Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Phlx Rule 1034 To Extend Through December 31, 2019 or the Date of Permanent Approval, if Earlier, the Penny Pilot Program in Options Classes in Certain Issues, 29574-29576 [2019-13304]
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29574
Federal Register / Vol. 84, No. 121 / Monday, June 24, 2019 / Notices
1934 Act (15 U.S.C. 78n(c)) and the
information statement requirements set
forth in the rules thereunder.
The types of proposals voted upon by
Fund shareholders include not only the
typical matters considered in proxy
solicitations made by operating
companies, such as the election of
directors, but also include issues that
are unique to Funds, such as the
approval of an investment advisory
contract and the approval of changes in
fundamental investment policies of the
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making a solicitation with respect to a
security issued by a Fund must, similar
to operating company solicitations,
comply with the rules and regulations
adopted pursuant to Section 14(a) of the
1934 Act. Some of those Section 14(a)
rules and regulations, however, include
provisions specifically related to Funds,
including certain particularized
disclosure requirements set forth in Item
22 of Schedule 14A under the 1934 Act.
Rule 20a–1 is intended to ensure that
investors in Fund securities are
provided with appropriate information
upon which to base informed decisions
regarding the actions for which Funds
solicit proxies. Without rule 20a–1,
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average annual burden associated with
the preparation and submission of proxy
statements is 85 hours per response, for
a total annual burden of 113,305 hours
(1,333 responses × 85 hours per
response = 101,660). In addition, the
staff estimates the costs for purchased
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proxy statement mailing, and proxy
tabulation services, to be approximately
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Rule 20a–1 does not involve any
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respond to a collection of information
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control number.
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documentation for this information
collection at the following website,
www.reginfo.gov. Comments should be
VerDate Sep<11>2014
16:50 Jun 21, 2019
Jkt 247001
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
Lindsay.M.Abate@omb.eop.gov; and (ii)
Charles Riddle, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Candace
Kenner, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov. Comments must be
submitted to OMB within 30 days of
this notice.
Dated: June 18, 2019.
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019–13299 Filed 6–21–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86140; File No. SR–Phlx–
2019–24]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Phlx Rule 1034
To Extend Through December 31, 2019
or the Date of Permanent Approval, if
Earlier, the Penny Pilot Program in
Options Classes in Certain Issues
June 18, 2019.
Pursuant to 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 June 14,
2019, Nasdaq PHLX LLC (‘‘Phlx’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I and II,
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Phlx Rule 1034 (Minimum Increments) 3
to extend through December 31, 2019 or
the date of permanent approval, if
earlier, the Penny Pilot Program in
options classes in certain issues (‘‘Penny
Pilot’’ or ‘‘Pilot’’).
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 References herein to rules refer to rules of Phlx,
unless otherwise noted.
2 17
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The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaqphlx.cchwallstreet.com/,
at the principal office of the Exchange,
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 purpose of this filing is to amend
Phlx Rule 1034 to extend the Penny
Pilot through December 31, 2019 or the
date of permanent approval, if earlier.4
The Exchange believes that extending
the Penny Pilot will allow for further
analysis of the Penny Pilot and a
determination of how the program
should be structured in the future.
Under the Penny Pilot, the minimum
price variation for all participating
options classes, except for the Nasdaq100 Index Tracking Stock (‘‘QQQQ’’),
the SPDR S&P 500 Exchange Traded
Fund (‘‘SPY’’) and the iShares Russell
2000 Index Fund (‘‘IWM’’), is $0.01 for
all quotations in options series that are
quoted at less than $3 per contract and
$0.05 for all quotations in options series
that are quoted at $3 per contract or
greater. QQQQ, SPY and IWM are
quoted in $0.01 increments for all
options series. The Penny Pilot is
currently scheduled to expire on June
30, 2019.5 The Exchange now proposes
to extend the time period of the Penny
Pilot through December 31, 2019 or the
date of permanent approval, if earlier.
This filing does not propose any
substantive changes to the Penny Pilot
Program; all classes currently
participating in the Penny Pilot will
4 The options exchanges in the U.S. that have
pilot programs similar to the Penny Pilot (together
‘‘pilot programs’’) are currently working on a
proposal for permanent approval of the respective
pilot programs.
5 See Securities Exchange Act Release No. 84961
(December 26, 2018), 84 FR 838 (January 31, 2019)
(SR–Phlx–2018–84).
