Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make Minor Updates and Consolidate Various Exchange Rules in Connection Generally With Options Trading on the Exchange, Including Those Regarding Trading Halts and the Plan To Address Extraordinary Market Volatility, and Move Those Rules From the Currently Effective Rulebook to the Shell Structure for the Exchange's Rulebook That Will Become Effective Upon the Migration of the Exchange's Trading Platform to the Same System Used by the Cboe Affiliated Exchanges, 54652-54655 [2019-22138]
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54652
Federal Register / Vol. 84, No. 197 / Thursday, October 10, 2019 / Notices
www.prc.gov, Docket Nos. MC2020–2,
CP2020–2.
SECURITIES AND EXCHANGE
COMMISSION
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[Release No. 34–87224; File No. SR–CBOE–
2019–081]
[FR Doc. 2019–22128 Filed 10–9–19; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—Priority Mail and
First-Class Package Service
Negotiated Service Agreement
AGENCY:
ACTION:
Postal ServiceTM.
Notice.
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
SUMMARY:
Date of required notice: October
10, 2019.
DATES:
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on October 4, 2019,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & First-Class Package
Service Contract 121 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2020–4,
CP2020–4.
SUPPLEMENTARY INFORMATION:
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2019–22125 Filed 10–9–19; 8:45 am]
BILLING CODE 7710–12–P
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Make Minor Updates
and Consolidate Various Exchange
Rules in Connection Generally With
Options Trading on the Exchange,
Including Those Regarding Trading
Halts and the Plan To Address
Extraordinary Market Volatility, and
Move Those Rules From the Currently
Effective Rulebook to the Shell
Structure for the Exchange’s Rulebook
That Will Become Effective Upon the
Migration of the Exchange’s Trading
Platform to the Same System Used by
the Cboe Affiliated Exchanges
October 4, 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 October
1, 2019, Cboe Exchange, Inc. (the
‘‘Exchange’’ or ‘‘Cboe Options’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6)
thereunder.4 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 make
minor updates and consolidate various
Exchange Rules in connection generally
with options trading on the Exchange,
including those regarding trading halts
and the Plan to Address Extraordinary
Market Volatility (the ‘‘Plan’’), and
move those Rules from the currently
effective Rulebook (‘‘current Rulebook’’)
to the shell structure for the Exchange’s
Rulebook that will become effective
upon the migration of the Exchange’s
trading platform to the same system
used by the Cboe Affiliated Exchanges
(as defined below) (‘‘shell Rulebook’’).
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
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The text of the proposed rule change is
provided in Exhibit 5.
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
In 2016, the Exchange’s parent
company, Cboe Global Markets, Inc.
(formerly named CBOE Holdings, Inc.)
(‘‘Cboe Global’’), which is also the
parent company of Cboe C2 Exchange,
Inc. (‘‘C2’’), acquired Cboe EDGA
Exchange, Inc. (‘‘EDGA’’), Cboe EDGX
Exchange, Inc. (‘‘EDGX’’ or ‘‘EDGX
Options’’), Cboe BZX Exchange, Inc.
(‘‘BZX’’ or ‘‘BZX Options’’), and Cboe
BYX Exchange, Inc. (‘‘BYX’’ and,
together with Cboe Options, C2, EDGX,
EDGA, and BZX, the ‘‘Cboe Affiliated
Exchanges’’). The Cboe Affiliated
Exchanges are working to align certain
system functionality, retaining only
intended differences, between the Cboe
Affiliated Exchanges, in the context of a
technology migration. Cboe Options
intends to migrate its trading platform to
the same system used by the Cboe
Affiliated Exchanges, which the
Exchange expects to complete on
October 7, 2019. In connection with this
technology migration, the Exchange has
a shell Rulebook that resides alongside
its current Rulebook, which shell
Rulebook will contain the Rules that
will be in place upon completion of the
Cboe Options technology migration.
The Exchange proposes to consolidate
various rules in connection generally
with trading on the Exchange into
sections of proposed Chapter 5 (Options
Trading) in the shell Rulebook. The
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Federal Register / Vol. 84, No. 197 / Thursday, October 10, 2019 / Notices
Exchange notes that it has already
submitted (or will submit) other rule
filings that update, consolidate, and
move many of the current Exchange
Rules to Chapter 5 of the shell
Rulebook. This proposed rule change
now seeks to update, consolidate, and
move the remaining Exchange Rules
(and subsequently delete these rules
from the current Rulebook) intended to
Proposed rule for shell rulebook
Give Up of Clearing TPH ...............................................................
Binding Transactions:
5.11(a) (General) ...............................................................................
