Federal Register 60-Day Notice

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Federal Register / Vol. 91, No. 96 / Tuesday, May 19, 2026 / Notices

Exchange does not believe the proposed
rule change will impose any burden on
intramarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act because it
provides the same execution
opportunities in PRIME Auctions to
assigned Market Makers that are
currently available to all other market
participants.
The Exchange does not believe the
proposed rule change will impose any
burden on intermarket competition that
is not necessary or appropriate in
furtherance of the purposes of the Act
because it relates to orders submitted
into the PRIME Auction mechanism on
the Exchange. Additionally, the
Exchange notes that the rules of at least
one other options exchange permits
orders for the accounts of appointed
market makers to be solicited as contra
orders for that exchange’s electronic
crossing price improvement auction.21
The Exchange believes the proposed
rule change may improve price
competition with PRIME Auctions,
because the primary liquidity providers
will be able to increase participation in
PRIME Auctions.
For all the reasons stated, the
Exchange does not believe that the
proposed rule change will impose any
burden on competition not necessary or
appropriate in furtherance of the
purposes of the Act, and believes the
proposed change will enhance
competition.

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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
Because the foregoing proposed rule
change does not: (i) significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act 22 and
subparagraph (f)(6) of Rule 19b–4
thereunder.23
21 See supra note 14.
22 15 U.S.C. 78s(b)(3)(A)(iii).
23 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing

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At any time within 60 days of the
filing of such 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 shall institute proceedings
under Section 19(b)(2)(B) 24 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.25
J. Matthew DeLesDernier,
Deputy Secretary.

IV. Solicitation of Comments

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 collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget (‘‘OMB’’) for
extension and approval.
The title for the collection of
information is ‘‘Rule 206(4)–6’’ under
the Investment Advisers Act of 1940 (15
U.S.C. 80b–1 et seq.) (‘‘Advisers Act’’)
and the collection has been approved
under OMB Control No. 3235–0571. The
Commission adopted rule 206(4)–6 (17
CFR 275.206(4)–6), the proxy voting
rule, to address an investment adviser’s
fiduciary obligation to clients who have
given the adviser authority to vote their
securities. Under the rule, an
investment adviser that exercises voting
authority over client securities is
required to: (i) adopt and implement
written policies and procedures that are
reasonably designed to ensure that the
adviser votes client securities in the best
interest of clients, including procedures
to address any material conflict that
may arise between the interests of the
adviser and the client; (ii) disclose to
clients how they may obtain
information from the adviser on how the
adviser has voted with respect to their
securities; and (iii) describe to clients
the adviser’s proxy voting policies and
procedures and, on request, furnish a
copy of the policies and procedures to
the requesting client. The rule is
designed to assure that advisers that
vote proxies for their clients vote those
proxies in their clients’ best interest and
provide clients with information about
how their proxies were voted.

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–
EMERALD–2026–13 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–EMERALD–2026–13. 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 filing 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–EMERALD–2026–13
and should be submitted on or before
June 9, 2026.
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
24 15 U.S.C. 78s(b)(2)(B).

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[FR Doc. 2026–09960 Filed 5–18–26; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0571]

Proposed Collection; Comment
Request; Extension: Rule 206(4)–6

25 17 CFR 200.30–3(a)(12).

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khammond on DSK9W7S144PROD with NOTICE

