Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Its Rules Regarding the Minimum Increments for Electronic Bids and Offers and Exercise Prices of Certain FLEX Options and Clarify in the Rules How the System Ranks FLEX Option Bids and Offers for Allocation Purposes, 29817-29818 [2021-11607]
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Federal Register / Vol. 86, No. 105 / Thursday, June 3, 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 27 and Rule 19b–
4(f)(6) thereunder.28
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) 29 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
Fund.30 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 Fund.31 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.32
27 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.
29 17 CFR 240.19b–4(f)(6)(iii).
30 See supra note.
31 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)).
32 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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28 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–2021–44 and
should be submitted on or before June
24, 2021.
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. 2021–11610 Filed 6–2–21; 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–2021–44 on the subject line.
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Designation
of a Longer Period for Commission
Action on Proceedings To Determine
Whether To Approve or Disapprove a
Proposed Rule Change, as Modified by
Amendment No. 1, To Amend Its Rules
Regarding the Minimum Increments for
Electronic Bids and Offers and
Exercise Prices of Certain FLEX
Options and Clarify in the Rules How
the System Ranks FLEX Option Bids
and Offers for Allocation Purposes
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–NYSEArca–2021–44. 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
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For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.33
J. Matthew DeLesDernier,
Assistant Secretary.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92040; File No. SR–CBOE–
2020–106]
May 27, 2021.
On November 16, 2020, Cboe
Exchange, Inc. filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Exchange Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend its rules regarding the
minimum increments for electronic bids
and offers and exercise prices of certain
FLEX options and clarify how the
system ranks FLEX option bids and
offers for allocation purposes. On
November 30, 2020, the Exchange filed
Amendment No. 1 to the proposed rule
change, which amended and replaced
the proposed rule change in its entirety.
The Commission published notice of the
proposed rule change, as modified by
Amendment No. 1, in the Federal
Register on December 4, 2020.3 On
January 14, 2021, pursuant to Section
19(b)(2) of the Exchange Act,4 the
Commission designated a longer period
within which to approve the proposed
rule change, disapprove the proposed
33 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 90536
(November 30, 2020), 85 FR 78381 (‘‘Notice’’).
Comments received on the proposed rule change
are available on the Commission’s website at:
https://www.sec.gov/comments/sr-cboe-2020-106/
srcboe2020106.htm.
4 15 U.S.C. 78s(b)(2).
1 15
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Federal Register / Vol. 86, No. 105 / Thursday, June 3, 2021 / Notices
rule change, or institute proceedings to
determine whether to disapprove the
proposed rule change.5 On March 4,
2021, the Commission instituted
proceedings under Section 19(b)(2)(B) of
the Exchange Act 6 to determine
whether to approve or disapprove the
proposed rule change.7
Section 19(b)(2) of the Act 8 provides
that, after initiating proceedings, the
Commission shall issue an order
approving or disapproving the proposed
rule change not later than 180 days after
the date of publication of notice of filing
of the proposed rule change. The
Commission may extend the period for
issuing an order approving or
disapproving the proposed rule change,
however, by not more than 60 days if
the Commission determines that a
longer period is appropriate and
publishes the reasons for such
determination. The proposed rule
change was published for comment in
the Federal Register on December 4,
2020.9 The 180th day after publication
of the Notice is June 2, 2021. The
Commission is extending the time
period for approving or disapproving
the proposal for an additional 60 days.
The Commission finds that it is
appropriate to designate a longer period
within which to issue an order
approving or disapproving the proposed
rule change so that it has sufficient time
to consider the proposed rule change, as
modified by Amendment No. 1.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,10
designates August 1, 2021, as the date
by which the Commission shall either
approve or disapprove or the proposed
rule change (File Number SR–CBOE–
2020–106), as modified by Amendment
No. 1.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–11607 Filed 6–2–21; 8:45 am]
BILLING CODE 8011–01–P
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5 See
Securities Exchange Act Release No. 90926,
86 FR 6710 (January 22, 2021). The Commission
designated March 4, 2021, as the date by which the
Commission shall approve or disapprove, or
institute proceedings to determine whether to
disapprove, the proposed rule change.
6 15 U.S.C. 78s(b)(2)(B).
7 See Securities Exchange Act Release No. 91257,
86 FR 13769 (March 10, 2021).
8 15 U.S.C. 78s(b)(2).
9 See supra note 3.
10 15 U.S.C. 78s(b)(2).
11 17 CFR 200.30–3(a)(57).
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92055; File No. SR–LTSE–
2021–03]
Self-Regulatory Organizations; LongTerm Stock Exchange; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to a
Temporary Reduction in the Initial
Listing Fee
May 27, 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 18,
2021, Long-Term Stock Exchange
(‘‘LTSE’’ 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
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
LTSE proposes a rule change to
temporarily reduce by half the schedule
of Initial Listing Fees for issuers’
Primary Equity Securities on LTSE in
light of the competitive market for
listings and the ongoing disruptions
caused by the global COVID–19
pandemic.3 The Initial Listing fees
would revert to their prior levels
beginning on January 1, 2022.
The text of the proposed rule change
is available at the Exchange’s website at
https://longtermstockexchange.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 these statements may be examined at
the places specified in Item IV below.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The Exchange originally filed to establish a fee
schedule of listing fees for issuers of primary equity
securities on January 22, 2020 (SR–LTSE–2020–02).
On January 30, 2020, SR–LTSE–2020–02 was
withdrawn and replaced by SR–LTSE–2020–03. See
Securities Exchange Act Release No. 88133
(February 6, 2020), 85 FR 8048 (February 12, 2020).
