4354 Federal Register / Vol. 89, No. 15 / Tuesday, January 23, 2024 / Notices 

1Rule 13h–1(a)(1) defines ‘‘large trader’’ as any 

person that directly or indirectly, including through 

other persons controlled by such person, exercises 

investment discretion over one or more accounts 

and effects transactions for the purchase or sale of 

any NMS security for or on behalf of such accounts, 

by or through one or more registered broker-dealers, 

in an aggregate amount equal to or greater than the 

identifying activity level or voluntarily registers as 

a large trader by filing electronically with the 

Commission Form 13H. 

2See Securities Exchange Act Release No. 64976 

(July 27, 2011), 76 FR 46959 (August 3, 2011). 

3The Commission, pursuant to Rule 17a–25 (17 

CFR 240.17a–25), currently collects transaction data 

from registered broker-dealers through the 

Electronic Blue Sheets (‘‘EBS’’) system to support 

its regulatory and enforcement activities. The large 

trader framework added two new fields, the time of 

the trade and the identity of the trader, to the EBS 

system. Additionally, pursuant to Rule 613 (17 CFR 

242.613), the Commission requires each national 

securities exchange and national securities 

association to collect transaction data from 

registered broker-dealers through the consolidated 

audit trail, to which the agency has access, to 

support regulatory and enforcement activities. This 

data includes the time of each trade and the LTID 

number of the person exercising investment 

discretion over the trade, the latter of which is 

assigned by the Commission pursuant to Rule 13h– 

1. 

4See 5 U.S.C. 552 and 15 U.S.C. 78m(h)(7). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 98665 

(Sept. 29, 2023), 88 FR 68811 (Oct. 4, 2023) (SR– 

NYSE–2023–09). Comments received on the NAC 

Proposal are available at https://www.sec.gov/ 

comments/sr-nyse-2023-09/srnyse202309.htm. 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 98879 

(Nov. 7, 2023), 88 FR 78075 (Nov. 14, 2023). The 

Commission designated January 2, 2024, as the date 

by which the Commission shall approve or 

disapprove, or institute proceedings to determine 

whether to disapprove, the proposed rule change. 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 99225 

(Dec. 21, 2023), 88 FR 89788 (Dec. 28, 2023). 

8 17 CFR 200.30–3(a)(12). 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 13h–1 (17 CFR 

240.13h–1) and Form 13H—registration 

of large traders 1 submitted pursuant to 

Section 13(h) of the Securities Exchange 

Act of 1934 (15 U.S.C. 78a et seq.) 

(‘‘Exchange Act’’). The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

Rule 13h–1 and Form 13H under 

Section 13(h) of the Exchange Act 

established a large trader reporting 

framework.2 The framework assists the 

Commission in identifying and 

obtaining certain baseline information 

about traders that conduct a substantial 

amount of trading activity, as measured 

by volume or market value, in the U.S. 

securities markets. 

The identification, recordkeeping, and 

reporting framework provides the 

Commission with a mechanism to 

identify large traders and obtain 

additional information on their trading 

activity. Specifically, the system 

requires large traders to identify 

themselves to the Commission and file 

certain interim updates with the 

Commission on Form 13H. Upon receipt 

of Form 13H, the Commission issues a 

unique identification number to the 

large trader, which the large trader then 

provides to its registered broker-dealers. 

Certain registered broker-dealers are 

required to maintain transaction records 

for each large trader and are required to 

report that information to the 

Commission upon request.3 In addition, 

certain registered broker-dealers are 

required to adopt procedures to monitor 

their customers for activity that would 

trigger the identification requirements of 

the rule. 

The respondents to the collection of 

information required by Rule 13h–1 and 

Form 13H are large traders and 

registered broker-dealers. The 

Commission estimates that the total 

annual time burden associated with 

Rule 13h–1 and Form 13H is 

approximately 131,415 hours per year. 

