Federal Register / Vol. 90, No. 29 / Thursday, February 13, 2025 / Notices 9569 

15See, e.g., FIF Letter (Nov. 8, 2024), at 1 (citing 

hosting of thirty-six working group calls on Form 

SHO reporting); 2024 SIFMA et al. Letter, at 1 

(describing efforts by ‘‘association members,’’ since 

adoption of Rule 13f–2, to develop and implement 

system changes to capture the data required for 

Form SHO reporting). 

16 15 U.S.C. 78m. 

17The Commission has the authority to issue 

exemptive relief by order under Section 36 of the 

Exchange Act as well as under Section 13(f)(3). 

Subject to certain exceptions, Section 36 of the 

Exchange Act authorizes the Commission, by rule, 

regulation, or order to exempt, either conditionally 

or unconditionally, any person, security, or 

transaction, or any class or classes of persons, 

securities or transactions, from any provision or 

provisions of the Exchange Act or any rule or 

regulation thereunder, to the extent that such 

exemption is necessary or appropriate in the public 

interest, and is consistent with the protection of 

investors. Although a temporary exemption from 

compliance with Rule 13f–2 and Form SHO 

reporting will delay the benefits of the Rule, 

providing additional time for industry participants 

required to make Form SHO reports to address any 

operational issues and to comply with Rule 13f–2 

reporting requirements would facilitate realization 

of the benefits of the Rule by enhancing the 

accuracy of the data that would ultimately be 

provided to investors. In this regard, a temporary 

exemption from compliance would also be 

necessary or appropriate in the public interest and 

consistent with the protection of investors. 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 100666 

(Aug. 7, 2024), 89 FR 65957. 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 

101157, 89 FR 79678 (Sept. 30, 2024). 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 

101573, 89 FR 90133 (Nov. 14, 2024). 

8Comments on the proposal are available at: 

https://www.sec.gov/comments/sr-nyseamer-2024- 

45/srnyseamer202445.htm. 

9Among other things, Amendment No. 1 narrows 

the scope of the proposal to provide for the listing 

and trading of options on the Bitwise Ethereum 

ETF, the Grayscale Ethereum Trust, and the 

Grayscale Ethereum Mini Trust. Amendment No. 1 

is available at: https://www.sec.gov/comments/srnyseamer-2024-45/srnyseamer202445-565435- 

1620962.pdf. 

10 15 U.S.C. 78s(b)(2). 

the Rule 13f–2 reporting requirements.15

Therefore, in consideration of 

publication of the December 16, 2024 

Form SHO Documents, granting a 

temporary exemption from compliance 

with Rule 13f–2 and for Form SHO 

reporting for approximately twelve 

months is appropriate to provide 

industry participants sufficient time to 

complete implementation of systems 

builds and testing, as well as to work 

with Commission staff to address any 

outstanding operational and compliance 

questions regarding Form SHO 

reporting. 

Section 13(f)(3) of the Exchange Act 16

authorizes the Commission, by rule or 

order, to exempt, conditionally or 

unconditionally, any institutional 

investment manager or security, or any 

class of institutional investment 

managers or securities from any or all of 

the provisions of section 13(f) of the 

Exchange Act or the rules thereunder. 

Institutional investment managers that 

meet or exceed a reporting threshold 

specified in Rule 13f–2 are required to 

file an initial Form SHO report within 

14 calendar days after the end of 

January 2025. A temporary exemption 

from compliance with Rule 13f–2 and 

Form SHO reporting will give 

institutional investment managers that 

meet certain reporting thresholds 

specified in Rule 13f–2 sufficient 

additional time to complete 

implementation of systems builds and 

to test and work with Commission staff 

to address any outstanding operational 

and compliance questions regarding 

Form SHO reporting. 

The Commission is using its authority 

under section 13(f)(3) of the Exchange 

Act to grant a temporary exemption 

from compliance with Rule 13f–2 and 

for reporting on Form SHO to give 

additional time to allow for orderly 

compliance with Rule 13f–2.17 More 

specifically, the temporary exemption 

will facilitate realization of the benefits 

of the Rule by enhancing the accuracy 

of the data that would ultimately be 

provided to investors by giving 

institutional investment managers 

additional time to complete systems 

development, programming, and testing, 

and to resolve operational issues in 

connection with implementation of the 

Rule and Form SHO reporting. 

III. Conclusion 

Accordingly, the Commission hereby 

grants, pursuant to section 13(f)(3) of the 

Exchange Act, a temporary exemption 

from compliance with Rule 13f–2 and 

Form SHO reporting effective February 

7, 2025, and ending January 2, 2026. 

Therefore, Form SHO reports for the 

January 2026 reporting period would be 

required to be filed within 14 calendar 

days after the end of January 2026. 

By the Commission. 

Dated: February 7, 2025. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–02570 Filed 2–12–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102378; File No. SR– 

NYSEAMER–2024–45] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Designation 

of a Longer Period for Commission 

Action on Proceedings To Determine 

Whether To Approve or Disapprove a 

Proposed Rule Change, as Modified by 

Amendment No. 1, To Amend 

Exchange Rule 915 To Permit the 

Listing and Trading of Options on the 

Bitwise Ethereum ETF, the Grayscale 

Ethereum Trust, and the Grayscale 

Ethereum Mini Trust 

February 7, 2025. 

