81608 Federal Register / Vol. 89, No. 195 / Tuesday, October 8, 2024 / Notices 

37For a list of the current members and affiliate 

members of ISG, see www.isgportal.com. 

38 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

for the Shares will be published daily in 

the financial section of newspapers. 

Quotation and last-sale information 

regarding the Shares will be 

disseminated through the facilities of 

the CTA. 

The proposed rule change is designed 

to perfect the mechanism of a free and 

open market, and, in general, to protect 

investors and the public interest in that 

it will facilitate the listing and trading 

of an additional type of exchange-traded 

product that will enhance competition 

among market participants, to the 

benefit of investors and the marketplace. 

As noted above, the Exchange has in 

place surveillance procedures relating to 

trading in the Shares and may obtain 

information via ISG from other 

exchanges that are members of ISG or 

with which the Exchange has entered 

into a surveillance sharing agreement. 

The Exchange or FINRA, on behalf of 

the Exchange, or both, will 

communicate as needed regarding 

trading in the Shares, CME Ether 

Futures and CME Bitcoin Futures, or 

any other bitcoin or ether derivative 

with other markets and other entities 

that are members of the ISG, and the 

Exchange, or FINRA, on behalf of the 

Exchange, or both, may obtain trading 

information regarding trading in the 

Shares, CME Ether Futures and CME 

Bitcoin Futures, or any other ether or 

bitcoin derivative from such markets 

and other entities.37 The Exchange may 

obtain information regarding trading in 

the Shares, CME Ether Futures and CME 

Bitcoin Futures, or any other ether or 

bitcoin derivative via ISG, from other 

exchanges who are members or affiliates 

of the ISG, or with which the Exchange 

has entered into a comprehensive 

surveillance sharing agreement. 

For the above reasons, the Exchange 

believes that the proposed rule change 

is consistent with the requirements of 

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

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. The 

Exchange notes that the proposed rule 

change, rather will facilitate the listing 

and trading of an additional exchangetraded product that will enhance 

competition among both market 

participants and listing venues, to the 

benefit of investors and the marketplace. 

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 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the Exchange consents, the Commission 

will: 

A. by order approve or disapprove 

such proposed rule change, or 

B. institute proceedings to determine 

whether the proposed rule change 

should be 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– 

CboeBZX–2024–091 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–CboeBZX–2024–091. 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–CboeBZX–2024–091 and should be 

submitted on or before October 29, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.38

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–23167 Filed 10–7–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101231; File No. SR–IEX– 

2024–20] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Rule 

11.330 To Adopt a New Market Data 

Product To Be Known as DEEP+ 

October 2, 2024. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on 

September 19, 2024, the Investors 

Exchange LLC (‘‘IEX’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (the 

‘‘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. 


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4 15 U.S.C. 78s(b)(1). 

5 17 CFR 240.19b–4. 

6 17 CFR 240.19b–4(f)(6)(iii). 

7See IEX Fee Schedule, available at https://

www.iexexchange.io/resources/trading/feeschedule. 

8 ‘‘Real-Time’’ means IEX market data that is 

accessed, used, or distributed less than fifteen (15) 

milliseconds after it was made available by the 

Exchange. IEX provides only Real-Time IEX market 

data to Data Subscribers. 

9See IEX Rule 11.330(a)(1). 

10See IEX Rule 11.330(a)(2). 

11TOPS and DEEP would also provide IEX 

Auction Information for any IEX-listed securities. 

Currently, IEX is not a listing exchange, and such 

information is only provided with respect to 

auction test symbols. 

12See IEX Rule 11.232(f). 

13See IEX Rule 11.190(b)(14). 

14See IEX Rule 11.232(f). 

15See IEX Rule 1.160(t). 

16See IEX Rule 1.160(u). 

17See IEX Rule 1.160(u). 

18See IEX Rule 11.232(f). 

19 Id. 

20 IEX notes that Data Subscribers will be able to 

use DEEP+ to derive IEX’s top of book quotations 

for internal use from the order-by-order data, as set 

forth in IEX’s Market Data Policies (available at 

https://www.iexexchange.io/resources/trading/ 

market-data). 

