchange also proposes to
modify the applicable sections of its Fee Schedule
for these data feeds to use numbered footnotes in
lieu of asterisks.
5 See Exchange Rule 11.22(m)

E:\FR\FM\27DEN1.SGM

27DEN1