Federal Register / Vol. 89, No. 222 / Monday, November 18, 2024 / Notices 90787 

28 15 U.S.C. 78s(b)(3)(A)(ii). 29 17 CFR 240.19b–4(f)(2). 

30 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

Intramarket Competition 

The Exchange does not believe that 

the proposed fees for Exchange Data 

Feeds place certain market participants 

at a relative disadvantage to other 

market participants because, as noted 

above, the proposed fees are associated 

with usage of Exchange Data Feeds by 

each market participant based on the 

type of business they operate, and the 

decision to subscribe to one or more 

Exchange Data Feeds is based on 

objective differences in usage of 

Exchange Data Feeds among different 

Firms, which are still ultimately in the 

control of any particular Firm, and such 

fees do not impose a barrier to entry to 

smaller participants. Accordingly, the 

proposed fees for Exchange Data Feeds 

do not favor certain categories of market 

participants in a manner that would 

impose a burden on competition; rather, 

the allocation of the proposed fees 

reflects the types of Exchange Data 

Feeds consumed by various market 

participants and their usage thereof. 

Intermarket Competition 

The Exchange does not believe the 

proposed fees place an undue burden on 

competition on other SROs that is not 

necessary or appropriate. In particular, 

market participants are not forced to 

subscribe to any of the Exchange Data 

Feeds, as described above. Additionally, 

other exchanges have similar market 

data fees in place for their participants, 

but with comparable and in many cases 

higher rates for market data feeds. The 

proposed fees are based on actual costs 

and are designed to enable the Exchange 

to recoup its applicable costs with the 

possibility of a reasonable profit on its 

investment as described in the Purpose 

and Statutory Basis sections. Competing 

equities exchanges are free to adopt 

comparable fee structures subject to the 

SEC rule filing process. 

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 

This proposed rule change establishes 

dues, fees or other charges among its 

members and, as such, may take effect 

upon filing with the Commission 

pursuant to Section 19(b)(3)(A)(ii) of the 

Act 28 and paragraph (f)(2) of Rule 19b– 

4 thereunder.29 Accordingly, the 

proposed rule change would take effect 

upon filing with the Commission. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend the rule change if 

it appears to the Commission that the 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or would otherwise further 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

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– 

LTSE–2024–08 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–LTSE–2024–08. 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–LTSE–2024–08 and should be 

submitted on or before December 9, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–26751 Filed 11–15–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101589; File No. SR– 

SAPPHIRE–2024–35] 

Self-Regulatory Organizations; MIAX 

Sapphire, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change by MIAX Sapphire LLC To 

Extend the Sunset Provision Relating 

to the Options Regulatory Fee (ORF) 

November 12, 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 October 31, 2024, MIAX Sapphire, 

LLC (‘‘MIAX Sapphire’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend the MIAX Sapphire Options 

Exchange Fee Schedule (the ‘‘Fee 

Schedule’’) relating to the Options 

Regulatory Fee (‘‘ORF’’) to extend the 

current sunset date of October 31, 2024 

to May 31, 2025. 

The text of the proposed rule change 

is available on the Exchange’s website at 

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

us-options/all-options-exchanges/ruleVerDate Sep<11>2014 17:17 Nov 15, 2024 Jkt 265001 PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 E:\FR\FM\18NON1.SGM 18NON1

lotter on DSK11XQN23PROD with NOTICES1
90788 Federal Register / Vol. 89, No. 222 / Monday, November 18, 2024 / Notices 

3See Securities Exchange Act Release No. 100824 

(August 27, 2024), 89 FR 71496 (September 3, 2024) 

(SR–SAPPHIRE–2024–25). 

4See Supra note 3. 

5The term ‘‘Member’’ means an individual or 

organization that is registered with the Exchange 

pursuant to Chapter II of MIAX Sapphire Rules for 

purposes of trading on the Exchange as an 

‘‘Electronic Exchange Member’’ or ‘‘Market Maker.’’ 

Members are deemed ‘‘members’’ under the 

Exchange Act. See Exchange Rule 100. 

