60 Day Notice

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38932

Federal Register / Vol. 89, No. 90 / Wednesday, May 8, 2024 / Notices

settlement of securities transactions.28
The Commission believes that the
Proposed Rule Change is consistent
with Section 17A(b)(3)(F) of the Act for
the reasons stated below.
As discussed in Part II, the
Commission has adopted a rule change
shortening the standard settlement cycle
from T+2 to T+1, with a compliance
date of May 28, 2024. The Proposed
Rule Change would align NSCC’s Rules
with this upcoming industry-wide move
and update NSCC’s Rules to
accommodate anticipated processing
timelines under a Shortened Settlement
Cycle. The Proposed Rule Change
would modify the timeframes, cutoff
times, and associated outputs for certain
processes related to NSCC’s clearance
and settlement operations for a T+1
environment, including Rules related to:
Definitions (Rule 1 and Procedure XIII);
Supplemental Liquidity Deposits (Rule
4A); Trade Comparison and Recording
(Procedure II); the Special
Representative Service (Procedure IV);
the Continuous Net Settlement (‘‘CNS’’)
System and CNS Accounting Operation
(Rule 11 and Procedure VII); the Balance
Order Accounting Operation (Procedure
V); the Foreign Security Accounting
Operation (Procedure VI); the ACATS
Settlement Accounting Operation
(Procedure XVIII); and the NSCC
Guaranty (Addendum K).
The Commission has reviewed and
analyzed the filing materials, and agrees
that these changes are necessary for
NSCC to clear and settle transactions
promptly and accurately under the
Shortened Settlement Cycle. As
described in Part III.A, the changes to
update and modify timeframes and
cutoff times to reflect a Shortened
Settlement Cycle should help ensure
that NSCC’s operations and Rules are
consistent with the Shortened
Settlement Cycle. Similarly, the changes
to modify existing processes such that
they occur within the Shortened
Settlement Cycle, as described in Part
III.B, should also help ensure that
NSCC’s functions are consistent with
and accommodate the Shortened
Settlement Cycle. Therefore, the
Commission finds that the Proposed
Rule Change should support NSCC’s
ability to provide prompt and accurate
clearance and settlement of securities
transactions and to remove
impediments to and perfect the
mechanism of a national system for the
prompt and accurate clearance and
settlement of securities transactions,
consistent with Section 17A(b)(3)(F) of
the Act.29 Regarding the technical
28 15

U.S.C. 78q–1(b)(3)(F).

29 Id.

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changes and corrections to the Rules not
required to accommodate the move to
T+1, as also described in Part III, the
Commission finds these changes also
consistent with Section 17A(b)(3)(F) of
the Act 30 because the technical updates
would provide additional clarity and
accuracy in the Rules for Members that
rely on them.
V. Conclusion
On the basis of the foregoing, the
Commission finds that the Proposed
Rule Change is consistent with the
requirements of the Act, and in
particular, with the requirements of
Section 17A of the Act 31 and the rules
and regulations promulgated
thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act 32 that
proposed rule change SR–NSCC–2024–
002, be, and hereby is, approved.33
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.34
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024–10001 Filed 5–7–24; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100050; File No. SR–
NYSEARCA–2024–27]

Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of a
Longer Period for Commission Action
on a Proposed Rule Change to List and
Trade Shares of the 7RCC Spot Bitcoin
and Carbon Credit Futures ETF Under
NYSE Arca Rule 8.500–E (Trust Units)

in the Federal Register on March 26,
2024.3
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 May 10, 2024.
The Commission is extending this 45day 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 June 24, 2024 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–NYSEARCA–2024–27).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024–10002 Filed 5–7–24; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–522, OMB Control No.
3235–0586]

May 2, 2024.

On March 13, 2024, NYSE Arca, Inc.
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 list and trade shares of the
7RCC Spot Bitcoin and Carbon Credit
Futures ETF under NYSE Arca Rule
8.500–E (Trust Units). The proposed
rule change was published for comment

Proposed Collection; Comment
Request; Extension: Rule 38a-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 (the

30 Id.
31 15

U.S.C. 78q–1.
U.S.C. 78s(b)(2).
33 In approving the Proposed Rule Change, the
Commission considered its impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
34 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
32 15

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3 See Securities Exchange Act Release No. 99801
(Mar. 20, 2024), 89 FR 21104. Comments on the
proposed rule change are available at: https://
www.sec.gov/comments/sr-nysearca-2024-27/
srnysearca202427.htm.
4 15 U.S.C. 78s(b)(2).
5 Id.
6 17 CFR 200.30–3(a)(31).

