Self-Regulatory Organizations; Miami PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 100, Definitions, Rule 200, Trading Permits, Chapter III, Business Conduct, Rule 506, Collection and Dissemination of Quotations, Chapter VII, Exercises and Deliveries, Chapter VIII, Records, Reports and Audits, Chapter IX, Summary Suspension, Chapter XI, Hearings, Review and Arbitration, Chapter XIII, Doing Business With The Public, Chapter XIV, Order Protection, Locked and Crossed Markets, Chapter XV, Margins, Chapter XVI, Net Capital Requirements, Chapter XVII, Consolidated Audit Trail Compliance Rule and Chapter XVIII, Index Options, 20445-20448 [2019-09507]
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Federal Register / Vol. 84, No. 90 / Thursday, May 9, 2019 / Notices
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
MIAX–2019–21 on the subject line.
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Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–MIAX–2019–21. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
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10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–MIAX–2019–21, and
should be submitted on or before May
30, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–09508 Filed 5–8–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85771; File No. SR–
PEARL–2019–16]
Self-Regulatory Organizations; Miami
PEARL, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Exchange
Rule 100, Definitions, Rule 200,
Trading Permits, Chapter III, Business
Conduct, Rule 506, Collection and
Dissemination of Quotations, Chapter
VII, Exercises and Deliveries, Chapter
VIII, Records, Reports and Audits,
Chapter IX, Summary Suspension,
Chapter XI, Hearings, Review and
Arbitration, Chapter XIII, Doing
Business With The Public, Chapter
XIV, Order Protection, Locked and
Crossed Markets, Chapter XV, Margins,
Chapter XVI, Net Capital Requirements,
Chapter XVII, Consolidated Audit Trail
Compliance Rule and Chapter XVIII,
Index Options
May 3, 2019.
Pursuant to the provisions of Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that
on April 24, 2019, Miami PEARL, LLC
(‘‘MIAX PEARL’’ or the ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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20445
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing a proposal to
make a number of minor, nonsubstantive edits to Exchange Rule 100,
Definitions, Rule 200, Trading Permits,
Chapter III, Business Conduct, Rule 506,
Collection and Dissemination of
Quotations, Chapter VII, Exercises and
Deliveries, Chapter VIII, Records,
Reports and Audits, Chapter IX,
Summary Suspension, Chapter XI,
Hearings, Review and Arbitration,
Chapter XIII, Doing Business With The
Public, Chapter XIV, Order Protection,
Locked and Crossed Markets, Chapter
XV, Margins, Chapter XVI, Net Capital
Requirements, Chapter XVII,
Consolidated Audit Trail Compliance
Rule and Chapter XVIII, Index Options
for purposes of clarification and
uniformity.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxoptions.com/rulefilings/pearl at MIAX PEARL’s principal
office, and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Exchange Rule 100, Definitions, to make
minor non-substantive edits to
harmonize the rule text to that of the
Exchange’s affiliate, MIAX Emerald,
LLC (‘‘MIAX Emerald’’). Currently,
Exchange Rule 100 does not include a
definition for the Exchange’s affiliate,
MIAX Emerald. In order to ensure
conformity, the Exchange proposes to
amend Exchange Rule 100 to adopt the
definition for MIAX Emerald that is
nearly identical to rule text found in
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MIAX Emerald Rule 100. Accordingly,
MIAX PEARL proposes to adopt the
following definition for MIAX Emerald
to be included in Exchange Rule 100:
‘‘The term ‘MIAX Emerald’ means
MIAX Emerald, LLC.’’ The Exchange
believes that adopting the definition of
the Exchange’s affiliate, MIAX Emerald,
in Exchange Rule 100 creates
consistency between MIAX PEARL and
MIAX Emerald.
The Exchange also proposes to amend
Exchange Rule 100 to make a minor
non-substantive edit by deleting the
term ‘‘PEARL’’ and its definition for
purposes of clarification and uniformity
throughout the Exchange’s rulebook as
well as to conform the term ‘‘MIAX
PEARL’’ to how it is defined by the
Exchange’s affiliates, Miami
International Securities Exchange, LLC
(‘‘MIAX’’) and MIAX Emerald.
Currently, the Exchange’s rulebook
makes references to ‘‘MIAX PEARL’’ as
well as ‘‘PEARL.’’ All references to
MIAX PEARL in the rule text of the
Exchange, as well as the rule text of
MIAX and MIAX Emerald, should be to
‘‘MIAX PEARL,’’ and not the single term
‘‘PEARL.’’ Accordingly, the Exchange
proposes to delete the singular term
‘‘PEARL’’ and its definition in Exchange
Rule 100.
