Federal Register / Vol. 89, No. 39 / Tuesday, February 27, 2024 / Notices 14547 

31 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Exchange Rule 1.5(p). 

4Types of market participants that obtain 

connectivity services from the Exchange but are not 

Members include service bureaus and extranets. 

Service bureaus offer technology-based services to 

other companies for a fee, including order entry 

services to Members, and thus, may access 

application sessions on behalf of one or more 

Members. Extranets offer physical connectivity 

services to Members and non-Members. 

5See Exchange Rule 1.5(p). 

6Types of market participants that obtain 

connectivity services from the Exchange but are not 

Members include service bureaus and extranets. 

Service bureaus offer technology-based services to 

other companies for a fee, including order entry 

services to Members, and thus, may access 

application sessions on behalf of one or more 

Members. Extranets offer physical connectivity 

services to Members and non-Members. 

7The Exchange initially filed the proposed 

changes on January 31, 2024 (SR–MEMX–2024–03). 

On February 8, 2024, the Exchange withdrew that 

filing and submitted this filing. 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–CboeEDGX–2024–014. 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–CboeEDGX–2024–014 and should be 

submitted on or before March 19, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–03901 Filed 2–26–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99581; File No. SR–MEMX– 

2024–05] 

Self-Regulatory Organizations; MEMX 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend the Exchange’s Fee 

Schedule 

February 21, 2024. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on February 

8, 2024, MEMX LLC (‘‘MEMX’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

(a) The Exchange is filing with the 

Commission a proposed rule change to 

amend the Exchange’s fee schedule (the 

‘‘Fee Schedule’’) pursuant to Exchange 

Rules 15.1(a) and (c). The Exchange 

proposes to: (i) extend the waiver 

(‘‘Membership Fee Waiver’’) of 

membership fees (‘‘Membership Fees’’) 

which is currently in place for all new 

Members 3 of the Exchange, for an 

additional month beyond the program’s 

current expiration on January 31, 2024; 

and (ii) extend the waiver of 

Connectivity and Application Session 

Fees solely related to participation on 

the Exchange’s platform for trading 

equity options on MEMX Options 

(‘‘Options Connectivity Fee Waiver’’), 

which is currently in place for all new 

Members and non-Members 4 of the 

Exchange, for an additional month 

beyond the program’s current expiration 

on January 31, 2024. The Exchange will 

continue to implement both the 

Membership Fee Waiver (as defined 

above) for all new Members who join 

the Exchange and the Options 

Connectivity Fee Waiver (as defined 

above) for all Members and nonMembers of the Exchange prior to and 

including February 29, 2024. The text of 

the proposed rule change is provided in 

Exhibit 5. 

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 purpose of the proposed rule 

change is to amend the Fee Schedule to: 

(i) extend the waiver (‘‘Membership Fee 

Waiver’’) of membership fees 

(‘‘Membership Fees’’) which is currently 

in place for all new Members 5 of the 

Exchange, for an additional month 

beyond the program’s current expiration 

on January 31, 2024; and (ii) extend the 

waiver of Connectivity and Application 

Session Fees solely related to 

participation on the Exchange’s 

platform for trading equity options on 

MEMX Options (‘‘Options Connectivity 

Fee Waiver’’), which is currently in 

place for all new Members and nonMembers 6 of the Exchange, for an 

additional month beyond the program’s 

current expiration on January 31, 2024.7

The Exchange will continue to 

implement both the Membership Fee 

Waiver (as defined above) for all new 

Members who join the Exchange and the 

Options Connectivity Fee Waiver (as 

defined above) for all Members and nonMembers of the Exchange prior to and 

including February 29, 2024. The 

Exchange notes that the proposed 

change does not amend any existing fee 

or rebate for equities or options 

transactions, market data or 

connectivity fees. The sole change 

proposed herein is to extend the 

timeframe during which the Exchange 

will waive Membership Fees and 

Options Connectivity Fees for new 

Members and non-Members of the 

Exchange. 

