Federal Register / Vol. 88, No. 214 / Tuesday, November 7, 2023 / Notices 76879 

25 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5See Securities Exchange Act Release No. 93097 

(September 21, 2021), 86 FR 53358 (September 27, 

2021) (Order Approving File No. SR–FINRA–2021– 

015). Other exchanges, including BYX, 

subsequently filed copycat rule filings to align their 

continuing education rules with those of FINRA. 

See Securities Exchange Act Release No. 94532 

(March 28, 2022), 87 FR 19159 (April 1, 2022), (SR– 

CboeBYX–2022–006). 

6The 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. FINRA stopped accepting new 

participants for the FSAWP beginning on March 15, 

2022; however, individuals who were already 

participating in the FSAWP prior to that date had 

the option of continuing in the FSAWP. 

7See Rule 2.16.01. If such individuals elect to 

participate, they would be required to complete 

their initial annual content by the end of 2022 (i.e., 

by the end of the calendar year in which the 

proposed rule change is implemented). In addition, 

if such individuals elect to participate, their initial 

participation period would be adjusted based on the 

date that their registration was terminated. 

8See Securities Exchange Act Release No. 97184 

(March 22, 2023), 88 FR 18359 (March 28, 2023) 

(SR–FINRA–2023–005). 

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–CboeEDGX–2023–066 and should be 

submitted on or before November 28, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–24521 Filed 11–6–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98834; File No. SR– 

CboeBYX–2023–016] 

Self-Regulatory Organizations; Cboe 

BYX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Rules Relating to the Continuing 

Education for Registered Persons 

November 1, 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 October 

19, 2023, Cboe BYX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BYX’’) 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 Exchange filed the 

proposal as a ‘‘non-controversial’’ 

proposed rule change pursuant to 

section 19(b)(3)(A)(iii) of the Act 3 and 

Rule 19b–4(f)(6) thereunder.4 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 BYX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BYX’’) proposes to 

amend its rules relating to the 

Continuing Education for Registered 

Persons as provided under Exchange 

Rule 2.16.01. 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/byx/), 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 proposed rule change amends 

Exchange Rule 2.16.01 to provide 

eligible individuals another opportunity 

to elect to participate in the Maintaining 

Qualifications Program (‘‘MQP’’). 

In 2021, the Financial Industry 

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

implemented rule changes, which 

amended FINRA’s Continuing 

Education (‘‘CE’’) Program requirements 

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.5 Under FINRA 

Rule 1240.01, the MQP designated 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 March 15, 

2022 (the implementation date of the 

MQP); and (2) individuals who were 

participating in the Financial Services 

Affiliate Waiver Program (‘‘FSAWP’’) 6

under FINRA Rule 1210.09 (Waiver of 

Examinations for Individuals Working 

for a Financial Services Industry 

Affiliate of a Member) immediately 

prior to March 15, 2022 (collectively, 

‘‘Look-Back Individuals’’). 

In response to FINRA’s rule changes 

and to facilitate compliance with the 

Exchange’s CE Program requirements by 

members of multiple exchanges, the 

Exchange implemented rule changes to 

align with FINRA’s CE Program and 

adopted, among other rule changes, 

Exchange Rules 2.16(c), 2.16.01, and 

2.16.02. Such rules, among other things, 

provide eligible individuals who 

terminate any of their representative or 

principal registrations the option of 

maintaining their qualification for any 

of the terminated registrations by 

completing continuing education 

through the MQP. Further, Exchange 

Rule 2.16.01 includes a look-back 

provision that, subject to specified 

conditions, extends the option for 

maintaining qualifications following a 

registration category termination to (i) 

individuals who have been registered as 

a representative or principal within two 

years immediately preceding March 15, 

2022, and (ii) individuals who have 

been participants of the FSAWP 

immediately preceding March 15, 2022 

implementation (i.e., Look-Back 

Individuals). With respect to the 

FSAWP, the Exchange made the lookback provision available to individuals 

who are participants in the FSA waiver 

programs of Exchange’s affiliates, Cboe 

Exchange, Inc. (‘‘Cboe Options’’) and 

Cboe C2 Exchange, Inc. (‘‘C2 Options’’), 

and/or FINRA immediately preceding 

March 15, 2022. Look-Back Individuals 

who elected to participate in the new 

MQP were required to make such 

election by March 15, 2022 (the 

implementation date of the MQP).7

FINRA recently submitted a proposal 

related to its CE Program (the ‘‘FINRA 

Rule Change’’).8 The proposal set forth 

changes to FINRA Rule 1240.01, which 

provide Look-Back Individuals a second 

opportunity to elect to participate in the 

MQP (the ‘‘Second Enrollment 


khammond on DSKJM1Z7X2PROD with NOTICES
76880 Federal Register / Vol. 88, No. 214 / Tuesday, November 7, 2023 / Notices 

9To reflect the availability of the Second 

Enrollment Period, FINRA Rule 1240.01 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. 