The Exchange also proposes to amend
the definitions for ‘‘Exchange’’ and
‘‘MIAX PEARL’’ in Exchange Rule 100
in order to delete the part of the
definition for ‘‘Exchange’’ and ‘‘MIAX
PEARL’’ which currently provide that
the singular term ‘‘PEARL’’ is a
reference to MIAX PEARL. Exchange
Rule 100 currently defines Exchange as
follows: ‘‘The term ‘Exchange’ means
the national securities exchange known
as MIAX PEARL, LLC, MIAX PEARL or
PEARL.’’ Pursuant to this proposal, the
definition for Exchange would be as
follows: ‘‘The term ‘Exchange’ means
the national securities exchange known
as MIAX PEARL, LLC, or MIAX
PEARL.’’ Exchange Rule 100 currently
defines MIAX PEARL as follows: ‘‘The
term ‘MIAX PEARL’ means the MIAX
PEARL, LLC, the Exchange or PEARL.’’
Pursuant to this proposal, the definition
for MIAX PEARL would be as follows:
‘‘The term ‘MIAX PEARL’ means the
MIAX PEARL, LLC, or the Exchange.’’
Next, the Exchange proposes to
amend several rules and chapters to
make minor non-substantive edits to
harmonize the rule text to that of the
Exchange’s affiliates, MIAX and MIAX
Emerald. Presently, MIAX is referred to
in the Exchange’s rulebook as ‘‘MIAX
Options Exchange.’’ The Exchange
proposes to delete the words ‘‘Options
Exchange’’ from all references to MIAX
throughout the Exchange’s rulebook.
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Exchange Rule 100 currently defines
MIAX as follows: ‘‘The term ‘MIAX
Options Exchange’ means Miami
International Securities Exchange,
LLC.’’ Pursuant to this proposal, the
definition for MIAX would be as
follows: ‘‘The term ‘MIAX’ means
Miami International Securities
Exchange, LLC.’’ The Exchange also
proposes that all other references
throughout the Exchange’s rulebook to
‘‘MIAX Options Exchange’’ would be
amended to delete the words ‘‘Options
Exchange,’’ such that all references will
be to the singular word ‘‘MIAX.’’ The
proposed amendments would be to
‘‘MIAX Options Exchange’’ references in
Rule 200, Trading Permits, Chapter III,
Business Conduct, Chapter VII,
Exercises and Deliveries, Chapter VIII,
Records, Reports and Audits, Chapter
IX, Summary Suspension, Chapter XI,
Hearings, Review and Arbitration,
Chapter XIII, Doing Business With The
Public, Chapter XIV, Order Protection,
Locked and Crossed Markets, Chapter
XV, Margins, Chapter XVI, Net Capital
Requirements, Chapter XVII,
Consolidated Audit Trail Compliance
Rule and Chapter XVIII, Index Options.
This proposal is for purposes of
clarification and uniformity throughout
the Exchange’s rulebook as well as to
conform the term ‘‘MIAX’’ to how it is
defined by the Exchange’s affiliates,
MIAX and MIAX Emerald.3
Next, the Exchange proposes to
amend Exchange Rule 200, Trading
Permits, to adopt similar rule text for
the waive-in application process to
obtain a trading permit for MIAX
PEARL that is currently in place on
MIAX Emerald for applicants holding a
MIAX or MIAX Emerald trading permit.
MIAX Emerald Rule 200 provides that a
holder of a MIAX or MIAX PEARL
trading permit in good standing is
eligible to receive one MIAX Emerald
trading permit in the same Membership
category to trade on MIAX Emerald.4
Member 5 applicants of MIAX and
MIAX PEARL are not required to submit
a full application for membership on
MIAX Emerald, but rather only need to
complete selected MIAX Emerald forms
concerning their election to trade on
MIAX Emerald, consent to MIAX
Emerald’s jurisdiction, and other
operational matters.6 This waive-in
application process is similar to
3 See MIAX Rule 100 and MIAX Emerald Rule
100.
4 See MIAX Emerald Rule 100.
5 The term ‘‘Member’’ means an individual or
organization approved to exercise the trading rights
associated with a Trading Permit. Members are
deemed ‘‘members’’ under the Exchange Act. See
Exchange Rule 100.
6 See MIAX Emerald Rule 100.
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arrangements in place at other
exchanges.7 The Exchange believes that
its affiliate, MIAX, would also make a
nearly identical change to MIAX Rule
200.8
MIAX PEARL Rule 200(c)(1) currently
has in place the waive-in application
process for holders of MIAX trading
permits who want to apply for a trading
permit on MIAX PEARL. Exchange Rule
200(c)(1) currently provides as follows:
Holders of MIAX Options Exchange trading
permits. A holder of a MIAX Options
Exchange trading permit in good standing is
eligible to receive one MIAX PEARL Trading
Permit. A holder of a MIAX Options
Exchange trading permit who wishes to
apply to the Exchange is not required to
complete and submit an Exchange
application. Instead only Exchange forms
concerning election to trade on the Exchange,
submitting to Exchange jurisdiction, and
operational matters need be completed and
tendered.
