73920 Federal Register / Vol. 88, No. 207 / Friday, October 27, 2023 / Notices 

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

2 17 CFR 240.19b–4. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget this 

request for extension of the previously 

approved collection of information 

discussed below. 

Form 6–K (17 CFR 249.306) is a 

disclosure document under the 

Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.) that must be filed by 

a foreign private issuer to report 

material information promptly after the 

occurrence of specified or other 

important corporate events that are 

disclosed in the foreign private issuer’s 

home country. The purpose of Form 6– 

K is to ensure that U.S. investors have 

access to the same information that 

foreign investors do when making 

investment decisions. Form 6–K is a 

public document and all information 

provided is mandatory. Form 6–K takes 

approximately 8.7 hours per response 

and is filed by approximately 34,794 

issuers annually. We estimate 75% of 

the 8.7 hours per response (6.525 hours) 

is prepared by the issuer for a total 

annual reporting burden of 227,031 

hours (6.525 hours per response × 

34,794 responses). The remaining 

burden hours are reflected as a cost to 

the foreign private issuers. 

An agency may conduct or sponsor, 

and a person is not required to respond 

to, a collection of information unless it 

displays a currently valid control 

number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice by November 27, 2023 to (i) 

www.reginfo.gov/public/do/PRAMain 

and (ii) David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or by sending an email to: 

PRA_Mailbox@sec.gov. 

Dated: October 23, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–23714 Filed 10–26–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–559, OMB Control No. 

3235–0621] 

Submission for OMB Review; 

Comment Request; Extension: Form 

15F 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget this 

request for extension of the previously 

approved collection of information 

discussed below. 

Form 15F (17 CFR 249.324) is filed by 

a foreign private issuer when 

terminating its Exchange Act reporting 

obligations pursuant to Exchange Act 

Rule 12h–6 (17 CFR 240.12h–6). Form 

15F requires a foreign private issuer to 

disclose information that helps 

investors understand the foreign private 

issuer’s decision to terminate its 

Exchange Act reporting obligations and 

assists the Commission staff in 

determining whether the filer is eligible 

to terminate its Exchange Act reporting 

obligations pursuant to Rule 12h–6. 

Rule 12h–6 provides a process for a 

foreign private issuer to exit the 

Exchange Act registration and reporting 

regime when there is relatively little 

U.S. investor interest in its securities. 

Rule 12h–6 is intended to remove a 

disincentive for foreign private issuers 

to register their securities with the 

Commission by lessening concerns that 

the Exchange Act registration and 

reporting system would be difficult to 

exit once an issuer enters it. The 

information provided to the 

Commission is mandatory and all 

information is made available to the 

public upon request. We estimate that 

Form 15F takes approximately 30 hours 

to prepare and is filed by approximately 

30 foreign private issuers. We estimate 

that 25% of the 30 hours per response 

(7.5 hours per response) is prepared by 

the filer for a total annual reporting 

burden of 225 hours (7.5 hours per 

response × 30 responses). 

An agency may conduct or sponsor, 

and a person is not required to respond 

to, a collection of information unless it 

displays a currently valid control 

number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice by November 27, 2023 to (i) 

www.reginfo.gov/public/do/PRAMain 

and (ii) David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or by sending an email to: 

PRA_Mailbox@sec.gov. 

Dated: October 23, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–23711 Filed 10–26–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98783; File No. SRCboeEDGA–2023–017] 

Self-Regulatory Organizations; Cboe 

EDGA Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fees Schedule Related to Physical 

Port Fees 

October 23, 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 October 

13, 2023, Cboe EDGA Exchange, Inc. 

(the ‘‘Exchange’’ or ‘‘EDGA Equities’’) 

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 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 

Cboe EDGA Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGA Equities’’) 

proposes to amend its Fees Schedule. 

The text of the proposed rule change is 

provided in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

equities/regulation/rule_filings/edga/), 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 207 / Friday, October 27, 2023 / Notices 73921 

3The Exchange initially filed the proposed fee 

changes on July 3, 2023 (SR–CboeEDGA–2023–011). 

