Federal Register / Vol. 89, No. 4 / Friday, January 5, 2024 / Notices 819 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Exchange proposes to amend Exchange 

Rule 404(a) to provide that proposed Interpretation 

and Policy .13 to Exchange Rule 404 will describe 

how the Exchange will fix a specific expiration date 

and exercise price for Monthly Options Series and 

that proposed Interpretation and Policy .13 to 

Exchange Rule 404 will govern the procedures for 

opening Monthly Options Series, respectively. This 

is consistent with language in current Exchange 

Rules 404(a) for other Short Term Options Series 

and Quarterly Options Series. 

4Currently, Cboe Exchange, Inc. has a similar 

program. See Securities Exchange Act Release No. 

98915 (Nov. 13, 2023) (SR–CBOE–2023–049) (Order 

Approving a Proposed Rule Change To Adopt 

Monthly Options Series). 

5The Exchange notes this provision considers 

consecutive monthly listings. In other words, as 

other expirations (such as Quarterly Options Series) 

are not counted as part of the maximum, those 

expirations would not be considered when 

considering when the last expiration date would be 

if the maximum number were listed consecutively. 

For example, if it is January 2024 and the Exchange 

lists Quarterly Options Series in class ABC with 

expirations in March, June, September, December, 

and the following March, the Exchange could also 

list Monthly Options Series in class ABC with 

expirations in January, February, April, May, July, 

August, October, and November 2024 and January 

and February of 2025. This is because, if Quarterly 

Options Series, for example, were counted, the 

Exchange would otherwise never be able to list the 

maximum number of Monthly Options Series. This 

is consistent with the listing provisions for 

Quarterly Options Series, which permit calendar 

quarter expirations. The need to list series with the 

same expiration in the current calendar year and 

the following calendar year (whether Monthly or 

Quarterly expiration) is to allow market participants 

to execute one-year strategies pursuant to which 

they may not roll their exposures in the longerdated options (e.g., January 2025) prior to the 

expiration of the nearer-dated option (e.g., January 

2024). 

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–NYSEAMER–2023–64. 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 (http://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–NYSEAMER–2023–64 and should 

be submitted on or before January 26, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Christina Z. Milnor, 

Assistant Secretary. 

[FR Doc. 2023–29006 Filed 1–4–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99251; File No. SR– 

PEARL–2023–72] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Exchange 

Rule 404, Series of Option Contracts 

Open for Trading 

December 29, 2023. 

Pursuant to the provisions of 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 22, 2023, MIAX PEARL, 

LLC (‘‘MIAX Pearl’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

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 

The Exchange is filing a proposal to 

amend Exchange Rule 404, Series of 

Option Contracts Open for Trading. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://www.miaxglobal.com/markets/ 

us-options/pearl-options/rule-filings, at 

MIAX Pearl’s principal office, 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 

Rule 404 to accommodate the listing of 

options series that would expire at the 

close of business on the last business 

day of a calendar month (‘‘Monthly 

Options Series’’). 

Pursuant to new proposed 

Interpretation and Policy .13 to 

Exchange Rule 404, the Exchange may 

list Monthly Options Series for up to 

five currently listed option classes that 

are either index options or options on 

exchange-traded funds (‘‘ETFs’’).3 In 

addition, the Exchange may also list 

Monthly Options Series on any options 

classes that are selected by other 

securities exchanges that employ a 

similar program under their respective 

rules.4 The Exchange may list 12 

expirations for Monthly Options Series. 

Monthly Options Series need not be for 

consecutive months; however, the 

expiration date of a nonconsecutive 

expiration may not be beyond what 

would be considered the last expiration 

date if the maximum number of 

expirations were listed consecutively.5

Other expirations in the same class are 

not counted as part of the maximum 

numbers of Monthly Options Series 


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820 Federal Register / Vol. 89, No. 4 / Friday, January 5, 2024 / Notices 

6See proposed Interpretation and Policy .13(b) to 

Exchange Rule 404. 

7See proposed Interpretation and Policy .13(c) to 

Exchange Rule 404. 

8See proposed Interpretation and Policy .13(d). 

The Exchange notes these proposed provisions are 

consistent with the initial series provision for the 

Quarterly Options Series program in Interpretation 

and Policy .03 to Exchange Rule 404. While 

different than the initial strike listing provision for 

the Quarterly Options Series program in current 

Interpretation and Policy .03 to Exchange Rule 404, 

the Exchange believes the proposed provision is 

appropriate, as it contemplates classes that may 

have strike intervals of $5 or greater. 

