Federal Register / Vol. 89, No. 217 / Friday, November 8, 2024 / Notices 88845 

23 $19,254,000 (estimated total annual cost 

burden for issuers) + $1,238,000 (estimated total 

annual cost burden for the MSRB) = $20,492,000. 

24 28,000 (number of issuers subject to continuing 

disclosure agreements) × 0.65 (percentage of issuers 

that may use designated agents) = 18,200 issuers 

that may use designated agents. 18,200 × $970 

(estimated average annual cost for issuer’s use of 

designated agent under Rule 15c2–12) = 

$17,654,000. 

25 1,000 (estimated number of event notices 

requiring outside counsel) × 4 (estimated number of 

hours for outside attorney to assist in the 

preparation of such event notice) x $400 (hourly 

wage for an outside attorney) = $1,600,000. The 

Commission recognizes that the costs of retaining 

outside professionals may vary depending on the 

nature of the professional services, but for purposes 

of this PRA analysis we estimate that costs of 

outside counsel would be an average of $400 per 

hour. 

26 $17,654,000 (estimated annual cost for issuer’s 

use of designated agent to submit filings) + 

$1,600,000 (estimated annual cost for issuers to 

employ outside counsel in the examination, 

preparation, and filing of certain event notices) = 

$19,254,000. 

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

2 17 CFR 240.19b–4. 

hours. Based on estimates provided by 

the MSRB, the Commission estimates 

that, over the last three years, the MSRB 

has incurred an annual burden of 

approximately 22,000 hours to collect, 

index, store, retrieve, and make 

available the pertinent continuing 

disclosure documents under Rule 15c2– 

12. Accordingly, the Commission 

estimates that the MSRB will incur an 

annual burden of 22,000 hours to 

collect, index, store, retrieve and make 

available the pertinent documents under 

Rule 15c2–12 each year over the next 

three years. 

With respect to cost burdens, the 

Commission estimates that 18,200 

issuers and the MSRB will spend a total 

of $20,492,000 complying with Rule 

15c2–12 over the next three years.23 The 

Commission estimates that, over the 

next three years, up to 65% of issuers 

subject to continuing disclosure 

agreements—approximately 18,200 

issuers—may use the services of 

designated agents to submit some or all 

of their continuing disclosure 

documents to the MSRB. The 

Commission estimates that the average 

annual cost for an issuer’s use of a 

designated agent is $970 each year. 

Therefore, the Commission estimates 

that the average total annual cost that 

may be incurred by issuers that use the 

services of a designated agent will be 

$17,654,000.24 In addition, the 

Commission estimates that issuers will 

retain outside counsel to assist with 

filing approximately 1,000 event notices 

in each of the next three years. The 

Commission further believes that, for 

those 1,000 complex event notices in 

which issuers and obligated persons 

seek assistance from outside counsel, 

one-half of the burden of preparation of 

the event notices will be carried by 

issuers internally (four hours), and the 

other half of the burden will be carried 

by outside professionals retained by the 

issuer (four hours). The Commission 

further estimates that the average hourly 

cost for an issuer’s use of outside 

counsel is $400 per hour. Therefore, the 

Commission estimates the average total 

annual cost incurred by issuers to retain 

outside counsel to assist in the 

evaluation and preparation of certain 

event notices will be $1,600,000.25

Thus, the total estimated cost to issuers 

to comply with the rule is 

$19,254,000.26

Finally, based on recently obtained 

data provided by the MSRB, the 

Commission estimates that the MSRB 

will incur total annual costs of 

approximately $1,238,000 to operate the 

continuing disclosure service for the 

MSRB’s Electronic Municipal Market 

Access (‘‘EMMA’’) system, including 

hardware, software, and external thirdparty costs such as cloud service 

provider costs. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted by 

January 7, 2025. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: Austin Gerig, Director/Chief Data 

Officer, Securities and Exchange 

Commission, c/o Tanya Ruttenberg, 100 

F Street NE, Washington, DC 20549, or 

send an email to: PRA_Mailbox@

sec.gov. 

