Federal Register / Vol. 89, No. 227 / Monday, November 25, 2024 / Notices 92989 

95Notice, 89 FR at 21579. 

96 Id. at 21582. 

97 17 CFR 240.17Ad–22(e)(13). 

98 17 CFR 240.17Ad–22(e)(18). 

99 17 CFR 240.17Ad–22(e)(18). 

100 15 U.S.C. 78s(b)(2). 

101 15 U.S.C. 78q–1(b)(3)(F). 

102 15 U.S.C. 78s(b)(2). 

103 15 U.S.C. 78s(b)(2). 

104 15 U.S.C. 78q–1(b)(3)(F). 

105 17 CFR 240.17Ad–22(e)(13). 

106 17 CFR 240.17Ad–22(e)(18). 

107 In approving the Proposed Rule Change, the 

Commission considered the proposal’s impacts on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 

108 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

operational capacity to participate in the 

default auction process to choose not to 

participate in an auction rather than 

requiring them to place a bid.95 It would 

also work to identify, manage, and avoid 

issues LCH SA has encountered with its 

Select Members in navigating fire drill 

exercises.96 Thus, these aspects of the 

Proposed Rule Change would work to 

improve LCH SA’s auction process. 

Therefore, the Proposed Rule Change 

is consistent with the requirements of 

Rule 17Ad–22(e)(13) under the Act.97

C. Consistency With Rule 17Ad– 

22(e)(18) Under the Act 

Rule 17Ad–22(e)(18) requires covered 

clearing agencies to establish, 

implement, maintain, and enforce 

written policies and procedures 

reasonably designed to establish 

objective, risk-based, and publicly 

disclosed criteria for participation, 

which permit fair and open access by 

direct and, where relevant, indirect 

participants and other financial market 

utilities.98 As noted above, the Proposed 

Rule Change would expand access to 

LCH SA and facilitate fair and open 

access to LCH SA by indirect 

participants by allowing Select 

Members to provide clearing services to 

non-affiliated firms rather than just to 

Affiliated Firms. The Proposed Rule 

Change also would establish objective 

and publicly-disclosed criteria for 

participation by Applicants wishing to 

be Select Members, with respect to 

participation in competitive bidding, as 

discussed above. 

Therefore, the Proposed Rule Change 

is consistent with the requirements of 

Rule 17Ad–22(e)(18) under the Act.99

IV. Accelerated Approval of Proposed 

Rule Change, as Modified by 

Amendment No. 1 and Partial 

Amendment No. 1 

The Commission finds good cause, 

pursuant to Section 19(b)(2) of the 

Exchange Act,100 to approve the 

Proposed Rule Change prior to the 30th 

day after the date of publication of 

notice of the filing of Amendment No. 

1 and Partial Amendment No. 1 in the 

Federal Register. As discussed above, 

Amendment No. 1 added a requirement 

that a Select Member participate in 

Competitive Bidding in default auctions 

and contribute end-of-day prices should 

its Financial Group’s margins exceed a 

predetermined threshold over a 

designated time, and Partial 

Amendment No. 1 fixes certain errors in 

Amendment No. 1. These amendments 

do not otherwise change the purpose of 

or statutory basis for the Proposed Rule 

Change. 

For the reasons discussed above, the 

Commission finds that Proposed Rule 

Change, as modified by Amendment No. 

1 and Partial Amendment No. 1, is 

consistent with the requirement that 

LCH SA’s rules be designed to promote 

the prompt and accurate clearance and 

settlement of securities transactions 

under Section 17A(b)(3)(F) of the 

Exchange Act.101 Accordingly, the 

Commission finds good cause, pursuant 

to Section 19(b)(2) of the Exchange 

Act,102 to approve the Proposed Rule 

Change, as modified by Amendment 

No.1 and Partial Amendment No. 1, on 

an accelerated basis, pursuant to Section 

19(b)(2) of the Exchange Act.103

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the Proposed 

Rule Change, as modified by 

Amendment No. 1 and Partial 

Amendment No. 1, is consistent with 

the requirements of the Act, and in 

particular, Section 17A(b)(3)(F) of the 

Act 104 and Rules 17Ad–22(e)(13) 105

and (e)(18) thereunder.106

It is therefore ordered pursuant to 

Section 19(b)(2) of the Act that the 

Proposed Rule Change, as modified by 

Amendment No. 1 and Partial 

Amendment No. 1 (SR–LCH SA–2024– 

002), be, and hereby is, approved on an 

accelerated basis.107

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.108

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–27476 Filed 11–22–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101655; File No. SR– 

