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 List and Trade Shares of SolidX Bitcoin Shares Issued by the VanEck SolidX Bitcoin Trust, 63933 [2018-26828]

Download as PDF Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest, and not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Commission also finds that the proposed rule change is consistent with Section 6(b)(8) of the Act,15 which requires that the rules of a national securities exchange not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Commission notes that the primary listing market’s official closing price for a security is relied upon by market participants for a variety of reasons, including, but not limited to, calculation of index values, calculation of the net asset value of mutual funds and exchange-traded products, the price of derivatives that are based on the security, and certain types of trading benchmarks such as volume weighted average price strategies. For Derivatives Securities Products, in circumstances where there is no Closing Auction, or the Closing Auction trade consists of less than one round lot, the Exchange proposes to utilize more recent firm quotations instead of less recent trades, as such trades may provide less information about the current value of a security. The Exchange asserts that by doing so, the BZX Official Closing Price for such a Derivative Securities Product would be more reflective of the true and current value of such security on that trading day than otherwise would under the Exchange’s current rule, particularly for a Derivative Securities Product that is thinly traded.16 The Commission therefore believes that the Exchange’s proposal is reasonably designed to achieve the Act’s objectives to protect investors and the public interest. Accordingly, the Commission finds that the proposed rule change is consistent with the requirements of the Act. amozie on DSK3GDR082PROD with NOTICES1 IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act 17 that the proposed rule change (SR–CboeBZX– 2018–079), as modified by Amendment No. 1, be, and hereby is, approved. 15 15 U.S.C. 78f(b)(8). Notice, supra note 4, at 55437. 17 15 U.S.C. 78s(b)(2). 18 17 CFR 200.30–3(a)(12). 16 See VerDate Sep<11>2014 18:39 Dec 11, 2018 Jkt 247001 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–26834 Filed 12–11–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–84731; File No. SR– CboeBZX–2018–040] 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 List and Trade Shares of SolidX Bitcoin Shares Issued by the VanEck SolidX Bitcoin Trust December 6, 2018. On June 20, 2018, 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’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares. The proposed rule change was published for comment in the Federal Register on July 2, 2018.3 On August 7, 2018, 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 20, 2018, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act 6 to determine whether to approve or disapprove the proposed rule change.7 As of December 6, 2018, 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 83520 (June 26, 2018), 83 FR 31014 (July 2, 2018). 4 15 U.S.C. 78s(b)(2). 5 See Securities Exchange Act Release No. 83792 (Aug. 7, 2018), 83 FR 40112 (Aug. 13, 2018). 6 15 U.S.C. 78s(b)(2)(B). 7 See Securities Exchange Act Release No. 84231 (Sept. 20, 2018), 83 FR 48665 (Sept. 26, 2018). Specifically, the Commission instituted proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires among other things, that the rules of a national securities exchange be ‘‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’’ and ‘‘to protect investors and the public 2 17 PO 00000 Frm 00109 Fmt 4703 Sfmt 4703 63933 the Commission has received more than 1,600 comments on the proposed rule change.8 Section 19(b)(2) of the Act 9 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 reasons for such determination. The proposed rule change was published for notice and comment in the Federal Register on July 2, 2018. December 29, 2018, is 180 days from that date, and February 27, 2019 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 this proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,10 designates February 27, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR–CboeBZX–2018–040). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–26828 Filed 12–11–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–84745; File No. SR–GEMX– 2018–40] Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Supplementary Material .02 to Rule 715 December 7, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 interest.’’ See id. at 48667 (citing 15 U.S.C. 78f(b)(5)). 8 All comments on the proposed rule change are available on the Commission’s website at: https:// www.sec.gov/comments/sr-cboebzx-2018-040/cboeb zx2018040.htm. 9 15 U.S.C. 78s(b)(2). 10 Id. 11 17 CFR 200.30–3(a)(57). E:\FR\FM\12DEN1.SGM 12DEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 83, Number 238 (Wednesday, December 12, 2018)]
[Notices]
[Page 63933]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-26828]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84731; File No. SR-CboeBZX-2018-040]


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 
List and Trade Shares of SolidX Bitcoin Shares Issued by the VanEck 
SolidX Bitcoin Trust

December 6, 2018.
    On June 20, 2018, 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'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to list and trade 
shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin 
Trust under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares. The 
proposed rule change was published for comment in the Federal Register 
on July 2, 2018.\3\
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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. 83520 (June 26, 
2018), 83 FR 31014 (July 2, 2018).
---------------------------------------------------------------------------

    On August 7, 2018, 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 20, 2018, the Commission instituted proceedings 
under Section 19(b)(2)(B) of the Act \6\ to determine whether to 
approve or disapprove the proposed rule change.\7\ As of December 6, 
2018, the Commission has received more than 1,600 comments on the 
proposed rule change.\8\
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 83792 (Aug. 7, 
2018), 83 FR 40112 (Aug. 13, 2018).
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 84231 (Sept. 20, 
2018), 83 FR 48665 (Sept. 26, 2018). Specifically, the Commission 
instituted proceedings to allow for additional analysis of the 
proposed rule change's consistency with Section 6(b)(5) of the Act, 
which requires among other things, that the rules of a national 
securities exchange be ``designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade,'' and ``to protect investors and the public 
interest.'' See id. at 48667 (citing 15 U.S.C. 78f(b)(5)).
    \8\ All comments on the proposed rule change are available on 
the Commission's website at: https://www.sec.gov/comments/sr-cboebzx-2018-040/cboebzx2018040.htm.
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    Section 19(b)(2) of the Act \9\ 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 reasons for such determination. The proposed 
rule change was published for notice and comment in the Federal 
Register on July 2, 2018. December 29, 2018, is 180 days from that 
date, and February 27, 2019 is 240 days from that date.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    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 this proposed 
rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) 
of the Act,\10\ designates February 27, 2019, as the date by which the 
Commission shall either approve or disapprove the proposed rule change 
(File No. SR-CboeBZX-2018-040).
---------------------------------------------------------------------------

    \10\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-26828 Filed 12-11-18; 8:45 am]
 BILLING CODE 8011-01-P

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