5.11(a) (Erroneous Report) ...............................................................
5.11(b) (Comparison) ........................................................................
5.12 Transactions Off the Exchange .....................................................
5.20
Trading Halts ..................................................................................
5.21
5.22
Equity Market Plan to Address Extraordinary Market Volatility .....
Market-wide Trading Halts due to Extraordinary Market Volatility
5.23
Unusual Market and Emergency Conditions .................................
5.59
5.85
Firm Disseminated Market Quotes ................................................
Order and Quote Allocation, Priority, and Execution:
5.85(g) (Stock-Option Orders and Security Future Option Orders) ..
5.85(h) (Cabinet Orders) ...................................................................
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6.21
Give Up of Clearing TPH.
6.48(a) Contract Made on Acceptance of Bid or Offer.
6.52 Price Binding Despite Erroneous Report.
6.66 Comparison Does Not Create Contract.
6.49 Transactions Off the Exchange (including its Interpretations and
Policies).
6.3 Trading Halts.
21.12 (halts for Government securities options).
22.12 (halts for binary options).
23.8 (halts for interest rate options).
24.7 (halts for index options).
28.10 (halts for Corporate Debt Securities options).
29.13 (halts for Credit Options).
6.3A Equity Market Plan to Address Extraordinary Market Volatility.
6.3B Market-wide Trading Halts due to Extraordinary Market Volatility.
22.12 (halts for binary options).
24.7 (halts for index options).
29.13 (halts for Credit Options).
6.6 Unusual Market Conditions.
6.17 Authority to Take Action Under Emergency Conditions.
8.51 Firm Disseminated Market Quotes.
6.48(b)–(d) Contract Made on Acceptance of Bid or Offer.
5.12 (in current shell Rulebook) Cabinet Orders.
days, and who may resume trading. As
proposed under 5.20(a), two Floor
Officials and a senior executive officer
may halt trading for any number of days
and, under proposed Rule 5.20(b), may
resume trading. This is the same manner
in which current Rule 24.7 (halts for
index options) governs trading halts and
resumptions.5 The proposed rule change
incorporates reference to Rule 5.31(g),
which is currently in the shell Rulebook
and governs the opening process
following a trading halt, into proposed
Rule 5.20(b) (current Rule 6.3(b)). This
does not alter the post-halt opening
process but merely adds clarity by
incorporating the appropriate crossreference. The proposed rule change
also moves the remainder of current
Rule 24.7, which governs trading halts
in connection with index options, to
proposed Rule 5.20(d) and (e), and
removes current Rule 24.7.02 as it is
redundant of the resumption provision
already provided for in current Rule 6.3
(proposed Rule 5.20(b)) and the
determination of the Exchange to reopen
using a different method already
provided for in Rule 5.31(h), currently
in the shell Rulebook. The proposed
5 The
proposed rule change also incorporates into
proposed Rule 5.20(a) the rule language from
current Rule 27.4(a) that trading may be halted ‘‘to
protect investors’’ (in addition to the language that
trading may be halted in the interests of a fair and
orderly market).
PO 00000
be housed under Chapter 5 of the shell
Rulebook upon migration. The proposed
rule change moves and, where
applicable, consolidates the following:
Current rule(s)
5.10
5.11
The proposed rule change to the rules
indicated in the table above does not
make any substantive changes to the
rules. The proposed rule change makes
only non-substantive changes to the
rules in the table above to simplify rule
language, update the rule text to read in
plain English, update headings, update
references to terms or other rule text
that will be implemented upon
migration (e.g., in proposed Rule
5.21(b)), reformat the paragraph lettering
and/or numbering, and update crossreferences to rules not yet in the shell
Rulebook but that will be in the shell
Rulebook and implemented upon
migration. The paragraphs below
provide a description of the more
detailed, non-substantive changes made.
In particular, regarding proposed Rule
5.20, the proposed rule change moves:
Current Rule 24.7, in part, to proposed
Rule 5.20(a)(3), as well as incorporates
current Rule 24.7.03 into proposed Rule
5.20(a)(3) and current Rule 24.7.01 into
proposed Rule 5.20(a)(6); current Rule
23.8 to proposed Rule 5.20(a)(7)(A);
current Rule 21.12 to proposed Rule
5.20(a)(7)(B); current Rule 29.13 to
proposed Rule 5.20(a)(7)(C); and current
Rule 28.10 to proposed Rule
5.20(a)(7)(D). The proposed rule change
also updates proposed 5.20(a) and (b)
(current 6.3(a) and (b)) to eliminate the
distinction between who may declare a
halt for two days and for more than two
54653
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Fmt 4703
Sfmt 4703
rule also deletes references to
‘‘suspension’’, as this is the same as a
halt.6
The Exchange again notes that the
proposed changes do not make any
substantive changes to the current rules,
but instead consolidate the rules in
connection with trading halts into one,
concise rule governing trading halts.
