Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update Rule 13.4(a) To Add the Sources of Data for MIAX PEARL, LLC and Long-Term Stock Exchange, Inc., 60274-60276 [2020-21046]
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60274
Federal Register / Vol. 85, No. 186 / Thursday, September 24, 2020 / Notices
period on this information collection on
June 19, 2020, 85 FR 37114.
1. The title of the information
collection: Comprehensive
Decommissioning Program Annual Site
List and Point of Contact.
2. OMB approval number: 3150–0206.
3. Type of submission: Revision.
4. The form number if applicable: N/
A.
5. How often the collection is required
or requested: Annually.
6. Who will be required or asked to
respond: All Agreement States who
have signed Section 274(b) Agreements
with the NRC.
7. The estimated number of annual
responses: 39 (14 responses from
Agreement States with sites of interest,
25 responses from Agreement States
with no sites of interest).
8. The estimated number of annual
respondents: 39 (14 responses from
Agreement States with sites of interest,
25 responses from Agreement States
with no sites of interest).
9. An estimate of the total number of
hours needed annually to comply with
the information collection requirement
or request: 40.5 (28 hours from
Agreement States with sites of interest,
12.5 hours from Agreement States with
no sites of interest).
10. Abstract: Agreement States will be
asked to provide a list of sites
undergoing decommissioning, and a
point of contact for information about
uranium recovery and complex sites
undergoing decommissioning that are
regulated by the Agreement States. The
information request will allow the NRC
to compile, in a centralized location, a
list of sites and points of contact who
can provide information regarding
Agreement State sites undergoing
decommissioning in the United States.
This does not apply to information,
such as trade secrets and commercial or
financial information provided by the
Agreement States, that is considered
privileged or confidential.
Dated: September 21, 2020.
For the Nuclear Regulatory Commission.
David C. Cullison,
NRC Clearance Officer, Office of the Chief
Information Officer.
[FR Doc. 2020–21067 Filed 9–23–20; 8:45 am]
BILLING CODE 7590–01–P
POSTAL REGULATORY COMMISSION
[Docket Nos. MC2020–251 and CP2020–281]
The Commission is noticing a
recent Postal Service filing for the
Commission’s consideration concerning
negotiated service agreements. This
notice informs the public of the filing,
invites public comment, and takes other
administrative steps.
DATES: Comments are due: September
28, 2020.
ADDRESSES: Submit comments
electronically via the Commission’s
Filing Online system at https://
www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Table of Contents
I. Introduction
II. Docketed Proceeding(s)
I. Introduction
The Commission gives notice that the
Postal Service filed request(s) for the
Commission to consider matters related
to negotiated service agreement(s). The
request(s) may propose the addition or
removal of a negotiated service
agreement from the market dominant or
the competitive product list, or the
modification of an existing product
currently appearing on the market
dominant or the competitive product
list.
Section II identifies the docket
number(s) associated with each Postal
Service request, the title of each Postal
Service request, the request’s acceptance
date, and the authority cited by the
Postal Service for each request. For each
request, the Commission appoints an
officer of the Commission to represent
the interests of the general public in the
proceeding, pursuant to 39 U.S.C. 505
(Public Representative). Section II also
establishes comment deadline(s)
pertaining to each request.
The public portions of the Postal
Service’s request(s) can be accessed via
the Commission’s website (https://
www.prc.gov). Non-public portions of
the Postal Service’s request(s), if any,
can be accessed through compliance
with the requirements of 39 CFR
3011.301.1
The Commission invites comments on
whether the Postal Service’s request(s)
in the captioned docket(s) are consistent
New Postal Products
Postal Regulatory Commission.
ACTION: Notice.
AGENCY:
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1 See Docket No. RM2018–3, Order Adopting
Final Rules Relating to Non-Public Information,
June 27, 2018, Attachment A at 19–22 (Order No.
4679).
PO 00000
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with the policies of title 39. For
request(s) that the Postal Service states
concern market dominant product(s),
applicable statutory and regulatory
requirements include 39 U.S.C. 3622, 39
U.S.C. 3642, 39 CFR part 3030, and 39
CFR part 3040, subpart B. For request(s)
that the Postal Service states concern
competitive product(s), applicable
statutory and regulatory requirements
include 39 U.S.C. 3632, 39 U.S.C. 3633,
39 U.S.C. 3642, 39 CFR part 3035, and
39 CFR part 3040, subpart B. Comment
deadline(s) for each request appear in
section II.
