Sunshine Act Meetings, 68613-68614 [2020-24043]

Download as PDF Federal Register / Vol. 85, No. 210 / Thursday, October 29, 2020 / Notices inappropriate burden on intramarket competition because it will continue to apply equally to all Cboe Options market participants, and the Pilot Products will be available to all Cboe Options market participants. The Exchange believes there is sufficient investor interest and demand in the Pilot Program to warrant its extension. The Exchange believes that, for the period that the Pilot Program has been in operation, it has provided investors with desirable products with which to trade. Furthermore, the Exchange believes that it has not experienced any adverse market effects or regulatory concerns with respect to the Pilot Program. The Exchange further does not believe that the proposed extension of the Pilot Program will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because it only applies to trading on Cboe Options. To the extent that the continued trading of the Pilot Products may make Cboe Options a more attractive marketplace to market participants at other exchanges, such market participants may elect to become Cboe Options market participants. 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 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) of the Act 18 and subparagraph (f)(6) of Rule 19b–4 thereunder.19 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act 20 normally does not become operative for 30 days after the date of its 18 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule19b– 4(f)(6)(iii) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of 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. 20 17 CFR 240.19b–4(f)(6). jbell on DSKJLSW7X2PROD with NOTICES 19 17 VerDate Sep<11>2014 18:03 Oct 28, 2020 Jkt 253001 filing. However, Rule 19b–4(f)(6)(iii) 21 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 proposal may become operative immediately upon filing. The Exchange states that waiver of the 30-day operative delay will allow it to extend the Pilot Program prior to its expiration on May 3, 2021, and maintain the status quo, thereby reducing market disruption. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest as it will allow the Pilot Program to continue uninterrupted, thereby avoiding investor confusion that could result from a temporary interruption in the Pilot Program. Accordingly, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.22 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 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– CBOE–2020–100 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. 21 17 CFR 240.19b–4(f)(6)(iii). 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). 22 For PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 68613 All submissions should refer to File Number SR–CBOE–2020–100. 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–CBOE–2020–100, and should be submitted on or before November 19, 2020. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.23 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–23915 Filed 10–28–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meetings Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, the Securities and Exchange Commission will hold an Open Meeting on Monday, November 2, 2020, at 10 a.m. PLACE: The meeting will be held via remote means and/or at the Commission’s headquarters, 100 F Street NE, Washington, DC 20549. TIME AND DATE: 23 17 E:\FR\FM\29OCN1.SGM CFR 200.30–3(a)(12). 29OCN1 68614 Federal Register / Vol. 85, No. 210 / Thursday, October 29, 2020 / Notices This meeting will begin at 10:00 a.m. (ET) and will be open to the public via audio webcast only on the Commission’s website at https:// www.sec.gov. MATTERS TO BE CONSIDERED: The Commission will consider whether to adopt rule amendments to facilitate capital formation and increase opportunities for investors by expanding access to capital for small and medium-sized businesses and entrepreneurs across the United States. Specifically, the Commission will consider whether to adopt rule amendments to simplify, harmonize, and improve certain aspects of the framework for exemptions from registration under the Securities Act of 1933 to promote capital formation while preserving or enhancing important investor protections and reducing complexities in the exempt offering framework that may impede access to investment opportunities for investors and access to capital for businesses and entrepreneurs. STATUS: Dated: October 26, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–24043 Filed 10–27–20; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–90267; File No. SR–CBOE– 2020–102] Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating To Amend Rule 5.1 jbell on DSKJLSW7X2PROD with NOTICES October 23, 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 October 14, 2020, Cboe Exchange, Inc. (the ‘‘Exchange’’ or ‘‘Cboe Options’’) 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 the Act 3 and Rule 19b–4(f)(6) thereunder.4 The Commission is publishing this notice to solicit 2 18:03 Oct 28, 2020 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change Cboe Exchange, Inc. (the ‘‘Exchange’’ or ‘‘Cboe Options’’) proposes to amend Rule 5.1. The text of the proposed rule change is provided below. (additions are italics; deletions are [bracketed]) * * * * * Cboe Exchange, Inc. Rules * * * * * Rule 5.1. Trading Days and Hours (a) No change. (b) Regular Trading Hours. (1) No change. (2) Index Options. Except as otherwise set forth in the Rules or under unusual conditions as may be determined by the Exchange, Regular Trading Hours for transactions in index options are from 9:30 a.m. to 4:15 p.m., except as follows: (A) Regular Trading Hours for the following index options are from 9:30 a.m. to 4:00 p.m.: MSCI EAFE Index (EAFE) MSCI Emerging Markets Index (EM) * * * * * The text of the proposed rule change is also available on the Exchange’s website (https://www.cboe.com/ AboutCBOE/ CBOELegalRegulatoryHome.aspx), at the Exchange’s Office of the Secretary, 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 Currently, pursuant to Rule 5.1(b)(2), MSCI EAFE Index (‘‘EAFE’’) and MSCI Emerging Markets Index (‘‘EM’’) options 15 U.S.C. 78s(b)(1). 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(6). 1 VerDate Sep<11>2014 comments on the proposed rule change from interested persons. Jkt 253001 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 trade on the Exchange from 9:30 a.m. until 4:15 p.m. Eastern time. The Exchange proposes to amend Rule 5.1(b)(2)(A) to add EAFE and EM options to the list of index options that may trade on the Exchange from 9:30 a.m. until 4:00 p.m. Eastern time. By way of background, the Exchange currently lists and trades EAFE and EM options (collectively, ‘‘MSCI Index’’ options). The EAFE Index is designed to captures large and mid-cap representation across 21 developed markets countries (excluding the U.S. and Canada) with 902 constituents, which cover approximately 85% of the free float-adjusted market capitalization in each country. The EM Index is designed to capture large and mid-cap representation across emerging market countries across 26 emerging markets country indexes with 1,388 constituents, which cover approximately 85% of the free floatadjusted market capitalization in each country. The Exchange understands that investors trade options on MSCI Indexes often use the prices of the exchangetraded funds (‘‘ETFs’’) derived from the MSCI Indexes (e.g., iShares MSCI EAFE and EM ETFs), the components of which are stocks that are components of the MSCI Indexes, to price options rather than futures on the MSCI Indexes (which are often used to price index options, such as options on the S&P 500). The related ETFs end regular trading at 4:00 p.m. Eastern time each day. Closing trading in the MSCI Index options at the same time the correlated ETFs end regular trading 5 will ensure investors have access to robust pricing of the ETFs, the underlying stock components of which are stocks that are components of the MSCI Indexes, they use to price the options, thus will reduce investors’ price risk. Other index options may currently trade from 9:30 a.m. to 4:00 p.m. Eastern time.6 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ‘‘Act’’) and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of 5 While the stocks may continue to trade in an aftermarket trading session on the listing exchanges, there is less liquidity in aftermarket trading, which generally leads to wider spreads and more volatile pricing. 6 See Rule 5.1(b)(2)(A), pursuant to which options on the various S&P Select Sector Indexes may trade. Investors similarly use pricing of the underlying stocks of the Sector Indexes to price options and shares of ETFs derived from the Sector Indexes. See also Securities Exchange Act Release No. 83112 (April 26, 2018), 83 FR 19365 (May 5, 2018) (SR– CBOE–2018–030). E:\FR\FM\29OCN1.SGM 29OCN1