10Look-Back Individuals were able to notify 

FINRA of their election to participate in the MQP 

through their FinPro accounts. 

11According 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. 

12The current rule text also provides that if LookBack Individuals elect to participate in the MQP, 

the Exchange shall adjust their participation period 

by deducting from that period the amount of time 

that has lapsed between the date that such persons 

terminated their registration categories and March 

15, 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. See 

supra note 9. 

13Look-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. 

14The Exchange notes that the text proposed for 

deletion includes an incorrect rule reference to Rule 

2.5.08; the FSA Waiver Program is described in 

Rule 2.5.07. The Exchange further notes that, as 

described herein, while the Exchange’s affiliates, 

Cboe Options or C2 Options, maintained FSA 

waiver programs, there were no participants in their 

FSA waiver programs immediately preceding 

March 15, 2022. 

15The Exchange also proposes a non-substantive 

change to Exchange Rule 2.5.07, to correct the 

referenced FINRA Rule from Rule 2110.09 to Rule 

1210.09. 

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

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

18 Id. 

Period’’).9 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. 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 the 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.10

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.11 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. 

For similar reasons and to facilitate 

compliance with the Exchange’s CE 

Program requirements by members of 

multiple exchanges, the Exchange is 

also proposing to amend its rules (i.e., 

Exchange Rule 2.16.01) to provide LookBack Individuals with a Second 

Enrollment Period. The Exchange also 

understands that other exchanges have 

or will propose similar amendments 

based on FINRA’s rule changes. The 

Second Enrollment Period will be 

between the effective date of this filing, 

and December 31, 2023.12 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, 2024.13

The Exchange proposes to revise 

Exchange Rule 2.16.01 to state that 

persons eligible under Exchange Rule 

2.16.01 shall make their election to 

participate in the continuing education 

program under Exchange Rule 2.16(c) by 

either (1) March 15, 2022; or (2) between 

the effective date of this filing, and 

December 31, 2023. 

The Exchange also proposes to amend 

Exchange Rule 2.16.01 to state that 

eligible persons who elect to participate 

in the continuing education program 

between the effective date of this filing, 

and December 31, 2023, must complete 

any prescribed 2022 and 2023 

continuing education content by March 

31, 2024. 

Finally, the Exchange proposes to 

amend Exchange Rule 2.16.01 to remove 

reference to Exchange Rule 2.5.08. This 

Exchange Rule references the FSA 

waiver programs of Cboe Options Rule 

3.30.09, C2 Options Chapter 3, Section 

B and/or FINRA Rule 1210.09.14 As 

there were no participants in the FSA 

waiver programs of the Exchange’s 

affiliates, Cboe Options or C2 Options, 

immediately preceding March 15, 2022, 

the Exchange proposes to amend 

Exchange Rule 2.16.01 to refer 

specifically to FINRA Rule 1210.09 and 

clarify that anyone participating in the 

FINRA FSAWP immediately preceding 

March 15, 2022 would still be eligible 

to participate in the MQP, provided 

conditions in Exchange Rule 2.16(c) are 

met.15

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.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 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 

individuals 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 

individuals, providing investors with 

the advantage of greater experience 

among the individuals working in the 

industry. The Exchange believes that 

providing Look-Back Individuals a 

second opportunity to elect to 

participate in the MQP will further 

these goals and objectives. 

Further, the Exchange believes the 

proposed amendments reduce the 

possibility of a significant regulatory 

gap between Exchange and FINRA rules, 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 88, No. 214 / Tuesday, November 7, 2023 / Notices 76881 

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

20 17 CFR 240.19b–4(f)(6). 

21 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. 

22 17 CFR 240.19b–4(f)(6). 

23 17 CFR 240.19b–4(f)(6)(iii). 

24For 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). 

providing more uniform standards 

across the securities industry. The 

Exchange believes that the proposed 

rule change will bring consistency and 

uniformity with FINRA’s recently 

amended CE Program, which will, in 

turn, assist Members and their 

associated persons in complying with 

these rules and improve regulatory 

efficiency. The proposed rule changes 

make ministerial changes to the 

Exchange’s continuing education rules 

to align them with the continuing 

education rules of FINRA and other 

exchanges as discussed above, in order 

to prevent unnecessary regulatory 

burdens and to promote efficient 

administration of the rules. 

Finally, the Exchange believes the 

proposed amendments to remove 

reference to Exchange Rule 2.5.08, 

which references the FSA waiver 

programs under Cboe Options Rule 

3.30.09, C2 Options Chapter 3, Section 

B and/or FINRA Rule 1210.09, and to 

amend Exchange Rule 2.16.01 to refer 

specifically to FINRA Rule 1210.09 will 

add clarity to the Exchange Rules, as 

there were no participants in the FSA 

waiver programs of the Exchange’s 

affiliates, Cboe Options or C2 Options, 

immediately preceding March 15, 2022. 

