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Self-Regulatory Organizations; Cboe BZX 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 To Permit the Generic Listing and Trading of Multi-Class ETF Shares

89 Fed. Reg. 86393 (Oct. 30, 2024)

Self-Regulatory Organizations; Cboe BZX 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 To Permit the Generic Listing and Trading of Multi-Class ETF Shares

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Federal RegisterOct 30, 2024
89 Fed. Reg. 86393 (Oct. 30, 2024)
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    Securities and Exchange Commission
  • [Release No. 34-101422; File No. SR-CboeBZX-2024-026]
    • October 23, 2024.

    On April 15, 2024, Cboe BZX Exchange, Inc. (“BZX”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) and Rule 19b-4 thereunder, a proposed rule change to amend BZX Rule 14.11(l) to permit the generic listing and trading of Multi-Class ETF Shares. The proposed rule change was published for comment in the Federal Register on May 1, 2024.

    See Securities Exchange Act Release No. 100034 (April 25, 2024), 89 FR 35255. Comments on the proposed rule change are available at: https://www.sec.gov/comments/sr-cboebzx-2024-026/srcboebzx2024026.htm.

    On May 30, 2024, pursuant to Section 19(b)(2) of the Act, 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. On July 12, 2024, the Commission instituted proceedings pursuant to Section 19(b)(2)(B) of the Act to determine whether to approve or disapprove the proposed rule change.

    See Securities Exchange Act Release No. 100248, 89 FR 48202 (June 5, 2024).

    See Securities Exchange Act Release No. 100522, 89 FR 58463 (July 18, 2024).

    Section 19(b)(2) of the Act provides that, after initiating disapproval 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 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 notice and comment in the Federal Register on May 1, 2024. October 28, 2024 is 180 days from that date, and December 27, 2024 is 240 days from that date.

    The Commission finds it 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. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates December 27, 2024 as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR-CboeBZX-2024-026).

    Id.

    For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.

    Sherry R. Haywood,

    Assistant Secretary.

    [FR Doc. 2024-25060 Filed 10-29-24; 8:45 am]

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