87476 Federal Register / Vol. 88, No. 241 / Monday, December 18, 2023 / Notices 

50 15 U.S.C. 78s(b)(3)(A)(ii). 

51 17 CFR 240.19b–4(f)(2). 

52 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). 

not impose an undue burden on 

competition because all Members will 

be eligible for the proposed rebates by 

sending more QCC and complex order 

flow to the Exchange. The Exchange is 

proposing to exclude Professional 

Customers from the QCC Rebate 

program in the manner described above 

and to apply the proposed rebates only 

where at least one party to the QCC 

transaction is neither a Priority 

Customer nor Professional Customer 

because the Exchange is simultaneously 

eliminating transaction fees for 

Professional Customer QCC Orders 

under this proposal. As such, the 

Exchange believes that Members will 

continue to be incentivized to send 

Professional Customer QCC Orders to 

the Exchange without the added 

incentive of the proposed rebates. In 

addition, to the extent the proposed 

QCC Rebate program encourages 

Members to send more QCC Order and 

complex order flow to ISE, all market 

participants will benefit from the 

resulting additional liquidity and 

trading opportunities. 

In terms of inter-market competition, 

the Exchange notes that it operates in a 

highly competitive market in which 

market participants can readily favor 

competing venues if they deem fee 

levels at a particular venue to be 

excessive, or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

fees to remain competitive with other 

exchanges. Because competitors are free 

to modify their own fees in response, 

and because market participants may 

readily adjust their order routing 

practices, the Exchange believes that the 

degree to which fee changes in this 

market may impose any burden on 

competition is extremely limited. In 

sum, if the changes proposed herein are 

unattractive to market participants, it is 

likely that the Exchange will lose 

market share as a result. Accordingly, 

the Exchange does not believe that the 

proposed changes will impair the ability 

of members or competing order 

execution venues to maintain their 

competitive standing in the financial 

markets. 

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 

The foregoing rule change has become 

effective pursuant to section 

19(b)(3)(A)(ii) of the Act 50 and Rule 

19b–4(f)(2) 51 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: (i) 

necessary or appropriate in the public 

interest; (ii) for the protection of 

investors; or (iii) 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– 

ISE–2023–35 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–ISE–2023–35. 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–ISE–2023–35 and should be 

submitted on or before January 8, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.52

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27674 Filed 12–15–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99147; File No. SR– 

CboeBZX–2023–099] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend the 

Fee Schedule Applicable to Members 

and Non-Members of the Exchange 

Pursuant to BZX Rules 15.1(a) and (c) 

in Order To Adopt a New Tier Under 

Footnote 13 (Tape B Volume and 

Quoting) Specific to Single-Stock 

Exchange Traded Funds (‘‘SingleStock ETFs’’) 

December 12, 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 December 

1, 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 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 


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5Single-Stock ETFs are investment products that 

pay positive or negative multiples of the market 

performance of the single underlying security. 

6See Cboe Global Markets, U.S. Equities Market 

Volume Summary, Month-to-Date (July 31, 2023), 

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

market_statistics/. 

7See BZX Equities Fee Schedule, Standard Rates. 

8 Id. 

9Fee code B is appended to displayed orders that 

add liquidity to BZX in Tape B securities. 

10The existing tiers under footnote 13 were added 

in a fee filing adopting a similar structure related 

to LMP securities on the Exchange. See Securities 

Exchange Act No. 78338 (July 15, 2016) 81 FR 

47458 (July 21, 2016) (SR–BatsBZX–2016–041) 

(Notice of Filing and Immediate Effectiveness of a 

Proposed Rule Change Related to Fees for Use of 

Bats BZX Exchange, Inc.). 

11See Exchange Rule 1.5(n). 

12As discussed further below, the Exchange 

proposes to adopt the term ‘‘LEP Securities’’, which 

means a list of Single-Stock ETFs, including 

options-based ETFs in a single underlying equity 

security, for which the Exchange wants to 

incentivize Members to provide enhanced market 

quality. The Exchange will not remove a security 

from the list of LEP Securities without 30 days prior 

notice. 