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Federal Register / Vol. 84, No. 121 / Monday, June 24, 2019 / Notices
remain the same and all minimum
increments will remain unchanged. The
Exchange believes the benefits to public
customers and other market participants
who will be able to express their true
prices to buy and sell options have been
demonstrated to outweigh the potential
increase in quote traffic.
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2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,6 in general, and furthers the
objectives of Section 6(b)(5) of the Act,7
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 facilitating
transactions in securities, and 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.
In particular, the proposed rule
change, which extends the Penny Pilot
for an additional six months through
December 31, 2019 or the date of
permanent approval, if earlier, will
enable public customers and other
market participants to express their true
prices to buy and sell options for the
benefit of all market participants. This
is consistent with the Act.
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. To the
contrary, this proposal is procompetitive because it allows Penny
Pilot issues to continue trading on the
Exchange.
Moreover, the Exchange believes that
the proposed rule change will allow for
further analysis of the Pilot and a
determination of how the Pilot should
be structured in the future; and will
serve to promote regulatory clarity and
consistency, thereby reducing burdens
on the marketplace and facilitating
investor protection.
The Pilot is an industry-wide
initiative supported by all other option
exchanges. The Exchange believes that
extending the Pilot will allow for
continued competition between market
participants on the Exchange trading
similar products as their counterparts
on other exchanges, while at the same
time allowing the Exchange to continue
6 15
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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16:50 Jun 21, 2019
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to compete for order flow with other
exchanges in option issues trading as
part of the Pilot.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 8 and Rule
19b–4(f)(6) thereunder.9 Because the
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
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 10 and Rule 19b–4(f)(6)(iii)
thereunder.11
A proposed rule change filed under
Rule 19b–4(f)(6) 12 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),13 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because doing so will allow the Pilot
Program to continue without
interruption in a manner that is
consistent with the Commission’s prior
approval of the extension and expansion
of the Pilot Program.14 Accordingly, the
8 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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.
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6)(iii).
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 See Securities Exchange Release No. 61061
(November 24, 2009), 74 FR 62857) (December 1,
2009) (SR–NYSEARCA–2009–44).
9 17
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29575
Commission designates the proposed
rule change as operative upon filing
with the Commission.15
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–
Phlx–2019–24 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–Phlx–2019–24. 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
15 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
E:\FR\FM\24JNN1.SGM
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29576
Federal Register / Vol. 84, No. 121 / Monday, June 24, 2019 / Notices
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
submissions. You should submit only
information that you wish to make
available publicly.
All submissions should refer to File
Number SR–Phlx–2019–24 and should
be submitted on or before July 15, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019–13304 Filed 6–21–19; 8:45 am]
BILLING CODE 8011–01–P
OFFICE OF THE UNITED STATES
TRADE REPRESENTATIVE
[Docket Number USTR–2019–0005]
Procedures for Requests To Exclude
Particular Products From the
September 2018 Action Pursuant to
Section 301: China’s Acts, Policies,
and Practices Related to Technology
Transfer, Intellectual Property, and
Innovation
Office of the United States
Trade Representative.
ACTION: Notice and request for
comments.
AGENCY:
In a notice published on May
9, 2019, the United States Trade
Representative (Trade Representative)
announced that the Office of the U.S.
Trade Representative (USTR) would
establish a process by which U.S.
stakeholders may request exclusion of
particular products classified within a
tariff subheading covered by the
September 2018 action in this
investigation from the additional duties.
This notice announces that USTR will
open an electronic portal for submission
of exclusion requests on June 30, 2019,
and sets out the specific procedures for
submitting requests.
DATES:
June 30, 2019 at noon EDT: The web
portal for submitting exclusion
requests—https://exclusions.USTR.gov—
will open.
September 30, 2019: Deadline for
submitting exclusion requests.
Responses to individual exclusion
requests are due 14 days after the
jbell on DSK3GLQ082PROD with NOTICES
SUMMARY:
16 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
16:50 Jun 21, 2019
Jkt 247001
request is posted on USTR’s online
portal. Any replies to responses to an
exclusion request are due the later of 7
days after the close of the 14-day
response period, or 7 days after the
posting of a response.
ADDRESSES: You must submit all
requests, responses to requests, and
replies to responses through the online
portal: https://exclusions.USTR.gov.