II. Docketed Proceeding(s)
1. Docket No(s).: MC2020–251 and
CP2020–281; Filing Title: USPS Request
to Add Priority Mail Express, Priority
Mail & First-Class Package Service
Contract 72 to Competitive Product List
and Notice of Filing Materials Under
Seal; Filing Acceptance Date: September
18, 2020; Filing Authority: 39 U.S.C.
3642, 39 CFR 3040.130 through
3040.135, and 39 CFR 3035.105; Public
Representative: Christopher C. Mohr;
Comments Due: September 28, 2020.
This Notice will be published in the
Federal Register.
Erica A. Barker,
Secretary.
[FR Doc. 2020–21120 Filed 9–23–20; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–89924; File No. SR–MEMX–
2020–08]
Self-Regulatory Organizations; MEMX
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Update Rule 13.4(a) To Add
the Sources of Data for MIAX PEARL,
LLC and Long-Term Stock Exchange,
Inc.
September 18, 2020.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on
September 11, 2020, MEMX LLC
(‘‘MEMX’’ 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 Exchange. The
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
1 15
2 17
E:\FR\FM\24SEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Federal Register / Vol. 85, No. 186 / Thursday, September 24, 2020 / Notices
the Act 3 and Rule 19b–4(f)(6)
thereunder.4 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 with the
Commission a proposed rule change to
update MEMX Rule 13.4(a) regarding
the public disclosure of the sources of
data that the Exchange utilizes when
performing: (i) Order handling; (ii) order
routing; (iii) order execution; and (iv)
related compliance processes to reflect
the planned operation of MIAX PEARL,
LLC (‘‘MIAX PEARL’’) as an equities
exchange beginning on September 25,
2020 5 and the operation of Long-Term
Stock Exchange, Inc. (‘‘LTSE’’) as a
registered national securities exchange,
which began on August 28, 2020.6 The
text of the proposed rule change is
provided in Exhibit 5.
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 update
Rule 13.4(a) regarding the public
disclosure of the sources of data that the
Exchange utilizes when performing: (i)
Order handling; (ii) order routing; (iii)
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4.
5 See MIAX PEARL Equities—MIAX PEARL
Receives Approval to Operate Equites Exchange;
Launch Date Confirmed for September 25, 2020,
dated August 18, 2020 (https://miaxequities.com/
alerts/2020/08/18/miax-pearl-receives-approvaloperate-equities-exchange-launch-date-confirmed0) (stating that MIAX PEARL will begin equities
trading on September 25, 2020).
6 See LTSE Market Announcement: MA–2020–
022—LTSE Production Securities Phase-in set for
Friday, August 28, dated August 24, 2020 (https://
longtermstockexchange.com/market) (stating that
LTSE will begin phase-in of production securities
on August 28, 2020).
4 17
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17:00 Sep 23, 2020
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order execution; and (iv) related
compliance processes to reflect the
operation of MIAX PEARL as an equities
exchange and LTSE as a registered
national securities exchange.
On May 10, 2019, the Commission
approved LTSE’s application to register
as a national securities exchange.7 LTSE
began its phase-in of production
securities on August 28, 2020.8 On
August 14, 2020, the Commission
approved MIAX PEARL’s proposed rule
change to establish rules governing the
trading of equities securities.9 MIAX
PEARL announced that it plans to
launch equities trading on September
25, 2020.10 The Exchange, therefore,
proposes to update Rule 13.4(a)
regarding the public disclosure of the
sources of data that the Exchange
utilizes when performing: (i) Order
handling; (ii) order routing; (iii) order
execution; and (iv) related compliance
processes to reflect the operation of
MIAX PEARL as an equities exchange
beginning on September 25, 2020 and
LTSE as a registered national securities
exchange, which began on August 28,
2020. Specifically, the Exchange
proposes to amend Rule 13.4(a) to
include each of MIAX PEARL and LTSE
by stating it will utilize MIAX PEARL’s
direct data feed for market data and
LTSE market data from the Consolidated
Quotation System (‘‘CQS’’)/UTP
Quotation Data Feed (‘‘UQDF’’), for
purposes of order handling, routing,
execution, and related compliance
processes. The Exchange will use CQS/
UQDF as a secondary source for MIAX
PEARL data. At this stage, no secondary
source for LTSE market data will be
used.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,11 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,12 in particular, in that 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
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
7 See Securities Exchange Act Release No. 85828
(May 10, 2019), 84 FR 21841 (May 15, 2019).
8 See supra note 6.
9 See Securities Exchange Act Release No. 89563
(August 14, 2020), 85 FR 51510 (August 20, 2020)
(SR–PEARL–2020–03).
10 See supra note 5.
11 15 U.S.C. 78f.
12 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00151
Fmt 4703
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60275
and a national market system, and, in
general, to protect investors and the
public interest.
