Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Fee Schedule, 43623-43624 [2020-15452]
Download as PDF
Federal Register / Vol. 85, No. 138 / Friday, July 17, 2020 / Notices
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 list and trade shares of the
¥1x Short VIX Futures ETF, a series of
VS Trust, under BZX Rule 14.11(f)(4)
(Trust Issued Receipts). The proposed
rule change was published for comment
in the Federal Register on January 23,
2020.3
On February 25, 2020, pursuant to
Section 19(b)(2) of the Act,4 the
Commission designated a longer period
within which to approve the proposed
rule change, disapprove the proposed
rule change, or institute proceedings to
determine whether to disapprove the
proposed rule change.5 On March 24,
2020, the Exchange filed Amendment
No. 1 to the proposed rule change,
which replaced and superseded the
proposed rule change as originally
filed.6 On April 13, 2020, the Exchange
filed Amendment No. 2 to the proposed
rule change, which replaced and
superseded the proposed rule change, as
modified by Amendment No. 1.7 On
April 22, 2020, the Commission
published notice of Amendment No. 2
and instituted proceedings pursuant to
Section 19(b)(2)(B) of the Act 8 to
determine whether to approve or
disapprove the proposed rule change, as
modified by Amendment No. 2.9
Section 19(b)(2) of the Act 10 provides
that, after initiating disapproval
proceedings, the Commission shall issue
an order approving or disapproving the
proposed rule change not later than 180
days after the date of publication of
notice of filing of the proposed rule
change. The Commission may extend
the period for issuing an order
approving or disapproving the proposed
rule change, however, by not more than
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 87992
(January 16, 2020), 85 FR 4023.
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 88276,
85 FR 12353 (March 2, 2020). The Commission
designated April 22, 2020 as the date by which the
Commission should approve or disapprove, or
institute proceedings to determine whether to
disapprove, the proposed rule change.
6 Amendment No. 1 is available at: https://
www.sec.gov/comments/sr-cboebzx-2020-003/
srcboebzx2020003-6993242-214730.pdf.
7 Amendment No. 2 is available on the
Commission’s website at: https://www.sec.gov/
comments/sr-cboebzx-2020-003/srcboebzx20200037098109-215773.pdf.
8 15 U.S.C. 78s(b)(2)(B).
9 See Securities Exchange Act Release No. 88726,
85 FR 23581 (April 28, 2020). Comments on the
proposed rule change can be found at: https://
www.sec.gov/comments/sr-cboebzx-2020-003/
srcboebzx2020003.htm.
10 15 U.S.C. 78s(b)(2).
khammond on DSKJM1Z7X2PROD with NOTICES
2 17
VerDate Sep<11>2014
18:12 Jul 16, 2020
Jkt 250001
60 days if the Commission determines
that a longer period is appropriate and
publishes the reasons for such
determination. The date of publication
of notice of filing of the proposed rule
change was January 23, 2020. July 21,
2020, is 180 days from that date, and
September 19, 2020, is 240 days from
that date.
The Commission finds it appropriate
to designate a longer period within
which to issue an order approving or
disapproving the proposed rule change
so that it has sufficient time to consider
this proposed rule change, as modified
by Amendment No. 2. Accordingly, the
Commission, pursuant to Section
19(b)(2) of the Act,11 designates
September 19, 2020, as the date by
which the Commission shall either
approve or disapprove the proposed
rule change (File No. SR–CboeBZX–
2020–003).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–15451 Filed 7–16–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–89302; File No. SR–
PEARL–2020–08]
Self-Regulatory Organizations; MIAX
PEARL, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Fee Schedule
July 13, 2020.
Pursuant to the provisions of 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 June 30, 2020, MIAX PEARL, LLC
(‘‘MIAX PEARL’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) a
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.
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 PEARL Fee Schedule
PO 00000
11 Id.
12 17
CFR 200.30–3(a)(57).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
Frm 00092
Fmt 4703
Sfmt 4703
43623
(the ‘‘Fee Schedule’’) to make minor,
non-substantive edits and clarifying
changes.
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.
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 edits and clarifying changes
to delete references in the Fee Schedule
to the ‘‘Penny Pilot’’ and replace those
references throughout the Fee Schedule
with ‘‘Penny Program.’’
On May 29, 2020, the Exchange filed
a proposal to, among other things,
conform its rules to Section 3.1 of the
Plan for the Purpose of Developing and
Implementing Procedures Designed to
Facilitate the Listing and Trading of
Standardized Options (the ‘‘OLPP’’).3
With that filing, the Exchange, along
with all other options exchanges,
adopted rule text to codify the OLPP
Program in new Exchange Rule 510(c)
(Requirements for Penny Interval
Program) (the ‘‘Penny Program’’), which
replaced the Penny Pilot and
permanently permits the Exchange to
quote certain option classes in
minimum increments of one cent
($0.01) and five cents ($0.05).
