Federal Register / Vol. 89, No. 249 / Monday, December 30, 2024 / Notices 106689 

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

6 15 U.S.C. 78f(b)(5). 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

implementation. The Exchange will 

issue a Trader Update notifying market 

participants prior to implementing the 

enhancement described in SR–NYSE– 

2024–68. 

2. Statutory Basis 

The Exchange believes that its 

proposed rule change is consistent with 

section 6(b) of the Act 5 in general, and 

furthers the objectives of section 6(b)(5) 

of the Act 6 in particular, in that it is 

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 

mechanisms of a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest by allowing the 

Exchange additional time to plan and 

implement the proposed enhancement. 

The Exchange notes that the 

substance of the enhancement described 

in SR–NYSE–2024–68 is not changing, 

only the implementation timeline is 

changing with this proposal. 

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’s proposal to implement the 

enhancement described in SR–NYSE– 

2024–68 in the first quarter of 2025 does 

not impose an undue burden on 

intermarket or on intramarket 

competition. The proposed rule change 

will simply allow the Exchange 

additional time to properly plan and put 

into place the enhancement described in 

SR–NYSE–2024–68. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the proposed rule change 

does not: (i) significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative prior to 30 days from the date 

on which it was filed, or such shorter 

time as the Commission may designate, 

the proposed rule change has become 

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

of the Act 7 and Rule 19b–4(f)(6) 

thereunder.8

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. 

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– 

NYSE–2024–82 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–NYSE–2024–82. 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 copyrightprotection. All 

submissions should refer to file number 

SR–NYSE–2024–82 and should be 

submitted on or before January 21, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–30913 Filed 12–27–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102029; File No. SR– 

NASDAQ–2024–083] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing of Proposed Rule Change To 

Assume Operational Responsibility for 

Litigating Contested Disciplinary 

Proceedings Arising Out of NasdaqLed Investigations and Enforcement 

Activities and Amend Rules 9131 and 

9810 (of General 5, the Nasdaq 

Discipline Rules) To Grant Nasdaq 

Regulation the Same Authority as 

FINRA In Contested Disciplinary 

Proceedings To Serve Complaints and 

Memoranda of Authority 

December 23, 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 

11, 2024, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘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. 


ddrumheller on DSK120RN23PROD with NOTICES1
106690 Federal Register / Vol. 89, No. 249 / Monday, December 30, 2024 / Notices 

3 15 U.S.C. 78(f). 

4Securities Exchange Act Release No. 53128 

(January 13, 2006), 71 FR 3550, 3556 (January 23, 

2006). 

5Under Nasdaq Rule 9120(t), Nasdaq Regulation 

includes the Nasdaq Enforcement Department. 

6Securities Exchange Act Release No. 85505 

(April 3, 2019), 84 FR 14170, 14171 (April 9, 2016). 

7As appropriate, Nasdaq Regulation coordinates 

with other SROs to avoid regulatory duplication in 

cross-market investigations, primarily through the 

Cross Market Regulation Working Group. 

8With respect to the operational responsibilities 

described, Nasdaq Regulation already performed 

these functions for the Nasdaq PHLX LLC (‘‘Phlx’’), 

Nasdaq ISE, LLC (‘‘ISE’’), Nasdaq GEMX, LLC 

(‘‘GEMX’’), and Nasdaq MRX, LLC (‘‘MRX’’) 

because there is no comparable rule to Rule General 

2, Section 7 on those markets. Nasdaq BX, Inc. 

(‘‘BX’’), which does have a comparable rule to Rule 

General 2, Section 7, received Commission approval 

to perform these functions in June 2019. See 

Securities Exchange Act Release No. 86051 (June 6, 

2019), 84 FR 27387 (June 22, 2019). 

