Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices 82933 

24 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See proposed Rule 14.13(b)(1). 

4The Entry Fee is currently set forth in Exchange 

Rule 14.13(b)(1)(A) and (B) for Tier I and Tier II 

securities, respectively. As described therein, the 

Entry Fee includes a non-refundable Application 

Fee that must be submitted with the Company’s 

application to list on the Exchange. 

5The Exchange initially filed the proposed fee 

change on September 29, 2023 (SR–CboeBZX– 

2023–077). On October 10, 2023, the Exchange 

withdrew that filing and submitted another 

proposed fee change (SR–CboeBZX–2023–082). On 

October 20, 2023, the Exchange withdrew that filing 

and submitted another proposed fee change (SR– 

CboeBZX–2023–086). On October 31, 2023, the 

Exchange withdrew that filing and [sic] another 

proposed fee change (SR–CboeBZX–2023–088). On 

November 8, 2023, the Exchange withdrew that 

filing and submitted this proposal. 

6The Exchange notes that the proposed Fees will 

be applied prospectively to all applications 

submitted after the date of this proposal. 

public in accordance with the 

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

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

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

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–BOX–2023–27 and should be 

submitted on or before December 18, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Christina Z. Milnor, 

Assistant Secretary. 

[FR Doc. 2023–26092 Filed 11–24–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98991; File No. SR– 

CboeBZX–2023–092] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Delineate 

the Application Fee From the Entry 

Fee, To Increase the Application Fee 

for Tier I and Tier II Securities Listed 

on the Exchange in Certain 

Circumstances, To Change the 

Assessment Date of the Entry Fee, and 

To Clarify That Both the Entry Fee and 

Application Fee Are Non-Refundable 

as Provided in Exchange Rule 14.13 

November 20, 2023. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (‘‘Act’’) 

and Rule 19b–4 thereunder,2 notice is 

hereby given that on November 8, 2023, 

Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) 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 

Cboe BZX Exchange, Inc. (‘‘BZX’’ or 

the ‘‘Exchange’’) is filing with the 

Securities and Exchange Commission 

(‘‘Commission’’ or ‘‘SEC’’) a proposed 

rule change to delineate the Application 

Fee from the Entry Fee, to increase the 

Application Fee for Tier I and Tier II 

securities listed on the Exchange in 

certain circumstances, to change the 

assessment date of the Entry Fee, and to 

clarify that both the Entry Fee and 

Application Fee are non-refundable as 

provided in Exchange Rule 14.13. 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange is proposing to amend 

its rules related to an application to list 

any class of securities (not otherwise 

identified in Rule 14.13) on the 

Exchange as a Tier I or Tier II security 

to specifically delineate the Application 

Fee 3 from the Entry Fee,4 to increase the 

Application Fee for Tier I and Tier II 

Securities applying to list on the 

Exchange in certain circumstances, and 

to change the assessment date of the 

Entry Fee.5 The Exchange is also 

proposing to clarify that both the Entry 

Fee and Application Fee are nonrefundable. The Exchange is not 

proposing to change the total combined 

Entry Fee and Application Fee for either 

Tier I ($100,000) or Tier II ($50,000) 

securities, but rather to increase the 

Application Fee in situations that it’s 

less likely that an applicant will list on 

the Exchange (as further described 

below) and to assess the Entry Fee at the 

point that the Exchange has completed 

the majority of the work associated with 

a potential listing.6

Currently, under Exchange Rule 

14.13(b)(1)(A) and (B), a Company that 

submits an application to list a Tier I or 

Tier II security on the Exchange is 

assessed an Entry Fee totaling $100,000 

or $50,000, respectively. The rules 

further stipulate that the Entry Fee will 

be assessed on the date of listing on the 

Exchange, except for $25,000 which 

represents the Application Fee, and 

which must be submitted with the 

Company’s application. 

The Exchange is now proposing to 

delineate the Application Fee from the 

Entry Fee under proposed Rules 

14.13(b)(1) and (2), respectively. 

