105664 Federal Register / Vol. 89, No. 248 / Friday, December 27, 2024 / Notices 

30 15 U.S.C. 78s(b)(3)(A). 

31 17 CFR 240.19b–4(f). 32 17 CFR 200.30–3(a)(12). 

Data Consolidation Fee 

The Exchange believes it is reasonable 

to not charge Uncontrolled External 

Distributors of Cboe One Summary and 

Cboe One Premium a Data 

Consolidation Fee until such time they 

enlist one or more Users to receive the 

applicable feed as such Distributors will 

not be subject to the Data Consolidation 

Fee for the applicable product(s) during 

this period. For the avoidance of doubt, 

once an Uncontrolled External 

Distributor enlists its first User, this 

waiver will no longer be applicable—at 

no time will an Uncontrolled External 

Distributor receive this waiver while it 

has customers receiving the applicable 

data feed. As previously discussed, the 

Exchange believes the proposed Data 

Consolidation Fee Waiver for 

Uncontrolled External Distributors is 

not designed to permit unfair 

discrimination against Controlled 

External Distributors because of the 

longer lead times in the development 

Uncontrolled External Distributors 

experience. Further, as previously 

discussed, the Exchange believes only 

applying this to a subset of External 

Distributors and not any Internal 

Distributors is equitable and not 

unfairly discriminatory given the 

additional risk External Distributors 

assume when building out a product for 

which they have no existing use cases. 

Therefore, the Exchange believes the 

proposed application of the Data 

Consolidation Fee Waiver is reasonable 

and would not permit unfair 

discrimination. 

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 proposed rule changes are 

grounded in the Exchange’s efforts to 

compete more effectively and to assist 

in mitigating business costs (i.e., the 

costs associated with the development 

of data feeds and seeking Users to 

onboard for such data feeds) for 

Uncontrolled External Distributors. 

Further, as previously discussed, the 

Exchange believes the proposed Data 

Consolidation Fee Waiver for 

Uncontrolled External Distributors is 

not designed to permit unfair 

discrimination against Controlled 

External Distributors because of the 

longer lead times in the development 

Uncontrolled External Distributors 

experience. As a result, the Exchange 

believes this proposed rule change 

permits fair competition among national 

securities exchanges. Further, the 

Exchange believes that these changes 

will not cause any unnecessary or 

inappropriate burden on intermarket 

competition, as the proposed incentive 

program applies uniformly to all 

Uncontrolled External Distributors. 

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 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 30 and paragraph (f) of Rule 

19b–4 31 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– 

CboeEDGX–2024–083 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-CboeEDGX–2024–083. 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–CboeEDGX–2024–083 and should be 

submitted on or before January 17, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.32

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–30901 Filed 12–26–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–521, OMB Control No. 

3235–0579] 

Submission for OMB Review; 

Comment Request; Extension: 

Regulation BTR 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget this 

request for extension of the previously 

approved collection of information 

discussed below. 


khammond on DSK9W7S144PROD with NOTICES
Federal Register / Vol. 89, No. 248 / Friday, December 27, 2024 / Notices 105665 

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

2 17 CFR 240.19b–4. 

3The Exchange initially adopted this fee waiver 

on December 2, 2024 (SR-CboeBZX–2024–123). On 

December 16, 2024, the Exchange withdrew that 

filing and submitted this filing. 

4For clarity, the Exchange also proposes to 

modify the applicable sections of its Fee Schedule 

for these data feeds to use numbered footnotes in 

lieu of asterisks. 