The Exchange proposes to amend
Exchange Rule 200(c)(1) to provide that
holders of MIAX Emerald trading
permits may also utilize the waive-in
application process to obtain a MIAX
PEARL trading permit as MIAX Emerald
is an affiliate of the Exchange. This
proposal also includes adopting
explanatory rule text in parenthesis
similar to rule text adopted by MIAX
Emerald. Accordingly, the Exchange
proposes to amend Exchange Rule
200(c)(1) to provide as follows:
Holders of MIAX or MIAX Emerald Trading
Permits. A holder of a MIAX or MIAX
Emerald trading permit in good standing is
eligible to receive one MIAX PEARL Trading
Permit in the same Membership category to
trade on MIAX PEARL (i.e., a MIAX
Registered Market Maker or a MIAX Emerald
Registered Market Maker is eligible to
become a MIAX PEARL Market Maker and a
MIAX Electronic Exchange Member or a
MIAX Emerald Electronic Exchange Member
is eligible to become a MIAX PEARL
Electronic Exchange Member). A holder of a
MIAX or MIAX Emerald trading permit who
wishes to apply to the Exchange is not
required to complete and submit an
Exchange application. Instead only Exchange
forms concerning election to trade on the
Exchange, submitting to Exchange
jurisdiction, and operational matters need be
completed and tendered.
The Exchange also proposes to amend
the rule text of Exchange Rule 200(c)(2)
for applicants of a MIAX PEARL trading
7 See, e.g., Nasdaq MRX, LLC Rule 302(a)
(containing similar expedited waive-in membership
process for members of the Nasdaq ISE, LLC and
Nasdaq GEMX, LLC); MIAX Emerald Rule 200(c)
(containing similar expedited waive-in membership
process for members of MIAX); and Cboe C2
Exchange, Inc. Rule 3.1(c)(1) (containing similar
expedited waive-in membership process for
members of Cboe).
8 See SR–MIAX–2019–21.
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permit who do not already hold a MIAX
or MIAX Emerald trading permit.
Exchange Rule 200(c)(2) currently
provides as follows:
Applicants Not Holding MIAX Options
Exchange trading permits. An applicant not
holding a MIAX Options Exchange trading
permit seeking to hold a MIAX PEARL
Trading Permit (‘‘Applicant’’) must submit an
application to the Exchange in accordance
with such procedures as shall be established
by the Exchange. In addition, the following
shall apply:
The Exchange proposes to amend
Exchange Rule 200(c)(2) to include a
provision for applicants of a MIAX
PEARL trading permit who do not
already hold a MIAX Emerald trading
permit to conform to the rule text of
MIAX Emerald. Accordingly, the
Exchange proposes to amend Exchange
Rule 200(c)(2) as follows:
Applicants Not Holding MIAX Trading
Permits. An applicant not holding a MIAX or
MIAX Emerald trading permit seeking to
hold a MIAX PEARL Trading Permit
(‘‘Applicant’’) must submit an application to
the Exchange in accordance with such
procedures as shall be established by the
Exchange. In addition, the following shall
apply:
Next, the Exchange proposes to
amend the rule text of Exchange Rule
200(d) to make a minor non-substantive
corrective edit. Exchange Rule 200(d)
currently provides as follows:
Every Trading Permit holder must have
and maintain membership in another
registered options exchange other than the
MIAX Options Exchange (that is not
registered solely under Section 6(g) of the
Exchange Act). If such other registered
options exchange has not been designated by
the Commission, pursuant to Rule 17d–1
under the Exchange Act, to examine
Members for compliance with financial
responsibility rules, then such Applicant
must have and maintain a membership in
FINRA.
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The Exchange proposes to amend
Exchange Rule 200(d) to adopt rule text
to provide that every trading permit
holder of MIAX PEARL must have and
maintain membership in another
options exchange other than MIAX or
MIAX Emerald to conform to the rule
text of the Exchange’s affiliate, MIAX
Emerald. Accordingly, the Exchange
proposes to amend Exchange Rule
200(d) as follows:
Membership in Another Registered Options
Exchange. Every Trading Permit holder must
have and maintain membership in another
registered options exchange other than the
MIAX or MIAX Emerald (that is not
registered solely under Section 6(g) of the
Exchange Act). If such other registered
options exchange has not been designated by
the Commission, pursuant to Rule 17d–1
under the Exchange Act, to examine
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Members for compliance with financial
responsibility rules, then such Applicant
must have and maintain a membership in
FINRA.