However, the Exchange is not proposing 

a change to the combined total of the 

Entry Fee and Application Fee for either 

Tier I or Tier II securities that list on the 

Exchange. The Application Fee would 

continue to be $25,000 for both Tier I 

and Tier II securities unless the 

Company is at any point during the 

Exchange’s review of the application 

simultaneously engaged in the 

application process to list on another 

national securities exchange, in which 

case the application fee will be $50,000. 

In such circumstances, there is a higher 

likelihood that the Company may 

withdraw its application to list on the 

Exchange prior to the issuance of 

conditional approval, and thus prior to 

assessment of the remainder of the Entry 

Fee. Given this and because of the 

significant resources necessary to 

review an application to list on the 

Exchange, the Exchange believes that a 

higher Application Fee will more 


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82934 Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices 

7Conditional approval is approval issued by the 

Exchange for a security to list on the Exchange 

subject to certain conditions being met. 

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

9 15 U.S.C. 78f(b)(5). 

10 Id. 

11 15 U.S.C. 78f(b)(4). 

closely align with the time at which the 

Exchange incurs the cost of reviewing 

an application and will ensure that the 

Exchange is compensated for its time 

and resources even if an issuer 

withdraws its application prior to 

receiving conditional approval. 

The Exchange’s listing application for 

Tier I or Tier II securities requires a 

Company to disclose whether it is 

simultaneously engaged in the 

application process to list on another 

national securities exchange. If a 

Company were to indicate such, it 

would be assessed the $50,000 

Application Fee at the time of 

application. If a Company is not 

simultaneously engaged in the 

application process to list on another 

national securities exchange at the time 

of application, but later submits such an 

application prior to receiving 

conditional approval to list on the 

Exchange, the Company would be 

required to notify the Exchange of such 

application and the additional $25,000 

Application Fee would be assessed at 

that time. The Exchange is not 

proposing additional fees for Companies 

that decide not to list with the 

Exchange. Where a Company that is 

already engaged in the application 

process with another exchange, such a 

Company will be subject to the higher 

Application Fee upon application with 

the Exchange. Where a Company is 

already engaged in the listing process 

with the Exchange and is considering 

listing with another exchange, such a 

Company can have any level of 

engagement short of filing an 

application on that other exchange 

without subjecting itself to any 

additional fees. Such a Company could 

also terminate the application process 

with the Exchange and begin the listing 

process with another exchange and not 

be subject to any additional fees. As 

such, the Exchange believes this 

proposal is not imposing any 

meaningful burden on competition. 

Rather, the Exchange is merely trying to 

ensure that it is compensated for the 

resources that it expends in a situation 

where it is less likely that the full Entry 

Fee will be paid. 

Based on the above proposed changes 

to Rule 14.13(b), the Exchange also 

proposes to renumber and update rule 

references throughout Rule 14.13(b) to 

conform to those changes. Additionally, 

the Exchange proposes to make 

conforming changes to proposed Rules 

14.13(b)(2)(F) and (G) to state that 

neither the Entry Fee or Application Fee 

provided under proposed Rules 

14.13(b)(1) and (2) will be applicable to 

certain securities. 

The Exchange is also proposing that 

the Entry Fee be assessed for both Tier 

I and Tier II securities on the date the 

Exchange provides conditional 

approval 7 of the Company’s 

application. The Exchange’s review of 

an application for listing a Tier I or Tier 

II security requires significant Exchange 

resources, a majority of which are 

required prior to the issuance of 

conditional approval. Therefore, the 

Exchange believes the proposal to assess 

the Entry Fee (less the Application Fee) 

at the time conditional approval is 

issued is reasonable as it more closely 

aligns with the time that the largest 

costs are incurred by the Exchange. 

Further, it ensures that the Exchange is 

compensated for its time and resources 

even if an issuer determines not to list 

with the Exchange after receiving 

conditional approval. 