The Exchange also notes that the
proposed rule removes language
throughout the current rules where it
states that Rules 6.3 and/or 6.3B are
applicable to binary options, index
options, and credit options, as this is
redundant of the rules referenced which
currently govern all such securities and
options on securities. The proposed rule
combines Rule 6.3.01 and .04 into
proposed Rule 5.20(c). It removes
current Rule 6.3.02 because it is
redundant of the reasons already
enumerated in current Rule 6.3(a)
(proposed Rule 5.20(a). Rule 6.3.02
states that generally, in the case of an
option on a security, trading will be
halted when a regulatory halt in the
underlying security has occurred in the
primary market for that security. The
6 See Securities Exchange Act Release No. 39292
(November 3, 1997), 62 FR 60738 (November 12,
1997) (Order Granting Approval to Proposed Rule
Change and Notice of Filing and Order Granting
Accelerated Approval of Amendment No. 1 Thereto
Relating to Trading Halts and Suspensions) (SR–
CBOE–97–35).
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Federal Register / Vol. 84, No. 197 / Thursday, October 10, 2019 / Notices
Exchange notes that during a Regulatory
Halt an underlying security has halted
trading across the industry, and during
a non-Regulatory Halt the primary
exchange has experienced a technical
issue but the underlying security
continues to trade on other equities
platforms. Proposed Rule 5.20(a)(1)
provides that in the case of an option on
a security trading in the underlying
security has been halted in the one or
more of the markets trading the
underlying security, thereby covering a
Regulatory Halt that may occur across
all markets, but not necessarily halting
trading when a halt occurs only in the
primary market. Accordingly, when the
primary market halts trading for nonregulatory matters and the security
continues to trade on other equity
exchanges, Cboe Options may continue
to trade options on that security.
The proposed rule change also
removes current Rule 22.12 as it states
only that current Rules 6.3, 6.3B and
24.7 shall be applicable to binary
options, which is redundant of the
cross-referenced rules themselves (as
proposed). Indeed, proposed Rule 5.20
(current Rule 6.3) incorporates the
applicability of current Rules 27.7 [sic]
and 6.3 (proposed subparagraphs (a)(1)
through (a)(6)) via proposed
subparagraph (a)(8), and proposed Rule
5.22(e) makes it explicit that proposed
Rule 5.22 (current Rule 6.3B) applies to
binary options (as well as Credit
Options and index options). The
proposed rule change removes the term
market-if-touched order from current
Rule 6.6 (proposed Rule 5.23) as this
order is no longer available on the
Exchange pursuant to Rule 5.6, which
governs order types, order instructions,
and times-in-force and is currently in
the shell Rulebook. The proposed rule
change also removes current Rule 6.5
which states that no regular Trading
Permit Holder shall bid, offer, purchase
or write (sell) on the Exchange any
security other than an option contract
that is currently open for trading in
accordance with the provisions of
current Chapter 5 (shell Chapter 4). This
rule is redundant of the provisions of
current Chapter 5, which provide that
an option contract will not be listed or
open for trading if it does not meet the
required listing criteria under the
relevant rules of current Chapter 5. This,
in turn, would result in a Trading
Permit Holder’s inability to transact at
all on such an option contract.
The Exchange notes that proposed
Rule 5.22 merely moves the
Interpretation and Policy section to
current Rule 6.3B to the body of the
proposed rule. As stated above,
proposed Rule 5.22(e) states that Rule
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19:50 Oct 09, 2019
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5.22 applies to binary options (provided
for in current Rule 22.12), Credit
Options (provided for in current Rule
29.13), and index options (provided for
in current Rule 24.7). It also deletes
current Rule 6.3C (which expired on
February 4, 2014 in accordance with
Rule 6.3C.03) regarding individual stock
trading pauses due to extraordinary
market volatility and Rule 6.3.03 also
regarding trading pauses (as it was
implemented in connection with the,
now expired, Rule 6.3C ‘‘Pause Pilot’’),7
because current Rule 6.3B (proposed
Rule 5.22) already governs trading halts
in both stock and stock options.