Finally, MIAX PEARL proposes to
amend Exchange Rule 506, Collection
and Dissemination of Quotations, to
make minor corrective changes to the
numerical and alphabetical list item
identifiers to properly conform to the
hierarchical heading scheme used
throughout the Exchange’s rulebook.
Accordingly, Exchange Rule 506 subparagraphs (d)(i) through (d)(ii) will be
renumbered as (d)(1) through (d)(2).
2. Statutory Basis
MIAX PEARL believes that its
proposed rule change is consistent with
Section 6(b) of the Act 9 in general, and
furthers the objectives of Section 6(b)(5)
of the Act 10 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in, securities, to
remove impediments to and perfect the
mechanisms of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
The Exchange believes the proposed
changes promote just and equitable
principles of trade and remove
impediments to and perfect the
mechanism of a free and open market
and a national market system because
the proposed rule changes make a
number of minor, non-substantive
corrective changes for purposes of
clarification and uniformity.
The Exchange believes the proposed
changes promote just and equitable
principles of trade and remove
impediments to and perfect the
mechanism of a free and open market
and a national market system because
the proposed rule changes correct errors
in the hierarchical heading scheme to
provide uniformity in the Exchange’s
rulebook. The Exchange notes that the
proposed changes to Rule 100, Chapter
III, Rule 506, Chapter VII, Chapter VIII,
Chapter IX, Chapter XI, Chapter XIII,
Chapter XIV, Chapter XV, Chapter XVI,
Chapter XVII and Chapter XVIII do not
alter the application of each rule. As
such, the proposed amendments would
foster cooperation and coordination
with persons engaged in facilitating
transactions in securities and would
remove impediments to and perfect the
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
10 15
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20447
mechanism of a free and open market
and a national exchange system. In
particular, the Exchange believes that
the proposed changes will provide
greater clarity to Members and the
public regarding the Exchange’s Rules.
It is in the public interest for rules to be
accurate and concise so as to eliminate
the potential for confusion.
The Exchange believes the proposed
changes to Exchange Rule 200 promotes
just and equitable principles of trade
and removes impediments to and
perfects the mechanism of a free and
open market and a national market
system because the proposed changes
will align MIAX PEARL Rule 200 with
MIAX Emerald Rule 200 regarding
trading permits. The Exchange believes
this consistency across exchanges
would remove impediments to and
perfect the mechanism of a free and
open market by ensuring that members,
regulators and the public can more
easily navigate the Exchange’s rulebook
and better understand the application
process for trading permits. The
Exchange also believes that although
MIAX Emerald rules may, in certain
instances, intentionally differ from
MIAX PEARL rules, the proposed
changes will promote uniformity with
MIAX PEARL with respect to rules that
are intended to be identical. The
Exchange believes that this proposal
will reduce the potential for confusion
by its Members that are also Members of
MIAX Emerald if the only differences
between MIAX Emerald rules and MIAX
PEARL rules are those that are specific
to each exchange.
The Exchange also believes the
proposed changes to Exchange Rule 200
promote just and equitable principles of
trade and removes impediments to and
perfects the mechanism of a free and
open market and a national market
system because MIAX PEARL and its
affiliates, MIAX and MIAX Emerald,
have substantially the same Members,
and by adopting the waive-in
application process for those Members
already holding trading permits on
MIAX and/or MIAX Emerald, promotes
the more effective utilization of time
and resources of the Exchange.
Furthermore, because MIAX and MIAX
Emerald trading permit holders have
already been vetted, the Exchange’s
proposal to amend the waive-in
application process in Exchange Rule
200 aligns the trading permit
application process with that of the
Exchange’s affiliate, MIAX Emerald,
preventing unnecessary regulatory
burdens and promoting the efficient
administration of the Exchange’s rules.
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B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule changes will have no
impact on competition as they are not
designed to address any competitive
issues but rather are designed to add
additional clarity to existing rules and
to remedy minor non-substantive issues
in the text of various rules identified in
this proposal.
The Exchange does not believe that
the proposed rule changes to Exchange
Rule 200 will impose any burden on
intermarket competition not necessary
or appropriate in furtherance of the
purposes of the Act because MIAX
PEARL and its affiliates, MIAX and
MIAX Emerald, have substantially the
same Members, and by adopting the
waive-in application process for those
Members already holding trading
permits on MIAX and/or MIAX Emerald
promotes the more effective utilization
of time and resources of the Exchange.
Furthermore, because MIAX and MIAX
Emerald trading permit holders have
already been vetted, the Exchange’s
proposal to amend the waive-in
application process in Exchange Rule
200 aligns the trading permit
application process with that of the
Exchange’s affiliate, MIAX Emerald,
preventing unnecessary regulatory
burdens and promoting the efficient
administration of the Exchange’s rules.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to 19(b)(3)(A)
of the Act 11 and Rule 19b–4(f)(6) 12
thereunder.
