77214 Federal Register / Vol. 89, No. 183 / Friday, September 20, 2024 / Notices 

60 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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 

10:00 a.m. and 3:00 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–IEX–2024–16 and 

should be submitted on or before 

October 11, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.60

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–21491 Filed 9–19–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–172, OMB Control No. 

3235–0169] 

Submission for OMB Review; 

Comment Request; Extension: Form 

N–5 

Upon Written Request, Copies Available 

From: Securities and Exchange 

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 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission (the 

‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for extension of the 

previously approved collection of 

information discussed below. 

Form N–5 (17 CFR 239.24 and 274.5) 

is the form used by small business 

investment companies (‘‘SBICs’’) to 

register their securities under the 

Securities Act of 1933 (15 U.S.C. 77a et 

seq.) (‘‘Securities Act’’) and the 

Investment Company Act of 1940 (15 

U.S.C. 80a–1 et seq.) (‘‘Investment 

Company Act’’). Form N–5 is the 

registration statement form adopted by 

the Commission for use by an SBIC that 

has been licensed as such under the 

Small Business Investment Act of 1958 

or which has received the preliminary 

approval of the Small Business 

Administration (‘‘SBA’’) and has been 

notified by the SBA that the company 

may submit a license application Form 

N–5 is an integrated registration form 

and may be used as the registration 

statement under both the Securities Act 

and the Investment Company Act. The 

purpose of Form N–5 is to meet the 

filing and disclosure requirements of 

both the Securities Act and Investment 

Company Act, and to provide investors 

with information sufficient to evaluate 

an investment in an SBIC. The 

information that is required to be filed 

with the Commission permits 

verification of compliance with 

securities law requirements and assures 

the public availability and 

dissemination of the information. 

The Commission did not receive any 

filings on Form N–5 in the last three 

years (or in the three years before that). 

Nevertheless, for purposes of this PRA, 

we conservatively estimate that at least 

one Form N–5 will be filed in the next 

three years, which translates to about 

0.333 filings on Form N–5 per year. The 

currently approved internal burden of 

Form N–5 is 352 hours per response. We 

continue to believe this estimate for 

Form N–5’s internal hour burden is 

appropriate. Therefore, the number of 

currently approved aggregate burden 

hours, when calculated using the 

current estimate for number of filings, is 

about 117 internal hours per year. 

The currently approved external cost 

burden of Form N–5 is $12,524 per 

filing. The requested external cost 

burden for filing one Form N–5 would 

be $14,746 per year. This estimated 

burden is based on the estimated wage 

rate of $584/hour, for 25.25 hours, for 

outside legal services to complete the 

form and provide the required 

hyperlinks. 

Estimates of average burden hours 

and costs are made solely for the 

purposes of the Paperwork Reduction 

Act, and are not derived from a 

comprehensive or even representative 

survey or study of the costs of 

Commission rules and forms. 

Compliance with the collection of 

information requirements of Form N–5 

is mandatory. Responses to the 

collection of information will not be 

kept confidential. An agency may not 

conduct or sponsor, and a person is not 

required to respond to, a collection of 

information unless it displays a 

currently valid OMB control number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice by October 21, 2024 to (i) 

MBX.OMB.OIRA.SEC_desk_officer@

omb.eop.gov and (ii) Austin Gerig, 

Director/Chief Data Officer, Securities 

and Exchange Commission, c/o 

Oluwaseun Ajayi, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: September 17, 2024. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–21596 Filed 9–19–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101034; File No. SR– 

CboeEDGX–2024–058] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fee Schedule Relating to Volume Tiers 

September 16, 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 

September 3, 2024, Cboe EDGX 

Exchange, Inc. (‘‘Exchange’’ or ‘‘EDGX’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the 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 

Cboe EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) proposes to 

amend its Fee Schedule. The text of the 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 183 / Friday, September 20, 2024 / Notices 77215 

3See Cboe Global Markets, U.S. Equities Market 

Volume Summary, Month-to-Date (August 22, 

2024), available at https://www.cboe.com/us/ 

equities/market_statistics/. 