CboeBZX–2024–112] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing of 

a Proposed Rule Change To Expand 

BZX Rule 14.11(l) To Permit the 

Generic Listing and Trading of MultiClass ETF Shares 

November 19, 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 November 

8, 2024, Cboe BZX Exchange, Inc. (the 

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

the ‘‘Exchange’’) is filing with the 

Securities and Exchange Commission 

(‘‘Commission’’ or ‘‘SEC’’) a proposed 

rule change to amend Rule 14.11(l) to 

provide that the Exchange may approve 

a series of Exchange-Traded Fund 

(‘‘ETF’’) Shares for listing and/or trading 

on the Exchange that operates in 

reliance on exemptive relief to Rule 6c– 

11 under the Investment Company Act 

of 1940 (the ‘‘Investment Company 

Act’’) that permits the trust issuing the 

ETF Shares to offer an exchange-traded 

fund class in addition to classes of 

shares that are not exchange-traded. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

equities/regulation/rule_filings/bzx/), 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 


khammond on DSK9W7S144PROD with NOTICES
92990 Federal Register / Vol. 89, No. 227 / Monday, November 25, 2024 / Notices 

3The Exchange notes that it had previously 

submitted a version of this filing on April 15, 2024. 

See Securities Exchange Act Release No. 34–100034 

(May 1, 2024) 89 FR 35255. That filing was 

withdrawn on November 8, 2024 and submitted this 

proposal. 

4See Perpetual US Services, LLC (filed February 

7, 2023); DFA Investment Dimensions Group Inc. 

and Dimensional Investment Group Inc. (filed July 

12, 2023); F/m Investments LLC (August 22, 2023); 

Fidelity Hastings Street Trust and Fidelity 

Management & Research Company (filed October 

24, 2023); Morgan Stanley Institutional Fund Trust 

and Morgan Stanley Investment Management Inc. 

(filed January 29, 2024); First Trust Series Fund and 

First Trust Variable Insurance Trust (filed January 

24, 2024); Guinness Atkinson Funds (filed February 

27, 2024); and Metropolitan West Funds, TCW ETF 

Trust, and TCW Funds, Inc. (filed March 20, 2024). 

5 Infra note 6. 

6See Vanguard Index Funds, Investment 

Company Act Release Nos. 24680 (Oct. 6, 2000) 

(notice) and 24789 (Dec. 12, 2000) (order). The 

Commission itself, as opposed to the Commission 

staff acting under delegated authority, considered 

the original Vanguard application and determined 

that the relief was appropriate in the public interest 

and consistent with the protection of investors and 

the purposes fairly intended by the policy and 

provisions of the Act. In the process of granting the 

order, the Commission also considered and denied 

a hearing request on the original application, as 

reflected in the final Commission order. See also 

the Vanguard Group, Inc., Investment Company Act 

Release Nos. 26282 (Dec. 2, 2003) (notice) and 

26317 (Dec. 30, 2003) (order); Vanguard 

International Equity Index Funds, Investment 

Company Act Release Nos. 26246 (Nov. 3, 2003) 

(notice) and 26281 (Dec. 1, 2003) (order); Vanguard 

Bond Index Funds, Investment Company Act 

Release Nos. 27750 (Mar. 9, 2007) (notice) and 

27773 (April 2, 2007) (order) (collectively referred 

to as the ‘‘Vanguard Orders’’). 

7See Securities Exchange Act Release No. 33– 

10695 (October 24, 2019) 84 FR 57162 (the ‘‘ETF 

Rule Adopting Release’’). 