Dated: November 4, 2024. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–25923 Filed 11–7–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101509; File No. SR– 

CBOE–2024–049] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fee 

Schedule 

November 4, 2024. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on October 

22, 2024, Cboe Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘Cboe Options’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe Exchange, Inc. (the ‘‘Exchange’’ 

or ‘‘Cboe Options’’) proposes to amend 

its Fee Schedule. The text of the 

proposed rule change is provided in 

Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://www.cboe.com/ 

AboutCBOE/ 

CBOELegalRegulatoryHome.aspx), 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. 


ddrumheller on DSK120RN23PROD with NOTICES1
88846 Federal Register / Vol. 89, No. 217 / Friday, November 8, 2024 / Notices 

3The Exchange initially filed the proposed 

change on October 10, 2024 (SR–CBOE–2024–045). 

On October 11, 2024, the Exchange withdrew that 

filing and submitted SR–CBOE–2024–046. On 

October 22, 2024, the Exchange withdrew that filing 

and submitted this filing. 

4For example, subscribers to the intraday product 

will receive the first calculation of intraday data by 

approximately 9:42 a.m. ET, which represents data 

captured from 9:30 a.m. to 9:40 a.m. Subscribers 

will receive the next update at 9:52 a.m., 

representing the data previously provided together 

with data captured from 9:40 a.m. through 9:50 

a.m., and so forth. Each update will represent the 

aggregate data captured from the current 

‘‘snapshot’’ and all previous ‘‘snapshots.’’ 

5These substitute products are: Nasdaq PHLX 

Options Trade Outline, Nasdaq Options Trade 

Outline, ISE Profile, GEMX Trade Profile data; 

open-close data from C2, EDGX, and BZX; Open 

Close Reports from MIAX Options, Pearl, and 

Emerald; and NYSE Options Open-Close Volume 

Summary. 

6The discount will apply on an order-by-order 

basis. To qualify for the discount, an order must 

contain End-of-Day Ad-hoc Requests (historical 

data) and/or Intraday Ad-hoc Requests (historical 

data) and must total $20,000 or more; the Exchange 

will not aggregate purchases made throughout a 

billing cycle for purposes of the incentive program. 

The discount will apply to the total purchase price, 

once the $20,000 minimum purchase is satisfied 

(for example, a qualifying order of $25,000 would 

be discounted to $20,000, i.e., receive a 20% 

discount of $5,000). 

7See Securities Exchange Act Release No. 99028 

(November 28, 2023), 88 FR 84002 (December 1, 

2023) (SR–CBOE–2023–061) and Securities 

Exchange Act Release No. 100370 (June 18, 2024), 

89 FR 53148 (June 25, 2024) (SR–CBOE–2024–025). 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(5). 

10 Id. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to update its 

Fee Schedule to provide a temporary 

20% discount on fees assessed to 

Exchange Trading Permit Holders and 

non-Trading Permit Holders that 

purchase $20,000 or more of ad hoc 

purchases of historical Open-Close Data, 

effective October 10, 2024 through 

December 31, 2024.3

By way of background, the Exchange 

currently offers End-of-Day (‘‘EOD’’) and 

Intraday Open-Close Data (collectively, 

‘‘Open-Close Data’’). EOD Open-Close 

Data is an end-of-day volume summary 

of trading activity on the Exchange at 

the option level by origin (customer, 

professional customer, broker-dealer, 

and market maker), side of the market 

(buy or sell), price, and transaction type 

(opening or closing). The customer and 

professional customer volume is further 

broken down into trade size buckets 

(less than 100 contracts, 100–199 

contracts, greater than 199 contracts). 

The EOD Open-Close Data is proprietary 

Exchange trade data and does not 

include trade data from any other 

exchange. It is also a historical data 

product and not a real-time data feed. 

