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The Nasdaq Stock Market LLC has submitted a proposed rule change to the Securities and Exchange Commission (SEC) to update the definitions of “class” and “series” in its Nasdaq Options Market LLC rules. This change is intended to align these terms with those used by affiliated exchanges. The proposal was filed on December 20, 2024, and has been designated for immediate effectiveness. The public is invited to submit comments on this proposal, which can be done electronically or by paper, until January 29, 2025.

The Securities and Exchange Commission is reviewing a proposed rule change by NYSE Arca, Inc.. The proposal involves updating the listing standards for Managed Portfolio Shares, a type of investment product, which allows the exchange to approve new listings without needing further rule changes if they meet specific criteria. Because this is a relatively new product, the Commission is seeking public input to determine if the proposed changes are consistent with market regulations and investor protections. They want feedback by January 27, 2021, to help decide whether to approve or disapprove the rule change.

Cboe BZX Exchange, Inc. has proposed changes to its rules regarding Market Makers in Derivative Securities. The proposal suggests that Market Makers should only be required to provide a list of their trading accounts upon request, rather than regularly filing them with the Exchange. Additionally, the proposal seeks to eliminate the rule preventing Market Makers from trading in accounts not reported to the Exchange. These updates aim to reduce the paperwork burden while ensuring necessary information is still accessible when required.

The Securities and Exchange Commission (SEC) has announced a list of rules they plan to review as part of the Regulatory Flexibility Act. The aim of this review is to determine if these rules should stay the same, be changed, or removed to lessen their economic impact on small businesses. The public is encouraged to provide feedback on these rules by January 9, 2025, to help the SEC make informed decisions. This includes important rulings such as those related to crowdfunding and small business exemptions under securities law.

The Securities and Exchange Commission (SEC) is requesting approval from the Office of Management and Budget (OMB) to extend the information collection related to an exemption for certain transactions in money market funds. This exemption, issued in 2015, allows broker-dealers to send transaction information to investors on a monthly basis instead of immediately, in specific cases. As of the end of 2023, around 206 broker-dealers would need to provide these notifications, and the SEC estimates this will only require about 1.8 hours of work per broker-dealer each year. The public is invited to comment on this request by March 31, 2025.

Nasdaq PHLX LLC has filed a proposal with the Securities and Exchange Commission to eliminate its Market Data Revenue (MDR) Rebate Program. This program was designed to increase market activity by offering financial incentives for displaying orders on the exchange, but it hasn't been successful in attracting enough activity. The program's complexity, combined with its limited financial benefits, makes it challenging to maintain, leading to the decision to discontinue it. The Securities and Exchange Commission invites public comments on this proposed change, suggesting that Nasdaq PHLX operates in a competitive market where participants can choose to trade elsewhere if dissatisfied with the changes.

Dream Exchange Holdings, Inc. has applied to the Securities and Exchange Commission (SEC) for registration as a national securities exchange under the Securities Exchange Act of 1934. The SEC is asking for public comments on Dream's proposal, which outlines how Dream plans to meet the legal requirements. Dream Exchange would operate an automated platform for trading stocks and would not have a physical trading floor. The public can view Dream's detailed application online and submit comments until April 17, 2025.

The Securities and Exchange Commission (SEC) is considering a proposed rule change by The Nasdaq Stock Market LLC. This change involves modifying the package of complimentary services for certain "Eligible Switches" and redefining what qualifies as an Eligible Switch. The SEC extended the period within which they must decide on this proposed rule change to allow more time for thorough consideration. They have set a new deadline of February 3, 2025, to either approve, disapprove, or continue evaluating whether to disapprove the rule change.

The Securities and Exchange Commission (SEC) announced that due to expected collections exceeding the planned budget of $2,188,658,000 for fiscal year 2025, the transaction fee rate under sections 31(b) and (c) of the Securities Exchange Act will be adjusted to $0.00 per million dollars. This adjustment comes into effect on May 14, 2025. The methodology for calculating the new fee rates, which were initially supposed to offset the SEC's appropriation by Congress, is detailed in the document's Appendix A. Despite financial calculations suggesting a negative fee rate, such a rate is not possible, so it has been rounded to zero.

The Cboe Exchange, Inc. has proposed a rule change, now immediately effective, to amend Rule 5.24, which deals with business continuity and disaster recovery plans. The change is primarily aimed at ensuring the exchange can transition smoothly to an all-electronic trading environment if their physical trading floor becomes inoperable, like during the COVID-19 pandemic. By extending the temporary rules to June 30, 2021, the Cboe Exchange hopes to maintain a fair and orderly market during such disruptions. The rule also allows for the potential use of a virtual trading floor if the physical one becomes unusable, ensuring continuity in trading practices.