4See EDGX Equities Fee Schedule, Standard 

Rates. 

5 Id. 

6Fee code B is appended to orders that add 

liquidity to EDGX in Tape B securities. 

7Fee code V is appended to orders that add 

liquidity to EDGX in Tape A securities. 

8Fee code Y is appended to orders that add 

liquidity to EDGX in Tape C securities. 

9Fee code 3 is appended to orders that add 

liquidity to EDGX in Tape A or Tape C securities 

during the pre and post market. 

10Fee code 4 is appended to orders that add 

liquidity to EDGX in Tape B securities during the 

pre and post market. 

11ADV means average daily volume calculated as 

the number of shares added to, removed from, or 

routed by, the Exchange, or any combination or 

subset thereof, per day. ADV is calculated on a 

monthly basis. 

12Fee code ZA is appended to Retail Orders that 

add liquidity to EDGX. 

13Fee code ZO is appended to Retail Orders that 

add liquidity to EDGX in the pre- and post-market. 

14TCV means total consolidated volume 

calculated as the volume reported by all exchanges 

and trade reporting facilities to a consolidated 

transaction reporting plan for the month for which 

the fees apply. 

15Fee code DM is appended to orders that add 

liquidity to EDGX using MidPoint Discretionary 

orders and execute within the discretionary range. 

16Fee code HA is appended to non-displayed 

orders that add liquidity to EDGX. 

17Fee code HI is appended to non-displayed 

orders that add liquidity to EDGX and receive price 

improvement. 

18Fee code MM is appended to non-displayed 

orders that add liquidity to EDGX using Mid-Point 

Peg. 

19Fee code RP is appended to non-displayed 

orders that add liquidity to EDGX using 

Supplemental Peg. 

20ADAV means average daily added volume 

calculated as the number of shares added per day, 

calculated on a monthly basis. 

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/ 

options/regulation/rule_filings/edgx/), 

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 (‘‘EDGX Equities’’) by: 

(1) introducing a new Market Quality 

Tier and (2) revising the criteria of NonDisplayed Add Volume Tier 3. The 

Exchange proposes to implement these 

changes effective September 3, 2024. 

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 

[sic] responsibilities under the 

Securities Exchange Act of 1934 (the 

‘‘Act’’), to which market participants 

may direct their order flow. Based on 

publicly available information,3 no 

single registered equities exchange has 

more than 16% 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 rebates 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.4 For orders in securities 

priced below $1.00, the Exchange 

provides a standard rebate of $0.00003 

per share for orders that add liquidity 

and assesses a fee of 0.30% of the total 

dollar value for orders that remove 

liquidity.5 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. 

Market Quality Tier 

Under footnote 1 of the Fee Schedule, 

the Exchange currently offers various 

Add/Remove Volume Tiers that provide 

enhanced rebates for orders yielding fee 

codes B,6 V,7 Y,8 3,9 and 4.10 In 

particular, the Exchange offers two 

Market Quality Tiers that provide an 

enhanced rebate where a Member 

reaches certain add and remove volumebased criteria. The Exchange now 

proposes to introduce a new Market 

Quality Tier. The proposed criteria for 

proposed Market Quality Tier 3 is as 

follows: 

• Proposed Market Quality Tier 3 

provides a rebate of $0.0030 per share 

for securities priced above $1.00 for 

qualifying orders (i.e., orders yielding 

fee codes B, V, Y, 3, or 4) where (1) 

Member adds an ADV 11 (excluding fee 

codes ZA 12 and ZO 13) ≥ 0.30% of the 

TCV; 14 and (2) Member adds an ADV ≥ 

0.11% of the TCV as Non-Displayed 

orders that yield fee codes DM,15 HA,16

HI,17 MM,18 or RP; 19 and (3) Member 

adds a Tape B ADV ≥ 0.40% of the Tape 

B TCV. 

