64016 Federal Register / Vol. 88, No. 179 / Monday, September 18, 2023 / Notices 

22 15 U.S.C. 78s(b)(3)(A). 

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 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

24 17 CFR 240.19b–4(f)(6). 

25 17 CFR 240.19b–4(f)(6)(iii). 

26For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 27 17 CFR 200.30–3(a)(12). 

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 expects other options 

exchanges will adopt substantively 

similar proposals, such that there would 

be no burden on intermarket 

competition from the Exchange’s 

proposal. Accordingly, the proposed 

change is not meant to affect 

competition among the options 

exchanges. For these reasons, the 

Exchange believes that the proposed 

rule change reflects this competitive 

environment and does not impose any 

undue burden on intermarket 

competition. 

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 

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 from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 22 and Rule 19b– 

4(f)(6) 23 thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 24 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),25 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposed 

rule change may become operative upon 

filing. The Exchange requested the 

waiver, stating its desire to harmonize 

its rules to those of NYSE American to 

ensure fair competition among the 

options exchanges. Further, the 

proposed change would allow options 

on IPO’d securities to come to market 

sooner (i.e., at least two business days 

post-IPO not inclusive of the day of the 

IPO) without sacrificing investor 

protection. For these reasons, and 

because the proposed rule change does 

not raise any novel legal or regulatory 

issues, the Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. 

Therefore, the Commission hereby 

waives the 30-day operative delay and 

designates the proposal operative upon 

filing.26

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 shall 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– 

CboeBZX–2023–064 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–CboeBZX–2023–064. 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 

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–CboeBZX–2023–064 and should be 

submitted on or before October 10, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–20080 Filed 9–15–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98367; File No. SR– 

NASDAQ–2023–017] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Order 

Granting Approval of a Proposed Rule 

Change To Modify the Package of 

Complimentary Services Provided to 

Certain Eligible Switches September 

12, 2023 and Make Other Changes to 

IM–5900–7 and IM–5900–7A 

September 12, 2023. 

I. Introduction 

On June 21, 2023, The Nasdaq Stock 

Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’), 

pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 


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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 97833 

(July 3, 2023), 88 FR 43637 (‘‘Notice’’). 

4See Securities Exchange Act Release No. 98172 

(August 25, 2023), 88 FR 58341. 

5 IM–5900–7 defines an Eligible Switch as ‘‘a 

Company: (i) (other than a Company listed under 

IM–5101–2) switching its listing from the New York 

Stock Exchange to the Global or Global Select 

Markets, or (ii) that has switched its listing from the 

New York Stock Exchange and listed on Nasdaq 

under IM–5101–2 after the Company publicly 

announced that it entered into a binding agreement 

for a business combination and that subsequently 

satisfies the conditions in IM–5101–2(b) and lists 

on the Global or Global Select Market in 

conjunction with that business combination.’’ 

6 IM–5900–7 defines an Eligible New Listing as ‘‘a 

Company listing on the Global or Global Select 

Market in connection with: (i) an initial public 

offering in the United States, including American 

Depository Receipts (other than a Company listed 

under IM–5101–2), (ii) upon emerging from 

bankruptcy, (iii) in connection with a spin-off or 

carve-out from another Company, (iv) in connection 

with a Direct Listing as defined in IM–5315–1 

(including the listing of American Depository 

Receipts), or (v) in conjunction with a business 

combination that satisfies the conditions in IM– 

5101–2(b).’’ 

7See supra note 5. 

8See IM–5900–7A (describing the Service 

Package available to companies that listed before 

March 12, 2021, the effective date of SR–NASDAQ– 

2021–002). See also Securities Exchange Act 

Release No. 91318 (March 12, 2021), 86 FR 14774 

(March 18, 2021) (SR–NASDAQ–2021–002) 

(modifying the package of complimentary services 

provided to eligible companies and setting forth in 

IM–5900–7A the services offered to eligible 

companies that listed before the effective date of the 

change). 

9According to Nasdaq, in addition, all companies 

listed on Nasdaq receive other standard services 

from Nasdaq, including Nasdaq Online and the 

Market Intelligence Desk. See Notice, supra note 3, 

at 43637, n.6. 

