11102 Federal Register / Vol. 87, No. 39 / Monday, February 28, 2022 / Notices 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 3See Rule 4.13(e). 

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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NYSECHX–2022–02 and 

should be submitted on or before March 

21, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–04084 Filed 2–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94292; File No. SR–CBOE– 

2022–005] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing of a 

Proposed Rule Change To Permit P.M.- 

Settled S&P 500 Index Options That 

Expire on Tuesday or Thursday Under 

Its Nonstandard Expirations Pilot 

Program 

February 22, 2022. 

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 February 

8, 2022, 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 permit 

P.M.-settled S&P 500 Index (‘‘SPX’’) 

options that expire on Tuesday or 

Thursday under its Nonstandard 

Expirations Pilot Program. 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/CBOELegal

RegulatoryHome.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. 

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 4.13(e), which governs its 

Nonstandard Expirations Pilot Program 

(‘‘Pilot Program’’), to permit P.M.-settled 

SPX options that expire on Tuesday or 

Thursday. Under the existing Pilot 

Program, the Exchange is permitted to 

list P.M.-settled options on broad-based 

indexes that expire on: (1) Any Monday, 

Wednesday, or Friday (‘‘Weekly 

Expirations’’ or ‘‘EOWs’’) and (2) the 

last trading day of the month (‘‘End of 

Month Expirations’’ or ‘‘EOMs’’).3

Specifically, the proposed rule change 

amends Rule 4.13(e)(1) to add P.M.- 

settled SPX Weekly (‘‘SPXW’’) options 

that expire on Tuesday or Thursday as 

permissible Weekly Expirations under 

the Pilot Program (currently set to 

expire on May 2, 2022). The Exchange 

notes that permitting SPXW options 

with Tuesday and Thursday expirations, 

as proposed, is in addition to the SPXW 

options with Monday, Wednesday and 

Friday expirations that the Exchange 

may (and does) already list, as they are 

permissible Weekly Expirations for 

options on a broad-based index (e.g., 

SPX) pursuant to Rule 4.13(e)(1). The 

Pilot Program for Weekly Expirations 

will apply to SPXW options with 

Tuesday and Thursday expirations in 

the same manner as it currently applies 

to P.M.-settled broad-based index 

options with Monday, Wednesday and 

Friday expirations. That is, as proposed, 

Rule 4.13(e)(1) provides that the 

Exchange may open for trading Weekly 

Expirations on any broad-based index 

eligible for standard options trading to 

expire on any Monday, Wednesday, or 

Friday (other than the third Friday-ofthe-month or days that coincide with an 

EOM expiration). In addition, the 

Exchange may also open for trading 

Weekly Expirations on S&P 500 Index 

options to expire on any Tuesday or 

Thursday (other than days that coincide 

with an EOM expiration). Weekly 

Expirations shall be subject to all 

provisions of this Rule and treated the 

same as options on the same underlying 

index that expire on the third Friday of 

the expiration month; provided, 

however, that Weekly Expirations shall 

be P.M.-settled and new series in 

Weekly Expirations may be added up to 

and including on the expiration date for 

an expiring Weekly Expiration. The 

maximum number of expirations that 

may be listed for each Weekly 

Expiration (i.e., a Monday expiration, 

Tuesday expiration, Wednesday 

expiration, Thursday expiration, or 

Friday expiration, as applicable) in a 

given class is the same as the maximum 

number of expirations permitted in Rule 

4.13(a)(2) for standard options on the 

same broad-based index (which is 12 for 

SPX options). Weekly Expirations need 

not be for consecutive Monday, 

Tuesday, Wednesday, Thursday, or 

Friday expirations as applicable; 

however, the expiration date of a nonconsecutive expiration may not be 

beyond what would be considered the 

last expiration date if the maximum 

number of expirations were listed 

consecutively. Weekly Expirations that 

are first listed in a given class may 

expire up to four weeks from the actual 

listing date. If the Exchange lists EOMs 

and Weekly Expirations as applicable in 

a given class, the Exchange will list an 

EOM instead of a Weekly Expiration 

that expires on the same day in the 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 39 / Monday, February 28, 2022 / Notices 11103 

4 Given that each trading day of the week, as 

proposed, could be the last trading day of the 

month and the day in which a Weekly Expiration 

expires, the Exchange updates this rule text to 

streamline the language. 

