64504 Federal Register / Vol. 88, No. 180 / Tuesday, September 19, 2023 / Notices 

245 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3References herein to Phlx Rules in the 3000 

Series shall mean Rules in Phlx Equity 4. 

4See Securities Exchange Act Release No. 34– 

98225 (August 16, 2023), 88 FR 60255 (August 31, 

2023) (SR–NASDAQ–2023–030). The Exchange’s 

proposal differs from that of Nasdaq in that it 

excludes changes to Order Types and Attributes 

that are inapplicable to the Exchange due to its 

absence of opening and closing crosses. 

5Pursuant to Rule 3301B(b)(5)(A), a ‘‘Market 

Maker Peg Order’’ is an Order Type designed to 

allow a Market Maker to maintain a continuous 

two-sided quotation at a displayed price that is 

compliant with the quotation requirements for 

Market Makers set forth in Equity 2, Section 5(a)(2). 

The displayed price of the Market Maker Peg Order 

is set with reference to a ‘‘Reference Price’’ in order 

to keep the displayed price of the Market Maker Peg 

Order within a bounded price range. The Reference 

Price for a Market Maker Peg Order to buy (sell) is 

the then-current National Best Bid (National Best 

Offer), or if no such National Best Bid or National 

Best Offer, the most recent reported last-sale eligible 

trade from the responsible single plan processor for 

that day, or if none, the previous closing price of 

the security as adjusted to reflect any corporate 

actions (e.g., dividends or stock splits) in the 

security. 

appropriate in furtherance of the 

purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has neither solicited 

nor received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the Exchange consents, 

the Commission shall: (a) by order 

approve or disapprove such proposed 

rule change, or (b) institute proceedings 

to determine whether the proposed rule 

change should be 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– 

BOX–2023–20 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–BOX–2023–20. 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–BOX–2023–20 and should be 

submitted on or before October 10, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.245

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–20171 Filed 9–18–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98377; File No. SR–Phlx– 

2023–43] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Equity 4, 

Rules 3301A and 3301B 

September 13, 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 

September 5, 2023, Nasdaq PHLX LLC 

(‘‘Phlx’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Equity 4, Rules 3301A and 3301B.3

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 

The Exchange proposes amendments 

to its Rules to address inconsistencies 

between the Rule Text and observed 

System behavior as well as behavior 

unaccounted for in the existing Rule 

text, as follows. This proposal is similar 

to a rule change filed by the Exchange’s 

sister exchange, the Nasdaq Stock 

Market, LLC, on August 16, 2023.4

First Rule Change 

The first proposed rule change 

addresses an edge case of inconsistency 

between the Rule text and System 

behavior, this time regarding Market 

Maker Peg Orders.5 Rule 3301A states 

that, if after entry of a Market Maker Peg 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 180 / Tuesday, September 19, 2023 / Notices 64505 

6 ‘‘Reserve Size’’ is, in part, an Order Attribute 

that ‘‘permits a Participant to stipulate that an 

Order Type that is displayed may have its displayed 

size replenished from additional non-displayed 

size.’’ Rule 3301B(h). The Rule also states that 

Reserve ‘‘is not available for Orders that are not 

displayed; provided, however, that if a Participant 

enters Reserve Size for a Non-Displayed Order with 

a Time-in-Force of IOC, the full size of the Order, 

including Reserve Size, will be processed as a NonDisplayed Order.’’ Id. In addition to the change 

proposed above, the Exchange proposes to 

eliminate from the immediately preceding language 

‘‘with a Time-in-Force of IOC’’ because the 

Exchange does not assess a reason to include this 

qualifier. The statement that a Non-Displayed Order 

with Reserve will be entirely non-displayed is true 

even as to Non-Displayed Orders with other TIFs. 

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

8 15 U.S.C. 78f(b)(5). 

9 15 U.S.C. 78s(b)(3)(A)(iii). 

10 17 CFR 240.19b–4(f)(6). 

11 15 U.S.C. 78s(b)(3)(A). 

12 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. 

Order that has a displayed price based 

on the NBBO, and the NBBO 

subsequently shifts such that the 

displayed price of the Market Maker Peg 

Order to buy (sell) is equal to or greater 

(less) than the National Best Bid (or 

National Best Offer), the Market Maker 

Peg Order will not be subsequently 

repriced until a new reference price is 

established that is more aggressive than 

the displayed price of the Market Maker 

Peg Order. System testing revealed that 

the System does not reprice Market 

Maker Peg Orders in this scenario, but 

only if such Orders are in round lot 

sizes, whereas it does reprice such 

Orders when they are in odd lot sizes. 