13 ‘‘NBBO Time’’ means the average of the 

percentage of time during regular trading hours 

during which the Member maintains at least 100 

shares at each of the NBB and NBO. 

14As discussed further below, the Exchange 

proposes to adopt a new definition for ‘‘Notional 

Depth’’ which means the notional value of bids of 

at least 100 shares that are within $0.05 of the BZX 

NBB and offers of at least 100 shares that are within 

$0.05 of the BZX NBO. 

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 amend the Fee Schedule 

applicable to Members and nonmembers of the Exchange pursuant to 

BZX Rules 15.1(a) and (c) in order to 

adopt a new Tier under footnote 13 

(Tape B Volume and Quoting) specific 

to Single-Stock Exchange Traded Funds 

(‘‘Single-Stock ETFs’’). 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 Exchange proposes to amend its 

Fee Schedule applicable to its equities 

trading platform (‘‘BZX Equities’’) to 

adopt a new Tier under footnote 13 

(Tape B Volume and Quoting) specific 

to Single-Stock ETFs.5 The Exchange 

proposes to implement these 

amendments to its fee schedule 

December 1, 2023. 

The Exchange first notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. More 

specifically, the Exchange is only one of 

16 registered equities exchanges, as well 

as a number of alternative trading 

systems and other off-exchange venues 

that do not have similar self-regulatory 

responsibilities under the Exchange Act, 

to which market participants may direct 

their order flow. Based on publicly 

available information,6 no single 

registered equities exchange has more 

than 17% of the market share. Thus, in 

such a low-concentrated and highly 

competitive market, no single equities 

exchange possesses significant pricing 

power in the execution of order flow. 

The Exchange in particular operates a 

‘‘Maker-Taker’’ model whereby it pays 

credits to Members that add liquidity 

and assesses fees to those that remove 

liquidity. The Exchange’s fee schedule 

sets forth the standard rebates and rates 

applied per share for orders that provide 

and remove liquidity, respectively. 

Currently, for orders in securities priced 

at or above $1.00, the Exchange 

provides a standard rebate of $0.00160 

per share for orders that add liquidity 

and assesses a fee of $0.0030 per share 

for orders that remove liquidity.7 For 

orders in securities priced below $1.00, 

the Exchange does not provide a rebate 

or assess a fee for orders that add 

liquidity and assesses a fee of 0.30% of 

total dollar value for orders that remove 

liquidity.8 Additionally, in response to 

the competitive environment, the 

Exchange also offers Tiered pricing 

which provides Members opportunities 

to qualify for higher rebates or reduced 

fees where certain volume criteria and 

thresholds are met. Tiered pricing 

provides an incremental incentive for 

Members to strive for higher Tier levels, 

which provides increasingly higher 

benefits or discounts for satisfying 

increasingly more stringent criteria. 

Now, the Exchange proposes to adopt 

a new pricing Tier under footnote 13 of 

the Fee Schedule. Specifically, for 

orders yielding fee code B,9 the 

Exchange proposes to adopt LEP Tier 1 

under footnote 13 of the Fee Schedule.10

The Exchange is proposing that a 

Member 11 will qualify for the LEP Tier 

1 where the Member is enrolled in a 

minimum of five LEP Securities 12 for 

which it meets certain required criteria 

(the ‘‘Required Criteria’’). A Member 

must be enrolled in at least the 

minimum number of LEP Securities for 

which it meets the Required Criteria 

every day in a trading month in order 

to be eligible for the proposed rebate. As 

proposed, the Exchange would count an 

LEP Security toward the minimum 

number of LEP Securities requirement 

where the Member meets the Required 

Criteria for at least 75% of the trading 

days in a particular month. As noted 

above, these proposed requirements are 

very similar to the existing LMP Tiers 

under footnote 13. 