5See Exchange Rule 11.22(m) 

Regulation Blackout Trade Restriction 

(‘‘Regulation BTR’’) (17 CFR 245.100— 

245.104) clarifies the scope and 

application of Section 306(a) of the 

Sarbanes-Oxley Act of 2002 (‘‘Act’’) (15 

U.S.C. 7244(a)). Section 306(a)(6) [15 

U.S.C.7244(a)(6)] of the Act requires an 

issuer to provide timely notice to its 

directors and executive officers and to 

the Commission of the imposition of a 

blackout period that would trigger the 

statutory trading prohibition of section 

306(a)(1) [15 U.S.C. 7244(a)(1)]. Section 

306(a) of the Act prohibits any director 

or executive officer of an issuer of any 

equity security, directly or indirectly, 

from purchasing, selling or otherwise 

acquiring or transferring any equity 

security of that issuer during any 

blackout period with respect to such 

equity security if the director or 

executive officer acquired the equity 

security in connection with his or her 

service or employment. Approximately 

1,230 issuers file Regulation BTR 

notices approximately 5 times a year for 

a total of 6,150 responses. We estimate 

that it takes approximately 2 hours to 

prepare the blackout notice for a total 

annual burden of 2,460 hours. The 

issuer prepares 75% of the 2,460 annual 

burden hours for a total reporting 

burden of (1,230 issuers × 2 hours per 

issuer × 0.75) 1,845 hours. In addition, 

we estimate that an issuer distributes a 

notice to five directors and executive 

officers at an estimated 5 minutes per 

notice (1,230 blackout period × 5 notices 

× 5 minutes) for a total reporting burden 

of 512 hours. The combined annual 

reporting burden is (1,845 hours + 512 

hours) 2,357 hours. 

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 

control number. 

Public Comment Instructions: The 

public may view and comment on this 

information collection request at: 

https://www.reginfo.gov/public/do/ 

PRAViewICR?ref_nbr=202412-3235-022 

or send an email comment to 

MBX.OMB.OIRA.SEC_desk_officer@

omb.eop.gov within 30 days of the day 

after publication of this notice by 

January 27, 2025. 

Dated: December 19, 2024. 

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2024–30768 Filed 12–26–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101990; File No. SR– 

CboeBZX–2024–125] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Update Its 

Fee Schedule Regarding Uncontrolled 

External Distributors 

December 19, 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 December 

16, 2024, Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) 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 

Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) proposes to 

update its Fee Schedule. 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://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 

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 the 

Market Data section of its Fee Schedule 

to adopt a new fee waiver for 

Uncontrolled External Distributors.3

Particularly, the Exchange proposes to: 

(i) adopt a waiver of External 

Distribution fees for Uncontrolled 

External Distributors of the Summary 

Depth Feed and Top Feed, and (ii) adopt 

fee waiver of External Distribution fees 

and Data Consolidation fees for 

Uncontrolled External Distributors of 

the Cboe One Summary Feed and Cboe 

One Premium Feed.4

BZX Top and Summary Depth Data 

By way of background, the Exchange 

offers the BZX Top Data Feed, which is 

a data feed that offers top-of-book 

quotations and last sale information 

based on orders entered into the 

Exchange’s System. The BZX Top Data 

Feed benefits investors by facilitating 

their prompt access to real-time top-ofbook information contained in BZX Top 

Data. The Exchange’s affiliated equities 

exchanges (i.e., Cboe EDGA, Inc. 

(‘‘EDGA’’), Cboe BYX Exchange, Inc. 

(‘‘BYX’’), and Cboe EDGX Exchange, 

Inc. (‘‘EDGX’’) (collectively, ‘‘Affiliates’’ 

and together with the Exchange, ‘‘Cboe 

Equities Exchanges’’) also offer similar 

top-of-book data feeds. Particularly, 

each of the Exchange’s Affiliates offer 

top-of-book quotation and last sale 

information based on their own 

quotation and trading activity that is 

substantially similar to the information 

provided by the Exchange through the 

BZX Top Data Feed. 

In addition to BZX Top Data Feed, the 

Exchange offers BZX Summary Depth 

Data Feed, which is a data feed that 

offers aggregated two-sided quotations 

for all displayed orders entered into the 

System for up to five (5) price levels. 

The BZX Summary Depth Data Feed 

also contains the individual last sale 

information, Market Status, Trading 

Status, and Trade Break messages.5 The 

BZX Summary Depth Data Feed benefits 

investors by facilitating their prompt 

access to real-time market depth 

information contained in BZX Summary 


khammond on DSK9W7S144PROD with NOTICES