30 Day Notice

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impediments to and perfect the
mechanism of a free and open market
and a national market system because
the proposed rule changes will provide
greater clarity to Members and the
public regarding the Exchange’s fees. It
is in the public interest for rules to be
accurate and transparent so as to
eliminate the potential for confusion.
If the Exchange is incorrect in its
determination that the proposed fees
reflect the value of the GPS antenna,
customers will not purchase the product
or will seek other options at their
disposal, such as purchasing time
synchronization services from thirdparty vendors.

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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.
In terms of inter-market competition
(the competition among self-regulatory
organizations), the Exchange notes that
it operates in a highly competitive
market in which market participants can
readily favor competing venues if they
deem fee levels at a particular venue to
be excessive. In such an environment,
the Exchange must continually adjust its
fees to remain competitive with other
exchanges and with alternative trading
systems that have been exempted from
compliance with the statutory standards
applicable to exchanges. Because
competitors are free to modify their own
fees in response, the Exchange believes
that the degree to which fee changes in
this market may impose any burden on
competition is extremely limited.
Approval of the proposal does not
impose any burden on the ability of
other exchanges to compete. As noted
above, time synchronization services are
offered by other vendors and any
exchange has the ability to offer such
services if it so chooses.
Nothing in the proposal burdens
intra-market competition (the
competition among consumers of
exchange data) because the GPS antenna
is available to any co-location customer
under the same fees as any other colocation customer, and any co-location
customer that wishes to purchase a GPS
antenna can do so on a nondiscriminatory basis.
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.

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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act.19 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: (i)
necessary or appropriate in the public
interest; (ii) for the protection of
investors; or (iii) otherwise in
furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or 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–
ISE–2023–33 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–ISE–2023–33. 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,
19 15

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

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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–ISE–2023–33 and should be
submitted on or before January 5, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–27527 Filed 12–14–23; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–177, OMB Control No.
3235–0177]

Submission for OMB Review;
Comment Request; Extension: Rule
6e–2 and Form N–6EI–1
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Rule 6e–2 (17 CFR 270.6e–2) under
the Investment Company Act of 1940
(‘‘Act’’)
(15 U.S.C. 80a) is an exemptive rule
that provides separate accounts formed
by life insurance companies to fund
certain variable life insurance products,
exemptions from certain provisions of
the Act, subject to conditions set forth
in the rule.
Rule 6e–2 provides a separate account
with an exemption from the registration
provisions of section 8(a) of the Act if
the account files with the Commission
Form N–6EI–1 (17 CFR 274.301), a
notification of claim of exemption.
The rule also exempts a separate
account from a number of other sections
20 17

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CFR 200.30–3(a)(12).

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Federal Register / Vol. 88, No. 240 / Friday, December 15, 2023 / Notices
of the Act, provided that the separate
account makes certain disclosure in its
registration statements (in the case of
those separate accounts that elect to
register), reports to contract holders,
proxy solicitations, and submissions to
state regulatory authorities, as
prescribed by the rule.
Since 2008, there have been no filings
of Form N–6EI–1 by separate accounts.
Therefore, there has been no cost or
burden to the industry since that time.
The Commission requests authorization
to maintain an inventory of one burden
hour for administrative purposes.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice by January 16, 2024 to (i)
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission, c/
o John Pezzullo, 100 F Street, NE,
Washington, DC 20549, or by sending an
email to: PRA_Mailbox@sec.gov.
Dated: December 12, 2023.
Sherry R. Haywood,
Assistant Secretary.
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99137; File No. SR–MIAX–
2023–48]

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Self-Regulatory Organizations; Miami
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend Its Fee Schedule To
Modify Certain Connectivity and Port
Fees
December 11, 2023.

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 November
27, 2023, Miami International Securities
2 17

U.S.C. 78s(b)(1).
CFR 240.19b–4.

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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
MIAX Options Exchange Fee Schedule
(the ‘‘Fee Schedule’’) to amend certain
connectivity and port fees.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxglobal.com/markets/
us-options/miax-options/rule-filings, at
MIAX’s principal office, 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

[FR Doc. 2023–27569 Filed 12–14–23; 8:45 am]

1 15

Exchange, LLC (‘‘MIAX’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) a
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.