5The Exchange updates the rule text for 

additional clarity. 

6The Exchange notes that the Exchange’s GTH 

trading session was adopted after the Nonstandard 

Expirations Pilot Program. See Securities Exchange 

Release Nos. 62911 (September 14, 2010), 75 FR 

57539 (September 21, 2010) (SR–CBOE–2009–075) 

(‘‘Nonstandard Expirations Pilot Approval Order’’); 

and 34–73704 (November 28, 2014), 79 FR 72044 

(December 4, 2014) (SR–CBOE–2014–062) (order 

granting approval of proposed rule change to adopt 

Extended Trading Hours). 

7See Rule 5.1.(b)(2)(C). 

8See Nonstandard Expirations Pilot Approval 

Order. 

9The Exchange additionally notes that it already 

allows SPXW options to expire on Tuesdays for 

normally Monday or Wednesday expiring SPXW 

options when the Exchange is not open for business 

on a respective Monday or Wednesday (as 

applicable), and already allows SPXW options to 

expire on Thursdays for normally Friday expiring 

SPXW options when the Exchange is not open for 

business on a respective Friday. Also, EOM options 

may currently be listed to expire on a Tuesday or 

Thursday. 

10See Securities and Exchange Commission, 

Division of Economic Risk and Analysis, 

Memorandum, Cornerstone Analysis of PM CashSettled Index Option Pilots (February 2, 2021) 

(‘‘SEC PM Pilot Memo’’).at 13, available at: https:// 

Continued 

given class.4 Other expirations in the 

same class are not counted as part of the 

maximum number of Weekly 

Expirations for an applicable 5 broadbased index class. If the Exchange is not 

open for business on a respective 

Monday, the normally Monday expiring 

Weekly Expirations will expire on the 

following business day. If the Exchange 

is not open for business on a respective 

Tuesday, Wednesday, Thursday, or 

Friday, the normally Tuesday, 

Wednesday, Thursday, or Friday 

expiring Weekly Expirations will expire 

on the previous business day. The 

proposed rule change also adds that, if 

two different Weekly Expirations on 

S&P 500 Index options would expire on 

the same day because the Exchange is 

not open for business on a certain 

weekday, the Exchange will list only 

one of such Weekly Expirations. The 

Exchange believes it is appropriate to 

clarify in the rule text that the Exchange 

will list just one Weekly Expiration in 

such a case, as the two Weekly 

Expirations would essentially be the 

same options contract. For example, if 

the Exchange listed SPXW options with 

proposed Thursday expirations and 

Friday expirations and the Exchange 

was closed for business on a Friday 

then, pursuant to current Rule 

4.13(e)(1), the normally expiring Friday 

expiration would expire on the previous 

business day—essentially making it an 

SPXW option with a Thursday 

expiration. Thus, expiring SPXW 

options in this case will always have the 

same weekday expiration (per the 

example, it is an SPXW option with a 

Thursday expiration, whether it was 

listed as an SPXW with a Thursday 

expiration or a Friday expiration). As 

such, for the sake of clarity in the rules 

and to mitigate any confusion regarding 

the listing of SPXW options when the 

Exchange is closed for business, the 

proposed rule change provides that the 

Exchange will list just one Weekly 

Expiration if two Weekly Expirations 

would expire on the same day due to 

the Exchange being closed for business. 

Also, like all Weekly Expirations listed 

pursuant to Rule 4.13(e)(4) of the Pilot 

Program, transactions in expiring SPXW 

options with Tuesday and Thursday 

expirations may be effected on the 

Exchange between the hours of 9:30 

a.m. and 4:00 p.m. on their last trading 

day (Eastern Time). The Exchange 

makes a nonsubstantive clarifying 

change to Rule 4.13(e)(4) to provide that 

on the last trading day, Regular Trading 

Hours for expiring Weekly Expirations 

and EOMs are from 9:30 a.m. and 4:00 

p.m. As SPXW options are also available 

for trading during Global Trading Hours, 

the proposed update merely clarifies 

that Rule 4.13(e)(4) refers to the close of 

Regular Trading Hours.6 The proposed 

rule text is substantively identical to 

Rule 5.1, which governs trading hours 

on the Exchange generally, and provides 

that, on their last trading day, Regular 

Trading Hours for index options with 

nonstandard expirations are from 9:30 

a.m. to 4:00 p.m.7

The Exchange believes that that [sic] 

the introduction of SPXW options with 

Tuesday and Thursday expirations will 

expand hedging tools available to 

market participants while also 

providing greater trading opportunities. 

