Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 515, Execution of Orders and Quotes, 71519-71521 [2019-27874]
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Federal Register / Vol. 84, No. 248 / Friday, December 27, 2019 / Notices
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules. An agency
may not conduct or sponsor, and a
person is not required to respond to, a
collection of information unless it
displays a currently valid OMB control
number.
Written comments are invited on: (a)
Whether the collection of information is
necessary for the proper performance of
the functions of the Commission,
including whether the information has
practical utility; (b) the accuracy of the
Commission’s estimate of the burden of
the collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information collected; and (d)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
Please direct your written comments
to Charles Riddle, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549; or send an email to: PRA_
Mailbox@sec.gov.
Dated: December 19, 2019.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019–27853 Filed 12–26–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
jbell on DSKJLSW7X2PROD with NOTICES
Extension:
Rule 18f–1 and Form N–18f–1; SEC File
No. 270–187, OMB Control No. 3235–
0211
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
VerDate Sep<11>2014
18:44 Dec 26, 2019
Jkt 250001
Rule 18f–1 (17 CFR 270.18f–1)
enables a registered open-end
management investment company
(‘‘fund’’) that may redeem its securities
in-kind, by making a one-time election,
to commit to make cash redemptions
pursuant to certain requirements
without violating section 18(f) of the
Investment Company Act of 1940 (15
U.S.C. 80a–18(f)). A fund relying on the
rule must file Form N–18F–1 (17 CFR
274.51) to notify the Commission of this
election. The Commission staff
estimates that 22 funds file Form N–
18F–1 annually, and that each response
takes one hour. Based on these
estimates, the total annual burden hours
associated with the rule is estimated to
be 22 hours. The estimated burden
hours associated with rule 18f–1 and
Form 18F–1 have decreased by 16 hours
from the current allocation of 38 hours.
This decrease is due to a decrease in the
estimated number of investment
companies filing Form N–18F–1
annually. There is no external cost
associated with this collection of
information.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules. An agency
may not conduct or sponsor, and a
person is not required to respond to, a
collection of information unless it
displays a currently valid OMB control
number.
Written comments are invited on: (a)
Whether the collection of information is
necessary for the proper performance of
the functions of the Commission,
including whether the information has
practical utility; (b) the accuracy of the
Commission’s estimate of the burden of
the collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information collected; and (d)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
Please direct your written comments
to Charles Riddle, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549; or send an email to: PRA_
Mailbox@sec.gov.
PO 00000
Frm 00172
Fmt 4703
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71519
Dated: December 19, 2019.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019–27852 Filed 12–26–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87807; File No. SR–
EMERALD–2019–37]
Self-Regulatory Organizations; MIAX
Emerald, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Exchange
Rule 515, Execution of Orders and
Quotes
December 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 December
16, 2019, MIAX Emerald, LLC (‘‘MIAX
Emerald’’ or ‘‘Exchange’’) 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 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 is filing a proposal to
amend Exchange Rule 515, Execution of
Orders and Quotes, to make minor, nonsubstantive edits and clarifying changes
to the rule text.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxoptions.com/rulefilings/emerald at MIAX Emerald’s
principal office, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
1 15
2 17
E:\FR\FM\27DEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
27DEN1
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Federal Register / Vol. 84, No. 248 / Friday, December 27, 2019 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Exchange Rule 515, Execution of Orders
and Quotes, to make minor, nonsubstantive edits and clarifying changes
to the rule text in order to provide
consistency and clarity within the rule
text. Specifically, the Exchange
proposes to amend subsection
(c)(1)(ii)(C)3. to correct a citation to the
subsection that discusses the Managed
Interest Process. Subsection
(c)(1)(ii)(C)3. of Exchange Rule 515
currently states:
jbell on DSKJLSW7X2PROD with NOTICES
If the Exchange receives a new Post-Only
OQ on the opposite side of the market from
a Post-Only Order being managed under this
subsection (c)(1)(ii)(B) and the new Post-Only
OQ locks or crosses the Book price of the
resting Post-Only Order, the Exchange will
re-book the resting Post-Only Order at the
same price as its displayed price and manage
the resting Post-Only Order and the new
Post-Only OQ under the POP Process of
subsection (i) of this Rule.
