99320 Federal Register / Vol. 89, No. 237 / Tuesday, December 10, 2024 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 101471 

(October 29, 2024), 89 FR 87675 (‘‘Notice’’). 

4See id. at 87675. 

5All broker-dealer algorithms to which Directed 

Orders can be routed will operate on the brokerdealers’ respective systems, not on Exchange 

systems. The Exchange represents that it does not 

currently have and will not enter into any financial 

or other arrangements with any algorithm provider 

with respect to the proposed Directed Orders. The 

member organization initiating a Directed Order to 

an algorithm has ultimate responsibility for any 

transaction fees associated with the execution of 

that order. The Exchange states that it may facilitate 

the process by which such fees are passed through 

from the algorithm providers to the member 

organizations utilizing Directed Orders, but will not 

determine, subsidize, or benefit from any such fees. 

Subject to approval and implementation of this 

proposed rule change, the Exchange states that it 

intends to adopt a routing fee for Directed Orders 

to an algorithm, similar to the existing routing fee 

for Directed Orders to an ATS. See New York Stock 

Exchange Price List 2024, available at https://

www.nyse.com/publicdocs/nyse/markets/nyse/ 

NYSE_Price_List.pdf (providing for Routing Fee for 

Directed Order to OneChronos LLC). See Notice, 

supra note 3, 89 FR 87675. 

section 8(a), the company is then subject 

to the provisions of the Investment 

Company Act which govern certain 

aspects of its organization and activities, 

such as the composition of its board of 

directors and the issuance of senior 

securities. Form N–8A requires an 

investment company to provide its 

name, state of organization, form of 

organization, classification, the name 

and address of each investment adviser 

of the investment company, the current 

value of its total assets, and certain 

other information readily available to 

the investment company. If the 

investment company is filing a 

registration statement as required by 

Section 8(b) of the Investment Company 

Act concurrently with its notification of 

registration, Form N–8A requires only 

that the registrant file the cover page 

(giving its name, address, and agent for 

service of process) and sign the form in 

order to effect registration. 

Based on recent filings of notifications 

of registration on Form N–8A, we 

estimate that about 99 investment 

companies file such notifications each 

year. An investment company must only 

file a notification of registration on 

Form N–8A once. The currently 

approved average hour burden per 

investment company of preparing and 

filing a notification of registration on 

Form N–8A is one hour. Based on the 

Commission staff’s experience with the 

requirements of Form N–8A and with 

disclosure documents generally—and 

considering that investment companies 

that are filing notifications of 

registration on Form N–8A 

simultaneously with the registration 

statement under the Investment 

Company Act are only required by Form 

N–8A to file a signed cover page—we 

continue to believe that this estimate is 

appropriate. Therefore, we estimate that 

the total annual hour burden to prepare 

and file notifications of registration on 

Form N–8A is 99 hours. The currently 

approved cost burden of Form N–8A is 

$496. We are updating the estimated 

costs burden to $562 to account for the 

effects of inflation. Therefore, we 

estimate that the total annual cost 

burden associated with preparing and 

filing notifications of registration on 

Form N–8A is about $55,638. 

Estimates of average burden hours 

and costs are made solely for the 

purposes of the Paperwork Reduction 

Act, and are not derived from a 

comprehensive or even representative 

survey or study of the costs of 

Commission rules and forms. 

Compliance with the collection of 

information requirements of Form N–8A 

is mandatory. Responses to the 

collection of information will not be 

kept confidential. An agency may not 

conduct or sponsor, and a person is not 

required to respond to, a collection of 

information unless it displays a 

currently valid OMB control number. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimate of the burden of the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

by February 10, 2025. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: Austin Gerig, Director/Chief Data 

Officer, Securities and Exchange 

Commission, c/o Tanya Ruttenberg, 100 

F Street NE, Washington, DC 20549 or 

send an email to: PRA_Mailbox@

sec.gov. 

Dated: December 4, 2024. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–28875 Filed 12–9–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101812; File No. SR–NYSE– 

2024–67] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Order 

Approving a Proposed Rule Change To 

Amend NYSE Rule 7.31(f)(1) 

December 4, 2024. 

I. Introduction 

On October 24, 2024, New York Stock 

Exchange LLC (the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to amend NYSE Rule 7.31(f)(1). 

The proposed rule change was 

published for comment in the Federal 

Register on November 4, 2024.3 The 

Commission has received no comment 

letters on the proposed rule change. 

This order approves the proposed rule 

change. 