FOR FURTHER INFORMATION CONTACT: For
questions about the product exclusion
process, contact USTR Assistant General
Counsels Philip Butler or Megan
Grimball at (202) 395–5725. For
questions on customs classification or
implementation of additional duties,
contact traderemedy@cbp.dhs.gov.
SUPPLEMENTARY INFORMATION:
A. September 2018 Action
For background on the proceedings in
this investigation, please see the prior
notices issued in the investigation,
including 82 FR 40213 (August 24,
2017), 83 FR 14906 (April 6, 2018), 83
FR 28710 (June 20, 2018), 83 FR 33608
(July 17, 2018), 83 FR 38760 (August 7,
2018), 83 FR 40823 (August 16, 2018),
83 FR 47974 (September 21, 2018), as
modified by 83 FR 49153 (September
28, 2018), and 84 FR 20549 (May 9,
2019), as modified by 84 FR 21892 (May
15, 2019) and 84 FR 26930 (June 10,
2019).
In a notice published on September
21, 2018 (83 FR 47974), the Trade
Representative, at the direction of the
President, announced a determination
to modify the action being taken in the
Section 301 investigation by imposing
10 percent additional duties on
products of China with an annual trade
value of approximately $200 billion. On
September 28, 2018 (83 FR 65198), the
Trade Representative issued a
conforming amendment and
modification of the September 21
action. The current notice refers to the
September 21 action, as modified by
September 28 notice, as the ‘‘September
2018 action.’’ In a notice published on
May 9, 2019 (84 FR 20459), the Trade
Representative, at the direction of the
President, increased the rate of
additional duty for the September 2018
action to 25 percent.
B. Procedures To Request the Exclusion
of Particular Products
USTR invites interested persons,
including trade associations, to submit
requests for exclusion from the
additional duties under the September
2018 action. The September 2018 action
covers the products classified within the
Harmonized Tariff Schedule of the
United States (HTSUS) subheadings set
PO 00000
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Fmt 4703
Sfmt 4703
out in Annex A of the notice published
at 83 FR 47974 (September 21, 2018) as
amended and modified by 83 FR 49153
(September 28, 2018). As explained in
more detail below, each request must
specifically identify a particular
product, and provide supporting data
and the rationale for the requested
exclusion. USTR will evaluate each
request on a case-by-case basis, taking
into account the asserted rationale for
the exclusion, whether the exclusion
would undermine the objective of the
Section 301 investigation, and whether
the request defines the product with
sufficient precision. Any exclusion will
be effective starting from the September
24, 2018 effective date of the September
2018 action, and extending for one year
after the publication of the exclusion
determination in the Federal Register.
USTR will periodically announce
decisions on pending requests.
To submit an exclusion request,
requesters must first register on the
portal at https://exclusions.USTR.gov. As
noted above, the portal will open at
noon EDT on June 30, 2019. After
registration, the requester can fill out
and submit one or more exclusion
request forms.
Fields on the exclusion request form
marked with an asterisk (*) are required
fields. Fields with a gray (BCI) notation
are for Business Confidential
Information and the information entered
will not be publicly available. Fields
with a green (Public) notation will be
publicly available. Additionally, parties
will be able to upload documents and
indicate whether the documents are BCI
or public. Requesters will be able to
review the public version of their
submission before the submission is
posted.
In order to facilitate preparation of
requests prior to the June 30 opening of
the web portal, a facsimile of the
exclusion request form to be used on the
portal is attached as an annex to this
notice. Please note that the color-coding
of public fields and BCI fields is not
visible on the attached facsimile, but
will be apparent on the actual form used
on the portal.
Set out below is a summary of the
information to be entered on the
exclusion request form.
Each requester has to provide contact
information, including the full legal
name of the organization making the
request, whether the requester is a third
party (law firm, trade association, or
customs broker) submitting on behalf of
an organization or industry, and the
primary point of contact (requester and/
or third party submitter). The requester
may report whether the requester’s
business satisfies the Small Business
E:\FR\FM\24JNN1.SGM
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]]>Agencies
[Federal Register Volume 84, Number 121 (Monday, June 24, 2019)]
[Notices]
[Pages 29574-29576]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13304]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86140; File No. SR-Phlx-2019-24]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Phlx Rule
1034 To Extend Through December 31, 2019 or the Date of Permanent
Approval, if Earlier, the Penny Pilot Program in Options Classes in
Certain Issues
June 18, 2019.