Non-Displayed Add/Remove Volume 

Tiers 

Also under footnote 1, the Exchange 

offers various Non-Displayed Add/ 

Remove Volume Tiers. In particular, the 

Exchange offers five Non-Displayed Add 

Volume Tiers that provide enhanced 

rebates for orders yielding fee codes 

DM, HA, MM and RP, where a Member 

reaches certain add or remove volumebased criteria. The Exchange now 

proposes to revise the criteria of NonDisplayed Add Volume Tier 3. The 

current criteria for Non-Displayed Add 

Volume Tier 3 is as follows: 

• Non-Displayed Add Volume Tier 3 

provides a rebate of $0.0025 per share 

for securities priced above $1.00 for 

qualifying orders (i.e., orders yielding 

fee codes DM, HA, MM, or RP) where 

a Member has an ADAV 20 ≥ 0.12% of 

TCV for Non-Displayed orders that yield 

fee codes DM, HA, HI, MM or RP. 

The proposed criteria for NonDisplayed Add Volume Tier 3 is as 

follows: 

• Non-Displayed Add Volume Tier 3 

provides a rebate of $0.0025 per share 

for securities priced above $1.00 for 

qualifying orders (i.e., orders yielding 

fee codes DM, HA, MM, or RP) where 

a Member has an ADAV ≥ 0.11% of TCV 

for Non-Displayed orders that yield fee 

codes DM, HA, HI, MM or RP. 

The proposed introduction of 

proposed Market Quality Tier 3 and 


ddrumheller on DSK120RN23PROD with NOTICES1
77216 Federal Register / Vol. 89, No. 183 / Friday, September 20, 2024 / Notices 

21 15 U.S.C. 78f(b). 

22 15 U.S.C. 78f(b)(5). 

23 Id. 

24 15 U.S.C. 78f(b)(4). 

25See Nasdaq Price List, Add and Remove Rates, 

Rebate to Add Displayed Liquidity, Shares executed 

at or Above $1.00, available at https://nasdaq

trader.com/Trader.aspx?id=PriceListTrading2. See 

also MEMX Equities Fee Schedule, Liquidity 

Provision Tiers, available at https://

info.memxtrading.com/equities-trading-resources/ 

us-equities-fee-schedule/. 

26See e.g., BZX Equities Fee Schedule, Footnote 

1, Add/Remove Volume Tiers. 

27See e.g., EDGX Equities Fee Schedule, Footnote 

1, Add/Remove Volume Tiers. 

proposed modification to NonDisplayed Add Volume Tier 3 are 

intended to provide Members an 

opportunity to earn an enhanced rebate 

by increasing their order flow to the 

Exchange in both displayed and nondisplayed orders, which further 

contributes to a deeper, more liquid 

market and provides even more 

execution opportunities for active 

market participants. Incentivizing an 

increase in liquidity adding and 

removing volume through enhanced 

rebate opportunities encourages 

Members on the Exchange to contribute 

to a deeper, more liquid market, 

providing for overall enhanced price 

discovery and price improvement 

opportunities on the Exchange. As such, 

increased overall order flow benefits all 

Members by contributing towards a 

robust and well-balanced market 

ecosystem. 

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.21 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 22 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) 23 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) 24 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. 

