Federal Register / Vol. 89, No. 190 / Tuesday, October 1, 2024 / Notices 79985 

1 1,000 banks × 2 notices = 2,000 notices; (2,000 

notices × 15 minutes) = 30,000 minutes/60 minutes 

= 500 hours. 

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

2 17 CFR 240.19b–4. 

3The term ‘‘Market Makers’’ refers to ‘‘Lead 

Market Makers’’, ‘‘Primary Lead Market Makers’’ 

and ‘‘Registered Market Makers’’ collectively. See 

Exchange Rule 100. 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of 

extension of the previously approved 

collection of information provided for in 

Regulation R, Rule 701 (17 CFR 247.701) 

under the Securities Exchange Act of 

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

Regulation R, Rule 701 requires a 

broker or dealer (as part of a written 

agreement between the bank and the 

broker or dealer) to notify the bank if the 

broker or dealer makes certain 

determinations regarding the financial 

status of the customer, a bank 

employee’s statutory disqualification 

status, and compliance with suitability 

or sophistication standards. 

The Commission estimates there are 

3,402 registered brokers or dealers that 

would, on average, notify 1,000 banks 

approximately two times annually about 

a determination regarding a customer’s 

high net worth or institutional status or 

suitability or sophistication standing as 

well as a bank employee’s statutory 

disqualification status. Based on these 

estimates, the Commission anticipates 

that Regulation R, Rule 701 would result 

in brokers or dealers making 

approximately 2,000 notifications to 

banks per year. The Commission further 

estimates (based on the level of 

difficulty and complexity of the 

applicable activities) that a broker or 

dealer would spend approximately 15 

minutes per notice to a bank. Therefore, 

the estimated total annual third-party 

disclosure burden for the requirements 

in Regulation R, Rule 701 is 500 1 hours 

for brokers or dealers. 

The retention period for the 

recordkeeping requirement under Rule 

17Ad–2(c), (d), and (h) is not less than 

two years following the date the notice 

is submitted. The recordkeeping 

requirement under this rule is 

mandatory to assist the Commission in 

monitoring transfer agents who fail to 

meet the minimum performance 

standards set by the Commission rule. 

This rule does not involve the collection 

of confidential information. Please note 

that a transfer agent is not required to 

file under the rule unless it does not 

meet the minimum performance 

standards for turnaround, processing or 

forwarding items received for transfer 

during a month. 

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. 

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 by 

October 31, 2024 to: (i) 

www.reginfo.gov/public/do/PRAMain 

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 25, 2024. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–22402 Filed 9–30–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101191; File No. SR–MIAX– 

2024–38] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Make a Number of Minor, 

Non-Substantive Edits to Exchange’s 

Rulebook and Delete All References to 

Mini-Options in the Rulebook 

September 25, 2024. 

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 September 17, 2024, Miami 

International Securities Exchange, LLC 

(‘‘MIAX’’ 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 proposes to make a 

number of minor, non-substantive edits 

to Exchange’s Rulebook and delete all 

references to mini-options in the 

Rulebook. 

The text of the proposed rule change 

is available on the Exchange’s website at 

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

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

MIAX’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 

Proposal To Amend Exchange Rule 100 

The Exchange proposes to amend 

Exchange Rule 100 to make minor, nonsubstantive edits and clarifying changes 

to provide accuracy and precision 

within the rule text. 

Specifically, the Exchange proposes to 

amend the definition of Market Makers 3

in Exchange Rule 100 to move the 

comma after ‘‘Lead Market Makers’’ 

from outside to inside the quotation 

marks for grammatical correctness and 

clarity in the rule text. Additionally, the 

Exchange proposes to add a comma 

before the conjunction ‘‘and’’ (i.e. 

between ‘‘Primary Lead Market Makers’’ 

and ‘‘Registered Market Makers’’), 

where the comma will be placed inside 

the closing quotation mark. 