21See, e.g., Cboe BYX Rule 11.22(k) (referencing 

the inclusion of Cboe BYX’s retail liquidity 

identifier in the BYX Summary Depth data feed). 

22For example, Cboe BYX provides an order-byorder depth of book with the equivalent data. See 

Cboe US Equities/Options Multicast Depth of Book 

(PITCH) Specification, available at https://

cdn.cboe.com/resources/membership/Cboe_US_

Equities_FIX_Specification.pdf. 

23 ‘‘Data Subscriber’’ means any natural person or 

entity that receives Real-Time IEX market data 

either directly from the Exchange or from another 

non-affiliate Data Subscriber. A Data Subscriber 

must enter into a Data Subscriber Agreement with 

IEX in order to receive Real-Time IEX market data. 

A natural person or entity that receives Real-Time 

IEX market data from an affiliated Data Subscriber 

is subject to the Data Subscriber Agreement of such 

affiliated Data Subscriber. See IEX Fee Schedule. 

24 ‘‘Delayed’’ means IEX market data that is 

accessed, used, or distributed at least fifteen (15) 

milliseconds after it was made available by the 

Exchange. A Data Subscriber may redistribute RealTime IEX market data that it receives from the 

Exchange on a Delayed basis to a natural person or 

entity. In addition, a recipient of Delayed IEX 

market data may further redistribute such Delayed 

IEX market data to a natural person or entity. See 

IEX Fee Schedule. 

25Available at https://www.iexexchange.io/ 

resources/trading/market-data. 

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 with the 

Commission a proposed rule change to 

amend Rule 11.330 to adopt a new 

market data product to be known as 

DEEP+, which is an uncompressed data 

feed that provides order-by-order depth 

of book quotations for all displayed 

orders for securities traded on IEX, and 

execution information (i.e., last sale 

information) for executions on the 

Exchange. The Exchange has designated 

this proposal as non-controversial and 

provided the Commission with the 

notice required by Rule 19b–4(f)(6)(iii) 

under the Act.6 IEX also proposes to 

update its Fee Schedule to reflect that 

DEEP+ will be offered free of charge for 

an initial incentive period. 

The text of the proposed rule change 

is available at the Exchange’s website at 

www.iextrading.com, 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 

The Exchange proposes to amend IEX 

Rule 11.330(a) to add a new 

subparagraph (3) that describes a new 

market data product to be known as 

DEEP+, and to renumber the current 

subparagraphs (3) and (4) to be 

subparagraphs (4) and (5). The Exchange 

also proposes to make a conforming edit 

to IEX Rule 11.232(f), and to update its 

Fee Schedule 7 to reflect that IEX will be 

offering DEEP+ free of charge for an 

initial incentive period. 

Currently, the Exchange offers two 

Real-Time 8 market data products: 

TOPS 9, an uncompressed data feed that 

provides aggregated top of book 

quotations for all displayed orders 

resting on the Order Book and execution 

information (i.e., last sale information) 

for executions on the Exchange; and 

DEEP,10 an uncompressed data feed that 

provides aggregated depth of book 

quotations for all displayed orders 

resting on the Order Book at each price 

level, and execution information (i.e., 

last sale information) for executions on 

the Exchange.11 The TOPS and DEEP 

feeds also include IEX’s ‘‘Retail 

Liquidity Identifier’’ 12, which is 

disseminated by IEX to TOPS, DEEP, 

and the appropriate securities 

information processor (‘‘SIP’’), when 

IEX’s Order Book has at least one round 

lot of aggregated Retail Liquidity 

Provider 13 order interest (‘‘RLP 

Interest’’) 14 for a particular security, 

provided that the RLP Interest is resting 

at the Midpoint Price 15 and priced at 

least $0.001 better than the NBB16 or 

NBO 17. The Retail Liquidity Identifier 18

provides the symbol and side of the RLP 

Interest, but does not include its price 

or size.19

Based on informal discussion with 

market participants, the Exchange has 

determined that there is demand for an 

order-by-order depth of book feed 

offering for displayed orders, in 

addition to the aggregated depth of book 

data offered by DEEP. Accordingly, the 

Exchange proposes to amend Rule 

11.330(a)(3) to offer the new DEEP+ 

market data product. 