9The term ‘‘Member’’ means an individual or 

organization approved to exercise the trading rights 

associated with a Trading Permit. Members are 

deemed ‘‘members’’ under the Exchange Act. See 

Exchange Rule 100. 

10See proposed Interpretation and Policy .13(e) to 

Exchange Rule 404. 11See proposed Interpretation and Policy .13(f) to 

Exchange Rule 404; see also Interpretations and 

Policies .01 and .04, .06, .08, .09, .10 to Exchange 

Rule 404 (permissible strike prices for ETF classes) 

and Interpretations and Policies .05, .07, .11 to 

Exchange Rule 404 (permissible strike prices for 

index options). 

12The Exchange also proposes to make a nonsubstantive change to Interpretation and Policy .02 

to Exchange Rule 404 to change current references 

to ‘‘monthly options series’’ to ‘‘standard expiration 

options series’’ (i.e., series that expire on the third 

Friday of a month), to eliminate potential 

confusion. The current references to ‘‘monthly 

options series’’ are intended to refer to those series 

that expire on the third Friday of a month, which 

are generally referred to in the industry as standard 

expirations. 

13The Exchange notes this would not prevent the 

Exchange from listing a P.M.-settled Monthly 

Options Series on an index with the same 

expiration date as an A.M.-settled Short Term 

Options Series on the same index, both of which 

may expire on a Friday. The Exchange believes this 

concurrent listing would provide investors with yet 

another hedging mechanism and is reasonable given 

these series would not be identical (unlike if they 

were both P.M.-settled). This could not occur with 

respect to ETFs, as all Short Term Options Series 

on ETFs are P.M.-settled. 

14See proposed Interpretation and Policy .13(g) to 

Exchange Rule. Pursuant to Exchange Rule 1807, 

exercise limits for impacted index and ETF classes 

would be equal to the applicable position limits. 

15The Exchange notes it currently lists quarterly 

expirations on certain ETF options pursuant to 

Interpretation and Policy .03 to Exchange Rule 404. 

