Self-Regulatory Organizations: Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule, 5742-5744 [2020-01780]
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Federal Register / Vol. 85, No. 21 / Friday, January 31, 2020 / Notices
All submissions should refer to File
Number SR–NASDAQ–2020–005. 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–NASDAQ–2020–005 and
should be submitted on or before
February 21, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.49
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–01783 Filed 1–30–20; 8:45 am]
BILLING CODE 8011–01–P
Commission’s headquarters, 100 F
Street NE, Washington, DC.
STATUS: The meeting will begin at 9:30
a.m. and will be open to the public.
Seating will be on a first-come, firstserved basis. Doors will open at 9:00
a.m. Visitors will be subject to security
checks. The meeting will be webcast on
the Commission’s website at
www.sec.gov.
MATTERS TO BE CONSIDERED: On January
13, 2020, the Commission published
notice of the Committee meeting
(Release No. 34–87956), indicating that
the meeting is open to the public and
inviting the public to submit written
comments to the Committee. This
Sunshine Act notice is being issued
because a majority of the Commission
may attend the meeting.
The agenda for the meeting will
include panel discussions and potential
recommendations from the Municipal
Securities Transparency, Credit Ratings,
and Technology and Electronic Trading
subcommittees.
CONTACT PERSON FOR MORE INFORMATION:
For further information, please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
Dated: January 29, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020–02017 Filed 1–29–20; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88055; File No. SR–MIAX–
2020–03]
Self-Regulatory Organizations: Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend Its Fee Schedule
January 27, 2020.
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
Notice is hereby given,
pursuant to the provisions of the
Government in the Sunshine Act, Pub.
L. 94–409, that the Securities and
Exchange Commission Fixed Income
Market Structure Advisory Committee
(‘‘FIMSAC’’) will hold a public meeting
on Monday, February 10, 2020 at 9:30
a.m.
PLACE: The meeting will be held in
Multi-Purpose Room LL–006 at the
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TIME AND DATE:
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
14, 2020, Miami International Securities
Exchange LLC (‘‘MIAX Options’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
1 15
49 17
CFR 200.30–3(a)(12).
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PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00132
Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing a proposal to
amend the MIAX Options Fee Schedule
(‘‘Fee Schedule’’) to make minor, nonsubstantive corrective edits and
clarifying changes.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxoptions.com/rulefilings, at MIAX’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.
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 the
Fee Schedule to make minor, nonsubstantive corrective edits and
clarifying changes. First, the Exchange
proposes to amend Section 2)c) of the
Fee Schedule, Web CRD Fees, to make
non-substantives edits to the sentence in
parentheses following the FINRA
Disclosure Processing Fee under the
section titled ‘‘GENERAL
REGISTRATION FEES.’’ Currently, the
FINRA Disclosure Processing Fee
includes the following in parentheses
‘‘(Form U4, Form U5, Form BD &
amendments)’’. The Exchange now
proposes to delete the ampersand in that
sentence and replace it with the word
‘‘and’’. The purpose of this proposed
change is for clarity and uniformity with
the fee schedules of the Exchange’s
affiliates, MIAX PEARL, LLC (‘‘MIAX
PEARL’’) and MIAX Emerald, LLC
(‘‘MIAX Emerald’’).
Next, the Exchange proposes to
amend the cross-reference in footnote 18
of the Fee Schedule. Footnote 18
currently states ‘‘The session fee will be
assessed to each individual who is
required to complete the Regulatory
Element of the Continuing Education
Requirements pursuant to MIAX Rule
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31JAN1
Federal Register / Vol. 85, No. 21 / Friday, January 31, 2020 / Notices
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1304.’’ Recently, the Exchange deleted
Exchange Rule 1304 and amended and/
or deleted numerous other rules, in
order to reorganize and enhance the
Exchange’s membership, registration
and qualification rules, and
consolidated these rules into new
Chapter XIX, Registration, Qualification
and Continuing Education.3
Accordingly, the Exchange proposes to
amend the cross-reference in footnote 18
of the Fee Schedule to reflect the
deletion of Exchange Rule 1304. The
cross-reference in footnote 18 will now
be to Exchange Rule 1903, Continuing
Education Requirements, which
contains, among other things, the
requirements for individuals to
complete the Regulatory Element of the
Continuing Education Program. With
the proposed change, footnote 18 would
state as follows: ‘‘The session fee will be
assessed to each individual who is
required to complete the Regulatory
Element of the Continuing Education
Requirements pursuant to MIAX Rule
1903.’’
