Federal Register / Vol. 88, No. 176 / Wednesday, September 13, 2023 / Notices 62863 

121 15 U.S.C. 78s(b)(2). 

122 15 U.S.C. 78s(b)(2). 

123 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

the structure of the proposal does not 

disclose of the exact weighting for each 

of the 142 data elements, it does set 

forth the two goals Nasdaq will consider 

when weighing those data elements 

initially and during each weekly 

retraining, which provides information 

as to how those 142 factors will be used 

in determining the Holding Period for a 

security. Based on how the proposed 

rule sets forth the goals that will govern 

each retraining, the Commission 

believes that Nasdaq’s delineation of 

when it would and would not file a 

proposed rule change to alter the 

operation of Dynamic M–ELO is 

consistent with Nasdaq’s rule filing 

obligation. The Commission agrees that 

the weekly retraining to optimize the 

weighting of the 142 data elements 

considered by Dynamic M–ELO to best 

achieve those goals within the rule’s 

parameters would not necessitate the 

filing of a proposed rule change with the 

Commission because those adjustments 

would be reasonably and fairly implied 

by the proposed rule. However, to the 

extent Nasdaq seeks to change, add to, 

or delete from the rule’s construct in 

connection with the weekly retraining, 

it would first be required to file a 

proposed rule change with the 

Commission. 

V. Solicitation of Comments on 

Amendment No. 2 to the Proposed Rule 

Change 

Interested persons are invited to 

submit written data, views, and 

arguments concerning whether 

Amendment No. 2 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– 

NASDAQ–2022–079 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–NASDAQ–2022–079. 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 

10:00 a.m. and 3:00 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–NASDAQ–2022– 

079, and should be submitted on or 

before October 4, 2023. 

VI. Accelerated Approval of Proposed 

Rule Change, as Modified by 

Amendment No. 2 

The Commission finds good cause to 

approve the proposed rule change prior 

to the 30th day after the date of 

publication of Amendment No. 2 in the 

Federal Register. Amendment No. 2 

does not include any material changes 

to the operation of the proposed 

Dynamic M–ELO and its machinelearning model. In Amendment No. 2, 

the Exchange: (1) adds the defined term 

‘‘proprietary assessment of market 

conditions’’ to the proposed rule text, 

which consolidates certain details and 

explanations about how the machinelearning model would operate from 

prior versions into a single defined 

term; (2) revises the list of factors 

provided in Exhibit 3b to include 

expanded and ‘‘simplified’’ 

explanations of the terminology used 

therein; (3) adds a representation that 

the systems used to operate Dynamic 

M–ELO and machine-learning model are 

‘‘SCI Systems’’ and thus subject to 

compliance with Regulation SCI; and (4) 

expands the legal analysis to address 

comments regarding unfair 

discrimination and the exercise of 

impermissible discretion by the 

Exchange. 

The Commission finds that 

Amendment No. 2 raises no novel 

regulatory issues that have not 

previously been subject to comment and 

is reasonably designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, and, in general, to 

protect investors and the public interest, 

and not be unfairly discriminatory, or 

impose an unnecessary or inappropriate 

burden on competition. Amendment 

No. 2 does not alter the proposed 

operation or any material features of 

Dynamic M–ELO, which operation and 

features have been subject to two rounds 

of public comment. In response to 

public comment, the revisions to the 

proposal contained within Amendment 

No. 2 provide additional clarification 

and details regarding how Dynamic M– 

ELO and the machine-learning model 

will operate, as well as additional legal 

analysis to support the Exchange’s 

position that the proposal is consistent 

with the Act. Accordingly, pursuant to 

Section 19(b)(2) of the Act,121 the 

Commission finds good cause to 

approve the proposed rule change on an 

accelerated basis prior to the 30th day 

after publication of notice of the filing 

of Amendment No. 2 in the Federal 

Register. 

