17 Sep 2025
📈Cboe BZX Regulation Change
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.23 To Explicitly Provide That the Exchange May Extend the Quote-Only Period for an Initial Public Offering Auction Where a Derivative Security Fails To Meet the Exchange's Listing Qualification Requirements as Set Forth in Exchange Rule 14.11
Summary
Cboe BZX Exchange has filed a proposed rule change to amend its Rule 11.23, which would allow extending the Quote-Only Period for an IPO Auction when a Derivative Security does not meet listing requirements. This enhancement aims to clarify the Exchange's discretion in maintaining market integrity and compliance for new securities.
Agencies
- Securities and Exchange Commission
Business Impact
$$ - Med
The proposed rule change allows Cboe BZX Exchange to extend the Quote-Only Period for IPOs if a security fails to meet listing qualifications, affecting IPO execution and compliance for businesses. This change gives businesses more time to address compliance issues, potentially impacting their market entry.