II. Description of the Proposal 

The Exchange has proposed to amend 

NYSE Rule 7.31(f)(1) regarding Directed 

Orders. NYSE Rule 7.31(f)(1) currently 

defines a Directed Order as a Limit 

Order with instructions to route on 

arrival at its limit price to a specified 

alternative trading system (‘‘ATS’’) with 

which the Exchange maintains an 

electronic linkage. According to the 

Exchange, Directed Orders are available 

for all securities eligible to trade on the 

Exchange, are not assigned a working 

time, and do not interact with interest 

on the Exchange Book.4 NYSE Rule 

7.31(f)(1) further provides that the ATS 

to which a Directed Order is routed is 

responsible for validating whether the 

order is eligible to be accepted, and if 

that ATS determines to reject the order, 

the order would be canceled. 

The Exchange has proposed to amend 

NYSE Rule 7.31(f)(1) to provide for 

Directed Orders to be routed to a brokerdealer algorithm for execution. 

Specifically, the Exchange has proposed 

to permit Directed Orders to be 

designated by the entering member 

organization to route to a broker-dealer 

algorithm selected from of a set of 

broker-dealer algorithms with which the 

Exchange has established connectivity. 

The Exchange proposes to route 

Directed Orders only to a range of 

broker-dealer algorithms that have 

completed its onboarding process and 

established routing connectivity with 

the Exchange.5 The Exchange represents 

that any FINRA-registered brokerVerDate Sep<11>2014 17:28 Dec 09, 2024 Jkt 265001 PO 00000 Frm 00109 Fmt 4703 Sfmt 4703 E:\FR\FM\10DEN1.SGM 10DEN1

khammond on DSK9W7S144PROD with NOTICES
Federal Register / Vol. 89, No. 237 / Tuesday, December 10, 2024 / Notices 99321 

6The Exchange states that the ability to become 

an NYSE algorithm provider is open to all FINRAregistered broker-dealers, on an equal and nondiscriminatory basis, regardless of whether they are 

also Exchange members. See id. 

7See id. 

8The Consolidated Audit Trail (‘‘CAT’’) for a 

Directed Order would reflect entry of the order at 

the Exchange; ArcaSec’s receipt of the order from 

the Exchange; ArcaSec’s routing of the order to the 

designated algorithm; and the algorithm’s routing of 

the order to the execution venue(s) selected to 

effectuate its strategy. The Exchange states that it 

will not be involved in the clearing or settlement 

of Directed Orders, except to the extent that it may 

submit certain trades to clearing on behalf of 

member organizations (similar to the capacity in 

which it participates in the clearing process for 

orders that it routes for Regulation NMS purposes). 

See id. 

9The Exchange represents that its systems would 

not be able to determine, upon receipt of a routed 

order, whether such order had originated in whole 

or in part from an algorithm or originated at the 

Exchange as a Directed Order to an algorithm. See 

Notice, supra note 3, 89 FR 87675–76. 

10See Notice, supra note 3, 89 FR 87676. 

11See id. 

12See id. 

13See id. 

14See id. 

15See id. 

dealer 6 will be eligible to complete this 

process, which is intended, among other 

things, to ensure that algorithm 

providers attest to compliance with 

applicable Exchange rules, FINRA rules, 

and federal securities laws and 

regulations and to confirm that the 

algorithm providers can meet the 

applicable technical specifications to 

connect to the Exchange. The Exchange 

states that algorithm providers will also 

be required to enter into routing 

agreements with the Exchange’s routing 

broker, Archipelago Securities LLC 

(‘‘ArcaSec’’), to facilitate ArcaSec’s 

routing of Directed Orders on behalf of 

member organizations to designated 

algorithms.7

As proposed, the member 

organization entering the Directed Order 

would select the algorithm to which the 

Directed Order would be routed and 

provide instructions for the handling of 

such order by the routing destination. 

The Exchange states that member 

organizations would select from the 

available algorithm providers without 

any input or control from the 

Exchange.8 As with the existing 

Directed Order routing to an ATS, the 

Exchange states that its only role would 

be to route the order to the designated 

algorithm as instructed. The Exchange 

states that neither the Exchange nor 

ArcaSec will make any routing 

decisions and will only route Directed 

Orders to valid destinations as 

instructed by the member organization. 

The Exchange further states that it will 

not have any visibility into where or 

how a Directed Order is executed by an 

algorithm, including whether that order 

may be routed back to the Exchange or 

one of its affiliated exchanges, at the 

time of execution.9 According to the 

Exchange, a Directed Order designated 

for an algorithm would not interact with 

the Exchange Book, and the Exchange 

would not exercise any discretion in 

determining where the order is routed.10

Similarly, according to the Exchange, 

the algorithm selected by the member 

organization entering the Directed Order 

would be responsible for validating 

whether the order is eligible to be 

accepted, and if the algorithm 

determines to reject the order, the 

Directed Order would be canceled.11

To effect this change, the Exchange 

first has proposed to amend the 

definition of a Directed Order in NYSE 

Rule 7.31(f)(1) to provide that a Directed 

Order is a Limit Order with instructions 

to route on arrival to an ATS or 

algorithm with which the Exchange 

maintains an electronic linkage. 

