Federal Register / Vol. 89, No. 240 / Friday, December 13, 2024 / Notices 101083 

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

2 17 CFR 240.19b–4. 

provided for in Rule 6a–1 (17 CFR 

240.6a–1), Rule 6a–2 (17 CFR 240.6a–2), 

and Form 1 (17 CFR 249.1) under the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’) (15 U.S.C. 78a et seq.). 

The Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

The Exchange Act sets forth a 

regulatory scheme for national securities 

exchanges. Rule 6a–1 under the 

Exchange Act generally requires an 

applicant for initial registration as a 

national securities exchange to file an 

application with the Commission on 

Form 1. An exchange that seeks an 

exemption from registration based on 

limited trading volume also must apply 

for such exemption on Form 1. Rule 6a– 

2 under the Exchange Act requires 

registered and exempt exchanges: (1) to 

amend the Form 1 if there are any 

material changes to the information 

provided in the initial Form 1; and (2) 

to submit periodic updates of certain 

information provided in the initial Form 

1, whether such information has 

changed or not. The information 

required pursuant to Rules 6a–1 and 6a– 

2 is necessary to enable the Commission 

to maintain accurate files regarding the 

exchange and to exercise its statutory 

oversight functions. Without the 

information submitted pursuant to Rule 

6a–1 on Form 1, the Commission would 

not be able to determine whether the 

respondent has met the criteria for 

registration (or an exemption from 

registration) set forth in Section 6 of the 

Exchange Act. The amendments and 

periodic updates of information 

submitted pursuant to Rule 6a–2 are 

necessary to assist the Commission in 

determining whether a national 

securities exchange or exempt exchange 

is continuing to operate in compliance 

with the Exchange Act. 

Initial filings on Form 1 by 

prospective exchanges are made on a 

one-time basis. The Commission 

estimates that it will receive 

approximately one initial Form 1 filing 

per year and that each respondent 

would incur an average burden of 880 

hours to file an initial Form 1. 

Therefore, the Commission estimates 

that the annual burden for all 

respondents to file the initial Form 1 

would be 880 hours (one response/ 

respondent × one respondent × 880 

hours/response). 

There currently are 26 entities 

registered as national securities 

exchanges. The Commission estimates 

that each registered or exempt exchange 

files eleven amendments or periodic 

updates to Form 1 per year, incurring an 

average burden of 25 hours per 

amendment to comply with Rule 6a–2. 

The Commission estimates that the 

annual burden for all respondents to file 

amendments and periodic updates to 

the Form 1 pursuant to Rule 6a–2 would 

be 7,150 hours (26 respondents × 25 

hours/response × 11 responses/ 

respondent per year). 

The total estimated annual time 

burden associated with Rules 6a–1 and 

6a–2 is thus approximately 8,030 hours 

(880 + 7,150). 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted by 

February 11, 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 9, 2024. 

Sherry R. Haywood 

Assistant Secretary. 

[FR Doc. 2024–29301 Filed 12–12–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101850; File No. SR– 

CBOE–2024–053] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change Relating To Amend Rule 

5.1 

December 9, 2024. 

Pursuant to 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 November 

27, 2024, Cboe Exchange, Inc. 

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

with the Securities and Exchange 

Commission (‘‘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 

The Exchange proposes to amend 

Rule 5.1. The text of the proposed rule 

change is provided below. 

(additions are italicized; deletions are 

[bracketed]) 

* * * * * 

Rules of Cboe Exchange, Inc. 

* * * * * 

Rule 5.1. Trading Days and Hours 

(a) No change. 

(b) Regular Trading Hours. 

(1) No change. 

(2) Index Options. Except as otherwise set 

forth in the Rules or under unusual 

conditions as may be determined by the 

Exchange, Regular Trading Hours for 

transactions in index options are from 9:30 

a.m. to 4:15 p.m., except as follows: 

(A)–(B) No change. 

(C) On their last trading day, Regular 

Trading Hours for the following options are 

from 9:30 a.m. to 4:00 p.m. 

Cboe S&P 500 a.m./PM Basis options 

Index Options with Nonstandard Expirations 

(i.e., Weeklys and EOMs), Monthly Options 

Series, Quarterly Options Series, and 

Quarterly Expirations (i.e., QIXs) 

SPX options (p.m.-settled) 

XSP options (p.m.-settled) 

MRUT options (p.m.-settled) 

RUT options (p.m.-settled) 

* * * * * 

The text of the proposed rule change 

is also available on the Exchange’s 

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

AboutCBOE/CBOELegalRegulatory

Home.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 


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101084 Federal Register / Vol. 89, No. 240 / Friday, December 13, 2024 / Notices 

3Rule 1.1 defines ‘‘Regular Trading Hours’’ as the 

trading session consisting of the regular trading 

hours which transactions in potions may be effected 

on the Exchange and are set forth in Rule 5.1. 