Accordingly, with the proposed 

changes, the definition of Market 

Makers in Exchange Rule 100 will read 

as follows: 

The term ‘‘Market Makers’’ refers to ‘‘Lead 

Market Makers,’’ ‘‘Primary Lead Market 

Makers,’’ and ‘‘Registered Market Makers’’ 

collectively. 

Proposal To Amend Interpretations and 

Policies .01 of Exchange Rule 521 

The Exchange proposes to amend 

Interpretations and Policies .01 of 

Exchange Rule 521 to make a minor, 

non-substantive edit to provide 

accuracy and precision within the rule 

text. 

Specifically, the Exchange proposes to 

amend Interpretations and Policies .01 


khammond on DSKJM1Z7X2PROD with NOTICES
79986 Federal Register / Vol. 89, No. 190 / Tuesday, October 1, 2024 / Notices 

4The term ‘‘Quarterly Options Series’’ is a series 

in an options class that is approved for listing and 

trading on the Exchange in which the series is 

opened for trading on any business day and that 

expires at the close of business on the last business 

day of a calendar quarter. See Exchange Rule 100. 

5See e.g., Securities Exchange Act Release No. 

60164 (June 23, 2009), 74 FR 31333 (June 30, 2009) 

(SR–CBOE–2009–029) (Order Approving a 

Proposed Rule Change To Permanently Establish 

the Quarterly Option Series Program); see also 

Securities Exchange Act Release No. 60275 (July 9, 

2009), 74 FR 34809 (July 17, 2009) (SR–ISE–2009– 

50) (Notice of Filing and Immediate Effectiveness of 

Proposed Rule Change To Permanently Establish 

the Quarterly Options Series Pilot Program). 

6The Exchange anticipates it will file a separate 

rule filing pursuant to Rule 19b–4 of the Exchange 

Act with the Commission to remove references to 

‘‘mini-options’’ in the MIAX Options Exchange Fee 

Schedule, including outdated tables that still list 

fees (or rebates) for transactions by market 

participants in mini-options. 

7See Securities Exchange Act Release No. 69136 

(March 14, 2013), 78 FR 17259 (March 20, 2013) 

(SR–MIAX–2013–06). 

8The 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. 

9See Securities Exchange Act Release No. 88374 

(March 12, 2020), 85 FR 15522 (March 18, 2020) 

(SR–Phlx–2020–08) (Notice of Filing and Immediate 

Effectiveness of Proposed Rule Change To Amend 

Certain Phlx Rules To Remove References to Mini 

Options); see also Securities Exchange Act Release 

No. 88458 (March 23, 2020), 85 FR 17372 (March 

27, 2020) (SR–MRX–2020–07) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

Related to the Removal of Obsolete Listing Rules); 

see also Securities Exchange Act Release No. 88456 

(March 23, 2020), 85 FR 17126 (March 26, 2020) 

(SR–ISE–2020–11) (Notice of Filing and Immediate 

Effectiveness of Proposed Rule Change Related to 

the Removal of Obsolete Listing Rules). 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(1). 

of Exchange Rule 521 to add a closing 

parenthesis at the end of the first 

sentence for grammatical correctness 

and clarity in the rule text. Accordingly, 

with the proposed changes, the 

Interpretations and Policies .01 of 

Exchange Rule 521 will read as follows: 

.01 Limit Up-Limit Down State. An 

execution will not be subject to review as an 

Obvious Error or Catastrophic Error pursuant 

to paragraph (c) or (d) of this Rule if it 

occurred while the underlying security was 

in a ‘‘Limit State’’ or ‘‘Straddle State,’’ as 

defined in the Regulation NMS Plan to 

Address Extraordinary Market Volatility (the 

‘‘Limit Up-Limit Down Plan’’ or the ‘‘Plan’’). 

Nothing in this provision shall prevent such 

execution from being reviewed on an 

Official’s own motion pursuant to subparagraph (c)(3) of this Rule, or a bust or 

adjust pursuant to paragraphs (e) through (k) 

of this Rule. 