The Exchange proposes to amend the
citation to ‘‘subsection (c)(1)(ii)(B)’’ in
subsection (c)(1)(ii)(C)3. to remove the
citation to item ‘‘(B).’’ Accordingly, with
the proposed change, the new citation
will be to the general section covering
the Managed Interest Process for NonRoutable orders, which is subsection
(c)(1)(ii). The purpose of this proposed
change is to provide consistency and
clarity within the rule text.
Next, the Exchange proposes to make
several amendments to subsection
(c)(1)(ii)(B) of Exchange Rule 515 to
correct the punctuation in that
subsection. Subsection (c)(1)(ii)(B)
currently provides that if the limit price
of an order locks or crosses the current
opposite side ABBO and the EBBO is
inferior to the ABBO, the System 3 will
display the order one MPV away from
the current opposite side ABBO, and
book the order at a price that will lock
the current opposite side ABBO. Should
the ABBO price change to an inferior
price level, the order’s Book price will
continuously re-price to lock the new
ABBO and the managed order’s
displayed price will continuously reprice one MPV away from the new
ABBO until (1) the order has traded to
and including its limit price, (2) the
order has traded to and including its
price protection limit at which time any
remaining contracts are cancelled, (3)
the order is fully executed or (4) the
3 The term ‘‘System’’ means the automated
trading system used by the Exchange for the trading
of securities. See Exchange Rule 100.
VerDate Sep<11>2014
18:44 Dec 26, 2019
Jkt 250001
order is cancelled. The Exchange now
proposes to insert a colon at the end of
the second sentence in subsection
(c)(1)(ii)(B) that leads into the four
different scenarios that describe when
the System will stop repricing the order
pursuant to the Managed Interest
Process. Further, the Exchange proposes
to delete the commas after each
sentence in subsections (c)(1)(ii)(B)(1)
through (c)(1)(ii)(B)(3), and replace
those commas with semicolons. The
purpose of these changes is to provide
consistency and clarity throughout the
rule text.
2. Statutory Basis
The Exchange believes that its
proposed rule change is consistent with
Section 6(b) of the Act 4 in general, and
furthers the objectives of Section 6(b)(5)
of the Act 5 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities, to
remove impediments to and perfect the
mechanisms of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
The Exchange believes the proposed
changes promote just and equitable
principles of trade and remove
impediments to and perfect the
mechanism of a free and open market
and a national market system because
the proposed changes make clarifying
edits to the rule text of Exchange Rule
515, and correct an error to a particular
citation to provide uniformity in the
Exchange’s rulebook. The Exchange
believes that these proposed changes
will provide greater clarity to Members
and the public regarding the Exchange’s
rules and that it is in the public interest
for rules to be accurate and concise so
as to eliminate the potential for
confusion.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule changes will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. Specifically,
the Exchange believes the proposed
changes will not impose any burden on
intra-market competition as there is no
functional change to the Exchange’s
System and because the rules of the
Exchange apply to all MIAX Emerald
participants equally. The proposed rule
4 15
5 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00173
Fmt 4703
Sfmt 4703
changes will have no impact on
competition as they are not designed to
address any competitive issues but
rather are designed to remedy minor
non-substantive issues and provide
added clarity to the rule text of
Exchange Rule 515. In addition, the
Exchange does not believe the proposal
will impose any burden on inter-market
competition as the proposal does not
address any competitive issues and is
intended to protect investors by
providing further transparency
regarding the Exchange’s functionality.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the 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 6 and
subparagraph (f)(6) of Rule 19b–4
thereunder.7
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:
6 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
7 17
E:\FR\FM\27DEN1.SGM
27DEN1
Federal Register / Vol. 84, No. 248 / Friday, December 27, 2019 / Notices
Electronic Comments
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
jbell on DSKJLSW7X2PROD with NOTICES
All submissions should refer to File
Number SR-EMERALD–2019–037. 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–EMERALD–2019–037 and
should be submitted on or before
January 17, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019–27874 Filed 12–26–19; 8:45 am]
BILLING CODE 8011–01–P
8 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
18:44 Dec 26, 2019
— Amendments to the IAMSAR Manual
— Unified interpretation of provisions of
[Public Notice 10977]
IMO safety, security, and
environment-related Conventions
Notice of Public Meeting in Preparation
— Validated model training courses
for an International Maritime
— Biennial status report and provisional
Organization Committee
agenda for NCSR 8
The Department of State will conduct — Election of Chair and Vice-Chair for
an open meeting at 9:30 a.m. on
2021
Wednesday, January 8, 2020, at the
— Any other business
headquarters of the Radio Technical
Members of the public may attend
Commission for Maritime Services
this meeting up to the seating capacity
(RTCM) in Suite 705, 1621 N Kent
of the room. Upon request to the
Street, Arlington, Virginia 22209. The
meeting coordinator, members of the
primary purpose of the meeting is to
public may also participate via
prepare for the 7th session of the
teleconference, up to the capacity of the
International Maritime Organization’s
teleconference phone line. To facilitate
(IMO) Sub-Committee on Navigation,
the building security process, and to
Communication, and Search and Rescue request reasonable accommodation,
to be held at the IMO Headquarters,
those who plan to attend should contact
United Kingdom, January 15–24, 2020.
