Federal Register 60-Day Collection Notice

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Federal Register / Vol. 91, No. 162 / Monday, August 24, 2026 / Notices

However, the Exchange notes that
market participants retain the ability to
migrate activity to economically similar
products available at other venues,11
and that the proposed rates must
therefore be set at levels that reflect the
value of trading these products, not at
levels that would drive participants
toward substitutes.
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
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. The
proposed standard transaction fees for
XSPBX apply uniformly to all
participants within each capacity and,
with respect to Market-Makers by
execution method and by whether the
order adds or removes liquidity, and are
structured consistently across those
categories in a manner that reflects each
participant’s role in the marketplace, as
described above. The exclusion of
XSPBX from certain fee programs,
surcharge, and incentives similarly
applies uniformly to all participants
trading XSPBX.
The Exchange does not believe that
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 the proposed fees assessed
apply to Exchange proprietary products,
which are traded exclusively on the
Exchange. As stated above, the
Exchange notes that market participants
retain the ability to migrate activity to
economically similar products available
at other venues.
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.

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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 12 and paragraph (f) of Rule
11 The Exchange notes that binary options similar
to XSPBX are available in the OTC market and on
other platforms.
12 15 U.S.C. 78s(b)(3)(A).

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19b–4 13 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–
CBOE–2026–071 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–CBOE–2026–071. 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–CBOE–2026–071 and
should be submitted on or before
September 14, 2026.

13 17 CFR 240.19b–4(f).

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For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Vanessa A. Countryman,
Secretary.
[FR Doc. 2026–17203 Filed 8–21–26; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0617]

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Rule
433
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 collections 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 433 (17 CFR 230.433) governs
the use and filing of free writing
prospectuses with respect to the
securities of an issuer that are the
subject of a registration statement that
has been filed under the Securities Act
of 1933 (15 U.S.C. 77a et seq.). A free
writing prospectus that satisfies the
conditions pursuant to Rule 433 will be
a prospectus under Section 10(b) of the
Securities Act and will be deemed to be
public without regard to its method of
use or distribution. Rule 433 is intended
to facilitate issuer communications
during a registered offering of securities
after a registration statement has been
filed with the Commission. We estimate
that there are approximately 20,179 free
writing prospectuses filed pursuant to
Rule 433 annually, for a total of
approximately 20,179 responses
annually. We estimate that respondents
incur approximately 2.45 burden hours
per Rule 433 response, for a total annual
reporting burden of 49,439 hours (2.45
hours per response × 20,179 responses).
We estimate that respondents incur
$380.03 cost burden per Rule 433
response, for a total annual cost of
$7,668,625 ($380.03 cost per response ×
20,179 responses).
An agency may not conduct or
sponsor, and a person is not required to
14 17 CFR 200.30–3(a)(12).

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Federal Register / Vol. 91, No. 162 / Monday, August 24, 2026 / Notices
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
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by 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.
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 October 23, 2026.
Dated: August 20, 2026.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2026–17223 Filed 8–21–26; 8:45 am]
BILLING CODE 8011–01–P

[Release No. 34–106160; File No. SR–
MEMX–2026–24]

Self-Regulatory Organizations; MEMX
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend the Exchange’s Fee
Schedule
August 19, 2026.

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Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4thereunder,2
notice is hereby given that on August
11, 2026, MEMX LLC (‘‘MEMX’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission (the
‘‘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 is filing with the
Commission a proposed rule change to
2 17 CFR 240.19b–4.

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

SECURITIES AND EXCHANGE
COMMISSION

1 15 U.S.C. 78s(b)(1)

amend the Exchange’s fee schedule
applicable to Members 3 (the ‘‘Fee
Schedule’’) pursuant to Exchange Rules
15.1(a) and (c). As is further described
below, the Exchange proposes to amend
the required criteria under Retail SubDollar Liquidity Removal Tier 1. The
Exchange proposes to implement the
changes to the Fee Schedule pursuant to
this proposal immediately. The text of
the proposed rule change is provided in
Exhibit 5 and is available at the
Exchange’s website at https://
info.memxtrading.com/regulation/rulesand-filings/ and at the principal office of
the Exchange.

1. Purpose
The purpose of the proposed rule
change is to amend the Fee Schedule to
amend the required criteria under Retail
Sub-Dollar Liquidity Removal Tier 1.4
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
18 registered equities exchanges, as well
as a number of alternative trading
systems and other off-exchange venues,
to which market participants may direct
their order flow. Based on publicly
available information, no single
registered equities exchange currently
has more than approximately 14% of
the total market share of executed
volume of equities trading.5 Thus, in
3 See Exchange Rule 1.5(p).
4 The Exchange initially filed the proposed Fee
Schedule changes on July 31, 2026 (SR–MEMX–
2026–23). On August 11, 2026, the Exchange
withdrew that filing and submitted this proposal.
5 Market share percentage calculated as of July 30,
2026. The Exchange receives and processes data

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such a low-concentrated and highly
competitive market, no single equities
exchange possesses significant pricing
power in the execution of order flow,
and the Exchange currently represents
approximately 1.8% of the overall
market share.6 The Exchange in
particular operates a ‘‘Maker-Taker’’
model whereby it provides rebates to
Members that add liquidity to the
Exchange and charges fees to Members
that remove liquidity from the
Exchange. The Fee Schedule sets forth
the standard rebates and fees applied
per share for orders that add and remove
liquidity, respectively. Additionally, in
response to the competitive
environment, the Exchange also offers
tiered pricing, which provides Members
with opportunities to qualify for higher
rebates or lower 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.
Currently, the Exchange charges a
standard fee of 0.28% of the total dollar
value of the transaction for executions
of Retail Orders 7 in securities priced
below $1.00 per share that remove
liquidity from the Exchange (such
orders, ‘‘Removed Sub-Dollar Retail
Volume’’). The Exchange also currently
offers the Retail Sub-Dollar Liquidity
Removal Tier 1, under which the
Exchange charges a reduced fee of
0.18% of the total dollar value of the
transaction for executions of Removed
Sub-Dollar Retail Volume for Members
that qualify for such tier by achieving a
Retail Order ADAV 8 in securities priced
below $1.00 per share that is equal to or
greater than 20,000,000 shares.9 Now,
the Exchange proposes to modify the
required criteria such that a Member
made available through consolidated data feeds
(i.e., CTS and UTDF).
6 Id.
7 A ‘‘Retail Order’’ means an agency or riskless
principal order that meets the criteria of FINRA
Rule 5320.03 that originates from a natural person
and is submitted to the Exchange by a Retail
Member Organization (‘‘RMO’’), provided that no
change is made to the terms of the order with
respect to price or side of market and the order does
not originate from a trading algorithm or any other
computerized methodology. See Exchange Rule
11.21(a).
8 As set forth on the Fee Schedule, ‘‘ADAV’’
means the average daily added volume calculated
as the number of shares added per day, which is
calculated on a monthly basis. Thus, a Retail Order
ADAV means an ADAV in Retail Orders.
9 The pricing for the Sub-Dollar Retail Liquidity
Removal Tier is referred to by the Exchange on the
Fee Schedule under the existing description ‘‘SubDollar Retail Liquidity Removal Tier 1’’ with a Fee
Code of ‘‘Rr1B’’ on monthly invoices provided to
Members.

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