[Federal Register Volume 88, Number 169 (Friday, September 1, 2023)]
[Notices]
[Pages 60516-60521]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-18896]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98231; File No. SR-CboeBZX-2023-062]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Amend the Initial Period After
Commencement of Trading of a Series of ETF Shares on the Exchange as It
Relates to the Holders of Record and/or Beneficial Holders, as Provided
in Exchange Rule 14.11(l)
August 28, 2023.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on August 14, 2023, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``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
[[Page 60517]]
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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe BZX Exchange, Inc. (the ``Exchange'' or ``Cboe'') is filing
with the Securities and Exchange Commission (``Commission'') a proposed
rule change to Exchange Rule 14.11(l), Exchange-Traded Fund Shares
(``ETF Shares''), to amend the initial period after commencement of
trading of a series of ETF Shares on the Exchange as it specifically
relates to holders of record and/or beneficial holders. 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 change to Rule 14.11(l)(4)(B)(i)(c) (the
``Beneficial Holders Rule'') in order to amend the continued listing
standard applicable to ETF Shares \3\ listed on the Exchange.
Specifically, the Exchange is proposing to amend the Beneficial Holders
Rule such that it would provide additional time for a series of ETF
Shares to meet the Beneficial Holders \4\ standards.5 6
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\3\ The term ``ETF Shares'' means shares of stock issued by an
Exchange-Traded Fund. See Exchange Rule 14.11(l)(3)(A). The term
``Exchange-Traded Fund'' has the same meaning as the term
``exchange-traded fund'' as defined in Rule 6c-11 under the
Investment Act of 1940. See Exchange Rule 14.11(l)(3)(B).
\4\ As it relates to this filing, ``Beneficial Holders'' shall
mean beneficial holders and, where applicable in a particular
continued listing standard, record holders.
\5\ The Exchange notes that its Rules related to the listing and
trading of other product types (that is, products that are not ETF
Shares as defined above) have similar requirements related to
Beneficial Holders which the Exchange is not proposing to change at
this time. Specifically, the Exchange is only proposing to amend the
Beneficial Holders Rules as it pertains to ETF Shares because such
product type represents the vast majority of products listed on the
Exchange. The Exchange may consider proposing to amend the
Beneficial Holders standards for other product types in a future
proposal.
\6\ The Exchange notes that a different proposal to modify the
Beneficial Holders Rules was disapproved by the Commission on
December 29, 2020. See Securities Exchange Act No. 90819 (December
29, 2020) 86 FR 332 (January 5, 2021) (SR-CboeBZX-2020-036) (the
``Prior Disapproval'').
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Currently, the Exchange's continued listing standard for ETF Shares
under the Beneficial Holders Rule requires that, following the initial
12-month period after commencement of trading on the Exchange, the
Exchange shall consider the suspension of trading in and will commence
delisting proceedings under Rule 14.12 for a series of ETF Shares for
which there are fewer than 50 Beneficial Holders for 30 or more
consecutive trading days. The Exchange is proposing to change the date
at which a series of ETF Shares would need to have at least 50
Beneficial Holders or be subject to delisting proceedings under Rule
14.12 from 12 months after commencement of trading on the Exchange to
36 months after commencement of trading on the Exchange.
As further described below, the Exchange believes it is appropriate
to increase the period of time for a series of ETF Shares to comply
with the Beneficial Holders Rule from 12 months to 36 months because:
(i) it would bring the rule more in line with the life cycle of an ETP;
(ii) the economic and competitive structures in place in the ETP
ecosystem naturally incentivize issuers to de-list products rather than
continuing to list products that do not garner investor interest; and
(iii) extending the period from 12 to 36 months will not meaningfully
impact the manipulation concerns that the Beneficial Holders Rule is
intended to address.
First, the Exchange-Traded Product (``ETP'') \7\ space generally is
more competitive than it has ever been--with more than 2,000 ETPs
listed on U.S. national securities exchanges competing for investor
assets, the natural cycle for an average ETP to gain traction in the
market is growing longer and longer. As more and more ETPs have come to
market, many distribution platforms have become more restrictive about
the ETPs that they allow on their systems, often requiring a minimum
existing track record (e.g., at least 12 months) and meeting certain
thresholds for assets under management (e.g., at least $100 million)
for an ETP to be added. Similarly, many larger entities are unwilling
to invest in ETPs that do not have at least one calendar year track
record. All of these factors have contributed to the natural slowing of
the average ETP's growth cycle and, unsurprisingly, the Exchange has
seen a significant number of deficiencies based on a failure to meet
the Beneficial Holders standards over the last several years.
