Federal Register / Vol. 88, No. 179 / Monday, September 18, 2023 / Notices 63993 

103Notice, 88 FR at 49537. 

104 Id. at 49537 n.43. 

105 Id. at 49534 n.29; MSRB Letter at 3. 

106Notice, 88 FR at 49534 n.29. 

107The Commission believes this potential 

burden may also be mitigated, in part, because the 

MSRB represented that it anticipates publishing a 

compliance resource in close proximity to the 

compliance date of the rule which would highlight 

the regulatory obligations for municipal advisors 

(and dealers) with respect to professional 

qualification standards, CE requirements, and 

related registration matters. See id. at 49538; MSRB 

Letter at 3. In addition, in the Notice itself, the 

MSRB addressed the timing and sequence of 

satisfying the exemption’s criteria, the filing of SEC 

Form MA–I (and SEC Form MA, as applicable), and 

the submission of the affirmation notification to the 

MSRB, including for solo-practitioners. See Notice, 

88 FR at 49532–33; MSRB Letter at 2–3. 

108 15 U.S.C. 78s(b)(2). 

109 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

Although the proposed amendments 

to Rule G–3 and Rule G–8 would 

benefit, and be applied equally to, all 

individuals seeking to associate with 

municipal advisor firms and all such 

municipal advisor firms, the 

Commission believes that there are 

potential burdens on competition for 

small municipal advisor firms, and solopractitioners in particular. However, as 

described below, the Commission 

believes that these potential burdens are 

mitigated. 

First, the Commission believes that 

there is a potential burden on 

competition for solo-practitioners 

looking to establish a municipal advisor 

firm because, unlike larger firms, such 

solo-practitioners may not have 

developed CE materials addressing all of 

the prescribed subject matters necessary 

to meet the exemption’s CE 

requirements. However, the 

Commission believes that this potential 

burden is mitigated because the MSRB 

has indicated that such firms would be 

able to utilize ‘‘off-the-shelf content’’ or 

widely available industry educational 

materials (to the extent such materials 

meet the requirements set forth in the 

proposed rule change), which would be 

a less burdensome approach than 

creating new CE materials.103 The 

MSRB noted that sources of such 

educational materials may include 

industry trade associations, in addition 

to podcasts, webinars, and educational 

materials developed by the MSRB.104

Second, the Commission believes that 

there is a potential burden on 

competition for solo-practitioners and 

smaller municipal advisory firms 

because the new, criteria-based 

exemption would not extend to those 

seeking to associate and function in a 

municipal advisor principal capacity 

and, as noted above, Rule G–3(e)(iii) 

requires every municipal advisor firm to 

have at least one municipal advisor 

principal. Accordingly, individuals 

seeking to act as a municipal advisor 

principal (e.g., a solo-practitioner) 

would still have to take and pass the 

Series 54 examination in order to engage 

in principal-level activities. As a result, 

although all firms would benefit from 

the proposed rule change for municipal 

advisor representatives, smaller 

municipal advisor firms and solopractitioners in particular may 

experience a smaller benefit than larger 

municipal advisor firms. 

The Commission believes that this 

potential burden is mitigated, however, 

because the MSRB has indicated that 

current Rule G–3(e)(ii)(C) permits solopractitioners (or individuals associating 

or reassociating with a firm and 

designated as a principal) who are 

qualified as municipal advisor 

representatives to function as municipal 

advisor principals for up to 120 days 

before having to take and pass the Series 

54 examination.105 The MSRB noted 

that, in concert with the proposed rule 

change, these provisions would allow 

such individuals to start their own firm, 

requalify as municipal securities 

representatives without reexamination, 

and then qualify as municipal advisor 

principals.106 As a result, all such 

persons, including those persons 

seeking to be solo-practitioners and 

seeking to associate with small (or 

larger) municipal advisor firms would 

be able to function in the principal-level 

capacity for several months before 

having to take and pass the Series 54 

examination.107

Ultimately, municipal advisor 

principals are subject to additional 

regulatory standards given their 

supervisory, oversight, and management 

duties. The process of reexamination for 

municipal advisor principals helps to 

ensure that the specified level of 

competency and knowledge of the 

applicable securities laws and 

regulations, including MSRB rules, is 

sufficiently demonstrated. 

For the foregoing reasons, the 

Commission finds that, consistent with 

Sections 15B(b)(2)(C) and 

15B(b)(2)(L)(iv) of the Act, the proposed 

rule change would not impact or impose 

any additional burdens on efficiency, 

competition, or capital formation that 

are not necessary or appropriate in 

furtherance of the purposes of the Act. 

As noted above, the Commission 

received one comment letter on the 

filing. The Commission believes that the 

MSRB, through its response, addressed 

the commenter’s concerns. For the 

reasons noted above, the Commission 

believes that the proposed rule change 

is consistent with the Exchange Act. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Exchange Act,108

that the proposed rule change (SR– 

MSRB–2023–05) be, and hereby is, 

approved. 