According to the Exchange, Directed 

Orders would continue to be available 

for all securities eligible to trade on the 

Exchange and would not be assigned a 

working time or interact with interest on 

the Exchange Book. The Exchange has 

further proposed to amend NYSE Rule 

7.31(f)(1) to specify that the ATS or 

algorithm to which the Directed Order 

is routed, as applicable, would validate 

whether the order is eligible to be 

accepted, and if it rejects the order, the 

order would be canceled. 

The Exchange has proposed to permit 

Directed Orders designated to route to 

an algorithm to be Market Orders. The 

Exchange states that permitting these 

Directed Orders to be entered as Market 

Orders would facilitate market 

participants’ existing functional 

workflows when routing to 

algorithms.12 According to the 

Exchange, a member organization 

routing a Directed Order to an algorithm 

may, for example, wish to send a parent 

order with Market Order instructions for 

execution via smaller limited child 

orders over several hours of the trading 

day. 

The Exchange has proposed to delete 

the first sentence of current NYSE Rule 

7.31(f)(1)(A), which provides that 

Directed Orders must be designated for 

the Exchange’s Core Trading Session. 

The Exchange has also proposed to 

delete current NYSE Rule 7.34(c)(1)(E), 

which provides that Directed Orders 

designated for the Early Trading Session 

will be rejected, and to make a 

conforming change in Rule 7.34(c)(1) to 

reference ‘‘paragraphs (c)(1)(A) through 

(D)’’ to reflect the deletion of Rule 

7.34(c)(1)(E). The Exchange states that 

its proposal to permit Directed Orders to 

be routed during any trading session is 

intended to allow the routing 

destinations receiving such orders to 

determine whether they are eligible to 

trade in a given trading session.13 The 

Exchange states that it will pass on the 

instructions provided by the member 

organization entering the Directed 

Order, and the routing destination will 

be responsible for validating whether 

the order will be accepted or rejected, as 

contemplated by NYSE Rule 7.31(f)(1).14

Further, the Exchange has proposed to 

amend NYSE Rule 7.31(f)(1)(A) to 

provide that a Directed Order to an ATS 

must be designated as IOC or Day and 

would be routed as such, whereas a 

Directed Order to an algorithm may only 

be designated as Day and routed as 

such, consistent with market 

participants’ existing functional 

workflows when routing to algorithms. 

The Exchange also has proposed to 

clarify language currently in NYSE Rule 

7.31(f)(1)(A) providing that Directed 

Orders may not be combined with any 

other modifiers set forth in this Rule, to 

instead provide that Directed Orders 

would not be processed with any other 

modifiers set forth in this Rule. 

The Exchange has also proposed to 

amend NYSE Rule 7.31(f)(1)(C) to 

specify that, during a trading halt or 

pause, Directed Orders routed to an ATS 

would continue to be rejected, whereas 

Directed Orders to an algorithm would 

be routed as specified. The Exchange 

states that it has proposed that Directed 

Orders routed to an algorithm would be 

routed during a trading halt or pause, 

consistent with market participants’ 

existing functional workflows when 

routing to algorithms. The Exchange 

states that the proposed elimination of 

certain restrictions on Directed Orders 

currently set forth in Rules 7.31(f)(1)(A) 

and (C) would provide member 

organizations with additional flexibility 

when entering Directed Orders, which 

would remain subject to the rules and 

specifications of the destinations to 

which such orders are routed. As 

provided in Rule 7.31(f)(1), as amended, 

the ATS or algorithm to which a 

Directed Order is routed would validate 

whether the order is eligible to be 

accepted.15

Finally, the Exchange has proposed to 

amend Rule 7.31(f)(1)(D) to provide that 

a request to cancel a Directed Order 

designated Day will be routed to the 

ATS or algorithm to which the order 

was routed. 

According to the Exchange, the 

proposed change would provide 

member organizations with a technology 


khammond on DSK9W7S144PROD with NOTICES
99322 Federal Register / Vol. 89, No. 237 / Tuesday, December 10, 2024 / Notices 

16The Exchange states that this proposed rule 

change could be particularly beneficial for smaller 

member organizations that cannot, for various 

reasons including cost, connect to multiple 

algorithm providers on their own. See id. 17See id. 18See id. 19 In approving this proposed rule change, the 

Commission notes that it has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

20 15 U.S.C. 78f(b)(5). 