6See Securities Exchange Act Release Nos. 58817 

(October 20, 2008), 73 FR 63744 (October 27, 2008) 

(SR–CBOE–2008–05) (notice of filing and 

immediate effectiveness of Cboe adopting an ORF 

applicable to transactions across all options 

exchanges); 61133 (December 9, 2009), 74 FR 66715 

(December 16, 2009) (SR–Phlx–2009–100) (notice of 

filing and immediate effectiveness of Phlx adopting 

an ORF applicable to transactions across all options 

exchanges); 61154 (December 11, 2009), 74 FR 

67278 (December 18, 2009) (SR–ISE–2009–105) 

(notice of filing and immediate effectiveness of ISE 

adopting an ORF applicable to transactions across 

all options exchanges); 61388 (January 20, 2010), 75 

FR 4431 (January 27, 2010) (SR–BX–2010–001) 

(notice of filing and immediate effectiveness of 

Nasdaq OMX BX, Inc. (‘‘BX’’) adopting an ORF 

applicable to transactions across all options 

exchanges); 70200 (August 14, 2013) 78 FR 51242 

(August 20, 2013) (SR–Topaz–2013–01)) (notice of 

filing and immediate effectiveness of GEMX, 

formerly known as ISE Gemini and Topaz 

Exchange, adopting an ORF applicable to 

transactions across all options exchanges); 64400 

(May 4, 2011), 76 FR 27118 (May 10, 2011) (SR– 

NYSEAmex–2011–27) (notice of filing and 

immediate effectiveness of NYSE AMEX adopting 

an ORF applicable to transactions across all options 

exchanges); 64399 (May 4, 2011), 76 FR 27114 (May 

10, 2011) (SR–NYSEArca–2011–20) (notice of filing 

and immediate effectiveness of NYSE Arca adopting 

an ORF applicable to transactions across all options 

exchanges); 65913 (December 8, 2011), 76 FR 77883 

(December 14, 2011) (SR–NASDAQ–2011–163) 

(notice of filing and immediate effectiveness of 

Nasdaq Options Market (‘‘NOM’’) adopting an ORF 

applicable to transactions across all options 

exchanges); 66979 (May 14, 2012), 77 FR 29740 

(May 18, 2012) (SR–BOX–2012–002) (notice of 

filing and immediate effectiveness of BOX adopting 

an ORF applicable to transactions across all options 

exchanges); 67596 (August 6, 2012), 77 FR 47902 

(August 10, 2012) (SR–C2–2012–023) (notice of 

filing and immediate effectiveness of C2 Options 

Exchange, Inc. (‘‘C2’’) adopting an ORF applicable 

to transactions across all options exchanges); 68711 

(January 23, 2013) 78 FR 6155 (January 29, 2013) 

(SR–MIAX–2013–01) (notice of filing and 

immediate effectiveness of MIAX Options adopting 

an ORF applicable to transactions across all options 

exchanges); 74214 (February 5, 2015), 80 FR 7665 

(February 11, 2015) (SR–BATS–2015–08) (notice of 

filing and immediate effectiveness of BZX formerly 

known as BATS, adopting an ORF applicable to 

transactions across all options exchanges); 80025 

(February 13, 2017) 82 FR 11081 (February 17, 

2017) (SR–BatsEDGX–2017–04) (notice of filing and 

immediate effectiveness of EDGX formerly known 

as Bats EDGX Exchange, Inc., adopting an ORF 

applicable to transactions across all options 

exchanges); 80875 (June 7, 2017) 82 FR 27096 (June 

13, 2017) (SR–PEARL–2017–26) (notice of filing 

and immediate effectiveness of MIAX PEARL 

adopting an ORF applicable to transactions across 

all options exchanges); 85127 (February 13, 2019) 

84 FR 5173 (February 20, 2019) (SR–MRX–2019–03) 

(notice of filing and immediate effectiveness of 

Nasdaq MRX, LLC (‘‘MRX’’) adopting an ORF 

applicable to transactions across all options 

exchanges); 85251 (March 6, 2019) 84 FR 8931 

(March 12, 2019) (SR–EMERALD–2019–01) (notice 

of filing and immediate effectiveness of MIAX 

Emerald adopting an ORF applicable to transactions 

across all options exchanges). 7See Securities Exchange Act Release No. 87168 

(September 30, 2019), 84 FR 53210 (October 4, 

2019) (SR–Emerald–2019–29); Securities Exchange 

Act Release No. 87167 (September 30, 2019), 84 FR 

53189 (October 4, 2019) (SR–PEARL–2019–23); 