9See Securities Exchange Act Release No. 88209 

(February 13, 2020), 85 FR 9870 (February 20, 

2020), as modified by Amendment No 1.; Securities 

Exchange Act Release No. 88516 (March 30, 2020), 

85 FR 19042 (April 3, 2020). 

10 Id. 11See supra n. 9. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to assume 

operational responsibility for certain 

enforcement functions currently 

performed by the Financial Industry 

Regulatory Authority (‘‘FINRA’’) under 

the Exchange’s authority and 

supervision. Specifically, the Exchange 

proposes to (1) assume operational 

responsibility for litigating contested 

disciplinary proceedings arising out of 

Nasdaq-led investigations and 

enforcement activities, and (2) amend 

Rules 9131 and 9180[sic] (of General 5, 

the Nasdaq Discipline Rules) to grant 

Nasdaq Regulation the same authority as 

FINRA in contested disciplinary 

proceedings to serve complaints and 

memoranda of authority. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 

office of the Exchange, 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 

Section 6 of the Act requires that 

national securities exchanges enforce 

their members’ compliance with federal 

securities laws and rules as well as the 

exchanges’ own rules.3 As a selfregulatory organization (‘‘SRO’’), 

Nasdaq must have a comprehensive 

regulatory program that includes the 

investigation and prosecution of rule 

violations. Since it became a national 

securities exchange, Nasdaq has 

contracted with FINRA through various 

regulatory services agreements (‘‘RSAs’’) 

to perform certain of these regulatory 

functions on its behalf. However, as the 

Commission has made clear, ‘‘the 

Nasdaq Exchange bears the 

responsibility for self-regulatory 

conduct and primary liability for selfregulatory failures, not the SRO retained 

to perform regulatory functions on the 

Exchange’s behalf.’’ 4

a. Background 

In April 2019, Nasdaq received 

Commission approval to reallocate 

operational responsibility from FINRA 

to Nasdaq Regulation Department 5 for 

certain investigation and enforcement 

activity,6 namely: 

• investigation and enforcement 

responsibilities for conduct occurring 

on The Nasdaq Options Market,7 and 

• investigation and enforcement 

responsibilities for conduct occurring 

on Nasdaq’s equity market only, i.e., 

conduct not also on non-Nasdaqaffiliated equities markets.8

In March 2020, Nasdaq received 

Commission approval to reallocate 

operational responsibility from FINRA 

to Nasdaq Regulation for additional 

enforcement activity, namely the 

handling of certain contested 

disciplinary proceedings.9 Specifically, 

Nasdaq requested and received 

authority to handle contested 

disciplinary proceedings arising out of 

Nasdaq-led investigation and 

enforcement activities that ‘‘FINRA is 

unable or unwilling to handle due to 

strained resources or other similar 

limitations.’’ 10 For those contested 

disciplinary proceedings over which 

Nasdaq did not request approval to 

assume operational responsibility, 

FINRA continues to litigate those 

matters under the Exchange’s 

supervision. 

b. Proposed Rule Change 

Now the Exchange requests approval 

to (1) assume operational responsibility 

for litigating contested disciplinary 

proceedings arising out of Nasdaq-led 

investigations and enforcement 

activities, and (2) amend Rules 9131 and 

9180[sic] (of General 5, the Nasdaq 

Discipline Rules) to grant Nasdaq 

Regulation the same authority as FINRA 

in contested disciplinary proceedings to 

serve complaints and memoranda of 

authority. 

Reallocation of Operational 

Responsibility 

The March 2020 Commission 

approval vested Nasdaq with the 

authority to litigate a subset of contested 

disciplinary proceedings pertinent to 

the Exchange (i.e., those contested 

disciplinary matters arising out of 

Nasdaq-led investigations and 

enforcement activities that ‘‘FINRA is 

unable or unwilling to handle due to 

strained resources or other similar 

limitations’’).11 This proposal expands 

Nasdaq’s enforcement authority by 

enabling Nasdaq Regulation to litigate 

contested disciplinary proceedings 

arising out of Nasdaq-led investigations 

and enforcement activities in the first 

instance, regardless of FINRA’s ability 

or willingness to handle the matter. 

Nasdaq’s assumption of broader 

operational responsibility for litigating 

contested disciplinary proceedings 

arising out of Nasdaq-led investigations 

and enforcement activities allows for 

the more immediate and efficient 

enforcement of federal securities laws 

and rules and Nasdaq’s own rules. 