Membership Fee Waiver 

Currently, MEMX applies a 

Membership Fee Waiver to all new 


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14548 Federal Register / Vol. 89, No. 39 / Tuesday, February 27, 2024 / Notices 

8See Securities Exchange Act Release No. 98648 

(September 29, 2023), 88 FR 68762 (October 4, 

2023) (SR–MEMX–2023–26). 

9Additional Fees applicable to Options Members, 

per the Exchange’s Fee Schedule, include monthly 

fees specifically applicable to Options Order Entry 

Firms or Options Market Makers, both as defined 

in the Fee Schedule. 

10Physical connections may be used to access 

both MEMX equities and options platforms, as 

such, the Exchange internally verifies whether new 

connections are being used solely for Options 

connections in order to determine whether such 

connection qualifies for the Options Connectivity 

Fee Waiver. 11See Securities Exchange Act Release No. 99275 

(January 4, 2024), 89 FR 1606 (January 10, 2024) 

(SR–MEMX–2023–39). 

12 15 U.S.C. 78f. 

13 15 U.S.C. 78f(b)(4) and (5). 

Members of the Exchange, which is set 

to expire on January 31, 2024. Under the 

current Membership Fee Waiver, new 

Members who join the Exchange after 

January 31, 2024, would be assessed 

Membership Fees of $200 per month to 

maintain active membership, and new 

Members whose Membership Fees were 

waived during the Waiver Period would 

be assessed Membership Fees of $200 

per month beginning February 1, 2024. 

In addition, in September of 2023 the 

Exchange adopted specific fees 

applicable to participation on the 

Exchange’s platform for trading equity 

options (‘‘MEMX Options’’).8 The 

current Membership Fee Waiver has 

also been applied to new Members of 

MEMX Options, and thus such fees have 

not been imposed on such Members to 

date. 

The Exchange believes that the 

existing Membership Fee Waiver has 

been effective in incentivizing options 

market participants to join MEMX 

Options. MEMX Options launched in 

September of 2023, and has been 

conducting a staged rollout of options 

available for trading on the Exchange 

since that time. The Exchange believes 

that its rollout will be complete in 

February of 2024 and would like to 

extend the Membership Fee Waiver 

until after its rollout is complete in the 

event there are options firms that are 

waiting to join the Exchange until after 

such rollout is complete. In addition, 

the Exchange believes the Membership 

Fee Waiver is a proper incentive for new 

participants on MEMX Options to 

continue to increase their participation 

as they become accustomed to the new 

trading platform. 

Accordingly, the Exchange proposes 

to extend the time period of the 

Membership Fee Waiver to expire on 

February 29, 2024. The Exchange 

proposes to continue to waive 

Membership Fees for all new Members 

who join the exchange on or before 

February 29, 2024. Under the proposed 

Membership Fee Waiver, new Members 

who join the Exchange after February 

29, 2024, will be assessed Membership 

Fees to maintain active membership and 

if applicable, Members who participate 

on MEMX Options will be assessed the 

specific Additional Fees 9 applicable to 

such participation. Similarly, new 

Members whose Membership Fees have 

been waived since joining the Exchange 

will be assessed Membership Fees, 

including Additional Fees applicable to 

participation on MEMX Options, if 

applicable, beginning March 1, 2024. In 

addition, new Members of MEMX 

Options who join after February 29, 

2024, will be assessed Membership Fees 

of $200 per month to maintain active 

membership, and new Members whose 

Membership Fees were waived will be 

assessed Membership Fees of $200 per 

month beginning March 1, 2024. 

Specifically, the Exchange is proposing 

to amend the Exchange’s Membership 

Fee Schedule to provide that 

Membership Fees will be waived for 

new Members of the Exchange until 

March 1, 2024. 

