Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Implementation Date of Its Nasdaq Opening Cross Enhancements to the End of Q2 2021, 27134-27136 [2021-10495]
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27134
Federal Register / Vol. 86, No. 95 / Wednesday, May 19, 2021 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 33 and Rule 19b–
4(f)(6) thereunder.34
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act normally does not become operative
for 30 days after the date of its filing.
However, Rule 19b–4(f)(6)(iii) 35 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 requested
that the Commission waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Exchange states that the
Commission has previously approved
proposed rule changes to permit listing
and trading on the Exchange of Active
Proxy Portfolio Shares similar to the
Funds.36 The Exchange also states that
the Commission has previously issued a
notice of filing and immediate
effectiveness for a proposed rule change
relating to the proposed listing on a
national securities exchange of other
issues of Active Proxy Portfolio Shares
similar to the Funds.37 For these
reasons, the Commission believes that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest.
Accordingly, the Commission hereby
waives the 30-day operative delay and
designates the proposed rule change
operative upon filing.38
33 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.
35 17 CFR 240.19b–4(f)(6)(iii).
36 See supra note 8.
37 See Securities Exchange Act Release No. 90686
(December 16, 2020), 85 FR 83657 (December 22,
2020) (SR–CboeBZX–2020–090) (Notice of Filing
and Immediate Effectiveness of a Proposed Rule to
List and Trade Shares of the Invesco Real Assets
ESG ETF and the Invesco US Large Cap Core ESG
ETF, Each a Series of the Invesco Actively Managed
Exchange-Traded Fund Trust, under Rule 14.11(m)
(Tracking Fund Shares)).
38 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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34 17
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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.
submissions should refer to File
Number SR–NYSEArca–2021–39 and
should be submitted on or before June
9, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.39
J. Matthew DeLesDernier,
Assistant Secretary.
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:
[FR Doc. 2021–10499 Filed 5–18–21; 8:45 am]
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEArca–2021–39 on the subject line.
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Extend the
Implementation Date of Its Nasdaq
Opening Cross Enhancements to the
End of Q2 2021
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 R–NYSEArca–2021–39. 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
May 13, 2021.
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BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–91885; File No. SR–
NASDAQ–2021–038]
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 3,
2021, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I and
II below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend the
implementation date of its Nasdaq
Opening Cross enhancements to the end
of Q2 2021.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/nasdaq/rules, 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
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
39 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 86, No. 95 / Wednesday, May 19, 2021 / Notices
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
khammond on DSKJM1Z7X2PROD with NOTICES
1. Purpose
Nasdaq is filing this proposal to
extend the implementation date of its
Nasdaq Opening Cross enhancements to
the end of Q2 2021.
Nasdaq proposed to enhance its
Opening Cross by (i) disseminating
abbreviated order imbalance
information prior to the dissemination
of the Order Imbalance Indicator, (ii)
amending certain cutoff times for onopen orders entered for participation in
the Nasdaq Opening Cross and (iii)
extending the time period for accepting
certain Limit On Open Orders. These
changes were filed by Nasdaq on
February 10, 2021 [sic], and published
in the Federal Register on February 17,
2021.3 The Commission approved these
changes on April 2, 2021.4
Nasdaq initially proposed that these
changes become operative on April 26,
2021. Due to additional weekend testing
in advance of the date of launch, Nasdaq
has decided to delay the
implementation of this new
functionality until the end of Q2 2021.
The Exchange will announce the new
implementation date in an Equity
Trader Alert at least ten days in advance
of implementing the changes.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,5 in general, and furthers the
objectives of Section 6(b)(5) of the Act,6
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest.
The purpose of this proposal is to
inform the SEC and market participants
of the new implementation date for the
Nasdaq Opening Cross enhancements.
These enhancements were proposed in
3 See Securities Exchange Act Release No. 91096
(February 10, 2021), 86 FR 9972 (February 17, 2021)
(NASDAQ–2021–004) (‘‘Proposal’’).
4 See Securities Exchange Act Release No. 91461
(April 2, 2021), 86 FR 18330 (April 8, 2021)
(‘‘Approval Order’’).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
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16:43 May 18, 2021
Jkt 253001
a rule filing that was submitted to the
SEC, and this proposal does not make
any substantive changes to that filing.
Nasdaq is delaying the implementation
date to allow for additional weekend
testing prior to implementation.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. As explained
above, the purpose of this proposal is to
inform the SEC and market participants
of the new implementation date for the
enhancements to the Opening Cross,
and the Exchange does not expect the
date change to place any burden on
competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 7 and Rule 19b–
4(f)(6) thereunder.8
A proposed rule change filed under
Rule 19b–4(f)(6) 9 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),10 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the 30-day
operative delay. Waiver of the operative
delay would allow the Exchange to
immediately extend the implementation
date for the changes to the Nasdaq
Opening Cross to allow for additional
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
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.
