Notice2025-15523
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Interpretation and Policy .06 of Rule 4.3 To Permit the Listing of Options on an Exchange-Traded Fund as Defined in Rule 6c-11 Under the Investment Company Act of 1940
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
August 15, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 156 (Friday, August 15, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 156 (Friday, August 15, 2025)]
[Notices]
[Pages 39435-39438]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15523]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103686; File No. SR-CBOE-2025-053]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Interpretation and Policy .06 of Rule 4.3 To Permit the Listing of
Options on an Exchange-Traded Fund as Defined in Rule 6c-11 Under the
Investment Company Act of 1940
August 12, 2025.
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 5, 2025, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (``Cboe Options'' or the ``Exchange'') is
filing with the Securities and Exchange Commission (``Commission'' or
``SEC'') a proposed rule change to amend Interpretation and Policy .06
of Rule 4.3 to permit the listing of options on an exchange-traded fund
as defined in Rule 6c-11 under the Investment Company Act of 1940
(``Rule 6c-11''). 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 (<a href="http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx">http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx</a>) and at the Exchange's Office of the
Secretary.
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 Rule 4.3 (Criteria for Underlying
Securities) to amend (1) Interpretation and Policy .06(a)(1) to Rule
4.3 to provide that securities deemed appropriate for options include
Units \5\ that are listed pursuant to generic listing standards for an
exchange-traded fund as defined in Rule 6c-11 under the Investment
Company Act of 1940 (``ETF Shares''), portfolio depositary receipts, or
index fund shares; and (2) Interpretation and Policy .06(c)(1) to Rule
4.3 to provide that the Units must be listed pursuant to generic
listing standards for ETF Shares. Existing Interpretation and Policy
.06(c)(1) to Rule 4.3 provides that Units must be listed pursuant to
generic listing standards for portfolio depositary receipts and index
fund shares based on international global indexes under which a
comprehensive surveillance agreement (``CSSA'') is not required. This
proposal would amend Interpretation and Policy .06(c)(1) to add that
the Units may also be listed pursuant to generic listing standards for
ETF Shares.
---------------------------------------------------------------------------
\5\ The term ``Unit'' means a share or other security traded on
a national securities exchange and defined as an NMS stock as set
forth in Rule 4.3. See Exchange Rule 1.1.
---------------------------------------------------------------------------
This proposal will enable the Exchange to list and trade options on
generically listed exchange-traded funds that can rely on Rule 6c-11,
provided that the ETF Shares are listed pursuant to Rule 19b-4(e) of
the Exchange Act. Rule 19b-4(e) provides that the listing and trading
of a new derivative securities product by a self-regulatory
organization (``SRO'') shall not be deemed a proposed rule change,
pursuant to paragraph (c)(1) of Rule 19b-4, if the Commission has
approved, pursuant to Section 19(b) of the Exchange Act, the SRO's
trading rules, procedures and listing standards for the product class
that would include the new derivatives securities product, and the SRO
has a surveillance program for the product class. In other words, the
proposal will amend the listing standards to allow the Exchange to list
and trade options on ETF Shares to a similar degree that they are
allowed to be listed on index fund shares and portfolio depositary
receipts. A series of index fund shares or portfolio depositary
receipts may generically list as ETF Shares so long as the fund meets
all listing requirements under the applicable ETF Shares listing
rule.\6\ The proposal merely represents a natural progression from a
previous approval order, which established the principle that options
listing standards should align with the surveillance framework of their
underlying securities.\7\ While the MIAX Approval Order was limited to
portfolio depositary receipts and index fund shares based on
international or global indexes, the Exchange believes the underlying
regulatory logic (that adequate transparency and surveillance of the
underlying security can support options listing without additional CSSA
requirements) applies equally to ETF Shares listed under generic
listing standards, and is further supported by the fact that index fund
shares and portfolio depositary receipts are generally designed to meet
the
[[Page 39436]]
requirements of the ETF Shares listing standards.
---------------------------------------------------------------------------
\6\ See e.g., Cboe BZX Exchange Rule 14.11(l) (ETF Shares).