On July 23, 2024, NYSE American 

LLC (‘‘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 Exchange Rule 915 to permit the 

listing and trading of options on the 

Bitwise Ethereum ETF, the Grayscale 

Ethereum Trust (ETH), the Grayscale 

Ethereum Mini Trust, and any trust that 

holds ether. The proposed rule change 

was published for comment in the 

Federal Register on August 13, 2024.3

On September 24, 2024, pursuant to 

Section 19(b)(2) of the Act,4 the 

Commission designated a longer period 

within which to approve the proposed 

rule change, disapprove the proposed 

rule change, or institute proceedings to 

determine whether to approve or 

disapprove the proposed rule change.5

On November 8, 2024, the Commission 

instituted proceedings pursuant to 

Section 19(b)(2)(B) of the Act 6 to 

determine whether to approve or 

disapprove the proposed rule change.7

The Commission received comments 

regarding the proposal.8 On February 5, 

2025, the Exchange submitted 

Amendment No. 1 to the proposal.9

Section 19(b)(2) of the Act 10 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of filing of the proposed rule 

change. The Commission may extend 

the period for issuing an order 

approving or disapproving the proposed 

rule change, however, by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for notice and 

comment in the Federal Register on 

August 13, 2024. February 9, 2025 is 

180 days from that date, and April 10, 

2025 is 240 days from that date. 

The Commission finds it appropriate 

to designate a longer period within 

which to issue an order approving or 

disapproving the proposed rule change 

so that it has sufficient time to consider 

the proposed rule change, as amended, 


ddrumheller on DSK120RN23PROD with NOTICES1
9570 Federal Register / Vol. 90, No. 29 / Thursday, February 13, 2025 / Notices 

11 Id. 

12 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 102014 

(Dec. 20, 2024), 89 FR 105669. 

4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 100224 

(May 23, 2024), 89 FR 46937 (May 30, 2024) (SR– 

NYSEArca–2023–70; SR–NYSEArca–2024–31; SR– 

NASDAQ–2023–045; SR–CboeBZX–2023–069; SR– 

CboeBZX–2023–070; SR–CboeBZX–2023–087; SR– 

CboeBZX–2023–095; and SRCboeBZX–2024–018) 

(Order Granting Accelerated Approval of Proposed 

Rule Changes, as Modified by Amendments 

Thereto, to List and Trade Shares of Ether-Based 

Exchange-Traded Products) (‘‘Ethereum ETP 

Approval Order’’). 

4See Rule 19.3(i) which permits options trading 

on Fund Shares that (1) represent interests in 

registered investment companies (or series thereof) 

organized as open-end management investment 

companies, unit investment trusts or similar 

entities, and that hold portfolios of securities 

comprising or otherwise based on or representing 

investments in indexes or portfolios of securities (or 

that hold securities in one or more other registered 

investment companies that themselves hold such 

portfolios of securities) (‘‘Funds’’) and/or financial 

instruments including, but not limited to, stock 

index futures contracts, options on futures, options 

and the issues raised therein. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,11

designates April 10, 2025, as the date by 

which the Commission shall either 

approve or disapprove the proposed 

rule change (File No. SR–NYSEAMER– 

2024–45), as modified by Amendment 

No. 1. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–02554 Filed 2–12–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102376; File No. SR– 

NYSEAMER–2024–78] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Designation 

of a Longer Period for Commission 

Action on a Proposed Rule Change To 

Amend Certain Rules Related to 

Flexible Exchange Options on the 

Grayscale Bitcoin Trust 

February 7, 2025. 

On December 13, 2024, NYSE 

American LLC 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 

permit Flexible Exchange (‘‘FLEX’’) 

options on shares of the Grayscale 

Bitcoin Trust. The proposed rule change 

was published for comment in the 

Federal Register on December 27, 

2024.3 The Commission has received no 

comments on the proposed rule change. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is February 10, 

2025. The Commission is extending this 

45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,5

designates March 27, 2025, as the date 

by which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–NYSEAMER–2024–78). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–02557 Filed 2–12–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102374; File No. SR– 

CboeEDGX–2025–005] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

of a Proposed Rule Change, as 

Modified by Amendment No. 1, To List 

Options on the Fidelity Ethereum Fund 

February 7, 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 

24, 2025, Cboe EDGX Exchange, Inc. 

(‘‘Exchange’’) 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. On February 

3, 2025, the Exchange submitted 

Amendment No. 1 to the proposed rule 

change. The Commission is publishing 

this notice to solicit comments on the 

proposed rule change, as amended, from 

interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to list options 

on the Fidelity Ethereum Fund. 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/ 

options/regulation/rule_filings/edgx/), 

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 

Rule 19.3 regarding the criteria for 

underlying securities. Specifically, the 

Exchange proposes to amend Rule 

19.3(i)(4) to allow the Exchange to list 

and trade options on shares or other 

securities (‘‘Fund Shares’’) that are 

principally traded on a national 

securities exchange and are defined as 

an ‘‘NMS stock’’ under Rule 600 of 

Regulation NMS and that represent 

interests in the Fidelity Ethereum Fund 

(the ‘‘Fidelity Fund’’).3 Current Rule 

19.3(i) provides that, subject to certain 

other criteria set forth in that Rule, 

securities deemed appropriate for 

options trading include Fund Shares 

that represent certain types of interests,4


ddrumheller on DSK120RN23PROD with NOTICES1