Options Connectivity Fee Waiver 

Currently, MEMX applies an Options 

Connectivity Fee Waiver to all Members 

and non-Members of the Exchange, 

which is set to expire on January 31, 

2024. Under the current Options 

Connectivity Fee Waiver, fees charged 

to Members and Non-Members for 

physical connectivity to MEMX 

Options 10 and for application sessions 

(otherwise known as ‘‘logical ports’’) 

that a Member utilizes in connection 

with their participation on MEMX 

Options would not be assessed until 

February 1, 2024. Specifically, the 

physical connectivity fees are $6,000 

per month for a physical connection in 

the data center where the Exchange 

primarily operates under normal market 

conditions (‘‘Primary Data Center’’), and 

$3,000 per month for a physical 

connection at the geographically diverse 

data center, which is operated for 

backup and disaster recovery purposes 

(‘‘Secondary Data Center’’), and the 

application session fees are $450 per 

month for an application session used 

for order entry (‘‘Order Entry Port’’) and 

$450 per month for an application 

session for receipt of drop copies (‘‘Drop 

Copy Port’’), to the extent such ports are 

in the Primary Data Center.11

The Exchange believes that the 

existing Options Connectivity Waiver 

has been effective in incentivizing 

options market participants to join 

MEMX Options. As noted above, MEMX 

Options launched in September of 2023, 

and has been conducting a staged 

rollout of options available for trading 

on the Exchange since that time. The 

Exchange believes that its rollout will be 

complete in February of 2024 and 

would like to extend the Options 

Connectivity Fee Waiver until after its 

rollout is complete in the event there are 

options firms that are waiting to join the 

Exchange until after such rollout is 

complete. In addition, the Exchange 

believes the Options Connectivity Fee 

Waiver is a proper incentive for new 

participants on MEMX Options to 

continue to increase their participation 

as they become accustomed to the new 

trading platform. 

Accordingly, the Exchange proposes 

to extend the time period of the Options 

Connectivity Fee Waiver to expire on 

February 29, 2024. The Exchange 

proposes to continue to waive Options 

Connectivity Fees for all Members and 

non-Members of exchange on or before 

February 29, 2024. Under the proposed 

Membership Fee Waiver, applicable 

Options Connectivity Fees of $6,000 per 

month for each physical connection in 

the Primary Data Center and $3,000 per 

month for each physical connection in 

the Secondary Center, and $450 per 

month for each Order Entry Port and 

Drop Copy Port in the Exchange’s 

Primary Data Center will be assessed to 

Members and non-Members beginning 

March 1, 2024. Specifically, the 

Exchange is proposing to amend the 

Exchange’s Connectivity Fee Schedule 

to provide that all Connectivity and 

Application Sessions fees solely related 

to participation on MEMX Options shall 

be waived until March 1, 2024. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6 of the Act,12

in general, and furthers the objectives of 

Sections 6(b)(4) and6(b)(5) of the Act,13

in particular, in that it provides for the 

equitable allocation of reasonable dues, 

fees and other charges among members 

and issuers and other persons using its 

facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

The Exchange believes it is reasonable 

to extend the timeframe of the 

Membership Fee Waiver for new 

Members of the Exchange, primarily to 

continue to provide an incentive for 

options trading firms to continue to 

apply for Exchange membership during 

the current phase of the rollout of 

MEMX Options. The options markets 

are quote-driven markets and are 

dependent on liquidity providers for 

liquidity and price discovery. Extending 

the timeframe of the Membership Fee 


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Federal Register / Vol. 89, No. 39 / Tuesday, February 27, 2024 / Notices 14549 

14Securities Exchange Act Release No. 51808 

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

(‘‘Regulation NMS Adopting Release’’). 

Waiver will continue to encourage 

additional liquidity providers to become 

members of the Exchange, which may 

result in more trading opportunities, 

enhanced competition, and improved 

overall market quality on the Exchange. 