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.4 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 5 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) 6 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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
3 See
Securities Exchange Act Release No. 87830
(December 20, 2019), 84 FR 72025 (December 30,
2019) (SR–MIAX–2019–50).
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
6 Id.
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the proposed changes make clarifying,
non-substantive edits to the Fee
Schedule, and update a cross-reference
to the Exchange’s rulebook. The
Exchange believes that these proposed
changes will provide greater clarity to
Members and the public regarding the
Exchange’s Fee Schedule and that it is
in the public interest for the Fee
Schedule 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 change will result in
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change is not a
competitive filing but rather is designed
to remedy minor non-substantive issues
and provide added clarity to the Fee
Schedule in order to avoid potential
confusion on the part of market
participants. 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 Fee Schedule.
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
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act,7 and Rule
19b–4(f)(2) 8 thereunder. At any time
within 60 days of the filing of the
proposed rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act. If the Commission
takes such action, the Commission shall
institute proceedings to determine
whether the proposed rule should be
approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
7 15
8 17
PO 00000
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
MIAX–2020–03 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–MIAX–2020–03. 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
offices 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–MIAX–2020–03, and
should be submitted on or before
February 21, 2020.
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
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5744
Federal Register / Vol. 85, No. 21 / Friday, January 31, 2020 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–01780 Filed 1–30–20; 8:45 am]
BILLING CODE 8011–01–P
II. Description of the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88021; File No. SR–LCH
SA–2019–011]
Self-Regulatory Organizations; LCH
SA; Notice of Filing of Partial
Amendment No. 1 and Order Granting
Accelerated Approval of Proposed
Rule Change, as Modified by Partial
Amendment No. 1, Relating to
Amendments to CDS Clearing
Supplement To Reflect the ISDA NTCE
Protocol and Supplement
January 23, 2020.
I. Introduction
On November 21, 2019, Banque
Centrale de Compensation, which
conducts business under the name LCH
SA (‘‘LCH SA’’), 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 its CDS Clearing Supplement
(‘‘LCH SA CDS Supplement’’) to: (1)
Implement the 2019 Narrowly Tailored
Credit Event Supplement to the 2014
ISDA Credit Derivatives Definitions (the
‘‘NTCE Supplement’’) and (2) make
certain clarifications as to the defined
term ‘‘Outstanding Principal Balance’’.
The proposed rule change was
published for comment in the Federal
Register on December 9, 2019.3 The
Commission did not receive comments
on the proposed rule change. On
January 6, 2020, LCH SA filed Partial
Amendment No. 1 to the proposed rule
change.4 The Commission is publishing
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Securities Exchange Act Release No. 87649 (Dec.
3, 2019), 84 FR 67325 (Dec. 9, 2019) (SR–LCH–SA–
2019–011) (‘‘Notice’’).
4 Partial Amendment No. 1 clarifies the proposed
rule change by modifying certain references in the
CDS Clearing Supplement. Currently, the CDS
Clearing Supplement refers to certain supplements
to the standard contract terms as published by ISDA
on certain dates. Rather than referring to the
supplements as published by ISDA on certain dates,
Partial Amendment No. 1 modifies the CDS
Clearing Supplement to refer to the latest versions
of the supplements in force. In other words, Partial
Amendment No. 1 amends the CDS Clearing
Supplement to incorporate whichever versions of
the ISDA supplements are most recent and therefore
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1 15
VerDate Sep<11>2014
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this notice to solicit comments on
Partial Amendment No. 1 from
interested persons and is approving the
proposed rule change, as modified by
Partial Amendment No. 1 (hereinafter,
‘‘proposed rule change’’) on an
accelerated basis.