The Exchange also offers Intraday OpenClose Data, which provides similar 

information to that of EOD Open-Close 

Data but is produced and updated every 

10 minutes during the trading day. Data 

is captured in ‘‘snapshots’’ taken every 

10 minutes throughout the trading day 

and is available to subscribers within 

five minutes of the conclusion of each 

10-minute period.4 The Intraday OpenClose Data provides a volume summary 

of trading activity on the Exchange at 

the option level by origin (customer, 

professional customer, broker-dealer, 

and market maker), side of the market 

(buy or sell), and transaction type 

(opening or closing). The customer and 

professional customer volume are 

further broken down into trade size 

buckets (less than 100 contracts, 100– 

199 contracts, greater than 199 

contracts). The Intraday Open-Close 

Data is proprietary Exchange trade data 

and does not include trade data from 

any other exchange. All Open-Close 

Data products are completely voluntary 

products, in that the Exchange is not 

required by any rule or regulation to 

make this data available and that 

potential customers may purchase it on 

an ad-hoc basis only if they voluntarily 

choose to do so. 

Cboe LiveVol, LLC (‘‘LiveVol’’), a 

wholly owned subsidiary of the 

Exchange’s parent company, Cboe 

Global Markets, Inc., makes the OpenClose Data available for purchase to 

Trading Permit Holders and nonTrading Permit Holders on the LiveVol 

DataShop website (datashop.cboe.com). 

Customers may currently purchase 

Open-Close Data on a subscription basis 

(monthly or annually) or by ad hoc 

request for a specified month (historical 

file, e.g., request for Intraday OpenClose Data for month of June 2024 or 

End-of-Day Open-Close Data for month 

of June 2024). An ad-hoc request can be 

for any number of months for which the 

data is available. 

Open-Close Data is subject to direct 

competition from similar end-of-day 

and intraday options trading summaries 

offered by several other options 

exchanges.5 All of these exchanges offer 

essentially the same end-of-day and 

intraday options trading summary 

information. 

The Exchange proposes to provide a 

temporary pricing incentive program in 

which Trading Permit Holders or nonTrading Permit Holders that purchase 

historical Open-Close Data will receive 

a percentage fee discount where specific 

purchase thresholds are met. 

Specifically, the Exchange proposes to 

provide a temporary 20% discount for 

ad-hoc purchases of historical OpenClose Data of $20,000 or more.6 The 

proposed program will apply to all 

market participants irrespective of 

whether the market participant is a new 

or current purchaser; however, the 

discount cannot be combined with any 

other discounts offered by the Exchange, 

including the academic discount 

provided for Qualifying Academic 

Purchasers of historical Open-Close 

Data. The Exchange intends to introduce 

the discount program beginning October 

10, 2024, with the program remaining in 

effect through December 31, 2024. The 

Exchange also notes that it previously 

adopted the same temporary discount 

program and proposes to update the 

Fees Schedule with the new program 

dates accordingly.7

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.8 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 9 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) 10 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In adopting Regulation NMS, the 

Commission granted self-regulatory 

organizations (‘‘SROs’’) and brokerdealers increased authority and 

flexibility to offer new and unique 

market data to the public. It was 

believed that this authority would 

expand the amount of data available to 

consumers, and also spur innovation 

and competition for the provision of 

market data. The Exchange believes the 

proposed fee changes will further 

broaden the availability of U.S. option 

market data to investors consistent with 

the principles of Regulation NMS. 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 217 / Friday, November 8, 2024 / Notices 88847 

11See supra note 5. 

12See Cboe Global Markets U.S. Options Market 

Month-to-Date Volume Summary (September 30, 

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

options/market_statistics/. 

13See Securities Exchange Act Release No. 51808 

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

(‘‘Regulation NMS Adopting Release’’). 

14See Securities Exchange Act Release No. 99028 

(November 28, 2023), 88 FR 84002 (December 1, 

2023) (SR–CBOE–2023–061) and Securities 

Exchange Act Release No. 100370 (June 18, 2024), 

89 FR 53148 (June 25, 2024) (SR–CBOE–2024–025). 

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

16 17 CFR 240.19b–4(f). 