To qualify for proposed LEP Tier 1 a 

Member must be enrolled in at least five 

BZX-listed LEP Securities and meet the 

following Required Criteria,: 

(1) The Member has an NBBO Time 13

of equal or greater than 20%; 

(2) Member has bids and offers with 

a ‘‘Notional Depth’’ 14 of $75,000 on 

each side for at least 90% of the trading 

day; and 

(3) The difference in the NBBO spread 

of each LEP Security is less than 0.50% 

for at least 95% of the trading day. 

The Required Criteria for each LEP 

Security will each be evaluated 

separately, and the Member does not 

need to meet the Required Criteria for 

all applicable LEP Securities on the 

same 75% of trading days. For example, 

in a month with 22 trading days, a 

Member would be eligible for Tier 1 

where the Member met the Required 

Criteria in five LEP Securities in the first 

11 trading days of the month and met 

the Required Criteria for a different set 

of five LEP Securities in the second 11 

trading days of the month. 

Members that meet proposed LEP Tier 

1 would receive a rebate of $0.0025 per 

share. In the event that a Member would 

receive a higher rebate under a different 

Tier set forth in the Fee Schedule, the 


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87478 Federal Register / Vol. 88, No. 241 / Monday, December 18, 2023 / Notices 

15The Exchange anticipates that the initial list of 

LMP Securities will include at least nine ETPs. A 

current list of LEP Securities will be available on 

www.cboe.com, which will be updated as new 

securities are added to the list of LEP Securities. All 

Cboe-listed LEP Securities will be enrolled in the 

program immediately upon listing on the Exchange. 

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

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

18 Id. 

19 15 U.S.C. 78f(b)(4). 

Member would be entitled to the higher 

of the two rebates. As noted above, the 

Exchange also proposes to adopt two 

new definitions to the Fee Schedule. 

First, the Exchange proposes to adopt 

the term Notional Depth which will 

mean the notional value of bids of at 

least 100 shares that are within $0.05 of 

the NBB or offers of at least 100 shares 

that are within $0.05 of the NBO. 

Second, the Exchange proposes to adopt 

the term ‘‘LEP Securities’’ which will a 

list of Single-Stock ETFs, including 

options-based ETFs in a single 

underlying equity security, for which 

the Exchange wants to incentivize 

Members to provide enhanced market 

quality. 

All Members will be eligible to enroll 

in LEP Securities, there will be no limit 

to the number of LEP Securities in 

which a Member may enroll, and there 

will be no limit to the number of 

Members that can enroll in each LEP 

Security.15 All Members enrolled in 

LMP Securities will be eligible for the 

rebate where the Member meets the 

Tape B Quoting LMP Tier 1 

requirements. Such LEP Securities will 

include all Cboe-listed Single-Stock 

ETFs for which the Exchange wants to 

incentivize Members to provide 

enhanced market quality. The Exchange 

will not remove a security from the list 

of LEP Securities without 30 days prior 

notice. 

The Exchange also proposes to make 

a conforming change to the existing 

Tiers under footnote 13 of the Fee 

Schedule. Specifically, the Exchange 

proposes to rename existing Tiers 1 and 

2 under footnote 13 ‘‘LMP Tier 1’’ and 

‘‘LMP Tier 2’’, respectively. 

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 as 

well as Section 6(b)(4) 19 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 proposed rule reflects a 

