Notice2023-24271
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Equities Fee Schedule To Extend the Sunset Period for the Step-Added Liquidity Rebate
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
November 3, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 212 (Friday, November 3, 2023)</title>
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[Federal Register Volume 88, Number 212 (Friday, November 3, 2023)]
[Notices]
[Pages 75631-75635]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-24271]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98826; File No. SR-PEARL-2023-59]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX
Pearl Equities Fee Schedule To Extend the Sunset Period for the Step-
Added Liquidity Rebate
October 30, 2023.
Pursuant to the provisions of 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 October 18, 2023, MIAX PEARL, LLC (``MIAX
Pearl'' 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.
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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
The Exchange is filing a proposal to amend the fee schedule (the
``Fee Schedule'') applicable to MIAX Pearl Equities, an equities
trading facility of the Exchange.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/pearl-options/rule-filings">https://www.miaxglobal.com/markets/us-options/pearl-options/rule-filings</a>, at MIAX Pearl'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
1. Purpose
The Exchange proposes to amend Section 1)f) of the Fee Schedule to
modify the expiration month (referred to herein as the ``sunset
period'') of the required criteria of the Step-Up Added Liquidity
Rebate table. This table provides that Equity Members \3\ who satisfy
the required criteria will receive the Step-Up Added Liquidity Rebate
(described below). The Exchange originally filed this proposal on
October 12, 2023, (SR-PEARL-2023-57). On October 18, 2023, the Exchange
withdrew SR-PEARL-2023-57 and resubmitted this proposal.
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\3\ The term ``Equity Member'' is a Member authorized by the
Exchange to transact business on MIAX Pearl Equities. See Exchange
Rule 1901.
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Background
The Exchange currently provides a standard rebate of ($0.0024) \4\
per share for executions of orders in securities priced at or above
$1.00 per share that add displayed liquidity to the Exchange. The
Exchange also currently offers various volume-based tiers and
incentives through which an Equity Member may receive an enhanced
[[Page 75632]]
rebate for executions of orders that add displayed liquidity to the
Exchange by achieving the specified criteria that corresponds to a
particular tier/incentive.
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\4\ Rebates are indicated by parentheses. See the General Notes
Section of the Fee Schedule.
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In particular, the Exchange adopted a volume based pricing
incentive, referred to as the ``Step-Up Added Liquidity Rebate,'' in
which qualifying Equity Members receive an enhanced rebate of ($0.0031)
per share for executions of orders in securities priced at or above
$1.00 per share that add displayed liquidity to the Exchange.\5\ The
enhanced rebate provided by the Step-Up Added Liquidity Rebate applies
to Liquidity Indicator Codes AA (adds liquidity, displayed order, Tape
A), AB (adds liquidity, displayed order, Tape B) and AC (adds
liquidity, displayed order, Tape C).\6\
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\5\ See Securities Exchange Act Release No. 95614 (August 26,
2022), 87 FR 53813 (September 1, 2022) (SR-PEARL-2022-33).
\6\ See Fee Schedule, Section 1)b), Liquidity Indicator Codes
and Associated Fees.
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On September 27, 2023, the Exchange filed SR-PEARL-2023-50 which
amended the baseline month from May 2023 to July 2023 and extended the
sunset period from September 29, 2023 to January 31, 2024. These
changes were scheduled to become effective on October 1, 2023. However,
prior to these changes becoming effective the Exchange filed SR-PEARL-
2023-54 which superseded SR-PEARL-2023-50 and reverted the baseline
month back to May 2023 and changed the sunset period to November 30,
2023, with an effective implementation date of October 1, 2023. Insofar
as Equity Members are concerned, the baseline month has not changed, as
it was May 2023 for the month of September and remains May 2023 for the
month of October. The only substantive change for Equity Members is the
extension of the sunset period from September 2023 to November 2023.
Equity Members qualify for the Step-Up Added Liquidity Rebate by
achieving a ``Step-Up ADAV as a % of TCV'' \7\ of at least 0.03% over
the baseline month of May 2023. Average daily added volume (``ADAV'')
means average daily added volume calculated as the number of shares
added per day and average daily volume (``ADV'') means average daily
volume calculated as the number of shares added or removed, combined,
per day. ADAV and ADV are calculated on a monthly basis.\8\ Total
consolidated volume (``TCV'') means total consolidated volume
calculated as the volume in shares reported by all exchanges and
reporting facilities to a consolidated transaction reporting plan for
the month for which the fees apply.\9\ For example, if an Equity Member
had an ADAV as a percent of TCV of 0.01% in May 2023, then that Equity
Member has to achieve an ADAV as a percent of TCV equal to or greater
than 0.04% in any subsequent month in order to qualify for the Step-Up
Added Liquidity Rebate.