VII. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,122 that the 

proposed rule change (SR–NASDAQ– 

2022–079), as modified by Amendment 

No. 2, be, and it hereby is, approved on 

an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.123

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–19728 Filed 9–12–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98320; File No. SR–PHLX– 

2023–41] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Options 3, 

Section 13 Concerning PIXL 

September 7, 2023. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on August 

30, 2023, Nasdaq PHLX LLC (‘‘Phlx’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 


ddrumheller on DSK120RN23PROD with NOTICES1
62864 Federal Register / Vol. 88, No. 176 / Wednesday, September 13, 2023 / Notices 

3The proposed language below in Options 3, 

Section 13(a)(1) through (3) excludes Complex 

Orders which are described in Options 3, Section 

13(a)(4). 

4For example, if the market is 0.98 bid and 0.99 

offer, a Public Customer PRISM Order to buy for 

less than 50 contracts must be stopped at 0.98 cents 

in this scenario to be accepted into a PRISM 

Auction, provided there is no resting order or quote 

on the BX order book at 0.98 in which case the 

PRISM Order would be rejected. 

5The Exchange also proposes to amend Options 

3, Section 13(a)(3)(B) to re-number current (A) and 

(B). 

(‘‘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 its 

Rules at Options 3, Section 13, Price 

Improvement XL (‘‘PIXL’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/phlx/rules, 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 

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 

Phlx proposes to amend Options 3, 

Section 13, Price Improvement XL 

(‘‘PIXL’’), to harmonize its price 

improvement rule text regarding entry 

checks in Options 3, Section 13(a)(1) 

through (3) to mirror the rule text of 

Nasdaq GEMX, LLC’s (‘‘GEMX’’), 

Nasdaq MRX, LLC’s (‘‘MRX’’), and 

Nasdaq ISE, LLC’s (‘‘ISE’’) PIM, and 

BX’s PRISM, without changing the 

substantive operations of these price 

improvement auctions. The Exchange 

proposes to amend Options 3, Section 

13(a)(1) through (3) to harmonize the 

language, to the extent possible, with 

other Nasdaq affiliated markets. The 

harmonization will allow market 

participants to compare Phlx’s PIXL 

entry checks with similar mechanisms 

on Nasdaq affiliated markets. 

The Exchange also proposes to make 

two technical amendments to Options 

4A at Section 6, Position Limits, and 

Section 12, Terms of Index Options 

Contracts. The Exchange also proposes 

additional changes described below. 

PIXL Entry Checks 

Phlx proposes to add ‘‘a price that is’’ 

to the end of Options 3, Section 13(a)(1) 

and add new subparagraphs (A) and (B) 

to distinguish opposite and same side 

checks for a PIXL Order for less than 50 

options contracts.3 The opposite side 

check for a PIXL Order for less than 50 

options contracts is currently specified 

in the current rule text which is being 

relocated to Options 3, Section 

13(a)(1)(A). The same side check for a 

PIXL Order for less than 50 options 

contracts currently does not specify the 

NBBO check. Today, if the PIXL Order 

is for less than 50 option contracts, and 

if the difference between the NBBO is 

$0.01, the Initiating Member must stop 

the entire PIXL Order at a price that is 

on the same side of the market as the 

PIXL Order, equal to or better than the 

NBBO 4 and better than any Limit Order 

on the Limit Order Book. This language 

represents current System functionality. 

Additionally, Phlx proposes to add 

more detail to describe the current 

System functionality. If the PIXL Order 

is for a Non-Public Customer, the PIXL 

Order must also be better than any quote 

on the same side of the market as the 

PIXL Order. Today, the System will 

check if the PIXL Order is better than 

any quote on the same side of the 

market as the PIXL Order if the PIXL 

Order is for a Non-Public Customer. The 

addition of this detail within Options 3, 

Section 13(a)(1)(B) will bring 

transparency to the current System 

checks for a PIXL Order for less than 50 

options contracts. 