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–PEARL–2019–16, and
should be submitted on or before May
30, 2019.
IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Eduardo A. Aleman,
Deputy Secretary.
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
PEARL–2019–16 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–PEARL–2019–16. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
12 17
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of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
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[FR Doc. 2019–09507 Filed 5–8–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85772; File No. SR–NYSE–
2019–22]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Proposed Rule Change, as
Modified by Amendment No. 1, To
Amend Rule 7.31 To Add a New Order
Type, Capital Commitment Order, and
Make Related Changes to Rules 7.16,
7.34, 7.36, and 7.37
May 3, 2019.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on April 18,
2019, New York Stock Exchange LLC
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. On May 1,
2019, the Exchange filed Amendment
No. 1 to the proposal. The Commission
is publishing this notice to solicit
comments on the proposed rule change,
as modified by Amendment No. 1, from
interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 7.31 (Orders and Modifiers) to add
a new order type, Capital Commitment
Order, and make related changes to
Rules 7.16, 7.34, 7.36, and 7.37. The
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
E:\FR\FM\09MYN1.SGM
09MYN1
Agencies
[Federal Register Volume 84, Number 90 (Thursday, May 9, 2019)]
[Notices]
[Pages 20445-20448]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09507]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85771; File No. SR-PEARL-2019-16]
Self-Regulatory Organizations; Miami PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rule 100, Definitions, Rule 200, Trading Permits, Chapter III, Business
Conduct, Rule 506, Collection and Dissemination of Quotations, Chapter
VII, Exercises and Deliveries, Chapter VIII, Records, Reports and
Audits, Chapter IX, Summary Suspension, Chapter XI, Hearings, Review
and Arbitration, Chapter XIII, Doing Business With The Public, Chapter
XIV, Order Protection, Locked and Crossed Markets, Chapter XV, Margins,
Chapter XVI, Net Capital Requirements, Chapter XVII, Consolidated Audit
Trail Compliance Rule and Chapter XVIII, Index Options
May 3, 2019.
Pursuant to the provisions of Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on April 24, 2019, Miami PEARL, LLC (``MIAX
PEARL'' or the ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') a proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to make a number of minor, non-
substantive edits to Exchange Rule 100, Definitions, Rule 200, Trading
Permits, Chapter III, Business Conduct, Rule 506, Collection and
Dissemination of Quotations, Chapter VII, Exercises and Deliveries,
Chapter VIII, Records, Reports and Audits, Chapter IX, Summary
Suspension, Chapter XI, Hearings, Review and Arbitration, Chapter XIII,
Doing Business With The Public, Chapter XIV, Order Protection, Locked
and Crossed Markets, Chapter XV, Margins, Chapter XVI, Net Capital
Requirements, Chapter XVII, Consolidated Audit Trail Compliance Rule
and Chapter XVIII, Index Options for purposes of clarification and
uniformity.
The text of the proposed rule change is available on the Exchange's
website at https://www.miaxoptions.com/rule-filings/pearl at MIAX
PEARL's principal office, and at the Commission's Public Reference
Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Exchange Rule 100, Definitions, to
make minor non-substantive edits to harmonize the rule text to that of
the Exchange's affiliate, MIAX Emerald, LLC (``MIAX Emerald'').
Currently, Exchange Rule 100 does not include a definition for the
Exchange's affiliate, MIAX Emerald. In order to ensure conformity, the
Exchange proposes to amend Exchange Rule 100 to adopt the definition
for MIAX Emerald that is nearly identical to rule text found in
[[Page 20446]]
MIAX Emerald Rule 100. Accordingly, MIAX PEARL proposes to adopt the
following definition for MIAX Emerald to be included in Exchange Rule
100: ``The term `MIAX Emerald' means MIAX Emerald, LLC.'' The Exchange
believes that adopting the definition of the Exchange's affiliate, MIAX
Emerald, in Exchange Rule 100 creates consistency between MIAX PEARL
and MIAX Emerald.
The Exchange also proposes to amend Exchange Rule 100 to make a
minor non-substantive edit by deleting the term ``PEARL'' and its
definition for purposes of clarification and uniformity throughout the
Exchange's rulebook as well as to conform the term ``MIAX PEARL'' to
how it is defined by the Exchange's affiliates, Miami International
Securities Exchange, LLC (``MIAX'') and MIAX Emerald. Currently, the
Exchange's rulebook makes references to ``MIAX PEARL'' as well as
``PEARL.'' All references to MIAX PEARL in the rule text of the
Exchange, as well as the rule text of MIAX and MIAX Emerald, should be
to ``MIAX PEARL,'' and not the single term ``PEARL.'' Accordingly, the
Exchange proposes to delete the singular term ``PEARL'' and its
definition in Exchange Rule 100.