competitive pricing structure designed 

to incent market participants to direct 

their order flow to the Exchange and 

enhance market quality in LEP 

Securities and Tape B securities. The 

Exchange notes that it operates in a 

highly competitive market in which 

market participants can readily direct 

order flow to competing venues if they 

deem fee levels at a particular venue to 

be excessive. The Exchange believes 

that the proposed LEP Tier represents 

an equitable allocation of rebates and 

are not unfairly discriminatory because 

all Members are eligible for such LEP 

Tier and would have the opportunity to 

meet the LEP Tier’s criteria and would 

receive the proposed rebate if such 

criteria is met. Further, the proposed 

rebates are commensurate with the 

proposed criteria. That is, the rebates 

reasonably reflect the difficulty in 

achieving the applicable criteria as 

proposed. Without having a view of 

activity on other markets and offexchange venues, the Exchange has no 

way of knowing whether this proposed 

rule change would definitely result in 

any Members qualifying for the 

proposed LEP Tier. While the Exchange 

has no way of predicting with certainty 

how the proposed LEP Tier will impact 

Member activity, the Exchange 

reasonably expects four Members to 

compete for and reach the proposed LEP 

Tier. The Exchange also notes that 

proposed Tier/rebate will not adversely 

impact any Member’s ability to qualify 

for other reduced fee or enhanced rebate 

Tiers. Should a Member not meet the 

proposed criteria under the proposed 

LEP Tier, the Member will merely not 

receive that corresponding rebate. 

The Exchange believes that the 

proposed new LEP Tier is reasonable in 

that they will enhance market quality on 

the Exchange in two ways: (i) by 

incentivizing Members to meet certain 

quoting standards in LEP Securities 

designed to narrow spreads, increase 

size at the inside, and increase liquidity 

depth; and (ii) providing a rebate for all 

of a qualifying Member’s orders that add 

liquidity in LEP Securities will 

incentivize Members to increase their 

participation on the Exchange in LEP 

Securities. Furthermore, the Exchange 

believes it is appropriate to incentivize 

Members to meet the Required Criteria 

in LEP Securities as such securities 

poses an enhanced risk to Members 

providing liquidity in those securities. 

Therefore, the proposal offers an 

incentive to Members providing 

liquidity in LEP Securities. 

The Exchange believes that such 

incentives will promote price discovery 

and market quality in such securities 

and, further, that the tightened spreads 

and increased liquidity from the 

proposal will benefit all investors by 

deepening the Exchange’s liquidity 

pool, offering additional flexibility for 

all investors to enjoy cost savings, 

supporting the quality of price 

discovery, enhancing quoting 

competition across exchanges, 

promoting market transparency, and 

improving investor protection. 

Accordingly, the Exchange believes that 

the proposal is reasonable, equitably 

allocated, and non-discriminatory 

because it would apply uniformly to all 

Members and is consistent with the 

overall goals of enhancing market 

quality. 

The Exchange notes that the proposed 

pricing structure is not dissimilar from 

volume-based rebates and fees 

(‘‘Volume Tiers’’) that have been widely 

adopted by exchanges, including the 

Exchange, and are equitable and not 

unfairly discriminatory because they are 

open to all Members on an equal basis 

and provide higher rebates and lower 

fees that are reasonably related to the 

value to an exchange’s market quality. 

Much like Volume Tiers are generally 

designed to incentivize higher levels of 

liquidity provision and/or growth 

patterns on the Exchange, the proposal 

is designed to incentivize enhanced 

market quality on the Exchange through 

tighter spreads, greater size at the 

inside, and greater quoting depth in LEP 

Securities by offering a rebate in LEP 

Securities. Such rebates will 

simultaneously incentivize higher levels 

of liquidity provision in all LEP 

Securities. Accordingly, the Exchange 

believes that the proposal will act to 

enhance liquidity and competition 

across exchanges in LEP Securities on 

the Exchange by providing a rebate 

reasonably related to such enhanced 


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Federal Register / Vol. 88, No. 241 / Monday, December 18, 2023 / Notices 87479 

20 15 U.S.C. 78f(b)(5). 

21Supra note 6. 

22See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005). 

23NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. 

Cir. 2010) (quoting Securities Exchange Act Release 

No. 59039 (December 2, 2008), 73 FR 74770, 74782– 

83 (December 9, 2008) (SR–NYSEArca–2006–21)). 

24 15 U.S.C. 78s(b)(3)(A). 

25 17 CFR 240.19b–4(f)(6). 

26 17 CFR 240.19b–4(f)(6). 

27 17 CFR 240.19b–4(f)(6)(iii). 