\7\ See Securities Exchange Act No. 874509 (March 13, 2015) 80
FR 14425 (March 19, 2015) (SR-MIAX-2015-04) (Order Approving a
Proposed Rule Change To Amend MIAX Rule 402) (the ``MIAX Approval
Order'').
---------------------------------------------------------------------------
The Exchange allows for the listing and trading of options on
exchange-traded funds under Interpretation and Policy .06 to Rule 4.3.
In particular, Interpretation and Policy .06(a)(1) provides that
securities deemed appropriate for options trading include Units that
represent interests in registered investment companies (or series
thereof) organized as open-end management investment companies, unit
investment trusts or similar entities that hold portfolios of
securities and/or certain financial instruments and money market
instruments.\8\ The requirements of Interpretation and Policy .06(a)(1)
are generally based on the generic listing standards \9\ for exchange-
traded funds that pre-dated the adoption of Rule 6c-11 (the ``previous
generic listing standards''). The Exchange proposes to eliminate the
language from the rule text that specifies the securities and/or
financial instruments that the entity holds and instead provide that
the securities deemed appropriate for options trading include Units
that are listed pursuant to generic listing standards for ETF Shares,
portfolio depositary receipts, or index fund shares.
---------------------------------------------------------------------------
\8\ Interpretation and Policy .06(a)(1) provides that such
financial instruments include, but are not limited to, stock index
futures contracts, options on futures, options on securities and
indexes, equity caps, collars and floors, swap agreements, forward
contracts, repurchase agreements and reverse purchase agreements
(the ``Financial Instruments''). Such money market instruments,
include, but are not limited to, U.S. government securities and
repurchase agreements (the ``Money Market Instruments'') comprising
or otherwise based on or representing investments in indexes or
portfolios of securities and/or Financial Instruments and Money
Market Instruments (or that hold securities in one or more other
registered investment companies that themselves hold such portfolios
of securities and/or Financial Instruments and Money Market
Instruments).
\9\ See e.g., Cboe BZX Exchange Rules 14.11(c) (Index Fund
Shares), 14.11(i) (Managed Fund Shares), and 14.11(b) (Portfolio
Depositary Receipts).
---------------------------------------------------------------------------
Similarly, Interpretation and Policy .06(c)(1) to Rule 4.3 provides
that Units must be listed pursuant to generic listing standards for
series of portfolio depositary receipts and index fund shares based on
international or global indexes under which a comprehensive
surveillance agreement is not required. Thus, the requirements of
Interpretation and Policy .06(c)(1) to Rule 4.3 are also generally
based on the previous generic listing standards. The Exchange proposes
to amend Interpretation and Policy .06(c)(1) to Rule 4.3 to explicitly
provide that the Units must be listed pursuant to the generic listing
standards for ETF Shares, or series of portfolio depositary receipts
and index fund shares based on international or global indexes under
which a comprehensive surveillance agreement is not required.
In 2019, the Commission adopted Rule 6c-11 to permit exchange-
traded funds that satisfy certain conditions to operate without
obtaining an exemptive order from the Commission under the Investment
Company Act of 1940.\10\ In 2020, the Commission approved generic
listing standards pursuant to Rule 19b-4(e) of the Exchange Act for
exchange-traded funds that meet the requirements of Rule 6c-11 (i.e.,
ETF Shares).\11\ Such generic listing standards permit the listing and
trading of ETF Shares that are permitted to operate in reliance on Rule
6c-11 to list and trade on an exchange without a prior Commission
approval order or notice of effectiveness pursuant to Section 19(b) of
the Act. Exchange-traded funds listed pursuant to the previous generic
listing standards would generally meet the requirements of Rule 6c-11
and thus could list as ETF Shares on an equity exchange.
---------------------------------------------------------------------------
\10\ See Release Nos. 33-10695; IC-33646; File No. S7-15-18
(Exchange-Traded Funds) (September 25, 2019), 84 FR 57162 (October
24, 2019) (the ``Rule 6c-11 Release'').