Nasdaq enjoys deep expertise in its own 

market structure and in surveillance on 

the Exchange. When a Nasdaq 

investigation identifies impermissible 

activity on its Exchange and Nasdaq 

cannot settle the matter with the 

responsible Nasdaq member, Nasdaq 

Regulation’s assumption of the ability to 

litigate the contested disciplinary 

proceeding avoids the need for FINRA’s 

Enforcement Department to familiarize 

itself with the Nasdaq-led investigation 

and consequently helps expedites the 

enforcement of Nasdaq’s rules and the 

securities laws and rules with which 

Nasdaq members must comply. 

The Exchange notes that this proposal 

would not change the disciplinary 

process or the procedural protections 

already afforded to Nasdaq members in 

contested disciplinary proceedings. For 

example, the rules applicable to the 

disciplinary process remain the same, 

and FINRA’s Office of Hearing Officers 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 249 / Monday, December 30, 2024 / Notices 106691 

12FINRA’s Office of Hearing Officers plays no 

role in uncontested disciplinary proceedings. 

13 In addition to work performed pursuant to a 

RSA, FINRA also performs work for matters covered 

by agreements to allocate regulatory responsibility 

under Rule 17d–2 of the Act. 

14Although Nasdaq anticipates handling 

contested disciplinary proceedings arising out of 

Nasdaq-led investigations and enforcement 

activities, Nasdaq retains the right to refer particular 

matters arising out of Nasdaq-led investigations or 

enforcement activities to FINRA’s Department of 

Enforcement to handle in appropriate 

circumstances. 

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

16 15 U.S.C. 78f(b)(5). 

17 15 U.S.C. 78f(b)(7). 

will continue to administer the hearing 

process for all contested disciplinary 

proceedings. Therefore, regardless of 

whether FINRA or the Exchange is 

responsible for litigating the matter, 

FINRA’s Office of Hearing Officers will 

administer the hearing process.12

Nasdaq Rule General 2, Section 7 

requires that Nasdaq obtain Commission 

approval if regulatory functions subject 

to RSAs in effect at the time that Nasdaq 

began to operate as a national securities 

exchange are no longer performed by 

FINRA or an affiliate thereof, or by 

another independent self-regulatory 

organization. Nasdaq believes that 

assuming operational responsibility for 

contested disciplinary proceedings 

arising out of Nasdaq-led investigations 

will further its regulatory program and 

benefit investors and the markets. 

Commission approval of the proposal 

would allow Nasdaq to deliver 

increased efficiencies in the regulation 

of its market and to more effectively and 

promptly regulate activity on its market. 

Notwithstanding that approval, 

FINRA will continue to perform certain 

functions pursuant to a RSA,13

including, among other things, the 

handling of certain contested 

disciplinary proceedings arising out of 

FINRA-led investigation and 

enforcement activities.14

Technical Amendments Permitting 

Nasdaq Regulation To Serve Complaints 

and Memoranda of Authorities 

Nasdaq also proposes two technical 

updates to its Code of Procedure. 

Specifically, the proposed amendments 

will permit Nasdaq Regulation 

Department to serve (1) complaints and; 

(2) memoranda of authority in support 

of temporary cease-and-desist orders in 

contested disciplinary proceedings. 

Under the current rules, which Nasdaq 

adopted before the March 2020 rule 

change permitting Nasdaq Regulation to 

litigate certain contested disciplinary 

matters, only FINRA’s Department of 

Enforcement may serve a respondent 

with either a complaint or a 

memorandum of authorities supporting 

a temporary cease-and-desist order. 

These technical amendments would 

avoid the need for FINRA to serve 

Nasdaq-authored complaints and 

memoranda of authority on 

respondents, streamlining litigation in 

contested disciplinary proceedings 

handled by Nasdaq Regulation. These 

technical amendments also align the 

two affected rules with the remainder of 

General 5 (the Nasdaq Discipline Rules), 

which rules grant Nasdaq Regulation 

and FINRA’s Department of 

Enforcement equivalent powers. 

Pursuant to Rule 9131(a) (contained 

in General 5), ‘‘a complaint shall be 

served on each Party by the [FINRA] 

Department of Enforcement.’’ The 

proposed amendment would permit 

Nasdaq Regulation to also serve a 

complaint. Similarly, in contested 

disciplinary proceedings in which 

Nasdaq or FINRA seeks a temporary 

cease-and-desist order, Rule 9810(b)(2) 

(contained in General 5) permits only 

FINRA’s Department of Enforcement to 

serve a memorandum of authorities in 

support of the temporary cease-anddesist request. This proposed 

amendment grants Nasdaq Regulation 

the same authority as FINRA’s 

Department of Enforcement to serve a 

memorandum of authorities. 