As described above, the Exchange 

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. The 

Exchange believes that its proposal to 

introduce a new Market Quality Tier 3 

and revise the criteria of Non-Displayed 

Add Volume Tier 3 reflects a 

competitive pricing structure designed 

to incentivize market participants to 

direct their order flow to the Exchange, 

which the Exchange believes would 

enhance market quality to the benefit of 

all Members. Specifically, the 

Exchange’s proposal to introduce a new 

Market Quality Tier 3 and revise the 

criteria of Non-Displayed Add Volume 

Tier 3 is not a significant departure from 

existing criteria, is reasonably correlated 

to the enhanced rebates offered by the 

Exchange and other competing 

exchanges,25 and will continue to 

incentivize Members to submit order 

flow to the Exchange. Additionally, the 

Exchange notes that relative volumebased incentives and discounts have 

been widely adopted by exchanges,26

including the Exchange,27 and are 

reasonable, equitable and nondiscriminatory because they are open to 

all Members on an equal basis and 

provide additional benefits or discounts 

that are reasonably related to (i) the 

value to an exchange’s market quality 

and (ii) associated higher levels of 

market activity, such as higher levels of 

liquidity provision and/or growth 

patterns. Competing equity exchanges 

offer similar tiered pricing structures, 

including schedules of rebates and fees 

that apply based upon members 

achieving certain volume and/or growth 

thresholds, as well as assess similar fees 

or rebates for similar types of orders, to 

that of the Exchange. 

In particular, the Exchange believes 

its proposal to introduce a new Market 

Quality Tier 3 and revise the criteria of 

Non-Displayed Add Volume Tier 3 is 

reasonable because the revised tiers will 

be available to all Members and provide 

all Members with an opportunity to 

receive an enhanced rebate. The 

Exchange further believes its proposal to 

introduce a new Market Quality Tier 3 

and revise the criteria of Non-Displayed 

Add Volume Tier 3 will provide a 

reasonable means to encourage 

liquidity-adding displayed and nondisplayed orders in Members’ order 

flow to the Exchange and to incentivize 

Members to continue to provide 

liquidity adding and liquidity removing 

volume to the Exchange by offering 

them an opportunity to receive an 

enhanced rebate on qualifying orders. 

An overall increase in activity would 

deepen the Exchange’s liquidity pool, 

offer additional cost savings, support 

the quality of price discovery, promote 

market transparency and improve 

market quality, for all investors. 

The Exchange believes that its 

proposed introduction of proposed 

Market Quality Tier 3 and proposed 

revision of Non-Displayed Add Volume 

Tier 3 is reasonable as it does not 

represent a significant departure from 

the criteria currently offered in the Fee 

Schedule. The Exchange also believes 

that the proposal represents an equitable 

allocation of fees and rebates and is not 

unfairly discriminatory because all 

Members will be eligible for the 

proposed new tier and have the 

opportunity to meet the tier’s criteria 

and receive the corresponding enhanced 

rebate if such criteria is met. Without 

having a view of activity on other 

markets and off-exchange venues, the 

Exchange has no way of knowing 

whether this proposed rule change 

would definitely result in any Members 

qualifying the new proposed tiers. 

While the Exchange has no way of 

predicting with certainty how the 

proposed changes will impact Member 

activity, based on the prior months 

volume, the Exchange anticipates that at 

least one Member will be able to satisfy 

proposed Market Quality Tier 3 and at 

least one Member will be able to satisfy 

proposed Non-Displayed Add Volume 

Tier 3. The Exchange also notes that 

proposed changes will not adversely 

impact any Member’s ability to qualify 

for enhanced rebates offered under other 

tiers. Should a Member not meet the 

proposed new criteria, the Member will 

merely not receive that corresponding 

enhanced rebate. 

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. Rather, as 

discussed above, the Exchange believes 

that the proposed changes would 

encourage the submission of additional 

order flow to a public exchange, thereby 

promoting market depth, execution 

incentives and enhanced execution 

opportunities, as well as price discovery 

and transparency for all Members. As a 

result, the Exchange believes that the 

proposed changes further the 

Commission’s goal in adopting 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 183 / Friday, September 20, 2024 / Notices 77217 

28Supra note 3. 

29See Securities Exchange Act Release No. 51808 

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

30NetCoalition 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)). 

31 15 U.S.C. 78s(b)(3)(A). 

32 17 CFR 240.19b–4(f). 