Agencies

[Federal Register Volume 85, Number 210 (Thursday, October 29, 2020)]
[Notices]
[Pages 68613-68614]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-24043]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meetings

TIME AND DATE: Notice is hereby given, pursuant to the provisions of 
the Government in the Sunshine Act, Public Law 94-409, the Securities 
and Exchange Commission will hold an Open Meeting on Monday, November 
2, 2020, at 10 a.m.

PLACE: The meeting will be held via remote means and/or at the 
Commission's headquarters, 100 F Street NE, Washington, DC 20549.

[[Page 68614]]


STATUS: This meeting will begin at 10:00 a.m. (ET) and will be open to 
the public via audio webcast only on the Commission's website at https://www.sec.gov.

MATTERS TO BE CONSIDERED: The Commission will consider whether to adopt 
rule amendments to facilitate capital formation and increase 
opportunities for investors by expanding access to capital for small 
and medium-sized businesses and entrepreneurs across the United States. 
Specifically, the Commission will consider whether to adopt rule 
amendments to simplify, harmonize, and improve certain aspects of the 
framework for exemptions from registration under the Securities Act of 
1933 to promote capital formation while preserving or enhancing 
important investor protections and reducing complexities in the exempt 
offering framework that may impede access to investment opportunities 
for investors and access to capital for businesses and entrepreneurs.

    Dated: October 26, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-24043 Filed 10-27-20; 11:15 am]
BILLING CODE 8011-01-P
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