Additionally, proposed Rule 5.59
makes minor, non-substantive changes
to current Rule 8.51. The proposed
changes update the current Rule 8.51
definitions by removing language that
references optional classes on the Cboe
Hybrid System, as all classes currently
trade on the System. The Exchange
notes that the classes trading on the
System are made available to the floor
(i.e., made available to the trading
crowd), and an interest that trades on
the floor is systemized according to
Exchange Rules through approved
systems. It also removes from the
current Rule 8.51 definition, language
references Interpretation and Policy .01,
as this Interpretation and Policy has
been previously removed, and this
language was inadvertently maintained
in the rules. The proposed change
moves footnote 1 and 2 to the body of
proposed Rule 5.59, and updates
references to SEC Rules.8
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
7 See Securities Exchange Act Release No. 62272
(June 10, 2010), 75 FR 34509 (June 17, 2010) Notice
of Filing and Immediate Effectiveness of Proposed
Rule Change Related to Individual Equity Options
Overlying Stocks Subject to Trading Pauses Due to
Extraordinary Market Volatility) (SR–CBOE–2010–
055); Securities Exchange Act Release No. 64434
(May 6, 2011) 76 FR 27687 (May 12, 2011) (Notice
of Proposed Rule Change Related to the Individual
Trading Pause Pilot and CBSX Market-Maker
Quoting Obligations) (SR–CBOE–2011–049); and
Securities Exchange Act Release No. 64735 (June
23, 2011), 76 FR 38243 (June 29, 2011) (Order
Approving Proposed Rule Changes Relating To
Expanding the Pilot Rule for Trading Pauses Due to
Extraordinary Market Volatility to All NMS Stocks)
(SR–CBOE–2011–049). See also Securities
Exchange Act Release No. 82646 (February 7, 2018),
83 FR 6294 (February 13, 2018) (SR–CBOE–2018–
010). The Exchange notes that SR–CBOE–2018–010
had been implemented to delete Exchange Rules
that no longer applied to the Exchange and, at the
time, should have deleted current 6.3.03 (what was
then 6.3.06) as it was no longer applicable to the
Exchange, however, it inadvertently left this
provision under Rule 6.3.
8 The proposed Rule change updates references to
SEC Rules in proposed Rule 5.12, as well.
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.9 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 10 requirements that the rules of
an exchange be 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 mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Additionally, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) 11 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
The proposed rule change is generally
intended to consolidate and update the
Exchange’s rules in anticipation of the
technology migration on October 7,
2019. The proposed rule change does
not make any substantive changes to the
Exchange Rules or Exchange
functionality. The Exchange believes
that the non-substantive changes to
update terms and references, simplify
rule language, make the rule provisions
plain English, consolidate and
reorganize rules and rule paragraphs
and/or Interpretations and Policies, and
remove rules that are redundant or have
since expired and are no longer
applicable to trading on the Exchange
will foster cooperation and coordination
with those facilitating transactions in
securities and remove impediments to
and perfect the mechanism of a free and
open market and national market system
by simplifying the Exchange Rules and
Rulebook as a whole, and making them
easier to understand. The Exchange also
believes that simplifying the Exchange
Rules will protect investors by resulting
in less burdensome and more efficient
regulatory compliance.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange reiterates that the proposed
rule change is being proposed in the
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
11 Id.
10 15
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Federal Register / Vol. 84, No. 197 / Thursday, October 10, 2019 / Notices
context of a technology migration of the
Cboe Affiliated Exchanges, and not as a
competitive filing. As stated, the
proposed changes to the rules are
consistent with the shell Rulebook that
will be in place come October 7, 2019
and provide clear, consistent rules for
all market participants upon the
completion of migration. The Exchange
does not believe that the proposed rule
change will impose any burden on
intramarket competition because it does
not in any way substantively alter the
current rules of the Exchange. It merely
intends to provide simplified,
consolidated rules upon migration.
Likewise, the Exchange does not believe
the proposed rule change will impose
any burden on intermarket competition
because the proposed rules are
substantively the same as the
Exchange’s current rules, which have all
been previously filed with the
Commission.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
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) of the Act 12 and Rule 19b–
4(f)(6) 13 thereunder. 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 from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 14 and Rule 19b–
4(f)(6) 15 thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 16 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),17 the
12 15
U.S.C. 78(b)(3)(A).
CFR 240.19b–4(f)(6).
14 15 U.S.C. 78s(b)(3)(A).
15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s 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.
16 17 CFR 240.19b–4(f)(6).
17 17 CFR 240.19b–4(f)(6).