10See IM–5900–7(c) for additional detail about 

the types of complimentary services and length of 

the complimentary services period offered to each 

tier of Eligible New Listings. 

11See IM–5900–7(d) for additional detail about 

the types of complimentary services and length of 

the complimentary services period offered to each 

tier of Eligible Switches. 

12See Notice, supra note 3 at 43637. 

13See id. at 43638. Nasdaq further states that all 

similarly situated companies are eligible for the 

same package of services. Id. at 43638. 

14See proposed IM–5900–7(d)(3)(A). Nasdaq also 

proposes to add a new paragraph to IM–5900– 

7(d)(3)(B) that sets forth the ESG services provided 

to an Eligible Switch with a market capitalization 

of $5 billion or more that listed before the effective 

date of the proposal. Specifically, proposed IM– 

5900–7(d)(3)(B) states: ‘‘an Eligible Switch that 

listed before [the effective date of SR–NASDAQ– 

2023–017] and had a market capitalization of $5 

billion or more is not eligible to receive the 

Advanced ESG Service or ESG Advisory Services, 

but instead receives the Core ESG Software Solution 

for four years. The total retail value of these services 

is up to approximately $281,200 per year. The 

Company will also receive one Virtual Event during 

the four-year period, which has a retail value of 

approximately $11,700.’’ 

15See supra note 8. All Eligible Companies 

receive access to a Core ESG software solution. This 

service is currently called ‘‘ESG Core’’ in IM–5900– 

7. Nasdaq proposes to make a technical change to 

rename the service to ‘‘Core ESG Software 

Solution.’’ No other changes are proposed to the 

service. 

16See Notice, supra note 3 at 43637. 

17See id. Nasdaq states this service has a retail 

value of approximately $52,500 per year. See id. at 

n. 10. In addition, one-time development fees of up 

to $21,500 to establish the services in the first year 

will be waived. See id. at n. 10. According to 

Nasdaq, the total one-time development fees that 

are waived for Eligible Companies that receive this 

service, as reflected in proposed IM–5900– 

7(d)(3)(A) is approximately $26,500, which also 

includes approximately $5,000 to establish the 

investor relations website. See id. at n. 10. 

18See id. at 43637. 

19See id. Nasdaq states that these services are 

designed to aid the company in identifying and 

incorporating ESG metrics into communications, 

with customized analysis and recommendations. 

See id. 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a 

proposed rule change to modify the 

package of complimentary services 

provided to eligible companies and 

make other changes to Nasdaq Rules 

IM–5900–7 and IM–5900–7A. The 

proposed rule change was published for 

comment in the Federal Register on July 

10, 2023.3 On August 21, 2023, the 

Commission extended the time period 

within which to approve the proposed 

rule change, disapprove the proposed 

rule change, or institute proceedings to 

determine whether to approve or 

disapprove the proposed rule change to 

October 8, 2023.4 The Commission did 

not receive any comments. As discussed 

further below, the Commission is 

approving the proposed rule change. 

II. Description of the Proposal 

The Exchange proposes to modify the 

package of complimentary services 

provided to certain Eligible Switches,5

to update the values of complimentary 

services provided under Nasdaq Rules 

IM–5900–7 and IM–5900–7A, and to 

remove obsolete provisions from Nasdaq 

Rule IM–5900–7A. 

Currently, Nasdaq offers 

complimentary services under Nasdaq 

Rule IM–5900–7 to Eligible New 

Listings 6 and Eligible Switches 7 newly 

listing on Nasdaq’s Global or Global 

Select Market (collectively, ‘‘Eligible 

Companies’’).8 The services offered 

include a whistleblower hotline, 

investor relations website, disclosure 

services for earnings or other press 

releases, webcasting, market analytic 

tools, environmental, social and 

governance (‘‘ESG’’) services, and may 

include market advisory tools such as 

stock surveillance (collectively the 

‘‘Service Package’’).9 For Eligible New 

Listings, Nasdaq offers different tiers of 

complimentary services packages based 

upon whether the company has a 

market capitalization of (1) less than 

$750 million or (2) $750 million or 

more.10 For Eligible Switches, Nasdaq 

offers different tiers of complimentary 

services packages based upon whether 

the company has a market capitalization 

of (i) less than $750 million; (ii) $750 

million or more but less than $5 billion; 