After evaluation, the Exchange 

determined to maintain this System 

behavior and amend the Rule to 

conform to it. The Exchange proposes to 

do so because the existing language 

proscribing repricing only makes sense 

within the context of round lot Market 

Maker Peg Orders, which this scenario 

would set a new NBBO and when they 

do so, cannot reprice with respect to the 

reference price they just set. By contrast, 

odd lot Market Maker Peg Orders are 

ineligible to set the NBBO, and do not 

have this same problem. Accordingly, 

the Exchange proposes to amend Rule 

3301A to clarify that the prohibition 

against repricing only applies to Market 

Maker Peg Orders in round lot sizes. 

Second Rule Change 

The second proposal would amend 

Equity 4, Rule 3301B(h), to correct its 

description of behavior of the NonDisplayed portion of Orders with the 

Reserve Attribute.6 Rule 3301B(h) 

provides as follows, in pertinent part: 

In all cases, if the remaining size of the 

Non-Displayed Order is less than the fixed or 

random amount stipulated by the Participant, 

the full remaining size of the Non-Displayed 

Order will be displayed and the NonDisplayed Order will be removed. 

As stated, this Rule requires that the 

entire Non-Displayed portion of a 

Reserve Order will become Displayed 

the moment the size of the NonDisplayed portion drops below an 

amount that a participant designates or 

has directed the System to randomly 

designate (the ‘‘Max Floor’’). In 

conducting a test of System behavior, 

however, the Exchange observed that 

the System does not, in fact, operate in 

this manner. Instead, the System 

maintains the Non-Displayed portion of 

a Reserve Order as such when the size 

of that Non-Displayed Portion drops 

below the Max Floor. Rather than 

correct the current System behavior to 

match the Rule, the Exchange 

determined that users of Reserve Orders 

prefer the current System behavior 

because it is true to the underlying 

intent of Reserve functionality, which is 

to help limit the price impacts of trading 

large quantities of shares by displaying 

only small portions of such shares at a 

given time, while hiding the rest in 

reserve. Thus, the Exchange proposes to 

address the inconsistency between the 

Rule text and the behavior of the System 

by deleting the aforementioned language 

from Rule 3301B(h). Going forward, the 

System will not convert to a Displayed 

Order the Non-Displayed remainder of a 

Reserve Order that falls below the Max 

Floor, and the System will not remove 

it. 

2. Statutory Basis 

The Exchange believes that its 

proposals are consistent with section 

6(b) of the Act,7 in general, and further 

the objectives of section 6(b)(5) of the 

Act,8 in particular, in that they are 

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. 

It is consistent with the Act to amend 

the Exchange’s Rules to address 

inconsistencies between the Rule text 

and observed System behavior, 

including by adapting the Rule text to 

codify observed System behavior, where 

the observed behavior is more 

consistent with the underlying purpose 

of an Order Attribute than is the Rule 

text (maintaining the Non-Displayed 

status of a reserve portion of a Reserve 

Order that drops below the Max Floor) 

and where System behavior reflects a 

nuance not contemplated by the existing 

Rules (clarifying that the prohibition 

against repricing Market Maker Peg 

Orders that have prices equal to or 

better than the NBBO only applies to 

round lot Market Maker Peg Orders, and 

not to odd lots). 

Finally, it is consistent with the Act 

to amend Rule 3301B(h) to delete 

qualifying language which erroneously 

suggests that Non-Displayed Orders 

with Reserve are only non-displayed 

when such Orders have a TIF of IOC. 

Investors and the public have an interest 

in the Exchange maintaining a Rulebook 

that is accurate. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule changes will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposals merely address 

inconsistencies between Rule text and 

System behavior. The Exchange neither 

intends nor perceives that these rule 

changes will have any impact on 

competition. 

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 

The Exchange has filed the proposed 

rule change pursuant to section 

19(b)(3)(A)(iii) of the Act 9 and Rule 

19b–4(f)(6) thereunder.10 Because the 

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 

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 11 and Rule 19b–4(f)(6)(iii) 

thereunder.12

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 


ddrumheller on DSK120RN23PROD with NOTICES1
64506 Federal Register / Vol. 88, No. 180 / Tuesday, September 19, 2023 / Notices 

13 15 U.S.C. 78s(b)(2)(B). 14 17 CFR 200.30–3(a)(12). 