8See Securities Exchange Act No. 88566 (April 6, 

2020) 85 FR 20312 (April 10, 2020) (SR–CboeBZX– 

2019–097) (Notice of Filing of Amendment No. 2 

and Order Granting Accelerated Approval of a 

Proposed Rule Change, as Modified by Amendment 

No. 2, To Adopt BZX Rule 14.11(l) Governing the 

Listing and Trading of Exchange-Traded Fund 

Shares). 

9Specifically, the Applicants believe that a 

Mutual Fund class would benefit ETF class 

shareholders because investor cash flows through a 

Mutual Fund class can be used for efficient 

portfolio rebalancing. To the extent that cash flows 

come into a fund through a Mutual Fund class, a 

portfolio manager may be able to deploy that cash 

strategically to rebalance the portfolio. Second, cash 

flows through a Mutual Fund class may allow for 

greater creation basket flexibility for creations and 

redemptions through the ETF class, which could 

promote arbitrage efficiency and smaller spreads on 

the trading of ETF Shares in the secondary market. 

With respect to existing funds, ETF classes would 

permit investors that prefer the ETF structure to 

gain access to established funds’ investment 

strategies. Additionally, the establishment of an 

ETF class as part of an existing fund could lead to 

cost efficiencies. Specifically, in terms of fund 

expenses, an ETF class could have initial and 

ongoing advantages for its shareholders, where 

shareholders of an ETF class of a fund that already 

has substantial assets could immediately benefit 

from economies of scale. Finally, the tax-free 

conversion of shares from the Mutual Fund class to 

the ETF class may accelerate the development of an 

ETF shareholder base. Subsequent secondary 

market transactions by the ETF class shareholders 

could generate greater trading volume, resulting in 

lower trading spreads and/or premiums or 

discounts in the market prices of the ETF Shares to 

the benefit of ETF shareholders. The Applicants 

also believe that an ETF class would benefit Mutual 

Fund class shareholders because in-kind 

transactions through the ETF class may contribute 

to lower portfolio transaction costs and greater tax 

efficiency. Additionally, the conversion feature 

could allow Mutual Fund shareholders to convert 

Mutual Fund Shares for ETF Shares without 

adverse consequences to the Fund by allowing 

Mutual Fund shareholders to convert their shares 

into the ETF class of the same fund rather than 

redeeming their Mutual Fund Shares and buying 

shares of another ETF. In doing so, the converting 

shareholder could save on transaction costs and 

potential tax consequences that may otherwise be 

incurred in redeeming their existing shares and 

buying separate ETF Shares. The ETF class would 

also represent an additional distribution channel for 

a fund that could lead to additional asset grown and 

economies of scale; greater assets under 

management may lead to additional cost 

efficiencies and an improved tax profile for the 

fund may also assist the competitive position of the 

Fund for attracting prospective shareholders. Last, 

the class of ETF Shares could allow certain 

investors to engage in more frequent trading 

without disrupting the fund’s portfolio. 

10See e.g., Exchange Rule 14.11(c) and 14.11(i). 

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 

Rule 14.11(l) to provide that the 

Exchange may approve a series of ETF 

Shares for listing and/or trading on the 

Exchange where such series operates in 

reliance on exemptive relief to Rule 6c– 

11 under the Investment Company Act 

that permits the trust issuing the ETF 

Shares to offer ETF Shares in addition 

to classes of shares that are not 

exchange-traded (‘‘Multi-class ETF 

Shares’’) of an open-end fund.3 There 

are numerous applications for 

exemptive relief for Multi-class ETF 

Shares currently before the 

Commission 4 that request exemptive 

relief similar to that previously granted 

to other funds that are not listed on the 

Exchange.5 This proposed amendment 

would provide for the ‘‘generic’’ listing 

and/or trading of Multi-class ETF Shares 

under Rule 14.11(l) on the Exchange 

immediately upon the Commission’s 

applicable order granting exemptive 

relief to the outstanding applications. 

This proposal is not intended to amend 

any other part of Rule 14.11(l) and the 

Exchange submits this proposal only to 

prevent any unnecessary delay in listing 

additional Multi-Class ETF Shares 

generically under Rule 14.11(l) when 

and if such requests are granted by the 

Commission. 