The Exchange believes that its
proposal to update MEMX Rule 13.4(a)
to include each of MIAX PEARL and
LTSE is consistent with the Act because
it will ensure that the Rule correctly
identifies and publicly states on a
market-by-market basis all of the
specific network processor and
proprietary data feeds that the Exchange
utilizes for the handling, routing, and
execution of orders, and for performing
the regulatory compliance checks
related to each of those functions. In
particular, the Exchange receives and
processes data feeds to facilitate
compliance with the applicable
requirements of Regulation NMS,
including SEC Rule 611 (i.e., the Order
Protection Rule).13 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 because it
provides additional specificity, clarity
and transparency.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes its proposed
rule change would not impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. To the
contrary, the Exchange believes the
proposal would enhance competition
because including all of the exchanges
enhances transparency and enables
investors to better assess the quality of
the Exchange’s execution and routing
services.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on 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
operative for 30 days after the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to 19(b)(3)(A)
13 17
E:\FR\FM\24SEN1.SGM
CFR 242.611.
24SEN1
60276
Federal Register / Vol. 85, No. 186 / Thursday, September 24, 2020 / Notices
of the Act 14 and Rule 19b–4(f)(6) 15
thereunder.
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) normally
does not become operative for 30 days
after the date of its filing. However, Rule
19b–4(f)(6)(iii) permits the Commission
to designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposed rule change may become
operative immediately. MEMX stated
that the proposed rule change would
provide clarity to market participants
with respect to the specific network
processor and proprietary data feeds
that MEMX utilizes for the handling,
routing, and execution of orders, and for
performing the regulatory compliance
checks related to each of those
functions. The Commission believes
that waiving the 30-day operative delay
is consistent with the protection of
investors and the public interest, as
doing so will ensure that the proposed
rule change becomes operative by the
date of MEMX’s planned launch as a
national securities exchange, September
21, 2020, which, in turn, will ensure
that MEMX’s rulebook accurately and
clearly reflects the market data sources
it utilizes for the above-specified
functions from the date of its launch.
Accordingly, the Commission hereby
waives the operative delay and
designates the proposed rule change
operative upon filing.16
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
14 15
U.S.C. 78s(b)(3)(A).
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.
16 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
15 17
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17:00 Sep 23, 2020
Jkt 250001
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:
[FR Doc. 2020–21046 Filed 9–23–20; 8:45 am]
Electronic Comments
BILLING CODE 8011–01–P
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
MEMX–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–MEMX–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–MEMX–2020–08 and
should be submitted on or before
October 15, 2020.
PO 00000
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
J. Matthew DeLesDernier,
Assistant Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–89925; File No. SR–NYSE–
2020–75]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Add
Commentary .02 to Rule 7.35
September 18, 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 4, 2020, New York Stock
Exchange LLC (‘‘NYSE’’ 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 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 add
Commentary .02 to Rule 7.35 to provide
that, for a temporary period that begins
on September 4, 2020 and ends on the
earlier of a full reopening of the Trading
Floor facilities to DMMs or after the
Exchange closes on September 30, 2020,
for a Direct Listing Auction, Rule
7.35(c)(3) will not be in effect, and the
Exchange will disseminate Auction
Imbalance Information if a security is a
Direct Listing and has not had its Direct
Listing Auction. 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
17 17
CFR 200.30–3(a)(12) and (59).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
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]]>Agencies
[Federal Register Volume 85, Number 186 (Thursday, September 24, 2020)]
[Notices]
[Pages 60274-60276]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21046]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-89924; File No. SR-MEMX-2020-08]
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Update Rule
13.4(a) To Add the Sources of Data for MIAX PEARL, LLC and Long-Term
Stock Exchange, Inc.
September 18, 2020.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 11, 2020, MEMX LLC (``MEMX'' 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 Exchange. The Exchange filed the
proposal as a ``non-controversial'' proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of
[[Page 60275]]
the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 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 with the Commission a proposed rule change
to update MEMX Rule 13.4(a) regarding the public disclosure of the
sources of data that the Exchange utilizes when performing: (i) Order
handling; (ii) order routing; (iii) order execution; and (iv) related
compliance processes to reflect the planned operation of MIAX PEARL,
LLC (``MIAX PEARL'') as an equities exchange beginning on September 25,
2020 \5\ and the operation of Long-Term Stock Exchange, Inc. (``LTSE'')
as a registered national securities exchange, which began on August 28,
2020.\6\ The text of the proposed rule change is provided in Exhibit 5.
