Notice2025-22144
Self-Regulatory Organizations; Cboe EDGX 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. 1, To Amend Rule 11.21 To Allow a Retail Member Organization To Enter a Retail Order Onto the Exchange in a Principal Capacity
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
December 8, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 233 (Monday, December 8, 2025)</title>
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[Federal Register Volume 90, Number 233 (Monday, December 8, 2025)]
[Notices]
[Pages 56806-56807]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-22144]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104302; File No. SR-CboeEDGX-2025-035]
Self-Regulatory Organizations; Cboe EDGX 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. 1, To Amend Rule 11.21 To Allow a Retail
Member Organization To Enter a Retail Order Onto the Exchange in a
Principal Capacity
December 3, 2025.
On May 21, 2025, Cboe EDGX Exchange, Inc. (``Exchange'') filed with
the Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\
and Rule 19b-4 thereunder,\2\ a proposed rule change to (i) amend Rule
11.21(a)(2) to allow a Retail Member Organization to enter a Retail
Order onto the Exchange in a principal capacity, provided the
requirements of proposed Rule 11.21(g) are satisfied; (ii) codify in
proposed new Rule 11.21(g) additional requirements a Retail Member
Organization must comply with in order to enter Retail Orders as
principal; and (iii) amend Rule 11.21(b)(6) to require that Retail
Member Organizations have in place policies and procedures reasonably
designed to ensure compliance with proposed Rule 11.21(g), as well as
to ensure that the Retail Member Organization can, upon request by the
Exchange, produce documentation evidencing compliance with the
requirements of Rule 11.21(g).\3\ The Commission has not received any
comments on the proposed rule change. On July 25, 2025, pursuant to
Section 19(b)(2) of the Act,\4\ the Commission designated a longer
period within which to approve the proposed rule change, disapprove the
proposed rule change, or institute proceedings to determine whether to
disapprove the proposed rule change.\5\ On September 4, 2025, the
Exchange submitted Amendment No. 1 to the proposed rule change, which
amended and superseded the proposed rule change in its entirety.\6\ On
September 5, 2025, the Commission published notice of Amendment No. 1
and instituted proceedings under Section 19(b)(2)(B) of the Act \7\ to
determine whether to approve or disapprove the proposed rule change, as
modified by Amendment No. 1.\8\
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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. 103182 (June 4,
2025), 90 FR 24476 (June 10, 2025) (``Notice'').
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 103546 (July 25,
2025), 90 FR 35954 (July 30, 2025) (designating September 8, 2025 as
the date by which the Commission shall either approve, disapprove,
or institute proceedings to determine whether to disapprove the
proposed rule change).
\6\ The full text of Amendment No. 1 is available on the
Commission's website at <a href="https://www.sec.gov/comments/sr-cboeedgx-2025-035/srcboeedgx2025035-648447-1943494.pdf">https://www.sec.gov/comments/sr-cboeedgx-2025-035/srcboeedgx2025035-648447-1943494.pdf</a>.
\7\ 15 U.S.C. 78s(b)(2)(B).
\8\ See Securities Exchange Act Release No. 103878 (Sept. 5,
2025), 90 FR 43668 (Sept. 10, 2025).
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Section 19(b)(2) of the Act \9\ 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 June 10, 2025.\10\ The 180th day after publication of the Notice is
December 7, 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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\9\ 15 U.S.C. 78s(b)(2).
\10\ 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,\11\ designates
February 5, 2026, as the date by which the Commission shall either
approve or disapprove the proposed rule change, as modified by
Amendment
[[Page 56807]]
No. 1 (File No. SR-CboeEDGX-2025-035).
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\11\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(57).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-22144 Filed 12-5-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on December 8, 2025.
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