Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Operative Date of SR-NASDAQ-2020-012, 27789-27791 [2020-09959]
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Federal Register / Vol. 85, No. 91 / Monday, May 11, 2020 / Notices
competitive market in which market
participants can readily favor one of the
16 competing option exchanges if they
deem fee levels at a particular venue to
be excessive. In such an environment,
the Exchange must continually adjust its
fees to remain competitive with other
exchanges and to attract order flow to
the Exchange. Based on publiclyavailable information, and excluding
index-based options, no single exchange
currently has more than 16% of the
market share of executed volume of
multiply-listed equity and ETF options
trades.13 Therefore, currently no
exchange possesses significant pricing
power in the execution of multiplylisted equity & ETF options order flow.
More specifically, in January 2020, the
Exchange had less than 10% market
share of executed volume of multiplylisted equity & ETF options trades.14
The Exchange believes that the
proposed rule change reflects this
competitive environment because it
continues the fee waiver, which is
designed to reduce monthly costs for
Floor participants whose operations
have been disrupted by the
unanticipated Floor closure. In reducing
this monthly financial burden, the
proposed change would allow affected
participants to reallocate funds to assist
with the cost of shifting and
maintaining their previously on-Floor
operations to off-Floor. Absent this
change, such participants may
experience an unintended increase in
the cost of doing business on the
Exchange, which would make the
Exchange a less competitive venue on
which to trade as compared to other
options exchanges.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
khammond on DSKJM1Z7X2PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 15 of the Act and
subparagraph (f)(2) of Rule 19b–4 16
thereunder, because it establishes a due,
13 See
supra note 10.
on OCC data, supra note 11, the
Exchange’s market share in equity-based options
was 9.57% for the month of January 2019 and
9.59% for the month of January, 2020.
15 15 U.S.C. 78s(b)(3)(A).
16 17 CFR 240.19b–4(f)(2).
14 Based
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fee, or other charge imposed by the
Exchange.
At any time within 60 days of the
filing of such 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
under Section 19(b)(2)(B) 17 of the Act 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 rule-comments@
sec.gov. Please include File Number SR–
NYSEArca–2020–38 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–NYSEArca–2020–38. 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–NYSEArca–2020–38 and
should be submitted on or before June
1, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–09956 Filed 5–8–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88813; File No. SR–
NASDAQ–2020–023]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify the
Operative Date of SR–NASDAQ–2020–
012
May 5, 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 May 1,
2020, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘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 proposes to modify the
operative date of SR–NASDAQ–2020–
012. The text of the proposed rule
change is available on the Exchange’s
website at https://
nasdaq.cchwallstreet.com, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
18 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
17 15
PO 00000
U.S.C. 78s(b)(2)(B).
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27789
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Federal Register / Vol. 85, No. 91 / Monday, May 11, 2020 / Notices
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
khammond on DSKJM1Z7X2PROD with NOTICES
1. Purpose
On March 12, 2020, the Exchange
filed with the Commission a proposed
rule change to establish reopening
protections for Nasdaq listed securities
following a Level 1 or Level 2 marketwide circuit breaker trading halt
initiated under Rule 4121.3 The
proposed rule change indicated that
operative date of the reopening
protections would be during April
2020.4 The Exchange proposes to
modify the operative date and delay the
implementation of this functionality to
July 2020. The Exchange will issue an
Equity Trader Alert notifying members
prior to implementing the functionality.
Due to the recent market volatility
resulting from the novel coronavirus
pandemic, the Exchange has been
adjusting its systems testing schedule
and assessing any risks to the operation
of its systems that could potentially be
introduced by implementing new
functionality during this time. The
extension would therefore provide the
Exchange with flexibility and additional
time to adjust its systems testing
schedule, and to develop and test this
new functionality, to safeguard against
any such risk. Furthermore, the
extension would allow the Exchange to
implement the halt reopening changes
after the Russell Rebalance, a significant
market event occurring in June 2020,
and for which the Exchange will reduce
the number of changes to its systems.
The Exchange has historically limited
rolling out new functionality before the
Russell Rebalance to mitigate the
operational risk of introducing
3 See Securities Exchange Act Release No. 88383
(March 13, 2020), 85 FR 15819 (March 19, 2020)
(SR–NASDAQ–2020–012).
4 See id. at 15822.
VerDate Sep<11>2014
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Jkt 250001
technology changes before this
significant market event.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,5 in general, and furthers the
objectives of Section 6(b)(5) of the Act,6
in particular, in that it is designed to
promote just and equitable principles of
trade, 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 by
providing the Exchange additional time
to implement SR–NASDAQ–2020–012.
As discussed above, the proposed delay
is in recognition of both the recent
market volatility and upcoming annual
Russell Rebalance in June 2020. The
Exchange believes that the extension
would therefore allow the Exchange to
mitigate any potential risks to the
market and the operation of its systems
by limiting the implementation of new
functionality until after the Russell
Rebalance, which, in turn, protects
investors and the public interest.