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
8 17
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27135
weekend testing prior to
implementation. The Commission
believes that waiver of the 30-day
operative delay is consistent with the
protection of investors and the public
interest. Accordingly, the Commission
hereby waives the operative delay and
designates the proposed rule change
operative upon filing.11
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
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–
NASDAQ–2021–038 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–NASDAQ–2021–038. 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
11 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).
E:\FR\FM\19MYN1.SGM
19MYN1
27136
Federal Register / Vol. 86, No. 95 / Wednesday, May 19, 2021 / Notices
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NASDAQ–2021–038, and
should be submitted on or before June
9, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–10495 Filed 5–18–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–91894; File No. SR–ICC–
2021–007]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Order Approving
Proposed Rule Change Relating to the
ICC’s Treasury Operations Policies
and Procedures
May 13, 2021.
khammond on DSKJM1Z7X2PROD with NOTICES
I. Introduction
On March 29, 2021, ICE Clear Credit
LLC (‘‘ICC’’) 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
revise the ICC Treasury Operations
Policies and Procedures (the ‘‘Treasury
Policy’’). The proposed rule change was
published for comment in the Federal
Register on April 13, 2021.3 The
Commission did not receive comments
on the proposed rule change. For the
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Self-Regulatory Organizations; ICE Clear Credit
LLC; Notice of Filing of Proposed Rule Change
Relating to the ICC’s Treasury Operations Policies
and Procedures, Exchange Act Release No. 91489
(April 7, 2021), 86 FR 19311 (April 13, 2021) (SR–
ICC–2021–007) (‘‘Notice’’).
1 15
VerDate Sep<11>2014
16:43 May 18, 2021
Jkt 253001
reasons discussed below, the
Commission is approving the proposed
rule change.
II. Description of the Proposed Rule
Change
ICC is proposing amendments to its
Treasury Policy to make certain
clarifications and updates with respect
to governance arrangements and
collateral asset haircuts, as well as
minor clean-up changes. The proposed
amendments are summarized below.4
ICC proposes to amend the ‘‘Revision
History’’ section of the Treasury Policy.
The proposed changes would remove an
incorrect statement that the document’s
revision history is limited to the last
three years. The proposed changes
would also memorialize ICC’s review
and approval process of the Treasury
Policy document, which consists of
review by the ICC Risk Committee and
review and approval by the ICC Board
of Managers (the ‘‘Board’’) at least
annually. Additionally, ICC would
update the revision history table to
include the most recent changes to the
document.
ICC also proposes updates and
clarification changes to the ‘‘Collateral
Assets Risk Management Framework’’
appendix to the Treasury Policy
(‘‘Appendix 6’’). Under the Treasury
Policy, ICC accounts for the risk
associated with fluctuations in the value
of collateral assets by discounting, or
applying ‘‘haircuts’’ to, such assets
based on the risk measures and risk
factors set forth in Appendix 6. The ICC
Risk Department (the ‘‘Risk
Department’’) calculates such haircuts
for various collateral assets as described
in Appendix 6 on an ongoing basis. ICC
proposes to change Appendix 6 to
update the measure of daily changes for
collateral assets such as sovereign debt.
Specifically, the proposed changes
would amend and remove certain
language that differentiates between
yield rates greater than and less than or
equal to one basis point in respect of
sovereign debt collateral haircuts. ICC
represents that such amendments do not
represent a change to the methodology
and would provide a more generalized
and consistent collateral risk
management framework for sovereign
debt.5 ICC proposes additional
clarifications, including with respect to
time series used for determining
sovereign debt collateral haircuts and a
formula regarding a risk-factor specific
haircut. ICC also proposes a
grammatical update to change a
reference to ‘‘haircuts’’ from plural to
singular.
ICC further proposes additional detail
on the process of reviewing and
updating collateral asset haircuts.
Appendix 6 currently states that such
haircuts are reviewed monthly. ICC
proposes to clarify that the Risk
Department will establish haircuts for
the respective collateral asset types
within measured intervals, and review
them at least monthly to determine the
need for updates. ICC also proposes to
specify that the Risk Department may
use discretion to update collateral asset
haircuts during periods of extreme
market stress, and specifically during
periods when collateral assets
appreciate in response to central banks’
policy implementations, as a temporary
means to reduce procyclical impacts.