This burden is comprised of 31,140 

hours for initial filings by large traders 

on Form 13H, 75,300 hours for updates 

by large traders, 22,200 hours for brokerdealer reporting, and 2,775 hours for 

broker-dealer monitoring. 

Compliance with Rule 13h–1 is 

mandatory. The information collection 

under proposed Rule 13h–1 is 

considered confidential subject to the 

limited exceptions provided by the 

Freedom of Information Act.4

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted by 

March 25, 2024. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: January 18, 2024. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–01271 Filed 1–22–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99355; File No. SR–NYSE– 

2023–09] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Withdrawal of Proposed Rule Change 

To Amend the NYSE Listed Company 

Manual To Adopt Listing Standards for 

Natural Asset Companies 

January 17, 2024. 

On September 27, 2023, New York 

Stock Exchange LLC (the ‘‘Exchange’’ or 

‘‘NYSE’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a 

proposed rule change to amend the 

NYSE Listed Company Manual to adopt 

a new listing standard for the listing of 

Natural Asset Companies (‘‘NAC’’). The 

proposed rule change was published for 

comment in the Federal Register on 

October 4, 2023.3 On November 7, 2023, 

pursuant to Section 19(b)(2) of the Act,4

the Commission designated a longer 

period within which to approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change.5

On December 21, 2023, the Commission 

instituted proceedings pursuant to 

Section 19(b)(2)(B) of the Act 6 to 

determine whether to approve or 

disapprove the proposed rule change.7

On January 17, 2024, the Exchange 

withdrew the proposed rule change 

(SR–NYSE–2023–09). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8


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Federal Register / Vol. 89, No. 15 / Tuesday, January 23, 2024 / Notices 4355 

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 IEX Rule 1.160(s). 

7See Securities Exchange Act Release No. 97398 

(April 28, 2023), 88 FR 28620 (May 4, 2023) 

(‘‘Remote Inspections Pilot Program Proposal’’); 

Securities Exchange Act Release No. 98982 

(November 17, 2023), 88 FR 82464 (November 24, 

2023) (‘‘Remote Inspections Pilot Program Approval 

Order’’) (SR–FINRA–2023–007). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4. 

10SEC staff and FINRA have stated in guidance 

that inspections must include a physical, on-site 

review component. See SEC National Examination 

Risk Alert, Volume I, Issue 2 (November 30, 2011) 

and FINRA Regulatory Notice 11–54 (November 

2011) (joint SEC and FINRA guidance stating, a 

‘‘broker-dealer must conduct onsite inspections of 

each of its office locations; [OSJs] and non-OSJ 

branches that supervise non-branch locations at 

least annually, all non-supervising branch offices at 

least every three years; and non-branch offices 

periodically.’’) (footnote defining an OSJ omitted). 

See also SEC Division of Market Regulation, Staff 

Legal Bulletin No. 17: Remote Office Supervision 

(March 19, 2004) (stating, in part, that brokerdealers that conduct business through 

geographically dispersed offices have not 

adequately discharged their supervisory obligations 

where there are no on-site routine or ‘‘for cause’’ 

inspections of those offices). 

11 In the Remote Inspections Pilot Program 

Proposal, FINRA stated it will announce the 

effective date of the program in a Regulatory Notice 

(‘‘Pilot Program Regulatory Notice’’). See Remote 

Inspections Pilot Program Proposal, 88 FR 28620, 

28635. 

12See Securities Exchange Act Release No. 92222 

(June 22, 2021), 86 FR 34069 (June 28, 2021) (SR– 

IEX–2021–09) (providing remote inspection relief to 

Members for calendar year 2021), Securities 

Exchange Act Release No. 96460 (December 7, 

2022), 87 FR 76222 (December 13, 2022) (SR–IEX– 

2022–12) (providing remote inspection relief to 

Members for calendar year 2022), and Securities 

Exchange Act Release No. 96606 (January 6, 2023), 

88 FR 2140 (January 12, 2023) (SR–IEX–2022–14) 

(providing remote inspection relief to Members for 

calendar year 2023). 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–01189 Filed 1–22–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99383; File No. SR–IEX– 