Securities Exchange Act Release No. 87169 

(September 30, 2019), 84 FR 53195 (October 4, 

2019) (SR–MIAX–2019–35); Securities Exchange 

Act Release No. 87170 (September 30, 2019), 84 FR 

53213 (October 4, 2019) (SRCBOE–2019–040); 

Securities Exchange Act Release No. 87172 

(September 30, 2019) 84 FR 53192 (October 4, 2019) 

(SR–CboeEDGX–2019–051); Securities Exchange 

Act Release No 87171 (September 30, 2019), 84 FR 

53200 (October 4, 2019) (SR–C2–2019–018); 

Securities Exchange Act Release No. 86832 (August 

30, 2019), 84 FR 46980 (September 6, 2019) (SR– 

NYSEArca–2019–49); Securities Exchange Act 

Release No. 86833 (August 30, 2019) 84 FR 47029 

(September 6, 2019) (SR–NYSEAMER–2019–27). 

filings, at MIAX Sapphire’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 

The Exchange proposes to amend its 

Fee Schedule related to the ORF to 

extend the current sunset date of 

October 31, 2024 to May 31, 2025, and 

thus continue charging the previously 

established ORF in the amount of 

$0.0013 per contract side through May 

31, 2025. As discussed herein, the ORF 

sunset date of October 31, 2024 was 

initially proposed to provide time for 

the Exchange to inform its approach to 

ORF and discuss alternative ORF 

models with market participants, so that 

it may compete on equal footing with 

each of the other option exchanges that 

charge similar regulatory fees. However, 

those discussions have made clear that 

there is not yet consensus among market 

participants on a path forward that 

would address industry concerns in a 

manner that would effect change 

broadly across all U.S. options 

exchanges. Thus, the Exchange proposes 

to extend the automatic sunset date of 

October 31, 2024 until May 31, 2025 in 

order to provide it additional time to 

inform its approach to the ORF after the 

sunset date while continuing to fund a 

portion of its regulatory program via 

ORF so that it may operate on equal 

footing with each of the seventeen (17) 

other options exchanges that charge 

similar regulatory fees in amounts that 

far exceed the relatively modest 

amounts collected by the Exchange. 

As background, on August 7, 2024 the 

Exchange initially filed this proposal to 

establish an ORF in the amount of 

$0.0013 per contract side that would 

automatically sunset on October 31, 

2024 (SR–SAPPHIRE–2024–14). The 

Exchange withdrew SR–SAPPHIRE– 

2024–14, and on August 21, 2024 

replaced it with SR–SAPPHIRE–2024– 

25 (the ‘‘Initial ORF Filing’’).3 The 

Initial ORF Filing was published for 

comment in the Federal Register on 

September 3, 2024.4 To date, the 

Securities and Exchange Commission 

(the ‘‘Commission’’) received no 

comments on the Initial ORF Filing. 

The ORF is designed to recover a 

material portion of the costs to the 

Exchange of the supervision and 

regulation of Members’ 5 customer 

options business, including performing 

routine surveillances and investigations, 

as well as policy, rulemaking, 

interpretive and enforcement activities. 

The Exchange believes that revenue 

generated from the ORF, when 

combined with all of the Exchange’s 

other regulatory fees and fines, will 

cover a material portion, but not all, of 

the Exchange’s regulatory costs. 

Currently, all other registered options 

exchanges impose ORF on their 

members, and those exchanges also 

charge ORF for executions occurring on 

the Exchange cleared by their 

customers.6

The Exchange recognizes that in 2019, 

the Commission issued suspensions of 

and orders instituting proceedings to 

determine whether to approve or 

disapprove a proposed rule change to 

modify the Options Regulatory Fee of 

NYSE American, NYSE Arca, MIAX 

Options, MIAX PEARL, MIAX Emerald, 

Cboe, Cboe EDGX Options, and C2.7

Each of those exchanges had filed to 

increase their ORF, and the Commission 

indicated that each of those filings 

lacked detail and specificity, signaling 

that more information was needed to 

speak to whether the proposed 

increased ORFs were reasonable, 

equitably allocated and not unfairly 

discriminatory, particularly given that 

the ORF is assessed on transactions that 

clear in the ‘‘customer’’ range and 

regardless of the exchange on which the 

transaction occurs. The Commission 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 89, No. 222 / Monday, November 18, 2024 / Notices 90789 

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

9 15 U.S.C. 78f(b)(4). 

