Notice2023-21624
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Adopt an Alternative to the Minimum $4 Price Requirement for Companies Seeking To List Tier II Securities on the Exchange
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 2, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 189 (Monday, October 2, 2023)</title>
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[Federal Register Volume 88, Number 189 (Monday, October 2, 2023)]
[Notices]
[Pages 67852-67855]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-21624]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98532; File No. SR-CboeBZX-2023-063]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Adopt an Alternative to the Minimum
$4 Price Requirement for Companies Seeking To List Tier II Securities
on the Exchange
September 26, 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 September 19, 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 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. (``BZX'' or the ``Exchange'') is filing
with the Securities and Exchange Commission (``Commission'' or ``SEC'')
a proposed rule change to adopt an alternative to the minimum $4 price
requirement for companies seeking to list Tier II securities on the
Exchange.
The text of the proposed rule change is also available on the
Exchange's website (<a href="http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/">http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/</a>), 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 adopt an alternative to the minimum $4
price requirement for companies that seek to list Tier II securities on
the Exchange which meet the express exclusion from the definition of a
``penny stock'' contained in Exchange Act Rule 3a51-1(g) (the ``Penny
Stock Rules'').\3\ Such an amendment would allow a Company to list a
Tier II security on the Exchange if it satisfies all existing and
proposed listing standards except for the $4 price requirement.\4\ As
discussed below, the ``net tangible assets and average revenue tests''
proposed herein that satisfies the requirements of Exchange Act Rule
3a51-1(g) are substantively identical to the net tangible assets and
average revenue tests proposed by Nasdaq Stock Market, LLC (``Nasdaq'')
that received Commission approval.\5\
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\3\ 17 CFR 240.3a51-1(g).
\4\ See Rule 14.9(b)(1)(A).
\5\ See Securities Exchange Act Nos. 66159 (January 13, 2012) 77
FR 3021 (January 20, 2012) (SR-NASDAQ-2012-002) (Notice of Filing of
Proposed Rule Change To Adopt an Alternative to the $4 Initial
Listing Bid Price Requirement for the Nasdaq Capital Market of
Either $2 or $3, if Certain Other Listing Requirements Are Met);
66830 (April 18, 2012) 77 FR 24549 (April 24, 2012) (Notice of
Filing of Amendment No. 1 and Order Granting Accelerated Approval to
Proposed Rule Change, as Modified by Amendment No. 1, To Adopt an
Alternative to the $4 Per Share Initial Listing Bid Price
Requirement for the Nasdaq Capital Market of Either $2 Closing Price
Per Share or $3 Closing Price Per Share, if Certain Other Listing
Requirements are Met).
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The Exchange is seeking to make this change to enhance competition
among exchanges for companies with securities priced between $2 and $4.
Rule 3a51-1 \6\ defines a ``penny stock'' as any equity security that
does not satisfy one of the exceptions enumerated in subparagraphs (a)
through (g) under the Rule. If a security is a penny stock, Rules 15g-1
through 15g-9 under the Act \7\ impose certain additional disclosure
and other requirements on brokers and dealers when effecting
transactions in such securities. Exchange-listed securities are not
considered penny stocks because they comply with the requirements of
Rule 3a51-1(a)(2) under the Act,\8\ which excepts from the definition
of penny stock securities registered on national securities exchanges
that have initial listing standards that meet certain requirements,
including a $4 bid price at the time of listing. The Exchange's
listings standards currently include all the requirements to qualify
for the penny stock exception under Exchange Act Rule 3a51-1(a)(2) so
that today, once a security is initially listed on the Exchange, the
Exchange will not be considered a penny stock for so long as it is
listed on the Exchange.
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\6\ 17 CFR 240.3a51-1.
\7\ 17 CFR 240.15g-1.
\8\ 17 CFR 240.3a51-1(a)(2).
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The penny stock rules also exclude from the definition of penny
stock, under a ``grandfather'' provision, securities registered on a
national securities exchange that has been continually registered as
such since April 20, 1992, and has maintained quantitative listing
standards that are substantially similar to or stricter than those
listing standards that were in place on the exchange on January 8,
2004.\9\ NYSE American, LLC (``NYSE American'') meets this standard,
but the Exchange, which was more recently registered as a national
securities exchange, does not. Accordingly, NYSE American's initial
listing price requirements of either $2 or $3 are grandfathered under
this provision.