Regulation NMS of fostering 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 

The Exchange believes the proposed 

rule changes do not impose any burden 

on intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Particularly, 

the introduction of proposed Market 

Quality Tier 3 and the revised criteria of 

Non-Displayed Add Volume Tier 3 will 

apply to all Members equally in that all 

Members are eligible for the tiers, have 

a reasonable opportunity to meet the 

tiers’ criteria and will receive the 

enhanced rebate on their qualifying 

orders if such criteria is met. The 

Exchange does not believe the proposed 

change burdens competition, but rather, 

enhances competition as it is intended 

to increase the competitiveness of EDGX 

by amending existing pricing incentives 

in order to attract order flow and 

incentivize participants to increase their 

participation on the Exchange, 

providing for 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 changes 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 other 

equities exchanges, 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 16% of the market share.28

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.’’ 29 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’ . . . .’’30 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 

The foregoing rule change has become 

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

of the Act 31 and paragraph (f) of Rule 

19b–4 32 thereunder. At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission will institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CboeEDGX–2024–058 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–CboeEDGX–2024–058. 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–2024–058 and should be 

submitted on or before October 11, 

2024. 


ddrumheller on DSK120RN23PROD with NOTICES1
77218 Federal Register / Vol. 89, No. 183 / Friday, September 20, 2024 / Notices 

33 17 CFR 200.30–3(a)(12). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.33

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–21492 Filed 9–19–24; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Data Collection Available for Public 

Comments 

AGENCY: Small Business Administration. 

ACTION: 60-Day notice; request for 

comments. 

SUMMARY: The Small Business 

Administration (SBA) is publishing this 

notice in compliance with the 

Paperwork Reduction Act (PRA) of 

1995, as amended, to solicit public 

comments on the information collection 

described below. The PRA requires 

publication of this notice before 

submitting the information collection to 

the Office of Management and Budget 

(OMB) for review and approval. 

DATES: Submit comments on or before 

November 19, 2024. 

ADDRESSES: Comments should refer to 

the information collection by title or 

OMB Control Number (3245–0417) and 

submitted by the deadline above to: 

PPP_Info_Collections@sba.gov. 

FOR FURTHER INFORMATION CONTACT: You 

may obtain information including a 

copy of the forms and supporting 

documents from the Agency Clearance 

Officer, Curtis Rich, at (202) 205–7030, 

or curtis.rich@sba.gov, or from Adrienne 

Grierson, Program Manager, Office of 

Financial Program Operations, at 202– 

205–6573, or adrienne.grierson@

sba.gov. 

SUPPLEMENTARY INFORMATION: 

Background 

Section 1102 of the Coronavirus Aid, 

Relief, and Economic Security (CARES) 

Act, Public Law 116–136, authorized 

SBA to guarantee loans made by banks 

or other financial institutions under a 

temporary program titled the ‘‘Paycheck 

Protection Program’’ (PPP). These loans 

were available to eligible small 

businesses, certain non-profit 

organizations, veterans’ organizations, 

Tribal business concerns, independent 

contractors, and self-employed 

individuals adversely impacted by the 

COVID–19 Emergency. SBA’s authority 

to guarantee PPP loans expired on 

August 8, 2020. On December 27, 2020, 

SBA received reauthorization under the 

Economic Aid Act, Public Law 116–260, 

to resume guaranteeing PPP loans 

through March 31, 2021. The Economic 

Aid Act also allowed certain eligible 

borrowers that previously received a 

PPP loan to receive a second draw PPP 

loan (‘‘Second Draw PPP Loan 

Program’’) and amended certain other 

PPP statutory provisions. On March 11, 

2021, the American Rescue Plan Act, 

Public Law 117–2, was enacted, 

amending various PPP statutory 

provisions. On March 30, 2021, the PPP 

Extension Act of 2021 was enacted, 

extending the SBA’s PPP program 

authority through June 30, 2021. 

This information collection is used for 

the Second Draw PPP Loan Program. 