Last, the Exchange proposes to delete 

the text of existing Rule 14.13(b)(1)(E), 

which provides that if the application is 

withdrawn or is not approved, the Entry 

Fee (less the non-refundable 

Application Fee) shall be refunded. As 

noted in current Exchange Rule 

14.13(a), the Application Fee is, and 

will continue to be, non-refundable. 

While Rule 14.13(b)(1)(E) implies that 

an Entry Fee (less the Application Fee) 

may be refundable, it would not occur 

in practice as the Entry Fee is currently 

charged on the date of initial listing. 

Therefore, the Exchange proposes to 

delete the text of Rule 14.13(b)(1)(E) and 

to modify Rule 14.13(a) to clarify that 

both the Application Fee and Entry Fee 

are non-refundable. 

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.8 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 9 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) 10 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers as 

well as Section 6(b)(4) 11 as it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its Members and 

other persons using its facilities. 

The Exchange first notes that its 

corporate listing business operates in a 

highly-competitive market in which 

Companies can readily list on another 

national securities exchange if they 

deem fee levels or any other factor at a 

particular venue to be insufficient or 

excessive. Exchange Rule 14.13 reflects 

a competitive pricing structure designed 

to incentivize Companies to list new 

Tier I or Tier II securities, which the 

Exchange believes will enhance 

competition both among Companies and 

listing venues, to the benefit of 

investors. 

The Exchange believes it is reasonable 

to delineate between the Application 

Fee and Entry Fee within the 

Exchange’s rules. The separation of the 

two fees will clarify when each of the 

fees are assessed by the Exchange and 

the total amount that will be assessed. 

Furthermore, the Exchange believes the 

corresponding changes throughout Rule 

14.13(b) to modify rule references and 

numbering will maintain a clear and 

understandable rulebook, to the benefit 

of all investors. 

The Exchange believes its proposal to 

charge a higher Application Fee if the 

Company is at any point during the 

Exchange’s review of the application 

simultaneously engaged in the 

application process to list on another 

national securities exchange, is 

reasonable. Specifically, in such 

circumstances, there is a higher 

likelihood that the Company will 

withdraw its application to list prior to 

the issuance of conditional approval, 

and thus prior to assessment of Entry 

Fee (less the Application Fee). Given 

this and because of the significant 

resources necessary to review an 

application to list on the Exchange, the 

Exchange believes that a higher 

Application Fee will more closely align 

with the time at which the Exchange 

incurs the cost of reviewing an 

application and will ensure that the 

Exchange is compensated for its time 

and resources even if an issuer 


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Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices 82935 

withdraws its application prior to 

receiving conditional approval. The 

Exchange is not proposing additional 

fees for Companies that decide not to 

list with the Exchange. Where a 

Company that is already engaged in the 

application process with another 

exchange, such a Company will be 

subject to the higher Application Fee 

upon application with the Exchange. 

Where a Company is already engaged in 

the listing process with the Exchange 

and is considering listing with another 

exchange, such a Company can have 

any level of engagement short of 

submitting an application on that other 

exchange without subjecting itself to 

any additional fees. Such a Company 

could also terminate the application 

process with the Exchange and begin 

the listing process with another 

exchange and not be subject to any 

additional fees. As such, the Exchange 

believes this proposal is not imposing 

any meaningful burden on competition. 

Rather, the Exchange is merely trying to 

ensure that it is compensated for the 

resources that it expends in a situation 

where it is less likely for the full Entry 

Fee to be paid. While such an 

arrangement could result in Companies 

that do not list with the Exchange 

paying a higher Application Fee, the 

Exchange does not believe the proposal 

will disincentivize Companies to submit 

applications to list on other national 

securities exchanges and thereby burden 

competition. Rather, the Exchange 

believes the proposal will reasonably 

compensate the Exchange for its review 

of the application and may incentivize 

Companies to choose not to engage in or 

terminate the application process on the 

Exchange when there is a higher 

likelihood that the Company will list on 

another national securities exchange. 