2. Statutory Basis 

The Exchange believes that its 

proposals are consistent with Section 

6(b) of the Act,15 in general, and furthers 

the objectives of Section 6(b)(5) of the 

Act,16 in particular, in that it is designed 

to promote just and equitable principles 

of trade, 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. 

In addition, the Exchange believes 

that the proposals furthers the objectives 

of Section 6(b)(7) of the Act,17 in 

particular, in that these changes will 

continue to provide for fair procedures 

for the disciplining of members and 

persons associated with members, the 

denial of membership to any person 

seeking membership therein, the barring 

of any person from becoming associated 

with a member thereof, and the 

prohibition or limitation by the 

Exchange of any person with respect to 

access to services offered by the 

Exchange or a member thereof. 

The Exchange believes that its 

proposal is in keeping with those 

principles because it will ensure that 

contested matters retained by the 

Nasdaq Regulation Department are 

handled effectively, efficiently and with 

immediacy. Nasdaq will manage these 

cases directly in all instances, with 

Nasdaq retaining the option to refer 

cases to FINRA if Nasdaq’s resources are 

constrained or if another circumstance 

warrants FINRA litigating a contested 

disciplinary proceeding under Nasdaq’s 

supervision. This approach allows 

Nasdaq to take timely action when 

appropriate, enforce its rules, and 

uphold investor protection and market 

integrity. The proposed amendments, 

however, would not change or alter in 

any way the disciplinary processes 

around how contested matters are 

handled. Rather, they will result in 

more effective regulation because it will 

facilitate timely and more efficient 

action. Internalizing the litigation 

function in Nasdaq-led contested 

matters will also facilitate effective 

regulation because the Exchange will 

continue to bring to bear its overall 

market and surveillance expertise 

throughout the disciplinary 

proceedings. Permitting Nasdaq to serve 

(1) complaints and (2) memoranda of 

authority in support of temporary ceaseand-desist orders are ministerial 

changes that will enable Nasdaq to more 

quickly and efficiently litigate contested 

disciplinary matters arising out of 

Nasdaq-led investigations. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change is primarily 

administrative in nature and does not 

introduce any competitive concerns. 

Rather than addressing competitive 

issues, the purpose and effect of the 

proposed rule change is to enable 

Nasdaq to litigate contested disciplinary 

proceedings arising out of Nasdaq-led 

investigations and enforcement 

activities. Permitting Nasdaq to serve (1) 

complaints and (2) memoranda of 

authority in support of temporary ceaseand-desist orders are ministerial 

changes and do not introduce any 

competitive concerns. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

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 


ddrumheller on DSK120RN23PROD with NOTICES1
106692 Federal Register / Vol. 89, No. 249 / Monday, December 30, 2024 / Notices 

18 17 CFR 200.30–3(a)(12). 

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–CboeEDGA–2024–049). 

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. 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date 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 shall: (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– 

NASDAQ–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–NASDAQ–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–NASDAQ–2024–083 and should be 

submitted on or before January 21, 2025. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.18

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–31340 Filed 12–27–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101980; File No. SR– 

CboeEDGA–2024–050] 

Self-Regulatory Organizations; Cboe 

EDGA 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 EDGA Exchange, Inc. 

(the ‘‘Exchange’’ or ‘‘EDGA’’) 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 EDGA Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGA’’) 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/edga/), 

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 (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

EDGA Top and Summary Depth Data 

By way of background, the Exchange 

offers the EDGA 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 EDGA Top Data 

Feed benefits investors by facilitating 

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

Top Data. The Exchange’s affiliated 

equities exchanges (i.e., Cboe BYX, Inc. 

(‘‘BYX’’), Cboe BZX Exchange, Inc. 

(‘‘BZX’’), 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 

EDGA Top Data Feed. 

In addition to EDGA Top Data Feed, 

the Exchange offers EDGA Summary 

Depth Data Feed, which is a data feed 

that offers aggregated two-sided 

quotations for all displayed orders 


ddrumheller on DSK120RN23PROD with NOTICES1