On September 1, 2023, the Exchange withdrew that 

filing and submitted SR–CboeEDGA–2023–015. On 

September 29, 2023, the Securities and Exchange 

Commission issued a Suspension of and Order 

Instituting Proceedings to Determine whether to 

Approve or Disapprove a Proposed Rule Change to 

Amend its Fees Schedule Related to Physical Port 

Fees (the ‘‘OIP’’). On September 29, 2023, the 

Exchange filed the proposed fee change (SR– 

CboeEDGA–2023–016). On October 13, 2023, the 

Exchange withdrew that filing and submitted this 

filing. No comment letters were received in 

connection with any of the foregoing rule filings. 

4See e.g., The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’), General 8, Connectivity to the 

Exchange. Nasdaq and its affiliated exchanges 

charge a monthly fee of $15,000 for each 10 Gb 

Ultra fiber connection to the respective exchange, 

which is analogous to the Exchange’s 10 Gb 

physical port. See also New York Stock Exchange 

LLC, NYSE American LLC, NYSE Arca, Inc., NYSE 

Chicago Inc., NYSE National, Inc. Connectivity Fee 

Schedule, which provides that 10 Gb LX LCN 

Circuits (which are analogous to the Exchange’s 10 

Gb physical port) are assessed $22,000 per month, 

per port. 

5The Affiliate Exchanges are also submitting 

contemporaneous identical rule filings. 

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

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

8 Id. 

9 15 U.S.C. 78f(b)(4). 

10See Securities and Exchange Release No. 83449 

(June 15, 2018), 83 FR 28890 (June 21, 2018) (SR– 

CboeEDGA–2018–010). 

11See https://www.officialdata.org/us/inflation/ 

2010?amount=1. 

12See e.g., The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’), General 8, Connectivity to the 

Exchange. Nasdaq and its affiliated exchanges 

charge a monthly fee of $15,000 for each 10 Gb 

Ultra fiber connection to the respective exchange, 

which is analogous to the Exchange’s 10 Gb 

physical port. See also New York Stock Exchange 

LLC, NYSE American LLC, NYSE Arca, Inc., NYSE 

Chicago Inc., NYSE National, Inc. Connectivity Fee 

Schedule, which provides that 10 Gb LX LCN 

Circuits (which are analogous to the Exchange’s 10 

Gb physical port) are assessed $22,000 per month, 

per port. 

at the Exchange’s Office of the 

Secretary, 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 to amend its 

fee schedule relating to physical 

connectivity fees.3

By way of background, a physical port 

is utilized by a Member or non-Member 

to connect to the Exchange at the data 

centers where the Exchange’s servers are 

located. The Exchange currently 

assesses the following physical 

connectivity fees for Members and nonMembers on a monthly basis: $2,500 per 

physical port for a 1 gigabit (‘‘Gb’’) 

circuit and $7,500 per physical port for 

a 10 Gb circuit. The Exchange proposes 

to increase the monthly fee for 10 Gb 

physical ports from $7,500 to $8,500 per 

port. The Exchange notes the proposed 

fee change better enables it to continue 

to maintain and improve its market 

technology and services and also notes 

that the proposed fee amount, even as 

amended, continues to be in line with, 

or even lower than, amounts assessed by 

other exchanges for similar 

connections.4 The physical ports may 

also be used to access the Systems for 

the following affiliate exchanges and 

only one monthly fee currently (and 

will continue) to apply per port: the 

Cboe BZX Exchange, Inc. (options and 

equities), Cboe EDGX Exchange, Inc. 

(options and equities platforms), Cboe 

BYX Exchange, Inc., and Cboe C2 

Exchange, Inc. (‘‘Affiliate Exchanges’’).5

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

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

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 7 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) 8 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange also believes the 

proposed rule change is consistent with 

Section 6(b)(4) 9 of the Act, which 

requires that Exchange rules provide for 

the equitable allocation of reasonable 

dues, fees, and other charges among its 

Members and other persons using its 

facilities. 

The Exchange believes the proposed 

fee change is reasonable as it reflects a 

moderate increase in physical 

connectivity fees for 10 Gb physical 

ports. Further, the current 10 Gb 

physical port fee has remained 

unchanged since June 2018.10 Since its 

last increase 5 years ago however, there 

has been notable inflation. Particularly, 

the dollar has had an average inflation 

rate of 3.9% per year between 2018 and 

today, producing a cumulative price 

increase of approximately 21.1% 

inflation since the fee for the 10 Gb 

physical port was last modified.11

Moreover, the Exchange historically 

does not increase fees every year, 

notwithstanding inflation. Accordingly, 

the Exchange believes the proposed fee 

is reasonable as it represents only an 

approximate 13% increase from the 

rates adopted five years ago, 

notwithstanding the cumulative rate of 

21.1%. 