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) 13 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– 

Phlx–2023–43 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–2023–43. 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–2023–43 and should be 

submitted on or before October 10, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–20169 Filed 9–18–23; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Annual Meeting of the Regional Small 

Business Regulatory Fairness Boards 

AGENCY: Office of the National 

Ombudsman, U.S. Small Business 

Administration (SBA). 

ACTION: Notice of open meeting of the 

Regional Small Business Regulatory 

Fairness Boards. 

SUMMARY: The SBA, Office of the 

National Ombudsman, is issuing this 

notice to announce the location, date, 

time and agenda for the annual board 

meeting of the ten Regional Small 

Business Regulatory Fairness Boards. 

The meeting is open to the public. 

DATES: The meeting will be held on 

Thursday, September 28, 2023, from 

9:30 a.m. to 4 p.m. EDT, and Friday, 

September 29, 2023, from 9:30 a.m. to 

4 p.m. EDT. 

ADDRESSES: The meeting will be held 

virtually through Microsoft Teams. 

FOR FURTHER INFORMATION CONTACT: The 

meeting is open to the public; however 

advance notice of attendance is 

requested. Anyone wishing to attend 

must contact John Kelly, Case 

Management Specialist, by September 

21, 2023. If you need accommodations 

because of a disability, translation 

services, or require additional 

information, please contact John Kelly, 

by phone (888) 734–3247, by fax (202) 

481–5719 or email ombudsman@

sba.gov. 

For more information on the Office of 

the National Ombudsman, please visit 

our website at www.sba.gov/ 

ombudsman. 

SUPPLEMENTARY INFORMATION: Pursuant 

to the Small Business Regulatory 

Enforcement Fairness Act (Pub. L. 104– 

121), sec. 222, SBA announces the 

meeting of the Regional Small Business 

Regulatory Fairness Boards (Regional 

Regulatory Fairness Boards). The 

Regional Regulatory Fairness Boards are 

tasked to advise the National 

Ombudsman on matters of concern to 

small businesses relating to enforcement 

activities of agencies and to report on 

substantiated instances of excessive 

enforcement actions against small 

business concerns, including any 

findings or recommendations of the 

Board as to agency enforcement practice 

or policy. 

The purpose of the meeting is to 

discuss the following topics related to 

the Regional Regulatory Fairness 

Boards: 

—Introduction of the Regional 

Regulatory Fairness Boards and the 

staff of the Office of the National 

Ombudsman 

—Facilitated discussion of ongoing 

regulatory issues for small business 

—Annual Report to Congress Update 

—Office of Advocacy regulatory review 

—SBA update and future outreach 

planning 

Dated: September 13, 2023. 

Andrienne Johnson, 

SBA Committee Management Officer. 

[FR Doc. 2023–20166 Filed 9–18–23; 8:45 am] 

BILLING CODE 8026–09–P 

TENNESSEE VALLEY AUTHORITY 

Spring Valley II Solar Project 

AGENCY: Tennessee Valley Authority. 

ACTION: Notice of intent. 

SUMMARY: The Tennessee Valley 

Authority (TVA) intends to prepare an 

environmental impact statement (EIS) 

for the purchase of electricity generated 

by the proposed Spring Valley II Solar 

Project in Colbert County, Alabama. The 

EIS will assess the potential 

environmental effects of constructing, 

operating, and maintaining the 

proposed 178-megawatt (MW) 

alternating current (AC) solar facility 

that would occupy approximately 943 

acres of the 1,629-acre project study 

area. Public comments are invited 

concerning the scope of the EIS, 

alternatives being considered, and 

environmental issues that should be 

addressed as a part of this EIS. TVA is 

also requesting data, information, and 

analysis relevant to the proposed action 

from the public; affected federal, state, 

tribal, and local governments, agencies, 

and offices; the scientific community; 

industry; or any other interested party. 

DATES: The public scoping period begins 

with the publication of this Notice of 

Intent in the Federal Register. To ensure 

consideration, comments must be 

postmarked, emailed, or submitted 

online no later than October 19, 2023. 


ddrumheller on DSK120RN23PROD with NOTICES1