4See Rule 4.13(a)(2)(C). 

5See Rule 4.13(a)(2)(B). 

6This proposed rule change applies to index 

options that participate in the Monthly Options 

Series and Quarterly Options Series program. 

7See Rule 4.13(a)(2)(B) and (C). 

8See Rule 4.13(e)(2). 

9See Rule 4.11 (definition of QIX). 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(5). 

12 Id. 

13See Securities Exchange Act Release Nos. 

59676 (April 1, 2009), 74 FR 16018 (April 8, 2009) 

(SR–CBOE–2009–020); and 64243 (April 7, 2011), 

76 FR 20771 (April 13, 2011) (SR–CBOE–2011– 

038). 

14See current Rule 5.1(b)(2)(C). 

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 5.1. Specifically, the Exchange 

proposes to amend Rule 5.1(b)(2)(C) to 

provide that on their last trading day, 

Regular Trading Hours 3 for index 

Monthly Options Series 4 and Quarterly 

Options Series 5 will be from 9:30 a.m. 

to 4:00 p.m. (Eastern time).6 Monthly 

Options Series expire at the close of 

business on the last business day of a 

calendar month, and Quarterly Options 

Series expire at the close of business on 

the last business day of a calendar 

month.7 Pursuant to Rule 

4.13(a)(2)(C)(iii) and (a)(2)(B)(iii), 

Monthly Options Series and Quarterly 

Options Series, respectively, are p.m.- 

settled. Pursuant to Rule 5.1(b)(2), 

Regular Trading Hours for index options 

(with certain specified exceptions) are 

9:30 a.m. to 4:15 p.m. (Eastern time). 

Rule 5.1(b)(2)(C) currently provides that 

certain p.m.-settled index options will 

end trading at 4:00 p.m. (Eastern time) 

on their last trading day, including 

index options with End-of-Month 

(‘‘EOM’’) or Quarterly (‘‘QIX’’) 

expirations. Like index Monthly 

Options Series, EOM series expire on 

the last trading of the month.8 Like 

index Quarterly Options Series, QIX 

series expire on the last trading of the 

quarter.9 The Exchange proposes for 

index Monthly Option Series and 

Quarterly Option Series to similarly end 

trading at 4:00 p.m. (Eastern time) 

(rather than 4:15 p.m. if in a class for 

which Regular Trading Hours end at 

4:15 p.m.) on their last trading day. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the Act 

and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.10 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 11 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) 12 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 

the proposed rule change will 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 Exchange 

understands that index Monthly and 

Quarterly Options Series would 

typically be priced in the market based 

on corresponding futures values. If 

trading expiring index Monthly and 

Quarterly Options Series continued 

until 4:15 p.m. on their last trading day, 

these expiring index options could not 

be priced on corresponding futures 

values, but rather would have to be 

priced on the known cash value. At the 

same time, the prices of non-expiring 

index Monthly or Quarterly Options 

Series would continue to move and 

likely be priced in response to changes 

in corresponding futures prices. As a 

result, a potential pricing divergence 

could occur between 4:00 p.m. and 4:15 

p.m. on the final trading day in expiring 

index Monthly and Quarterly Options 

Series (e.g., a switch from pricing off of 

futures to cash). The Exchange 

understands that the switch from 

pricing off of futures to cash can be a 

difficult and risky crossover for 

liquidity providers. As a result, if 

expiring P.M.-settled contracts closed at 

4:15 p.m., Market-Makers may react by 

widening spreads in order to 

compensate for the additional risk. In 

order to mitigate the potential for a 

pricing divergence at the end of the 

trading day, the Exchange believes that 

it is appropriate to cease trading in the 

expiring index Monthly and Quarterly 

Options Series (which are p.m.-settled) 

at 4:00 p.m., as it already does for 

expiring EOM and QIX options (which 

are also p.m.-settled index options and 

also have the same corresponding 

expirations) for the same 

aforementioned reasons.13 Therefore, 

the proposed rule change will prevent 

continued trading on a product after the 

exercise settlement value has been 

fixed. 