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 not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange’s proposal to delay the
implementation of SR–NASDAQ–2020–
012 does not impose an undue burden
on competition. Delaying the
implementation will simply allow the
Exchange additional time to properly
plan and implement SR–NASDAQ–
2020–012.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or 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
5 15
6 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00083
Fmt 4703
Sfmt 4703
19(b)(3)(A)(iii) of the Act 7 and
subparagraph (f)(6) of Rule 19b–4
thereunder.8
A proposed rule changed filed under
Rule 19b–4(f)(6) 9 normally does not
become operative prior to 30 days after
the date of filing. However, pursuant to
Rule 19b–4(f)(6),10 the Commission may
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
immediately upon filing. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest because doing so will
allow the Exchange to adjust its testing
schedule and develop and test the new
auction functionality adequately prior to
implementation.11
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
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–
NASDAQ–2020–023 on the subject line.
7 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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.
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
11 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
8 17
E:\FR\FM\11MYN1.SGM
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Federal Register / Vol. 85, No. 91 / Monday, May 11, 2020 / Notices
Paper Comments
DEPARTMENT OF TRANSPORTATION
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
Federal Aviation Administration
All submissions should refer to File
Number SR–NASDAQ–2020–023. 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–2020–023 and
should be submitted on or before June
1, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–09959 Filed 5–8–20; 8:45 am]
khammond on DSKJM1Z7X2PROD with NOTICES
BILLING CODE 8011–01–P
12 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
17:47 May 08, 2020
Jkt 250001
Notice of Availability of the Final
Environmental Assessment and
Finding of No Significant Impact for
the Titusville-Cocoa Airport Authority
Launch Site Operator License
The Federal Aviation
Administration (FAA), Department of
Transportation (DOT) is the lead agency.
The National Aeronautics and Space
Administration (NASA) and the U.S. Air
Force are cooperating agencies for this
Environmental Assessment (EA) due to
their special expertise and jurisdictions
(40 CFR 1508.15 and 1508.26).
ACTION: Notice of availability.
AGENCY:
The FAA is announcing the
availability of the Final Environmental
Assessment and Finding of No
Significant Impact for the TitusvilleCocoa Airport Authority (TCAA)
Launch Site Operator License (Final EA
and FONSI). The FAA has prepared the
EA to evaluate the potential
environmental impacts of the FAA
issuing a Launch Site Operator License
to TCAA for the operation of a
commercial space launch site at the
Space Coast Regional Airport (TIX) in
Titusville, FL. TCAA proposes to offer
the launch site for launches of
horizontal reusable launch vehicles and
construct facilities related to launches.
FOR FURTHER INFORMATION CONTACT: Ms.
Stacey M. Zee, Environmental
Protection Specialist, Federal Aviation
Administration, 800 Independence
Avenue SW, Suite 325, Washington, DC
20591; email Stacey.Zee@faa.gov.
SUPPLEMENTARY INFORMATION: The FAA
has prepared the EA in accordance with
the National Environmental Policy Act
of 1969 (NEPA; 42 United States Code
4321 et seq.), the Council on
Environmental Quality Regulations for
Implementing the Procedural Provisions
of NEPA (40 Code of Federal
Regulations parts 1500–1508), and FAA
Order 1050.1F, Environmental Impacts:
Policies and Procedures, as part of its
licensing process. Concurrent with the
NEPA process and to determine the
potential effects of the Proposed Action
on historic and cultural properties, the
FAA completed Section 106
Consultation with the Florida State
Historic Preservation Office and the
following Native America tribes: The
Miccosukee Tribe of Indians of Florida,
the Mississippi Band of Choctaw
Indians, the Muscogee (Creek) Nation,
the Poarch Band of Creek Indians, the
Seminole Tribe of Florida, and the
Seminole Nation of Oklahoma. Through
SUMMARY:
PO 00000
Frm 00084
Fmt 4703
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27791
consultation, the Mississippi Band of
Choctaw Indians requested to be
removed from the list of tribes consulted
for this project. Pursuant to the U.S.
Department of Transportation Act of
1966, this EA complies with the
requirements of Section 4(f) of the Act.
The FAA published a Draft EA for
public comment on December 19, 2019.
A public meeting was held on January
8, 2020. The comment period ended
January 17, 2020. As a result of the
comments received, the FAA made
minor revisions to the EA. Appendix I
includes copies of the comments
received and a summary of FAA’s
responses. The Final EA was signed on
April 15, 2020.
An electronic version of the Final EA
is available on the FAA Office of
Commercial Space Transportation
website at: https://www.faa.gov/space/
environmental/nepa_docs/#SCASPA.
Daniel Murray,
Manager, Safety Authorization Division.