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\7\ The Exchange notes that ETF Shares is a type of ETP.
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The Exchange has issued deficiency notifications to 39 ETPs for
non-compliance with the Beneficial Holders standards since 2015. Of
those 39 ETPs, 30 attained compliance with the Beneficial Holder
standards after the deficiency notice was issued. This means that more
than three quarters of these ETPs had to go through the process of
requesting and justifying an extension,\8\ dealing with shareholder
uncertainty, waste of internal resources, potentially engage outside
counsel, etc. all to end up remaining listed on the Exchange. This
false positive rate is unnecessarily high and makes clear that a 12-
month threshold is an inappropriately short time frame for the
Beneficial Holder standards. It only served as regulatory and
administrative burdens for impacted issuers, which makes it more
difficult for smaller issuers to compete because they have limited
resources to overcome legal, marketing, or other obstacles that arise
from the Beneficial Holders standards.
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\8\ Exchange Rule 14.12(f)(2) provides that the Listings
Qualifications Department may accept and review a plan to regain
compliance when a Company is deficient with respect to certain
listing standards, including a failure to meet a continued listing
requirement contained in Rule 14.11. Generally, Exchange staff may
grant up to 180 calendar days from the date of the staff's initial
deficiency notification.
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Changing the timeline for meeting the Beneficial Holders Rule from
12 months to 36 months would provide ETF Shares with a more reasonable
runway to establish a track record and grow assets under management,
both of which generally precede the accumulation of Beneficial Holders.
Further, the Exchange believes that extending that runway will
encourage smaller issuers to make the necessary capital expenditures to
launch additional ETF
[[Page 60518]]
Shares, as well as help both large and small issuers by allowing them
to continue to list and promote products that they believe can succeed
and that they are willing to continue paying for, all of which will
help to foster competition and innovation in the ETP marketplace.
Second, the economic and competitive structures in place in the ETP
ecosystem naturally incentivize issuers to de-list products rather than
continuing to list products that do not garner investor interest,
meaning that the rule does not provide any meaningful ``pruning''
function for the industry.\9\ Rather, the Exchange has found that, as
currently constructed, the 12 month Beneficial Holders standards have
instead resulted in the forced termination of ETPs that issuers
believed were still economically viable. While some observers might
argue that forced delisting of an ETP based on a failure to meet the
Beneficial Holders standards is a good way to reduce the number of ETPs
in the marketplace that have not drawn meaningful market interest, the
Exchange disagrees with this sentiment. First, there are significant
costs associated with both the initial launch and continued operation
of an ETP and the Exchange has found that the ecosystem tends to prune
itself of ETPs without meaningful investor interest. In fact, the
Exchange has had 148 products that have voluntarily delisted since
2018,\10\ creating meaningful turnover in products which issuers
believe are not economically viable. Second, the Exchange contests the
underlying assumption that the number of Beneficial Holders is even a
meaningful measure of market interest in an ETP. While a very high
Beneficial Holder count would most certainly indicate an ETP's success,
the absence of Beneficial Holders is not necessarily a good measure of
market interest or the amount of assets held by the ETP.
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\9\ Approximately 43 ETPs have voluntarily delisted within their
first year listed on the Exchange since 2015. The Exchange notes
that a subset of this group might also include those who didn't want
to spend the extra funds to get an extension to the requirement.
\10\ There are currently 613 ETPs listed on the Exchange and 777
have been listed on the Exchange for at least some period since
2018, meaning that there's been a nearly 19% voluntary turnover of
ETPs listed on the Exchange since 2018.
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Further to this point, the Beneficial Holders standards are not
rules that an ETP issuer is incentivized to cut close or exceed by the
smallest amount possible. Unlike many other quantitative or disclosure
based listing requirements, an ETP issuer is incentivized to have as
many Beneficial Holders as possible and would almost certainly prefer
that they were able to meet and exceed the applicable Beneficial
Holders standard as soon as possible after beginning trading on the
Exchange. As such, extending the time period from 12 months to 36
months will not provide issuers of ETF Shares with a longer window to
intentionally keep the number of Beneficial Holders lower, but, rather,
will only extend the period during which a series of ETF Shares could
have fewer than 50 Beneficial Holders in specific instances where an
issuer is unable to meet the 50 Beneficial Holders threshold but still
believes that the series of ETF Shares is viable and worth the cost of
continued operation. Again, it takes money and resources to launch and
operate an ETP and where an issuer does not believe that an ETP is
economically viable, both common sense and prior experience point to
issuers delisting these products.