While the Exchange is only proposing 

to charge a higher Application Fee in 

certain circumstances, the Exchange 

believes this is not unfairly 

discriminatory because it more closely 

aligns the fee assessment with the time 

at which Exchange costs are incurred for 

limited circumstances where the 

Exchange believes there is a higher 

likelihood that the application will be 

withdrawn prior to the issuance of 

conditional approval. The Exchange 

further notes that should a Company not 

withdraw its application and receive 

conditional approval to list a Tier I or 

Tier II security on the Exchange, it will 

pay no more than any other Company 

listing such a security. 

The Exchange’s proposal to assess the 

Entry Fee, less the Application Fee on 

the date the Exchange provides 

conditional approval is reasonable as it 

more closely aligns with the time that 

resource costs are incurred by the 

Exchange and ensures the Exchange is 

compensated for its costs incurred in 

reaching a conditional approval. There 

are several reasons for which a 

Company may not list a Tier I or Tier 

II that has already received conditional 

approval to list on the Exchange. For 

example, as discussed above, a 

Company may choose to list on another 

national securities exchange rather than 

the Exchange. Alternatively, a Company 

may not meet other regulatory 

requirements or the conditions provided 

in the conditional approval that would 

prevent them from listing on any 

national securities exchange, including 

the Exchange. While the Exchange 

recognizes that a Company may not list 

on the Exchange after receiving 

conditional approval for reasons outside 

of their control, the Exchange does not 

believe that the proposal is 

discriminatory among issuers as it 

simply aligns with the time that 

resource costs are incurred by the 

Exchange. The Exchange also believes 

that this amendment is not unfairly 

discriminatory as it will apply to all 

Companies that submit an application to 

list a Tier I or Tier II security on the 

Exchange equally. 

The Exchange notes that Rule 

14.13(b)(2)(C) provides for the Entry Fee 

of Exchange Traded Products (‘‘ETPs’’) 

listed on the Exchange. Unlike Tier I 

and Tier II securities listed on the 

Exchange, the Exchange only charges an 

Entry Fee to ETPs for which a proposed 

rule change pursuant to Section 19(b) of 

the Exchange Act (an ‘‘Exchange Rule 

Filing’’) is required to be filed with the 

Commission. Such fee is assessed at the 

time the Exchange Rule Filing is filed 

with the Commission. Similar to the 

proposed fee, the Entry Fee applicable 

to ETPs is assessed in close proximity 

to the time the Exchange incurs the cost 

to prepare and file an Exchange Rule 

Filing rather than on the date of initial 

listing. Given this, the Exchange does 

not believe the proposal unfairly 

discriminates issuers of Tier I or Tier II 

securities from issuers of ETPs on the 

Exchange. 

Lastly, the Exchange’s proposal to 

delete the text of Rule 14.13(b)(1)(E) and 

modify Rule 14.13(a) is reasonable 

because it will clarify that both the 

Application Fee and Entry Fee are nonrefundable. Exchange Rule 14.13(a) 

currently provides that the Application 

Fee is non-refundable. While the Rule 

14.13(b)(1)(E) implies that the Entry Fee 

may be refundable, it is never 

refundable in practice as it is currently 

assessed on the date of initial listing on 

the Exchange. Furthermore, the 

Exchange believes that the Application 

Fee and Entry Fee are reasonably 

designed to compensate the Exchange 

for the cost incurred by reviewing an 

application to list on the Exchange. 

Therefore, as such review is nearly 

complete at the time conditional 

approval is provided by the Exchange, 

it is reasonable that Entry Fee is nonrefundable. 

Given the foregoing, the Exchange 

believes the proposed fee amendments 

are consistent with the Act. 

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 market 

for listing services is extremely 

competitive and listed companies may 

freely choose alternative venues based 

on the aggregate fees assessed, and the 

value provided by each listing. 

While the proposal does not change 

the combined amount of the Entry Fee 

and Application Fee for both Tier I and 

Tier II securities that list on the 

Exchange, certain Companies may pay a 

higher Application Fee. Nonetheless, 

the Exchange does not believe that the 

proposal will impose any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. Specifically, the 

proposal to assess a higher Application 

Fee in certain circumstances as 

described herein is reasonable because 

it more closely aligns the fee assessment 

with the time at which the Exchange 

incurs costs in only limited 

circumstances where the Exchange 

believes there is a higher likelihood that 

the application will be withdrawn prior 

to the issuance of conditional approval. 