or (iii) $5 billion or more.11 Nasdaq 

states that it believes that the 

complimentary service program offers 

valuable services to newly listing 

companies, is designed to help ease the 

transition of becoming a public 

company or switching markets, and 

makes listing on Nasdaq more attractive 

to these companies.12 According to 

Nasdaq, it faces competition in the 

market for listing services and believes 

that it is reasonable to offer 

complimentary services to attract and 

retain listings as part of this 

competition.13

Nasdaq proposes to modify the ESG 

services available to Eligible Switches 

with a market capitalization of $5 

billion or more that list on or after the 

date of the Commission’s approval of 

the proposed rule change.14 Nasdaq 

states that, based on Nasdaq’s 

experience since first including the ESG 

services in the Service Package for all 

Eligible Companies in 2021,15 Nasdaq 

has become aware that as companies 

mature and become larger, they no 

longer rely on services like the Core ESG 

software solution, but instead need 

more sophisticated programs with 

additional metrics.16 Nasdaq states that 

the Core ESG software solution is not 

valuable to these larger seasoned 

companies and Nasdaq proposes to 

instead offer Eligible Switches with a 

market capitalization of $5 billion or 

more an advanced software solution, 

which will enable the company to select 

additional metrics to use in the solution 

(‘‘Advanced ESG Software Solution’’).17

Nasdaq states that the Advanced ESG 

Software Solution will allow the 

company to track approximately ten 

times as many standard performance 

indicators and also allows the company 

to select and track additional custom 

performance indicators.18 Further, 

Nasdaq states that it will offer these 

companies $60,000 worth of ESG 

consulting services per year (‘‘ESG 

Advisory Services’’) (collectively with 

Advanced ESG Software Solution, 

‘‘Advanced ESG Services’’).19 According 

to Nasdaq, it believes that offering 

different ESG services based on a 

company’s market capitalization is not 

unfairly discriminatory because larger 

companies generally will need more and 

different ESG services, and that those 

issuers will likely bring greater future 


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20See id. at 43639. Nasdaq also states that such 

companies would more likely forego ESG services 

offered by their current exchange when switching 

their listing to Nasdaq, which smaller companies 

would not. See id. See also Securities Exchange Act 

Release No. 94222 (February 10, 2022), 87 FR 8886 

(February 16, 2022) (SR–NYSE–2021–68) 

(approving changes to NYSE Listed Company 

Manual Section 907.00, including the offer of ESG 

tools to currently listed companies with 270 million 

or more total shares of common stock outstanding, 

but not to companies with fewer shares 

outstanding). 

21See Notice, supra note 3 at 43637–38. 

22See id. at 43637. 

23Nasdaq states that these services are offered 

through Nasdaq Corporate Solutions, LLC, an 

affiliate of Nasdaq, or a third-party provider 

selected by Nasdaq. See id. at 43638. 

24See id. The exact values are set forth in 

proposed IM–5900–7 and IM–5900–7A. Nasdaq 

states that, in describing the total value of the 

services for companies that can select more than 

one market advisory tool, Nasdaq presumes that a 

company would use stock surveillance, which has 

an approximate retail value of $56,500, and global 

targeting, which has an approximate retail value of 

$48,000. See id. Nasdaq states that companies could 

select different combinations of the three services 

offered with lower total approximate retail values. 

See id. 

25As to the description of offerings being deleted 

from IM–5900–7A, Nasdaq states that the services 

described in IM–5900–7A(c) and (d)(1) were 

provided for a term of two years to companies that 

listed before March 12, 2021. See id. at n. 13. 

Additionally, Nasdaq states that no company still 

receives the services described in IM–5900–7A(g), 

which applies only to companies that listed before 

April 23, 2018. See id. Nasdaq also proposes to 

revise the title of IM–5900–7 to specify that the rule 

specifies the services offered to certain newly 

listing companies listed on or after March 12, 2021. 