Proposal To Amend Interpretations and 

Policies .02 of Exchange Rule 1809 

The Exchange proposes to amend 

Interpretations and Policies .02 of 

Exchange Rule 1809 to make a minor, 

clarifying change to provide accuracy 

and precision within the rule text. 

Interpretation and Policy .02 of 

Exchange Rule 1809 discusses the 

Quarterly Options Series 4 Program and 

that the Exchange may list Quarterly 

Options Series for index options. 

Specifically, the Exchange proposes to 

amend Interpretations and Policies .02 

of Exchange Rule 1809 to delete ‘‘pilot’’ 

at the end of the last sentence. The 

Exchange notes that other exchanges 

have permanently established quarterly 

options series programs.5 Accordingly, 

with the proposed changes, 

Interpretations and Policies .02 of 

Exchange Rule 1809 will read as 

follows: 

.02 Quarterly Options Series Program: 

Notwithstanding the restriction in Rule 

1809(a)(3), the Exchange may list and trade 

options series that expire at the close of 

business on the last business day of a 

calendar quarter (‘‘Quarterly Options 

Series’’). The Exchange may list Quarterly 

Options Series for up to five (5) currently 

listed options classes that are either index 

options or options on exchange traded funds 

(‘‘ETFs’’). In addition, the Exchange may also 

list Quarterly Options Series on any options 

classes that are selected by other securities 

exchanges that employ a similar program 

under their respective rules. 

Proposal To Delete All References to 

Mini-Options 

The Exchange proposes to delete all 

outdated references to mini-options in 

the rule text.6 On April 17, 2013, the 

Exchange began listing and trading 

mini-options that were options contracts 

on a select number of high-priced and 

actively traded securities, each with a 

unit of trading ten times lower than that 

of standard-sized options contracts.7

Mini-options never gained significant 

market acceptance and have not 

achieved the expected level of traction 

or success in its target market. 

Accordingly, all mini-options were 

delisted several years ago and the 

Exchange does not have plans to re-list 

them in the foreseeable future. As the 

Exchange no longer offers mini-option 

contracts, the Exchange proposes to 

delete all references to mini-options to 

provide greater clarity to Members 8 and 

the public regarding the Exchange’s 

offerings and Rulebook. The Exchange 

also notes that other exchanges filed 

similar proposals to delete references to 

mini-options.9

Specifically, the Exchange proposes to 

delete the content in Interpretations and 

Policies .03 of Exchange Rule 307 and 

then insert ‘‘Reserved’’ so as to keep the 

remainder of the Rulebook as currently 

formatted. The Exchange proposes to 

delete the content in Interpretations and 

Policies .08 of Exchange Rule 404 and 

then insert ‘‘Reserved’’ so as to keep the 

remainder of the Rulebook as currently 

formatted. The Exchange proposes to 

delete the content in subparagraph (c) of 

Exchange Rule 509 and then insert 

‘‘Reserved’’ so as to keep the remainder 

of the Rulebook as currently formatted. 

The Exchange proposes to delete the 

content in Interpretations and Policies 

.02 of Exchange Rule 510 and then 

insert ‘‘Reserved’’ so as to keep the 

remainder of the Rulebook as currently 

formatted. The Exchange proposes to 

delete ‘‘or 5,000 mini-option contracts’’ 

at the end of subparagraph (b)(1)(i) of 

Exchange Rule 515A. The Exchange 

proposes to delete ‘‘or 10,000 minioption contracts,’’ in the first sentence 

of subparagraph (j) of Exchange Rule 

516. In addition, the Exchange proposes 

to delete the sentence that ‘‘Minioptions may only be part of a complex 

order that includes other mini-options.’’ 

in subparagraph (a)(5) of Exchange Rule 

518. 

