Self-Regulatory Organizations; the Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Nasdaq Rule 5704, 57895-57896 [2020-20361]

Download as PDF jbell on DSKJLSW7X2PROD with NOTICES Federal Register / Vol. 85, No. 180 / Wednesday, September 16, 2020 / Notices designates the proposed rule change operative upon filing.19 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) 20 of the Act to determine whether the proposed rule change should be approved or disapproved. 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–BX–2020–027 and should be submitted on or before October 7, 2020September 16, 2020. 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: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.21 J. Matthew DeLesDernier, Assistant Secretary. 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– BX–2020–027 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–BX–2020–027. 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, 19 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 20 15 U.S.C. 78s(b)(2)(B). VerDate Sep<11>2014 18:20 Sep 15, 2020 Jkt 250001 [FR Doc. 2020–20359 Filed 9–15–20; 8:45 am] 57895 regarding minority community investor inclusion; a discussion of a recommendation to restate and amend the by-laws of the Committee; subcommittee reports; and a non-public administrative session. CONTACT PERSON FOR MORE INFORMATION: For further information and to ascertain what, if any, matters have been added, deleted or postponed; please contact Vanessa A. Countryman from the Office of the Secretary at (202) 551–5400. Dated: September 14, 2020. Vanessa A. Countryman, Secretary. [FR Doc. 2020–20539 Filed 9–14–20; 4:15 pm] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–89823; File No. SR– NASDAQ–2020–017] BILLING CODE 8011–01–P Sunshine Act Meetings Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission Investor Advisory Committee will hold a public meeting on Thursday September 24, 2020, by remote means and/or at the Commission’s headquarters, 100 F St. NE, Washington, DC 20549. The meeting will begin at 10:00 a.m. (ET) and will be open to the public via remote means. PLACE: The meeting will be conducted by remote means and/or at the Commission’s headquarters, 100 F St. NE, Washington, DC 20549. Members of the public may watch the webcast of the meeting on the Commission’s website at www.sec.gov. STATUS: This Sunshine Act notice is being issued because a majority of the Commission may attend the meeting. On August 31, 2020, the Commission published notice of the Committee meeting (Release Nos. 33–10830; 34– 89713), indicating that the meeting is open to the public and inviting the public to submit written comments to the Committee. MATTERS TO BE CONSIDERED: The agenda for the meeting includes: Welcome remarks; approval of previous meeting minutes; a panel discussion regarding self-directed IRAs; a panel discussion TIME AND DATE: 21 PO 00000 17 CFR 200.30–3(a)(12). Frm 00077 Fmt 4703 Sfmt 4703 Self-Regulatory Organizations; the Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Nasdaq Rule 5704 September 10, 2020. On July 23, 2020, The Nasdaq Stock Market LLC (‘‘Nasdaq’’) 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 Nasdaq Rule 5704 to: (1) Remove the requirement that a series of Exchange Traded Fund Shares have at least 50 beneficial holders following twelve months after listing on Nasdaq; and (2) replace the requirement that Nasdaq must establish a minimum number of shares of a series of Exchange Traded Fund Shares to be outstanding at the time of initial listing, with the requirement that a series of Exchange Traded Fund Shares must have a minimum number of shares outstanding to facilitate the formation of at least one creation unit on an initial and continued listing basis. The proposed rule change was published for comment in the Federal Register on August 7, 2020.3 The Commission has received no comments on the proposed rule change. Section 19(b)(2) of the Act 4 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 89464 (August 4, 2020), 85 FR 48012. 4 15 U.S.C. 78s(b)(2). 2 17 E:\FR\FM\16SEN1.SGM 16SEN1 57896 Federal Register / Vol. 85, No. 180 / Wednesday, September 16, 2020 / Notices to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding, or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is September 21, 2020. The Commission is extending this 45-day time period. The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 designates November 5, 2020 as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–NASDAQ–2020–017). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–20361 Filed 9–15–20; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–89825; File No. SR– NYSENAT–2020–29] Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.37 To Update the Exchange’s Source of Data Feeds From MIAX PEARL, LLC jbell on DSKJLSW7X2PROD with NOTICES September 10, 2020. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that on September 3, 2020, NYSE National, Inc. (‘‘NYSE National’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit CFR 200.30–3(a)(31). U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 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 amend Rule 7.37 to update the Exchange’s source of data feeds from MIAX PEARL, LLC (‘‘MIAX PEARL’’) for purposes of order handling, order execution, order routing, and regulatory compliance. The proposed rule change is available on the Exchange’s website at www.nyse.com, at the principal office of the Exchange, 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 self-regulatory organization 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 those 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 parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change BILLING CODE 8011–01–P 5 Id. comments on the proposed rule change from interested persons. 1. Purpose The Exchange proposes to update and amend the use of data feeds table in Rule 7.37, which sets forth on a marketby-market basis the specific securities information processor (‘‘SIP’’) and proprietary data feeds that the Exchange utilizes for the handling, execution, and routing of orders, and for performing the regulatory compliance checks related to each of those functions. Specifically, the Exchange proposes to amend the table in Rule 7.37(d) to specify that, with respect to MIAX PEARL, the Exchange will receive the SIP feed as its primary source of data for order handling, order execution, order routing, and regulatory compliance. The Exchange will not have a secondary source for data from MIAX PEARL. The Exchange proposes that this proposed rule change would be operative on the day that MIAX PEARL launches operations as an equities exchange, which is currently expected on September 25, 2020.4 6 17 1 15 VerDate Sep<11>2014 18:20 Sep 15, 2020 4 See https://www.miaxoptions.com/sites/default/ files/press_release-files/MIAX_Press_Release_ 08182020.pdf. Jkt 250001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Act,5 in general, and furthers the objectives of Section 6(b)(5),6 in particular, because it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to, and perfect the mechanism of, a free and open market and a national market system and, in general, to protect investors and the public interest. The Exchange believes its proposal to amend the table in Rule 7.37(d) to update the data feed source for the MIAX PEARL will ensure that Rule 7.37 correctly identifies and publicly states on a market-by-market basis all of the specific SIP and proprietary data feeds that the Exchange utilizes for the handling, execution, and routing of orders, and for performing the regulatory compliance checks for each of those functions. The proposed rule change also removes impediments to and perfects the mechanism of a free and open market and protects investors and the public interest by providing additional specificity, clarity, and transparency in the Exchange’s rules. 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 that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed change is not designed to address any competitive issue, but rather would provide the public and market participants with up-to-date information about the data feeds the Exchange will use for the handling, execution, and routing of orders, as well as for regulatory compliance. 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. 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 5 15 6 15 E:\FR\FM\16SEN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(5). 16SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 85, Number 180 (Wednesday, September 16, 2020)]
[Notices]
[Pages 57895-57896]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-20361]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89823; File No. SR-NASDAQ-2020-017]