See also supra note 14 and accompanying text. 

26See id. at 43638. Nasdaq also represents that 

the proposed rule change will help ensure that 

individual listed companies are not given specially 

negotiated packages of products or services to list, 

or remain listed. See id. 

27 15 U.S.C. 78f(b). In approving this proposed 

rule change, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

28 15 U.S.C. 78f(b)(4) and (5). 

29 15 U.S.C. 78f(b)(8). 

30See Notice, supra note 3, at 43638. 

31See id. 

32See id. 33See id. at 43637. 34See id. at 43639. The Exchange also states that 

companies would more likely forego ESG services 

offered by their current exchange given that NYSE 

offers ESG tools to currently listed companies with 

270 million or more total shares of common stock 

outstanding, but not to companies with fewer 

shares outstanding. See id. at 43638. See also NYSE 

Listed Company Manual Section 907.00. 35 15 U.S.C. 78f(b)(5); see also Securities 

Exchange Act Release No. 65963 (December 15, 

2011), 76 FR 79262, 79266 (December 21, 2011) 

(approving SR–NASDAQ–2011–122) (‘‘2011 

Approval Order’’) (‘‘The Commission believes that 

Nasdaq has provided a sufficient basis for its 

different treatment of Eligible Switches and that 

this portion of Nasdaq’s proposal meets the 

requirements of the Act in that it reflects 

competition between exchanges, with Nasdaq 

offering discounts for transfers of listings from a 

competing exchange.’’). See also Exchange Act 

Release No. 79366 (November 21, 2016), 81 FR 

85663, 85665 (November 28, 2016) (approving SR– 

NASDAQ–2016–106) (‘‘2016 Approval Order’’) 

(citing Securities Exchange Act Release No. 65127 

(August 12, 2011), 76 FR 51449, 51452 (August 18, 

2011) (approving SR–NYSE–2011–20) (‘‘NYSE 

Approval Order’’)). 

36See 2011 Approval Order, supra note 35, at 

79266. As the Commission previously stated, 

Nasdaq’s rationale for treating NYSE transfers 

differently from other types of transfers, including 

that those issuers provided greater future value to 

Nasdaq through their listing than do other issuers 

and that the issuers must forego similar services 

provided by NYSE, among other factors, justified 

such differential treatment. See id. As stated above 

Nasdaq, provided similar rationale for only 

providing the Advanced ESG Services to Eligible 

Switches with a market capitalization of $5 billion 

or more. 

value to Nasdaq than will other issuers 

by switching to its market.20

Further, each of these services will be 

available to Eligible Switches with a 

market capitalization of $5 billion or 

more for the same four-year term 

provided for other services to such 

category of Eligible Switches under 

Nasdaq Rule IM–5900–7.21 Nasdaq 

states that no company is required to 

use these services as a condition of 

listing and, as is the case with other 

complimentary services, at the end of 

the package term, companies may 

choose to renew these services or 

discontinue them.22

Nasdaq also proposes to update the 

values of the services contained in 

Nasdaq Rules IM–5900–7 and IM–5900– 

7A to their current values.23 According 

to Nasdaq, depending on a company’s 

market capitalization and whether it is 

an Eligible New Listing or an Eligible 

Switch, the total revised value of the 

services provided to Eligible Companies 

(including the waiver of one-time fees) 

