Notice2025-16997
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 3, To Modify Rule 11.24 To Introduce an Enhanced RPI Order and Expand Its Retail Price Improvement Program To Include Securities Priced Below $1.00
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
September 5, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 170 (Friday, September 5, 2025)</title>
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[Federal Register Volume 90, Number 170 (Friday, September 5, 2025)]
[Notices]
[Page 43006]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-16997]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103819; File No. SR-CboeBYX-2025-007]
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of
Designation of a Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove a Proposed Rule Change, as
Modified by Amendment No. 3, To Modify Rule 11.24 To Introduce an
Enhanced RPI Order and Expand Its Retail Price Improvement Program To
Include Securities Priced Below $1.00
September 2, 2025.
On March 13, 2025, Cboe BYX Exchange, Inc. (the ``Exchange'' or
``BYX'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to modify BYX Rule 11.24 to introduce an Enhanced
RPI Order and expand its Retail Price Improvement Program to include
securities priced below $1.00.\3\ The Commission has not received any
comments on the proposed rule change.\4\ On April 29, 2025, pursuant to
Section 19(b)(2) of the Act,\5\ the Commission designated a longer
period within which to approve the proposed rule change, disapprove the
proposed rule change, or institute proceedings to determine whether to
disapprove the proposed rule change.\6\ On June 17, 2025, the Exchange
submitted Amendment No. 3 to the proposed rule change, which replaced
and superseded the proposed rule change as originally filed.\7\ On June
18, 2025, the Commission published notice of Amendment No. 3 and
instituted proceedings under Section 19(b)(2)(B) of the Act \8\ to
determine whether to approve or disapprove the proposed rule change, as
modified by Amendment No. 3.\9\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 102681 (March 14,
2025), 90 FR 13240 (``Notice'').
\4\ Comments received on the proposed rule change are available
at: <a href="https://www.sec.gov/comments/sr-cboebyx-2025-007/srcboebyx2025007.htm">https://www.sec.gov/comments/sr-cboebyx-2025-007/srcboebyx2025007.htm</a>.
\5\ 15 U.S.C. 78s(b)(2).
\6\ See Securities Exchange Act Release No. 102956, 90 FR 19013
(May 5, 2025) (designating June 18, 2025 as the date by which the
Commission shall either approve, disapprove, or institute
proceedings to determine whether to disapprove the proposed rule
change).
\7\ On May 6, 2025, the Exchange submitted Amendment No. 1 to
the proposed rule change. On June 16, 2025, the Exchange submitted
Amendment No. 2. On June 17, 2025, the Exchange withdrew Amendment
Nos. 1 and 2 and submitted Amendment No. 3 to the proposed rule
change. In Amendment No. 3, the Exchange amended the proposed rule
change to provide additional examples, justification and support for
its proposal and made certain changes to the proposed rule text. The
full text of Amendment No. 3 is available on the Commission's
website at: <a href="https://www.sec.gov/comments/sr-cboebyx-2025-007/srcboebyx2025007.htm">https://www.sec.gov/comments/sr-cboebyx-2025-007/srcboebyx2025007.htm</a>.
\8\ 15 U.S.C. 78s(b)(2)(B).
\9\ See Securities Exchange Act Release No. 103291, 90 FR 26843
(June 24, 2025).
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Section 19(b)(2) of the Act \10\ provides that, after initiating
proceedings, the Commission shall issue an order approving or
disapproving the proposed rule change not later than 180 days after the
date of publication of the notice of filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination. The
proposed rule change was published for comment in the Federal Register
on March 20, 2025.\11\ The 180th day after publication of the Notice is
September 16, 2025. The Commission is extending the time period for
approving or disapproving the proposed rule change for an additional 60
days.
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\10\ 15 U.S.C. 78s(b)(2).
\11\ See supra note 3.
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The Commission finds that it is appropriate to designate a longer
period within which to issue an order approving or disapproving the
proposed rule change so that it has sufficient time to consider the
proposed rule change and the issues raised therein. Accordingly, the
Commission, pursuant to Section 19(b)(2) of the Act,\12\ designates
November 15, 2025, as the date by which the Commission shall either
approve or disapprove the proposed rule change, as modified by
Amendment No. 3 (File No. SR-CboeBYX-2025-007).
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\12\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(57).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-16997 Filed 9-4-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 5, 2025.
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