The Exchange also believes the 

proposed fee is reasonable as it is still 

in line with, or even lower than, 

amounts assessed by other exchanges 

for similar connections.12 Indeed, the 

Exchange believes assessing fees that are 

a lower rate than fees assessed by other 

exchanges for analogous connectivity 

(which were similarly adopted via the 

rule filing process and filed with the 

Commission) is reasonable. As noted 

above, the proposed fee is also the same 

as is concurrently being proposed for its 

Affiliate Exchanges. Further, Members 

are able to utilize a single port to 

connect to any of the Affiliate 

Exchanges with no additional fee 

assessed for that same physical port. 

Particularly, the Exchange believes the 

proposed monthly per port fee is 

reasonable, equitable and not unfairly 

discriminatory as it is assessed only 

once, even if it connects with another 

affiliate exchange since only one port is 

being used and the Exchange does not 

wish to charge multiple fees for the 

same port. Indeed, the Exchange notes 

that several ports are in fact purchased 

and utilized across one or more of the 

Exchange’s affiliated Exchanges (and 

charged only once). 

The Exchange also believes that the 

proposed fee change is not unfairly 

discriminatory because it would be 

assessed uniformly across all market 


ddrumheller on DSK120RN23PROD with NOTICES1
73922 Federal Register / Vol. 88, No. 207 / Friday, October 27, 2023 / Notices 

13 Id. 

14See Cboe Global Markets, U.S. Equities Market 

Volume Summary, Month-to-Date (June 29, 2023), 

available at https://www.cboe.com/us/equities/ 

market_statistics/. 

15See https://www.nyse.com/markets/nyse/ 

membership,. 

16See https://www.iexexchange.io/membership. 

17See https://www.miaxglobal.com/sites/default/ 

files/page-files/20230630_MIAX_Pearl_Equities_

Exchange_Members_June_2023.pdf. 

18Third-party resellers of connectivity play an 

important role in the capital markets infrastructure 

ecosystem. For example, third-party resellers can 

help unify access for customers who want exposure 

to multiple financial markets that are 

geographically dispersed by establishing 

connectivity to all of the different exchanges, so the 

customers themselves do not have to. Many of the 

third-party connectivity resellers also act as 

distribution agents for all of the market data 

generated by the exchanges as they can use their 

established connectivity to subscribe to, and 

redistribute, data over their networks. This may 

remove barriers that infrastructure requirements 

may otherwise pose for customers looking to access 

multiple markets and real-time data feeds. This 

facilitation of overall access to the marketplace is 

ultimately beneficial for the entire capital markets 

ecosystem, including the Exchange, on which such 

firms transact business. 

19See, e.g., Nasdaq Price List—U.S. Direct 

Connection and Extranet Fees, available at, US 

Direct-Extranet Connection (nasdaqtrader.com); 

and Securities Exchange Act Release Nos. 74077 

(January 16, 2022), 80 FR 3683 (January 23, 2022) 

(SR–NASDAQ–2015–002); and 82037 (November 8, 

2022), 82 FR 52953 (November 15, 2022) (SR– 

NASDAQ–2017–114). 

20For example, a third-party reseller may 

purchase one 10 Gb physical port from the 

Exchange and resell that connectivity to three 

different market participants who may only need 3 

Gb each and leverage the same single port. 

participants that purchase the physical 

ports. The Exchange believes increasing 

the fee for 10 Gb physical ports and 

charging a higher fee as compared to the 

1 Gb physical port is equitable as the 1 

Gb physical port is 1/10th the size of the 

10 Gb physical port and therefore does 

not offer access to many of the products 

and services offered by the Exchange 

(e.g., ability to receive certain market 

data products). Thus, the value of the 1 

Gb alternative is lower than the value of 

the 10 Gb alternative, when measured 

based on the type of Exchange access it 

offers. Moreover, market participants 

that purchase 10 Gb physical ports 

utilize the most bandwidth and 

therefore consume the most resources 

from the network. As such, the 

Exchange believes the proposed fee 

change for 10 Gb physical ports is 

reasonably and appropriately allocated. 