\11\ See e.g., Securities Exchange Act Release No. 88566 (April
6, 2020) 85 FR 20312 (April 10, 2020) (SR-CboeBZX-2019-097) (Order
Granting Accelerated Approval of a Proposed Rule Change, as Modified
by Amendment No. 2, To Adopt BZX Rule 14.11(l) Governing the Listing
and Trading of Exchange-Traded Fund Shares) (``BZX ETF Shares
Approval Order'').
---------------------------------------------------------------------------
The ETF Shares generic listing standards did not include the
quantitative standards applicable to a fund or an index that were
included in the previous generic listing standards.\12\ Ultimately, the
Commission found that the ETF Shares generic listing standards are
reasonably designed to help prevent fraudulent and manipulative acts
and practices particularly because a central qualification for listing
generically is ongoing compliance with Rule 6c-11, which requires,
among other things, ETF Shares to prominently disclose the portfolio
holdings that will form the basis for each calculation of net asset
value per share. Because initial and ongoing compliance with Rule 6c-11
is a condition for listing and trading on the equity listing markets,
Rule 6c-11 permits the equity exchanges to list and trade shares of an
investment company with a fully transparent portfolio. The Commission
stated that it believes that such portfolio transparency should help
prevent manipulation of the price of ETF Shares.\13\
---------------------------------------------------------------------------
\12\ Supra note 6.
\13\ See BZX ETF Shares Approval Order at 20320.
---------------------------------------------------------------------------
In approving the ETF Shares generic listing standards, the
Commission thoroughly considered the structure of the ETF Shares, their
usefulness to investors and to the markets, and SRO rules that govern
their listing and trading. The Exchange believes that allowing the
listing of options overlying ETF Shares that are listed pursuant to the
generic listing standards on equities exchanges and applying Rule 19b-
4(e) \14\ should fulfill the intended objective of that Rule by
allowing options on those ETF Shares that have satisfied the generic
listing standards to commence trading, without the need for the public
comment period and Commission approval. The Exchange believes enabling
the listing and trading of options on ETF Shares pursuant to this
amended listing standard will benefit investors by providing them with
valuable risk management tools, such as direct hedging tools, in a more
timely manner. The proposed rule would allow the Exchange to quickly
determine whether Units are appropriate for options trading under
Interpretation and Policy .06 of Exchange Rule 4.3 and has the
potential to reduce the time frame for bringing options on ETF Shares
to market, thereby benefitting investors by timely providing increased
trading and hedging opportunities. The failure of a particular
exchange-traded fund to comply with the generic listing standards under
Rule 19b-4(e) \15\ would not, however, preclude the Exchange from
submitting a separate filing pursuant to Section 19(b)(2),\16\
requesting Commission approval to list and trade options on a
particular exchange-traded fund.
---------------------------------------------------------------------------
\14\ 17 CFR 240.19b-4(e).
\15\ Id.
\16\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
Options on ETF Shares listed pursuant to the proposed generic
listing standards would be traded, in all other respects, under the
Exchange's existing trading rules and procedures that apply to options
on exchange-traded funds and would be covered under the Exchange's
surveillance program for options on Units.\17\
---------------------------------------------------------------------------
\17\ E.g., Units will continue to be subject to the position
limits set forth in Exchange Rule 8.30.
---------------------------------------------------------------------------
The Exchange believes this proposed listing standard for options on
ETF Shares is reasonable and will result in options that are not
readily susceptible to manipulation in light of existing Rule 6c-11
transparency requirements and options listing requirements.\18\ The
Commission has determined that portfolio transparency is central to
preventing manipulation of ETF Share prices and serves as the primary
qualification for generic listing of ETF
[[Page 39437]]
Shares.\19\ The Exchange believes this same transparency rationale
supports the generic listing of options on ETF Shares by aligning the
options generic listing standards with the ETF Shares generic listing
standards. Where ETF Shares have been deemed sufficiently transparent
to warrant generic listing, the Exchange believes the manipulation
risks for both the underlying shares and overlying options are
adequately mitigated through this transparency framework as options
manipulation is typically achieved through manipulation of the
underlying security. This proposal simply creates an streamlined
pathway for listing options on qualifying ETF Shares that meet the
enhanced transparency standards under Rule 6c-11.