13 17
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19:50 Oct 09, 2019
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Commission may designate a shorter
time if such action is consistent with
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposed
rule change may become operative prior
to the Exchange’s proposed system
migration on October 7, 2019, in order
to permit the Exchange to provide a
complete Rulebook upon the
completion of the migration. According
to the Exchange, the proposed rule
change simplifies, reorganizes, and
updates its rule text and does not
substantively alter any of its rules. The
Commission believes that waiver of the
30-day operative delay is consistent
with the protection of investors and the
public interest because the proposal
does not raise any new or novel issues
and makes only non-substantive
changes to the rules. Therefore, the
Commission designates the proposed
rule change to be operative on upon
filing.18
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 will institute proceedings
to determine whether the proposed rule
change 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:
54655
All submissions should refer to File
Number SR–CBOE–2019–081. 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–CBOE–2019–081 and
should be submitted on or before
October 31, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–22138 Filed 10–9–19; 8:45 am]
BILLING CODE 8011–01–P
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–
CBOE–2019–081 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
Self-Regulatory Organizations; Nasdaq
GEMX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend GEMX’s
Rulebook and By-Laws
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
18 For
purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
PO 00000
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[Release No. 34–87231; File No. SR–GEMX–
2019–14]
October 4, 2019.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
19 17
E:\FR\FM\10OCN1.SGM
CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 84, Number 197 (Thursday, October 10, 2019)]
[Notices]
[Pages 54652-54655]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-22138]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87224; File No. SR-CBOE-2019-081]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Make
Minor Updates and Consolidate Various Exchange Rules in Connection
Generally With Options Trading on the Exchange, Including Those
Regarding Trading Halts and the Plan To Address Extraordinary Market
Volatility, and Move Those Rules From the Currently Effective Rulebook
to the Shell Structure for the Exchange's Rulebook That Will Become
Effective Upon the Migration of the Exchange's Trading Platform to the
Same System Used by the Cboe Affiliated Exchanges
October 4, 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 October 1, 2019, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
and II below, which Items have been prepared by the Exchange. The
Exchange filed the proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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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 make minor updates and consolidate various Exchange Rules in
connection generally with options trading on the Exchange, including
those regarding trading halts and the Plan to Address Extraordinary
Market Volatility (the ``Plan''), and move those Rules from the
currently effective Rulebook (``current Rulebook'') to the shell
structure for the Exchange's Rulebook that will become effective upon
the migration of the Exchange's trading platform to the same system
used by the Cboe Affiliated Exchanges (as defined below) (``shell
Rulebook''). The text of the proposed rule change is provided in
Exhibit 5.
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
In 2016, the Exchange's parent company, Cboe Global Markets, Inc.
(formerly named CBOE Holdings, Inc.) (``Cboe Global''), which is also
the parent company of Cboe C2 Exchange, Inc. (``C2''), acquired Cboe
EDGA Exchange, Inc. (``EDGA''), Cboe EDGX Exchange, Inc. (``EDGX'' or
``EDGX Options''), Cboe BZX Exchange, Inc. (``BZX'' or ``BZX
Options''), and Cboe BYX Exchange, Inc. (``BYX'' and, together with
Cboe Options, C2, EDGX, EDGA, and BZX, the ``Cboe Affiliated
Exchanges''). The Cboe Affiliated Exchanges are working to align
certain system functionality, retaining only intended differences,
between the Cboe Affiliated Exchanges, in the context of a technology
migration. Cboe Options intends to migrate its trading platform to the
same system used by the Cboe Affiliated Exchanges, which the Exchange
expects to complete on October 7, 2019. In connection with this
technology migration, the Exchange has a shell Rulebook that resides
alongside its current Rulebook, which shell Rulebook will contain the
Rules that will be in place upon completion of the Cboe Options
technology migration.
The Exchange proposes to consolidate various rules in connection
generally with trading on the Exchange into sections of proposed
Chapter 5 (Options Trading) in the shell Rulebook. The
[[Page 54653]]
Exchange notes that it has already submitted (or will submit) other
rule filings that update, consolidate, and move many of the current
Exchange Rules to Chapter 5 of the shell Rulebook. This proposed rule
change now seeks to update, consolidate, and move the remaining
Exchange Rules (and subsequently delete these rules from the current
Rulebook) intended to be housed under Chapter 5 of the shell Rulebook
upon migration. The proposed rule change moves and, where applicable,
consolidates the following:
------------------------------------------------------------------------
Proposed rule for shell rulebook Current rule(s)
------------------------------------------------------------------------
5.10 Give Up of Clearing TPH........... 6.21 Give Up of Clearing TPH.
5.11 Binding Transactions:
5.11(a) (General).................. 6.48(a) Contract Made on
Acceptance of Bid or Offer.