Background 

Starting in 2000, the Commission 

began granting limited relief for The 

Vanguard Group, Inc. (‘‘Vanguard’’) to 

offer certain index-based open-end 

management investment companies 

with Multi-class ETF Shares.6 After this 

relief was granted, there was limited 

public discourse about Multi-class ETF 

Shares until 2019, when the prospect of 

providing blanket exemptive relief to 

Multi-class ETF Shares was addressed 

in the Commission’s adoption of Rule 

6c–11 under the Investment Company 

Act (the ‘‘ETF Rule’’).7 The ETF Rule 

permits ETFs that satisfy certain 

conditions to operate without the 

expense or delay of obtaining an 

exemptive order. However, the ETF 

Rule did not provide blanket exemptive 

relief to allow for Multi-class ETF 

Shares as part of the final rule. Instead, 

the Commission concluded that Multiclass ETF Shares should request relief 

through the exemptive application 

process so that the Commission may 

assess all relevant policy considerations 

in the context of the facts and 

circumstances of particular applicants. 

The Exchange adopted Rule 14.11(l) 8

shortly after the implementation of the 

ETF Rule and, because there were no 

exemptive applications before the 

Commission and because none of the 

Multi-class ETF Shares that were 

previously granted exemptive relief 

listed on the Exchange, did not propose 

to include any language comparable to 

what is being proposed herein. 

As noted above, a number of 

applications for exemptive relief to 

permit the applicable fund to offer 

Multi-class ETF Shares (the 

‘‘Applications’’) have been submitted to 

the Commission starting in early 2023. 

In general, the Applications state that 

the ability of a fund to offer Multi-class 

ETF Shares, i.e., both a class of mutual 

fund shares (each such class, a ‘‘Mutual 

Fund class’’ and such shares ‘‘Mutual 

Fund Shares’’) and ETF Shares, could be 

beneficial to the fund and to 

shareholders of each type of class for 

various reasons, including more 

efficient portfolio management, better 

secondary market trading opportunities, 

and cost efficiencies, among others.9

While Multi-class ETF Shares could 

potentially be listed under existing 

Exchange Rules 14.11(c) or 14.11(i), 

doing so would unnecessarily reintroduce the burdensome quantitative 

portfolio requirements and ongoing 

compliance obligations associated 

therewith that existed before the 

adoption of Rule 6c–11 and Exchange 

Rule 14.11(l).10 The Exchange is not 


khammond on DSK9W7S144PROD with NOTICES
Federal Register / Vol. 89, No. 227 / Monday, November 25, 2024 / Notices 92991 

11Supra note 6. 12The Commission has in some instances 

historically approved Exchange listing rules even 

when no products would necessarily be permitted 

to list under those rules. Most recently, the 

Commission approved Exchange proposals to list 

and trade shares of ether-based exchange-traded 

products (‘‘ETPs’’) prior to any such products 

having an effective registration statement. As those 

ether-based ETPs could not trade on the Exchange 

without an effective registration statement, which 

were separately considered by the Commission’s 

division of corporate finance, the Exchange could 

not list and trade those products even with proper 

Exchange Rules in place. The Exchange believes 

this example illustrates the reasonability of the 

Exchange pursuing the adoption a proposed Rule 

that would not immediately result in the listing and 

trading of the applicable products thereunder. See 

Securities Exchange Act No. 100224 (May 23, 2024) 

89 FR 46937 (May 30, 2024) (Order Granting 

Accelerated Approval of Proposed Rule Changes, as 

Modified by Amendments Thereto, To List and 

Trade Shares of Ether-Based Exchange-Traded 

Products). 

13 15 U.S.C. 78f(b). 

14 15 U.S.C. 78f(b)(5). 

15 Id. 

aware of any clear policy rationale as to 

why those quantitative requirements 

should apply to Multi-class ETF Shares 

other than the rules are already in place. 

