Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend a Pilot Program, 30784-30786 [2019-13656]
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30784
Federal Register / Vol. 84, No. 124 / Thursday, June 27, 2019 / Notices
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and regulations thereunder applicable to
a national securities association.17 In
particular, the Commission finds that
the proposed rule change is consistent
with Section 15A(b)(6) of the Act,18
which requires, among other things, that
FINRA rules be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, and, in general, to
protect investors and the public interest.
The Commission believes that aligning
the reporting deadline for U.S. Treasury
Security hedge transactions with the
deadline for the associated P1
transaction is reasonably designed to
minimize compliance burdens on
FINRA members who report to TRACE
without adversely impacting regulatory
surveillance. In addition, because P1
transactions and transactions in U.S.
Treasury Securities are not subject to
public dissemination, the rule change
would not negatively impact market
transparency. The new requirement to
flag any transaction in a U.S. Treasury
Security used to hedge a P1 transaction
is reasonably designed to enhance the
TRACE audit trail, consistent with the
protection of investors and the public
interest. The Commission notes that the
one comment letter received on the
proposal was supportive.19
Pursuant to Section 19(b)(5) of the
Act,20 the Commission consulted with
and considered the views of the
Treasury Department in determining to
approve the proposed rule change. The
Treasury Department indicated its
support for the proposal.21 Pursuant to
Section 19(b)(6) of the Act,22 the
Commission has considered the
sufficiency and appropriateness of
existing laws and rules applicable to
government securities brokers,
government securities dealers, and their
17 In approving this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
18 15 U.S.C. 78o–3(b)(6).
19 See SIFMA Letter, supra note 6 (opining that
the proposal would ‘‘ease the operational burden on
member firms, provide a better characterization of
the transaction for market surveillance purposes
through the linkage that will be reported, and result
in fewer late Treasury transaction filings to the
TRACE system’’).
20 15 U.S.C. 78s(b)(5) (providing that the
Commission ‘‘shall consult with and consider the
views of the Secretary of the Treasury prior to
approving a proposed rule filed by a registered
securities association that primarily concerns
conduct related to transactions in government
securities, except where the Commission
determines that an emergency exists requiring
expeditious or summary action and publishes its
reasons therefor’’).
21 Email from Treasury Department staff to
Michael Gaw, Assistant Director, Division of
Trading and Markets, Commission (June 17, 2019).
22 15 U.S.C. 78s(b)(6).
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associated persons in approving the
proposal. As discussed above, by
aligning the TRACE reporting timeframe
for transactions in U.S. Treasury
Securities executed to hedge a P1
transaction with the deadline for
reporting the related P1 transaction, and
adopting a new modifier to identify
such transactions, the proposed rule
change is reasonably designed to
minimize burdens on FINRA members
who must report to TRACE without
adversely impacting regulatory
surveillance or market transparency.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,23 that the
proposed rule change (SR–FINRA–
2019–014) is approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–13657 Filed 6–26–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86179; File No. SR–ISE–
2019–19]
Self-Regulatory Organizations; Nasdaq
ISE, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend a Pilot
Program
June 21, 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 ISE, LLC (‘‘ISE’’ 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 its
rules to extend a pilot program to quote
and to trade certain options classes in
penny increments (‘‘Penny Pilot
Program’’ or ‘‘Penny Pilot’’).
23 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
24 17
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The text of the proposed rule change
is available on the Exchange’s website at
https://ise.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
Under the Penny Pilot Program, 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
Program is currently scheduled to
expire on June 30, 2019.3 The Exchange
proposes to extend the Penny Pilot
Program through December 31, 2019.4
This filing does not propose any
substantive changes to the Penny Pilot
Program: All classes currently
participating will 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
3 See Securities Exchange Act Release No. 84958
(December 26, 2018), 84 FR 875 (January 31, 2019)
(SR–ISE–2018–101).
4 See Supplementary Material .01 to Options 3,
Section 3. The Exchange is concurrently filing to
relocate its Rulebook into its new Rulebook shell.
As such, the ISE rule reference to Supplementary
Material .01 to Options 3, Section 3 (Supplementary
Material .01 to Rule 710 in the original Rulebook)
corresponds to its new location in the shell
structure. See Securities Exchange Act Release No.
86138 (June 18, 2019) (ISE–2019–17).