5.11(a) (Erroneous Report)......... 6.52 Price Binding Despite
Erroneous Report.
5.11(b) (Comparison)............... 6.66 Comparison Does Not Create
Contract.
5.12 Transactions Off the Exchange..... 6.49 Transactions Off the
Exchange (including its
Interpretations and Policies).
5.20 Trading Halts..................... 6.3 Trading Halts.
21.12 (halts for Government
securities options).
22.12 (halts for binary
options).
23.8 (halts for interest rate
options).
24.7 (halts for index options).
28.10 (halts for Corporate Debt
Securities options).
29.13 (halts for Credit
Options).
5.21 Equity Market Plan to Address 6.3A Equity Market Plan to
Extraordinary Market Volatility. Address Extraordinary Market
Volatility.
5.22 Market-wide Trading Halts due to 6.3B Market-wide Trading Halts
Extraordinary Market Volatility. due to Extraordinary Market
Volatility.
22.12 (halts for binary
options).
24.7 (halts for index options).
29.13 (halts for Credit
Options).
5.23 Unusual Market and Emergency 6.6 Unusual Market Conditions.
Conditions.
6.17 Authority to Take Action
Under Emergency Conditions.
5.59 Firm Disseminated Market Quotes... 8.51 Firm Disseminated Market
Quotes.
5.85 Order and Quote Allocation,
Priority, and Execution:
5.85(g) (Stock-Option Orders and 6.48(b)-(d) Contract Made on
Security Future Option Orders). Acceptance of Bid or Offer.
5.85(h) (Cabinet Orders)........... 5.12 (in current shell
Rulebook) Cabinet Orders.
------------------------------------------------------------------------
The proposed rule change to the rules indicated in the table above
does not make any substantive changes to the rules. The proposed rule
change makes only non-substantive changes to the rules in the table
above to simplify rule language, update the rule text to read in plain
English, update headings, update references to terms or other rule text
that will be implemented upon migration (e.g., in proposed Rule
5.21(b)), reformat the paragraph lettering and/or numbering, and update
cross-references to rules not yet in the shell Rulebook but that will
be in the shell Rulebook and implemented upon migration. The paragraphs
below provide a description of the more detailed, non-substantive
changes made.
In particular, regarding proposed Rule 5.20, the proposed rule
change moves: Current Rule 24.7, in part, to proposed Rule 5.20(a)(3),
as well as incorporates current Rule 24.7.03 into proposed Rule
5.20(a)(3) and current Rule 24.7.01 into proposed Rule 5.20(a)(6);
current Rule 23.8 to proposed Rule 5.20(a)(7)(A); current Rule 21.12 to
proposed Rule 5.20(a)(7)(B); current Rule 29.13 to proposed Rule
5.20(a)(7)(C); and current Rule 28.10 to proposed Rule 5.20(a)(7)(D).
The proposed rule change also updates proposed 5.20(a) and (b) (current
6.3(a) and (b)) to eliminate the distinction between who may declare a
halt for two days and for more than two days, and who may resume
trading. As proposed under 5.20(a), two Floor Officials and a senior
executive officer may halt trading for any number of days and, under
proposed Rule 5.20(b), may resume trading. This is the same manner in
which current Rule 24.7 (halts for index options) governs trading halts
and resumptions.\5\ The proposed rule change incorporates reference to
Rule 5.31(g), which is currently in the shell Rulebook and governs the
opening process following a trading halt, into proposed Rule 5.20(b)
(current Rule 6.3(b)). This does not alter the post-halt opening
process but merely adds clarity by incorporating the appropriate cross-
reference. The proposed rule change also moves the remainder of current
Rule 24.7, which governs trading halts in connection with index
options, to proposed Rule 5.20(d) and (e), and removes current Rule
24.7.02 as it is redundant of the resumption provision already provided
for in current Rule 6.3 (proposed Rule 5.20(b)) and the determination
of the Exchange to reopen using a different method already provided for
in Rule 5.31(h), currently in the shell Rulebook. The proposed rule
also deletes references to ``suspension'', as this is the same as a
halt.\6\
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\5\ The proposed rule change also incorporates into proposed
Rule 5.20(a) the rule language from current Rule 27.4(a) that
trading may be halted ``to protect investors'' (in addition to the
language that trading may be halted in the interests of a fair and
orderly market).
\6\ See Securities Exchange Act Release No. 39292 (November 3,
1997), 62 FR 60738 (November 12, 1997) (Order Granting Approval to
Proposed Rule Change and Notice of Filing and Order Granting
Accelerated Approval of Amendment No. 1 Thereto Relating to Trading
Halts and Suspensions) (SR-CBOE-97-35).