Open-Close Data is designed to help 

investors understand underlying market 

trends to improve the quality of 

investment decisions. Indeed, 

purchasers of the data may be able to 

enhance their ability to analyze option 

trade and volume data and create and 

test trading models and analytical 

strategies. The Exchange believes OpenClose Data provides a valuable tool that 

purchasers can use to gain 

comprehensive insight into the trading 

activity in a particular series, but also 

emphasizes such data is not necessary 

for trading and as noted above, is 

entirely optional. Moreover, several 

other exchanges offer a similar data 

product which offer same type of data 

content through end-of-day or intraday 

reports.11

The Exchange also operates in a 

highly competitive environment. 

Indeed, there are currently 17 registered 

options exchanges that trade options. 

Based on publicly available information, 

no single options exchange has more 

than 18% of the market share.12 The 

Commission has repeatedly expressed 

its preference for competition over 

regulatory intervention in determining 

prices, products, and services in the 

securities markets. Particularly, 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.’’ 13

Making similar data products available 

to market participants fosters 

competition in the marketplace, and 

constrains the ability of exchanges to 

charge supracompetitive fees. In the 

event that a market participant views 

one exchange’s data product as more or 

less attractive than the competition they 

can and do switch between similar 

products. The proposed fees are a result 

of the competitive environment, as the 

Exchange seeks to adopt fees to attract 

purchasers of historical Open-Close 

Data. 

The Exchange believes that the 

proposed incentive program for any 

Trading Permit Holder or non-Trading 

Permit Holder who purchases historical 

Open-Close Data is reasonable because 

such purchasers would receive a 20% 

discount for purchasing $20,000 or more 

worth of historical Open-Close Data. 

The Exchange believes the proposed 

discount is reasonable as it will give 

purchasers the ability to use and test the 

historical Open-Close Data at a 

discounted rate, prior to purchasing 

additional months or a monthly 

subscription, and will therefore 

encourage and promote users to 

purchase the historical Open-Close 

Data. Further, the proposed discount is 

intended to promote increased use of 

the Exchange’s historical Open-Close 

Data by defraying some of the costs a 

purchaser would ordinarily have to 

expend before using the data product. 

The Exchange believes that the 

proposed discount is equitable and not 

unfairly discriminatory because it will 

apply equally to all Trading Permit 

Holders and non-Trading Permit 

Holders who purchase historical OpenClose Data. Lastly, the purchase of this 

data product is discretionary and not 

compulsory. Indeed, no market 

participant is required to purchase the 

historical Open-Close Data, and the 

Exchange is not required to make the 

historical Open-Close Data available to 

all investors. Potential purchasers may 

request the data at any time if they 

believe it to be valuable or may decline 

to purchase such data. As noted above, 

the Exchange has previously adopted 

this discount program at other times.14

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 operates in a highly 

competitive environment in which the 

Exchange must continually adjust its 

fees to remain competitive. Because 

competitors are free to modify their own 

fees in response, including the adoption 

of similar discounts to those fees, the 

Exchange believes that the degree to 

which fee changes (including discounts 

and rebates) in this market may impose 

any burden on competition is extremely 

limited. As discussed above, OpenClose Data is subject to direct 

competition from several other options 

exchanges that offer substitutes to OpenClose Data. Moreover, purchase of 

Open-Close Data is optional. It is 

designed to help investors understand 

underlying market trends to improve the 

quality of investment decisions, but is 

not necessary to execute a trade. 

The proposed rule changes are 

grounded in the Exchange’s efforts to 

compete more effectively. In this 

competitive environment, potential 

purchasers are free to choose which, if 

any, similar product to purchase to 

satisfy their need for market 

information. As a result, the Exchange 

believes this proposed rule change 

permits fair competition among national 

securities exchanges. Further, the 

Exchange believes that these changes 

will not cause any unnecessary or 

inappropriate burden on intermarket 

competition, as the proposed incentive 

program applies uniformly to any 

purchaser of historical Open-Close Data. 

