Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 67411 

19 15 U.S.C. 78s(b)(3)(A). 

20 17 CFR 240.19b–4(f)(6). 21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The term ‘‘Member’’ means an individual or 

organization approved to exercise the trading rights 

associated with a Trading Permit. Members are 

deemed ‘‘members’’ under the Exchange Act. See 

Exchange Rule 100. 

furtherance of the purposes of the Act, 

as it relates solely to provisions 

regarding when complex auctions 

occurring on the Exchange may 

terminate early. The proposed rule 

changes are not intended to be 

competitive. 

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: 

A. significantly affect the protection 

of investors or the public interest; 

B. impose any significant burden on 

competition; and 

C. 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 19 and Rule 19b–4(f)(6) 20

thereunder. At any time within 60 days 

of the filing of the proposed rule change, 

the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission will institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CBOE–2023–051 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–CBOE–2023–051. 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 (http://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–CBOE–2023–051 and should be 

submitted on or before October 20, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–21342 Filed 9–28–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98513; File No. SR– 

EMERALD–2023–25] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Provide Eligible 

Members Another Opportunity To Elect 

To Participate in the Maintaining 

Qualifications Program 

September 25, 2023. 

Pursuant to the provisions of 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 September 22, 2023, MIAX Emerald, 

LLC (‘‘MIAX Emerald’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

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 is filing a proposal to 

amend Interpretation and Policy .01 to 

Exchange Rule 1903, Continuing 

Education, to provide eligible 

Members 3 another opportunity to elect 

to participate in the Maintaining 

Qualifications Program (‘‘MQP’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

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

us-options/emerald-options/rule-filings, 

at MIAX Emerald’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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4See also Exchange Rule 1903, Interpretation and 

Policy .06, All Registered Persons Must Satisfy the 

Regulatory Element of Continuing Education. 

5See Securities Exchange Act Release No. 97184 

(Mar. 22, 2023), 88 FR 18359 (Mar. 28, 2023) (SR– 

FINRA–2023–005) (Notice of Filing and Immediate 

Effectiveness of a Proposed Rule Change to Amend 

FINRA Rule 1240.01 To Provide Eligible 

Individuals Another Opportunity to Elect to 

Participate in the Maintaining Qualifications 

Program) (‘‘FINRA Rule Change’’). 

6See Securities Exchange Act Release No. 95177 

(June 29, 2022), 87 FR 40324 (July 6, 2022) (SR– 

EMERALD–2022–22) (Notice of Filing and 

Immediate Effectiveness of a Proposed Rule Change 

To Amend Exchange Rule 1900, Registration 

Requirements, Exchange Rule 1903, Continuing 

Education Requirements, and Exchange Rule 1904, 

Electronic Filing Requirements for Uniform Forms). 

7The MQP does not eliminate the two-year 

qualification period. Thus, eligible individuals who 

elect not to participate in the MQP can continue to 

avail themselves of the two-year qualification 

period (i.e., they can reregister within two years of 

terminating a registration category without having 

to requalify by examination or having to obtain an 

examination waiver). 

8The FSAWP is a waiver program for eligible 

individuals who have left a member firm to work 

for a foreign or domestic financial services affiliate 

of a member firm. The Exchange stopped accepting 

new participants for the FSAWP beginning on July 

1, 2022; however, individuals who were already 

participating in the FSAWP prior to that date had 

the option of continuing in the FSAWP. 

9Look-Back Individuals were able to notify 

FINRA of their election to participate in the MQP 

through their FinPro accounts. 

10According to FINRA, this may have been a 

result of the timing of FINRA’s announcements 

relating to the MQP, which coincided with the 

holiday season and the transition to the New Year. 

Further, given that Look-Back Individuals were out 

of the industry at the time of these announcements, 

it was unlikely that they would have learned of the 

MQP, or the First Enrollment Period, through 

informal communication channels. 