As such, listing Multi-class ETF Shares 

under these older rules would place 

undue burdens on both the Exchange 

and fund issuers because of the 

quantitative portfolio requirements that 

currently do not apply to ETFs meeting 

the requirements of Rule 6c–11 and 

Rule 14.11(l). Furthermore, while the 

Applicants generally seek the same 

exemptive relief as granted under those 

previous orders,11 several Applicants 

have proposed different conditions to 

the relief that reflect the adoption of 

Rule 6c–11. Therefore, the Exchange 

believes there is a reasonable 

relationship between the Applications 

and the proposed rule change to allow 

for the Commission’s evaluation of 

whether the proposed rule change is 

consistent with the Act. The Exchange 

also acknowledges that approval of this 

proposed rule change would not 

necessarily result in the listing and 

trading of the additional Multi-class 

ETF Shares under the proposed Rule 

until and unless the necessary relief was 

granted by the Division of Investment 

Management, but approving this 

proposal would address any potential 

concerns the Commission’s division of 

Trading and Markets might have as it 

specifically relates to the listing and 

trading of Multi-class ETF Shares under 

proposed Rule 14.11(l) and would allow 

for a smooth launch process if an when 

such relief is granted.12

Proposal 

The Exchange proposes to amend 

Rule 14.11(l)(4) to explicitly provide 

that any series of ETF Shares that is 

eligible to operate under exemptive 

relief under the Investment Company 

Act that permits the fund to offer a class 

of ETF Shares in addition to classes of 

shares that are not-exchange traded (i.e., 

Multi-class ETF Shares) may be 

approved by the Exchange for listing 

and/or trading (including pursuant to 

unlisted trading privileges) on the 

Exchange pursuant to Rule 19b–4(e) 

under the Act. The Exchange also 

proposes to explicitly provide that the 

requirements of any exemptive relief 

applicable to Multi-class ETF Shares 

must be satisfied by a series of ETF 

Shares on an initial and continued 

listing basis. Last, the Exchange 

proposes to amend Rule 

14.11(l)(4)(B)(i)(a) to provide that any 

series of Multi-class ETF Shares that 

fails to meet the requirements of the 

applicable exemptive relief will be 

subject to the suspension of trading or 

removal provisions of Rule 

14.11(l)(4)(B)(i). 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with Act and 

the rules and regulations thereunder 

applicable to the Exchange and, in 

particular, the requirements of Section 

6(b) of the Act.13 Specifically, the 

Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 14 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) 15 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange believes 

that permitting Multi-class ETF Shares 

to list on the Exchange is consistent 

with the applicable exemptive relief and 

will help perfect the mechanism of a 

free and open market and, in general, 

will protect investors and the public 

interest in that it will permit the listing 

and trading of Multi-class ETF Shares, 

consistent with the applicable 

exemptive relief, and in a manner that 

will benefit investors. Specifically, the 

Exchange believes that the relief 

proposed in the Applications and the 

expected benefits of the Multi-class ETF 

Shares described above would be to the 

benefit of investors. Eliminating any 

unnecessary delay for additional Multiclass ETF Shares listing on the 

Exchange under Rule 14.11(l) will 

simply help accrue those benefits to 

investors more expeditiously. Further, 

the Exchange is only proposing to 

amend its rules to allow such a series of 

Multi-class ETF Shares to list on the 

Exchange pursuant to Rule 14.11(l), a 

change to its rules that will only be 

meaningful if and when the 

Commission grants such relief to an 

Applicant. To the extent that the 

Commission does not grant Multi-class 

ETF Shares relief, the proposed change 

to Rule 14.11(l) will have no impact on 

series of ETF Shares listed on the 

Exchange. 

The Exchange also believes that 

amending Rule 14.11(l) to explicitly 

provide that the initial and continued 

listing standards applicable to ETF 

Shares, including the suspension of 

trading or removal standards, would be 

applicable to Multi-class ETF Shares 

operating under any applicable 

exemptive relief, are designed to 

promote transparency and clarity in the 

Exchange’s Rules. The Exchange 

believes that with these changes, Rule 

14.11(l)(4) would clearly allow for the 

listing and trading of Multi-class ETF 

Shares upon the Commission’s order of 

exemptive relief. 

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 believes the proposed rule 

change, by permitting the listing and 

trading of ETF Shares operating under 

Multi-class ETF Shares exemptive relief, 

would introduce additional competition 

among various ETF products to the 

benefit of investors. 