As discussed above, the Exchange is not 

proposing additional fees for Companies 

that decide not to list with the 

Exchange. Where a Company that is 

already engaged in the application 

process with another exchange, such a 

Company will be subject to the higher 

Application Fee upon application with 

the Exchange. Where a Company is 

already engaged in the listing process 

with the Exchange and is considering 

listing with another exchange, such a 

Company can have any level of 

engagement short of filing an 

application on that other exchange 

without subjecting itself to any 

additional fees. Such a Company could 

also terminate the application process 

with the Exchange and begin the listing 

process with another exchange and not 

be subject to any additional fees. As 

such, this proposal is not imposing any 

meaningful burden on competition. 


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82936 Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices 

12 15 U.S.C. 78s(b)(3)(A). 

13 17 CFR 240.19b–4(f). 

14 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4 15 U.S.C. 78s(b)(1). 

5 17 CFR 240.19b–4. 

6See the IEX Fee Schedule at https://

www.iexexchange.io/resources/trading/fee-schedule 

for the complete list of fee code combinations and 

their corresponding fees. 

Rather, the Exchange is merely trying to 

ensure that it is compensated for the 

resources that it expends in a situation 

where it is less likely for the full Entry 

Fee to be paid. While such an 

arrangement could result in Companies 

that do not list with the Exchange 

paying a higher Application Fee, the 

Exchange does not believe the proposal 

will disincentivize Companies to submit 

applications to list on other national 

securities exchanges and thereby burden 

competition. Rather, the Exchange 

believes the proposal will reasonably 

compensate the Exchange for its review 

of the application and may incentivize 

Companies to choose not to engage in or 

terminate the application process on the 

Exchange when there is a higher 

likelihood that the Company will list on 

another national securities exchange. 

In addition, as proposed Companies 

that don’t list on the Exchange, either by 

choice or because it failed to meet the 

conditions set forth in the conditional 

approval or some other regulatory 

requirement, will be assessed the Entry 

Fee less the Application Fee at the time 

of conditional approval. Therefore, 

Companies that receive conditional 

approval, but do not list on the 

Exchange will pay a fee they would not 

be subject to under the current rule. The 

Exchange does not believe that this fee 

assessment will impose any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act because it simply 

aligns the fee with the time that 

resource costs are incurred by the 

Exchange. Therefore, the Exchange 

believes the proposal is consistent with 

Section 6(b)(8) of the Act. 

The Exchange believes that the 

proposed amendments do not encumber 

competition for listings with other 

listing venues, which are similarly free 

to set their fees. Rather, it reflects 

competition among listing venues and 

will further enhance competition. 

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 12 and paragraph (f) of Rule 

19b–4 13 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– 

CboeBZX–2023–092 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–CboeBZX–2023–092. 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–CboeBZX–2023–092 and should be 

submitted on or before December 18, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–26007 Filed 11–24–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98994; File No. SR–IEX– 

2023–12] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Pursuant to 

IEX Rule 15.110 To Amend IEX’s Fee 

Schedule 

November 20, 2023. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),2 and Rule 19b–4 thereunder,3

notice is hereby given that on November 

7, 2023, Investors Exchange LLC (‘‘IEX’’ 

or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Pursuant to the provisions of Section 

19(b)(1) under the Securities Exchange 

Act of 1934 (‘‘Act’’),4 and Rule 19b–4 

thereunder,5 IEX is filing with the 

Commission a proposed rule change to 

amend its Fee Schedule,6 pursuant to 

IEX Rule 15.110(a) and (c) (the ‘‘Fee 

Schedule’’), to revise the fees applicable 

to transactions that add or remove nondisplayed liquidity from the same 


khammond on DSKJM1Z7X2PROD with NOTICES