ranges from $364,800 to $1,533,000.24

Finally, Nasdaq proposes to simplify 

Nasdaq Rule IM–5900–7A by crossreferencing the description of services 

and their values that also appears in 

Nasdaq Rule IM–5900–7 and by deleting 

the descriptions of offerings that are no 

longer available to any companies.25

Nasdaq represents that no other 

company will be required to pay higher 

fees as a result of the proposed 

amendments and that providing this 

service will have no impact on the 

resources available for its regulatory 

programs.26

III. Discussion and Commission’s 

Findings 

After careful review, the Commission 

finds that the proposed rule change is 

consistent Section 6 of the Act.27

Specifically, the Commission finds that 

the proposed rule change is consistent 

with Sections 6(b)(4) and (5) of the 

Act,28 in particular, in that it is designed 

to provide for the equitable allocation of 

reasonable dues, fees, and other charges 

among Exchange members, issuers, and 

other persons using the Exchange’s 

facilities, and, in general to protect 

investors and the public interest and is 

not designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. Moreover, 

the Commission believes that the 

proposed rule change is consistent with 

Section 6(b)(8) of the Act,29 in that it 

does not impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

The Commission believes that Nasdaq 

is responding to competitive pressures 

in the market for listings in making this 

proposal. Nasdaq states in its proposal 

that it faces competition in the market 

for listing services and that it competes, 

in part, by offering complimentary 

services to companies.30 Specifically, 

Nasdaq is increasing the types of 

complimentary ESG services offered for 

certain Eligible Switches that list on or 

after the effective date of the proposed 

rule change. Nasdaq states that the 

Advanced ESG Services will help 

eligible companies communicate with 

their shareholders and other 

stakeholders by helping collect, store 

and disclose ESG data chosen by the 

company and guiding messaging and 

reporting of that information.31 Nasdaq 

also states that the services will help 

assess the company’s current ESG 

program, identify ESG risk and 

opportunities, and establish strategies 

for risk management and opportunity 

capture.32 In addition, Nasdaq states 

that no company is required to use these 

complimentary services.33 Further, 

Nasdaq states that offering different ESG 

services based on a company’s market 

capitalization is not unfairly 

discriminatory because larger 

companies generally will need more and 

different ESG services and that those 

issuers will likely bring greater future 

value to Nasdaq than other issuers by 

switching to its market.34

As stated in the Commission’s 

previous order approving Nasdaq Rule 

IM–5900–7, Section 6(b)(5) of the Act 

does not require that all issuers be 

treated the same; rather, the Act requires 

that the rules of an exchange not 

unfairly discriminate between issuers.35

As the Commission has previously 

found, it is reasonable for Nasdaq to 

provide different services to tiers based 

on market capitalization since larger 

capitalized companies generally will 

need and use more services.36 The 

Commission believes that it is 

reasonable and consistent with Section 

6(b)(5) of the Act for the Exchange to 

offer the new Advanced ESG Services to 

Eligible Switches with a market 


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37 15 U.S.C. 78f(b)(8). 

38See 2016 Approval Order, supra note 35, at 

85665 (citing NYSE Approval Order, supra note 35, 

at 51452). The Commission notes that Nasdaq 

represents that no other company will be required 

to pay higher fees as a result of the proposal, that 

the proposal will have no impact on the resources 

available for its regulatory programs, and that the 

proposal will help to ensure that individual listed 

companies are not given specially negotiated 

packages of products or services to list, or remain 

listed. See supra note 26 and accompanying text. 

39See 2016 Approval Order, supra note 35, at 

85665; 2011 Approval Order, supra note 35, at 

79266. 

40See Exchange Act Release No. 72669 (July 24, 

2014), 79 FR 44234, 44236, n.39 (July 30, 2014) 

(SR–NASDAQ–2014–058) (‘‘We would expect 

Nasdaq, consistent with Section 19(b) of the 

Exchange Act, to periodically update the retail 

values of services offered should they change. This 

will help to provide transparency to listed 

companies on the value of the free services they 

receive and the actual costs associated with listing 

on Nasdaq.’’). 

41 15 U.S.C. 78f(b)(5). 

42See supra note 25 and accompanying text. 

43 15 U.S.C. 78s(b)(2). 