---------------------------------------------------------------------------
\18\ See Interpretation and Policy .06(b) to Exchange Rule 4.3.
\19\ See BZX ETF Shares Approval Order at 20320.
---------------------------------------------------------------------------
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.\20\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \21\ 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.
---------------------------------------------------------------------------
\20\ 15 U.S.C. 78f(b).
\21\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
In particular, the Exchange believes enabling the listing and
trading of options on ETF Shares pursuant to this amended listing
standard will benefit investors by providing them with valuable risk
management tools, such as direct hedging tools, in a more timely
manner. The proposed rule would allow the Exchange to quickly determine
whether Units are appropriate for options trading under Interpretation
and Policy .06 of Exchange Rule 4.3 and has the potential to reduce the
time frame for bringing options on ETF Shares to market, thereby
benefitting investors by timely providing increased trading and hedging
opportunities.. The proposed rule streamlines the listing mechanism
\22\ for certain qualifying options on ETF Shares to be listed on the
Exchange in a manner that is 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 facilitating transactions in securities, to remove
impediments to and perfect the mechanisms of a free and open market and
a national market system and, in general, to protect investors and the
public interest. Specifically, where ETF Shares have been deemed
sufficiently transparent to warrant generic listing, the Exchange
believes the manipulation risks for both the underlying shares and
overlying options are adequately mitigated through this transparency
framework as options manipulation is typically achieved through
manipulation of the underlying security.
---------------------------------------------------------------------------
\22\ ETF Shares, which generally include index fund shares and
portfolio depositary receipts, may list under the applicable ETF
Shares listing rule, provided they meet all specified requirements.
The proposal clarifies Exchange Rules to explicitly confirm that
such ETF Shares fall within the scope of Interpretation and Policy
.06 to Rule 4.3.
---------------------------------------------------------------------------
The Exchange believes that the proposal is similar to previous
proposals that have sought to establish parallel listing standards for
options as the underlying exchange-traded fund.\23\ Specifically, in
2015 the Miami International Securities Exchange LLC (``MIAX'')
submitted a proposed rule filing that would allow it to list and trade
options on certain exchange-traded funds without a CSSA provided that
such exchange-traded funds that underlie options are listed on an
equities exchange pursuant to certain generic listing standards under
which a CSSA is not required. In the MIAX Approval Order, the
Commission stated that it ``believes that it is consistent with the Act
for the Exchange to list and trade options that overlie ETFs, provided
such ETFs are listed pursuant to generic listing standards on equities
exchanges for portfolio depositary receipts and index fund shares based
on international or global indexes under which a CSSA with a foreign
market is not required''.\24\
---------------------------------------------------------------------------
\23\ See Securities Exchange Act Nos. 874509 (March 13, 2015) 80
FR 14425 (March 19, 2015) (SR-MIAX-2015-04) (Order Approving a
Proposed Rule Change To Amend MIAX Rule 402); 75296 (June 25, 2015)
80 FR 37692 (July 1, 2015) (SR-CBOE-2015-052) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend Rule
5.3.06) (collectively, the ``Prior Options ETF Amendments'').
\24\ Supra note 6 at 14426.