The Exchange also notes Members 

and non-Members will continue to 

choose the method of connectivity 

based on their specific needs and no 

broker-dealer is required to become a 

Member of, let alone connect directly to, 

the Exchange. There is also no 

regulatory requirement that any market 

participant connect to any one 

particular exchange. Moreover, direct 

connectivity is not a requirement to 

participate on the Exchange. The 

Exchange also believes substitutable 

products and services are available to 

market participants, including, among 

other things, other equities exchanges 

that a market participant may connect to 

in lieu of the Exchange, indirect 

connectivity to the Exchange via a thirdparty reseller of connectivity, and/or 

trading of any equities product, such as 

within the Over-the-Counter (OTC) 

markets which does not require 

connectivity to the Exchange. Indeed, 

there are currently 16 registered equities 

exchanges that trade equities (12 of 

which are not affiliated with Cboe), 

some of which have similar or lower 

connectivity fees.13 Based on publicly 

available information, no single equities 

exchange has more than approximately 

16% of the market share.14 Further, low 

barriers to entry mean that new 

exchanges may rapidly enter the market 

and offer additional substitute platforms 

to further compete with the Exchange 

and the products it offers. For example, 

in 2020 alone, three new exchanges 

entered the market: Long Term Stock 

Exchange (LTSE), Members Exchange 

(MEMX), and Miami International 

Holdings (MIAX Pearl). 

As noted above, there is no regulatory 

requirement that any market participant 

connect to any one equities exchange, 

nor that any market participant connect 

at a particular connection speed or act 

in a particular capacity on the 

Exchange, or trade any particular 

product offered on an exchange. 

Moreover, membership is not a 

requirement to participate on the 

Exchange. Indeed, the Exchange is 

unaware of any one equities exchange 

whose membership includes every 

registered broker-dealer. By way of 

example, while the Exchange has 103 

members that trade equities, Cboe EDGX 

has 124 members that trade equities, 

Cboe BYX has 110 members and Cboe 

BZX has 132 members. There is also no 

firm that is a Member of EDGA Equities 

only. Further, based on publicly 

available information regarding a 

sample of the Exchange’s competitors, 

NYSE has 143 members,15 IEX has 129 

members,16 and MIAX Pearl has 51 

members.17

A market participant may also submit 

orders to the Exchange via a Member 

broker or a third-party reseller of 

connectivity. The Exchange notes that 

third-party non-Members also resell 

exchange connectivity. This indirect 

connectivity is another viable 

alternative for market participants to 

trade on the Exchange without 

connecting directly to the Exchange 

(and thus not pay the Exchange 

connectivity fees), which alternative is 

already being used by non-Members and 

further constrains the price that the 

Exchange is able to charge for 

connectivity to its Exchange.18 The 

Exchange notes that it could, but 

chooses not to, preclude market 

participants from reselling its 

connectivity. Unlike other exchanges, 

the Exchange also chooses not to adopt 

fees that would be assessed to thirdparty resellers on a per customer basis 

(i.e., fee based on number of Members 

that connect to the Exchange indirectly 

via the third-party).19 Particularly, these 

third-party resellers may purchase the 

Exchange’s physical ports and resell 

access to such ports either alone or as 

part of a package of services. The 

Exchange notes that multiple Members 

are able to share a single physical port 

(and corresponding bandwidth) with 

other non-affiliated Members if 

purchased through a third-party reseller.20 This allows resellers to 

mutualize the costs of the ports for 

market participants and provide such 

ports at a price that may be lower than 

the Exchange charges due to this 

mutualized connectivity. These thirdparty sellers may also provide an 

additional value to market participants 

as they may also manage and monitor 

these connections, and clients of these 

third-parties may also be able to connect 

from the same colocation facility either 

from their own racks or using the thirdparty’s managed racks and 

infrastructure which may provide 

further cost-savings. As such, even firms 

that wish to utilize a single, dedicated 

10 Gbps port (i.e., use one single 10 

Gbps port themselves instead of sharing 

a port with other firms), may still realize 

cost savings via a third-party reseller 

because such reseller may be providing 

additional services and infrastructure 

support alongside the physical port 

offering (e.g., providing space, hosting, 

power, and other long-haul connectivity 

options). Further, as noted above, the 

Exchange does not receive any 

connectivity revenue when connectivity 

is resold by a third-party, which often 

is resold to multiple customers, some of 

whom are agency broker-dealers that 

have numerous customers of their own. 

