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[Federal Register Volume 90, Number 28 (Wednesday, February 12, 2025)]
[Notices]
[Pages 9450-9451]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-02498]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-102371; File No. SR-NASDAQ-2025-009]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
To Delay the Implementation of the New Options Regulatory Fee (ORF) and 
ORF Methodology Proposed in SR-NASDAQ-2024-078

February 6, 2025.
    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 January 28, 2025, The Nasdaq Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Item I below, 
which Item has been substantially prepared by the Exchange. The 
Exchange has designated this proposal for immediate effectiveness 
pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f) 
thereunder.\4\ The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f). 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to delay the implementation of the new 
Options Regulatory Fee (``ORF'') and methodology proposed in SR-NASDAQ-
2024-078.\5\ Specifically, the Exchange proposes to delay the new ORF 
and methodology proposed therein which now will be implemented on June 
1, 2025 and sunset on December 1, 2025.\6\ Additionally, effective 
March 1, 2025, the Exchange proposes to revert its ORF to $0.0016 per 
contract side.
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    \5\ See Securities and Exchange Act Release No. 101892 (Dec. 12, 
2024), 89 FR 102994 (Dec. 18, 2024) (SR-NASDAQ-2024-078) (Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Lower 
the Options Regulatory Fee (ORF) and Adopt a New Approach to ORF in 
2025).
    \6\ On January 13, 2025, the Exchange filed SR-NASDAQ-2025-004. 
The Exchange withdrew SR-NASDAQ-2025-004 on January 28, 2025 and 
replaced it with this filing.
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    The proposed rule change, including the Exchange's statement of the 
purpose of, and statutory basis for, the proposed rule change, is 
available on the Exchange's website at https://listingcenter.nasdaq.com/rulebook/NASDAQ/rulefilings and on the 
Commission's website at https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-NASDAQ-2025-009.

II. 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.\7\

[[Page 9451]]

Comments may be submitted electronically by using the Commission's 
internet comment form (https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-NASDAQ-2025-009) or by sending an email to 
[email protected]. Please include file number SR-NASDAQ-2025-009 on 
the subject line. Alternatively, paper comments may be sent to 
Secretary, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549-1090. All submissions should refer to file number 
SR-NASDAQ-2025-009. 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-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-NASDAQ-2025-009). 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-2025-009 and should 
be submitted on or before March 5, 2025.
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    \7\ 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.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-02498 Filed 2-11-25; 8:45 am]
BILLING CODE 8011-01-P
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