Finally, the Exchange believes that making this change does not
create any significant change in the risk of manipulation for ETF
Shares listed on the Exchange for several reasons. First, a time
extension to meet the requirement would present no new issues because
the Exchange already has no Beneficial Holder requirement for the first
12 months of trading ETF Shares on the Exchange. Any risk that is
present during months 12 through 36 of initial listing would also be
present during the first 12 months as provided under current rules. The
Exchange believes that the Beneficial Holders standards are generally
intended to ensure that products that do not have broad ownership and
could be susceptible to manipulation by a few parties are not able to
list on the Exchange after they've had sufficient time to diversify
their ownership base. Leaving aside the issue of whether an open-ended
ETP with creation and redemption processes would really be subject to
manipulation by virtue of narrow ownership, the Exchange believes that,
for all of the reasons explained above, 36 months is a more appropriate
amount of time to consider sufficient time to diversify a series of ETF
Shares ownership base.
Further to this point, the Exchange has in place a robust
surveillance program for ETPs that allows it to monitor trading of
ETPs, including ETF Shares, during all trading sessions on the Exchange
and it believes are sufficient to deter and detect violations of
Exchange rules and the applicable federal securities laws. These
surveillances generally focus on detecting securities trading outside
of their normal patterns, which could be indicative of manipulative or
other violative activity. When such situations are detected,
surveillance analysis follows and investigations are opened, where
appropriate, to review the behavior of all relevant parties for all
relevant trading violations. Further, the Exchange or the Financial
Industry Regulatory Authority (``FINRA''),\11\ on behalf of the
Exchange, or both, communicate as needed regarding trading in ETPs with
other markets and other entities that are members of the Intermarket
Surveillance Group (``ISG''). The Exchange believes these robust
surveillance procedures have successfully mitigated manipulation
concerns during an ETPs first 12 months of listing on the Exchange,
during which there is currently no Beneficial Holder requirement, and
further believes that these surveillance procedures will act to
mitigate any manipulation concerns that arise from extending the
compliance period for the Beneficial Holders Rules from 12 months to 36
months.
---------------------------------------------------------------------------
\11\ FINRA conducts cross-market surveillances on behalf of the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
---------------------------------------------------------------------------
The Exchange also believes that the other continued listing
standards in the Exchange's rules or representations that constitute
continued listing standards in Exchange rule filings (the disclosure
obligations applicable under Rule 6c-11 of the Investment Company Act
of 1940 for series of ETF Shares) are generally sufficient to mitigate
manipulation concerns associated with ETF Shares. During the first 12
months of trading on the Exchange when the Beneficial Holders standards
do not apply, these disclosure obligations, in conjunction with the
Exchange's surveillance program (as discussed above), are generally
deemed sufficient to prevent any manipulation concerns in Exchange-
listed ETPs. As such, the Exchange believes that extending the period
from 12 months to 36 months does not significantly increase any risk of
manipulation that wasn't already generally deemed acceptable for the
first 12 months that an ETP was listed. Again, the Exchange is not
proposing to eliminate the Beneficial Holders Rule, but merely to
extend the period for a series of ETF Shares to meet the 50 Beneficial
Holder requirement.
2. Statutory Basis
The Exchange believes that the proposal is consistent with section
6(b) of the Act \12\ in general and section 6(b)(5) of the Act \13\ in
particular in that it is designed to promote just and
[[Page 60519]]
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.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78f.
\13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The proposed rule changes are designed to promote just and
equitable principles of trade, to remove impediments to and perfect the
mechanism of a free and open market and, in general, to protect
investors and the public interest because it would prevent the
premature delisting of ETF Shares that have not had sufficient time to
build up to 50 Beneficial Holders without significantly impacting the
manipulation concerns that the Beneficial Holders Rule is intended to
address.
The Exchange believes it is appropriate to increase the period of
time for a series of ETF Shares to comply with the applicable
Beneficial Holders Rule from 12 months to 36 months because: (i) it
would bring the rule more in line with the life cycle of an ETP; (ii)
the economic and competitive structures in place in the ETP ecosystem
naturally incentivize issuers to de-list products rather than
continuing to list products that do not garner investor interest; and
(iii) extending the period from 12 to 36 months will not meaningfully
impact the manipulation concerns that the Beneficial Holders Rule is
intended to address.