2 17
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The self-regulatory organization 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 on the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is filing this proposed
rule change to amend Rule 14.601 to
temporarily reduce by half the schedule
of Initial Listing Fees for issuers’
Primary Equity Securities on LTSE in
light of the competitive market for
listings and the ongoing disruptions
caused by the global COVID–19
pandemic.4 The Initial Listing fees
would revert to their prior levels
beginning on January 1, 2022.
1. Initial Listing Fee
The Initial Listing Fee in LTSE Rule
14.601(a)(1) is determined based on the
market capitalization of the Company
when it lists on the Exchange.5
The amount of such fee is set forth in
the fee table LTSE Rule 14.601(a)(3).
The Initial Listing Fee is prorated based
on the number of trading days in the
year remaining at the time of a
Company’s initial listing.6 The proposed
rule change would reduce the Initial
Listing Fee in each listing tier for the
remainder of 2021 by 50% while also
retaining the proration calculation as set
forth in the Rule.7 Thus, for example, a
Company with market capitalization up
to $1 billion listing on LTSE on May 31,
2021, would have an Initial Listing Fee
of $44,642.50 ($75,000 × 150/252).8
Prior to the proposed rule change, the
Initial Listing Fee would have been
$89,285.00 ($150,000 × 150/252).
Beginning January 1, 2022, the Initial
Listing Fees and Annual Listing Fees
would revert to the levels as originally
adopted in Rule 14.601.9
The Exchange believes that it is
appropriate to temporarily reduce the
listing fees amount by half for the
remainder of 2021. The market for
listings is highly competitive and the
Exchange believes that a temporary
4 ‘‘Primary Equity Security’’ means a Company’s
first class of Common Stock, Ordinary Shares,
Shares or Certificates of Beneficial Interest of Trust,
Limited Partnership Interests or American
Depositary Receipts (‘‘ADRs’’) or Shares (‘‘ADSs’’).
See Rule 14.002(a)(24).
5 See supra note 3.
6 See LTSE Rule 14.601(a)(1)(iv).
7 The Annual Listing Fee, which would be
assessed for calendar year 2022 for a Company
listing on LTSE in 2021, is not affected by the
proposed rule change.
8 May 31, 2021 is the 150th trading day out of a
total of 252 trading days in calendar year 2021.
9 See supra note 3.
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]]>Agencies
[Federal Register Volume 86, Number 105 (Thursday, June 3, 2021)]
[Notices]
[Pages 29817-29818]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-11607]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92040; File No. SR-CBOE-2020-106]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Designation of a Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove a Proposed Rule Change, as
Modified by Amendment No. 1, To Amend Its Rules Regarding the Minimum
Increments for Electronic Bids and Offers and Exercise Prices of
Certain FLEX Options and Clarify in the Rules How the System Ranks FLEX
Option Bids and Offers for Allocation Purposes
May 27, 2021.
On November 16, 2020, Cboe Exchange, Inc. filed with the Securities
and Exchange Commission (``Commission''), pursuant to Section 19(b)(1)
of the Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule
19b-4 thereunder,\2\ a proposed rule change to amend its rules
regarding the minimum increments for electronic bids and offers and
exercise prices of certain FLEX options and clarify how the system
ranks FLEX option bids and offers for allocation purposes. On November
30, 2020, the Exchange filed Amendment No. 1 to the proposed rule
change, which amended and replaced the proposed rule change in its
entirety. The Commission published notice of the proposed rule change,
as modified by Amendment No. 1, in the Federal Register on December 4,
2020.\3\ On January 14, 2021, pursuant to Section 19(b)(2) of the
Exchange Act,\4\ the Commission designated a longer period within which
to approve the proposed rule change, disapprove the proposed
[[Page 29818]]
rule change, or institute proceedings to determine whether to
disapprove the proposed rule change.\5\ On March 4, 2021, the
Commission instituted proceedings under Section 19(b)(2)(B) of the
Exchange Act \6\ to determine whether to approve or disapprove the
proposed rule change.\7\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 90536 (November 30,
2020), 85 FR 78381 (``Notice''). Comments received on the proposed
rule change are available on the Commission's website at: https://www.sec.gov/comments/sr-cboe-2020-106/srcboe2020106.htm.
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 90926, 86 FR 6710
(January 22, 2021). The Commission designated March 4, 2021, as the
date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to disapprove, the
proposed rule change.
\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ See Securities Exchange Act Release No. 91257, 86 FR 13769
(March 10, 2021).
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \8\ provides that, after initiating
proceedings, the Commission shall issue an order approving or
disapproving the proposed rule change not later than 180 days after the
date of publication of notice of filing of the proposed rule change.
The Commission may extend the period for issuing an order approving or
disapproving the proposed rule change, however, by not more than 60
days if the Commission determines that a longer period is appropriate
and publishes the reasons for such determination. The proposed rule
change was published for comment in the Federal Register on December 4,
2020.\9\ The 180th day after publication of the Notice is June 2, 2021.
The Commission is extending the time period for approving or
disapproving the proposal for an additional 60 days.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(2).
\9\ See supra note 3.
---------------------------------------------------------------------------
The Commission finds that it is appropriate to designate a longer
period within which to issue an order approving or disapproving the
proposed rule change so that it has sufficient time to consider the
proposed rule change, as modified by Amendment No. 1. Accordingly, the
Commission, pursuant to Section 19(b)(2) of the Act,\10\ designates
August 1, 2021, as the date by which the Commission shall either
approve or disapprove or the proposed rule change (File Number SR-CBOE-
2020-106), as modified by Amendment No. 1.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-11607 Filed 6-2-21; 8:45 am]
BILLING CODE 8011-01-P