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\9\ See 17 CFR 240.3a51-1(a)(1).
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In 2012, Nasdaq received Commission approval for a proposed rule
change that allowed it to adopt an alternative to the $4 bid price
requirement (the ``Nasdaq proposal'').\10\ The Exchange is now
proposing to similarly adopt an alternative to the minimum $4 price
requirement for companies seeking to list Tier II securities on the
Exchange that is substantively identical to the Nasdaq proposal at the
time it was adopted.\11\
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\10\ Supra note 5.
\11\ The Exchange notes that since Nasdaq adopted the
alternative minimum price requirement in 2012, it has adopted
certain other initial listing requirements that differ from the
Exchange's current initial listing requirements. The Exchange is not
proposing to amend its initial listing requirements except for the
proposed alternative minimum price requirement at this time.
Instead, the Exchange is proposing to adopt the proposed alternative
minimum price requirement while its other initial listing standards
are substantively identical to Nasdaq's initial listing standards at
the time the minimum price requirement was approved by the
Commission in 2012.
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[[Page 67853]]
Under proposed Rule 14.9(b)(1)(A)(ii), companies that maintain a $2
or $3 closing price for at least five consecutive business days prior
to approval would qualify for listing, if among other things, they meet
the net tangible assets or average revenue tests of the alternative
penny stock exclusion set forth in Exchange Act Rule 3a51-1(g) \12\ and
meet all existing listing standards except for the $4 price
requirement. Such a company must instead have a minimum $3 price if it
qualifies under the $5 million equity \13\ or $750,000 net income
alternatives \14\ or a minimum $2 price if it qualifies under the $50
million market value of listed securities alternative.\15\ In addition,
a company qualifying under the proposed standard must have either: (a)
net tangible assets in excess of $2 million, if the issuer has been in
continuous operation for at least three years; or (b) net tangible
assets in excess of $5 million, if the issuer has been in continuous
operation for less than three years; or (c) average revenue of at least
$6 million for the last three years. For this purpose, net tangible
assets or revenue must be demonstrated on the Company's most recently
filed audited financial statements, satisfying the requirements of the
Commission, and which are dated less than 15 months prior to the date
of listing.\16\
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\12\ See 17 CFR 240.3a51-1(g). A company seeking to qualify
under only the Market Value of Listed Securities Standard would,
among other things, also be required to maintain for 90 consecutive
trading days the market value of their listed securities at $50
million and the $2 price requirement prior to applying to list under
the alternative standard. See Exchange Rule 14.9(b)(2)(B). Under the
Market Value of Listed Securities Standard, an issuer would need to
meet, among other things: (A) Market value of listed securities of
at least $50 million (current publicly traded issuers must meet this
requirement and the price requirement for 90 consecutive trading
days prior to applying for listing if qualifying to list only under
the market value of listed securities standard); (B) stockholders'
equity of at least $4 million; and (C) market value of publicly held
shares of at least $15 million. The Exchange proposes to revise Rule
14.9(b)(2)(B) in order to make it consistent with the proposal. In
particular, Rule 14.9(b)(2)(B)(i) would be revised to delete the
specific reference to $4 bid price requirement, since an issuer
seeking to initially list its securities under the Market Value of
Listed Securities Standard using the proposed alternative price
requirement would have to maintain a closing price of at least $2
per share for 90 consecutive trading days.
\13\ See Exchange Rule 14.9(b)(2)(A).
\14\ See Exchange Rule 14.9(b)(2)(C).
\15\ See Exchange Rule 14.9(b)(2)(B).
\16\ The proposed rule adopts the 15-month requirement to assure
consistency with the timing requirements contained in Exchange Act
Rule 3a51-1(g).
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As proposed under new interpretation and policy .01(a) to Rule
14.9, an Exchange-listed security could become subject to the penny
stock rules following initial listing if it no longer meets the
tangible assets or average revenue tests of the alternative exclusion,
and does not qualify for another exclusion under the penny stock rules.