11The current rule text also provides that if LookBack Individuals elect to participate in the MQP, 

their five-year participation period will be adjusted 

by deducting from that period the amount of time 

that has lapsed between the date that they 

terminated their registrations and July 1, 2022. To 

reflect the availability of the Second Enrollment 

Period, the proposed rule change clarifies that for 

all Look-Back Individuals who elect to participate 

in the MQP, their participation period would also 

be for a period of five years following the 

termination of their registration categories, as with 

other MQP participants. 

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 to amend 

Interpretation and Policy .01 to 

Exchange Rule 1903, Continuing 

Education, to provide eligible Members 

another opportunity to elect to 

participate in the Maintaining 

Qualifications Program (‘‘MQP’’). 

The continuing education program for 

registered persons of Members (‘‘CE 

Program’’) currently requires registered 

persons to complete continuing 

education consisting of a Regulatory 

Element and a Firm Element. The 

Regulatory Element is administered by 

the Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’). FINRA, on 

behalf of the Exchange, focuses on 

regulatory requirements and industry 

standards, while the Firm Element is 

provided by each firm and focuses on 

securities products, services and 

strategies the firm offers, firm policies 

and industry trends. 

The CE Program is codified under the 

rules of the self-regulatory 

organizations. The CE Program for 

registered persons of Exchange Members 

is codified under Exchange Rule 1903, 

Continuing Education.4 This proposed 

rule change is based on a filing recently 

submitted by FINRA and is intended to 

harmonize the Exchange’s continuing 

education rules with those of FINRA so 

as to promote uniform standards across 

the securities industry.5 The proposed 

rule change is discussed in detail below. 

On June 10, 2022, the Exchange 

amended Exchange Rule 1900, 

Registration Requirements, and 

Exchange Rule 1903, Continuing 

Education, to, among other things, 

provide eligible individuals who 

terminate any of their representative or 

principal registration categories the 

option of maintaining their qualification 

for any terminated registration 

categories by completing annual 

continuing education through a new 

program, the MQP.6 By that time, 

however, the First Enrollment Period, 

defined below, had expired, leaving 

many eligible individuals from being 

able to participate in the MQP. This 

proposed rule change will provide those 

eligible individuals a second 

opportunity to elect to participate in the 

MQP to maintain their qualification. 

Prior to the MQP, individuals whose 

registrations as representative or 

principals had been terminated for two 

or more years could reregister as 

representatives or principals only if they 

requalified by retaking and passing the 

applicable representative- or principallevel examination or if they obtained a 

waiver of such examination(s) (the 

‘‘two-year qualification period’’). The 

MQP provides these individuals an 

alternative means of staying current on 

their regulatory and securities 

knowledge following the termination of 

a registration.7 Specifically, the MQP 

provides eligible individuals a 

maximum of five years following the 

termination of a representative or 

principal registration category to 

reregister without having to requalify by 

examination or having to obtain an 

examination waiver, subject to 

satisfying the conditions and limitations 

of the MQP, including the annual 

completion of all prescribed continuing 

education. 

Under Exchange Rule 1903, 

Interpretation and Policy .01, the MQP 

has a look-back provision that, subject 

to specified conditions, extended the 

option to participate in the MQP to 

individuals who: (1) were registered as 

a representative or principal within two 

years immediately prior to July 1, 2022 

(the implementation date of Exchange 

MQP); and (2) individuals who were 

participating in the Financial Services 

Affiliate Waiver Program (‘‘FSAWP’’) 

under Exchange Rule 1900, 

Interpretation and Policy .09, Waiver of 

Examinations for Individuals Working 

for a Financial Services Industry 

Affiliate of a Member, immediately prior 

to July 1, 2022 (collectively, ‘‘Look-Back 

Individuals’’).8

In the FINRA Rule Change, FINRA 

noted that in Regulatory Notice 21–41 

(November 17, 2021), it announced that 

Look-Back Individuals who wanted to 

take part in FINRA’s MQP were required 

to make their election between January 

31, 2022, and March 15, 2022 (the ‘‘First 

Enrollment Period’’). In addition to the 

announcement in Regulatory Notice 21– 

41, FINRA notified the Look-Back 

Individuals about the MQP and the First 

Enrollment Period via two separate 

mailings of postcards to their home 

addresses and communications through 

their FINRA Financial Professional 

Gateway (‘‘FinPro’’) accounts.9

In the FINRA Rule Change, FINRA 

further noted that shortly after the First 

Enrollment Period had ended, a number 

of Look-Back Individuals contacted 

FINRA and indicated that they had only 

recently become aware of the MQP. 