Self-Regulatory Organizations; the Nasdaq Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change To Amend Nasdaq Rule 5704

September 10, 2020.
    On July 23, 2020, The Nasdaq Stock Market LLC (``Nasdaq'') 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 
Nasdaq Rule 5704 to: (1) Remove the requirement that a series of 
Exchange Traded Fund Shares have at least 50 beneficial holders 
following twelve months after listing on Nasdaq; and (2) replace the 
requirement that Nasdaq must establish a minimum number of shares of a 
series of Exchange Traded Fund Shares to be outstanding at the time of 
initial listing, with the requirement that a series of Exchange Traded 
Fund Shares must have a minimum number of shares outstanding to 
facilitate the formation of at least one creation unit on an initial 
and continued listing basis. The proposed rule change was published for 
comment in the Federal Register on August 7, 2020.\3\ The Commission 
has received no comments on the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 89464 (August 4, 
2020), 85 FR 48012.
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up

[[Page 57896]]

to 90 days as the Commission may designate if it finds such longer 
period to be appropriate and publishes its reasons for so finding, or 
as to which the self-regulatory organization consents, the Commission 
shall either approve the proposed rule change, disapprove the proposed 
rule change, or institute proceedings to determine whether the proposed 
rule change should be disapproved. The 45th day after publication of 
the notice for this proposed rule change is September 21, 2020. The 
Commission is extending this 45-day time period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change so that it has 
sufficient time to consider the proposed rule change. Accordingly, the 
Commission, pursuant to Section 19(b)(2) of the Act,\5\ designates 
November 5, 2020 as the date by which the Commission shall either 
approve or disapprove, or institute proceedings to determine whether to 
disapprove, the proposed rule change (File No. SR-NASDAQ-2020-017).
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    \5\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-20361 Filed 9-15-20; 8:45 am]
BILLING CODE 8011-01-P

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