expirations for a class.6 Monthly 

Options Series will be PM-settled.7

The strike price of each Monthly 

Options Series will be fixed at a price 

per share, with at least two, but no more 

than five, strike prices above and at least 

two, but no more than five, strike prices 

below the value of the underlying index 

or price of the underlying security at 

about the time that a Monthly Options 

Series is opened for trading on the 

Exchange. The Exchange will list strike 

prices for Monthly Options Series that 

are reasonably related to the current 

price of the underlying security or 

current index value of the underlying 

index to which such series relates at 

about the time such series of options is 

first opened for trading on the 

Exchange. The term ‘‘reasonably related 

to the current price of the underlying 

security or index value of the 

underlying index’’ means that the 

exercise price is within 30% of the 

current underlying security price or 

index value.8 Additional Monthly 

Options Series of the same class may be 

open for trading on the Exchange when 

the Exchange deems it necessary to 

maintain an orderly market, to meet 

Member 9 demand, or when the market 

price of the underlying security moves 

substantially from the initial exercise 

price or prices. To the extent that any 

additional strike prices are listed by the 

Exchange, such additional strike prices 

will be within 30% above or below the 

closing price of the underlying index or 

security on the preceding day. The 

Exchange may also open additional 

strike prices of Monthly Options Series 

that are more than 30% above or below 

the current price of the underlying 

security, provided that demonstrated 

Member interest exists for such series, 

as expressed by institutional, corporate, 

Members or their brokers. Market 

Makers trading for their own account 

will not be considered when 

determining Member interest under this 

provision. The opening of the new 

Monthly Options Series will not affect 

the series of options of the same class 

previously opened.10 The interval 

between strike prices on Monthly 

Options Series will be the same as the 

interval for strike prices for series in 

that same options class that expire in 

accordance with the normal monthly 

expiration cycle.11

By definition, Monthly Options Series 

can never expire in the same week that 

a standard options series that expires on 

the third Friday of a month in the same 

class expires. The same, however, is not 

the case with respect to Short Term 

Options Series or Quarterly Options 

Series. Therefore, to avoid any 

confusion in the marketplace, the 

Exchange proposes to amend 

Interpretation and Policy .02 to 

Exchange Rule 404 to provide that the 

Exchange will not list a Short Term 

Options Series in a class on a date on 

which a Monthly Options Series or 

Quarterly Options Series expires.12

Similarly, proposed Interpretation and 

Policy .13(b) to Exchange Rule 404 

provides that no Monthly Options 

Series may expire on a date that 

coincides with an expiration date of a 

Quarterly Options Series in the same 

index or ETF class. In other words, the 

Exchange will not list a Short Terms 

Options Series on an index or ETF if a 

Monthly Options Series on that index or 

ETF were to expire on the same date, 

nor will the Exchange list a Monthly 

Options Series on an index or ETF if a 

Quarterly Options Series on that ETF 

were to expire on the same date to 

prevent the listing of series with 

concurrent expirations.13

With respect to Monthly Options 

Series added pursuant to proposed 

Interpretation and Policy .13(a)–(f) to 

Exchange Rule 404, the Exchange will, 

on a monthly basis, review series that 

are outside a range of five strikes above 

and five strikes below the current price 

of the underlying index or security, and 

delist series with no open interest in 

both the put and the call series having 

a strike: (i) higher than the highest strike 

price with open interest in the put and/ 

or call series for a given expiration 

month; and (ii) lower than the lowest 

strike price with open interest in the put 

and/or call series for a given expiration 

month. Notwithstanding this delisting 

policy, Member requests to add strikes 

and/or maintain strikes in Monthly 

Options Series in series eligible for 

delisting will be granted. In connection 

with this delisting policy, if the 

Exchange identifies series for delisting, 

the Exchange will notify other options 

exchanges with similar delisting 

policies regarding eligible series for 

delisting and will work with such other 

exchanges to develop a uniform list of 

series to be delisted, so as to ensure 

uniform series delisting of multiply 

listed Monthly Options Series.14

The Exchange believes that Monthly 

Options Series will provide investors 

with another flexible and valuable tool 

to manage risk exposure, minimize 

capital outlays, and be more responsive 

to the timing of events affecting the 

securities that underlie options 

contracts. The Exchange believes 

limiting Monthly Options Series to five 

classes will ensure the addition of these 

new series will have a negligible impact 

on the Options Price Reporting 

Authority (‘‘OPRA’’) and the Exchange’s 

quoting capacity. The Exchange 

represents it has the necessary systems 

capacity to support new options series 

that will result from the introduction of 

Monthly Options Series. 

The Exchange also represents its 

current surveillance programs will 

apply to Monthly Options Series and 

will properly monitor trading in the 

proposed Monthly Options Series. The 

Exchange currently lists Quarterly 

Options Series in certain ETF classes,15

which expire at the close of business at 

the end of four calendar months (i.e., the 

end of each calendar quarter), and has 

not experienced any market disruptions 

nor issues with capacity. The 

Exchange’s surveillance programs 


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Federal Register / Vol. 89, No. 4 / Friday, January 5, 2024 / Notices 821 

16See supra note 4. 

17See Securities Exchange Act Release No. 98973 

(November 16, 2023), 88 FR 81495 (November 22, 

2023) (SR–MIAX–2023–44). The Exchange notes 

that MIAX Chapter XVIII is incorporated by 

reference in its entirety into the rulebook of MIAX 

Pearl. As such, the amendments to MIAX Chapter 

XVIII in the aforementioned proposal will also 

apply to MIAX Pearl Chapter XVIII. 

18 15 U.S.C. 78f(b). 

19 15 U.S.C. 78f(b)(5). 

20 Id. 

21Compare proposed Interpretation and Policy 

.13 of Exchange Rule 404 to Interpretation and 

Policy .03 of Exchange Rule 404. 

currently in place to support and 

properly monitor trading in these 

Quarterly Options Series, as well as 

Short Term Options Series and standard 

expiration series, will apply to the 

proposed Monthly Options Series. The 

Exchange believes its surveillances 

continue to be designed to deter and 

detect violations of its Rules, including 

position and exercise limits and 

possible manipulative behavior, and 

these surveillances will apply to 

Monthly Options Series that the 

Exchange determines to list for trading. 

Ultimately, the Exchange does not 

believe the proposed rule change raises 

any unique regulatory concerns because 

existing safeguards—such as position 

and exercise limits (and the aggregation 

of options overlying the same index or 

ETF) and reporting requirements— 

would continue to apply. 

The Exchange notes that the proposed 

rule change is substantively identical to 

proposed rule changes recently filed by 

the Cboe Exchange, Inc. (‘‘Cboe’’),16 and 

the Exchange’s affiliate, MIAX 

Options.17

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the Act 

and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.18 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 19 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) 20 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

Members, issuers, brokers, or dealers. 