The Exchange also proposes to amend the definitions for
``Exchange'' and ``MIAX PEARL'' in Exchange Rule 100 in order to delete
the part of the definition for ``Exchange'' and ``MIAX PEARL'' which
currently provide that the singular term ``PEARL'' is a reference to
MIAX PEARL. Exchange Rule 100 currently defines Exchange as follows:
``The term `Exchange' means the national securities exchange known as
MIAX PEARL, LLC, MIAX PEARL or PEARL.'' Pursuant to this proposal, the
definition for Exchange would be as follows: ``The term `Exchange'
means the national securities exchange known as MIAX PEARL, LLC, or
MIAX PEARL.'' Exchange Rule 100 currently defines MIAX PEARL as
follows: ``The term `MIAX PEARL' means the MIAX PEARL, LLC, the
Exchange or PEARL.'' Pursuant to this proposal, the definition for MIAX
PEARL would be as follows: ``The term `MIAX PEARL' means the MIAX
PEARL, LLC, or the Exchange.''
Next, the Exchange proposes to amend several rules and chapters to
make minor non-substantive edits to harmonize the rule text to that of
the Exchange's affiliates, MIAX and MIAX Emerald. Presently, MIAX is
referred to in the Exchange's rulebook as ``MIAX Options Exchange.''
The Exchange proposes to delete the words ``Options Exchange'' from all
references to MIAX throughout the Exchange's rulebook. Exchange Rule
100 currently defines MIAX as follows: ``The term `MIAX Options
Exchange' means Miami International Securities Exchange, LLC.''
Pursuant to this proposal, the definition for MIAX would be as follows:
``The term `MIAX' means Miami International Securities Exchange, LLC.''
The Exchange also proposes that all other references throughout the
Exchange's rulebook to ``MIAX Options Exchange'' would be amended to
delete the words ``Options Exchange,'' such that all references will be
to the singular word ``MIAX.'' The proposed amendments would be to
``MIAX Options Exchange'' references in Rule 200, Trading Permits,
Chapter III, Business Conduct, Chapter VII, Exercises and Deliveries,
Chapter VIII, Records, Reports and Audits, Chapter IX, Summary
Suspension, Chapter XI, Hearings, Review and Arbitration, Chapter XIII,
Doing Business With The Public, Chapter XIV, Order Protection, Locked
and Crossed Markets, Chapter XV, Margins, Chapter XVI, Net Capital
Requirements, Chapter XVII, Consolidated Audit Trail Compliance Rule
and Chapter XVIII, Index Options. This proposal is for purposes of
clarification and uniformity throughout the Exchange's rulebook as well
as to conform the term ``MIAX'' to how it is defined by the Exchange's
affiliates, MIAX and MIAX Emerald.\3\
---------------------------------------------------------------------------
\3\ See MIAX Rule 100 and MIAX Emerald Rule 100.
---------------------------------------------------------------------------
Next, the Exchange proposes to amend Exchange Rule 200, Trading
Permits, to adopt similar rule text for the waive-in application
process to obtain a trading permit for MIAX PEARL that is currently in
place on MIAX Emerald for applicants holding a MIAX or MIAX Emerald
trading permit. MIAX Emerald Rule 200 provides that a holder of a MIAX
or MIAX PEARL trading permit in good standing is eligible to receive
one MIAX Emerald trading permit in the same Membership category to
trade on MIAX Emerald.\4\ Member \5\ applicants of MIAX and MIAX PEARL
are not required to submit a full application for membership on MIAX
Emerald, but rather only need to complete selected MIAX Emerald forms
concerning their election to trade on MIAX Emerald, consent to MIAX
Emerald's jurisdiction, and other operational matters.\6\ This waive-in
application process is similar to arrangements in place at other
exchanges.\7\ The Exchange believes that its affiliate, MIAX, would
also make a nearly identical change to MIAX Rule 200.\8\
---------------------------------------------------------------------------
\4\ See MIAX Emerald Rule 100.
\5\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
\6\ See MIAX Emerald Rule 100.
\7\ See, e.g., Nasdaq MRX, LLC Rule 302(a) (containing similar
expedited waive-in membership process for members of the Nasdaq ISE,
LLC and Nasdaq GEMX, LLC); MIAX Emerald Rule 200(c) (containing
similar expedited waive-in membership process for members of MIAX);
and Cboe C2 Exchange, Inc. Rule 3.1(c)(1) (containing similar
expedited waive-in membership process for members of Cboe).