---------------------------------------------------------------------------
\5\ See MIAX PEARL Equities--MIAX PEARL Receives Approval to
Operate Equites Exchange; Launch Date Confirmed for September 25,
2020, dated August 18, 2020 (https://miaxequities.com/alerts/2020/08/18/miax-pearl-receives-approval-operate-equities-exchange-launch-date-confirmed-0) (stating that MIAX PEARL will begin equities
trading on September 25, 2020).
\6\ See LTSE Market Announcement: MA-2020-022--LTSE Production
Securities Phase-in set for Friday, August 28, dated August 24, 2020
(https://longtermstockexchange.com/market) (stating that LTSE will
begin phase-in of production securities on August 28, 2020).
---------------------------------------------------------------------------
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 update Rule 13.4(a) regarding the public
disclosure of the sources of data that the Exchange utilizes when
performing: (i) Order handling; (ii) order routing; (iii) order
execution; and (iv) related compliance processes to reflect the
operation of MIAX PEARL as an equities exchange and LTSE as a
registered national securities exchange.
On May 10, 2019, the Commission approved LTSE's application to
register as a national securities exchange.\7\ LTSE began its phase-in
of production securities on August 28, 2020.\8\ On August 14, 2020, the
Commission approved MIAX PEARL's proposed rule change to establish
rules governing the trading of equities securities.\9\ MIAX PEARL
announced that it plans to launch equities trading on September 25,
2020.\10\ The Exchange, therefore, proposes to update Rule 13.4(a)
regarding the public disclosure of the sources of data that the
Exchange utilizes when performing: (i) Order handling; (ii) order
routing; (iii) order execution; and (iv) related compliance processes
to reflect the operation of MIAX PEARL as an equities exchange
beginning on September 25, 2020 and LTSE as a registered national
securities exchange, which began on August 28, 2020. Specifically, the
Exchange proposes to amend Rule 13.4(a) to include each of MIAX PEARL
and LTSE by stating it will utilize MIAX PEARL's direct data feed for
market data and LTSE market data from the Consolidated Quotation System
(``CQS'')/UTP Quotation Data Feed (``UQDF''), for purposes of order
handling, routing, execution, and related compliance processes. The
Exchange will use CQS/UQDF as a secondary source for MIAX PEARL data.
At this stage, no secondary source for LTSE market data will be used.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 85828 (May 10,
2019), 84 FR 21841 (May 15, 2019).
\8\ See supra note 6.
\9\ See Securities Exchange Act Release No. 89563 (August 14,
2020), 85 FR 51510 (August 20, 2020) (SR-PEARL-2020-03).
\10\ See supra note 5.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\11\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\12\ in particular, in that 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 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.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f.
\12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that its proposal to update MEMX Rule 13.4(a)
to include each of MIAX PEARL and LTSE is consistent with the Act
because it will ensure that the Rule correctly identifies and publicly
states on a market-by-market basis all of the specific network
processor and proprietary data feeds that the Exchange utilizes for the
handling, routing, and execution of orders, and for performing the
regulatory compliance checks related to each of those functions. In
particular, the Exchange receives and processes data feeds to
facilitate compliance with the applicable requirements of Regulation
NMS, including SEC Rule 611 (i.e., the Order Protection Rule).\13\ 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 because it provides additional specificity, clarity and
transparency.
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\13\ 17 CFR 242.611.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes its proposed rule change would not impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. To the contrary, the Exchange
believes the proposal would enhance competition because including all
of the exchanges enhances transparency and enables investors to better
assess the quality of the Exchange's execution and routing services.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on 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 operative for 30 days after the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to 19(b)(3)(A)
[[Page 60276]]
of the Act \14\ and Rule 19b-4(f)(6) \15\ thereunder.
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\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 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.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) normally
does not become operative for 30 days after the date of its filing.
However, Rule 19b-4(f)(6)(iii) permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has asked the
Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately. MEMX stated that the
proposed rule change would provide clarity to market participants with
respect to the specific network processor and proprietary data feeds
that MEMX utilizes for the handling, routing, and execution of orders,
and for performing the regulatory compliance checks related to each of
those functions. The Commission believes that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest, as doing so will ensure that the proposed rule change
becomes operative by the date of MEMX's planned launch as a national
securities exchange, September 21, 2020, which, in turn, will ensure
that MEMX's rulebook accurately and clearly reflects the market data
sources it utilizes for the above-specified functions from the date of
its launch. Accordingly, the Commission hereby waives the operative
delay and designates the proposed rule change operative upon
filing.\16\
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\16\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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-MEMX-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-MEMX-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-MEMX-2020-08 and should be submitted on
or before October 15, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12) and (59).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-21046 Filed 9-23-20; 8:45 am]
BILLING CODE 8011-01-P