In particular, the Exchange believes 

the introduction of Monthly Options 

Series will remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system by expanding hedging tools 

available to market participants. The 

Exchange believes the proposed 

monthly expirations will allow market 

participants to transact in the index and 

ETF options listed pursuant to the 

proposed rule change based on their 

timings as needed and allow them to 

tailor their investment and hedging 

needs more effectively. Further, the 

Exchange believes the availability of 

Monthly Options Series would protect 

investors and the public interest by 

providing investors with more 

flexibility to closely tailor their 

investment and hedging decisions in 

these options, thus allowing them to 

better manage their risk exposure. 

The Exchange believes the Quarterly 

Options Series Program has been 

successful to date and the proposed 

Monthly Options Series program simply 

expands the ability of investors to hedge 

risk against market movements 

stemming from economic releases or 

market events that occur at month’s end 

in the same way the Quarterly Options 

Series Program has expanded the 

landscape of hedging for quarter-end 

news. Monthly Options Series will also 

complement Short Term Options Series, 

which will allow investors to hedge risk 

against events that occur throughout a 

month. The Exchange believes the 

availability of additional expirations 

should create greater trading and 

hedging opportunities for investors, as 

well as provide investors with the 

ability to tailor their investment 

objectives more effectively. 

The Exchange notes the proposed 

terms of Monthly Options Series, 

including the limitation to five index 

and ETF option classes, are 

substantively the same as the current 

terms of Quarterly Options Series.21

Quarterly Options Series expire on the 

last business day of a calendar quarter, 

which is the last business day of every 

third month. The proposed Monthly 

Options Series would fills the gaps 

between Quarterly Options Series 

expirations by permitting series to 

expire on the last business day of every 

month, rather than every third month. 

The proposed Monthly Options Series 

may be listed in accordance with the 

same terms as Quarterly Options Series, 

including permissible strikes. As is the 

case with Quarterly Options Series, no 

Short Term Options Series may expire 

on the same day as a Monthly Options 

Series. Similarly, as proposed, no 

Monthly Options Series may expire on 

the same day as a Quarterly Options 

Series. The Exchange believes 

preventing listing series with concurrent 

expirations in a class will eliminate 

potential investor confusion and thus 

protect investors and the public interest. 

Given that Quarterly Options Series the 

Exchange currently lists are essentially 

Monthly Options Series that can expire 

at the end of only certain calendar 

months, the Exchange believes it is 

reasonable to list Monthly Options 

Series in accordance with the same 

terms, as it will promote just and 

equitable principles of trade. The 

Exchange believes limiting Monthly 

Options Series to five classes will 

ensure the addition of these new series 

will have a negligible impact on the 

Exchange and OPRA’s quoting capacity. 

The Exchange represents it has the 

necessary systems capacity to support 

new options series that will result from 

the introduction of Monthly Options 

Series. 

The Exchange also represents its 

current surveillance programs will 

apply to Monthly Options Series and 

will properly monitor trading in the 

proposed Monthly Options Series. As 

mentioned above, the Exchange 

currently trades Quarterly Options 

Series in certain ETF classes, which 

expire at the close of business at the end 

of three calendar months (i.e., the end 

of each calendar quarter), and has not 

experienced any market disruptions nor 

issues with capacity. The Exchange’s 

surveillance programs currently in place 

to support and properly monitor trading 

in these Quarterly Options Series, as 

well as Short Term Options Series, and 

standard expiration series, will apply to 

the proposed Monthly Options Series. 

The Exchange believes its surveillances 

continue to be designed to deter and 

detect violations of its Rules, including 

position and exercise limits and 

possible manipulative behavior, and 

these surveillances will apply to 

Monthly Options Series that the 

Exchange determines to list for trading. 

Ultimately, the Exchange does not 

believe the proposed rule change raises 

any unique regulatory concerns because 

existing safeguards—such as position 

and exercise limits (and the aggregation 

of options overlying the same ETF or 

index) and reporting requirements— 

would continue to apply. 


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22See Interpretation and Policy .03 to Exchange 

Rule 404. 

23See supra note 4. 

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

25 17 CFR 240.19b–4(f)(6). 

26 15 U.S.C. 78s(b)(3)(A)(iii). 

27 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. 

28 17 CFR 240.19b–4(f)(6). 