III. Commission Findings
Section 19(b)(2)(C) of the Act directs
the Commission to approve a proposed
rule change of a self-regulatory
organization if it finds that such
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to such organization. For the
reasons given below, the Commission
finds that the proposed rule change is
consistent with Section 17A(b)(3)(F) of
the Act 6 and Rules 17Ad–22(e)(2)(i) and
(v), (e)(3)(i), and (e)(5) thereunder.7
A. Consistency With Section
17A(b)(3)(F) of the Act
Section 17A(b)(3)(F) of the Act
requires, among other things, that the
rules of ICC be designed to promote the
prompt and accurate clearance and
settlement of securities transactions
and, to the extent applicable, derivative
agreements, contracts, and transactions
and to assure the safeguarding of
securities and funds which are in the
custody or control of ICC or for which
it is responsible.8
As described above, the proposed rule
change would update and clarify the
revision history of the Treasury Policy
document and memorialize the
governance arrangements for its review
and approval. The Commission believes
that these proposed changes should
help ICC maintain a complete and
transparent history of changes to the
Treasury Policy and ensure that the
Treasury Policy is reviewed and
approved at least annually to support
ICC’s ongoing treasury functions,
including collateral asset risk
6 15
4 The
following description of the proposed rule
change is substantially excerpted from the Notice.
5 See Notice, 86 FR at 19311.
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Frm 00074
Fmt 4703
Sfmt 4703
U.S.C. 78q–1(b)(3)(F).
CFR 240.17Ad–22(e)(2)(i) and (v), (e)(3)(i),
and (e)(5).
8 15 U.S.C. 78q–1(b)(3)(F).
7 17
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]]>Agencies
[Federal Register Volume 86, Number 95 (Wednesday, May 19, 2021)]
[Notices]
[Pages 27134-27136]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-10495]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-91885; File No. SR-NASDAQ-2021-038]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Extend the Implementation Date of Its Nasdaq Opening Cross Enhancements
to the End of Q2 2021
May 13, 2021.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 3, 2021, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II below, which Items have been prepared by the Exchange.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to extend the implementation date of its
Nasdaq Opening Cross enhancements to the end of Q2 2021.
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules, 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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the
[[Page 27135]]
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
Nasdaq is filing this proposal to extend the implementation date of
its Nasdaq Opening Cross enhancements to the end of Q2 2021.
Nasdaq proposed to enhance its Opening Cross by (i) disseminating
abbreviated order imbalance information prior to the dissemination of
the Order Imbalance Indicator, (ii) amending certain cutoff times for
on-open orders entered for participation in the Nasdaq Opening Cross
and (iii) extending the time period for accepting certain Limit On Open
Orders. These changes were filed by Nasdaq on February 10, 2021 [sic],
and published in the Federal Register on February 17, 2021.\3\ The
Commission approved these changes on April 2, 2021.\4\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 91096 (February 10,
2021), 86 FR 9972 (February 17, 2021) (NASDAQ-2021-004)
(``Proposal'').
\4\ See Securities Exchange Act Release No. 91461 (April 2,
2021), 86 FR 18330 (April 8, 2021) (``Approval Order'').
---------------------------------------------------------------------------
Nasdaq initially proposed that these changes become operative on
April 26, 2021. Due to additional weekend testing in advance of the
date of launch, Nasdaq has decided to delay the implementation of this
new functionality until the end of Q2 2021. The Exchange will announce
the new implementation date in an Equity Trader Alert at least ten days
in advance of implementing the changes.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\5\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\6\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect investors and the public interest.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The purpose of this proposal is to inform the SEC and market
participants of the new implementation date for the Nasdaq Opening
Cross enhancements. These enhancements were proposed in a rule filing
that was submitted to the SEC, and this proposal does not make any
substantive changes to that filing. Nasdaq is delaying the
implementation date to allow for additional weekend testing prior to
implementation.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. As explained above, the purpose
of this proposal is to inform the SEC and market participants of the
new implementation date for the enhancements to the Opening Cross, and
the Exchange does not expect the date change to place any burden on
competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-
4(f)(6) thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-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.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \9\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\10\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay. Waiver
of the operative delay would allow the Exchange to immediately extend
the implementation date for the changes to the Nasdaq Opening Cross to
allow for additional weekend testing prior to implementation. The
Commission believes that waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest.
Accordingly, the Commission hereby waives the operative delay and
designates the proposed rule change operative upon filing.\11\
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\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ 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 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 [email protected]. Please include
File Number SR-NASDAQ-2021-038 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-NASDAQ-2021-038. 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
[[Page 27136]]
those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2021-038, and should
be submitted on or before June 9, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-10495 Filed 5-18-21; 8:45 am]
BILLING CODE 8011-01-P