By offering SPXW options with Tuesday 

and Thursday expirations along with 

the current Monday, Wednesday and 

Friday expirations, the proposed rule 

change will allow market participants to 

purchase SPXW options in a manner 

more aligned with specific timing needs 

and more effectively tailor their 

investment and hedging strategies and 

manage their portfolios. In particular, 

the proposed rule change will allow 

market participants to roll their 

positions on more trading days, thus 

with more precision, spread risk across 

more trading days and incorporate daily 

changes in the markets, which may 

reduce the premium cost of buying 

protection. 

The Exchange proposes to abide by 

the same reporting requirements for the 

trading of SPXW options that expire on 

any Tuesday or Thursday that it does for 

the trading of P.M.-settled options on 

broad-based indexes that expire on any 

Monday, Wednesday, or Friday 

pursuant to the Pilot Program. The 

Exchange proposes to include data 

regarding SPXW options that expire on 

Tuesdays or Thursdays as it does for 

current Weekly Expirations on any 

broad-based index option in the Pilot 

Program annual report that it submits to 

the Securities and Exchange 

Commission (‘‘Commission’’) at least 

two months prior to the expiration date 

of the Pilot Program.8 The Exchange is 

required to submit an annual report at 

least yearly. The annual report to the 

Commission addresses the following 

areas: Analysis of Volume & Open 

Interest, Monthly Analysis of Weekly 

Expirations & EOM Trading Patterns 

and Provisional Analysis of Index Price 

Volatility. Going forward, the Exchange 

will include the same areas of analysis 

for SPXW options with Tuesday and 

Thursday expirations in the annual 

reports. Additionally, the Exchange will 

provide the Commission with any 

additional data or analyses the 

Commission requests because it deems 

such data or analyses necessary to 

determine whether the Pilot Program, 

including SPXW options with Tuesday 

and Thursday expirations as proposed, 

is consistent with the Exchange Act. As 

it does for current Pilot Program 

products, the Exchange will make 

public on its website all data and 

analyses in connection with SPXW 

options with Tuesday and Thursday 

expirations it submits to the 

Commission under the Pilot Program. 

The Exchange believes there is 

sufficient investor interest and demand 

in SPXW options with Tuesday and 

Thursday expirations to warrant 

inclusion in the Pilot Program and that 

the Pilot Program, as amended, will 

continue to provide investors with 

additional means of managing their risk 

exposures and carrying out their 

investment objectives.9 The Exchange 

notes that during the Pilot Program’s 

nearly 12-year tenure, the Exchange has 

not observed any significant adverse 

market effects or identified any 

regulatory concerns as a result of the 

Pilot Program, nor does it believe that 

additional expirations listed under the 

Pilot Program would result in any such 

impact or regulatory concerns. Based on 

a study conducted by Commission staff 

on the pilot data (including quarterly, 

weekly, EOM and third Friday 

expirations for P.M.-settled SPX 

options),10 there is no evidence of any 


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11104 Federal Register / Vol. 87, No. 39 / Monday, February 28, 2022 / Notices 

www.sec.gov/files/Analysis_of_PM_Cash_Settled_

Index_Option_Pilots.pdf (‘‘Option settlement 

quantity data for A.M.- and P.M.-settled options 

were obtained from the Cboe, including the number 

of contracts that settled in-the-money for each 

exchange-traded option series on the S&P 500 index 

. . . on expiration days from January 20, 2006 

through December 31, 2018. Daily open interest and 

volume data for [SPX] option series were also 

obtained from Cboe, including open interest data 

from January 3, 2006 through December 31, 2018 

and trading volume data from January 3, 2006 

through December 31, 2018.’’) 

