Self-Regulatory Organizations; BOX Exchange LLC; Notice of Withdrawal of Proposed Rule Change To Amend the Fee Schedule on the BOX Options Market LLC Facility To Establish BOX Connectivity Fees for Participants and Non-Participants Who Connect to the BOX Network, 2783-2784 [2020-00588]
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Federal Register / Vol. 85, No. 11 / Thursday, January 16, 2020 / Notices
technological or development support
personnel who are not primarily
responsible for the covered activities. It
also excludes supervisors who are not
responsible for the covered activities. It
also excludes supervisors who are not
responsible for the ‘‘day-to-day’’
supervision or direction of the covered
activities.
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 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 79 and Rule 19b–
4(f)(6) thereunder.80
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 81 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 82
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has
requested that the Commission waive
the 30-day operative delay so that the
proposed rule change may become
effective and operative immediately
upon filing. According to the Exchange,
the proposal is part of a larger effort to
create uniform rules relating to
registration, qualification examinations
and continuing education of associated
persons of Members among the
Exchange and its affiliates, MIAX and
MIAX PEARL, LLC. For this reason, the
Commission believes that waiver of the
30-day operative delay is consistent
with the protection of investors and the
public interest. Accordingly, the
Commission hereby waives the
operative delay and designates the
79 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
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.
81 17 CFR 240.19b–4(f)(6).
82 17 CFR 240.19b–4(f)(6)(iii).
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80 17
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proposed rule change operative upon
filing.83
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
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:
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–2020–02, and
should besubmitted on or before
February 6, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.84
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–00586 Filed 1–15–20; 8:45 am]
Electronic Comments
BILLING CODE 8011–01–P
• 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–2020–02 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
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–2020–02. 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
83 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). The Commission notes that the
proposed rule change was initially filed on January
9, 2020 and subsequently withdrawn and refiled on
January 10, 2020.
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2783
[Release No. 34–87935; File No. SR–BOX–
2019–32]
Self-Regulatory Organizations; BOX
Exchange LLC; Notice of Withdrawal of
Proposed Rule Change To Amend the
Fee Schedule on the BOX Options
Market LLC Facility To Establish BOX
Connectivity Fees for Participants and
Non-Participants Who Connect to the
BOX Network
January 10, 2020.
On October 31, 2019, BOX Exchange
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 the Exchange’s fee schedule to
establish certain connectivity fees and
reclassify its high speed vendor feed
connection as a port fee. The proposed
rule change was immediately effective
upon filing with the Commission
pursuant to Section 19(b)(3)(A) of the
Act.3 The proposed rule change was
published for comment in the Federal
Register on November 19, 2019.4 The
Commission received one comment
84 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 See Securities Exchange Act Release No. 87516
(November 13, 2019), 84 FR 63919.
1 15
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Federal Register / Vol. 85, No. 11 / Thursday, January 16, 2020 / Notices
letter on the proposal.5 On December
23, 2019, the Exchange withdrew the
proposed rule change (SR–BOX–2019–
32).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–00588 Filed 1–15–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87941; File No. SR–
PEARL–2020–01]
Self-Regulatory Organizations; MIAX
PEARL, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend, Reorganize
and Enhance Its Membership,
Registration and Qualification Rules
and Consolidate These Rules Into New
Chapter XXXI Registration,
Qualification and Continuing
Education
January 10, 2020.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on January 9,
2020, MIAX PEARL, LLC (‘‘MIAX
PEARL’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing a proposal to
amend, reorganize and enhance its
membership, registration and
qualification rules and to make
conforming changes to certain other
rules.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxoptions.com/rulefilings/pearl at MIAX PEARL’s principal
office, and at the Commission’s Public
Reference Room.
5 See Letter from Edward Devlin IV, dated
November 24, 2019.
6 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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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 reorganize
and enhance its membership,
registration and qualification rules,
make conforming changes to certain
other rules, and organize the proposed
changes into a new chapter of rules in
the MIAX PEARL Rulebook. All of the
proposed rules and changes to existing
Exchange rules are based on existing
rules of other options exchanges.3 The
proposed rules are intended to amend,
reorganize and enhance the Exchange’s
membership, registration and
qualification requirements rules to align
with recent similar changes by the
Exchange’s affiliate, MIAX,4 as well as
the Nasdaq Stock Market and FINRA.
MIAX PEARL proposes to adopt new
Chapter XXXI 5 to the Exchange’s rules.
Overview
The Exchange adopted registration
requirements to ensure that associated
persons 6 attain and maintain specified
3 See Miami International Securities Exchange,
LLC (‘‘MIAX’’) Rules, Chapter XIX, Registration,
Qualification and Continuing Education; The
Nasdaq Stock Market LLC (‘‘Nasdaq Stock Market’’)
Rules, General 9, Regulation; Financial Industry
Regulatory Authority, Inc. (‘‘FINRA’’) Rules, Rule
1000, Member Application and Associated Person
Registration.
