Federal Register / Vol. 90, No. 18 / Wednesday, January 29, 2025 / Notices 8413 

6The term ‘‘LLC Member’’ means any person who 

maintains a direct ownership interest in the 

Company. The sole LLC Member of the Company 

is Miami International Holdings, Inc. See By-Laws, 

Article I, Definitions, subparagraph (x). 

7See By-Laws, Article VIII, Section 8.1. 

8Copies 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 

MIAX Pearl. 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 101868 

(Dec. 10, 2024), 89 FR 101650 (Dec. 16, 2024) 

(‘‘Notice’’). 

4 15 U.S.C. 78s(b)(3)(A). A proposed rule change 

may take effect upon filing with the Commission if 

it is designated by the exchange as ‘‘establishing or 

changing a due, fee, or other charge imposed by the 

self-regulatory organization on any person, whether 

or not the person is a member of the self-regulatory 

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

5See Notice, supra note 3. 

6 15 U.S.C. 78s(b)(3)(C). 

7See Notice, supra note 3, at 101651. The 

Exchange also proposed a ministerial change to 

delete outdated language relating to a prior ORF 

waiver and superseded ORF rate. Id. The Exchange 

assesses the ORF on Options Trading Permit 

(‘‘OTP’’) Holders and OTP Firms (collectively, 

‘‘OTP Holders’’) for options transactions that are 

cleared by those firms through the Options Clearing 

Corporation (‘‘OCC’’) in the Customer range, 

regardless of the exchange on which the transaction 

occurs. See id. at 101650. 

8See id. at 101651. 

9 Id. 

10 Id. at 101652. 

11See Securities Exchange Act Release Nos. 

96374 (Nov. 22, 2022), 87 FR 73372 (Nov. 29, 2022) 

(SR–NYSEARCA–2022–78) and 98676 (Oct. 3, 

2023), 88 FR 69969 (Oct. 10, 2023) (SR– 

NYSEARCA–2023–68). 

outdated text regarding the ERP 

Member’s (defined below) [stet] 

nominee to the Board and delete the 

definition of ‘‘Effective Date’’ 

(collectively, the ‘‘By-Law 

Amendments’’). 

The By-Laws of the Company may be 

amended by written consent of the LLC 

Member 6 or at any regular or special 

meeting of the Board of MIAX Pearl by 

a resolution adopted by the Board.7

The proposed rule change, including 

MIAX Pearl’s statement of the purpose 

of, and statutory basis for, the proposed 

rule change, is available on MIAX 

Pearl’s website at https://

www.miaxglobal.com/markets/usequities/pearl-equities/rule-filings and 

on the Commission’s website at https:// 

www.sec.gov/rules-regulations/selfregulatory-organization-rulemaking/ 

national-securities-exchanges?file_

number=SR-PEARL-2025-01. 

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.8

Comments may be submitted 

electronically by using the 

Commission’s internet comment form 

(https://www.sec.gov/rules-regulations/ 

self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-PEARL2025-01) or by sending an email to rulecomments@sec.gov. Please include file 

number SR–PEARL–2025–01 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–PEARL–2025– 

01. 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-organizationrulemaking/national-securitiesexchanges?file_number=SR-PEARL2025-01). 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–PEARL–2025–01 and should be 

submitted on or before February 19, 

2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–01850 Filed 1–28–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102274; File No. SR– 

NYSEARCA–2024–90] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Suspension of and Order 

Instituting Proceedings To Determine 

Whether To Approve or Disapprove a 

Proposed Rule Change To Waive the 

Options Regulatory Fee (ORF) for 

December 2024 

January 23, 2025. 