\8\ See SR-MIAX-2019-21.
---------------------------------------------------------------------------
MIAX PEARL Rule 200(c)(1) currently has in place the waive-in
application process for holders of MIAX trading permits who want to
apply for a trading permit on MIAX PEARL. Exchange Rule 200(c)(1)
currently provides as follows:
Holders of MIAX Options Exchange trading permits. A holder of a
MIAX Options Exchange trading permit in good standing is eligible to
receive one MIAX PEARL Trading Permit. A holder of a MIAX Options
Exchange trading permit who wishes to apply to the Exchange is not
required to complete and submit an Exchange application. Instead
only Exchange forms concerning election to trade on the Exchange,
submitting to Exchange jurisdiction, and operational matters need be
completed and tendered.
The Exchange proposes to amend Exchange Rule 200(c)(1) to provide
that holders of MIAX Emerald trading permits may also utilize the
waive-in application process to obtain a MIAX PEARL trading permit as
MIAX Emerald is an affiliate of the Exchange. This proposal also
includes adopting explanatory rule text in parenthesis similar to rule
text adopted by MIAX Emerald. Accordingly, the Exchange proposes to
amend Exchange Rule 200(c)(1) to provide as follows:
Holders of MIAX or MIAX Emerald Trading Permits. A holder of a
MIAX or MIAX Emerald trading permit in good standing is eligible to
receive one MIAX PEARL Trading Permit in the same Membership
category to trade on MIAX PEARL (i.e., a MIAX Registered Market
Maker or a MIAX Emerald Registered Market Maker is eligible to
become a MIAX PEARL Market Maker and a MIAX Electronic Exchange
Member or a MIAX Emerald Electronic Exchange Member is eligible to
become a MIAX PEARL Electronic Exchange Member). A holder of a MIAX
or MIAX Emerald trading permit who wishes to apply to the Exchange
is not required to complete and submit an Exchange application.
Instead only Exchange forms concerning election to trade on the
Exchange, submitting to Exchange jurisdiction, and operational
matters need be completed and tendered.
The Exchange also proposes to amend the rule text of Exchange Rule
200(c)(2) for applicants of a MIAX PEARL trading
[[Page 20447]]
permit who do not already hold a MIAX or MIAX Emerald trading permit.
Exchange Rule 200(c)(2) currently provides as follows:
Applicants Not Holding MIAX Options Exchange trading permits. An
applicant not holding a MIAX Options Exchange trading permit seeking
to hold a MIAX PEARL Trading Permit (``Applicant'') must submit an
application to the Exchange in accordance with such procedures as
shall be established by the Exchange. In addition, the following
shall apply:
The Exchange proposes to amend Exchange Rule 200(c)(2) to include a
provision for applicants of a MIAX PEARL trading permit who do not
already hold a MIAX Emerald trading permit to conform to the rule text
of MIAX Emerald. Accordingly, the Exchange proposes to amend Exchange
Rule 200(c)(2) as follows:
Applicants Not Holding MIAX Trading Permits. An applicant not
holding a MIAX or MIAX Emerald trading permit seeking to hold a MIAX
PEARL Trading Permit (``Applicant'') must submit an application to
the Exchange in accordance with such procedures as shall be
established by the Exchange. In addition, the following shall apply:
Next, the Exchange proposes to amend the rule text of Exchange Rule
200(d) to make a minor non-substantive corrective edit. Exchange Rule
200(d) currently provides as follows:
Every Trading Permit holder must have and maintain membership in
another registered options exchange other than the MIAX Options
Exchange (that is not registered solely under Section 6(g) of the
Exchange Act). If such other registered options exchange has not
been designated by the Commission, pursuant to Rule 17d-1 under the
Exchange Act, to examine Members for compliance with financial
responsibility rules, then such Applicant must have and maintain a
membership in FINRA.
The Exchange proposes to amend Exchange Rule 200(d) to adopt rule
text to provide that every trading permit holder of MIAX PEARL must
have and maintain membership in another options exchange other than
MIAX or MIAX Emerald to conform to the rule text of the Exchange's
affiliate, MIAX Emerald. Accordingly, the Exchange proposes to amend
Exchange Rule 200(d) as follows:
Membership in Another Registered Options Exchange. Every Trading
Permit holder must have and maintain membership in another
registered options exchange other than the MIAX or MIAX Emerald
(that is not registered solely under Section 6(g) of the Exchange
Act). If such other registered options exchange has not been
designated by the Commission, pursuant to Rule 17d-1 under the
Exchange Act, to examine Members for compliance with financial
responsibility rules, then such Applicant must have and maintain a
membership in FINRA.