4 See Securities Exchange Act Release No. 87830
(December 20, 2019), 84 FR 72025 (December 30,
2019) (Notice of Filing and Immediate Effectiveness
of a Proposed Rule Change To Amend, Reorganize
and Enhance Its Membership, Registration and
Qualification Rules and Consolidate These Rules
Into New Chapter XIX Registration, Qualification
and Continuing Education) (SR–MIAX–2019–50).
5 The Exchange proposes to reserve Chapters XIX
through XXX for anticipated future use.
6 The term ‘‘associated person’’ or ‘‘person
associated with a Member’’ means any partner,
officer, director, or branch manager of a Member (or
any person occupying a similar status or performing
similar functions), any person directly or indirectly
controlling, controlled by, or under common
control with a Member, or any employee of a
Member. See Exchange Rule 100. In accordance
PO 00000
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levels of competence and knowledge
pertinent to their function. In general,
the Exchange’s current rules require that
persons engaged in a Member’s 7
securities business who are to function
as representatives 8 or principals 9
register with the Exchange in each
category of registration appropriate to
their functions by passing one or more
qualification examinations 10 and
exempt specified associated persons
from the registration requirements.11
They also prescribe ongoing continuing
education requirements for registered
persons.12 The Exchange proposes to
amend, reorganize and enhance its rules
regarding registration, qualification
examinations and continuing education,
as described below.
In 2017, the Commission approved a
Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) proposed rule
change consolidating and adopting prior
National Association of Securities
Dealers, Inc. (‘‘NASD’’) rules and rules
incorporated from the New York Stock
Exchange (‘‘NYSE’’) relating to
qualification and registration
requirements into the Consolidated
FINRA Rulebook,13 restructuring the
with other proposed changes in this filing, and as
further described below, the Exchange proposes to
amend the terms ‘‘associated person’’ or ‘‘person
associated with a Member.’’
7 The term ‘‘Member’’ means an individual or
organization that is registered with the Exchange
pursuant to Chapter II of these Rules for purposes
of trading on the Exchange as an ‘‘Electronic
Exchange Member’’ or ‘‘Market Maker.’’ Members
are deemed ‘‘members’’ under the Exchange Act.
See Exchange Rule 100.
8 A ‘‘representative’’ is any person associated
with a Member, including assistant officers other
than principals, who is engaged in the Member’s
securities business, such as supervision,
solicitation, conduct of business in securities or the
training of persons associated with a Member for
any of these functions. See proposed Exchange Rule
3101.
9 A ‘‘principal’’ is any person associated with a
Member, including, but not limited to, sole
proprietor, officer, partner, manager of office of
supervisory jurisdiction, director or other person
occupying a similar status or performing similar
functions, who is actively engaged in the
management of the Member’s securities business,
such as supervision, solicitation, conduct of
business in securities or the training of persons
associated with a Member for any of these
functions. Such persons shall include, among other
persons, a Member’s chief executive officer and
chief financial officer (or equivalent officers). A
‘‘principal’’ also includes any other person
associated with a Member who is performing
functions or carrying out responsibilities that are
required to be performed or carried out by a
principal under Exchange rules. See proposed
Exchange Rule 3101.
10 See proposed Exchange Rule 3101, Registration
Categories, and Exchange Rule 1302, Registration of
Representatives.
11 See proposed Exchange Rule 3102, Associated
Persons Exempt from Registration.
12 See proposed Exchange Rule 3103, Continuing
Education Requirements.
13 The current FINRA rulebook consists of: (1)
FINRA rules; (2) NASD rules; and (3) rules
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]]>Agencies
[Federal Register Volume 85, Number 11 (Thursday, January 16, 2020)]
[Notices]
[Pages 2783-2784]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00588]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87935; File No. SR-BOX-2019-32]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of
Withdrawal of Proposed Rule Change To Amend the Fee Schedule on the BOX
Options Market LLC Facility To Establish BOX Connectivity Fees for
Participants and Non-Participants Who Connect to the BOX Network
January 10, 2020.
On October 31, 2019, BOX Exchange 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 the
Exchange's fee schedule to establish certain connectivity fees and
reclassify its high speed vendor feed connection as a port fee. The
proposed rule change was immediately effective upon filing with the
Commission pursuant to Section 19(b)(3)(A) of the Act.\3\ The proposed
rule change was published for comment in the Federal Register on
November 19, 2019.\4\ The Commission received one comment
[[Page 2784]]
letter on the proposal.\5\ On December 23, 2019, the Exchange withdrew
the proposed rule change (SR-BOX-2019-32).
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ See Securities Exchange Act Release No. 87516 (November 13,
2019), 84 FR 63919.
\5\ See Letter from Edward Devlin IV, dated November 24, 2019.
\6\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-00588 Filed 1-15-20; 8:45 am]
BILLING CODE 8011-01-P