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The Exchange again notes that the proposed changes do not make any
substantive changes to the current rules, but instead consolidate the
rules in connection with trading halts into one, concise rule governing
trading halts. The Exchange also notes that the proposed rule removes
language throughout the current rules where it states that Rules 6.3
and/or 6.3B are applicable to binary options, index options, and credit
options, as this is redundant of the rules referenced which currently
govern all such securities and options on securities. The proposed rule
combines Rule 6.3.01 and .04 into proposed Rule 5.20(c). It removes
current Rule 6.3.02 because it is redundant of the reasons already
enumerated in current Rule 6.3(a) (proposed Rule 5.20(a). Rule 6.3.02
states that generally, in the case of an option on a security, trading
will be halted when a regulatory halt in the underlying security has
occurred in the primary market for that security. The
[[Page 54654]]
Exchange notes that during a Regulatory Halt an underlying security has
halted trading across the industry, and during a non-Regulatory Halt
the primary exchange has experienced a technical issue but the
underlying security continues to trade on other equities platforms.
Proposed Rule 5.20(a)(1) provides that in the case of an option on a
security trading in the underlying security has been halted in the one
or more of the markets trading the underlying security, thereby
covering a Regulatory Halt that may occur across all markets, but not
necessarily halting trading when a halt occurs only in the primary
market. Accordingly, when the primary market halts trading for non-
regulatory matters and the security continues to trade on other equity
exchanges, Cboe Options may continue to trade options on that security.
The proposed rule change also removes current Rule 22.12 as it
states only that current Rules 6.3, 6.3B and 24.7 shall be applicable
to binary options, which is redundant of the cross-referenced rules
themselves (as proposed). Indeed, proposed Rule 5.20 (current Rule 6.3)
incorporates the applicability of current Rules 27.7 [sic] and 6.3
(proposed subparagraphs (a)(1) through (a)(6)) via proposed
subparagraph (a)(8), and proposed Rule 5.22(e) makes it explicit that
proposed Rule 5.22 (current Rule 6.3B) applies to binary options (as
well as Credit Options and index options). The proposed rule change
removes the term market-if-touched order from current Rule 6.6
(proposed Rule 5.23) as this order is no longer available on the
Exchange pursuant to Rule 5.6, which governs order types, order
instructions, and times-in-force and is currently in the shell
Rulebook. The proposed rule change also removes current Rule 6.5 which
states that no regular Trading Permit Holder shall bid, offer, purchase
or write (sell) on the Exchange any security other than an option
contract that is currently open for trading in accordance with the
provisions of current Chapter 5 (shell Chapter 4). This rule is
redundant of the provisions of current Chapter 5, which provide that an
option contract will not be listed or open for trading if it does not
meet the required listing criteria under the relevant rules of current
Chapter 5. This, in turn, would result in a Trading Permit Holder's
inability to transact at all on such an option contract.
The Exchange notes that proposed Rule 5.22 merely moves the
Interpretation and Policy section to current Rule 6.3B to the body of
the proposed rule. As stated above, proposed Rule 5.22(e) states that
Rule 5.22 applies to binary options (provided for in current Rule
22.12), Credit Options (provided for in current Rule 29.13), and index
options (provided for in current Rule 24.7). It also deletes current
Rule 6.3C (which expired on February 4, 2014 in accordance with Rule
6.3C.03) regarding individual stock trading pauses due to extraordinary
market volatility and Rule 6.3.03 also regarding trading pauses (as it
was implemented in connection with the, now expired, Rule 6.3C ``Pause
Pilot''),\7\ because current Rule 6.3B (proposed Rule 5.22) already
governs trading halts in both stock and stock options.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 62272 (June 10,
2010), 75 FR 34509 (June 17, 2010) Notice of Filing and Immediate
Effectiveness of Proposed Rule Change Related to Individual Equity
Options Overlying Stocks Subject to Trading Pauses Due to
Extraordinary Market Volatility) (SR-CBOE-2010-055); Securities
Exchange Act Release No. 64434 (May 6, 2011) 76 FR 27687 (May 12,
2011) (Notice of Proposed Rule Change Related to the Individual
Trading Pause Pilot and CBSX Market-Maker Quoting Obligations) (SR-
CBOE-2011-049); and Securities Exchange Act Release No. 64735 (June
23, 2011), 76 FR 38243 (June 29, 2011) (Order Approving Proposed
Rule Changes Relating To Expanding the Pilot Rule for Trading Pauses
Due to Extraordinary Market Volatility to All NMS Stocks) (SR-CBOE-
2011-049). See also Securities Exchange Act Release No. 82646
(February 7, 2018), 83 FR 6294 (February 13, 2018) (SR-CBOE-2018-
010). The Exchange notes that SR-CBOE-2018-010 had been implemented
to delete Exchange Rules that no longer applied to the Exchange and,
at the time, should have deleted current 6.3.03 (what was then
6.3.06) as it was no longer applicable to the Exchange, however, it
inadvertently left this provision under Rule 6.3.