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\7\ The term ``Step-Up ADAV as a % of TCV'' means ADAV as a
percent of TCV in the relevant baseline month subtracted from the
current month's ADAV as a percent of TCV. See the Definitions
Section of the Fee Schedule. The Exchange notes that the Step-Up
Added Liquidity Rebate does not apply to executions of orders in
securities priced below $1.00 per share or executions of orders that
constitute added non-displayed liquidity.
\8\ The Exchange excludes from its calculation of ADAV and ADV
shares added or removed on any day that the Exchange's system
experiences a disruption that lasts for more than 60 minutes during
regular trading hours, on any day with a scheduled early market
close, and on the ``Russell Reconstitution Day'' (typically the last
Friday in June). Routed shares are not included in the ADAV or ADV
calculation. With prior notice to the Exchange, an Equity Member may
aggregate ADAV or ADV with other Equity Members that control, are
controlled by, or are under common control with such Equity Member
(as evidenced on such Equity Member's Form BD). See the Definitions
Section of the Fee Schedule.
\9\ The Exchange excludes from its calculation of TCV volume on
any given day that the Exchange's system experiences a disruption
that lasts for more than 60 minutes during Regular Trading Hours, on
any day with a scheduled early market close, and on the ``Russell
Reconstitution Day'' (typically the last Friday in June). See the
Definitions Section of the Fee Schedule.
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Proposal
The Exchange now proposes to amend Section 1)f) of the Fee Schedule
to modify the required criteria for Equity Members to receive the Step-
Up Added Liquidity Rebate. In particular, the Exchange proposes that
the criteria to qualify for the Step-Up Added Liquidity Rebate will
expire no later than November 30, 2023.\10\ The Exchange will issue an
alert to market participants should the Exchange determine that the
Step-Up Added Liquidity Rebate will expire earlier than November 30,
2023, or if the Exchange determines to amend the criteria or rate
applicable to the Step-Up Added Liquidity Rebate prior to the end of
the sunset period. The Exchange notes that at least one other competing
equities exchange provides a similar ``sunset period'' for one of its
enhanced rebates subject to the same baseline month as the Exchange
proposes.\11\
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\10\ The Exchange notes that at the end of the sunset period,
the Step-Up Added Liquidity Rebate will no longer apply unless the
Exchange files another 19b-4 Filing with the Commission to amend the
criteria terms.
\11\ See Securities Exchange Act Release No. 97662 (June 7,
2023), 88 FR 38576 (June 13, 2023) (SR-MEMX-2023-09); see also MEMX
LLC (``MEMX'') Fee Schedule, Liquidity Provision Tiers, Tier 6,
available at <a href="https://info.memxtrading.com/fee-schedule/">https://info.memxtrading.com/fee-schedule/</a> (last
visited September 29, 2023).
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The Exchange does not propose any other changes to the qualifying
criteria for Equity Members to receive the Step-Up Added Liquidity
Rebate. The Exchange also does not propose to amend the amount of the
enhanced rebate of ($0.0031) per share for Equity Members that qualify
for the Step-Up Added Liquidity Rebate. Finally, the Exchange does not
propose to change the baseline ADAV of 0.00% of TCV used for firms that
become Equity Members of the Exchange after May 2023 for the purpose of
the Step-Up Added Liquidity Rebate calculation.
The purpose of this proposed change is to simply extend the sunset
period two months, from September 2023 to November 2023. The Exchange
believes that the Step-Up Added Liquidity Rebate will continue to
provide an incentive for Equity Members to strive for higher ADAV on
the Exchange (above their ADAV in the baseline month of May 2023) to
receive the enhanced rebate for qualifying executions of orders in
securities priced at or above $1.00 per share that add displayed
liquidity to the Exchange. The Exchange believes that with the
extension of the sunset period the Step-Up Added Liquidity Rebate will
continue to encourage the submission of additional displayed added
liquidity to the Exchange, thereby promoting price discovery and
contributing to a deeper and more liquid market, which benefits all
market participants and enhances the attractiveness of the Exchange as
a trading venue. The Exchange notes that earlier this year, MEMX filed
a proposal to use May 2023 as the baseline month for one of its
enhanced Liquidity Provision Tiers (Tier 6) for MEMX's members to
receive an enhanced rebate and used November 30, 2023, as the sunset
period.\12\ The purpose of including the proposed sunset period in the
Fee Schedule is to provide clarity to Equity Members that, unless the
Exchange determines to amend or otherwise modify the Step-Up Added
Liquidity Rebate, the Step-Up Added Liquidity Rebate will expire at the
end of the sunset period.
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\12\ See id.
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Implementation
The proposed changes will become immediately effective.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with section 6(b) of the Act \13\
[[Page 75633]]
in general, and furthers the objectives of section 6(b)(4) of the Act
\14\ in particular, in that it is an equitable allocation of reasonable
fees and other charges among its Equity Members and issuers and other
persons using its facilities and is not designed to permit unfair
discrimination between customers, issuers, brokers, or dealers.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(4).