I. Introduction 

On November 25, 2024, NYSE Arca, 

Inc. (‘‘NYSE Arca’’ or the ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (the ‘‘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 (File No. SR– 

NYSEARCA–2024–90) to amend its 

Options Fee Schedule (‘‘Fee Schedule’’) 

regarding the Options Regulatory Fee 

(‘‘ORF’’).3 The proposed rule change 

was immediately effective upon filing 

with the Commission pursuant to 

Section 19(b)(3)(A) of the Act.4 The 

proposed rule change was published for 

comment in the Federal Register on 

December 16, 2024.5 The Commission 

has not received any comments on the 

proposal. Pursuant to Section 

19(b)(3)(C) of the Act,6 the Commission 

is hereby: (1) temporarily suspending 

File No. SR–NYSEARCA–2024–90; and 

(2) instituting proceedings to determine 

whether to approve or disapprove File 

No. SR–NYSEARCA–2024–90. 

II. Description of the Proposed Rule 

Change 

The Exchange proposed to amend the 

Fee Schedule to temporarily waive the 

ORF for the period December 1, 2024 

through December 31, 2024 and resume 

assessment of the ORF at the same rate 

of $0.0038 per share on January 1, 

2025.7 Noting that it adjusts the amount 

of ORF amount periodically to ensure 

that the revenue from its ORF does not 

exceed its regulatory costs, the 

Exchange proposed to waive assessment 

of the ORF from December 1 through 

December 31, 2024 ‘‘in order to help 

ensure that the amount collected from 

the ORF, in combination with other 

regulatory fees and fines, does not 

exceed the Exchange’s total regulatory 

costs.’’ 8 According to the Exchange, the 

proposed waiver was based on its 

‘‘analysis of recent options volumes and 

regulatory costs’’ and its belief that ‘‘if 

the ORF is not adjusted, the ORF 

revenue to the Exchange year over year 

could exceed a material portion of the 

Exchange’s ORF Costs.’’ 9 The Exchange 

proposed to resume assessment of the 

ORF at the same rate on January 1, 2025, 

‘‘based on the Exchange’s estimated 

projections for its regulatory costs, 

balanced with the observed increases in 

options volumes.’’ 10 The exchange 

previously waived its ORF for selected 

months in 2022 and 2023.11


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8414 Federal Register / Vol. 90, No. 18 / Wednesday, January 29, 2025 / Notices 

12 15 U.S.C. 78s(b)(3)(C). 13 15 U.S.C. 78s(b)(1). 14See 17 CFR 240.19b–4 (Item 3 entitled ‘‘SelfRegulatory Organization’s Statement of the Purpose 

of, and Statutory Basis for, the Proposed Rule 

Change’’). 15See id. 16 15 U.S.C. 78f(b)(4). 

17 15 U.S.C. 78f(b)(5). 

18 15 U.S.C. 78f(b)(8). 

19See Notice, supra note 3, at 101652. In its 

proposed rule change, the Exchange defined ‘‘ORF 

Costs’’ collectively to include ‘‘the Exchange’s costs 

for the supervision and regulation of OTP Holders, 

including the Exchange’s regulatory program and 

legal expenses associated with options regulation, 

such as the costs related to in-house staff, thirdparty service providers, and technology that 

facilitate regulatory functions such as surveillance, 

investigation, examinations, and enforcement.’’ Id. 

at 101650. The Exchange further stated that ‘‘ORF 

funds may also be used for indirect expenses such 

as human resources and other administrative 

costs.’’ Id. 

20See id. 101652. 

21See id. at 101652. 

22 Id. 

23 Id. 

24See 15 U.S.C. 78f(b)(4), (5), and (8), 

respectively. 

25For purposes of temporarily suspending the 

proposed rule change, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

26 15 U.S.C. 78s(b)(3)(C). Once the Commission 

temporarily suspends a proposed rule change, 

Section 19(b)(3)(C) of the Act requires that the 

Commission institute proceedings under Section 

19(b)(2)(B) to determine whether a proposed rule 

change should be approved or disapproved. 

27 15 U.S.C. 78s(b)(2)(B). 