Although the proposed extension of the 

Membership Fee Waiver timeframe is 

intended primarily to encourage new 

participants to join the Exchange in 

order to participate on the MEMX 

Options market and the Exchange 

believes the participants that will 

benefit from this waiver are firms that 

will do so, the Exchange also believes 

that it is reasonable to continue 

applying the Membership Fee Waiver 

broadly to all new participants on the 

Exchange during the timeframe 

extension, including firms that would 

trade only on the Exchange’s market for 

equity securities or on both the 

Exchange’s market for equity securities 

and MEMX Options. 

In addition, the Exchange believes 

that the proposed extension of the 

Membership Fee Waiver is equitable 

and not unfairly discriminatory in that 

it will apply uniformly to all new 

Members of the Exchange. Further, the 

Exchange believes that the proposed 

extension of the waiver is reasonable, 

equitable and not unfairly 

discriminatory to current Members of 

the Exchange because the majority of 

the Exchange’s existing Members joined 

at a time when the Exchange did not 

impose membership fees (also to 

incentivize such participants to join), 

and thus have already received this 

benefit. 

The Exchange believes it is reasonable 

to extend the timeframe of the Options 

Connectivity Fee Waiver for new and 

existing Members and non-Members of 

the Exchange, primarily to continue to 

provide an incentive for options trading 

firms to continue to apply for Exchange 

membership during the current phase of 

the rollout of MEMX Options. The 

options markets are quote-driven 

markets and are dependent on liquidity 

providers for liquidity and price 

discovery. Extending the timeframe of 

the Options Connectivity Fee Waiver 

will continue to encourage additional 

liquidity providers to become members 

of the Exchange, which may result in 

more trading opportunities, enhanced 

competition, and improved overall 

market quality on the Exchange. 

In addition, the Exchange believes 

that the proposed extension of the 

Options Connectivity Fee Waiver is 

equitable and not unfairly 

discriminatory in that it will apply 

uniformly to all Members and nonMembers of the Exchange. 

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. Instead, as 

discussed above, the Exchange believes 

that the proposed change would 

encourage market participants who have 

not already done so to join the 

Exchange. As a result, if such 

participants do join the Exchange and 

route their orders to the Exchange or 

support other Members that route orders 

(i.e., clearing firms) the Exchange 

believes the proposal would further 

enhance its competitiveness as a market. 

Encouraging additional participants to 

join the Exchange will enable a greater 

number of participants to participate on 

MEMX Options during the continued 

rollout of the platform. Further, the 

Exchange believes that by continuing to 

make the Membership Fee Waiver 

applicable to both the Exchange’s 

options platform and the Exchange’s 

equity platform for an extended time 

period, the proposal will enhance the 

competitiveness of both platforms. 

Attracting a greater number of 

participants will foster greater 

competition on the Exchange, 

particularly in the case of MEMX 

Options which is a quote-driven market. 

For these reasons, the Exchange believes 

that the proposal furthers the 

Commission’s goal in adopting 

Regulation NMS of fostering 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 14

Intramarket Competition 

As discussed above, the Exchange 

believes that the proposal would 

encourage new participants to apply for 

Exchange membership, thereby 

enhancing liquidity and market quality 

on the Exchange, as well as enhancing 

the attractiveness of the Exchange as a 

trading venue, which the Exchange 

believes, in turn, would continue to 

encourage market participants to direct 

additional order flow to the Exchange. 

The Exchange does not believe that 

the proposed changes would impose 

any burden on intramarket competition 

because such changes will incentivize 

new participants to join the Exchange 

and the majority of the Exchange’s 

current members joined at a time when 

the Exchange did not impose 

membership fees (also to incentivize 

such participants to join), and thus have 

already received this benefit. The 

options markets are quote-driven 

markets and are dependent on liquidity 

providers for liquidity and price 

discovery. The proposal will be of 

particular importance in encouraging 

additional liquidity providers to become 

members of the Exchange, which may 

result in more trading opportunities, 

enhanced competition, and improved 

overall market quality on the Exchange. 