29 17 CFR 240.19b–4(f)(6)(iii). 

30See supra note 4. 

31For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe the proposed 

rule change to list Monthly Options 

Series will impose any burden on 

intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as any 

Monthly Options Series the Exchange 

lists for trading will be available in the 

same manner for all market participants 

who wish to trade such options. The 

Exchange notes the proposed terms of 

the Monthly Options Series, including 

the limitation to five index and ETF 

option classes, are substantively the 

same as the current terms of Quarterly 

Options Series.22 Quarterly Options 

Series expire on the last business day of 

a calendar quarter, which is the last 

business day of every third month, 

making the concept of Monthly Options 

Series in a limited number of index and 

ETF options not novel. The proposed 

Monthly Options Series will fill the 

gaps between Quarterly Options Series 

expirations by permitting series to 

expire on the last business day of every 

month, rather than every third month. 

The proposed Monthly Options Series 

may be listed in accordance with the 

same terms as Quarterly Options Series, 

including permissible strikes. Monthly 

Options Series will trade on the 

Exchange in the same manner as other 

options in the same class. 

The Exchange does not believe the 

proposed rule change to list Monthly 

Options Series will impose any burden 

on intermarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as nothing 

prevents other options exchanges from 

proposing similar rules. As discussed 

above, the proposed rule change would 

permit listing of Monthly Options Series 

in five index or ETF options, as well as 

any other classes that other exchanges 

may list under similar programs. To the 

extent that the availability of Monthly 

Options Series makes the Exchange a 

more attractive marketplace to market 

participants at other exchanges, market 

participants are free to elect to become 

market participants on the Exchange. 

The Exchange believes that the 

proposed rule change may relieve any 

burden on, or otherwise promote, 

competition. Similar to Short Term 

Options Series and Quarterly Options 

Series, the Exchange believes the 

introduction of Monthly Options Series 

will not impose an undue burden on 

competition. The Exchange believes that 

it will, among other things, expand 

hedging tools available to market 

participants. The Exchange believes 

Monthly Options Series will allow 

market participants to purchase options 

based on their timing as needed and 

allow them to tailor their investment 

and hedging needs more effectively. 

Consequently, the Exchange does not 

believe that the proposed change 

implicates competition at all. 

Additionally, and as stated above, a 

Cboe proposal to accommodate the 

listing of options series that would 

expire at the close of business on the 

last business day of a calendar month in 

the same manner has been recently 

approved.23

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 24 and Rule 

19b–4(f)(6) thereunder.25 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 26 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.27

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 28 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 29

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has 

requested that the Commission waive 

the 30-day operative delay so that the 

Exchange may list Monthly Options 

Series immediately, which the Exchange 

believes will benefit investors by 

promoting competition in Monthly 

Options Series. The Exchange notes that 

its proposal is substantively identical to 

the proposal submitted by Cboe 

Exchange, Inc. for its Monthly Options 

Series program.30 The Commission 

believes that the proposed rule change 

presents no novel issues and that waiver 

of the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. 

Accordingly, the Commission hereby 

waives the operative delay and 

designates the proposed rule change 

operative upon filing.31

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– 

PEARL–2023–72 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–PEARL–2023–72. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 


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Federal Register / Vol. 89, No. 4 / Friday, January 5, 2024 / Notices 823 

32 17 CFR 200.30–3(a)(12), (59). 

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–PEARL–2023–72 and should be 

submitted on or before January 26, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.32

Christina Z. Milnor, 

Assistant Secretary. 

[FR Doc. 2023–29005 Filed 1–4–24; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[License No. 01/01–0423] 

Crystal Financial SBIC, LP; Surrender 

of License of Small Business 

Investment Company 

Pursuant to the authority granted to 

the United States Small Business 

Administration under section 309 of the 

Small Business Investment Act of 1958, 

as amended, and 13 CFR 107.1900 of the 

Code of Federal Regulations to function 

as a small business investment company 

under the Small Business Investment 

Company License No. 01/01–0423 

issued to Crystal Financial SBIC, LP, 

said license is hereby declared null and 

void. 

Bailey DeVries, 

Associate Administrator, Office of Investment 

and Innovation, United States Small Business 

Administration. 