28 15 U.S.C. 78s(b)(2)(B). Section 19(b)(2)(B) of the 

Act also provides that proceedings to determine 

whether to disapprove a proposed rule change must 

be concluded within 180 days of the date of 

publication of notice of the filing of the proposed 

rule change. See id. The time for conclusion of the 

proceedings may be extended for up to 60 days if 

III. Suspension of the Proposed Rule 

Change 

Pursuant to Section 19(b)(3)(C) of the 

Act,12 at any time within 60 days of the 

date of filing of an immediately effective 

proposed rule change pursuant to 

Section 19(b)(1) of the Act,13 the 

Commission summarily may 

temporarily suspend the change in the 

rules of a self-regulatory organization 

(‘‘SRO’’) 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. As discussed below, the 

Commission believes a temporary 

suspension of the proposed rule change 

is necessary and appropriate to allow for 

additional analysis of the proposed rule 

change’s consistency with the Act and 

the rules thereunder. 

When exchanges file their proposed 

rule changes with the Commission, 

including fee filings like the Exchange’s 

present proposal, they are required to 

provide a statement supporting the 

proposal’s basis under the Act and the 

rules and regulations thereunder 

applicable to the exchange.14 The 

instructions to Form 19b–4, on which 

exchanges file their proposed rule 

changes, specify that such statement 

‘‘should be sufficiently detailed and 

specific to support a finding that the 

proposed rule change is consistent with 

[those] requirements’’ 15

Section 6 of the Act, including 

Sections 6(b)(4), (5), and (8), require the 

rules of an exchange to: (1) provide for 

the equitable allocation of reasonable 

fees among members, issuers, and other 

persons using the exchange’s 

facilities; 16 (2) perfect the mechanism of 

a free and open market and a national 

market system, protect investors and the 

public interest, and not be designed to 

permit unfair discrimination between 

customers, issuers, brokers, or 

dealers; 17 and (3) not impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act.18 In justifying its 

proposal, the Exchange stated that its 

proposed temporary waiver and 

subsequent resumption of the 

assessment of the ORF on January 1, 

2025 at the same rate ‘‘is reasonable 

because it would help ensure that 

collections from the ORF do not exceed 

a material portion of the Exchange’s 

ORF Costs.’’ 19 The Exchange further 

stated that ‘‘resumption of the ORF at 

the current rate on January 1, 2025 . . . 