FINRA noted that it also received 

anecdotal information that a number of 

these individuals may not have learned 

of the MQP, or the First Enrollment 

Period, in a timely manner, or at all, due 

to communication and operational 

issues.10 In addition, the original sixweek enrollment period may not have 

provided Look-Back Individuals with 

sufficient time to evaluate whether they 

should participate in the MQP. For 

these reasons, FINRA recently amended 

its rules to provide Look-Back 

Individuals a second opportunity to 

elect to participate in the MQP (the 

‘‘Second Enrollment Period’’). For 

similar reasons, the Exchange is also 

proposing to amend its rules to provide 

Look-Back Individuals with a Second 

Enrollment Period.11 The Exchange’s 

Second Enrollment Period will be 

between the effective date of this 


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Federal Register / Vol. 88, No. 188 / Friday, September 29, 2023 / Notices 67413 

12Look-Back Individuals who elect to enroll in 

the MQP during the Second Enrollment Period 

would also need to pay the annual program fee of 

$100 for both 2022 and 2023 at the time of their 

enrollment. 

13See, e.g., Joanne Cleaver, FINRA Sets Big 

Change in Motion with New Options for Licensing 

Grace Period, InvestmentNews (June 23, 2022), 

https://www.investmentnews.com/finra-sets-bigchange-in-motion-with-new-option-forlicensinggrace-period-222942. 

14 In the FINRA Rule Change, FINRA noted that 

it anticipates that Look-Back Individuals will make 

their selection to enroll in the MQP during the 

Second Enrollment Period through their FinPro 

accounts. See Enrolling in the MQP, https://

www.finra.org/registration-exams-ce/finpro/mqp 

(describing the MQP enrollment process). FINRA 

further noted that it will inform Look-Back 

Individuals if it determines to provide an 

alternative enrollment method. 

15For example, if a Look-Back Individual 

terminated a registration category on July 1, 2020, 

and elects to participate in the MQP on December 

1, 2023, the individual’s maximum participation 

period would be five years starting on July 1, 2020, 

and ending no later than July 1, 2025. If the 

individuals does not reregister with a member firm 

by July 1, 2025, the individual would need to 

requalify by examination or obtain an examination 

waiver in order to reregister after that date. 

16 15 U.S.C. 78f(b). 

17 15 U.S.C. 78f(b)(5). 

18 Id. 

19See supra note 5. 

20 15 U.S.C. 78s(b)(3)(A)(iii). 

21 17 CFR 240.19b–4(f)(6). 

22 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) 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. 

proposed rule change and December 31, 

2023. In addition, the proposed rule 

change requires that Look-Back 

Individuals who elect to participate in 

the MQP during the Second Enrollment 

Period complete any prescribed 2022 

and 2023 MQP content by March 31, 

2024.12

The Exchange believes that Look-Back 

Individuals generally have greater 

awareness of the MQP, including due to 

news coverage, since the program’s 

launch.13 The Exchange believes that 

greater public awareness of the MQP, 

coupled with a four-month enrollment 

period, should help ensure that all 

Look-Back Individuals are aware of the 

MQP and the availability of the Second 

Enrollment Period and should provide 

them with ample time to decide 

whether to participate in the MQP. 

Look-Back Individuals who elect to 

enroll during the Second Enrollment 

Period would need to notify FINRA of 

their election to participate in the MQP 

through a manner to be determined by 

FINRA.14 The Exchange also notes that 

Look-Back Individuals who elect to 

participate in the MQP during the 

Second Enrollment Period would 

continue to be subject to all of the other 

MQP eligibility and participation 

conditions. For example, as clarified in 

the proposed rule change, Look-Back 

Individuals electing to participate 

during the Second Enrollment Period 

would have only a maximum of five 

years following the termination of a 

registration category in which to 

reregister without having to requalify by 

examination or having to obtain an 

examination waiver.15

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.16 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 17 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. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 18 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange’s rule proposal is 

intended to harmonize the Exchange’s 

supervision rules, specifically with 

respect to the continuing education 

requirements with those of FINRA, on 

which they are based. Consequently, the 

proposed change will conform the 

Exchange’s rules to changes made to 

corresponding FINRA rules, thus 

promoting application of consistent 

regulatory standards with respect to 

rules that FINRA enforces pursuant to 

its regulatory services agreement with 

the Exchange. 