Phlx proposes to amend Options 3, 

Section 13(a)(2) to add a ‘‘:’’ to the end 

of (a)(2) and add new subparagraphs (A) 

and (B) which distinguish the opposite 

side and same side checks if the PIXL 

Order is for the account of a Public 

Customer and such order is for 50 

option contracts or more. The opposite 

side check for a PIXL Order for the 

account of a Public Customer for 50 

option contracts or more is currently 

specified in the current rule text, which 

is being relocated to Options 3, Section 

13(a)(2)(A). The same side check for a 

PIXL Order for the account of a Public 

Customer for 50 option contracts or 

more currently does not specify the 

manner in which the PIXL Order must 

improve on the same side or the NBBO 

check. The Exchange proposes to amend 

the same side check in Options 3, 

Section 13(a)(2)(B) to state that if the 

PIXL Order is for the account of a Public 

Customer and such order is for 50 

option contracts or more, or if the 

difference between the NBBO is greater 

than $0.01, the Initiating Member must 

stop the entire PIXL Order at a price that 

is, on the same side of the market as the 

PIXL Order, (1) at least $0.01 better than 

any Limit Order on the Limit Order 

book; (2) at or better than the PIXL 

Order’s limit price (if the Order is a 

Limit Order); and equal to or better than 

the NBBO. This rule text represents 

current System functionality. This new 

rule text makes clear the various same 

side entry checks that are performed by 

the current System. 

Phlx proposes to amend Options 3, 

Section 13(a)(3) to add ‘‘:’’ to the end of 

(a)(3) and add new subparagraphs (A) 

and (B) which distinguish the opposite 

side and same side checks for a PIXL 

Order for the account of a broker dealer 

or any other person or entity that is not 

a Public Customer and such order is for 

50 option contracts or more. The 

Exchange currently does not specify the 

opposite side check in the case whether 

the PIXL Order is for an account of a 

broker dealer or any other person that is 

not a Public Customer and the order is 

for 50 contracts or more. The Exchange 

proposes to note the current entry check 

performed by the System by amending 

the language in Options 3, Section 

13(a)(3)(A) to provide, if the PIXL Order 

is for the account of a broker dealer or 

any other person or entity that is not a 

Public Customer and such order is for 

50 option contracts or more, or if the 

difference between the NBBO is greater 

than $0.01, the Initiating Member must 

stop the entire PIXL Order at a price that 

is: (A) equal to or better than the NBBO 

and the internal market PBBO (the 

‘‘Reference BBO’’) on the opposite side 

of the market from the PIXL Order.5

This language represents current System 

functionality. Phlx notes that the 

Reference BBO was defined in Options 

3, Section 13(a)(3)(A). The Exchange 

proposes to amend the same side check 

in the case whether the PIXL Order is 

for an account of a broker dealer or any 

other person that is not a Public 

Customer and the order is for 50 

contracts or more. The Exchange 

proposes to state if the PIXL Order is for 

the account of a broker dealer or any 

other person or entity that is not a 

Public Customer and such order is for 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 176 / Wednesday, September 13, 2023 / Notices 62865 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(5). 

50 option contracts or more, or if the 

difference between the NBBO is greater 

than $0.01, the Initiating Member must 

stop the entire PIXL Order at a price that 

is on the same side of the market as the 

PIXL Order, the better of: (1) the 

Reference BBO price improved by at 

least $0.01, (2) the PIXL Order’s limit 

price (if the order is a Limit Order), or 

(3) equal to or better than the NBBO. 

The Exchange is removing the clause in 

current Options 3, Section 13(a)(3)(2) 

which the Exchange believes is 

confusing as current Options 3, Section 

13(a)(3)(1) notes the Reference BBO 

must be improved by at least $0.01. 

Also, the NBBO entry check is being 

relocated to new subparagraph 

(a)(3)(B)(3). 

Finally, the Exchange is making a 

technical amendment to Options 3, 

Section 13(a)(4)(A) to remove a 

semicolon and replace it with a comma. 

The Exchange believes that the 

proposed amendments will bring greater 

clarity to the current System 

functionality as the various System 

checks are noted for each side of the 

PIXL Order. Further, the NBBO check is 

specifically noted as this check on the 

same side check ensures the order does 

not trade-through. The Exchange is not 

substantively amending the current 

System functionality. 

Auction Process 

The Exchange proposes a technical 

amendment to Options 3, Section 

13(b)(4) to remove the ‘‘an’’ at the 

beginning of the paragraph as this is 

unnecessary. Next, the Exchange 

proposes to replace references to ‘‘Limit 

Order,’’ ‘‘order’’ and ‘‘orders’’ within 

Options 3, Section 13(b)(4) with the 

word ‘‘interest’’ because an order or 

quote on the order book may interact 

with a PIXL Order. This represents 

current System functionality. 