is reasonable because it would permit 

the Exchange to resume collecting an 

ORF that is designed to recover a 

material portion, but not all, of the 

Exchange’s projected ORF Costs’’ and 

‘‘is based on the Exchange’s estimated 

projections for its regulatory costs, 

which are currently projected to 

increase in 2025, balanced with the 

increase in options volumes that has 

persisted into 2024 and that may 

continue into 2025.’’ 20 The Exchange 

also stated that the proposal is an 

equitable allocation of fees among its 

market participants and not unfairly 

discriminatory because the temporary 

waiver (and subsequent resumption of 

the assessment ORF on January 1, 2025 

at the same rate) ‘‘would apply equally 

to all OTP Holders on all their 

transactions that clear in the Customer 

range at the OCC.’’ 21 According to the 

Exchange, the proposed waiver ‘‘would 

not place certain market participants at 

an unfair disadvantage because it would 

apply equally to all OTP Holders on all 

their transactions that clear in the 

Customer range at the OCC and would 

allow the Exchange to continue to 

monitor the amount collected from the 

ORF to help ensure that the ORF 

collection, in combination with other 

regulatory fees and fines, does not 

exceed regulatory costs.’’ 22 Further, the 

Exchange stated that resumption of the 

assessment of the ORF on January 1, 

2025 at the current rate is equitable 

‘‘because the ORF would resume 

applying equally to all OTP Holders 

. . . at a rate designed to recover a 

material portion, but not all, of the 

Exchange’s projected ORF Costs, based 

on current projections that such costs 

will increase in 2025.’’ 23

In temporarily suspending the 

Exchange’s proposed rule change, the 

Commission intends to further consider 

whether the proposal to temporarily 

waive assessment of the ORF for one 

month and resume assessment of the 

ORF at the same rate thereafter is 

consistent with the statutory 

requirements applicable to a national 

securities exchange under the Act. In 

particular, the Commission will 

consider whether the proposed rule 

change satisfies the standards under the 

Act and the rules thereunder requiring, 

among other things, that an exchange’s 

rules provide for the equitable 

allocation of reasonable fees among 

members, issuers, and other persons 

using its facilities; not permit unfair 

discrimination between customers, 

issuers, brokers or dealers; and do not 

impose any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act.24

Therefore, the Commission finds that 

it is necessary and appropriate in the 

public interest, for the protection of 

investors, and otherwise in furtherance 

of the purposes of the Act, to 

temporarily suspend the proposed rule 

change.25

IV. Proceedings To Determine Whether 

To Approve or Disapprove the 

Proposed Rule Change 

In addition to temporarily suspending 

the proposal, the Commission also 

hereby institutes proceedings pursuant 

to Sections 19(b)(3)(C) 26 and 19(b)(2)(B) 

of the Act 27 to determine whether the 

Exchange’s proposed rule change 

should be approved or disapproved. 

Institution of proceedings does not 

indicate that the Commission has 

reached any conclusions with respect to 

any of the issues involved. Rather, the 

Commission seeks and encourages 

interested persons to provide additional 

comment on the proposed rule change 

to inform the Commission’s analysis of 

whether to approve or disapprove the 

proposed rule change. 

Pursuant to Section 19(b)(2)(B) of the 

Act,28 the Commission is providing 


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Federal Register / Vol. 90, No. 18 / Wednesday, January 29, 2025 / Notices 8415 

the Commission finds good cause for such 

extension and publishes its reasons for so finding, 

or if the exchange consents to the longer period. See 

id. 

29 15 U.S.C. 78f(b)(4). 

30 15 U.S.C. 78f(b)(5). 

31 15 U.S.C. 78f(b)(8). 

32See Notice, supra note 3, at 101651. 

33 Id. at 101652. 34See supra note 11. 

35 17 CFR 201.700(b)(3). 

36See id. 

37See id. 

38See 15 U.S.C. 78f(b)(4), (5), and (8). 

39 15 U.S.C. 78s(b)(2). Section 19(b)(2) of the Act 

grants the Commission flexibility to determine what 

type of proceeding—either oral or notice and 

opportunity for written comments—is appropriate 

for consideration of a particular proposal by an 

SRO. See Securities Acts Amendments of 1975, 

Report of the Senate Committee on Banking, 

Housing and Urban Affairs to Accompany S. 249, 

S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975). 

notice of the grounds for possible 

disapproval under consideration: 

• Whether the Exchange has 

demonstrated how its proposed 

temporary ORF waiver (and subsequent 

recommencement of the assessment of 

the ORF on January 1, 2025 at the same 

rate) is consistent with Section 6(b)(4) of 

the Act, which requires that the rules of 

a national securities exchange ‘‘provide 

for the equitable allocation of 

reasonable dues, fees, and other charges 

among its members and issuers and 

other persons using its facilities;’’ 29

(emphasis added); 

• Whether the Exchange has 

demonstrated how its proposed 

temporary ORF waiver (and subsequent 

recommencement of the assessment of 

the ORF on January 1, 2025 at the same 

rate) is consistent with Section 6(b)(5) of 

the Act, which requires, among other 

things, that the rules of a national 

securities exchange not be ‘‘designed to 

permit unfair discrimination between 

customers, issuers, brokers, or 

dealers’’ 30 (emphasis added); and 

• Whether the Exchange has 

demonstrated how its proposed 

temporary ORF waiver (and subsequent 

recommencement of the assessment of 

the ORF on January 1, 2025 at the same 

rate) is consistent with Section 6(b)(8) of 

the Act, which requires that the rules of 

a national securities exchange ‘‘not 

impose any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of [the Act].’’ 31