The Exchange believes that providing 

Look-Back Individuals a second 

opportunity to elect to participate in the 

MQP is warranted because participation 

in the MQP would reduce unnecessary 

impediments to requalification for these 

Members without diminishing investor 

protection. In addition, the proposed 

rule change is consistent with other 

goals, such as the promotion of diversity 

and inclusion in the securities industry 

by attracting and retaining a broader and 

diverse group of professionals. The 

MQP also allows the industry to retain 

expertise from skilled Members, 

providing investors with the advantage 

of greater experience among the 

Members working in the industry. The 

Exchange believes that providing LookBack Individuals a second opportunity 

to elect to participate in the MQP will 

further these goals and objectives. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange believes that the proposed 

rule change, which harmonizes its rules 

with the recent rule change adopted by 

FINRA, will reduce the regulatory 

burden placed on market participants 

engaged in trading activities across 

different markets. The Exchange 

believes that the harmonization of the 

CE program requirements across the 

various markets will reduce burdens on 

competition by removing impediments 

to participation in the national market 

system and promoting competition 

among participants across the multiple 

national securities exchanges. 

Additionally, and as stated above, 

FINRA has recently submitted a filing to 

provide eligible individuals another 

opportunity to elect to participate in the 

Maintaining Qualifications Program in 

the same manner.19

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

MIAX Emerald has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A) of the Act 20 and Rule 19b– 

4(f)(6) thereunder.21 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 19(b)(3)(A) of the Act and 

Rule 19b–4(f)(6)(iii) thereunder.22


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67414 Federal Register / Vol. 88, No. 188 / Friday, September 29, 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 considered the 

proposed rule change’s impact on efficiency, 

competition, and capital formation. See 15 U.S.C. 

78c(f). 

26 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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. MIAX Emerald 

has indicated that the immediate 

operation of the proposed rule change is 

appropriate because it would allow the 

Exchange to implement the proposed 

changes to its continuing education 

rules without delay, thereby eliminating 

the possibility of a significant regulatory 

gap between the FINRA rules and the 

Exchange rules, providing more uniform 

standards across the securities industry, 

and helping to avoid confusion for 

Exchange members that are also FINRA 

members. MIAX Emerald also noted that 

FINRA plans to conduct additional 

public outreach efforts to promote 

awareness of the MQP and the 

availability of the Second Enrollment 

Period among Look-Back Individuals. 

Therefore, MIAX Emerald indicated that 

the immediate operation of the 

proposed rule change is also appropriate 

because it would help to further notify 

Look-Back Individuals of their options 

and provide additional time for them to 

consider whether they wish to 

participate in the MQP before the 

December 31, 2023 deadline. For these 

reasons, the Commission believes that 

waiver of the 30-day operative delay for 

this proposal is consistent with the 

protection of investors and the public 

interest. Accordingly, 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 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– 

EMERALD–2023–25 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–EMERALD–2023–25. 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–EMERALD–2023–25 and 

should be submitted on or before 

October 20, 2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.26

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–21348 Filed 9–28–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98495; File No. SR– 

NYSENAT–2023–20] 

Self-Regulatory Organizations; NYSE 

National, Inc.; Notice of Filing of 

Proposed Change To Amend the NYSE 

National Schedule of Fees and Rebates 

September 25, 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 

September 12, 2023, NYSE National, 

Inc. (‘‘NYSE National’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III 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 the 

NYSE National Schedule of Fees and 

Rebates (‘‘Fee Schedule’’) to reflect fees 

and credits relating to the NYSE 

National Retail Liquidity Program. The 

proposed 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 

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, 


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