2. Statutory Basis 

The Exchange believes that the 

proposed changes are consistent with 

Section 6(b) of the Act 10 in general, and 

further the objectives of Section 6(b)(1) 

of the Act 11 in particular, in that they 

are designed to enforce compliance by 

the Exchange’s Members and persons 

associated with its Members, with the 

provisions of the rules of the Exchange. 

In particular, the Exchange believes that 

the proposed changes will provide 

greater clarity to Members and the 

public regarding the Exchange’s 

Rulebook by correcting grammatical 

errors, removing obsolete rule text, and 

providing accuracy and consistency 

within the Exchange’s Rulebook. The 

proposed changes will also make it 

easier for Members to interpret the 

Exchange’s Rulebook. 

The Exchange believes that the 

proposed rule changes also further the 

objectives of Section 6(b)(5) of the Act. 

In particular, they are designed to 

prevent fraudulent and manipulative 

acts and practices, promote just and 

equitable principles of trade, foster 

cooperation and coordination with 

persons engaged in regulating, clearing, 

settling, processing information with 

respect to, and facilitating transactions 

in securities, remove impediments to 

and perfect the mechanisms of a free 

and open market and a national market 

system and, in general, protect investors 

and the public interest. The Exchange 

believes the proposed changes promote 

just and equitable principles of trade 

and remove impediments to and perfect 

the mechanism of a free and open 

market and a national market system 


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Federal Register / Vol. 89, No. 190 / Tuesday, October 1, 2024 / Notices 79987 

12The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

13The Exchange notes that other exchanges filed 

similar proposals to delete references to minioptions. See supra note 9. 

14 15 U.S.C. 78s(b)(3)(A)(iii). 

15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) 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. 

16 15 U.S.C. 78s(b)(2)(B). 17 17 CFR 200.30–3(a)(12). 

because the proposed rule changes will 

provide greater clarity to Members and 

the public regarding the Exchange’s 

Rulebook by correcting grammatical 

errors and removing obsolete rule text. 

The proposed changes to remove 

obsolete rule text include the removal of 

outdated references to mini-options. 

Mini-options are no longer offered by 

the Exchange since mini-options failed 

to gain significant market acceptance 

and have not achieved the expected 

level of traction or success in its target 

market. Removing references to minioptions would render the rules more 

accurate and reduce potential investor 

confusion. It is in the public interest for 

the Exchange’s Rulebook to be accurate 

and concise so as to eliminate the 

potential for confusion. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed changes will impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. Specifically, the 

Exchange believes the proposed changes 

will not impose any burden on intramarket competition as there is no 

functional change to the Exchange’s 

System 12 and because the rules of the 

Exchange apply to all Members equally. 

The proposed rule changes will have no 

impact on competition as they are not 

designed to address any competitive 

issue but rather are designed to remedy 

minor, non-substantive issues and 

provide added clarity to the Exchange’s 

Rulebook, including removing outdated 

references to mini-options that are no 

longer offered by the Exchange. Minioptions failed to gain significant market 

acceptance and have not achieved the 

expected level of traction or success in 

its target market, so the Exchange 

delisted all mini-options several years 

ago and does not have plans to re-list 

them in the foreseeable future.13 In 

addition, the Exchange does not believe 

the proposal will impose any burden on 

inter-market competition as the 

proposal does not address any 

competitive issues and is intended to 

protect investors by providing further 

transparency and accuracy regarding the 

Exchange’s Rulebook. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

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 14 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.15

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 

under Section 19(b)(2)(B) 16 of the Act to 

determine whether the proposed rule 

change 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– 

MIAX–2024–38 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–MIAX–2024–38. 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–MIAX–2024–38 and should be 

submitted on or before October 22, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–22414 Filed 9–30–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35342; File No. 812–15482] 

Lafayette Square USA, Inc., et al. 

September 26, 2024. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of application for an order 

under sections 17(d) and 57(i) of the 

Investment Company Act of 1940 (the 

‘‘Act’’) and rule 17d–1 under the Act to 


khammond on DSKJM1Z7X2PROD with NOTICES