Therefore, given the availability of 

third-party providers that also offer 

connectivity solutions, the Exchange 

believes participation on the Exchange 

remains affordable (notwithstanding the 

proposed fee change) for all market 

participants, including trading firms 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 207 / Friday, October 27, 2023 / Notices 73923 

21See e.g., The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’), General 8, Connectivity to the 

Exchange. Nasdaq and its affiliated exchanges 

charge a monthly fee of $15,000 for each 10 Gbps 

Ultra fiber connection to the respective exchange, 

which is analogous to the Exchange’s 10 Gbps 

physical port. See also New York Stock Exchange 

LLC, NYSE American LLC, NYSE Arca, Inc., NYSE 

Chicago Inc., NYSE National, Inc. Connectivity Fee 

Schedule, which provides that 10 Gbps LX LCN 

Circuits (which are analogous to the Exchange’s 10 

Gbps physical port) are assessed $22,000 per 

month, per port. 

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

23 17 CFR 240.19b–4(f). 

that may be able to take advantage of 

lower costs that result from mutualized 

connectivity and/or from other services 

provided alongside the physical port 

offerings. Because third-party resellers 

also act as a viable alternative to direct 

connectivity to the Exchange, the price 

that the Exchange is able to charge for 

direct connectivity to its Exchange is 

constrained. Further, the Exchange 

believes its offerings are more affordable 

as compared to similar offerings at 

competitor exchanges.21

Accordingly, the vigorous 

competition among national securities 

exchanges provides many alternatives 

for firms to voluntarily decide whether 

direct connectivity to the Exchange is 

appropriate and worthwhile, and as 

noted above, no broker-dealer is 

required to become a Member of the 

Exchange, let alone connect directly to 

it. In the event that a market participant 

views the Exchange’s proposed fee 

change as more or less attractive than 

the competition, that market participant 

can choose to connect to the Exchange 

indirectly or may choose not to connect 

to that exchange and connect instead to 

one or more of the other 12 non-Cboe 

affiliated equities markets. Indeed, 

market participants are free to choose 

which exchange or reseller to use to 

satisfy their business needs. Moreover, 

if the Exchange charges excessive fees, 

it may stand to lose not only 

connectivity revenues but also revenues 

associated with the execution of orders 

routed to it, and, to the extent 

applicable, market data revenues. The 

Exchange believes that this competitive 

dynamic imposes powerful restraints on 

the ability of any exchange to charge 

unreasonable fees for connectivity. 

Notwithstanding the foregoing, the 

Exchange still believes that the 

proposed fee increase is reasonable, 

equitably allocated and not unfairly 

discriminatory, even for market 

participants that determine to connect 

directly to the Exchange for business 

purposes, as those business reasons 

should presumably result in revenue 

capable of covering the proposed fee. 

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 

proposed fee change will not impact 

intramarket competition because it will 

apply to all similarly situated Members 

equally (i.e., all market participants that 

choose to purchase the 10 Gb physical 

port). Additionally, the Exchange does 

not believe its proposed pricing will 

impose a barrier to entry to smaller 

participants and notes that its proposed 

connectivity pricing is associated with 

relative usage of the various market 

participants. For example, market 

participants with modest capacity needs 

can continue to buy the less expensive 

1 Gb physical port (which cost is not 

changing) or may choose to obtain 

access via a third-party re-seller. While 

pricing may be increased for the larger 

capacity physical ports, such options 

provide far more capacity and are 

purchased by those that consume more 

resources from the network. 

Accordingly, the proposed connectivity 

fees do not favor certain categories of 

market participants in a manner that 

would impose a burden on competition; 

rather, the allocation reflects the 

network resources consumed by the 

various size of market participants— 

lowest bandwidth consuming members 

pay the least, and highest bandwidth 

consuming members pays the most. 

The Exchange’s proposed fee is also 

still lower than some fees for similar 

connectivity on other exchanges and 

therefore may stimulate intermarket 

competition by attracting additional 

firms to connect to the Exchange or at 

least should not deter interested 

participants from connecting directly to 

the Exchange. Further, if the changes 

proposed herein are unattractive to 

market participants, the Exchange can, 

and likely will, see a decline in 

connectivity via 10 Gb physical ports as 

a result. The Exchange operates in a 

highly competitive market in which 

market participants can determine 

whether or not to connect directly to the 

Exchange based on the value received 

compared to the cost of doing so. 