A. Background
Following certain events in the credit
default swap (‘‘CDS’’) 5 market, the
International Swaps and Derivatives
Association, Inc. (‘‘ISDA’’), in
consultation with market participants,
developed and published the NTCE
Supplement.6 The NTCE Supplement
reflects an effort by ISDA to address socalled narrowly-tailored credit events.
According to ISDA, a narrowly-tailored
credit event is an arrangement between
a participant in the CDS marketplace
and a corporation, through which the
corporation triggers a credit event on
CDS covering the corporation, thereby
increasing payment to the buyers of CDS
protection on the corporation while
minimizing the impact on the
corporation.7
The NTCE Supplement, if applied to
a CDS transaction, would make two
principal changes to the 2014 ISDA
Credit Derivatives Definitions to address
narrowly-tailored credit events.8 First,
the NTCE Supplement would change
the definition of the ‘‘Failure to Pay’’
credit event to exclude certain
narrowly-tailored credit events through
a new Credit Deterioration Requirement.
The Credit Deterioration Requirement
would provide that a failure of a
corporation to make a payment on an
obligation would not constitute a
currently effective, rather than referring to multiple
supplements with specific dates.
5 The following description is substantially
excerpted from the Notice. See Notice, 84 FR at
67325. Capitalized terms not otherwise defined
herein have the meanings assigned to them in the
LCH SA rulebook or LCH SA CDS Supplement.
6 See ISDA Board Statement on Narrowly
Tailored Credit Events, available at https://
www.isda.org/2018/04/11/isda-board-statement-onnarrowly-tailored-credit-events/; see also Joint
Statement on Opportunistic Strategies in the Credit
Derivatives Market (‘‘The continued pursuit of
various opportunistic strategies in the credit
derivatives markets, including but not limited to
those that have been referred to as ‘manufactured
credit events,’ may adversely affect the integrity,
confidence and reputation of the credit derivatives
markets, as well as markets more generally.’’)
available at https://www.sec.gov/news/pressrelease/2019-106.
7 See ISDA Board Statement on Narrowly
Tailored Credit Events, available at https://
www.isda.org/2018/04/11/isda-board-statement-onnarrowly-tailored-credit-events/.
8 See ISDA 2019 NTCE Protocol FAQ, available
at https://www.isda.org/protocol/isda-2019-ntceprotocol.
PO 00000
Frm 00134
Fmt 4703
Sfmt 4703
Failure to Pay Credit Event triggering
CDS on that corporation if the failure
does not directly or indirectly result
from, or result in, a deterioration in the
creditworthiness or financial condition
of the corporation.9 Thus, a narrowlytailored or manufactured failure to pay
that does not reflect or result in a credit
deterioration by a corporation would
not constitute a Credit Event for CDS
Contracts that incorporate the NTCE
Supplement and thus would not
necessarily trigger payment to buyers of
CDS protection. The NTCE Supplement
would also provide guidance related to
the factors that would be relevant to
determining whether a Failure to Pay
Credit Event satisfies the Credit
Deterioration Requirement. As would be
the case with other Failure to Pay Credit
Events under CDS contracts, the
relevant Credit Derivatives
Determinations Committee would, in
the normal course, make the
determination as to whether a Failure to
Pay Credit Event satisfies the Credit
Deterioration Requirement.
Second, the NTCE Supplement would
reduce the amount of payout a CDS
protection buyer could claim in certain
circumstances by imposing a new
provision for Fallback Discounting.
Fallback Discounting would discount a
CDS protection buyer’s claim for payout
under a CDS contract where that claim
for payout is based on an obligation
issued by a corporation at a discount.10
This would address the potential
scenario where a corporation issues a
bond at a substantial discount to its
principal amount and the bond is
delivered in settlement of a CDS at its
full principal amount. In this scenario,
Fallback Discounting would prevent a
buyer of CDS protection from using the
full principal amount of the bond issued
at a discount as a basis for payout under
the CDS contract.
B. Changes to the LCH SA CDS
Supplement
Because LCH SA will clear and settle
CDS contracts to which the NTCE
Supplement will apply, it must ensure
that its relevant Rules accurately reflect
the changes described above that will be
implemented by the NTCE Supplement.