Finally, MIAX PEARL proposes to amend Exchange Rule 506, Collection
and Dissemination of Quotations, to make minor corrective changes to
the numerical and alphabetical list item identifiers to properly
conform to the hierarchical heading scheme used throughout the
Exchange's rulebook. Accordingly, Exchange Rule 506 sub-paragraphs
(d)(i) through (d)(ii) will be renumbered as (d)(1) through (d)(2).
2. Statutory Basis
MIAX PEARL believes that its proposed rule change is consistent
with Section 6(b) of the Act \9\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \10\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in, securities, to remove impediments to and
perfect the mechanisms of a free and open market and a national market
system and, in general, to protect investors and the public interest.
The Exchange believes the proposed changes promote just and
equitable principles of trade and remove impediments to and perfect the
mechanism of a free and open market and a national market system
because the proposed rule changes make a number of minor, non-
substantive corrective changes for purposes of clarification and
uniformity.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes the proposed changes promote just and
equitable principles of trade and remove impediments to and perfect the
mechanism of a free and open market and a national market system
because the proposed rule changes correct errors in the hierarchical
heading scheme to provide uniformity in the Exchange's rulebook. The
Exchange notes that the proposed changes to Rule 100, Chapter III, Rule
506, Chapter VII, Chapter VIII, Chapter IX, Chapter XI, Chapter XIII,
Chapter XIV, Chapter XV, Chapter XVI, Chapter XVII and Chapter XVIII do
not alter the application of each rule. As such, the proposed
amendments would foster cooperation and coordination with persons
engaged in facilitating transactions in securities and would remove
impediments to and perfect the mechanism of a free and open market and
a national exchange system. In particular, the Exchange believes that
the proposed changes will provide greater clarity to Members and the
public regarding the Exchange's Rules. It is in the public interest for
rules to be accurate and concise so as to eliminate the potential for
confusion.
The Exchange believes the proposed changes to Exchange Rule 200
promotes just and equitable principles of trade and removes impediments
to and perfects the mechanism of a free and open market and a national
market system because the proposed changes will align MIAX PEARL Rule
200 with MIAX Emerald Rule 200 regarding trading permits. The Exchange
believes this consistency across exchanges would remove impediments to
and perfect the mechanism of a free and open market by ensuring that
members, regulators and the public can more easily navigate the
Exchange's rulebook and better understand the application process for
trading permits. The Exchange also believes that although MIAX Emerald
rules may, in certain instances, intentionally differ from MIAX PEARL
rules, the proposed changes will promote uniformity with MIAX PEARL
with respect to rules that are intended to be identical. The Exchange
believes that this proposal will reduce the potential for confusion by
its Members that are also Members of MIAX Emerald if the only
differences between MIAX Emerald rules and MIAX PEARL rules are those
that are specific to each exchange.
The Exchange also believes the proposed changes to Exchange Rule
200 promote just and equitable principles of trade and removes
impediments to and perfects the mechanism of a free and open market and
a national market system because MIAX PEARL and its affiliates, MIAX
and MIAX Emerald, have substantially the same Members, and by adopting
the waive-in application process for those Members already holding
trading permits on MIAX and/or MIAX Emerald, promotes the more
effective utilization of time and resources of the Exchange.
Furthermore, because MIAX and MIAX Emerald trading permit holders have
already been vetted, the Exchange's proposal to amend the waive-in
application process in Exchange Rule 200 aligns the trading permit
application process with that of the Exchange's affiliate, MIAX
Emerald, preventing unnecessary regulatory burdens and promoting the
efficient administration of the Exchange's rules.
[[Page 20448]]
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule changes will
have no impact on competition as they are not designed to address any
competitive issues but rather are designed to add additional clarity to
existing rules and to remedy minor non-substantive issues in the text
of various rules identified in this proposal.
The Exchange does not believe that the proposed rule changes to
Exchange Rule 200 will impose any burden on intermarket competition not
necessary or appropriate in furtherance of the purposes of the Act
because MIAX PEARL and its affiliates, MIAX and MIAX Emerald, have
substantially the same Members, and by adopting the waive-in
application process for those Members already holding trading permits
on MIAX and/or MIAX Emerald promotes the more effective utilization of
time and resources of the Exchange. Furthermore, because MIAX and MIAX
Emerald trading permit holders have already been vetted, the Exchange's
proposal to amend the waive-in application process in Exchange Rule 200
aligns the trading permit application process with that of the
Exchange's affiliate, MIAX Emerald, preventing unnecessary regulatory
burdens and promoting the efficient administration of the Exchange's
rules.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6) \12\
thereunder.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-PEARL-2019-16 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-PEARL-2019-16. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-PEARL-2019-16, and should be submitted
on or before May 30, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-09507 Filed 5-8-19; 8:45 am]
BILLING CODE 8011-01-P