Further, the Exchange believes that the 

amendments to clarify that anyone 

participating in the FINRA FSAWP 

immediately preceding March 15, 2022 

would still be eligible to participate in 

the MQP, provided conditions in 

Exchange Rule 2.16(c) are met, ensures 

consistency and uniformity with 

FINRA’s recently amended CE Program, 

which, as noted above, will in turn 

assist Members and their associated 

persons in complying with these rules 

and improve regulatory efficiency. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange believes that the proposed 

rule changes which are, in all material 

respects, based upon and substantially 

similar to, recent rule changes 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. 

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 

BYX has filed the proposed rule 

change pursuant to section 19(b)(3)(A) 

of the Act 19 and Rule 19b–4(f)(6) 

thereunder.20 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.21

A proposed rule change filed under 

Rule 19b–4(f)(6) 22 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),23 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. BYX 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. BYX 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 LookBack Individuals. Therefore, BYX 

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.24

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– 

CboeBYX–2023–016 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–CboeBYX–2023–016. 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 


khammond on DSKJM1Z7X2PROD with NOTICES
76882 Federal Register / Vol. 88, No. 214 / Tuesday, November 7, 2023 / Notices 

25 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5See Securities Exchange Act Release No. 93097 

(September 21, 2021), 86 FR 53358 (September 27, 

2021) (Order Approving File No. SR–FINRA–2021– 

015). Other exchanges, including BZX, 

subsequently filed copycat rule filings to align their 

continuing education rules with those of FINRA. 

See Securities Exchange Act Release No. 94528 

(March 28, 2022), 87 FR 19146 (April 1, 2022), (SR– 

CboeBZX–2022–022). 

6The 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. FINRA stopped accepting new 

participants for the FSAWP beginning on March 15, 

2022; however, individuals who were already 

participating in the FSAWP prior to that date had 

the option of continuing in the FSAWP. 

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–CboeBYX–2023–016 and should be 

submitted on or before November 28, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–24518 Filed 11–6–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98835; File No. SR– 

CboeBZX–2023–085] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Rules Relating to the Continuing 

Education for Registered Persons 

November 1, 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 October 

19, 2023, Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) 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 

substantially prepared by the Exchange. 

The Exchange filed the proposal as a 

‘‘non-controversial’’ proposed rule 

change pursuant to section 

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

19b–4(f)(6) thereunder.4 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 BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) proposes to 

amend its rules relating to the 

Continuing Education for Registered 

Persons as provided under Exchange 

Rule 2.16.01. 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/bzx/), 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 proposed rule change amends 

Exchange Rule 2.16.01 to provide 

eligible individuals another opportunity 

to elect to participate in the Maintaining 

Qualifications Program (‘‘MQP’’). 

In 2021, the Financial Industry 

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

implemented rule changes, which 

amended FINRA’s Continuing 

Education (‘‘CE’’) Program requirements 

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.5 Under FINRA 

Rule 1240.01, the MQP designated 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 March 15, 

2022 (the implementation date of the 

MQP); and (2) individuals who were 

participating in the Financial Services 

Affiliate Waiver Program (‘‘FSAWP’’) 6

under FINRA Rule 1210.09 (Waiver of 

Examinations for Individuals Working 

for a Financial Services Industry 

Affiliate of a Member) immediately 

prior to March 15, 2022 (collectively, 

‘‘Look-Back Individuals’’). 

In response to FINRA’s rule changes 

and to facilitate compliance with the 

Exchange’s CE Program requirements by 

members of multiple exchanges, the 

Exchange implemented rule changes to 

align with FINRA’s CE Program and 

adopted, among other rule changes, 

Exchange Rules 2.16(c), 2.16.01, and 

2.16.02. Such rules, among other things, 

provide eligible individuals who 

terminate any of their representative or 

principal registrations the option of 

maintaining their qualification for any 

of the terminated registrations by 

completing continuing education 

through the MQP. Further, Exchange 

Rule 2.16.01 includes a look-back 

provision that, subject to specified 

conditions, extends the option for 

maintaining qualifications following a 

registration category termination to (i) 

individuals who have been registered as 

a representative or principal within two 

years immediately preceding March 15, 

2022, and (ii) individuals who have 

been participants of the FSAWP 

immediately preceding March 15, 2022 

implementation (i.e., Look-Back 

Individuals). With respect to the 

FSAWP, the Exchange made the lookback provision available to individuals 

who are participants in the FSA waiver 

programs of Exchange’s affiliates, Cboe 

Exchange, Inc. (‘‘Cboe Options’’) and 

Cboe C2 Exchange, Inc. (‘‘C2 Options’’), 

and/or FINRA immediately preceding 

March 15, 2022. Look-Back Individuals 

who elected to participate in the new 


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