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Federal Register / Vol. 84, No. 124 / Thursday, June 27, 2019 / Notices
options have been demonstrated to
outweigh any increase in quote traffic.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder that
are applicable to a national securities
exchange, and, in particular, with the
requirements of Section 6(b) of the Act.5
Specifically, the proposed rule change is
consistent with Section 6(b)(5) of the
Act,6 because it is designed to promote
just and equitable principles of trade,
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. In particular, the
proposed rule change, which extends
the Penny Pilot Program for an
additional six months, will enable
public customers and other market
participants to express their true prices
to buy and sell options to the benefit of
all market participants.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,7 the Exchange does not believe
that the proposed rule change will
impose any burden on intermarket or
intramarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. Specifically,
the Exchange believes that, by extending
the expiration of the Penny Pilot
Program, the proposed rule change will
allow for further analysis of the Penny
Pilot Program and a determination of
how the Penny Pilot Program should be
structured in the future. In doing so, the
proposed rule change will also serve to
promote regulatory clarity and
consistency, thereby reducing burdens
on the marketplace and facilitating
investor protection.
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.
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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
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
7 15 U.S.C. 78f(b)(8).
8 15 U.S.C. 78s(b)(3)(A)(iii).
6 15
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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
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
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).
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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30785
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–
ISE–2019–19 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–ISE–2019–19. 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
submissions. You should submit only
information that you wish to make
available publicly.
All submissions should refer to File
Number SR–ISE–2019–19 and should be
submitted on or before July 18, 2019.
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30786
Federal Register / Vol. 84, No. 124 / Thursday, June 27, 2019 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–13656 Filed 6–26–19; 8:45 am]
(Catalog of Federal Domestic Assistance
Number 59008)
Cynthia Pitts,
Acting Associate Administrator for Disaster
Assistance.
[FR Doc. 2019–13710 Filed 6–26–19; 8:45 am]
BILLING CODE 8011–01–P
BILLING CODE 8206–03–P
Meade, Montgomery, Morris,
Nemaha, Neosho, Osage, Ottawa,
Pawnee, Phillips, Pottawatomie,
Pratt, Reno, Rice, Rush, Russell,
Saline, Sumner, Wabaunsee,
Washington, Wilson, Woodson.
The Interest Rates are:
Percent
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #15973 and #15974;
Oklahoma Disaster Number OK–00130]
Presidential Declaration Amendment of
a Major Disaster for the State of
Oklahoma
U.S. Small Business
Administration.
AGENCY:
ACTION:
This is an amendment of the
Presidential declaration of a major
disaster for the State of Oklahoma
(FEMA–4438–DR), dated 06/01/2019.
Incident: Severe Storms, Straight-line
Winds, Tornadoes, and Flooding.
Incident Period: 05/07/2019 through
06/09/2019.
Issued on 06/01/2019.
Physical Loan Application Deadline
Date: 07/31/2019.
Economic Injury (EIDL) Loan
Application Deadline Date: 03/02/2020.
DATES:
Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
ADDRESSES:
A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW, Suite 6050,
Washington, DC 20416, (202) 205–6734.
FOR FURTHER INFORMATION CONTACT:
The notice
of the President’s major disaster
declaration for the State of Oklahoma,
dated 06/01/2019, is hereby amended to
include the following areas as adversely
affected by the disaster:
SUPPLEMENTARY INFORMATION:
jspears on DSK30JT082PROD with NOTICES
Primary Counties (Physical Damage and
Economic Injury Loans): Alfalfa,
Craig, Garfield, Kingfisher, Pawnee,
Woods.
Contiguous Counties (Economic Injury
Loans Only):
Kansas: Barber, Comanche, Harpe.
Oklahoma: Harper, Major, Woodward.
All other information in the original
declaration remains unchanged.
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
20:15 Jun 26, 2019
[Disaster Declaration #16008 and #16009;
Kansas Disaster Number KS–00124]
Presidential Declaration of a Major
Disaster for Public Assistance Only for
the State of Kansas
U.S. Small Business
Administration.
ACTION: Notice.
Jkt 247001
For Physical Damage:
Non-Profit Organizations With
Credit Available Elsewhere .....
Non-Profit Organizations Without
Credit Available Elsewhere .....
For Economic Injury:
Non-Profit Organizations Without
Credit Available Elsewhere .....
2.750
2.750
2.750
AGENCY:
The number assigned to this disaster
for physical damage is 16008B and for
economic injury is 160090.
This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of Kansas (FEMA–4449–DR),
dated 06/20/2019.
Incident: Severe Storms, Straight-line
Winds, Tornadoes, Flooding,
Landslides, and Mudslides.
Incident Period: 04/28/2019 and
continuing.
SUMMARY:
Amendment 5.
SUMMARY:
16 17
SMALL BUSINESS ADMINISTRATION
Issued on 06/20/2019.
Physical Loan Application Deadline
Date: 08/19/2019.