As noted above, the Exchange 

proposes to waive the assessment of 

ORF for the month of December 2024 

‘‘in order to help ensure that the amount 

collected from the ORF, in combination 

with other regulatory fees and fines, 

does not exceed the Exchange’s total 

regulatory costs.’’ 32 The Exchange 

further proposes to resume assessing the 

ORF at the same rate of $0.0038 on 

January 1, 2025 because the Exchange 

‘‘cannot predict whether options 

volumes will remain at [elevated] levels 

going forward and projections for future 

regulatory costs are estimated, 

preliminary, and may change.’’ 33

However, the Exchange’s statements in 

support of the proposed rule change are 

general in nature and lack detail and 

specificity. For example, the proposal 

states that the proposed temporary 

wavier of the assessment of the ORF is 

equitable and not unfairly 

discriminatory because it would not 

place certain market participants at an 

unfair disadvantage and would apply 

equally to all OTP Holders on all their 

transactions that clear in the Customer 

range at the OCC. However, the proposal 

lacks specificity regarding how 

assessing the ORF to participants that 

execute transactions from January 1– 

November 30, 2024, but waiving the 

assessment of the ORF for participants 

that execute transactions in December 

2024 constitutes a reasonable, equitable, 

and not unfairly discriminatory fee 

when such ORF revenue is used to 

offset the Exchange’s 2024 regulatory 

expenses, including those incurred in 

connection with transactions occurring 

in December 2024. In addition, as noted 

above, this is the third time that the 

Exchange has proposed an end-of-year 

fee waiver for ORF to avoid overcollection in excess of ORF Costs.34 In 

light of that emerging patten, the 

Exchange has not demonstrated with 

specificity how reimposing the 

unreduced ORF in January 2025 would 

not result in over-collection once again 

in 2025 beyond a general reference to 

potentially increased regulatory costs 

for 2025, and thus a question is 

presented as to whether reimposing the 

ORF at the unreduced former rate in 

2025 would constitute a reasonable, 

equitable, and not unfairly 

discriminatory fee. 

Further, the Exchange provides only 

broad information on options 

transaction volume trends, and 

generalized statements regarding the 

Exchange’s anticipated regulatory costs 

for 2025 to justify its proposal. Without 

more information in the filing on the 

Exchange’s regulatory revenues 

attributable to ORF as well as regulatory 

revenue from other sources, and more 

information on the Exchange’s 

regulatory costs to supervise and 

regulate OTP Holders, including, e.g., 

Customer versus non-Customer activity 

and on-exchange versus off-exchange 

activity, the proposal lacks information 

that can speak to whether the proposed 

one-month ORF waiver and subsequent 

resumption at the same rate is 

reasonable, equitably allocated, and not 

unfairly discriminatory, particularly 

given that the ORF is assessed only on 

transactions that clear in the Customer 

range and regardless of the exchange on 

which the transaction occurs, and that 

the ORF is designed to recover a 

material portion, but not all, of the 

Exchange’s regulatory costs for the 

supervision and regulation of activity 

across all OTP Holders. 

Under the Commission’s Rules of 

Practice, the ‘‘burden to demonstrate 

that a proposed rule change is 

consistent with the [Act] and the rules 

and regulations issued thereunder . . . 

is on the [SRO] that proposed the rule 

change.’’ 35 The description of a 

proposed rule change, its purpose and 

operation, its effect, and a legal analysis 

of its consistency with applicable 

requirements must all be sufficiently 

detailed and specific to support an 

affirmative Commission finding,36 and 

any failure of an SRO to provide this 

information may result in the 

Commission not having a sufficient 

basis to make an affirmative finding that 

a proposed rule change is consistent 

with the Act and the applicable rules 

and regulations.37

The Commission is instituting 

proceedings to allow for additional 

consideration and comment on the 

issues raised herein, including as to 

whether the proposed fees are 

consistent with the Act, and 

specifically, with its requirements that 

exchange fees be reasonable and 

equitably allocated and not be unfairly 

discriminatory.38

V. Commission’s Solicitation of 

Comments 

The Commission requests written 

views, data, and arguments with respect 

to the concerns identified above as well 

as any other relevant concerns. Such 

comments should be submitted by 

February 19, 2025. Rebuttal comments 

should be submitted by March 5, 2025. 