[FR Doc. 2020–10010 Filed 5–8–20; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF TRANSPORTATION
(DOT)
Federal Aviation Administration
Notice of Intent To Rule on a Land
Release Request at Hamilton Municipal
Airport (VGC), Hamilton, NY
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of request to release
airport land.
AGENCY:
The FAA proposes to rule and
invites public comment on the
application for a release of
approximately 14.59 acres of federally
obligated airport property at Hamilton
Municipal Airport, Hamilton, Madison
County, NY, from conditions,
reservations, and restrictions contained
in Airport Improvement Program (AIP)
grants that would restrict the use of said
land to aeronautical purposes. This
acreage is composed of portions of
seven parcels that were acquired by the
Village of Hamilton though AIP Grants
3–36–0192–01–1995 and 3–36–0192–
02–1998. It is proposed that 12.69 acres,
composed of portions of seven parcels,
would be released by the FAA for sale.
The land is not needed for aeronautical
purposes. The use of the land after the
release will be compatible with the
airport and will not interfere with the
airport or its operation. The Federal
share of the proceeds from the sales of
land would be dedicated to a future AIP
eligible airport effort. It is also proposed
SUMMARY:
E:\FR\FM\11MYN1.SGM
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]]>Agencies
[Federal Register Volume 85, Number 91 (Monday, May 11, 2020)]
[Notices]
[Pages 27789-27791]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-09959]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88813; File No. SR-NASDAQ-2020-023]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify the Operative Date of SR-NASDAQ-2020-012
May 5, 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 May 1, 2020, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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 proposes to modify the operative date of SR-NASDAQ-
2020-012. The text of the proposed rule change is available on the
Exchange's website at https://nasdaq.cchwallstreet.com, at the principal
office of the Exchange, and at the Commission's Public Reference Room.
[[Page 27790]]
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
On March 12, 2020, the Exchange filed with the Commission a
proposed rule change to establish reopening protections for Nasdaq
listed securities following a Level 1 or Level 2 market-wide circuit
breaker trading halt initiated under Rule 4121.\3\ The proposed rule
change indicated that operative date of the reopening protections would
be during April 2020.\4\ The Exchange proposes to modify the operative
date and delay the implementation of this functionality to July 2020.
The Exchange will issue an Equity Trader Alert notifying members prior
to implementing the functionality.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 88383 (March 13,
2020), 85 FR 15819 (March 19, 2020) (SR-NASDAQ-2020-012).
\4\ See id. at 15822.
---------------------------------------------------------------------------
Due to the recent market volatility resulting from the novel
coronavirus pandemic, the Exchange has been adjusting its systems
testing schedule and assessing any risks to the operation of its
systems that could potentially be introduced by implementing new
functionality during this time. The extension would therefore provide
the Exchange with flexibility and additional time to adjust its systems
testing schedule, and to develop and test this new functionality, to
safeguard against any such risk. Furthermore, the extension would allow
the Exchange to implement the halt reopening changes after the Russell
Rebalance, a significant market event occurring in June 2020, and for
which the Exchange will reduce the number of changes to its systems.
The Exchange has historically limited rolling out new functionality
before the Russell Rebalance to mitigate the operational risk of
introducing technology changes before this significant market event.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\5\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\6\ in particular, in that it is designed to promote
just and equitable principles of trade, 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 by
providing the Exchange additional time to implement SR-NASDAQ-2020-012.
As discussed above, the proposed delay is in recognition of both the
recent market volatility and upcoming annual Russell Rebalance in June
2020. The Exchange believes that the extension would therefore allow
the Exchange to mitigate any potential risks to the market and the
operation of its systems by limiting the implementation of new
functionality until after the Russell Rebalance, which, in turn,
protects investors and the public interest.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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 not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange's proposal to
delay the implementation of SR-NASDAQ-2020-012 does not impose an undue
burden on competition. Delaying the implementation will simply allow
the Exchange additional time to properly plan and implement SR-NASDAQ-
2020-012.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or 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)(iii) of the Act \7\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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.
---------------------------------------------------------------------------
A proposed rule changed filed under Rule 19b-4(f)(6) \9\ normally
does not become operative prior to 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6),\10\ the Commission may designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has asked the
Commission to waive the 30-day operative delay so that the proposal may
become operative immediately upon filing. The Commission believes that
waiving the 30-day operative delay is consistent with the protection of
investors and the public interest because doing so will allow the
Exchange to adjust its testing schedule and develop and test the new
auction functionality adequately prior to implementation.\11\
---------------------------------------------------------------------------
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ For purposes only of waiving the operative delay for this
proposal, the Commission 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 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
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-NASDAQ-2020-023 on the subject line.
[[Page 27791]]
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-NASDAQ-2020-023. 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-2020-023 and
should be submitted on or before June 1, 2020.
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\12\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-09959 Filed 5-8-20; 8:45 am]
BILLING CODE 8011-01-P