Further, unlike securities listed under the Exchange's existing
standards, which have a blanket exclusion from the penny stock rules,
broker-dealers that effect recommended transactions in securities that
originally qualified for listing under the Exchange's alternative price
standard would, among other things, under Exchange Act Rule 3a51-1(g),
need to review current financial statements of the issuer to verify
that it meets the applicable net tangible assets or average revenue
test, have a reasonable basis for believing they remain accurate, and
preserve copies of those financial statements as part of its records.
As provided in proposed Interpretation and Policy .01 to Rule 14.9, in
order to assist brokers' and dealers' compliance with the requirements
of the Penny Stock Rules, the Exchange will monitor companies listed
under the proposed alternative and publish a list of any company that
initially listed under that requirement, which does not then meet the
requirements of Exchange Act Rule 3a51-1(g), described above, or any of
the other exclusions from being a penny stock contained in Rule 3a51-
1.\17\ Such list will be updated on a daily basis.
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\17\ The Exchange believes that the other exclusion most likely
to be implicated would be Rule 3a51-1(d), 17 CFR 240.3a51-1(d),
which provides an exclusion from the definition of a penny stock for
a security with a minimum bid price of $5. Note, however, that if a
Company obtains a $4 minimum bid price at a time when it meets all
other initial listing requirements, the Exchange would no longer
consider the company as having listed under the proposed alternative
standard.
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If a company initially lists with a bid price below $4 under the
alternative requirement contained in Rule 14.9(b)(1)(A)(ii), but
subsequently achieves a $4 closing price for at least five consecutive
business days and, at the same time, satisfies all other initial
listing criteria, it will no longer be considered as having listed
under the alternative requirement and the Exchange will notify the
Company that it has qualified for listing under the price requirement
contained in Rule 14.9(b)(1)(A)(i).\18\ If a security obtains a $4
closing price, the Exchange will determine whether it meets all other
initial listing requirements for the Tier II securities, including both
the quantitative and qualitative requirements.\19\ If the security
meets all initial listing requirements, it will satisfy the
requirements for the exclusion contained in Rule 3a51-1(a)(2) and no
longer be monitored for compliance with the other exclusions from the
definition of a penny stock. Brokers and dealers are reminded that the
list published by the Exchange is only an aid and that the Penny Stock
Rules impose specific obligations on brokers and dealers with respect
to transactions in penny stocks.
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\18\ See proposed Interpretation and Policy .01(a) to Rule 14.9.
\19\ The security will have to meet the $4 bid price requirement
contained in Rule 14.9(b)(1)(A)(i). In addition, Rule 14.9(b)(2)(B)
requires a company qualifying only under the Market Value of Listed
Securities requirement to satisfy that requirement and the price
requirement for 90 consecutive trading days prior to applying for
listing. Such a company will have to achieve a $4 bid price for 90
consecutive trading days and a $4 closing price for five days,
although these periods may overlap.
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Proposed Interpretation and Policy .01(b) to Rule 14.9 provides
that the proposed alternative price test will be based on the BZX
Official Closing Price \20\ in the security.\21\
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\20\ See BZX Rule 11.23(a)(3). As provided in Exchange Rule
11.23(c)(2)(B), ``[f]or a BZX-listed corporate security, the Closing
Auction price will be the BZX Official Closing Price. In the event
that there is no Closing Auction for a BZX-listed corporate
security, the BZX Official Closing Price will be the price of the
Final Last Sale Eligible Trade. See Exchange Rule 11.23(a)(9) for
the definition of ``Final Last Sale Eligible Trade''.
\21\ The Exchange notes that the process for determining the BZX
Official Closing Price is similar to the process on Nasdaq for
determining the Nasdaq Official Closing Price. See Nasdaq Rule 4754.
The Exchange notes that pursuant to Nasdaq Rule 4754(b)(5), Nasdaq
may apply auxiliary procedures for the Closing Cross to ensure a
fair and orderly market, where no such provision is available on
BZX.