This approval is set to expire on 

November 30, 2024. Although SBA’s 

program authority has expired, this 

information collection is still needed. 

SBA recently published an Interim Final 

Rule on Paycheck Protection Program— 

Extension of Lender Records Retention 

Requirements (89 FR 68090, August 23, 

2024), extending the PPP loan records 

retention requirements for PPP lenders 

to ten years from the date of disposition 

of each individual PPP loan. Because 

the PPP lender recordkeeping 

requirements have been extended, this 

information collection needs to be 

extended accordingly. Therefore, as 

required by the Paperwork Reduction 

Act, SBA is publishing this notice as a 

prerequisite to seeking OMB’s approval 

to use this information collection 

beyond November 30, 2024. There are 

no proposed changes to any of the 

forms. 

Summary of Information Collection 

Title: Paycheck Protection Loan 

Program—Second Draw 

OMB Control Number: 3245–0417. 

(I) SBA Form 2483—Paycheck 

Protection Program Second Draw 

Application 

Estimated Number of Respondents: 0. 

Estimated Annual Responses: 0. 

Estimated Annual Hour Burden: 

14,962. 

(II) SBA Form 2483–SD–C—Paycheck 

Protection Program Second Draw 

Application for Schedule C Filers Using 

Gross Income 

Estimated Number of Respondents: 0. 

Estimated Annual Responses: 0. 

Estimated Annual Hour Burden: 

9,316. 

(III) SBA FORM 2484–SD—Paycheck 

Protection Program Second Draw 

Lender’s Application for 7(A) Guaranty 

Estimated Number of Respondents: 0. 

Estimated Annual Responses: 0. 

Estimated Annual Hour Burden: 

24,278. 

Solicitation of Public Comments 

SBA invites the public to submit 

comments, including specific and 

detailed suggestions on ways to improve 

the collection and reduce the burden on 

respondents. Commenters should also 

address (i) whether the information 

collection is necessary for the proper 

performance of SBA’s functions, 

including whether it has any practical 

utility; (ii) the accuracy of the estimated 

burdens; (iii) ways to enhance the 

quality, utility, and clarity of the 

information to be collected; and (iv) the 

use of automated collection techniques 

or other forms of information 

technology to minimize the information 

collection burden on those who are 

required to respond. 

Curtis Rich, 

Agency Clearance Officer. 

[FR Doc. 2024–21493 Filed 9–19–24; 8:45 am] 

BILLING CODE 8026–09–P 

SMALL BUSINESS ADMINISTRATION 

SBA Investment Capital Advisory 

Committee Meeting 

AGENCY: Small Business Administration. 

ACTION: Notice of Federal advisory 

committee meeting: SBA Investment 

Capital Advisory Committee. 

SUMMARY: The U.S. Small Business 

Administration (SBA) will hold the SBA 

Investment Capital Advisory Committee 

(ICAC) on Tuesday, October 1, 2024. 

Members will convene as an 

independent source of advice and 

recommendation to SBA on matters 

relating to institutional investment 

market trends, critical technology 

investments, and policy impacting small 

businesses and their ability to access 

patient capital. The meeting will be 

streamed live to the public. 

DATES: Tuesday, October 1, 2024, from 

10:30 a.m. to 4:00 p.m. Eastern Daylight 

Time (EDT). 

ADDRESSES: The Investment Capital 

Advisory Committee will meet, and the 

meeting will be live streamed for the 

public. Register at https://bit.ly/ 

OCT2024-ICAC. 

FOR FURTHER INFORMATION CONTACT: 

Brittany Sickler, Designated Federal 

Officer, Office of Investment and 

Innovation, SBA, 409 3rd Street SW, 

Washington, DC 20416, (202) 369–8862 

or ICAC@sba.gov. The meeting will be 

livestreamed to the public, and anyone 

wishing to submit questions to the SBA 

Investment Capital Advisory Committee 


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