2024–02] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Extend the 

Temporary Remote Inspection Relief to 

IEX Members To Include Calendar Year 

2024 Inspection Obligations Through 

the Earlier of the Effective Date of the 

Recently Approved FINRA Pilot 

Program on Remote Inspections, or 

June 30, 2024 

January 17, 2024. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that, on January 

8, 2024, the Investors Exchange LLC 

(‘‘IEX’’ or ‘‘Exchange’’) 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 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 

Pursuant to the provisions of Section 

19(b)(1) under the Act,4 and Rule 19b– 

4 thereunder,5 the Exchange is filing 

with the Commission a proposed rule 

change to amend Supplementary 

Material .15 of IEX Rule 5.110 

(Supervision) to extend the temporary 

remote inspection relief to IEX 

Members 6 to include calendar year 

2024 inspection obligations through the 

earlier of the effective date of the 

recently-approved FINRA pilot program 

on remote inspections (the ‘‘Remote 

Inspections Pilot Program’’) 7, or June 

30, 2024. 

The Exchange has designated this 

proposed rule change as ‘‘noncontroversial’’ under Section 19(b)(3)(A) 

of the Act 8 and provided the 

Commission with the notice required by 

Rule 19b–4(f)(6) thereunder.9

The text of the proposed rule change 

is available at the Exchange’s website at 

https://www.iexexchange.io/, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization 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 self-regulatory organization 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 

IEX proposes to extend the temporary 

remote inspection relief of 

Supplementary Material .15 to IEX Rule 

5.110 to IEX Members to include 

calendar year 2024 inspection 

obligations through the earlier of the 

effective date of the Remote Inspections 

Pilot Program, or June 30, 2024. IEX 

makes this proposal to provide its 

Members continuity related to 

conducting inspections as part of 

satisfying the obligations of IEX Rule 

5.110(c) (Internal Inspections) at offices 

and locations requiring inspection 

during the first half of calendar year 

2024.10 IEX believes the proposed 

extension is necessary to provide firms 

the time to prepare for the 

implementation of the Remote 

Inspections Pilot Program. The SEC 

approved the Remote Inspections Pilot 

Program on November 17, 2023, but 

FINRA has not yet announced the 

implementation timeline.11 IEX plans to 

make a rule filing to incorporate the 

Remote Inspections Pilot Program into 

IEX Rule 5.110 (and specify the end date 

of the temporary remote inspection 

relief of Supplementary Material .15 to 

IEX Rule 5.110) after FINRA provides 

details about the implementation plan 

in the Pilot Program Regulatory Notice. 

The COVID–19 pandemic caused a 

host of operational disruptions to the 

securities industry and impacted IEX 

Members, regulators, investors, and 

other stakeholders. In response to the 

pandemic, IEX adopted Supplementary 

Material .15 of IEX Rule 5.110 to 

provide Members the temporary option 

of satisfying their inspection obligations 

for offices of supervisory jurisdiction, 

branch offices, or non-branch locations 

under IEX Rule 5.110 (Supervision) 

remotely for calendar years 2021, 2022, 

and 2023, subject to specified 

conditions,12 due to the logistical 

challenges of going on-site while public 

health and safety concerns related to 

COVID–19 persisted. Supplementary 

Material .15 of IEX Rule 5.110 lapsed on 

December 31, 2023. 

The pandemic accelerated the 

industry’s adoption of a broad remote 

work environment and IEX recognizes 

that the pandemic has profoundly 

changed attitudes on where work can 

occur. As a result of this change many 

firms have adopted, in varying scale, 

hybrid work models involving 

personnel who are working at least part 

time from alternative work locations 

(e.g., private residences). As part of an 

effort to modernize its rules to reflect 

evolving technologies and business 

models, in April 2023, FINRA filed the 


khammond on DSKJM1Z7X2PROD with NOTICES