The Exchange does not believe that 

the proposed rule change will impact 

volatility on the underlying cash market 

comprising the underlying indexes at 

the close on expiration days, as it 

already closes trading on the last trading 

day for expiring P.M.-settled options at 

4:00 p.m. (such as EOM and QIX series), 

which the Exchange does not believe 

has had an adverse impact on fair and 

orderly markets for the underlying 

stocks comprising the corresponding 

indexes.14

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that the 

proposed rule change will impose any 

burden on intramarket competition that 

is not necessary or appropriate under 

the Act, because it will apply in the 

same manner to all expiring index 

Monthly Option Series and Quarterly 

Options Series. Additionally, trading in 

expiring index Monthly Option Series 

and Quarterly Options Series will be 

available to all market participants 

during the same trading hours. Further, 

the Exchange does not believe that the 

proposed rule change will impose any 

burden on intermarket competition that 

is not necessary or appropriate under 

the Act, because the proposed rule 

change harmonizes the trading hours on 

the last trading day for index options 

that expire at the end of a month or the 

end of a quarter. Other exchanges with 

similar options programs may amend 

their rules to provide for similar trading 

hours on the last trading day of expiring 

index monthly and quarterly options. 

The proposed rule change is not 

intended to be competitive, but rather to 

prevent continued trading on a product 

after the exercise settlement value has 

been fixed, thereby mitigating potential 

investor confusion and the potential for 

pricing divergence at the end of the 

trading day. 


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Federal Register / Vol. 89, No. 240 / Friday, December 13, 2024 / Notices 101085 

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

16 17 CFR 240.19b–4(f)(6). 17 17 CFR 200.30–3(a)(12). 

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 

Because the foregoing proposed rule 

change does not: 

A. significantly affect the protection 

of investors or the public interest; 

B. impose any significant burden on 

competition; and 

C. become operative for 30 days from 

the date on which it was filed, or such 

shorter time as the Commission may 

designate, it has become effective 

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

Act 15 and Rule 19b–4(f)(6) 16

thereunder. At any time within 60 days 

of the filing of the proposed rule change, 

the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission will institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CBOE–2024–053 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–2024–053. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–CBOE–2024–053 and should be 

submitted on or before January 3, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–29335 Filed 12–12–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35409; 812–15656] 

HarbourVest Private Investments Fund 

and Fund HarbourVest Registered 

Advisers L.P. 

December 9, 2024. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (the ‘‘Act’’) for an exemption from 

sections 18(a)(2), 18(c) and 18(i) of the 

Act, under sections 6(c) and 23(c) of the 

Act for an exemption from rule 23c–3 

under the Act, and for an order pursuant 

to section 17(d) of the Act and rule 17d– 

1 under the Act. 

SUMMARY OF APPLICATION: Applicants 

request an order to permit certain 

registered closed-end investment 

companies to issue multiple classes of 

shares and to impose early withdrawal 

charges and asset-based distribution 

and/or service fees. 

APPLICANTS: HarbourVest Private 

Investments Fund and Fund 

HarbourVest Registered Advisers L.P. 

FILING DATES: The application was filed 

on November 8, 2024. 

HEARING OR NOTIFICATION OF HEARING: 

An order granting the requested relief 

will be issued unless the Commission 

orders a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on January 3, 2025, and 

should be accompanied by proof of 

service on the Applicants, in the form 

of an affidavit, or, for lawyers, a 

certificate of service. Pursuant to rule 0– 

5 under the Act, hearing requests should 

state the nature of the writer’s interest, 

any facts bearing upon the desirability 

of a hearing on the matter, the reason for 

the request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

Monique Austin, HarbourVest Private 

Investments Fund, maustin@

harbourvest.com, Daniel Chisholm, 

HarbourVest Private Investments Fund, 

dchisholm@harbourvest.com and 

HarbourVest Private Investments Fund, 

legal@harbourvest.com, with copies to 

Rajib Chanda, Esq., Simpson Thacher & 

Bartlett LLP, rajib.chanda@stblaw.com 

and Ryan P. Brizek, Esq., Simpson 

Thacher & Bartlett LLP, ryan.brizek@

stblaw.com. 

FOR FURTHER INFORMATION CONTACT: 

Trace W. Rakestraw, Senior Special 

Counsel, at (202) 551–6825 (Division of 

Investment Management, Chief 

Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ application, dated 

November 8, 2024, which may be 

obtained via the Commission’s website 

by searching for the file number at the 

top of this document, or for an 

Applicant using the Company name 


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