As proposed, DEEP+ will disseminate, 

on a Real-Time basis, order-by-order 

information for all displayed orders 

resting on the Order Book for securities 

traded on IEX and execution 

information (i.e., last sale information) 

for executions on the Exchange. DEEP+ 

will provide details on each displayed 

order resting on the Order Book 

including OrderID, symbol, side, 

timestamp associated with the message, 

price, and size, and will update each 

order’s data when there are 

amendments, cancels, and executions.20

Like TOPS and DEEP, DEEP+ will 

also disseminate a Retail Liquidity 

Identifier for each security for which 

IEX has the requisite RLP Interest. 

Therefore, IEX proposes to amend IEX 

Rule 11.232(f) to reflect that the Retail 

Liquidity Indicator will be disseminated 

to DEEP+, in addition to being 

disseminated to TOPS, DEEP, and the 

SIPs. IEX notes that this order-specific 

information, including the disseminated 

Retail Liquidity Identifier,21 is 

functionally equivalent to the orderspecific information provided by other 

exchanges’ order-by-order feeds.22

For an initial incentive period, DEEP+ 

will be provided free of charge, and Data 

Subscribers 23 may redistribute DEEP+ 

data, whether on a Real-Time or 

Delayed 24 basis, free of charge (for an 

initial incentive period), subject to the 

terms of the IEX Data Subscriber 

Agreement and IEX’s Market Data 

Policies.25

Additionally, IEX proposes to amend 

the Fee Schedule to insert two new rows 

in the table of Market Data Fees 

reflecting that DEEP+ initially will be 

offered for free (on a Real-Time or 


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81610 Federal Register / Vol. 89, No. 195 / Tuesday, October 8, 2024 / Notices 

26Should IEX in the future decide to charge for 

DEEP+, it will make a fee filing pursuant to the SEC 

rule filing process. 

27While not specified in the Fee Schedule, as 

noted throughout this filing, IEX will be offering 

DEEP+ free of charge during an initial incentive 

period. 

28See Cboe BYX Rule 11.22(c). 

29See Cboe BYX Rule 11.22(k). 

30See supra note 22. 

31 DEEP+ Data Subscribers will also have access 

to the DEEP+ SNAP service, which allows Data 

Subscribers to download point-in-time snapshots of 

DEEP+ in order to enable them to accelerate late 

start recovery. As with its current DEEP SNAP and 

TOPS SNAP services, DEEP+ SNAP will be offered 

for no additional charge to DEEP+ Data Subscribers; 

thus, DEEP+ SNAP will also be offered free of 

charge during the initial incentive period. 

32 15 U.S.C. 78f(b). 

33 15 U.S.C. 78f(b)(5). 

34 15 U.S.C. 78f(b)(5). 35 15 U.S.C. 78k–1. 

Delayed basis).26 IEX also proposes to 

delete the two references to footnote 3 

in the Market Data Fees table (in the 

rows for Real-Time DEEP and TOPS), 

and to amend the footnote’s language so 

that it is applicable to DEEP+. Footnote 

3 currently reads ‘‘These fees will be 

operative beginning July 1, 2022,’’ 

which was the date IEX began charging 

to distribute TOPS and DEEP in RealTime. Because that date applied to the 

initiation of fees for TOPS and DEEP in 

Real-Time (and has passed), IEX 

proposes to amend the footnote to apply 

to DEEP+ and read: ‘‘These fees will be 

operative when the product is launched. 