44 17 CFR 200.30–3(a)(12). 

capitalization of $5 billion or more that 

list on or after the date of approval of 

the proposed rule change. For the 

reasons stated above, the Commission 

also believes that the proposal does not 

unfairly discriminate among issuers and 

is therefore consistent with Section 

6(b)(5) of the Act. In addition, the 

Commission believes that the proposed 

rule reflects the current competitive 

environment for exchange listings 

among national securities exchanges, 

and is appropriate and consistent with 

Section 6(b)(8) of the Act.37

Further, the Commission believes that 

describing in the Exchange’s rules the 

products and services available to 

Eligible Companies and their associated 

values, as well as the length of time 

companies are entitled to receive such 

services, will ensure that individual 

listed companies are not given specially 

negotiated packages of products or 

services to list, or remain listed, that 

would raise unfair discrimination issues 

under the Act.38 The Commission has 

previously found that the package of 

complimentary services offered to 

Eligible Companies is equitably 

allocated among issuers consistent with 

Section 6(b)(4) of the Act and that 

describing the values of the services 

adds greater transparency to the 

Exchange’s rules and to the fees 

applicable to such companies.39 As 

discussed above, the Commission 

believes that adding the Advanced ESG 

Services to the complimentary services 

package offered to Eligible Switches 

with a market capitalization of $5 

billion or more for Eligible Switches 

that list on or after the effective date of 

the proposed rule change is consistent 

with Section 6(b)(5) of the Act. As stated 

above, the Commission also believes 

that the proposal does not unfairly 

discriminate among issuers and is 

therefore consistent with Section 6(b)(5) 

of the Act. For similar reasons, the 

Commission believes that the packages 

of complimentary services to be offered 

pursuant to Nasdaq’s proposal are 

equitably allocated among issuers 

consistent with Section 6(b)(4) of the 

Act. 

The Commission also believes that it 

is reasonable, and required by Section 

19(b) of the Act,40 that Nasdaq amend 

its rules to update the products and 

services it offers to Eligible Companies 

contained in Nasdaq Rules IM–5900–7 

and IM–5900–7A, including the time 

periods for which such products and 

services are offered and the commercial 

value of such products and services. 

This provides greater transparency to 

the Exchange’s rules and the fees, and 

the value of complementary products 

and services, applicable to Eligible 

Companies. 

Finally, the Commission finds that it 

is consistent with Section 6(b)(5) of the 

Act 41 for Nasdaq to make various 

technical and conforming revisions, as 

described above,42 to facilitate clarity of 

its rules. 

Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,43 that the 

proposed rule change (SR–NASDAQ– 

2023–017) be, and it hereby is, 

approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.44

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–20087 Filed 9–15–23; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #18143 and #18144; 

Georgia Disaster Number GA–00158] 

Presidential Declaration of a Major 

Disaster for the State of Georgia 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for the State of Georgia (FEMA– 

4738–DR), dated 09/07/2023. 

Incident: Hurricane Idalia. 

Incident Period: 08/30/2023. 

DATES: Issued on 09/07/2023. 

Physical Loan Application Deadline 

Date: 11/06/2023. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 06/07/2024. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Recovery & 

Resilience, U.S. Small Business 

Administration, 409 3rd Street SW, 

Suite 6050, Washington, DC 20416, 

(202) 205–6734. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

09/07/2023, applications for disaster 

loans may be filed at the address listed 

above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties (Physical Damage and 

Economic Injury Loans): Cook, 

Glynn, Lowndes. 

Contiguous Counties (Economic Injury 

Loans Only): 

Georgia: Berrien, Brantley, Brooks, 

Camden, Colquitt, Echols, Lanier, 

McIntosh, Tift, Wayne. 

Florida: Hamilton, Madison. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners with Credit Available Elsewhere ...................... 5.000 

Homeowners without Credit 

Available Elsewhere .............. 2.500 

Businesses with Credit Available Elsewhere ...................... 8.000 

Businesses without Credit 

Available Elsewhere .............. 4.000 

Non-Profit Organizations with 

Credit Available Elsewhere ... 2.375 

Non-Profit Organizations without Credit Available Elsewhere ..................................... 2.375 

For Economic Injury: 

Businesses & Small Agricultural 

Cooperatives without Credit 

Available Elsewhere .............. 4.000 

Non-Profit Organizations without Credit Available Elsewhere ..................................... 2.375 

The number assigned to this disaster 

for physical damage is 18143 8 and for 

economic injury is 18144 0. 


lotter on DSK11XQN23PROD with NOTICES1