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 


khammond on DSK9W7S144PROD with NOTICES
92992 Federal Register / Vol. 89, No. 227 / Monday, November 25, 2024 / Notices 

16 17 CFR 200.30–3(a)(12). 

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–2024–112 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–2024–112. 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–2024–112 and should be 

submitted on or before December 16, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–27477 Filed 11–22–24; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #20732 and #20733; 

FLORIDA Disaster Number FL–20014] 

Presidential Declaration Amendment of 

a Major Disaster for Public Assistance 

Only for the State of Florida 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 4. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Florida (FEMA–4828–DR), 

dated October 5, 2024. 

Incident: Hurricane Helene. 

DATES: Issued on November 1, 2024. 

Incident Period: September 23, 2024 

through October 7, 2024. 

Physical Loan Application Deadline 

Date: December 4, 2024. 

Economic Injury (EIDL) Loan 

Application Deadline Date: July 7, 2025. 

ADDRESSES: Visit the MySBA Loan 

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

apply for a disaster assistance loan. 

FOR FURTHER INFORMATION CONTACT: 

Vanessa Morgan, Office of Disaster 

Recovery & Resilience, U.S. Small 

Business Administration, 409 3rd Street 

SW, Suite 6050, Washington, DC 20416, 

(202) 205–6734. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for Private Non-Profit 

organizations in the State of Florida, 

dated October 5, 2024, is hereby 

amended to include the following areas 

as adversely affected by the disaster. 

Primary Counties: Collier, Lee, Marion, 

Sumter. 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Alejandro Contreras, 

Acting Deputy Associate Administrator, 

Office of Disaster Recovery & Resilience. 

[FR Doc. 2024–27569 Filed 11–22–24; 8:45 am] 

BILLING CODE 8026–09–P 

SOCIAL SECURITY ADMINISTRATION 

[Docket No. SSA–2022–0002] 

Social Security Acquiescence Ruling 

24–1(6); Rescission of Social Security 

Acquiescence Ruling 98–3(6) and 

Social Security Acquiescence Ruling 

98–4(6) 

AGENCY: Social Security Administration. 

ACTION: Notice of Social Security 

Acquiescence Ruling (AR) and 

rescission of two Social Security ARs. 

SUMMARY: The Commissioner of Social 

Security is giving notice of Social 

Security Acquiescence Ruling 24–1(6) 

and rescission of Social Security 

Acquiescence Ruling 98–3(6) and Social 

Security Acquiescence Ruling 98–4(6). 

DATES: We will apply this ruling on 

December 2, 2024. 

FOR FURTHER INFORMATION CONTACT: 

Mona Ahmed, Office of the General 

Counsel, Office of Program Law, Social 

Security Administration, 6401 Security 

Boulevard, Baltimore, MD 21235–6401, 

(410) 965–0600, or TTY 410–966–5609, 

for information about this notice. For 

information on eligibility or filing for 

benefits, call our national toll-free 

number, 1–800–772–1213 or TTY 1– 

800–325–0778, or visit our internet site, 

Social Security Online, at https://

www.socialsecurity.gov. 

SUPPLEMENTARY INFORMATION: We are 

rescinding Social Security Acquiescence 

Ruling (AR) 98–3(6) and Social Security 

AR 98–4(6) and publishing this Social 

Security AR, in accordance with 20 CFR 

402.35(b), 404.985(a), (b), and 

416.1485(a), (b), to explain how we will 

apply the holding in Earley v. 

Commissioner of Social Security, 893 

F.3d 929 (6th Cir. 2018), regarding the 

effect of prior disability findings on the 

adjudication of a subsequent disability 

claim. 

An AR explains how we will apply a 

holding in a United States Court of 

Appeals decision that we determine 

conflicts with our interpretation of a 

provision of the Social Security Act 

(Act) or regulations when the 

Government has decided not to seek 

further review of that decision or is 

unsuccessful on further review. 

On June 1, 1998, we issued AR 98– 

3(6) (63 FR 29770) and AR 98–4(6) (63 


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