10 15 U.S.C. 78f(b)(5). 11See, e.g., NYSE Arca Options Fees and Charges, 

ORF and NYSE American Options Fees Schedule, 

Section VII(A), which provide that ORF is assessed 

at a rate of $0.0055 per contract for each respective 

exchange. See also Nasdaq PHLX, Options 7 Pricing 

Schedule, Section 6(D), which provides for an ORF 

rate of $0.0034 per contract; Cboe Options Fee 

Schedule, which provides an ORF rate of $0.0017 

per contract; Nasdaq Options Market, Options 7 

Pricing Schedule, Section 5, which provides an 

ORF rate of $0.0016 per contract; BOX Options Fee 

Schedule Section II(C), which provides an ORF rate 

of $0.00295 per contract; MIAX Options Fee 

Schedule, Section 2(b), which provides an ORF rate 

of $0.0019 per contract; MIAX Pearl Fee Schedule, 

Section 2(b), which provides an ORF rate of $0.0018 

per contract; and the MEMX Fee Schedule which 

provides an ORF rate of $0.0015. 

also noted that the filings provided only 

broad general statements regarding 

options transaction volume and did not 

provide any information on those 

exchanges’ historic or projected options 

regulatory costs (including the costs of 

regulating activity that cleared in the 

‘‘customer’’ range and the costs of 

regulating activity that occurred off 

exchange), the amount of regulatory 

revenue they had generated and 

expected to generate from the ORF as 

well as other sources, or the ‘‘material 

portion’’ of options regulatory expenses 

that they sought to recover from the 

ORF. Each of those exchanges withdrew 

their filings, but continue charging ORF 

today as discussed above. The Exchange 

would be at an unfair competitive 

disadvantage if it were not allowed to 

charge the ORF to recover a material 

portion, but not all, of the Exchange’s 

regulatory costs for the supervision and 

regulation of activity of its Members 

which as noted above, is charged by all 

currently operating options exchanges. 

The Exchange recognizes that an 

alternative model is being pursued 

among industry participants but that a 

consensus has not yet been reached. As 

such, the Exchange proposes additional 

time to work towards a permanent ORF 

solution by gathering relevant data 

internally as well from other industry 

participants, while continuing to charge 

as other options exchanges currently do, 

until May 31, 2025, at which time its 

ORF will automatically sunset. 

The Exchange notes that if, during the 

proposed sunset period of October 31, 

2024 through May 31, 2025, a viable 

alternative methodology for the ORF 

presents itself, the Exchange would 

endeavor to implement said alternative 

prior to the proposed sunset date. In 

other words, the existence of the sunset 

date of May 31, 2025 to the Exchange’s 

current ORF would not preclude it from 

filing to modify its ORF methodology 

prior to that date, if applicable. 

As a new exchange, not having the 

opportunity to fund its regulatory 

program through the same regulatory fee 

charged by every other options 

exchange would place an undue 

competitive disadvantage upon the 

Exchange’s regulatory program and 

options business as a whole. Further, 

the Exchange emphasizes that other 

exchanges will be charging ORF for 

transactions occurring on MIAX 

Sapphire, and as such, it follows that 

the exchange that is primarily 

responsible for monitoring those 

transactions should also be able to 

charge the ORF for activity occurring on 

its own market, as well as transactions 

it surveils on away markets. Again, the 

Exchange is committed to facilitating 

and joining efforts to revamp the ORF, 

however, it must be afforded additional 

time to do so while recouping a portion 

of its regulatory costs via the ORF as all 

other options exchanges do. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Fee Schedule is 

consistent with Section 6(b) of the Act 8

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 9 in particular, 

in that it is an equitable allocation of 

reasonable dues, fees, and other charges 

among its members and issuers and 

other persons using its facilities. The 

Exchange also believes the proposal 

furthers the objectives of Section 6(b)(5) 

of the Act 10 in that it is designed to 

promote just and equitable principles of 

trade, 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 and is 

not designed to permit unfair 

discrimination between customers, 

issuers, brokers and dealers. 