21 15 U.S.C. 78s(b)(2). 

22 17 CFR 200.30–3(a)(12). 

solution to leverage their existing 

Exchange connectivity to route Directed 

Orders to either an ATS or algorithm, 

thereby affording them increased access 

to execution tools and enhanced 

operational efficiency.16 The Exchange 

states that the proposed change would 

offer member organizations greater 

choice and flexibility, and further 

believes that the proposed change could 

create efficiencies for member 

organizations by enabling them to send 

orders that they wish to route to an 

alternate destination through the 

Exchange, thereby leveraging order 

entry protocols and specifications 

already configured for their interactions 

with the Exchange.17 The Exchange 

states that Directed Orders designated to 

route to an algorithm would generally 

operate in the same manner as Directed 

Orders that are currently eligible to be 

routed to an ATS selected by the 

member organization entering the order 

(except as proposed above). The 

Exchange further states that the Directed 

Order would continue to provide 

functionality similar to order types with 

specific execution instructions (such as 

the Auction Only Order defined in 

NYSE Rule 7.31(c)) or routing 

instructions (such as Primary Only 

Orders that route to the primary market 

that are available on the Exchange’s 

affiliated equities exchanges).18

III. Discussion and Commission 

Findings 

After careful review, the Commission 

finds that the proposed rule change is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.19 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,20 which requires, 

among other things, that the rules of a 

national securities 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. 

The Commission finds that the 

proposed rule change is reasonably 

designed to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system because it is reasonably designed 

to offer member organizations greater 

choice and flexibility in executing 

orders by providing routing to brokerdealer algorithms that have established 

connectivity with the Exchange and to 

ensure that such connectivity is 

provided to broker-dealer algorithms on 

a fair and equitable basis. The 

Commission also believes that the 

proposed rule change would not permit 

unfair discrimination among customers, 

brokers, or dealers because Directed 

Orders will be available to all Exchange 

members on an equal basis and because 

the Exchange has represented that it 

would not direct orders to any algorithm 

with which the Exchange has a financial 

relationship. 

Based on the foregoing, the 

Commission finds that the proposed 

rule change is consistent with the Act. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,21 that the 

proposed rule change (SR–NYSE–2024– 

67) be, and hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–28897 Filed 12–9–24; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #20842 and #20843; 

HAVASUPAI TRIBE Disaster Number AZ– 

20008] 

Presidential Declaration Amendment of 

a Major Disaster for Public Assistance 

Only for the Havasupai Tribe 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 1. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the Havasupai Tribe (FEMA–4840–DR), 

dated October 25, 2024. 

Incident: Flooding. 

DATES: Issued on December 3, 2024. 

Incident Period: August 22, 2024 

through August 23, 2024. 

Physical Loan Application Deadline 

Date: January 17, 2025. 

Economic Injury (EIDL) Loan 

Application Deadline Date: July 25, 

2025. 

ADDRESSES: Visit the MySBA Loan 

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

apply for a disaster assistance loan. 

FOR FURTHER INFORMATION CONTACT: 

Alan Escobar, Office of Disaster 

Recovery & Resilience, U.S. Small 

Business Administration, 409 3rd Street 

SW, Suite 6050, Washington, DC 20416, 

(202) 205–6734. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for Private Non-Profit 

organizations in the Havasupai Tribe, 

dated October 25, 2024, is hereby 

amended to extend the deadline for 

filing applications for physical damage 

as a result of this disaster to January 17, 

2025. 

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. 2024–28923 Filed 12–9–24; 8:45 am] 

BILLING CODE 8026–09–P 

DEPARTMENT OF STATE 

[Public Notice: 12600] 

Notice of Determinations; Culturally 

Significant Objects Being Imported for 

Exhibition—Determinations: ‘‘Jack 

Whitten: The Messenger’’ Exhibition 

SUMMARY: Notice is hereby given of the 

following determinations: I hereby 

determine that certain objects being 

imported from abroad pursuant to 

agreements with their foreign owners or 

custodians for temporary display in the 

exhibition ‘‘Jack Whitten: The 

Messenger’’ at The Museum of Modern 

Art, New York, New York, and at 

possible additional exhibitions or 

venues yet to be determined, are of 

cultural significance, and, further, that 

their temporary exhibition or display 

within the United States as 

aforementioned is in the national 

interest. I have ordered that Public 

Notice of these determinations be 

published in the Federal Register. 

FOR FURTHER INFORMATION CONTACT: 

Reed Liriano, Program Coordinator, 

Office of the Legal Adviser, U.S. 

Department of State (telephone: 202– 

632–6471; email: section2459@ 


khammond on DSK9W7S144PROD with NOTICES