[FR Doc. 2024–00020 Filed 1–4–24; 8:45 am] 

BILLING CODE P 

SMALL BUSINESS ADMINISTRATION 

[License No. 02/32–0667] 

Bridges Ventures U.S. Sustainable 

Growth Fund, L.P.; Surrender of 

License of Small Business Investment 

Company 

Pursuant to the authority granted to 

the United States Small Business 

Administration under section 309 of the 

Small Business Investment Act of 1958, 

as amended, and 13 CFR 107.1900 of the 

Code of Federal Regulations to function 

as a small business investment company 

under the Small Business Investment 

Company License No. 02/32–0667 

issued to Bridges Ventures U.S. 

Sustainable Growth Fund, L.P., said 

license is hereby declared null and void. 

Bailey DeVries, 

Associate Administrator, Office of Investment 

and Innovation, United States Small Business 

Administration. 

[FR Doc. 2024–00015 Filed 1–4–24; 8:45 am] 

BILLING CODE P 

SMALL BUSINESS ADMINISTRATION 

[License No. 05/05–0351] 

Stonehenge Opportunity Fund V, L.P.; 

Notice Seeking Exemption Under 

Section 312 of the Small Business 

Investment Act, Conflicts of Interest 

Notice is hereby given that 

Stonehenge Opportunity Fund V, L.P., 

191 W Nationwide Boulevard, Suite 

600, Columbus, OH 43215, a Federal 

Licensee under the Small Business 

Investment Act of 1958, as amended 

(‘‘the Act’’), in connection with the 

financing of a small business concern, 

has sought an exemption under section 

312 of the Act and 13 CFR 107.730, 

Financings which Constitute Conflicts 

of Interest of the Small Business 

Administration (‘‘SBA’’) Rules and 

Regulations. Stonehenge Opportunity 

Fund V, L.P. is seeking a written 

exemption from SBA for a proposed 

financing to True North Asphalt 

Holdings, LLC, 1241 E 11 Mile Road, 

Madison Heights, MI 48071. 

The financing is brought within the 

purview of 13 CFR 107.730(a) of the 

Regulations because True North Asphalt 

Holdings, LLC is an Associate of 

Stonehenge Opportunity Fund V, L.P. 

because Associate Stonehenge 

Opportunity Fund IV, L.P. owns a 

greater than ten percent interest in True 

North Asphalt Holdings, LLC, therefore 

this transaction is considered Financing 

which constitute conflicts of interest 

requiring SBA’s prior written 

exemption. 

Notice is hereby given that any 

interested person may submit written 

comments on this transaction within 

fifteen days of the date of this 

publication to the Associate 

Administrator, Office of Investment and 

Innovation, U.S. Small Business 

Administration, 409 Third Street SW, 

Washington, DC 20416. 

Bailey DeVries, 

Associate Administrator, Office of Investment 

and Innovation, United States Small Business 

Administration. 

[FR Doc. 2024–00009 Filed 1–4–24; 8:45 am] 

BILLING CODE P 

SMALL BUSINESS ADMINISTRATION 

[License No. 06/06–0356] 

Independent Bankers Capital Fund IV, 

L.P.; Notice Seeking Exemption Under 

Section 312 of the Small Business 

Investment Act, Conflicts of Interest 

Notice is hereby given that 

Independent Bankers Capital Fund IV, 

L.P., 5949 Sherry Lane, Suite 1472, 

Dallas, TX 75225, a Federal Licensee 

under the Small Business Investment 

Act of 1958, as amended (‘‘the Act’’), in 

connection with the financing of a small 

concern, has sought an exemption under 

section 312 of the Act and section 

107.730, Financings which Constitute 

Conflict of Interest of the Small 

Business Administration (‘‘SBA’’) Rules 

and Regulations (13 CFR 107.730). 

Independent Bankers Capital Fund IV, 

L.P. (‘‘IBCF IV’’) is proposing to provide 

financing to Central States Bus Sales, 

Inc. (‘‘Company’’) to support the 

Company’s growth. 

The proposed transaction is brought 

within the purview of § 107.730 of the 

Regulations because Diamond State 

Ventures II, L.P. (‘‘DSV’’), an Associate 

of IBCF IV as defined in § 107.50, holds 

a 25% of equity interest in the 

Company. By virtue of DSV’s equity 

ownership, the Company and IBCF IV 

are also Associates. DSV expects to 

receive $8.122 million from the 

proposed transaction. 

Therefore, the proposed transaction 

requires a regulatory exemption 

pursuant to 13 CFR 107.730. Notice is 

hereby given that any interested person 


lotter on DSK11XQN23PROD with NOTICES1