IEX will announce the launch date by 

Trader Alert at least 10 business days in 

advance of the product launch’’ and to 

apply footnote 3 to the two new rows 

describing the free distribution of 

DEEP+ on both a Real-Time and 

Delayed basis.27

The Exchange notes that other 

exchanges offer both aggregated and 

order-by-order depth of book market 

data products. For example, Cboe BYX 

offers both Multicast Depth 28 (also 

known as BYX Depth), an order-byorder depth of book market data feed, 

and BYX Summary Depth,29 a depth of 

book data feed that offers aggregated 

quotations for all displayed orders for 

up to five price levels. Cboe BYX’s 

order-by-order depth of book market 

data feed contains the same orderspecific information that will be 

contained in IEX’s proposed DEEP+ 

market data feed.30 Thus, the Exchange 

does not believe that this aspect of the 

proposal raises any new or novel issues 

not already considered by the 

Commission.31 The Exchange plans to 

implement the proposed changes during 

the fourth quarter of 2024, pending 

completion of necessary technology 

changes and subject to effectiveness of 

this proposed rule change. The 

Exchange will announce the 

implementation date of the proposed 

changes by Trader Alert at least 10 

business days in advance of such 

implementation date and within 120 

days of effectiveness of this proposed 

rule change. 

2. Statutory Basis 

IEX believes that the proposed rule 

change is consistent with the provisions 

of Section 6 of the Act 32 in general, and 

with Section 6(b)(5) of the Act,33 in 

particular. DEEP+ will be provided 

consistent with the purposes of Section 

6(b)(5) of the Act.34 Specifically, the 

Exchange believes that the proposed 

introduction of an order-by-order depth 

of book market data feed, which will 

provide Data Subscribers with full 

depth-of-market information, will serve 

to more closely align the information 

provided by IEX with that of competitor 

exchanges, while providing additional 

data to the marketplace. Thus, this 

proposal should help remove 

impediments to a free and open market, 

in furtherance of the protection of 

investors and the public interest. 

Additionally, the benefit of providing 

additional data to the marketplace may 

be useful to certain market participants 

with trading strategies that take into 

account order-by-order depth of book 

feeds such as DEEP+. Thus, these 

Members may choose to deploy 

additional trading strategies on IEX that 

align with how they function on other 

exchanges. IEX believes that this 

potential deployment of additional 

trading strategies on IEX by certain 

market participants could attract 

additional volume to IEX (both 

displayed and non-displayed), which 

would benefit all market participants. 

Thus, this proposal should help remove 

impediments to a free and open market, 

in furtherance of the protection of 

investors and the public interest. 

Moreover, DEEP+ will be available to 

all Data Subscribers on an equal basis 

including being offered free of charge to 

all Data Subscribers on an initial basis. 

By expanding all market participants’ 

access to Real-Time market data 

disseminated from IEX’s displayed 

Order Book, the proposal is not 

designed to permit unfair 

discrimination among customers, 

issuers, and brokers; and is designed to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

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. 

The proposed rule change is designed 

to 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 by providing more detailed 

quotation and transaction information to 

market participants. The Exchange also 

believes this proposal is consistent with 

Section 6(b)(5) of the Act because it is 

designed to protect investors and the 

public interest and promote just and 

equitable principles of trade by 

providing additional transparency 

regarding displayed orders on the IEX 

Order Book, and also provides market 

participants with a disaggregated feed 

that allows them to construct the IEX 

BBO information otherwise than under 

the CTA and Nasdaq/UTP Plans. 

Further, the proposal would not permit 

unfair discrimination because the 

information will be available to all 

market participants and market data 

vendors on an equivalent basis. In 

addition, any market participant that 

wishes to receive IEX BBO and last sale 

information via the CTA and Nasdaq/ 

UTP Plans will still be able to do so if 

they subscribe or access through a Data 

Subscriber. 

The Exchange also believes that not 

charging a fee for DEEP+ for an initial 

incentive period (whether accessed on a 

Real-Time or Delayed basis) is 

appropriate, reasonable, and consistent 

with the Act because it is designed to 

incentivize market participants to 

subscribe to DEEP+, which may in turn 

encourage those same market 

participants to direct more order flow to 

the Exchange as discussed above, and 

such orders will have the benefit of 

exchange transparency, regulation, and 

oversight. IEX operates in a highly 

competitive environment, and not 

charging fees for DEEP+ is designed to 

enable it to compete effectively and to 

encourage market participants to 

connect to the Exchange. 