11See id. at 3. For example, the largest settlement 

event that occurred during the time period of the 

study (a settlement of $100.4 billion of notional on 

December 29, 2017) had an estimated impact on the 

futures price of only approximately 0.02% (a 

predicted impact of $0.54 relative to a closing 

futures price of $2,677). 

12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(5). 

14 Id. 15See supra note 7. 

significant adverse economic impact to 

the futures, index, or underlying index 

component securities markets as a result 

of the quantity of P.M.-settled SPX 

options that settle at the close or the 

amount of expiring open interest in 

P.M.-settled SPX options.11

With regard to the impact of this 

proposal on system capacity, the 

Exchange has analyzed its capacity and 

represents that it believes that the 

Exchange and OPRA have the necessary 

systems capacity to handle any potential 

additional traffic associated with trading 

of SPXW options with Tuesday and 

Thursday expirations. The Exchange 

does not believe that its Trading Permit 

Holders (‘‘TPHs’’) will experience any 

capacity issues as a result of this 

proposal and represents that it will 

monitor the trading volume associated 

with any possible additional options 

series listed as a result of this proposal 

and the effect (if any) of these additional 

series on market fragmentation and on 

the capacity of the Exchange’s 

automated systems. Additionally, the 

Exchange notes that it recently 

implemented a strike mitigation 

initiative to reduce the number of 

strikes listed for SPXW options, 

effectively reducing the number of 

SPXW options series listed on the 

Exchange by approximately 10%; such 

that, upon adding SPXW options with 

Tuesday and Thursday expirations, the 

number of SPXW options series listed 

on the Exchange will be less than the 

number of such series that were listed 

prior to the implementation of the 

SPXW options strike reduction. 

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.12 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 13 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 facilitation 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) 14 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange does not 

believe that the addition of SPXW 

options with Tuesday and Thursday 

expirations to the Pilot Program will 

raise any prohibitive regulatory 

concerns, nor adversely impact fair and 

orderly markets on expiration days. The 

Exchange has not experienced any 

meaningful regulatory concerns, nor 

adverse impact on fair and orderly 

markets, in connection with the Pilot 

Program that has permitted the listing 

and trading of SPXW options with 

Monday, Wednesday and Friday 

expirations since 2010. Particularly, and 

as described above, the Exchange does 

not believe increases in the number 

P.M.-settled SPX options series will 

have any significant adverse economic 

impact on the futures, index, or 

underlying index component securities 

markets. The Exchange believes that the 

proposed rule change will provide 

investors with greater trading and 

hedging opportunities and flexibility, 

allowing them to transact in SPXW 

options in a manner more aligned with 

specific timing needs and more 

effectively tailor their investment and 

hedging objectives by listing SPXW 

options that expire each trading day of 

the week. 

The Exchange notes also that it will 

include analysis in connection with 

SPXW options that expire on Tuesdays 

and Thursdays, in the same manner that 

it currently does for other Pilot Program 

products, in the annual reports it 

submits to the Commission, and will 

provide the Commission with any 

additional data or analyses the it may 

request if it deems such data or analyses 

necessary to determine whether the 

Pilot Program, including SPXW options 

with Tuesday and Thursday expirations 

as proposed, is consistent with the 

Exchange Act. The Exchange represents 

that it believes that it has the necessary 

systems capacity to support any 

additional traffic associated with trading 

of SPXW options with Tuesday and 

Thursday expirations and does not 

believe that its TPHs will experience 

any capacity issues as a result of this 

proposal. The Exchange will monitor 

the trading volume associated with any 

possible additional options series listed 

and the effect (if any) of these additional 

series on market fragmentation and on 

the capacity of the Exchange’s 

automated systems. The Exchange again 

notes that, as a result of an SPXW 

options strike mitigation initiative 

recently implemented by the Exchange, 

the number of SPXW options series 

listed on the Exchange once Tuesday 

and Thursday expirations become 

available will be less than the number 

of such series that were listed prior to 

the implementation of the strike 

mitigation initiative. 