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The Exchange operates in a highly fragmented and competitive market
in which market participants can readily direct their order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of sixteen registered equities exchanges, and
there are a number of alternative trading systems and other off-
exchange venues, to which market participants may direct their order
flow. As of September 29, 2023, based on publicly available
information, no single registered equities exchange currently has more
than approximately 15-16% of the total market share of executed volume
of equities trading for the month of September 2023.\15\ Thus, in such
a low-concentrated and highly competitive market, no single equities
exchange possesses significant pricing power in the execution of order
flow, and the Exchange represents approximately 1.79% of the overall
market share as of September 29, 2023, for the month of September
2023.\16\ The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and also recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \17\
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\15\ See MIAX's ``The market at a glance/MTD AVERAGE,''
available at <a href="https://www.miaxglobal.com/">https://www.miaxglobal.com/</a> (Data as of 9/1/2023--9/28/
2023).
\16\ See id.
\17\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37499 (June 29, 2005).
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The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow or discontinue to reduce use of certain categories of
products, in response to new or different pricing structures being
introduced into the market. Accordingly, competitive forces constrain
the Exchange's transaction fees and rebates, and market participants
can readily trade on competing venues if they deem pricing levels at
those other venues to be more favorable. The Exchange believes the
proposal reflects a reasonable and competitive pricing structure
designed to incentivize market participants to direct additional orders
that add liquidity to the Exchange, which the Exchange believes would
deepen liquidity and promote market quality on the Exchange to the
benefit of all market participants.
The Exchange notes that volume-based incentives and discounts (such
as tiers) have been widely adopted by exchanges (including the
Exchange), and believes they are reasonable, equitable and not unfairly
discriminatory because they are available to all Equity Members on an
equal basis, provide additional benefits or discounts that are
reasonably related to the value of an exchange's market quality
associated with higher levels of market activity (such as higher levels
of liquidity provision and/or growth patterns), and the introduction of
higher volumes of orders into the price and volume discovery process.
The Exchange believes that the Step-Up Added Liquidity Rebate, as
modified by the proposed change to the sunset period, is reasonable,
equitable and not unfairly discriminatory as the Step-Up Added
Liquidity Rebate will continue to be available to all Equity Members on
an equal basis, and is reasonably designed to encourage Equity Members
to maintain or increase their order flow in liquidity-adding volume.
The Exchange believes this will continue to promote price discovery,
enhance liquidity and market quality, and contribute to a more robust
and well-balanced market ecosystem on the Exchange to the benefit of
all Equity Members and market participants. The Exchange also notes
that MEMX filed a proposal which also uses May 2023 as the baseline
month as well as November 2023 as its expiration month, for one of its
enhanced Liquidity Provision Tiers (Tier 6) for its members to receive
an enhanced rebate.\18\
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\18\ See supra note 11.
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The Exchange believes it is reasonable, equitable and not unfairly
discriminatory to amend the sunset period in the Fee Schedule for the
Step-Up Added Liquidity Rebate because it will provide clarity to
Equity Members that, unless the Exchange determines to amend or
otherwise modify the Step-Up Added Liquidity Rebate, the Step-Up Added
Liquidity Rebate will expire at the end of the sunset period. This will
allow Equity Members to take into account that the enhanced rebate
provided for by the Step-Up Added Liquidity Rebate may be discontinued
at the end of sunset period unless the Exchange announces otherwise and
files a revised proposal with the Commission. The Exchange further
notes that it will issue an alert to market participants should the
Exchange determine that the Step-Up Added Liquidity Rebate will expire
earlier than November 30, 2023, or if the Exchange determines to amend
the criteria or rate applicable to the Step-Up Added Liquidity Rebate
prior to the end of the sunset period. At least one other competing
equities exchange provided a similar sunset period in its fee schedule
for one of its enhanced rebates.\19\
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\19\ See id.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed change will not impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
Intramarket Competition
The Exchange does not believe that the proposal will impose any
burden on intramarket competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes the Step-
Up Added Liquidity Rebate, as modified by this proposal, will continue
to incentivize Equity Members to submit additional orders that add
liquidity to the Exchange, thereby contributing to a deeper and more
liquid market and promoting price discovery and market quality on the
Exchange to the benefit of all market participants and enhancing the
attractiveness of the Exchange as a trading venue, which the Exchange
believes, in turn, would continue to encourage market participants to
direct additional order flow to the Exchange. Greater liquidity
benefits all Equity Members by providing more trading opportunities and
encourages Equity Members to send additional orders to the Exchange,
thereby contributing to robust levels of liquidity, which benefits all
market participants. As described above, the opportunity to qualify for
the proposed new Step-Up Added Liquidity Rebate, and thus receive the
proposed rebate for qualifying executions of orders in securities
priced at or above $1.00 per share that add displayed volume will
continue to be available to all Equity Members that meet the associated
volume requirement, and the
[[Page 75634]]
Exchange believes the proposed extension of the sunset period is
reasonably related to the enhanced market quality that the Step-Up
Added Liquidity Rebate is designed to promote. As such the Exchange
does not believe the proposed changes would impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purpose of the Act.