The Exchange also believes that the 

proposed rule change is consistent with 

Section 11(A) of the Act 35 in that it 

supports (1) fair competition among 

brokers and dealers, among exchange 

markets, and between exchange markets 

and markets other than exchange 

markets and (2) the availability to 

brokers, dealers, and investors of 

information with respect to quotations 

for and transactions in securities. As 

noted above, the Exchange will provide 

DEEP+ to Members and other recipients 

of Exchange data on terms that are fair 

and reasonable and not unreasonably 

discriminatory in that DEEP+ will be 


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36While not specified in the Fee Schedule, as 

noted throughout this filing, IEX will be offering 

DEEP+ free of charge during an initial incentive 

period. 

37See supra note 21. 

38See supra note 22. 

39CFR 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. 

40 15 U.S.C. 78s(b)(2)(B). 

provided free of charge for an initial 

incentive period. 

Additionally, IEX believes that the 

proposed rule change is consistent with 

the provisions with Section 6(b)(5) of 

the Act because DEEP+ would be 

accessed and subscribed to on a 

voluntary basis, in that neither the 

Exchange nor market data distributors 

are required by any rule or regulation to 

make this data available. Accordingly, 

distributors and subscribers can 

discontinue their use at any time and for 

any reason. Thus, the proposal should 

help remove impediments to a free and 

open market, in furtherance of the 

protection of investors and the public 

interest. 

Further, IEX believes that the 

proposed edits to the Fee Schedule are 

consistent with the Act. Specifically, the 

proposal to update the Fee Schedule to 

state that DEEP+ will be offered for 

free,36 and to revise footnote 3 to make 

clear that the fee’s (and product’s) 

implementation date will be on a date 

to be announced by Trading Alert at 

least ten (10) business days in advance 

of the product launch are consistent 

with the Act because they will provide 

clarity to, and reduce confusion of, 

market participants about the cost and 

availability of this new market data 

product, which should help remove 

impediments to a free and open market, 

in furtherance of the protection of 

investors and the public interest. 

Finally, as noted in the Purpose 

section, offering both an order-by-order 

and aggregated depth of book market 

data product is consistent with the 

offerings of other exchanges. 

Specifically, as discussed in the Purpose 

section, Cboe BYX’s order-by-order 

market data feed contains the same 

order-specific information that IEX will 

provide in DEEP+.37 And Cboe BYX’s 

order-by-order also contains the same 

non-order-specific information such as 

the Retail Liquidity Identifier, which 

DEEP+ will also contain.38 Thus IEX 

believes it does not raise any new or 

novel issues not already considered by 

the Commission in the context of other 

exchanges’ market data product filings. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

IEX does not believe that the 

proposed rule change will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange is not proposing to charge a 

fee for DEEP+ during an initial incentive 

period and will make it available to 

market participants on a fair and 

impartial basis, and on terms that are 

not unfairly discriminatory. In addition, 

the Exchange believes that providing 

order-by-order depth of book quotations 

as described above is designed to 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system by 

providing investors with a new 

exchange-specific source of market data, 

as well as to compete with other 

exchanges that offer similar market data 

products. 

With regard to intra-market 

competition, the proposed order-byorder depth of book market data feed 

will be made equally available to all 

Members and Data Subscribers on a fair, 

impartial and nondiscriminatory basis 

without imposing any new burdens on 

the Members and Data Subscribers, 

including the fact that it will be offered 

free of charge during an initial incentive 

period. As discussed in the Purpose and 

Statutory Basis sections, the proposed 

rule change is designed to provide all 

market participants more transparency 

into the order-by-order composition of 

IEX’s Order Book. 

With regard to inter-market 

competition, other exchanges are free to 

adopt similar market data product 

offerings, and, as discussed in the 

Purpose section, other exchanges like 

Cboe BYX already provide market 

participants the option of subscribing to 

an aggregated or order-by-order depth of 

book feed (or both). IEX’s proposed 

DEEP+ feed will foster, not burden, 

competition by providing a new 

exchange-specific source of market data, 

which is similar to products offered by 

other exchanges. Thus, it will provide 

investors with a new option for 

receiving market data. Thus, the 

Exchange believes the proposed rule 

change is consistent with the Exchange 

Act because it will further encourage 

competition between IEX and other 

exchanges. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

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) of the 

Act and Rule 19b–4(f)(6) thereunder.39

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) 40 of the Act 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– 

IEX–2024–20 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–IEX–2024–20. 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 


ddrumheller on DSK120RN23PROD with NOTICES1
81612 Federal Register / Vol. 89, No. 195 / Tuesday, October 8, 2024 / Notices 

41 17 CFR 200.30–3(a)(12). 