Economic Injury (EIDL) Loan
Application Deadline Date: 03/20/2020.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing And
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW, Suite 6050,
Washington, DC 20416, (202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
06/20/2019, Private Non-Profit
organizations that provide essential
services of a governmental nature may
file disaster loan applications at the
address listed above or other locally
announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Allen, Anderson,
Atchison, Barber, Barton, Butler,
Chase, Chautauqua, Cherokee,
Clark, Clay, Cloud, Coffey, Cowley,
Doniphan, Elk, Ellsworth, Franklin,
Geary, Greenwood, Harper, Harvey,
Hodgeman, Jefferson, Kingman,
Leavenworth, Lincoln, Linn, Lyon,
Marion, Marshall, Mcpherson,
DATES:
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
(Catalog of Federal Domestic Assistance
Number 59008)
Cynthia Pitts,
Acting Associate Administrator for Disaster
Assistance.
[FR Doc. 2019–13711 Filed 6–26–19; 8:45 am]
BILLING CODE 8206–03–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #16012 and #16013;
Oglala Sioux Tribe of the Pine Ridge
Reservation Disaster Number SD–00094]
Presidential Declaration of a Major
Disaster for Public Assistance Only for
the Oglala Sioux Tribe of the Pine
Ridge Reservation of South Dakota
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
Oglala Sioux Tribe of the Pine Ridge
Reservation of South Dakota (FEMA–
4448–DR), dated 06/20/2019.
Incident: Severe Winter Storm,
Snowstorm, and Flooding.
Incident Period: 03/13/2019 through
03/26/2019.
DATES: Issued on 06/20/2019.
Physical Loan Application Deadline
Date: 08/19/2019.
Economic Injury (EIDL) Loan
Application Deadline Date: 03/20/2020.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
SUMMARY:
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]]>Agencies
[Federal Register Volume 84, Number 124 (Thursday, June 27, 2019)]
[Notices]
[Pages 30784-30786]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13656]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86179; File No. SR-ISE-2019-19]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Extend a Pilot
Program
June 21, 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 ISE, LLC (``ISE'' 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its rules to extend a pilot program
to quote and to trade certain options classes in penny increments
(``Penny Pilot Program'' or ``Penny Pilot'').
The text of the proposed rule change is available on the Exchange's
website at https://ise.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
Under the Penny Pilot Program, 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 Program is currently
scheduled to expire on June 30, 2019.\3\ The Exchange proposes to
extend the Penny Pilot Program through December 31, 2019.\4\ This
filing does not propose any substantive changes to the Penny Pilot
Program: All classes currently participating will 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
[[Page 30785]]
options have been demonstrated to outweigh any increase in quote
traffic.
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\3\ See Securities Exchange Act Release No. 84958 (December 26,
2018), 84 FR 875 (January 31, 2019) (SR-ISE-2018-101).
\4\ See Supplementary Material .01 to Options 3, Section 3. The
Exchange is concurrently filing to relocate its Rulebook into its
new Rulebook shell. As such, the ISE rule reference to Supplementary
Material .01 to Options 3, Section 3 (Supplementary Material .01 to
Rule 710 in the original Rulebook) corresponds to its new location
in the shell structure. See Securities Exchange Act Release No.
86138 (June 18, 2019) (ISE-2019-17).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder that are applicable to a national securities exchange, and,
in particular, with the requirements of Section 6(b) of the Act.\5\
Specifically, the proposed rule change is consistent with Section
6(b)(5) of the Act,\6\ because it is designed to promote just and
equitable principles of trade, 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. In
particular, the proposed rule change, which extends the Penny Pilot
Program for an additional six months, will enable public customers and
other market participants to express their true prices to buy and sell
options to the benefit of all market participants.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\7\ the Exchange does
not believe that the proposed rule change will impose any burden on
intermarket or intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Specifically,
the Exchange believes that, by extending the expiration of the Penny
Pilot Program, the proposed rule change will allow for further analysis
of the Penny Pilot Program and a determination of how the Penny Pilot
Program should be structured in the future. In doing so, the proposed
rule change will also serve to promote regulatory clarity and
consistency, thereby reducing burdens on the marketplace and
facilitating investor protection.
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\7\ 15 U.S.C. 78f(b)(8).
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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-ISE-2019-19 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-ISE-2019-19. 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 submissions. You should submit only information that
you wish to make available publicly.
All submissions should refer to File Number SR-ISE-2019-19 and
should be submitted on or before July 18, 2019.
[[Page 30786]]
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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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-13656 Filed 6-26-19; 8:45 am]
BILLING CODE 8011-01-P