The Exchange also notes that the 

nonsubstantive proposed rule change 

clarifying the trading session to which 

Rule 4.13(e)(4) refers will protect 

investors and the public interest by 

adding a clarification to rules governing 

the Pilot Program, as well as conforming 

such provision to Rule 5.1, which 

governs trading hours on the Exchange 

generally and has a substantively 

identical provision to that of the 

proposed rule change.15

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 does not believe that the 

proposed rule change will impose any 

burden on intramarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act 

because SPXW options with Tuesday 

and Thursday expirations will be 

available to all market participants. By 

listing SPXW options that expire 

Tuesdays and Thursdays, the proposed 

rule change will provide all investors 

that participate in the SPX options 

market greater trading and hedging 

opportunities and flexibility to meet 

their investment and hedging needs. 

Additionally, Tuesday and Thursday 

expiring SPXW options will trade in the 

same manner as Weekly Expirations 

currently trade. 

The Exchange does not believe that 

the proposal to list SPXW options with 


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Federal Register / Vol. 87, No. 39 / Monday, February 28, 2022 / Notices 11105 

16 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 80a. 

2As amended in 2003, rule 17f–4 permits any 

registered investment company, including a unit 

investment trust or a face-amount certificate 

company, to use a security depository. See, Custody 

of Investment Company Assets With a Securities 

Depository, Investment Company Act Release No. 

25934 (Feb. 13, 2003) (68 FR 8438 (Feb. 20, 2003)). 

The term ‘‘fund’’ or ‘‘fund series’’ is used in this 

Notice to mean a registered investment company. 

3The Commission staff estimates that, as 

permitted by the rule, an estimated 4% of all active 

funds may deal directly with a securities depository 

instead of using an intermediary. The Commission 

estimates that, as permitted by the rule, an 

estimated 4% of all funds may deal directly with 

a securities depository. The number of custodians, 

including the number of sub-custodians is 

estimated from information collected from Form N– 

CENs filed with the Commission as of October 15, 

2021. In addition, the Commission staff estimates 

the number of possible securities depositories by 

adding the 12 Federal Reserve Banks and one active 

registered clearing agency. The Commission staff 

recognizes that not all of these entities may 

currently be acting as a securities depository for 

fund securities. 

Tuesday and Thursday expirations will 

impose any burden on intermarket 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act because SPX 

options (including SPXW options) are 

proprietary Exchange products. Other 

exchanges offer nonstandard expiration 

programs for index options and are 

welcome to similarly propose to list 

Tuesday and Thursday options on those 

indexes. To the extent that the addition 

of SPXW options that expire on 

Tuesdays and Thursdays available for 

trading on the Exchange makes the 

Exchange a more attractive marketplace 

to market participants at other 

exchanges, such market participants are 

free to elect to become market 

participants on the Exchange. 

The proposed rule change to clarify 

the trading session referred to in Rule 

4.13(e)(4) will not burden intramarket or 

intermarket competition because it is 

not intended to be a competitive rule 

change but instead is intended to add 

clarity to the Rules and conform the 

provision to the Rule that governs 

Exchange trading hours generally. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the Exchange consents, the Commission 

will: 

A. By order approve or disapprove 

such proposed rule change, or 

B. Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CBOE–2022–005 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–CBOE–2022–005. 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 (http://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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–CBOE–2022–005, and 

should be submitted on or before March 

21, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–04082 Filed 2–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–232, OMB Control No. 

3235–0225] 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Rule 17f–4 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 350l–3520) (the ‘‘Paperwork 

Reduction Act’’), the Securities and 

Exchange Commission (the 

‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Section 17(f) (15 U.S.C. 80a–17(f)) 

under the Investment Company Act of 

1940 (the ‘‘Act’’) 1 permits registered 

management investment companies and 

their custodians to deposit the securities 

they own in a system for the central 

handling of securities (‘‘securities 

depositories’’), subject to rules adopted 

by the Commission. 

Rule 17f–4 (17 CFR 270.17f–4) under 

the Act specifies the conditions for the 

use of securities depositories by funds 2

and their custodians. 

The Commission staff estimates that 

794 respondents (including an 

estimated 768 funds that may deal 

directly with a securities depository, an 

estimated 13 custodians, including 7 

sub-custodians and 13 possible 

securities depositories) 3 are subject to 


khammond on DSKJM1Z7X2PROD with NOTICES