First, the ETP space is more competitive than it has ever been--
with more than 2,000 ETPs listed on U.S. national securities exchanges
competing for investor assets, the natural cycle for an average ETP to
gain traction in the market is growing longer and longer. As more and
more ETPs have come to market, many distribution platforms have become
more restrictive about the ETPs that they allow on their systems, often
requiring a minimum existing track record (e.g., at least 12 months)
and meeting certain thresholds for assets under management (e.g., at
least $100 million) for an ETP to be added. Similarly, many larger
entities are unwilling to invest in ETPs that do not have at least one
calendar year track record. All of these factors have contributed to
the natural slowing of the average ETP's growth cycle and,
unsurprisingly, the Exchange has seen a significant number of
deficiencies based on a failure to meet the applicable Beneficial
Holders standards over the last several years.
The Exchange has issued deficiency notifications to 39 ETPs for
non-compliance with the Beneficial Holders standards since 2015. Of
those 39 ETPs, 30 attained compliance with the Beneficial Holder
standards after the deficiency notice was issued. This means that more
than three quarters of these ETPs had to go through the process of
requesting and justifying an extension,\14\ dealing with shareholder
uncertainty, waste of internal resources, potentially engage outside
counsel, etc. all to end up remaining listed on the Exchange. This
false positive rate is unnecessarily high and makes clear that a 12-
month threshold is an inappropriately short time frame for the
Beneficial Holder standards. It only served as regulatory and
administrative burdens for impacted issuers, which makes it more
difficult for smaller issuers to compete because they have limited
resources to overcome legal, marketing, or other obstacles that arise
from the Beneficial Holders requirement.
---------------------------------------------------------------------------
\14\ Exchange Rule 14.12(f)(2) provides that the Listings
Qualifications Department may accept and review a plan to regain
compliance when a Company is deficient with respect to certain
listing standards, including a failure to meet a continued listing
requirement contained in Rule 14.11. Generally, Exchange staff may
grant up to 180 calendar days from the date of the staff's initial
deficiency notification.
---------------------------------------------------------------------------
Changing the timeline for meeting the Beneficial Holders Rules from
12 months to 36 months would provide ETF Shares with a more reasonable
runway to establish a track record and grow assets under management,
both of which generally precede the accumulation of Beneficial Holders.
Further, the Exchange believes that extending that runway will
encourage smaller issuers to make the necessary capital expenditures to
launch additional ETF Shares, as well as help both large and small
issuers by allowing them to continue to list and promote products that
they believe can succeed and that they are willing to continue paying
for, all of which will help to foster competition and innovation in the
ETP marketplace.
Second, the economic and competitive structures in place in the ETP
ecosystem naturally incentivize issuers to de-list products rather than
continuing to list products that do not garner investor interest,
meaning that the rule does not provide any meaningful ``pruning''
function for the industry.\15\ Rather, the Exchange has found that, as
currently constructed, the 12 month Beneficial Holders Rule has instead
resulted in the forced termination of ETPs that issuers believed were
still economically viable. While some observers might argue that forced
delisting of an ETP based on a failure to meet the Beneficial Holders
Rule is a good way to reduce the number of ETPs in the marketplace that
have not drawn meaningful market interest, the Exchange disagrees with
this sentiment. First, there are significant costs associated with both
the initial launch and continued operation of an ETP and the Exchange
has found that the ecosystem tends to prune itself of ETPs without
meaningful investor interest. In fact, the Exchange has had 148
products that have voluntarily delisted since 2018,\16\ creating
meaningful turnover in products which issuers believe are not
economically viable. Second, the Exchange contests the underlying
assumption that the number of Beneficial Holders is even a meaningful
measure of market interest in an ETP. While a very high Beneficial
Holder count would most certainly indicate an ETP's success, the
absence of Beneficial Holders is not necessarily a good measure of
market interest or the amount of assets held by the ETP.
---------------------------------------------------------------------------
\15\ Approximately 43 ETPs have voluntarily delisted within
their first year listed on the Exchange since 2015. The Exchange
notes that a subset of this group might also include those who
didn't want to spend the extra funds to get an extension to the
requirement.
\16\ There are currently 613 ETPs listed on the Exchange and 777
have been listed on the Exchange for at least some period since
2018, meaning that there's been a nearly 19% voluntary turnover of
ETPs listed on the Exchange since 2018.