---------------------------------------------------------------------------
The Exchange believes this proposal represents a natural
progression from the MIAX Approval Order, which established the
principle that options listing standards should align with the
surveillance framework of their underlying securities. While the MIAX
Approval Order was limited to portfolio depositary receipts and index
fund shares based on international or global indexes, the Exchange
believes the underlying regulatory logic (that adequate transparency
and surveillance of the underlying security can support options listing
without additional CSSA requirements) applies equally to ETF Shares
listed under generic listing standards. This is further supported by
the fact that Exchange-traded funds listed pursuant to the previous
generic listing standards would generally meet the requirements of Rule
6c-11 and thus could list as ETF Shares. The Commission's determination
that Rule 6c-11 ETF Shares can be listed generically without CSSA
requirements due to their transparency should logically extend to
options overlying these same transparent products. Specifically, the
Exchange believes Rule 6c-11's portfolio transparency requirements
provide an even stronger foundation for surveillance than the CSSA
requirement contemplated in the MIAX Approval Order. The Commission has
determined that portfolio transparency is central to preventing
manipulation of ETF Share prices and serves as the primary
qualification for generic listing of ETF Shares.\25\ The Exchange
believes this same transparency rationale supports the generic listing
of options on ETF Shares by aligning the options generic listing
standards with the ETF Shares generic listing standards. Where ETF
Shares have been deemed sufficiently transparent to warrant generic
listing, the Exchange believes the manipulation risks for both the
underlying shares and overlying options are adequately mitigated
through this transparency framework as options manipulation is
typically achieved through manipulation of the underlying security. As
such, the Exchange believes that the proposal furthers the protection
of investors and the public interest by applying established regulatory
principles to the evolved ETF landscape created by Rule 6c-11, while
maintaining appropriate surveillance safeguards through the underlying
securities' transparency requirements.
---------------------------------------------------------------------------
\25\ See BZX ETF Shares Approval Order at 20320.
---------------------------------------------------------------------------
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 does not
believe that the
[[Page 39438]]
proposed rule change will impose any burden on intramarket competition
that is not necessary or appropriate in furtherance of the purposes of
the Act because ETF Shares, like any other exchange-traded funds, would
have to satisfy the Exchange's initial listing standards to be eligible
for options trading.\26\ Additionally, the proposed rule change would
apply to all market participants in the same manner as options on index
fund shares and portfolio depositary receipts and generically listed
options on ETF Shares would be equally available to all market
participants who wish to trade such options.
---------------------------------------------------------------------------
\26\ See Interpretation and Policy .06 to Exchange Rule 4.3.
---------------------------------------------------------------------------
The Exchange does not believe that the proposal will impose any
burden on intermarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. To the extent that aligning
the options generic listing standards with the ETF Shares generic
listing standards may make the Exchange a more attractive marketplace
to market participants at other exchanges, such market participants are
free to elect to become market participants on the Exchange.
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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \27\ and Rule 19b-4(f)(6) thereunder.\28\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \29\ and Rule 19b-
4(f)(6)(iii) thereunder.\30\
---------------------------------------------------------------------------
\27\ 15 U.S.C. 78s(b)(3)(A)(iii).
\28\ 17 CFR 240.19b-4(f)(6).
\29\ 15 U.S.C. 78s(b)(3)(A).
\30\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \31\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\32\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission to waive the 30-day operative delay so
that the proposal may become operative immediately upon filing. The
Exchange states that waiver of the operative delay would add immediate
clarity to the Exchange's rulebook by aligning its options listing
requirements with the underlying generic ETF Shares listing standards.
Specifically, the proposed rule change would explicitly confirm that
such ETF shares fall within the scope of Interpretation and Policy .06
to Exchange Rule 4.3. In addition, the Exchange believes that the
proposed rule change may result in more timely investment options and
opportunities for market participants seeking efficient trading and
hedging vehicles to achieve their investment objectives. For the
foregoing reasons, the Commission believes that waiver of the 30-day
operative delay is consistent with the protection of investors and the
public interest. Accordingly, the Commission hereby waives the 30-day
operative delay and designates the proposed rule change operative upon
filing.\33\
---------------------------------------------------------------------------
\31\ 17 CFR 240.19b-4(f)(6).
\32\ 17 CFR 240.19b-4(f)(6)(iii).
\33\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See U.S.C. 78c(f).
---------------------------------------------------------------------------
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 will institute proceedings under
Section 19(b)(2)(B) \34\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\34\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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#cdbfb8a1a8e0aea2a0a0a8a3b9be8dbea8aee3aaa2bb"><span class="__cf_email__" data-cfemail="f486819891d9979b9999919a8087b4879197da939b82">[email protected]</span></a>. Please include
file number SR-CBOE-2025-053 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-CBOE-2025-053. 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 filing 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-CBOE-2025-053 and should be submitted on
or before September 5, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\35\
---------------------------------------------------------------------------
\35\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-15523 Filed 8-14-25; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on August 15, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.