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lotter on DSK11XQN23PROD with NOTICES1

Federal Register / Vol. 89, No. 90 / Wednesday, May 8, 2024 / Notices
‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 38a–1 (17 CFR 270.38a–1) under
the Investment Company Act of 1940
(15 U.S.C. 80a) (‘‘Investment Company
Act’’) is intended to protect investors by
fostering better fund compliance with
securities laws. The rule requires every
registered investment company and
business development company
(‘‘fund’’) to: (i) adopt and implement
written policies and procedures
reasonably designed to prevent
violations of the federal securities laws
by the fund, including procedures for
oversight of compliance by each
investment adviser, principal
underwriter, administrator, and transfer
agent of the fund; (ii) obtain the fund
board of directors’ approval of those
policies and procedures; (iii) annually
review the adequacy of those policies
and procedures and the policies and
procedures of each investment adviser,
principal underwriter, administrator,
and transfer agent of the fund, and the
effectiveness of their implementation;
(iv) designate a chief compliance office
to administer the fund’s policies and
procedures and prepare an annual
report to the board that addresses
certain specified items relating to the
policies and procedures; and (v)
maintain for five years the compliance
policies and procedures and the chief
compliance officer’s annual report to the
board.
The rule contains certain information
collection requirements that are
designed to ensure that funds establish
and maintain comprehensive, written
internal compliance programs. The
information collections also assist the
Commission’s examination staff in
assessing the adequacy of funds’
compliance programs.
The Commission staff estimates that
13,628 funds are subject to rule 38a–1.
Based on these estimates, the total
annual burden hours associated with
Rule 38a–1 is 476,980 hours. The
estimated total annual burden hours
associated with rule 38a–1 have
increased 25,572 hours, from 451,408
hours to 476,980 hours and external
costs increased from $19,608,000 to
$23,876,256. These changes in burden
hours and external costs reflect changes
in the number of affected entities and in
the external cost associated with the
information collection requirements.
These changes reflect revised estimates.
The estimate of average burden hours
is made solely for the purposes of the

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Paperwork Reduction Act. The estimate
is based on communications with
industry representatives and is not
derived from a comprehensive or even
a representative survey or study.
Responses will not be kept confidential.
Other information provided to the
Commission in connection with staff
examinations or investigations is kept
confidential subject to the provisions of
applicable law. If information collected
pursuant to rule 38a–1 is reviewed by
the Commission’s examination staff, it is
accorded the same level of
confidentiality accorded to other
responses provided to the Commission
in the context of its examination and
oversight program.
Written comments are invited on: (a)
whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimate of the burden of the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
by July 8, 2024.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
Please direct your written comments
to: David Bottom, Chief Information
Officer, Securities and Exchange
Commission, c/o John Pezzullo, 100 F
Street NE, Washington, DC 20549 or
send an email to: PRA_Mailbox@
sec.gov.
Dated: May 2, 2024.
J. Matthew DeLesDernier,
Deputy Secretary.

38933

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100051; File No. SR–
CboeEDGA–2024–003]

Self-Regulatory Organizations; Cboe
EDGA Exchange, Inc.; Order Instituting
Proceedings To Determine Whether To
Approve or Disapprove Proposed Rule
Change To Amend Rule 11.6(n)(4) and
Rule 11.10(a)(4)(D) To Permit the Use
of the Post Only Order Instruction at
Prices Below $1.00
May 2, 2024.

I. Introduction
On January 19, 2024, Cboe EDGA
Exchange, Inc. (‘‘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 permit the use of the Post
Only order instruction (‘‘EDGA Post
Only Orders’’) at prices below $1.00.
The proposed rule change was
published for comment in the Federal
Register on February 7, 2024.3 On
March 19, 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 disapprove the proposed
rule change.5 The Commission did not
receive any comments. The Commission
is instituting proceedings pursuant to
Section 19(b)(2)(B) of the Act 6 to
determine whether to approve or
disapprove the proposed rule change.
II. Description of the Proposed Rule
Change 7
The Exchange proposes to amend
Rule 11.6(n)(4) and Rule 11.10(a)(4)(D)
to modify the treatment of EDGA Post
Only Orders priced below a dollar on
the Exchange. EDGA Post Only Orders
priced at or above $1.00 will only
remove liquidity if the value of the
execution when removing liquidity
equals or exceeds the value of such

[FR Doc. 2024–09964 Filed 5–7–24; 8:45 am]
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 99458
(February 1, 2024), 89 FR 8460 (‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 99765,
89 FR 20721 (March 25, 2024) (designating May 7,
2024, as the date by which the Commission shall
either approve, disapprove, or institute proceedings
to determine whether to disapprove the proposed
rule change).
6 15 U.S.C. 78s(b)(2)(B).
7 For a more detailed description of the proposed
rule change, including examples, refer to the
Notice, supra note 3.

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