Although there do not appear to be any 

issues relevant to approval or 

disapproval that would be facilitated by 

an oral presentation of views, data, and 

arguments, the Commission will 

consider, pursuant to Rule 19b–4, any 

request for an opportunity to make an 

oral presentation.39

The Commission asks that 

commenters address the sufficiency and 

merit of the Exchange’s statements in 

support of the Proposal, in addition to 

any other comments they may wish to 

submit about the proposed rule change. 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 


khammond on DSK9W7S144PROD with NOTICES
8416 Federal Register / Vol. 90, No. 18 / Wednesday, January 29, 2025 / Notices 

40 15 U.S.C. 78s(b)(3)(C). 

41 17 CFR 200.30–3(a)(57) and (58). 

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)(6). 

5Capitalized terms not defined herein are defined 

in the EPN Rules or the GSD Rules, available at 

www.dtcc.com/legal/rules-and-procedures. 

6 15 U.S.C. 78(b)(3)(A). 

7 17 CFR 240.19b–4(f)(6). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Clearing Agency 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 Clearing 

Agency has satisfied this requirement. 

10Copies 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 

SRO. 

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– 

NYSEARCA–2024–90 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–NYSEARCA–2024–90. 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–NYSEARCA–2024–90 and should be

submitted on or before February 19,

2025. Rebuttal comments should be

submitted by March 5, 2025.

VI. Conclusion

It is therefore ordered, pursuant to

Section 19(b)(3)(C) of the Act,40 that File 

No. SR–NYSEARCA–2024–90, be and 

hereby is, temporarily suspended. In 

addition, the Commission is instituting 

proceedings to determine whether the 

proposed rule change should be 

approved or disapproved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.41

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–01855 Filed 1–28–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102271; File No. SR–FICC– 

2025–001] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Revise the 

Voluntary Withdrawal Provisions of the 

Rules 

January 23, 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 

13, 2025, Fixed Income Clearing 

Corporation (‘‘FICC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Item I, which 

Item has been prepared by the clearing 

agency. FICC filed the proposed rule 

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

of the Act 3 and Rule 19b–4(f)(6) 

thereunder.4 The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Clearing Agency’s Statement of the

Terms of Substance of the Proposed

Rule Change

The proposed rule change of FICC 

consists of modifications to FICC’s 

Mortgage-Backed Securities Division 

(‘‘MBSD’’) EPN Rules (the ‘‘EPN Rules’’) 

and FICC’s Government Securities 

Division (‘‘GSD’’) Rulebook (the ‘‘GSD 

Rules’’ and together with the EPN Rules, 

the ‘‘Rules,’’) 5 to revise the voluntary 

withdrawal provisions of the Rules in 

order to provide that a EPN User or 

CCIT Member may be deemed to have 

voluntarily withdrawn as a user or 

terminated its membership, if FICC is 

unable to contact the EPN User or CCIT 

Member using the last known contacts 

and the EPN User or CCIT Member has 

not used FICC’s services for at least 6 

months. 

The proposed rule change, including 

the Clearing Agency’s statement of the 

purpose of, and statutory basis for, the 

proposed rule change, is available on 

the Clearing Agency’s website at https:// 

www.dtcc.com/legal/sec-rule-filings and 

on the Commission’s website at https:// 

www.sec.gov/rules-regulations/selfregulatory-organization-rulemaking/ 

FICC?file_number=SR-FICC-2025-001. 

II. Date of Effectiveness of the Proposed

Rule Change and Timing for

Commission Action

The Clearing Agency has filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A) of the Act 6 and Rule 

19b–4(f)(6) 7 thereunder. Because the 

foregoing proposed rule change does 

not: (i) significantly affect the protection 

of investors or the public interest; (ii) 

impose any significant burden on 

competition; or (iii) 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 8 and Rule 19b– 

4(f)(6) 9 thereunder. 

III. 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.10

Comments may be submitted 

electronically by using the 

Commission’s internet comment form 

(https://www.sec.gov/rules-regulations/ 

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