Finally, the Exchange proposes to 

amend Options 3, Section 13(b)(6) to 

remove the term ‘‘then-existing’’ from 

the paragraph. The phrase is not 

necessary as the clause ‘‘cPBBO at the 

time of the conclusion of the Auction’’ 

makes clear which cPBBO will be 

referenced. 

Technical Amendments 

The Exchange proposes to make two 

technical amendments within Options 

4A, Options Index Rules. The Exchange 

proposes to renumber Options 4A, 

Section 6(a)(iv) to Options 4A, Section 

6(a)(ii). The Exchange also proposes to 

re-letter Options 4A, Section 12(a)(2)(H), 

(I) and (J), respectively, as Options 4A, 

Section 12(a)(2)(G), (H) and (I). 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with section 6(b) 

of the Act,6 in general, and furthers the 

objectives of section 6(b)(5) of the Act,7

in particular, in that it is designed to 

promote just and equitable principles of 

trade, 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. 

PIXL Entry Checks 

Phlx’s proposal to amend Options 3, 

Section 13(a)(1)–(3) to harmonize the 

language within the PIXL entry checks 

with language within GEMX’s PIM, 

ISE’s PIM, MRX’s PIM and BX’s PRISM, 

without changing the substantive 

operations of these price improvement 

auctions, is consistent with the Act and 

the protection of investors and the 

general public because by utilizing 

similar language, market participants 

will be able to compare Phlx’s PIXL 

entry checks with similar mechanisms 

on Nasdaq affiliated markets. 

Amending Options 3, Section 13(a)(1) 

and adding new subparagraphs (A) and 

(B) to distinguish opposite and same 

side checks for a PIXL Order for less 

than 50 options contracts and specifying 

the same side NBBO check is consistent 

with the Act and the protection of 

investors and the general public because 

it will add more detail to describe the 

current System functionality. The NBBO 

check is always relevant in the same 

side check to avoid a trade-through. 

Specifying that if the PIXL Order is for 

a Non-Public Customer, the PIXL Order 

must also be better than any quote on 

the same side of the market as the PIXL 

Order is consistent with the Act so that 

the PIXL Order improves the order book 

and provides a meaningful opportunity 

for price improvement. Further, the 

addition of this detail within Options 3, 

Section 13(a)(1)(B) will bring 

transparency to the current System 

checks for a PIXL Order for less than 50 

options contracts. 

Amending Options 3, Section 13(a)(2) 

to add new subparagraphs (A) and (B) 

to distinguish the opposite side and 

same side checks if the PIXL Order is for 

the account of a Public Customer and 

such order is for 50 option contracts or 

more, and specifying the manner in 

which the PIXL Order must improve on 

the same side or the NBBO check is 

consistent with the Act and the 

protection of investors and the general 

public. The Exchange currently 

requires, if the PIXL Order is for the 

account of a Public Customer and such 

order is for 50 option contracts or more, 

that the PIXL Order must be at or better 

than the PIXL Order’s limit price and it 

must also not trade-through the order 

book. The eligibility requirements if the 

PIXL Order is for the account of a Public 

Customer and such order is for 50 

option contracts or more should provide 

a meaningful opportunity for price 

improvement, and thereby benefit 

investors and others in a manner that is 

consistent with the Act. 

Amending Options 3, Section 13(a)(3) 

to add new subparagraphs (A) and (B) 

to distinguish the opposite side and 

same side checks for a PIXL Order for 

the account of a broker dealer or any 

other person or entity that is not a 

Public Customer and such order is for 

50 option contracts or more and 

specifying the opposite side check and 

same side NBBO check is consistent 

with the Act and the protection of 

investors and the general public. The 

opposite side check must be equal to or 

better than the NBBO and any nondisplayed order on the Exchange’s order 

book to avoid a trade-through. Also, the 

NBBO check is always relevant in the 

same side check to avoid a tradethrough. The eligibility requirements if 

the PIXL Order is for the account of a 

broker dealer or any other person or 

entity that is not a Public Customer and 

such order is for 50 option contracts or 

more should provide a meaningful 

opportunity for price improvement, and 

thereby benefit investors and others in 

a manner that is consistent with the Act. 