Federal Register / Vol. 91, No. 96 / Tuesday, May 19, 2026 / Notices
Rule 206(4)–6 contains ‘‘collection of
information’’ requirements within the
meaning of the Paperwork Reduction
Act. The respondents are investment
advisers registered with the Commission
that vote proxies with respect to clients’
securities. Advisory clients of these
investment advisers use the information
required by the rule to assess
investment advisers’ proxy voting
policies and procedures and to monitor
the advisers’ performance of their proxy
voting activities. The information
required by Adviser’s Act rule 204–2, a
recordkeeping rule, also is used by the
Commission staff in its examination and
oversight program. Without the
information collected under the rules,
advisory clients would not have
information they need to assess the
adviser’s services and monitor the
adviser’s handling of their accounts, and
the Commission would be less efficient
and effective in its programs.
The estimated number of investment
advisers subject to the collection of
information requirements under the rule
is 15,996. It is estimated that each of
these advisers is required to spend on
average 10 hours annually documenting
its proxy voting procedures under the
requirements of the rule, for a total
burden of 159,960 hours. We further
estimate that on average, approximately
377 clients of each adviser would
request copies of the underlying policies
and procedures. We estimate that it
would take these advisers 0.1 hours per
client to deliver copies of the policies
and procedures, for a total burden of
603,049 hours. Accordingly, we
estimate that rule 206(4)–6 results in an
annual aggregate burden of collection
for SEC-registered investment advisers
of a total of 763,009.2 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 OMB
Control Number.
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the SEC,
including whether the information will
have practical utility; (b) the accuracy of
the SEC’s estimate of the burden
imposed by the proposed collection of
information, including the validity of
the methodology and the assumptions
used; (c) ways to enhance the quality,
utility, and clarity of the information to
be collected; and (d) ways to minimize
the burden of the collection of
information on respondents, including
through the use of automated, electronic
collection techniques or other forms of
information technology.

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Please direct your written comments
on this 60-Day Collection Notice to
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg via
email to PaperworkReductionAct@
sec.gov by July 20, 2026. There will be
a second opportunity to comment on
this SEC request following the Federal
Register publishing a 30-Day
Submission Notice.
Dated: May 14, 2026.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026–09951 Filed 5–18–26; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–105495; File No. SR–
CboeEDGX–2026–028]

Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend
Chapter 8 of the Exchange’s Rulebook
Relating To Investigative and
Disciplinary Matters
May 14, 2026.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 4,
2026, Cboe EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘‘‘EDGX’’) filed with the
Securities and Exchange Commission
(the ‘‘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.
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’’) proposed rule
changes to amend Chapter 8 of the
Exchange’s Rulebook relating to
investigative and disciplinary matters.
The text of the proposed rule change is
provided in Exhibit 5.
The text of the proposed rule change
is also available on the Commission’s
website (https://www.sec.gov/rules/
sro.shtml), the Exchange’s website
https://www.cboe.com/us/equities/
regulation/rule_filings/bzx/, and at the
principal office of the Exchange.
1 15 U.S.C. 78s(b)(1).
2 17 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
1. Purpose
The Exchange proposes to amend
rules concerning investigative and
disciplinary matters involving Exchange
Members 3 and persons associated with
Members (‘‘associated persons’’).
Specifically, the Exchange proposes to
update its Rules relating to (1)
disciplinary jurisdiction; (2) complaints
and investigations; (3) expedited
proceedings; (4) charges; (5) answers; (6)
hearings; (7) offers of settlement; (8)
decisions; (9) reviews; (10) judgments
and sanctions; (11) service of notice;
(12) agency review and reporting; (13)
imposition of fines for minor rule
violations; (14) ex parte
communications; and (15) release of
disciplinary complaints, decisions, and
other information. The Exchange
proposes these updates in an effort to
increase efficiency and fairness by
harmonizing the Exchange’s Rules
concerning investigative and
disciplinary matters with those of the
Exchange’s affiliate exchanges: Cboe
Exchange, Inc. (‘‘C1’’ or ‘‘Cboe
Options’’) 4 and Cboe C2 Exchange, Inc.
(‘‘C2’’) 5 (collectively, and hereinafter,
referred to as the ‘‘Affiliated
3 See Exchange Rule 1.5(n). ‘‘The term ‘‘Member’’
shall mean any registered broker or dealer that has
been admitted to membership in the Exchange. A
Member will have the status of a ‘‘member’’ of the
Exchange as that term is defined in Section 3(a)(3)
of the Act. Membership may be granted to a sole
proprietor, partnership, corporation, limited
liability company or other organization which is a
registered broker or dealer pursuant to Section 15
of the Act, and which has been approved by the
Exchange.’’
4 See Rules of Cboe Exchange, Inc., specifically
Rules 13.1, 13.2, 13.3, 13.4, 13.5, 13.6, 13.8, 13.9,
13.10, 13.11, 13.12, 13.13, 13.14, 13.15, and 13.16.
5 See Rules of Cboe C2 Exchange, Inc.,
specifically Chapter 13, which incorporates by
reference the rules contained in Cboe Exchange,
Inc. Chapter 13.

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