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The Exchange also proposes that the required closing price must be
achieved for at least five consecutive business days before approval of
the listing application.\22\ The Exchange may extend the minimum five-
day compliance period required to satisfy these tests based on any fact
or circumstance, including the margin of compliance, the trading
volume, the trend of the security's price, or information or concerns
raised by other regulators concerning the trading of the security. The
Exchange believes that requiring the minimum $2 or $3 closing price to
be maintained for a period of five days (as opposed to one day) should
reduce the risk that some might attempt to manipulate or otherwise
artificially inflate the closing price in order to allow a security to
qualify for listing. In
[[Page 67854]]
addition, the Exchange will exercise its discretionary authority to
deny initial listing if there are particular concerns about an issuer,
such as its ability to maintain compliance with continued listing
standards or if there are other public interest concerns.\23\
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\22\ The Exchange, working with FINRA, will also adopt
surveillance procedures to monitor securities listed under the
proposed alternative as they approach $4. These procedures will be
designed to identify anomalous trading that could be indicative of
potential manipulation of the price.
\23\ See Exchange Rule 14.2.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\24\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \25\ requirements that the rules
of an exchange be designed to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, 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.
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\24\ 15 U.S.C. 78f(b).
\25\ 15 U.S.C. 78f(b)(5).
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The proposed rule change would adopt a $2 and $3 initial listing
price alternative for Tier II securities listed on the Exchange that is
substantially similar to the requirements of NYSE American and Nasdaq.
Particularly, the proposed rule change would require companies to
satisfy an additional net tangible asset or revenue test, which is
consistent with the requirements for a security to avoid being a penny
stock as set forth in Exchange Act Rule 3a51-1(g).\26\ The proposed
additional net tangible asset or revenue test is also identical to the
existing test on Nasdaq.\27\
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\26\ 17 CFR 240.3a51-1(g).
\27\ See Nasdaq Rule 5505(a)(1).
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As discussed above, broker-dealers that effect recommended
transactions in securities that originally qualified for listing under
the Exchange's alternative standard would among other things, under
Exchange Act Rule 3a51-1(g), need to review current financial
statements of the issuer to verify that it meets the applicable net
tangible assets or average revenue test, have a reasonable basis for
believing they remain accurate, and preserve copies of those financial
statements as part of its records. To facilitate compliance by broker-
dealers, the Exchange has committed to monitor the companies listed
under the alternative price standard and to publish on its website, and
update daily, a list of any such company that no longer meets the net
tangible assets or average revenue tests of the penny stock exclusion,
and which does not satisfy any other penny stock exclusion. The
Exchange also specifically reminds broker-dealers of their obligations
under the penny stock rules. The Exchange believes that, although the
listing of securities that do not have a blanket exclusion from the
penny stock rules and require ongoing monitoring may increase
compliance burdens on broker-dealers, the additional steps proposed by
the Exchange to facilitate compliance should reduce those burdens and
that, on balance, the Exchange's proposal is consistent with the
requirement of Section 6(b)(5) of the Act that the rules of an
exchange, among other things, be designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade and, in general, to protect investors and the
public interest.
Further, to address concerns about the potential manipulation of
lower priced stocks to meet the initial listing requirements, the
Exchange has proposed to require a company to maintain a $2 or $3
closing price for five consecutive business days prior to approval for
listing, rather than on a single day. The Exchange believes that
requiring the minimum $2 or $3 closing price to be maintained for a
longer period should reduce the risk that some might attempt to
manipulate or otherwise artificially inflate the closing price in order
to allow a security to qualify for listing. In addition, the Exchange
notes that it will exercise its discretionary authority to deny initial
listing if there are particular concerns about an issuer, such as its
ability to maintain compliance with continued listing standards or if
there were other public interest concerns. The Exchange believes these
additional measures, in conjunction with Exchange's surveillance
procedures and pre-listing qualification review, should help reduce the
potential for price manipulation to meet the new initial listing
standards, and in this respect are designed to prevent fraudulent and
manipulative acts and practices consistent with Section 6(b)(5) of the
Act.