Similarly, the Exchange believes that 

extending the timeframe of the Options 

Connectivity Fee Waiver will continue 

to provide an incentive for options 

trading firms to continue to participate 

on the Exchange during the current 

phase of the rollout of MEMX Options. 

For the foregoing reasons, the Exchange 

believes the proposed changes would 

not impose any burden on intramarket 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

Intermarket Competition 

As described above, the proposed 

extension of the Membership Fee 

Waiver and Options Connectivity Fee 

Waiver timeframes will incent market 

participants to join the Exchange during 

the extended Waiver periods. 

Accordingly, the Exchange believes the 

proposal would not burden, but rather 

promote, intermarket competition by 

enabling it to better compete with other 

options exchanges during the continued 

rollout of MEMX Options. In addition, 

as noted above, the Exchange has 

intentionally proposed to apply the 

Membership Fee Waiver broadly so that 

it continues to be applicable to new 

Members that will participate on the 

Exchange’s market for equity securities 

or that will participate on such market 

as well as MEMX Options, and thus, the 

proposal may also better enable the 

Exchange to compete with other options 

exchanges and equities exchanges. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 


lotter on DSK11XQN23PROD with NOTICES1
14550 Federal Register / Vol. 89, No. 39 / Tuesday, February 27, 2024 / Notices 

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

16 17 CFR 240.19b–4(f)(2). 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3As of the date of this filing, there are no 

Ukrainian Companies listed on Nasdaq. 

4See Reuters, Blood and billions: the cost of 

Russia’s war in Ukraine at https://

www.nasdaq.com/articles/explainer-blood-andbillions:-the-cost-of-russias-war-in-ukraine. 

5https://www.whitehouse.gov/briefing-room/ 

statements-releases/2023/08/24/statement-frompresident-joe-biden-on-ukraine-independence-day/. 

19(b)(3)(A)(ii) of the Act 15 and Rule 

19b–4(f)(2) 16 thereunder. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

MEMX–2024–05 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–MEMX–2024–05. 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–MEMX–2024–05 and should be 

submitted on or before March 19, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–03904 Filed 2–26–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99580; File No. SR– 

NASDAQ–2024–006] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Adopt a 

Temporary Listing Fee Waiver for 

Ukrainian Companies Until December 

31, 2028 

February 21, 2024. 

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 February 

12, 2024, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

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

rule change as described in Items I, II, 

and III, below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange proposes to adopt a 

temporary listing fee waiver for 

Ukrainian companies until December 

31, 2028. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

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

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The purpose of the proposed rule

change is to waive certain entry fees 

(including the application fee) and AllInclusive Annual fees for Ukrainian 

Companies listing on Nasdaq for a time 

period until December 31, 2028.3 This 

fee waiver will be applicable to 

Ukrainian Companies listed on or after 

the effective date of this rule change. 

On February 24, 2022, Russia invaded 

Ukraine causing a humanitarian crisis 

that has left tens of thousands of dead, 

displaced millions and sown economic 

turmoil in Ukraine. Ukraine’s economy 

has been crippled and some cities have 

faced massive devastation from the 

fighting. Ukraine’s economy contracted 

by 30% in 2022 and was forecast to 

grow by of 1% to 3% in 2023, according 

to the International Monetary Fund.4

The White House supports Ukrainian 

efforts to stop the aggression and is also 

focused on reconstruction efforts. In this 

regard, President Biden recently stated 

that: 

The United States will continue our work, 

together with partners all around the world, 

to support Ukraine’s ability to defend itself 

against Russia’s aggression, to uphold the 

foundational principles of the UN Charter, 

and to help the Ukrainian people build the 

secure, prosperous, and independent future 

they deserve.5

Further, according to USAID, a United 

States Agency that leads the U.S. 

government’s international development 

and humanitarian efforts: 


lotter on DSK11XQN23PROD with NOTICES1