The Exchange believes its proposal to extend the sunset period in
the Fee Schedule for the Step-Up Added Liquidity Rebate will not impose
any burden on intramarket competition not necessary or appropriate in
furtherance of the purposes of the Act because it will provide clarity
to Equity Members that, unless the Exchange determines to amend or
otherwise modify the Step-Up Added Liquidity Rebate, the Step-Up Added
Liquidity Rebate will be discontinued at the end of the sunset period.
This will allow Equity Members to take into account that the enhanced
rebate provided for by the Step-Up Added Liquidity Rebate may be
discontinued at the end of the sunset period unless the Exchange
announces otherwise. The Exchange further notes that it will issue an
alert to market participants should the Exchange determine that the
Step-Up Added Liquidity Rebate will expire earlier than November 30,
2023, or if the Exchange determines to amend the criteria or rate
applicable to the Step-Up Added Liquidity Rebate prior to the end of
the sunset period. At least one other competing equities exchange
provided a similar sunset period in its fee schedule for one of its
enhanced rebates.\20\
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\20\ See supra note 11.
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Intermarket Competition
The Exchange believes its proposal will benefit competition, and
the Exchange notes that it operates in a highly competitive market. The
Exchange notes that by extending its sunset period to November 2023,
its program has a sunset period similar to that of at least one other
equities exchange.\21\ Equity Members have numerous alternative venues
they may participate on and direct their order flow to, including
fifteen other equities exchanges and numerous alternative trading
systems and other off-exchange venues. As noted above, as of September
29, 2023, based on publicly available information, no single registered
equities exchange currently has more than approximately 15-16% of the
total market share of executed volume of equities trading for the month
of September 2023.\22\ Thus, in such a low-concentrated and highly
competitive market, no single equities exchange possesses significant
pricing power in the execution of order flow, and the Exchange
represents approximately 1.79% of the overall market share as of
September 29, 2023 for the month of September 2023.\23\ Moreover, the
Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow in response to new or different pricing structures
being introduced to the market. Accordingly, competitive forces
constrain the Exchange's transaction fees and rebates generally,
including with respect to the criteria for Equity Members to achieve
the Step-Up Added Liquidity Rebate, and market participants can readily
choose to send their orders to other exchanges and off-exchange venues
if they deem rebate criteria at those other venues to be more
favorable.
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\21\ See id.
\22\ See supra note 15.
\23\ See id.
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As described above, the proposed changes represent a competitive
proposal through which the Exchange is seeking to continue to encourage
additional order flow to the Exchange through a volume-based incentive
that is comparable to the criteria for volume-based incentives adopted
by at least one other competing exchange that has a similar sunset
period for a specific enhanced rebate that adds liquidity to that
market.\24\ Accordingly, the Exchange believes that its proposal would
not burden, but rather promote, intermarket competition by enabling it
to better compete with other exchanges that offer similar pricing
incentives to market participants that achieve certain volume criteria
and thresholds.
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\24\ See supra note 11.
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Additionally, the Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Specifically,
in Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \25\ The fact
that this market is competitive has also long been recognized by the
courts. In NetCoalition v. Securities and Exchange Commission, the D.C.
circuit stated: ``[n]o one disputes that competition for order flow is
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their routing agents, have a wide range of choices of where to
route orders for execution'; [and] `no exchange can afford to take its
market share percentages for granted' because `no exchange possesses a
monopoly, regulatory or otherwise, in the execution of order flow from
broker dealers'. . .''.\26\ Accordingly, the Exchange does not believe
its proposed pricing changes impose any burden on competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
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\25\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\26\ See NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSE-2006-21)).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
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,\27\ and Rule 19b-4(f)(2) \28\ thereunder.
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 necessary or appropriate
in the public interest, for the protection of investors, or 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.
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\27\ 15 U.S.C. 78s(b)(3)(A)(ii).
\28\ 17 CFR 240.19b-4(f)(2).
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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
[[Page 75635]]
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#3a484f565f17595557575f544e497a495f59145d554c"><span class="__cf_email__" data-cfemail="552720393078363a3838303b2126152630367b323a23">[email protected]</span></a>. Please include
file number SR-PEARL-2023-59 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-PEARL-2023-59. 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-PEARL-2023-59 and should be
submitted on or before November 24, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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\29\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-24271 Filed 11-2-23; 8:45 am]
BILLING CODE 8011-01-P
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