Federal Register / Vol. 88, No. 221 / Friday, November 17, 2023 / Notices 80363 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 97658 

(June 7, 2023), 88 FR 38562 (June 13, 2023) (SR– 

Phlx–2023–22) (Notice of Filing and Immediate 

Effectiveness of Proposed Rule Change To Amend 

Various Options 8 Rules) (‘‘SR–Phlx–2023–22’’). 

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

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

6 15 U.S.C. 78s(b)(3)(A)(iii). 

7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Exchange has satisfied this 

requirement. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98919; File No. SR–PHLX– 

2023–48] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Delay the 

Implementation of the FLEX and 

Cabinet Automation 

November 13, 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 November 

9, 2023, Nasdaq PHLX LLC (‘‘Phlx’’ or 

‘‘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 Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to delay the 

implementation of SR–Phlx–2023–22.3

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/phlx/rules, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to delay the 

implementation of a rule change to 

automate FLEX and Cabinet Orders. The 

Exchange previously filed SR–Phlx– 

2023–22, a rule change that amended 

several Phlx Options 8 rules related to 

Phlx’s trading floor. 

FLEX Orders 

With respect to FLEX Orders, SR– 

Phlx–2023–22 amended FLEX Orders in 

3 ways. First, the Exchange amended 

the rules to require FLEX Orders to be 

reported into Phlx’s Options Floor 

Based Management System or ‘‘FBMS,’’ 

thereby further automating the 

execution and reporting of FLEX 

Options. All executed FLEX contracts 

will be reported to OPRA and sent to 

The Options Clearing Corporation 

(‘‘OCC’’) for clearing, similar to all other 

equity, equity index and U.S. dollarsettled foreign currency options orders 

executed on the Exchange’s trading 

floor. Second, the Exchange removed its 

RFQ process including the BBO 

Improvement Interval Process, with the 

rule change. Third, the Exchange 

reorganized Options 8, Section 34 to 

restructure the rule to include 

additional information which describes 

current FLEX trading on Phlx. 

Cabinet Options 

With respect to Cabinet Orders, SR– 

Phlx–2023–22 amended Options 8, 

Section 33 to require Cabinet Orders to 

be reported into FBMS. With this 

change, members and member 

organizations will be required to record 

all Cabinet Orders represented in the 

trading crowd into FBMS. All executed 

contracts will be reported to OPRA and 

sent to OCC for clearing similar to all 

other equity, equity index and U.S. 

dollar-settled foreign currency options 

orders executed on the Exchange’s 

trading floor. 

SR–Phlx–2023–22 stated that the rule 

change would be implemented on or 

before March 29, 2024. At this time, the 

Exchange proposes to delay the 

implementation of SR–Phlx–2023–22 to 

on or before August 30, 2024 to permit 

the Exchange additional time to code 

and test the functionality. The Exchange 

would issue an Options Trader Alert 

announcing the exact implementation 

date to members and member 

organizations. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,4 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,5

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and, in general to protect 

investors and the public interest. The 

Exchange’s proposal to delay the 

implementation of SR–Phlx–2023–22 to 

on or before August 30, 2024 is 

consistent with the Act and the 

protection of investors and the general 

public as it will permit the Exchange 

additional time to code and test the 

functionality. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

The Exchange’s proposal to delay the 

implementation of SR–Phlx–2023–22 to 

on or before August 30, 2024 does not 

impose any burden on competition as it 

will permit the Exchange additional 

time to code and test the functionality. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days 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)(iii) of the Act 6 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.7

At any time within 60 days of the 

filing of the proposed rule change, the 


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80364 Federal Register / Vol. 88, No. 221 / Friday, November 17, 2023 / Notices 

8 17 CFR 200.30–3(a)(12). 

1A company might not be prepared to elect to be 

subject to Sections 55 through 65 of the 1940 Act 

because its capital structure or management 

compensation plan is not yet in compliance with 

the requirements of those sections. 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

PHLX–2023–48 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–PHLX–2023–48. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–PHLX–2023–48 and should be 

submitted on or before December 8, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25386 Filed 11–16–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: Notice is hereby given, 

pursuant to the provisions of the 

Government in the Sunshine Act, Public 

Law 94–409, that the Securities and 

Exchange Commission Small Business 

Capital Formation Advisory Committee 

will hold a public meeting on 

Wednesday, November 29, 2023, at the 

Commission’s headquarters and via 

videoconference. 

PLACE: The meeting will be hybrid, with 

some Committee members attending by 

remote means (videoconference) and 

others in-person at the Commission’s 

headquarters, 100 F Street NE, 

Washington, DC 20549, in MultiPurpose Room LL–006. Members of the 

public may watch the webcast of the 

meeting on the Commission’s website at 

www.sec.gov. 

STATUS: The meeting will begin at 10:00 

a.m. (ET) and will be open to the public 

via webcast on the Commission’s 

website at www.sec.gov. This Sunshine 

Act notice is being issued because a 

majority of the Commission may attend 

the meeting. 

MATTERS TO BE CONSIDERED: The agenda 

for the meeting includes matters relating 

to rules and regulations affecting small 

and emerging businesses and their 

investors under the federal securities 

laws. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information and to ascertain 

what, if any, matters have been added, 

deleted or postponed; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Authority: 5 U.S.C. 552b. 

Dated: November 15, 2023. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2023–25606 Filed 11–15–23; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–185, OMB Control No. 

3235–0238] 

Proposed Collection; Comment 

Request; Extension: Form N–6F 

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 (the 

‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

The title for the collection of 

information is ‘‘Form N–6F (17 CFR 

274.15), Notice of Intent to Elect to be 

Subject to Sections 55 through 65 of the 

Investment Company Act of 1940.’’ The 

purpose of Form N–6F is to notify the 

Commission of a company’s intent to 

file a notification of election to become 

subject to Sections 55 through 65 of the 

Investment Company Act of 1940 (15 

U.S.C. 80a-1 et seq.) (‘‘1940 Act’’). 

Certain companies may have to make a 

filing with the Commission before they 

are ready to elect to be regulated as a 

business development company.1 A 

company that is excluded from the 

definition of ‘‘investment company’’ by 

Section 3(c)(1) because it has fewer than 

one hundred shareholders and is not 

making a public offering of its securities 

may lose such an exclusion solely 

because it proposes to make a public 

offering of securities as a business 

development company. Such company, 

under certain conditions, would not 

lose its exclusion if it notifies the 

Commission on Form N–6F of its intent 

to make an election to be regulated as 

a business development company. The 

company only has to file a Form N–6F 

once. 

The Commission estimates that on 

average approximately 9 companies file 

these notifications each year. Each of 

those companies need only make a 

single filing of Form N–6F. The 

Commission further estimates that this 

information collection imposes burden 

of 0.5 hours, resulting in a total annual 


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