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–IEX–2024–20 and should be 

submitted on or before October 29, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.41

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–23166 Filed 10–7–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–523, OMB Control No. 

3235–0585] 

Submission for OMB Review; 

Comment Request; Extension: Rule 

206(4)–7 

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. 

The title for the collection of 

information is ‘‘Investment Advisers Act 

rule 206(4)–7, 17 CFR 275.206(4)–7, 

Compliance procedures and practices.’’ 

This collection of information is found 

at 17 CFR 275.206(4)–7, and is 

mandatory. Rule 206(4)–7 under the 

Investment Advisers Act of 1940 

(‘‘Advisers Act’’) requires each 

investment adviser registered with the 

Commission to (1) adopt and implement 

written policies and procedures 

reasonably designed to prevent 

violations of the Advisers Act and its 

rules, (2) review those compliance 

policies and procedures annually, and 

(3) designate a chief compliance officer 

who is responsible for administering the 

compliance policies and procedures. 

The rule is designed to protect investors 

by fostering better compliance with the 

securities laws. The collection of 

information under rule 206(4)–7 is 

necessary to help ensure that 

investment advisers maintain 

comprehensive internal programs that 

promote the advisers’ compliance with 

the Advisers Act and its rules. The 

Commission’s examination and 

oversight staff may review the 

information collected to assess 

investment advisers’ compliance 

programs. Responses provided to the 

Commission pursuant to the rule in the 

context of the Commission’s 

examination and oversight program are 

generally 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 control 

number. 

The respondents to this information 

collection are investment advisers 

registered with the Commission. 

Updated data indicate that there were 

15,441 advisers registered with the 

Commission as of December 31, 2023. 

Each respondent would produce one 

response, per year. Commission staff has 

estimated that compliance with rule 

206(4)–7 imposes an annual burden of 

approximately 90 hours per response. 

Based on this figure, Commission staff 

estimates a total annual burden of 

1,389,690 hours for this collection of 

information. 

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 November 7, 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: October 2, 2024. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–23161 Filed 10–7–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–462, OMB Control No. 

3235–0696] 

Proposed Collection; Comment 

Request; Extension: Rules 15Fb1–1 

through 15Fb6–2 and Forms SBSE, 

SBSE–A, SBSE–BD, SBSE–C and 

SBSE–W 

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 

(‘‘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 Rules 15Fb1–1 through 

15Fb6–2 and Forms SBSE, SBSE–A, 

SBSE–BD, SBSE–C and SBSE–W (17 

CFR 240.15Fb1–1 through 240.15Fb6–2, 

and 17 CFR 249.1600, 249.1600a, 

249.1600b, 249.1600c and 249.1601), 

under the Securities Exchange Act of 

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

Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

The Commission adopted Rules 

15Fb1–1 through 15Fb6–2 and Forms 

SBSE, SBSE–A, SBSE–BD, SBSE–C and 

SBSE–W on August 5, 2015 to create a 

process to register SBS Entities. Forms 

SBSE, SBSE–A, and SBSE–BD and 

SBSE–C were designed to elicit certain 

information from applicants. The 

Commission uses the information 

disclosed by applicants through the SBS 

Entity registration rules and forms to: (1) 

determine whether an applicant meets 

the standards for registration set forth in 

the provisions of the Exchange Act; and 

(2) develop an information resource 

regarding SBS Entities where members 

of the public may obtain relevant, up-todate information about SBS Entities, 

and where the Commission may obtain 

information for examination and 

enforcement purposes. Without the 

information provided through these SBS 

Entity registration rules and forms, the 

Commission could not effectively 

determine whether the applicant meets 

the standards for registration or 

implement policy objectives of the 

Exchange Act. 


ddrumheller on DSK120RN23PROD with NOTICES1