Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend Rules 4120 and 4753, 50490 [2019-20699]
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50490
Federal Register / Vol. 84, No. 186 / Wednesday, September 25, 2019 / Notices
SECURITIES AND EXCHANGE
COMMISSION
rule change (File No. SR–NASDAQ–
2019–060).
[Release No 34–87012; File No. SR–
NASDAQ–2019–060]
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Jill M. Peterson,
Assistant Secretary.
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Designation of Longer Period for
Commission Action on Proposed Rule
Change To Amend Rules 4120 and
4753
jbell on DSK3GLQ082PROD with NOTICES
September 19, 2019.
On July 18, 2019, The Nasdaq Stock
Market LLC (‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend Rules 4120 and 4753 to permit
the Exchange to declare a regulatory halt
in a security that traded in the over-thecounter market prior to its initial pricing
on the Exchange and to allow for the
initial pricing of such securities through
the IPO Cross. The proposed rule
change was published for comment in
the Federal Register on August 6, 2019.3
The Commission has received no
comments on the proposal.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day for this filing
is September 20, 2019.
The Commission is extending the 45day time period for Commission action
on the proposed rule change. The
Commission finds that it is appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the proposed rule change.
Accordingly, pursuant to Section
19(b)(2) of the Act,5 the Commission
designates November 4, 2019, as the
date by which the Commission shall
either approve or disapprove, or
institute proceedings to determine
whether to disapprove, the proposed
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 86537
(July 31, 2019), 84 FR 38321.
4 15 U.S.C. 78s(b)(2).
5 15 U.S.C. 78s(b)(2).
2 17
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[FR Doc. 2019–20699 Filed 9–24–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87013; File No. SR–CBOE–
2019–048]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing of a
Proposed Rule Change To Adopt Rule
6.49C
September 19, 2019.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b-4 thereunder,2
notice is hereby given that on
September 6, 2019, Cboe Exchange, Inc.
(the ‘‘Exchange’’ or ‘‘Cboe Options’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes to adopt
Rule 6.49C. The text of the proposed
rule change is provided below.
(additions are italicized; deletions are
[bracketed])
*
*
*
*
*
Rules of Cboe Exchange, Inc.
*
*
*
*
*
Rule 6.49C. In-Kind Exchange of
Options Positions and ETF Shares
Notwithstanding the prohibition set
forth in Rule 6.49, positions in options
listed on the Exchange may be
transferred off the Exchange by a
Trading Permit Holder in connection
with transactions to purchase or redeem
creation units of ETF shares between an
authorized participant and the issuer of
such ETF shares, which transfer occurs
at a price related to the net asset value
of such ETF shares. For purposes of this
Rule:
5 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(31).
1 15 U.S.C. 78s(b)(1).
6 17
PO 00000
Frm 00120
Fmt 4703
Sfmt 4703
(a) an ‘‘authorized participant’’ is an
entity that has a written agreement with
the issuer of ETF shares or one of its
service providers, which allows the
authorized participant to place orders
for the purchase and redemption of
creation units (i.e., specified numbers of
ETF shares); and
(b) an ‘‘issuer of ETF shares’’ is an
entity registered with the Commission as
an open-end management investment
company under the Investment
Company Act of 1940.
*
*
*
*
*
The text of the proposed rule change
is also available on the Exchange’s
website (https://www.cboe.com/
AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
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 adopt Rule
6.49C to add a new exception to the
Exchange’s general requirement that
transfers of options contracts listed on
the Exchange be effected on an
exchange, as set forth in Rule 6.49.3
Rule 6.49A specifies the circumstances
under which Trading Permit Holders
may currently effect transfers of
positions off the trading floor,
notwithstanding the prohibition in Rule
6.49.
Background
As discussed further below, the
ability to effect ‘‘in kind’’ transfers is a
key component of the operational
structure of an exchange-traded fund
3 Rule 6.49(a) (Transactions Off the Exchange)
generally requires transactions of option contracts
listed on the Exchange for a premium in excess of
$1.00 to be effected on the floor of the Exchange or
on another exchange.
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]]>Agencies
[Federal Register Volume 84, Number 186 (Wednesday, September 25, 2019)]
[Notices]
[Page 50490]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-20699]
[[Page 50490]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No 34-87012; File No. SR-NASDAQ-2019-060]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Designation of Longer Period for Commission Action on
Proposed Rule Change To Amend Rules 4120 and 4753
September 19, 2019.
On July 18, 2019, The Nasdaq Stock Market LLC (``Exchange'') filed
with the Securities and Exchange Commission (``Commission''), pursuant
to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'')
\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend Rules
4120 and 4753 to permit the Exchange to declare a regulatory halt in a
security that traded in the over-the-counter market prior to its
initial pricing on the Exchange and to allow for the initial pricing of
such securities through the IPO Cross. The proposed rule change was
published for comment in the Federal Register on August 6, 2019.\3\ The
Commission has received no comments on the proposal.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 86537 (July 31,
2019), 84 FR 38321.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \4\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day for this filing is September 20, 2019.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission is extending the 45-day time period for Commission
action on the proposed rule change. The Commission finds that it is
appropriate to designate a longer period within which to take action on
the proposed rule change so that it has sufficient time to consider the
proposed rule change.
Accordingly, pursuant to Section 19(b)(2) of the Act,\5\ the
Commission designates November 4, 2019, as the date by which the
Commission shall either approve or disapprove, or institute proceedings
to determine whether to disapprove, the proposed rule change (File No.
SR-NASDAQ-2019-060).
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-20699 Filed 9-24-19; 8:45 am]
BILLING CODE 8011-01-P