---------------------------------------------------------------------------
Additionally, proposed Rule 5.59 makes minor, non-substantive
changes to current Rule 8.51. The proposed changes update the current
Rule 8.51 definitions by removing language that references optional
classes on the Cboe Hybrid System, as all classes currently trade on
the System. The Exchange notes that the classes trading on the System
are made available to the floor (i.e., made available to the trading
crowd), and an interest that trades on the floor is systemized
according to Exchange Rules through approved systems. It also removes
from the current Rule 8.51 definition, language references
Interpretation and Policy .01, as this Interpretation and Policy has
been previously removed, and this language was inadvertently maintained
in the rules. The proposed change moves footnote 1 and 2 to the body of
proposed Rule 5.59, and updates references to SEC Rules.\8\
---------------------------------------------------------------------------
\8\ The proposed Rule change updates references to SEC Rules in
proposed Rule 5.12, as well.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\9\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \10\ requirements that the rules of an exchange be
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
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \11\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
\11\ Id.
---------------------------------------------------------------------------
The proposed rule change is generally intended to consolidate and
update the Exchange's rules in anticipation of the technology migration
on October 7, 2019. The proposed rule change does not make any
substantive changes to the Exchange Rules or Exchange functionality.
The Exchange believes that the non-substantive changes to update terms
and references, simplify rule language, make the rule provisions plain
English, consolidate and reorganize rules and rule paragraphs and/or
Interpretations and Policies, and remove rules that are redundant or
have since expired and are no longer applicable to trading on the
Exchange will foster cooperation and coordination with those
facilitating transactions in securities and remove impediments to and
perfect the mechanism of a free and open market and national market
system by simplifying the Exchange Rules and Rulebook as a whole, and
making them easier to understand. The Exchange also believes that
simplifying the Exchange Rules will protect investors by resulting in
less burdensome and more efficient regulatory compliance.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange reiterates that
the proposed rule change is being proposed in the
[[Page 54655]]
context of a technology migration of the Cboe Affiliated Exchanges, and
not as a competitive filing. As stated, the proposed changes to the
rules are consistent with the shell Rulebook that will be in place come
October 7, 2019 and provide clear, consistent rules for all market
participants upon the completion of migration. The Exchange does not
believe that the proposed rule change will impose any burden on
intramarket competition because it does not in any way substantively
alter the current rules of the Exchange. It merely intends to provide
simplified, consolidated rules upon migration. Likewise, the Exchange
does not believe the proposed rule change will impose any burden on
intermarket competition because the proposed rules are substantively
the same as the Exchange's current rules, which have all been
previously filed with the Commission.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
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) of the Act \12\ and Rule 19b-4(f)(6) \13\ thereunder.
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 from the date on which it was filed, or such shorter time as
the Commission may designate, it has become effective pursuant to
Section 19(b)(3)(A) of the Act \14\ and Rule 19b-4(f)(6) \15\
thereunder.
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\12\ 15 U.S.C. 78(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6).
\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's 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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A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\17\ the Commission
may designate a shorter time if such action is consistent with
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative prior to the Exchange's proposed
system migration on October 7, 2019, in order to permit the Exchange to
provide a complete Rulebook upon the completion of the migration.
According to the Exchange, the proposed rule change simplifies,
reorganizes, and updates its rule text and does not substantively alter
any of its rules. The Commission believes that waiver of the 30-day
operative delay is consistent with the protection of investors and the
public interest because the proposal does not raise any new or novel
issues and makes only non-substantive changes to the rules. Therefore,
the Commission designates the proposed rule change to be operative on
upon filing.\18\
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\16\ 17 CFR 240.19b-4(f)(6).
\17\ 17 CFR 240.19b-4(f)(6).
\18\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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 will institute proceedings to
determine whether the proposed rule change 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-CBOE-2019-081 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-CBOE-2019-081. 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-CBOE-2019-081 and should be submitted on
or before October 31, 2019.
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\19\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-22138 Filed 10-9-19; 8:45 am]
BILLING CODE 8011-01-P