For the Commission, pursuant to delegated 

authority.109

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–20077 Filed 9–15–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98355; File No. SR– 

NYSEARCA–2023–61] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Rule 5.3–O 

(Criteria for Underlying Securities) To 

Accelerate the Listing of Options on 

Certain IPOs 

September 12, 2023. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on August 

31, 2023, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. 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 proposes to amend 

Rule 5.3–O (Criteria for Underlying 

Securities). The proposed rule change is 

available on the Exchange’s website at 

www.nyse.com, at the principal office of 

the Exchange, 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 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 


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63994 Federal Register / Vol. 88, No. 179 / Monday, September 18, 2023 / Notices 

4See Securities Exchange Act Release No. 98013 

(July 27, 2023) 88 FR 50927 (August 2, 2023) (SR– 

NYSEAMER–2023–27) (Order Granting Approval of 

a Proposed Rule Change to Amend Rule 915 

(Criteria for Underlying Securities) to Accelerate the 

Listing of Options on Certain IPO). 

5See id. See NYSE American Rule 915, 

Commentary .01(4)(a)(ii). 

6Rule 5.3–O requires that, for underlying 

securities to be eligible for option transactions, such 

securities must be duly registered and be an ‘‘NMS 

stock’’ as defined in Rule 600 of Regulation NMS 

under the Act and will be characterized by a 

substantial number of outstanding shares which are 

widely held and actively traded. See Rule 5.3– 

O(a)—(b). 

7See Rule 5.3–O (a)(4)(A). The Exchange is not 

proposing to make any changes to the guidelines for 

listing securities that are not a ‘‘covered security.’’ 

See Rule 5.3–O (a)(4)(B). 

8See supra note 4. 

9While the Exchange acknowledges that market 

participants may utilize options for speculative 

purposes (in addition to as a hedging tool), the 

Exchange believes (as set forth below) that its 

existing surveillance technologies and procedures 

adequately address potential violations of exchange 

rules and federal securities laws applicable to 

trading on the Exchange. 

10See proposed Rule 5.3–O(a)(4)(A)(ii). To align 

the proposed rule with NYSE American Rule 915, 

the Exchange proposes two non-substantive 

changes: first, to number the existing and proposed 

criteria for covered securities as (i) and (ii) of 

paragraph (a)(4)(A); second, to delete nowextraneous text from proposed paragraph 

(a)(4)(A)(i), each of which change would add clarity 

and transparency to Exchange rules. See proposed 

Rule 5.3–O (a)(4)(A)(i). See also NYSE American 

Rule 915, Commentary .01(4)(a)(i). 

11The Exchange acknowledges that the Options 

Listing Procedures Plan (or ‘‘OLPP’’) requires that 

the listing certificate be provided to OCC no earlier 

than 12:01 a.m. and no later than 11:00 a.m. 

(Chicago time) on the trading day prior to the day 

on which trading is to begin. See the OLPP, at p. 

3., available here: https://www.theocc.com/ 

getmedia/198bfc93-5d51-443c-9e5b-fd575a0a7d0f/ 

options_listing_procedures_plan.pdf. The OLPP is a 

national market system plan that, among other 

things, sets forth procedures governing the listing 

of new options series. 

12See supra note 4. 

13See supra note 4. 

on the proposed rule change. The text 

of those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to amend Rule 5.3–O (Criteria 

for Underlying Securities) (Criteria for 

Underlying Securities) (the ‘‘Rule’’). The 

Exchange is proposing a listing rule 

change that is substantially similar in all 

material respects to the proposal 

approved for NYSE American LLC 

(‘‘NYSE American’’).4

Following discussions with other 

exchanges and a cross-section of 

industry participants and in 

coordination with the Listed Options 

Market Structure Working Group 

(‘‘LOMSWG’’) (collectively, the 

‘‘Industry Working Group’’), NYSE 

American filed a proposed rule change, 

which was recently approved, to modify 

the standard for the listing and trading 

of options on ‘‘covered securities’’ to 

reduce the time to market in Rule 915 

(Criteria for Underlying Securities).5 At 

this time, the Exchange proposes to 

adopt an identical rule. 