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 15 and paragraph (f) of Rule 

19b–4 16 thereunder. At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission 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– 

CBOE–2024–049 on the subject line. 


ddrumheller on DSK120RN23PROD with NOTICES1
88848 Federal Register / Vol. 89, No. 217 / Friday, November 8, 2024 / Notices 

17 17 CFR 200.30–3(a)(12). 

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–CBOE–2024–049. 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–CBOE–2024–049 and should be 

submitted on or before November 29, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–25928 Filed 11–7–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–517, OMB Control No. 

3235–0575] 

Submission for OMB Review; 

Comment Request; Extension: 

Regulation AC 

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’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of 

extension of the previously approved 

collection of information provided for in 

Regulation Analyst Certification 

(‘‘Regulation AC’’) (17 CFR 242.500– 

505), under the Securities Exchange Act 

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

Regulation AC requires that research 

reports published, circulated, or 

provided by a broker or dealer or 

covered person contain a statement 

attesting that the views expressed in 

each research report accurately reflect 

the analyst’s personal views and 

whether or not the research analyst 

received or will receive any 

compensation in connection with the 

views or recommendations expressed in 

the research report. Regulation AC also 

requires broker-dealers to, on a quarterly 

basis, make, keep, and maintain records 

of research analyst statements regarding 

whether the views expressed in public 

appearances accurately reflected the 

analyst’s personal views, and whether 

any part of the analyst’s compensation 

is related to the specific 

recommendations or views expressed in 

the public appearance. Regulation AC 

also requires that research prepared by 

foreign persons be presented to U.S. 

persons pursuant to Securities Exchange 

Act Rule 15a–6 and that broker-dealers 

notify associated persons if they would 

be covered by the regulation. Regulation 

AC excludes the news media from its 

coverage. 

The collections of information under 

Regulation AC are necessary to provide 

investors with information with which 

to determine the value of the research 

available to them. It is important for an 

investor to know whether an analyst 

may be biased with respect to securities 

or issuers that are the subject of a 

research report. Further, in evaluating a 

research report, it is reasonable for an 

investor to want to know about an 

analyst’s compensation. Without the 

information collection, the purposes of 

Regulation AC could not be met. This 

regulation does not involve the 

collection of confidential information. 

The Commission estimates that 

Regulation AC imposes an aggregate 

annual time burden of approximately 

41,384 hours. The Commission 

estimates that the total annual internal 

cost of compliance for the 41,384 hours 

is approximately $22,891,896. 

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 

within 30 days of publication of this 

notice by December 9, 2024 to (i) 

www.reginfo.gov/public/do/PRAMain or 

MBX.OMB.OIRA.SEC_desk_officer@

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

Director/Chief Data Officer, Securities 

and Exchange Commission, c/o Tanya 

Ruttenberg, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: November 4, 2024. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–25922 Filed 11–7–24; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #20759 and #20760; 

FLORIDA Disaster Number FL–20015] 

Presidential Declaration Amendment of 

a Major Disaster for the State of Florida 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 1. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for the State of Florida (FEMA– 

4834–DR), dated October 11, 2024. 

Incident: Hurricane Milton. 

DATES: Issued on November 4, 2024. 

Incident Period: October 5, 2024 

through November 2, 2024. 

Physical Loan Application Deadline 

Date: December 10, 2024. 

Economic Injury (EIDL) Loan 

Application Deadline Date: July 11, 

2025. 

ADDRESSES: Visit the MySBA Loan 

Portal at https://lending.sba.gov to 

apply for a disaster assistance loan. 

FOR FURTHER INFORMATION CONTACT: 

Alan Escobar, Office of Disaster 

Recovery & Resilience, U.S. Small 

Business Administration, 409 3rd Street 

SW, Suite 6050, Washington, DC 20416, 

(202) 205–6734. 


ddrumheller on DSK120RN23PROD with NOTICES1