The ORF is designed to recover a 

material portion of the costs of 

supervising and regulating Members’ 

customer options business including 

performing routine surveillances and 

investigations, as well as policy, 

rulemaking, interpretive, and 

enforcement activities. Extending the 

current ORF sunset date to May 31, 

2025 is reasonable because continued 

collection of ORF will serve to balance 

the Exchange’s regulatory revenue 

against the anticipated regulatory costs, 

thereby ensuring proper regulatory 

funding. Moreover, the Exchange’s ORF 

rate is lower than the amount of ORF 

assessed on other exchanges.11

Extending the sunset date is also 

reasonable because doing so would 

allow the Exchange additional time to 

inform its approach to ORF moving 

forward while recouping a portion of its 

regulatory expenses via the ORF as 

other options exchanges do. If the 

Exchange were not allowed to charge an 

ORF during this additional time period, 

then after the sunset date of October 31, 

2024, it would be forced to pay for its 

regulatory program solely out of 

business revenues while working 

towards an alternative ORF solution, 

unlike every other competing exchange, 

each of which would continue to assess 

an ORF, including on transactions 

executed on the Exchange, indefinitely. 

This would impact the Exchange’s 

ability to assure adequate funding of its 

regulatory program. 

Extending the ORF sunset date to May 

31, 2025 is also equitable and not 

unfairly discriminatory because prior to 

the proposed sunset date, the ORF 

would continue to be objectively 

allocated to Members in a manner that 

is consistent with the ORF imposed by 

the other seventeen (17) options 

exchanges. The Exchange will continue 

to monitor the amount of revenue 

collected from the ORF to ensure that it, 

in combination with its other regulatory 

fees and fines, does not exceed the 

Exchange’s total regulatory costs. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

MIAX Sapphire does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. This 

proposal will not create an unnecessary 

or inappropriate intra-market burden on 

competition because the ORF will apply 

to all customer activity, and is designed 

to enable the Exchange to recover a 

material portion of the Exchange’s cost 

related to its regulatory activities. This 

proposal will not create an unnecessary 

or inappropriate inter-market burden on 

competition because it will be a 

regulatory fee that supports regulation 

in furtherance of the purposes of the 

Act. The Exchange is obligated to ensure 

that the amount of regulatory revenue 

collected from the ORF, in combination 

with its other regulatory fees and fines, 

does not exceed regulatory costs. MIAX 

Sapphire’s ORF, is lower than, or 

comparable to, fees charged by other 

options exchanges for the same or 

similar services. 

The Exchange notes that while it does 

not believe that its proposed ORF will 

impose any burden on inter-market 

competition, the Exchange not charging 

an ORF or being precluded from 

charging an ORF after October 31, 2024 

but prior to the proposed sunset date of 

May 31, 2025 would, in-fact, represent 

a significant burden on the Exchange’s 

ability to assure adequate funding of its 

regulatory program. As noted above, the 


lotter on DSK11XQN23PROD with NOTICES1
90790 Federal Register / Vol. 89, No. 222 / Monday, November 18, 2024 / Notices 

12 15 U.S.C. 78s(b)(3)(A)(ii). 

13 17 CFR 240.19b 4(f)(2). 14 17 CFR 200.30–3(a)(12). 

Exchange is a new entrant in the highly 

competitive environment for equity 

options trading. Also, as noted above, 

all registered options exchanges 

currently impose the ORF on their 

members, and such ORF fees imposed 

by other options exchanges currently do 

and will continue to extend to 

executions occurring on the Exchange. 

The Exchange believes that it is likely 

that a viable ORF alternative may be 

presented during the proposed sunset 

period. The Exchange believes that in 

order to compete with these existing 

options exchanges, it must, in fact, 

impose an ORF on its Members during 

this additional sunset period, and that 

the inability to do so would result in an 

unfair competitive disadvantage to the 

Exchange. 

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 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act,12 and Rule 

19b 4(f)(2) 13 thereunder. At any time 

within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. If the Commission 

takes such action, the Commission shall 

institute proceedings to determine 

whether the proposed rule 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– 

SAPPHIRE–2024–35 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–SAPPHIRE–2024–35. 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–SAPPHIRE–2024–35 and should be 

submitted on or before December 9, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–26755 Filed 11–15–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2:00 p.m. on Thursday, 

November 21, 2024. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or her designee, has 

certified that, in her opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

The subject matter of the closed 

meeting will consist of the following 

topics: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; and 

Other matters relating to examinations 

and enforcement proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting agenda items that 

may consist of adjudicatory, 

examination, litigation, or regulatory 

matters. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information, please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Authority: 5 U.S.C. 552b. 

Dated: November 14, 2024. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–26929 Filed 11–14–24; 4:15 pm] 

BILLING CODE 8011–01–P 


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