Rule 5.3–O(a) sets forth the guidelines 

to be considered in evaluating for option 

transactions underlying securities that 

are ‘‘covered securities,’’ as defined in 

Section 18(b)(1)(A) of the Securities Act 

of 1933 (hereinafter ‘‘covered security’’ 

or ‘‘covered securities’’).6 Currently, the 

Exchange permits the listing of an 

option on an underlying covered 

security that, amongst other things, has 

a market price of at least $3.00 per share 

for the previous three consecutive 

business days preceding the date on 

which the Exchange submits a 

certificate to The Options Clearing 

Corporation (‘‘OCC’’) to list and trade 

options on the underlying security (the 

‘‘three-day lookback period’’).7 Under 

the current rule, if an initial public 

offering (‘‘IPO’’) occurs on a Monday, 

the earliest date the Exchange could 

submit its listing certificate to OCC 

would be on Thursday, with the market 

price determined by the closing price 

over the three-day lookback period from 

Monday through Wednesday. The 

option on the IPO’d security would then 

be eligible for trading on the Exchange 

on Friday (i.e., within four business 

days of the IPO inclusive of the day the 

listing certificate is submitted to OCC). 

The Exchange notes that the three-day 

look back period helps ensure that 

options on underlying securities may be 

listed and traded in a timely manner 

while also allowing time for OCC to 

accommodate the certification request. 

However, there are certain large IPOs 

that issue high-priced securities—well 

above the $3.00 per share threshold— 

that would obviate the need for the 

three-day lookback period. In this 

regard, NYSE American noted in its rule 

change that the Industry Working Group 

has recently identified proposed 

changes that would help options on 

covered securities that have a market 

capitalization of at least $3 billion based 

upon the offering price of its IPO come 

to market earlier.8 The proposed change, 

which is intended to be harmonized 

across options exchanges, is designed to 

provide investors the opportunity to 

hedge their interest in IPO investments 

in a shorter amount of time than what 

is currently permitted.9 The Exchange 

believes that options serve a valuable 

tool to the trading community and help 

markets function efficiently by 

mitigating risk. To that end, the 

Exchange believes that the absence of 

options in the early days after an IPO 

may heighten volatility in the trading of 

IPO’d securities.10

Accordingly, the Exchange proposes 

to modify Rule 5.3–O to waive the threeday lookback period for covered 

securities that have a market 

capitalization of at least $3 billion based 

upon the offering price of the IPO of 

such securities and to allow options on 

such securities to be listed and traded 

starting on or after the second business 

day following the initial public offering 

day (i.e., not inclusive of the day of the 

IPO).11 NYSE American noted in its rule 

change that it reviewed trading data for 

IPO’d securities dating back to 2017 and 

is unaware of any such security that 

achieved a market capitalization of $3 

billion based upon the offering price of 

its IPO that would not have also 

qualified for listing options based on the 

three-day lookback requirement.12

Specifically, NYSE American stated in 

its rule change that it determined that 

202 of the 1,179 IPOs that took place 

between January 1, 2017, and October 

21, 2022, met the $3 billion market 

capitalization/IPO offering price 

threshold. Options on all 202 of those 

IPO shares subsequently satisfied the 

three-day lookback requirement for 

listing and trading, i.e., none of these 

large IPOs closed below the $3.00/share 

threshold during its first three days of 

its trading.13 As such, the Exchange 

believes the proposed capitalization 

threshold of $3 billion based upon the 

offering price of its IPO is appropriate. 

Under the proposed rule, if an IPO for 

a company with a market capitalization 

of $3 billion based upon the offering 

price of its IPO occurs on a Monday, the 

Exchange could submit its listing 

certificate to OCC (to list and trade 

options on the IPO’d security) as soon 

as all the other requirements for listing 

are satisfied. If, on Tuesday, all 

requirements are deemed satisfied, the 

IPO’d security could then be eligible for 

trading on the Exchange on Wednesday 

(i.e., starting on or after the second 

business day following the IPO day). 

Thus, the proposal could potentially 

accelerate the listing of options on IPO’d 

securities by two days. 

The Exchange believes the proposed 

change would allow options on IPO’d 

securities to come to market sooner 


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Federal Register / Vol. 88, No. 179 / Monday, September 18, 2023 / Notices 63995 

14FINRA conducts cross-market surveillances on 

behalf of the Exchange pursuant to a regulatory 

services agreement. The Exchange is responsible for 

FINRA’s performance under this regulatory services 

agreement. 

15See supra note 9. 

16An ‘‘OTP Holder’’ refers to a natural person, 

sole proprietorship, partnership, corporation, 

limited liability company or other organization, in 

good standing that has been issued an ATP. See 

Rule 1.1. An ‘‘OTP’’ is an Options Trading Permit 

issued by the Exchange for effecting approved 

securities transactions on the Exchange. See id. 

17 15 U.S.C. 78f(b). 

18 15 U.S.C. 78f(b)(5). 19See supra note 9. 

20FINRA conducts cross-market surveillances on 

behalf of the Exchange pursuant to a regulatory 

services agreement. The Exchange is responsible for 

FINRA’s performance under this regulatory services 

agreement. 

21 15 U.S.C. 78s(b)(3)(A)(iii). 

22 17 CFR 240.19b–4(f)(6). 

without sacrificing investor protection. 