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 

The foregoing rule change has become 

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

of the Act 22 and paragraph (f) of Rule 

19b–4 23 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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CboeEDGA–2023–017 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–CboeEDGA–2023–017. 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 


ddrumheller on DSK120RN23PROD with NOTICES1
73924 Federal Register / Vol. 88, No. 207 / Friday, October 27, 2023 / Notices 

24 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78q. 

2 10 currently registered NRSROs × 265 hours = 

2,650 hours. 

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–CboeEDGA–2023–017 and should 

be submitted on or before November 17, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–23705 Filed 10–26–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–564, OMB Control No. 

3235–0628] 

Submission for OMB Review; 

Comment Request; Extension: Rule 

17g–2 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of 

extension of the previously approved 

collection of information provided for in 

Rule 17g–2 (17 CFR 240.17g–2) under 

the Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.) (‘‘Exchange Act’’). 

Rule 17g–2, ‘‘Records to be made and 

retained by nationally recognized 

statistical rating organizations,’’ 

implements the Commission’s 

recordkeeping rulemaking authority 

under Section 17(a) of the Exchange 

Act.1 The rule requires a Nationally 

Recognized Statistical Rating 

Organization (‘‘NRSRO’’) to make and 

retain certain records relating to its 

business and to retain certain other 

business records, if such records are 

made. The rule also prescribes the time 

periods and manner in which all these 

records must be retained. There are 10 

credit rating agencies registered with the 

Commission as NRSROs under section 

15E of the Exchange Act, which have 

already established the recordkeeping 

policies and procedures required by 

Rule 17g–2. Based on staff experience, 

NRSROs are estimated to spend a total 

industry-wide burden of 2,650 annual 

hours to make and retain the 

appropriate records.2

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information on respondents; and 

(d) ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

The Commission may not conduct or 

sponsor a collection of information 

unless it displays a currently valid 

control number. No person shall be 

subject to any penalty for failing to 

comply with a collection of information 

subject to the PRA that does not display 

a valid OMB control number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice by November 27, 2023 to (i) 

MBX.OMB.OIRA.SEC_desk_officer@

omb.eop.gov and (ii) Please direct your 

written comments to: Dave Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, 

c/o Cynthia Roscoe, 100 F St. NE, 

Washington, DC 20549 or send an email 

to: PRA_Mailbox@sec.gov. 

Dated: October 23, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–23710 Filed 10–26–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–137, OMB Control No. 

3235–0145] 

Submission for OMB Review; 

Comment Request; Extension: 

Regulation 13D and Regulation 13G; 

Schedule 13D and Schedule 13G 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget this 

request for extension of the previously 

approved collection of information 

discussed below. 

Schedules 13D and 13G (17 CFR 

240.13d–101 and 240.13d–102) are filed 

pursuant to Sections 13(d) and 13(g) of 

the Securities Exchange Act of 1934 (15 

U.S.C. 78m(d) and 78m(g)) (‘‘Exchange 

Act’’) and Regulations 13D and 13G (17 

CFR 240.13d–1—240.13d–7) thereunder 

to report beneficial ownership of equity 

securities registered under Section 12 

(15 U.S.C. 78l) of the Exchange Act. 

Regulations 13D and 13G provide 

investors, the subject issuers, and 

market participants with information 

about the accumulation of equity 

securities that may have the potential to 

change or influence control of an issuer. 

Schedules 13D and 13G are filed by 

persons, including small entities, to 

report their ownership of more than 5% 

of a class of equity securities registered 

under Section 12. 

We estimate that it takes 

approximately 14.5 burden hours to 

prepare a Schedule 13D and it is filed 

by approximately 1,508 filers. In 

addition, we estimate that 25% of the 

14.5 hours per response (3.625 hours 

per response) is carried internally by the 

filer for a total annual reporting burden 

of 5,467 hours (3.625 hours per response 

× 1,508 responses). 

We estimate that it takes 

approximately 12.4 hours per response 

to prepare a Schedule 13G and it is filed 

by approximately 7,079 filers. In 

addition, we estimate 25% of the 12.4 

hours per response (3.1 hours per 

response) is carried internally by the 

filer for a total annual reporting burden 

of 21,945 hours (3.1 hours per response 

× 7,079 responses), 

The Schedules combined are filed by 

8,587 filers and they take approximately 

12.769 hours per response. In addition, 


ddrumheller on DSK120RN23PROD with NOTICES1