As proposed, if securities listed under the alternative price
listing standard subsequently achieve a $4 closing price over at least
five consecutive business days, and the issuer and the securities
satisfy all other relevant initial listing criteria, then such
securities would no longer be considered as having listed under the
alternative price requirement. The Exchange notes that it has taken
several steps to address whether this provision could provide an
incentive for market participants to manipulate the price of the
security in order to achieve the $4 closing price and no longer be
considered as having listed under the alternative requirement. First,
the Exchange represents that it will conduct a robust, wholesale review
of the issuer's compliance with all applicable initial listing
criteria, including qualitative and quantitative standards, at the time
the $4 closing price is achieved, and will have a reasonable basis to
believe that that price was legitimately, and not manipulatively,
achieved. Secondly, the Exchange represents that it is developing
enhanced surveillance procedures to monitor securities listed under the
alternative price requirement as they approach $4 to identify anomalous
trading that would be indicative of potential price manipulation.
Finally, the proposal requires the $4 closing price to be met over at
least a five consecutive business day period in order to reduce the
potential for price manipulation. The Exchange believes that these
measures should help reduce the potential for price manipulation to
achieve the $4 closing price, and in this respect are designed to
prevent fraudulent and manipulative acts and practices consistent with
Section 6(b)(5) of the Act.
Section 6(b)(8) of the Act requires that the rules of an exchange
not impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. In addition, Section 11A of the
Act \28\ requires that there be fair competition among exchange markets
to further the public interest and protection of investors. Currently,
both Nasdaq and NYSE American rules allow for companies to list within
a minimum price requirement of $2 or $3. The Exchange's initial listing
requirements are substantively identical to Nasdaq's initial listing
requirements at the time the Nasdaq proposal was approved by the
Commission.\29\ Further, the net tangible assets and average revenue
tests proposed herein are identical to those on Nasdaq. Moreover, the
proposed net tangible assets and average revenue tests satisfy the
requirements of Exchange Act Rule 3a51-1(g). The proposed rule change
would enhance the competition between exchanges, and benefit companies
and their investors, by providing companies with another
[[Page 67855]]
listing venue. As such, the proposed rule change is consistent with
Sections 6(b)(8) and 11A.
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\28\ 15 U.S.C. 78k-1.
\29\ Supra note 5.
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Finally, as noted above, the proposed rule change would adopt the
identical initial listing price requirement contained in the NYSE
American Company Guide as well as Nasdaq Listing Rules. While the
Exchange acknowledges that Nasdaq has amended its initial listing
requirements as it pertains to unrestricted publicly held shares since
the Commission approved the alternative minimum price requirement, the
Exchange notes that its initial listing standards are substantively
identical to the Nasdaq Capital Market initial listing standards at the
time the alternative minimum price requirement was approved by the
Commission.\30\ As such, the Exchange believes that its listing
requirements would remain substantially similar to those of
``Designated Markets'',\31\ as required for covered securities under
Section 18 of the Securities Act.\32\
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\30\ Id.
\31\ Designated Markets refers to the national securities
exchanges designated by the Commission to have substantially similar
listing standards to those of the ``named markets'' (i.e., NYSE
American and Nasdaq).
\32\ 15 U.S.C. 77r.
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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 that is not necessary or appropriate
in furtherance of the purposes of the Act.
The Exchange believes the proposed rule change will not impose any
unnecessary burden on intramarket competition as all companies seeking
to list Tier II securities on the Exchange would be affected in the
same manner by the proposed change.
The proposed rule change will expand the competition for the
listing of equity securities as they will enable the Exchange to
compete for the listing of companies that are currently not qualified
for listing on the Exchange but are qualified to list on other national
securities exchanges. To the extent that companies prefer listing on a
market with these proposed listing standards, other exchanges can
choose to adopt similar enhancements to their requirements. As such,
these changes are neither intended to, nor expected to, impose any
burden on competition between exchanges.
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
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#5220273e377f313d3f3f373c2621122137317c353d24"><span class="__cf_email__" data-cfemail="1c6e697079317f7371717972686f5c6f797f327b736a">[email protected]</span></a>. Please include
file number SR-CboeBZX-2023-063 on the subject line.
Paper Comments
<bullet> 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-2023-063. 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 (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). 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-CboeBZX-2023-063 and should
be submitted on or before October 23, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
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\33\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-21624 Filed 9-29-23; 8:45 am]
BILLING CODE 8011-01-P
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