28For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

market quality to the benefit of all 

investors, thereby promoting the 

principles discussed in Section 6(b)(5) 

of the Act.20

The Exchange also believes that the 

proposed definitions and name changes 

to existing Tiers under footnote 13 are 

reasonable, fair and equitable and nondiscriminatory because it is designed to 

make sure that the fee schedule is as 

clear and easily understandable as 

possible. 

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. Particularly, 

the proposed LEP Tier is available to all 

Members equally in that all Members 

are eligible for the proposed LEP Tier, 

have a reasonable opportunity to meet 

the LEP Tier’s criteria and will receive 

the corresponding rebate if such criteria 

is met. Additionally, the proposed LEP 

Tier is designed to attract additional 

order flow to the Exchange. The 

Exchange believes that the proposed 

LEP Tier criteria would incentivize 

market participants to direct liquidity 

adding displayed order flow to the 

Exchange, bringing with it additional 

execution opportunities for market 

participants and improved price 

transparency. Greater overall order flow, 

trading opportunities, and pricing 

transparency benefits all market 

participants on the Exchange by 

enhancing market quality and 

continuing to encourage Members to 

send orders, thereby contributing 

towards a robust and well-balanced 

market ecosystem. 

Next, the Exchange believes the 

proposed rule change does not impose 

any burden on intermarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act. 

As previously discussed, the Exchange 

operates in a highly competitive market. 

Members have numerous alternative 

venues that they may participate on and 

direct their order flow, including 15 

other equities exchanges and off 

exchange venues and alternative trading 

systems. Additionally, the Exchange 

represents a small percentage of the 

overall market. Based on publicly 

available information, no single equities 

exchange has more than 17%21 of the 

market share. Therefore, no exchange 

possesses significant pricing power in 

the execution of order flow. Indeed, 

participants can readily choose to send 

their orders to other exchange and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. Moreover, the Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. Specifically, in Regulation 

NMS, the Commission highlighted the 

importance of market forces in 

determining prices and SRO revenues 

and, also, recognized that current 

regulation of the market system ‘‘has 

been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 22 The 

fact that this market is competitive has 

also long been recognized by the courts. 

In NetCoalition v. Securities and 

Exchange Commission, the D.C. Circuit 

stated as follows: ‘‘[n]o one disputes 

that competition for order flow is 

‘fierce.’ . . . As the SEC explained, ‘[i]n 

the U.S. national market system, buyers 

and sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers’. . . .’’.23 Accordingly, the 

Exchange does not believe its proposed 

fee change imposes any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (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, the 

proposed rule change has become 

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

of the Act 24 and Rule 19b–4(f)(6) 25

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 26 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),27 the 

Commission may designate a shorter 

time of such action is consistent with 

the protection of investor and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposed 

rule change may become operative upon 

filing. The Exchange states that waiving 

the operative delay would allow market 

participants to realize the benefits of the 

proposal immediately and that such 

waiver is consistent with the protection 

of investors and the public interest 

because it would promote enhanced 

market quality and serve as an 

additional safeguard against extreme 

price dislocation. Based on the 

foregoing, the Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. 

Therefore, the Commission hereby 

waives the operative delay and 

designates the proposal operative upon 

filing.28

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 


khammond on DSKJM1Z7X2PROD with NOTICES
87480 Federal Register / Vol. 88, No. 241 / Monday, December 18, 2023 / Notices 

29 17 CFR 200.30–3(a)(12), (59). 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CboeBZX–2023–099 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–2023–099. 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–2023–099 and should be 

submitted on or before January 8, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.29

Christina Z. Milnor, 

Assistant Secretary. 

[FR Doc. 2023–27675 Filed 12–15–23; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Data Collection Available for Public 

Comments 

ACTION: 60-Day notice and request for 

comments. 

SUMMARY: The Small Business 

Administration (SBA) intends to request 

approval, from the Office of 

Management and Budget (OMB) for the 

collection of information described 

below. The Paperwork Reduction Act 

(PRA) of 1995 requires federal agencies 

to publish a notice in the Federal 

Register concerning each proposed 

collection of information before 

submission to OMB, and to allow 60 

days for public comment in response to 

the notice. This notice complies with 

that requirement. 