The Exchange represents that trading in 

IPO’d securities—like all other 

securities traded on the Exchange—is 

subject to surveillances administered by 

the Exchange and to cross-market 

surveillances administered by FINRA on 

behalf of the Exchange. Those 

surveillances are designed to detect 

violations of Exchange rules and 

applicable federal securities laws.14 The 

Exchange represents that those 

surveillances are adequate to reasonably 

monitor Exchange trading of IPO’d 

securities in all trading sessions and to 

reasonably deter and detect violations of 

Exchange rules and federal securities 

laws applicable to trading on the 

Exchange.15 As such, the Exchange 

believes that its existing surveillance 

technologies and procedures, coupled 

with its findings related to the IPOs 

reviewed as described herein, 

adequately address potential concerns 

regarding possible manipulation or 

price stability. 

Implementation Date 

The Exchange will announce the 

effective date of the proposed change by 

Trader Update distributed to all OTP 

Holders, which will be no later than 

sixty-days after the effective date of this 

proposal.16

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the Act 

and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.17 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 18 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

In particular, the Exchange believes 

the proposed change would facilitate 

options transactions and would remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, which 

would, in turn, protect investors and the 

public interest by providing an avenue 

for options on IPO’d securities to come 

to market earlier. The Exchange notes 

that the three-day look back period 

helps ensure that options on underlying 

securities may be listed and traded in a 

timely manner while also allowing time 

for OCC to accommodate the 

certification request. However, there are 

certain large IPOs that issue high-priced 

securities—well above the $3.00 per 

share threshold—that would obviate the 

need for the three-day lookback period. 

As noted above, NYSE American noted 

that it reviewed trading data for IPO’d 

securities dating back to 2017 and is 

unaware of an IPO’d security with a 

market capitalization of $3 billion or 

more (based upon the offering price of 

its IPO) that subsequently would have 

failed to qualify for listing and trading 

as options under the three-day lookback 

requirement. The Exchange believes that 

the proposed amendment, which would 

be harmonized across options 

exchanges, would remove impediments 

to and perfect the mechanism of a free 

and open market and a national market 

system by providing an avenue for 

investors to hedge their interest in IPO 

investments in a shorter amount of time 

than what is currently permitted. The 

Exchange believes that options serve a 

valuable tool to the trading community 

and help markets function efficiently by 

mitigating risk. To that end, the 

Exchange believes that the absence of 

options in the early days after an IPO 

may heighten volatility to IPO’d 

securities.19

Further, as noted herein, the 

Exchange believes 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. The 

Exchange represents that trading in 

IPO’d securities—like all other 

securities traded on the Exchange—is 

subject to surveillances administered by 

the Exchange and to cross-market 

surveillances administered by FINRA on 

behalf of the Exchange. Those 

surveillances are designed to detect 

violations of Exchange rules and 

applicable federal securities laws.20 The 

Exchange represents that those 

surveillances are adequate to reasonably 

monitor Exchange trading of IPO’d 

securities in all trading sessions and to 

reasonably deter and detect violations of 

Exchange rules and federal securities 

laws applicable to trading on the 

Exchange, including wrongful efforts to 

manipulate the prices of those securities 

in order to bring them in compliance 

with the $3.00/share threshold for the 

listing of options. As such, the Exchange 

believes that its existing surveillance 

technologies and procedures, coupled 

with NYSE American’s findings related 

to the IPOs reviewed as described 

herein, would adequately address 

potential concerns regarding possible 

manipulation or price stability. 

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 anticipates that the 

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 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 21 and Rule 

19b–4(f)(6) thereunder.22 Because the 

proposed rule change does not: (i) 

significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 


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63996 Federal Register / Vol. 88, No. 179 / Monday, September 18, 2023 / Notices 

23 17 CFR 240.19b–4(f)(6). 

24 17 CFR 240.19b–4(f)(6)(iii). 

25For 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). 

26 15 U.S.C. 78s(b)(2)(B). 

27 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

competition; and (iii) become operative 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act and Rule 19b–4(f)(6)(iii) 

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 23 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),24 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 proposal may become operative 

immediately upon filing. The Exchange 

requested the waiver, stating that the 

proposal harmonizes 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.25

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) 26 of the Act 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– 

NYSEARCA–2023–61 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–NYSEARCA–2023–61. 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–NYSEARCA–2023–61 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. 2023–20078 Filed 9–15–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98361; File No. SR–MIAX– 

2023–33] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Its Fee Schedule 

September 12, 2023 

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 August 

31, 2023, Miami International Securities 

Exchange, LLC (‘‘MIAX’’ or ‘‘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 selfregulatory organization. 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 a proposal to 

amend the MIAX Fee Schedule (‘‘Fee 

Schedule’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://www.miaxglobal.com/markets/ 

us-options/miax-options/rule-filings, at 

MIAX’s principal office, 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 


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