the meeting coordinator, George
The agenda items to be considered
Detweiler, by email at
include:
George.H.Detweiler@uscg.mil, by phone
— Decisions of other IMO bodies
at (202) 372–1566, or in writing at 2703
— Routing measures and mandatory ship Martin Luther King Jr. Ave. SE Stop
reporting systems
7418, Washington DC 20593–7418 not
— Updates to the LRIT system
later than January 1, 2020, 7 days prior
— Application of the ‘‘Indian Regional
to the meeting. Requests made after
Navigation Satellite System (IRNSS)’’
January 1, 2020 might not be able to be
in the maritime field and
accommodated. In the case of inclement
development of performance
weather where the U.S. Government is
standards for shipborne IRNSS
closed or delayed, a public meeting may
receiver equipment
be conducted virtually. The meeting
— Recognition of the Japanese regional
coordinator will confirm whether the
navigation satellite system Quasivirtual public meeting will be utilized
Zenith Satellite System (QZSS) and
and will provide call in details to those
development of performance
who have registered. Members of the
standards for shipborne satellite
public can find out whether the U.S.
navigation system receiver equipment Government is delayed or closed by
— Revision of the Guidelines for vessel
visiting www.opm.gov/status/.
traffic services (resolution A.857(20))
— Consideration of descriptions of
Jeremy M. Greenwood,
Maritime Services in the context of e- Coast Guard Liaison Officer, Office of Ocean
navigation
and Polar Affairs, Department of State.
— Updating of the GMDSS master plan
[FR Doc. 2019–27912 Filed 12–26–19; 8:45 am]
and guidelines on MSI Maritime
BILLINGCODE 4710–09–P
Safety Information (MSI)
— Safety measures for non-SOLAS ships
operating in polar waters
DEPARTMENT OF STATE
— Revision of SOLAS chapters III and IV
for Modernization of the GMDSS,
[Public Notice 10988]
including related and consequential
amendments to other existing
Notice of Public Meeting in Preparation
instruments)
for International Maritime Organization
— Response to matters related to the
(IMO) Meeting
Radiocommunication ITU R Study
The Department of State will conduct
Group and ITU World
an open meeting at 1:00 p.m. Eastern
Radiocommunication Conference
Standard Time on Thursday, January 23,
— Revision of the Guidelines on places
2020, in Room 6I10–01–C of the Douglas
of refuge for ships in need of
A. Munro Coast Guard Headquarters
assistance (resolution A.949(23))
Building at St. Elizabeth’s, 2703 Martin
— Developments in GMDSS satellite
Luther King Jr. Avenue SE, Washington,
services
— Further development of the provision DC 20593. The primary purpose of the
meeting is to prepare for the seventh
of global maritime SAR services
— Guidelines on harmonized
session of the International Maritime
aeronautical and maritime search and Organization’s (IMO) Sub-Committee on
rescue procedures, including SAR
Pollution Prevention and Response (PPR
training matters
7) to be held at the IMO Headquarters,
DEPARTMENT OF STATE
• 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–
EMERALD–2019–037 on the subject
line.
Jkt 250001
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]]>Agencies
[Federal Register Volume 84, Number 248 (Friday, December 27, 2019)]
[Notices]
[Pages 71519-71521]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27874]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87807; File No. SR-EMERALD-2019-37]
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Exchange Rule 515, Execution of Orders and Quotes
December 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 December 16, 2019, MIAX Emerald, LLC (``MIAX Emerald'' or
``Exchange'') 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 Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to amend Exchange Rule 515,
Execution of Orders and Quotes, to make minor, non-substantive edits
and clarifying changes to the rule text.