DATES: Submit comments on or before 

February 13, 2024. 

ADDRESSES: Send all comments to 

Pamela Beavers, Area Director, 

Government Contracting Area IV, Office 

of Government Contracting, Small 

Business Administration, Washington, 

DC 20416. 

FOR FURTHER INFORMATION CONTACT: 

Pamela Beavers, Area Director, 

Government Contracting IV, Office of 

Government Contracting 312–353–7381, 

pamela.beavers@sba.gov, or Curtis B. 

Rich, A, 202–205–7030, Agency 

Clearance Officer curtis.rich@sba.gov. 

SUPPLEMENTARY INFORMATION: A small 

business determined to be nonresponsible for award of a specific 

prime Government contract by a 

Government contracting office has the 

right to appeal that decision through the 

Small Business Administration (SBA). 

The information contained on this form, 

as well as, other information developed 

by SBA, is used in determining whether 

the decision by the Contracting Officer 

should be overturned. 

Solicitation of Public Comments 

SBA is requesting comments on (a) 

Whether the collection of information is 

necessary for the agency to properly 

perform its functions; (b) whether the 

burden estimates are accurate; (c) 

whether there are ways to minimize the 

burden, including through the use of 

automated techniques or other forms of 

information technology; and (d) whether 

there are ways to enhance the quality, 

utility, and clarity of the information. 

Summary of Information Collection 

OMB Control Number: 3245–0225. 

(1) Title: Small Business 

Administration Application for 

Certificate of Competency. 

Description of Respondents: Small 

Businesses. 

Form Number: SBA Form 1531. 

Total Estimated Annual Responses: 

300. 

Total Estimated Annual Hour Burden: 

2,400. 

Curtis Rich, 

Agency Clearance Officer. 

[FR Doc. 2023–27668 Filed 12–15–23; 8:45 am] 

BILLING CODE 8026–09–P 

SMALL BUSINESS ADMINISTRATION 

Reporting and Recordkeeping 

Requirements Under OMB Review 

AGENCY: Small Business Administration. 

ACTION: 30-Day notice. 

SUMMARY: The Small Business 

Administration (SBA) is seeking 

approval from the Office of Management 

and Budget (OMB) for the information 

collection described below. In 

accordance with the Paperwork 

Reduction Act and OMB procedures, 

SBA is publishing this notice to allow 

all interested member of the public an 

additional 30 days to provide comments 

on the proposed collection of 

information. 

DATES: Submit comments on or before 

January 17, 2024. 

ADDRESSES: Written comments and 

recommendations for this information 

collection request should be sent within 

30 days of publication of this notice to 

www.reginfo.gov/public/do/PRAMain. 

Find this particular information 

collection request by selecting ‘‘Small 

Business Administration’’; ‘‘Currently 

Under Review,’’ then select the ‘‘Only 

Show ICR for Public Comment’’ 

checkbox. This information collection 

can be identified by title and/or OMB 

Control Number. 

FOR FURTHER INFORMATION CONTACT: You 

may obtain a copy of the information 

collection and supporting documents 

from the Agency Clearance Office at 

Curtis.Rich@sba.gov; (202) 205–7030, or 

from www.reginfo.gov/public/do/ 

PRAMain. 

SUPPLEMENTARY INFORMATION: The 

recipients of SBA counseling and 

training grant awards are required by 

the terms of their Notice of Award and 

as outlined in each Program 

Announcement, to collect the 

information on SBA Form 641 

(Counseling Information Form) from 

each small business or prospective 

small business that receives one-on-one 

counseling or advising, and to collect 

the information on SBA Form 888 

(Management Training Report) for each 

group training session. SBA’s Resource 

Partners submit this information to SBA 

via the Nexus system. The information 

is pertinent to management’s analysis of 

each OED program or activity funded by 


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