---------------------------------------------------------------------------
Further to this point, the Beneficial Holders Rule is not a rule
that an ETP issuer is incentivized to cut close or exceed by the
smallest amount possible. Unlike many other quantitative or disclosure
based listing requirements, an ETP issuer is incentivized to have as
many Beneficial Holders as possible and would almost certainly prefer
that they were able to meet and exceed the Beneficial Holders Rule as
soon as possible after beginning trading on the Exchange. As such,
extending the time period from 12 months to 36 months will not provide
issuers with a longer window to intentionally keep the number of
Beneficial Holders lower, but, rather, will only extend the period
during which a series of ETF Shares could have fewer than 50 Beneficial
Holders in specific instances where an issuer is unable to meet the 50
Beneficial Holders threshold but still believes that the ETP is viable
and worth the cost of continued operation. Again, it takes money and
resources to launch and operate an ETP and where an issuer does not
believe that an ETP is economically viable, both common sense and prior
experience point to issuers delisting these products.
Finally, the Exchange believes that making this change does not
create any
[[Page 60520]]
significant change in the risk of manipulation for ETF Shares listed on
the Exchange for several reasons. First, a time extension to meet the
requirement would present no new issues because the Exchange already
has no Beneficial Holder requirement for the first 12 months of trading
ETF Shares on the Exchange. Any risk that is present during months 12
through 36 of initial listing would also be present during the first 12
months as provided under current rules. The Exchange believes that the
rule is generally intended to ensure that products that do not have
broad ownership and could be susceptible to manipulation by a few
parties are not able to list on the Exchange after they've had
sufficient time to diversify their ownership base. Leaving aside the
issue of whether an open-ended ETP with creation and redemption
processes would really be subject to manipulation by virtue of narrow
ownership, the Exchange believes that, for all of the reasons explained
above, 36 months is a more appropriate amount of time to consider
sufficient time to diversify an ETP's ownership base.
Further to this point, the Exchange has in place a robust
surveillance program for ETPs that allows it to monitor trading of ETPs
during all trading sessions on the Exchange and it believes are
sufficient to deter and detect violations of Exchange rules and the
applicable federal securities laws. These surveillances generally focus
on detecting securities trading outside of their normal patterns, which
could be indicative of manipulative or other violative activity. When
such situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations. Further, the
Exchange or the FINRA,\17\ on behalf of the Exchange, or both,
communicate as needed regarding trading in ETPs with other markets and
other entities that are members of the ISG. The Exchange believes these
robust surveillance procedures have successfully mitigated manipulation
concerns during an ETPs first 12 months of listing on the Exchange,
during which there is currently no Beneficial Holder requirement, and
further believes that these surveillance procedures will act to
mitigate any manipulation concerns that arise from extending the
compliance period for the Beneficial Holders Rule from 12 months to 36
months.
---------------------------------------------------------------------------
\17\ FINRA conducts cross-market surveillances on behalf of the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
---------------------------------------------------------------------------
The Exchange also believes that the other continued listing
standards in the Exchange's rules or representations that constitute
continued listing standards in Exchange rule filings (the disclosure
obligations applicable under Rule 6c-11 of the Investment Company Act
of 1940 for series of ETF Shares) are generally sufficient to mitigate
manipulation concerns associated with the ETF Shares. During the first
12 months of trading on the Exchange when the Beneficial Holders Rule
does not apply, these disclosure obligations, in conjunction with the
Exchange's surveillance program (as discussed above), are generally
deemed sufficient to prevent any manipulation concerns in Exchange-
listed ETF Shares. As such, the Exchange believes that extending the
period from 12 months to 36 months will not significantly increase any
risk of manipulation that wasn't already generally deemed acceptable
for the first 12 months that a series of ETF Shares was listed. Again,
the Exchange is not proposing to eliminate the Beneficial Holders Rule,
but merely to extend the period for a series ETF Shares to meet the 50
Beneficial Holder requirement.
The proposed rule change is also designed to protect investors and
the public interest because the Exchange is only proposing to amend the
continued listing requirement related to Beneficial Holders and all
ETPs listed on the Exchange would continue to be subject to the full
panoply of Exchange rules and procedures that currently govern the
trading of equity securities on the Exchange.
For the above reasons, the Exchange believes that the proposed rule
change is consistent with the requirements of section 6(b)(5) of the
Act.
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. Instead, the Exchange
believes that the proposed rule change would help to encourage smaller
issuers to make the necessary capital expenditures to launch additional
ETF Shares, as well as help both large and small issuers by allowing
them to continue to list and promote products that they believe can
succeed and that they are willing to continue paying for, which will
enhance competition among market participants, to the benefit of
investors and the marketplace.
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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate 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 will:
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 [email protected]. Please include
file number SR-CboeBZX-2023-062 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-CboeBZX-2023-062. 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
[[Page 60521]]
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-CboeBZX-2023-062 and should
be submitted on or before September 22, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-18896 Filed 8-31-23; 8:45 am]
BILLING CODE 8011-01-P