The text of the proposed rule change is available on the Exchange's
website at https://www.miaxoptions.com/rule-filings/emerald at MIAX
Emerald's principal office, and at the Commission's Public Reference
Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
[[Page 71520]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Exchange Rule 515, Execution of
Orders and Quotes, to make minor, non-substantive edits and clarifying
changes to the rule text in order to provide consistency and clarity
within the rule text. Specifically, the Exchange proposes to amend
subsection (c)(1)(ii)(C)3. to correct a citation to the subsection that
discusses the Managed Interest Process. Subsection (c)(1)(ii)(C)3. of
Exchange Rule 515 currently states:
If the Exchange receives a new Post-Only OQ on the opposite side
of the market from a Post-Only Order being managed under this
subsection (c)(1)(ii)(B) and the new Post-Only OQ locks or crosses
the Book price of the resting Post-Only Order, the Exchange will re-
book the resting Post-Only Order at the same price as its displayed
price and manage the resting Post-Only Order and the new Post-Only
OQ under the POP Process of subsection (i) of this Rule.
The Exchange proposes to amend the citation to ``subsection
(c)(1)(ii)(B)'' in subsection (c)(1)(ii)(C)3. to remove the citation to
item ``(B).'' Accordingly, with the proposed change, the new citation
will be to the general section covering the Managed Interest Process
for Non-Routable orders, which is subsection (c)(1)(ii). The purpose of
this proposed change is to provide consistency and clarity within the
rule text.
Next, the Exchange proposes to make several amendments to
subsection (c)(1)(ii)(B) of Exchange Rule 515 to correct the
punctuation in that subsection. Subsection (c)(1)(ii)(B) currently
provides that if the limit price of an order locks or crosses the
current opposite side ABBO and the EBBO is inferior to the ABBO, the
System \3\ will display the order one MPV away from the current
opposite side ABBO, and book the order at a price that will lock the
current opposite side ABBO. Should the ABBO price change to an inferior
price level, the order's Book price will continuously re-price to lock
the new ABBO and the managed order's displayed price will continuously
re-price one MPV away from the new ABBO until (1) the order has traded
to and including its limit price, (2) the order has traded to and
including its price protection limit at which time any remaining
contracts are cancelled, (3) the order is fully executed or (4) the
order is cancelled. The Exchange now proposes to insert a colon at the
end of the second sentence in subsection (c)(1)(ii)(B) that leads into
the four different scenarios that describe when the System will stop
repricing the order pursuant to the Managed Interest Process. Further,
the Exchange proposes to delete the commas after each sentence in
subsections (c)(1)(ii)(B)(1) through (c)(1)(ii)(B)(3), and replace
those commas with semicolons. The purpose of these changes is to
provide consistency and clarity throughout the rule text.
---------------------------------------------------------------------------
\3\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \4\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \5\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, to remove impediments to and perfect the
mechanisms of a free and open market and a national market system and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes the proposed changes promote just and
equitable principles of trade and remove impediments to and perfect the
mechanism of a free and open market and a national market system
because the proposed changes make clarifying edits to the rule text of
Exchange Rule 515, and correct an error to a particular citation to
provide uniformity in the Exchange's rulebook. The Exchange believes
that these proposed changes will provide greater clarity to Members and
the public regarding the Exchange's rules and that it is in the public
interest for rules to be accurate and concise so as to eliminate the
potential for confusion.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule changes will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. Specifically, the Exchange
believes the proposed changes will not impose any burden on intra-
market competition as there is no functional change to the Exchange's
System and because the rules of the Exchange apply to all MIAX Emerald
participants equally. The proposed rule changes will have no impact on
competition as they are not designed to address any competitive issues
but rather are designed to remedy minor non-substantive issues and
provide added clarity to the rule text of Exchange Rule 515. In
addition, the Exchange does not believe the proposal will impose any
burden on inter-market competition as the proposal does not address any
competitive issues and is intended to protect investors by providing
further transparency regarding the Exchange's functionality.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the 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 \6\ and subparagraph (f)(6) of Rule 19b-4
thereunder.\7\
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6). In addition, Rule19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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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 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:
[[Page 71521]]
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-EMERALD-2019-037 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-EMERALD-2019-037. 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-EMERALD-2019-037 and should be submitted
on or before January 17, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019-27874 Filed 12-26-19; 8:45 am]
BILLING CODE 8011-01-P