The Exchange believes that the 

proposed amendments will bring greater 

clarity to the current System 

functionality as the various System 

checks are noted for each side of the 

PIXL Order. Further, the NBBO check is 

specifically noted as this check on the 

same side check ensures the order does 

not trade-through. The Exchange is not 

substantively amending the current 

System functionality. 

Auction Process 

The Exchange’s proposal to amend 

Options 3, Section 13(b)(4) to replace 

references to ‘‘Limit Order,’’ ‘‘order’’ 

and ‘‘orders’’ with the word ‘‘interest’’ 

is consistent with the Act and the 

protection of investors and the general 

public because an order or quote on the 

order book may currently interact with 

a PIXL Order. The proposed rule text 

makes clear that a quote will participate 

in a PIXL as unrelated marketable 

interest. The clarification will make the 

rule text transparent. 

Amending Options 3, Section 13(b)(6) 

to remove the term ‘‘then-existing’’ from 

the paragraph is consistent with the Act 


ddrumheller on DSK120RN23PROD with NOTICES1
62866 Federal Register / Vol. 88, No. 176 / Wednesday, September 13, 2023 / Notices 

8 15 U.S.C. 78s(b)(3)(A). 

9 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 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. 10 17 CFR 200.30–3(a)(12). 

because the phrase is not necessary as 

the subsequent clause makes clear 

which cPBBO will be referenced. 

Technical Amendments 

The Exchange’s proposal to make two 

technical amendments within Options 

4A, Options Index Rules, are consistent 

with the Act as the amendments to 

Options 4A, Sections 6 and 12 are nonsubstantive. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

PIXL Entry Checks 

Phlx’s proposal to amend Options 3, 

Section 13(a)(1)–(3) to harmonize the 

language within the PIXL entry checks 

with language within GEMX’s PIM, 

ISE’s PIM, MRX’s PIM and BX’s PRISM, 

without changing the substantive 

operations of these price improvement 

auctions, does not impose an undue 

burden on competition because market 

participants will be able to compare 

Phlx’s PIXL entry checks with similar 

mechanisms on Nasdaq affiliated 

markets. 

Amending Options 3, Section 

13(a)(1)–(3) to specify the entry checks 

that are utilized by Phlx’s System today 

to initiate a PIXL does not impose an 

undue burden on competition because 

these checks will apply uniformly to 

any order entered into PIXL. Further, 

the proposed amendments will add 

transparency to the current System 

functionality as the various System 

checks are noted for each side of the 

PIXL Order. Further, the Exchange is 

not substantively amending the current 

System functionality. 

Auction Process 

The Exchange’s proposal to amend 

Options 3, Section 13(b)(4) to replace 

references to ‘‘Limit Order,’’ ‘‘order’’ 

and ‘‘orders’’ within Options 3, Section 

13(b)(4) with the word ‘‘interest’’ does 

not impose an undue burden on 

competition because all quotes will 

participate in a PIXL as an unrelated 

order. The clarification will make the 

rule text transparent. 

Amending Options 3, Section 13(b)(6) 

to remove the term ‘‘then-existing’’ from 

the paragraph does not impose an 

undue burden on competition because 

the phrase is not necessary as the 

subsequent clause makes clear which 

cPBBO will be referenced. 

Technical Amendments 

The Exchange’s proposal to make two 

technical amendments within Options 

4A, Options Index Rules, do not impose 

an undue burden on competition as the 

amendments to Options 4A, Sections 6 

and 12 are non-substantive. 

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) of the Act 8 and Rule 19b– 

4(f)(6) thereunder.9

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 

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– 

PHLX–2023–41 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–PHLX–2023–41. 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–PHLX–2023–41 and should be 

submitted on or before October 4, 2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–19731 Filed 9–12–23; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Data Collection Available for Public 

Comments 

ACTION: 60-Day notice and request for 

comments. 

SUMMARY: The Small Business 

Administration (SBA) intends to request 

approval, from the Office of 

Management and Budget (OMB) for the 


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