Pursuant to 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 June 14, 2019, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed with
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule change as described in Items I and II, 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 proposes to amend Phlx Rule 1034 (Minimum Increments)
\3\ to extend through December 31, 2019 or the date of permanent
approval, if earlier, the Penny Pilot Program in options classes in
certain issues (``Penny Pilot'' or ``Pilot'').
---------------------------------------------------------------------------
\3\ References herein to rules refer to rules of Phlx, unless
otherwise noted.
---------------------------------------------------------------------------
The text of the proposed rule change is available on the Exchange's
website at https://nasdaqphlx.cchwallstreet.com/, at the principal
office of the Exchange, 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 purpose of this filing is to amend Phlx Rule 1034 to extend the
Penny Pilot through December 31, 2019 or the date of permanent
approval, if earlier.\4\ The Exchange believes that extending the Penny
Pilot will allow for further analysis of the Penny Pilot and a
determination of how the program should be structured in the future.
---------------------------------------------------------------------------
\4\ The options exchanges in the U.S. that have pilot programs
similar to the Penny Pilot (together ``pilot programs'') are
currently working on a proposal for permanent approval of the
respective pilot programs.
---------------------------------------------------------------------------
Under the Penny Pilot, the minimum price variation for all
participating options classes, except for the Nasdaq-100 Index Tracking
Stock (``QQQQ''), the SPDR S&P 500 Exchange Traded Fund (``SPY'') and
the iShares Russell 2000 Index Fund (``IWM''), is $0.01 for all
quotations in options series that are quoted at less than $3 per
contract and $0.05 for all quotations in options series that are quoted
at $3 per contract or greater. QQQQ, SPY and IWM are quoted in $0.01
increments for all options series. The Penny Pilot is currently
scheduled to expire on June 30, 2019.\5\ The Exchange now proposes to
extend the time period of the Penny Pilot through December 31, 2019 or
the date of permanent approval, if earlier.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 84961 (December 26,
2018), 84 FR 838 (January 31, 2019) (SR-Phlx-2018-84).
---------------------------------------------------------------------------
This filing does not propose any substantive changes to the Penny
Pilot Program; all classes currently participating in the Penny Pilot
will
[[Page 29575]]
remain the same and all minimum increments will remain unchanged. The
Exchange believes the benefits to public customers and other market
participants who will be able to express their true prices to buy and
sell options have been demonstrated to outweigh the potential increase
in quote traffic.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\6\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\7\ 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 facilitating transactions in securities, and 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
In particular, the proposed rule change, which extends the Penny
Pilot for an additional six months through December 31, 2019 or the
date of permanent approval, if earlier, will enable public customers
and other market participants to express their true prices to buy and
sell options for the benefit of all market participants. This is
consistent with the Act.
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. To the contrary, this proposal
is pro-competitive because it allows Penny Pilot issues to continue
trading on the Exchange.
Moreover, the Exchange believes that the proposed rule change will
allow for further analysis of the Pilot and a determination of how the
Pilot should be structured in the future; and will serve to promote
regulatory clarity and consistency, thereby reducing burdens on the
marketplace and facilitating investor protection.
The Pilot is an industry-wide initiative supported by all other
option exchanges. The Exchange believes that extending the Pilot will
allow for continued competition between market participants on the
Exchange trading similar products as their counterparts on other
exchanges, while at the same time allowing the Exchange to continue to
compete for order flow with other exchanges in option issues trading as
part of the Pilot.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
Because the 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6)(iii) thereunder.\11\
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\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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.
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
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A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\13\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest because doing so will
allow the Pilot Program to continue without interruption in a manner
that is consistent with the Commission's prior approval of the
extension and expansion of the Pilot Program.\14\ Accordingly, the
Commission designates the proposed rule change as operative upon filing
with the Commission.\15\
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\12\ 17 CFR 240.19b-4(f)(6).
\13\ 17 CFR 240.19b-4(f)(6)(iii).
\14\ See Securities Exchange Release No. 61061 (November 24,
2009), 74 FR 62857) (December 1, 2009) (SR-NYSEARCA-2009-44).
\15\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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-Phlx-2019-24 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-Phlx-2019-24. 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
[[Page 29576]]
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 submissions.
You should submit only information that you wish to make available
publicly.
All submissions should refer to File Number SR-Phlx-2019-24 and
should be submitted on or before July 15, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-13304 Filed 6-21-19; 8:45 am]
BILLING CODE 8011-01-P