Accordingly, the proposed rule change
would ensure that the changes being
implemented by the NTCE Supplement
are accurately reflected in LCH SA’s
relevant Rules by making substantially
similar amendments to both Part B of
9 See ISDA 2019 Narrowly Tailored Credit Event
Supplement to the 2014 ISDA Credit Derivatives
Definitions (Published on July 15, 2019), available
at https://www.isda.org/a/KDqME/Final-NTCESupplement.pdf.
10 Id.
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]]>Agencies
[Federal Register Volume 85, Number 21 (Friday, January 31, 2020)]
[Notices]
[Pages 5742-5744]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-01780]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88055; File No. SR-MIAX-2020-03]
Self-Regulatory Organizations: Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule
January 27, 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 14, 2020, Miami International Securities Exchange LLC
(``MIAX Options'' or ``Exchange'') filed with the Securities and
Exchange Commission (``SEC'' or ``Commission'') the proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the Exchange. The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------
\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 the MIAX Options Fee
Schedule (``Fee Schedule'') to make minor, non-substantive corrective
edits and clarifying changes.
The text of the proposed rule change is available on the Exchange's
website at https://www.miaxoptions.com/rule-filings, at MIAX'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.
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 the Fee Schedule to make minor, non-
substantive corrective edits and clarifying changes. First, the
Exchange proposes to amend Section 2)c) of the Fee Schedule, Web CRD
Fees, to make non-substantives edits to the sentence in parentheses
following the FINRA Disclosure Processing Fee under the section titled
``GENERAL REGISTRATION FEES.'' Currently, the FINRA Disclosure
Processing Fee includes the following in parentheses ``(Form U4, Form
U5, Form BD & amendments)''. The Exchange now proposes to delete the
ampersand in that sentence and replace it with the word ``and''. The
purpose of this proposed change is for clarity and uniformity with the
fee schedules of the Exchange's affiliates, MIAX PEARL, LLC (``MIAX
PEARL'') and MIAX Emerald, LLC (``MIAX Emerald'').
Next, the Exchange proposes to amend the cross-reference in
footnote 18 of the Fee Schedule. Footnote 18 currently states ``The
session fee will be assessed to each individual who is required to
complete the Regulatory Element of the Continuing Education
Requirements pursuant to MIAX Rule
[[Page 5743]]
1304.'' Recently, the Exchange deleted Exchange Rule 1304 and amended
and/or deleted numerous other rules, in order to reorganize and enhance
the Exchange's membership, registration and qualification rules, and
consolidated these rules into new Chapter XIX, Registration,
Qualification and Continuing Education.\3\ Accordingly, the Exchange
proposes to amend the cross-reference in footnote 18 of the Fee
Schedule to reflect the deletion of Exchange Rule 1304. The cross-
reference in footnote 18 will now be to Exchange Rule 1903, Continuing
Education Requirements, which contains, among other things, the
requirements for individuals to complete the Regulatory Element of the
Continuing Education Program. With the proposed change, footnote 18
would state as follows: ``The session fee will be assessed to each
individual who is required to complete the Regulatory Element of the
Continuing Education Requirements pursuant to MIAX Rule 1903.''
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 87830 (December 20,
2019), 84 FR 72025 (December 30, 2019) (SR-MIAX-2019-50).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\4\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \5\ 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) \6\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
\6\ Id.
---------------------------------------------------------------------------
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, non-substantive edits to
the Fee Schedule, and update a cross-reference to the Exchange's
rulebook. The Exchange believes that these proposed changes will
provide greater clarity to Members and the public regarding the
Exchange's Fee Schedule and that it is in the public interest for the
Fee Schedule 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 change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
rule change is not a competitive filing but rather is designed to
remedy minor non-substantive issues and provide added clarity to the
Fee Schedule in order to avoid potential confusion on the part of
market participants. 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 Fee Schedule.
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\7\ and Rule 19b-4(f)(2) \8\ thereunder. At
any time within 60 days of the filing of the proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
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\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
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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-MIAX-2020-03 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-MIAX-2020-03. 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 offices 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-MIAX-2020-03, and should be submitted on
or before February 21, 2020.
[[Page 5744]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-01780 Filed 1-30-20; 8:45 am]
BILLING CODE 8011-01-P