Accordingly, the Exchange now
3 See Securities Exchange Act Release Nos. 88992
(June 2, 2020), 85 FR 35142 (June 8, 2020) (SR–
PEARL–2020–06) (Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change To Amend
Exchange Rule 404, Series of Option Contracts
Open for Trading, Exchange Rule 510, Minimum
Price Variations and Minimum Trading Increments,
and Exchange Rule 516, Order Types Defined, To
Conform the Rules to Section 3.1 of the Plan for the
Purpose of Developing and Implementing
Procedures Designed To Facilitate the Listing and
Trading of Standardized Options).
E:\FR\FM\17JYN1.SGM
17JYN1
43624
Federal Register / Vol. 85, No. 138 / Friday, July 17, 2020 / Notices
proposes to delete references in the Fee
Schedule to the ‘‘Penny Pilot’’ replace
those references throughout the Fee
Schedule with ‘‘Penny Program.’’ The
Penny Program is set to become
operative on July 1, 2020. The proposed
changes would be to references to
‘‘Penny Pilot’’ in Section 1)b) of the Fee
Schedule. The Exchange does not
propose to amend or change any of its
fees. The purpose of these changes is to
provide uniformity between the
Exchange’s rules and the Fee Schedule.
The proposed changes to the Fee
Schedule would become operative on
July 1, 2020, upon the expiration of the
Penny Pilot, in accordance with the
Penny Program becoming operational.
khammond on DSKJM1Z7X2PROD with NOTICES
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
the proposed changes make clarifying,
non-substantive edits to the Fee
Schedule, and conform the Fee
Schedule 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
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
4 15
U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
6 Id.
VerDate Sep<11>2014
18:12 Jul 16, 2020
7 15
8 17
Jkt 250001
PO 00000
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
Frm 00093
Fmt 4703
Sfmt 4703
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
PEARL–2020–08 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–PEARL–2020–08. 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–PEARL–2020–08, and
should be submitted on or before
August 7, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–15452 Filed 7–16–20; 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
9 17
E:\FR\FM\17JYN1.SGM
CFR 200.30–3(a)(12).
17JYN1
Agencies
[Federal Register Volume 85, Number 138 (Friday, July 17, 2020)]
[Notices]
[Pages 43623-43624]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-15452]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-89302; File No. SR-PEARL-2020-08]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Fee
Schedule
July 13, 2020.
Pursuant to the provisions of 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 June 30, 2020, MIAX PEARL, LLC (``MIAX PEARL''
or ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a 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 PEARL Fee
Schedule (the ``Fee Schedule'') to make minor, non-substantive 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/pearl at MIAX
PEARL'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 edits and clarifying changes to delete references in the
Fee Schedule to the ``Penny Pilot'' and replace those references
throughout the Fee Schedule with ``Penny Program.''
On May 29, 2020, the Exchange filed a proposal to, among other
things, conform its rules to Section 3.1 of the Plan for the Purpose of
Developing and Implementing Procedures Designed to Facilitate the
Listing and Trading of Standardized Options (the ``OLPP'').\3\ With
that filing, the Exchange, along with all other options exchanges,
adopted rule text to codify the OLPP Program in new Exchange Rule
510(c) (Requirements for Penny Interval Program) (the ``Penny
Program''), which replaced the Penny Pilot and permanently permits the
Exchange to quote certain option classes in minimum increments of one
cent ($0.01) and five cents ($0.05). Accordingly, the Exchange now
[[Page 43624]]
proposes to delete references in the Fee Schedule to the ``Penny
Pilot'' replace those references throughout the Fee Schedule with
``Penny Program.'' The Penny Program is set to become operative on July
1, 2020. The proposed changes would be to references to ``Penny Pilot''
in Section 1)b) of the Fee Schedule. The Exchange does not propose to
amend or change any of its fees. The purpose of these changes is to
provide uniformity between the Exchange's rules and the Fee Schedule.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release Nos. 88992 (June 2,
2020), 85 FR 35142 (June 8, 2020) (SR-PEARL-2020-06) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Exchange Rule 404, Series of Option Contracts Open for
Trading, Exchange Rule 510, Minimum Price Variations and Minimum
Trading Increments, and Exchange Rule 516, Order Types Defined, To
Conform the Rules to Section 3.1 of the Plan for the Purpose of
Developing and Implementing Procedures Designed To Facilitate the
Listing and Trading of Standardized Options).
---------------------------------------------------------------------------
The proposed changes to the Fee Schedule would become operative on
July 1, 2020, upon the expiration of the Penny Pilot, in accordance
with the Penny Program becoming operational.
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 conform the Fee Schedule 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-PEARL-2020-08 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-PEARL-2020-08. 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-PEARL-2020-08, and should be submitted
on or before August 7, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-15452 Filed 7-16-20; 8:45 am]
BILLING CODE 8011-01-P