1. Purpose
The Exchange proposes to amend the
Fee Schedule as follows: (1) increase the
fees for a 10 gigabit (‘‘Gb’’) ultra-low
latency (‘‘ULL’’) fiber connection for
Members 3 and non-Members; and (2)
amend the monthly port fee for
additional Limited Service MIAX
Express Interface (‘‘MEI’’) Ports 4
available to Market Makers.5 The
3 The term ‘‘Member’’ means an individual or
organization approved to exercise the trading rights
associated with a Trading Permit. Members are
deemed ‘‘members’’ under the Exchange Act. See
Exchange Rule 100.
4 The MIAX Express Interface (‘‘MEI’’) is a
connection to MIAX systems that enables Market
Makers to submit simple and complex electronic
quotes to MIAX. See Fee Schedule, note 26.
5 The term ‘‘Market Makers’’ refers to Lead Market
Makers (‘‘LMMs’’), Primary Lead Market Makers
(‘‘PLMMs’’), and Registered Market Makers
(‘‘RMMs’’) collectively. See Exchange Rule 100. For
purposes of Limit Service MEI Ports, Market Makers

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86983

Exchange and its affiliate, MIAX
PEARL, LLC (‘‘MIAX Pearl’’) operated
10Gb ULL connectivity (for MIAX
Pearl’s options market) on a single
shared network that provided access to
both exchanges via a single 10Gb ULL
connection. The Exchange last increased
fees for 10Gb ULL connections from
$9,300 to $10,000 per month on January
1, 2021.6 At the same time, MIAX Pearl
also increased its 10Gb ULL
connectivity fee from $9,300 to $10,000
per month.7 The Exchange and MIAX
Pearl shared a combined cost analysis in
those filings due to the single shared
10Gb ULL connectivity network for both
exchanges. In those filings, the
Exchange and MIAX Pearl allocated a
combined total of $17.9 million in
expenses to providing 10Gb ULL
connectivity.8
Beginning in late January 2023, the
Exchange also recently determined a
substantial operational need to no
longer operate 10Gb ULL connectivity
on a single shared network with MIAX
Pearl. The Exchange bifurcated 10Gb
ULL connectivity due to ever-increasing
capacity constraints and to enable it to
continue to satisfy the anticipated
access needs for Members and other
market participants.9 Since the time of
the 2021 increase discussed above, the
Exchange experienced ongoing
increases in expenses, particularly
internal expenses.10 As discussed more
fully below, the Exchange recently
calculated increased annual aggregate
costs of $12,034,554 for providing 10Gb
ULL connectivity on a single unshared
also include firms that engage in other types of
liquidity activity, such as seeking to remove resting
liquidity from the Exchange’s Book.
6 See Securities Exchange Act Release No. 90980
(January 25, 2021), 86 FR 7602 (January 29, 2021)
(SR–MIAX–2021–02).
7 See Securities Exchange Act Release No. 90981
(January 25, 2021), 86 FR 7582 (January 29, 2021)
(SR–PEARL–2021–01).
8 See id.
9 See MIAX Options and MIAX Pearl Options—
Announce planned network changes related to
shared 10G ULL extranet, issued August 12, 2022,
available at https://www.miaxglobal.com/alert/
2022/08/12/miax-options-and-miax-pearl-optionsannounce-planned-network-changes-0. The
Exchange will continue to provide access to both
the Exchange and MIAX Pearl over a single shared
1Gb connection. See Securities Exchange Act
Release Nos. 96553 (December 20, 2022), 87 FR
79379 (December 27, 2022) (SR–PEARL–2022–60);
96545 (December 20, 2022) 87 FR 79393 (December
27, 2022) (SR–MIAX–2022–48).
10 For example, the New York Stock Exchange,
Inc.’s (‘‘NYSE’’) Secure Financial Transaction
Infrastructure (‘‘SFTI’’) network, which contributes
to the Exchange’s connectivity cost, increased its
fees by approximately 9% since 2021. Similarly,
since 2021, the Exchange, and its affiliates,
experienced an increase in data center costs of
approximately 17% and an increase in hardware
and software costs of approximately 19%. These
percentages are based on the Exchange’s actual
2021 and proposed 2023 budgets.

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