Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay Implementation of an Amendment to Rule 518, Complex Orders, To Permit Legging Through the Simple Market, 30508-30510 [2021-11912]
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30508
Federal Register / Vol. 86, No. 108 / Tuesday, June 8, 2021 / Notices
of the new Sub-Adviser pursuant to the
Modified Notice and Access Procedures.
5. At all times, at least a majority of
the Board will be Independent Trustees,
and the selection and nomination of
new or additional Independent Trustees
will be placed within the discretion of
the then-existing Independent Trustees.
6. Independent Legal Counsel, as
defined in Rule 0–1(a)(6) under the Act,
will be engaged to represent the
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such counsel will be within the
discretion of the then-existing
Independent Trustees.
7. Whenever a Sub-Adviser is hired or
terminated, the Adviser will provide the
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expected impact on the profitability of
the Adviser.
8. The Board must evaluate any
material conflicts that may be present in
a sub-advisory arrangement.
Specifically, whenever a sub-adviser
change is proposed for a Sub-Advised
Fund (‘‘Sub-Adviser Change’’) or the
Board considers an existing SubAdvisory Agreement as part of its
annual review process (‘‘Sub-Adviser
Review’’):
(a) The Adviser will provide the
Board, to the extent not already being
provided pursuant to Section 15(c) of
the Act, with all relevant information
concerning:
(i) Any material interest in the
proposed new Sub-Adviser, in the case
of a Sub-Adviser Change, or the SubAdviser in the case of a Sub-Adviser
Review, held directly or indirectly by
the Adviser or a parent or sister
company of the Adviser, and any
material impact the proposed SubAdvisory Agreement may have on that
interest;
(ii) any arrangement or understanding
in which the Adviser or any parent or
sister company of the Adviser is a
participant that (A) may have had a
material effect on the proposed SubAdviser Change or Sub-Adviser Review,
or (B) may be materially affected by the
proposed Sub-Adviser Change or SubAdviser Review;
(iii) any material interest in a SubAdviser held directly or indirectly by an
officer or Trustee of the Sub-Advised
Fund, or an officer or board member of
the Adviser (other than through a
pooled investment vehicle not
controlled by such person); and
(iv) any other information that may be
relevant to the Board in evaluating any
potential material conflicts of interest in
the proposed Sub-Adviser Change or
Sub-Adviser Review.
(b) the Board, including a majority of
the Independent Trustees, will make a
separate finding, reflected in the Board
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minutes, that the Sub-Adviser Change or
continuation after Sub-Adviser Review
is in the best interests of the SubAdvised Fund and its shareholders and,
based on the information provided to
the Board, does not involve a conflict of
interest from which the Adviser, a SubAdviser, any officer or Trustee of the
Sub-Advised Fund, or any officer or
board member of the Adviser derives an
inappropriate advantage.
9. Each Sub-Advised Fund will
disclose in its registration statement the
Aggregate Fee Disclosure.
10. In the event that the Commission
adopts a rule under the Act providing
substantially similar relief to that in the
order requested in the application, the
requested order will expire on the
effective date of that rule.
11. Any new Sub-Advisory
Agreement or any amendment to an
existing Investment Advisory
Agreement or Sub-Advisory Agreement
that directly or indirectly results in an
increase in the aggregate advisory fee
rate payable by the Sub-Advised Fund
will be submitted to the Sub-Advised
Fund’s shareholders for approval.
For the Commission, by the Division of
Investment Management, under delegated
authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–11917 Filed 6–7–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92090; File No. SR–MIAX–
2021–22]
Self-Regulatory Organizations; Miami
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Delay Implementation of an
Amendment to Rule 518, Complex
Orders, To Permit Legging Through
the Simple Market
June 2, 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 21,
2021, Miami International Securities
Exchange, LLC (‘‘MIAX Options’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Exchange filed the proposed rule change
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00108
Fmt 4703
Sfmt 4703
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
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 a proposal to
delay implementation of the change to
allow a component of a complex order 5
that legs into the Simple Order Book 6 to
execute at a price that is outside the
NBBO.7
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxoptions.com/rulefilings/ at MIAX Options’ principal
office, 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.
3 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
5 A ‘‘complex order’’ is any order involving the
concurrent purchase and/or sale of two or more
different options in the same underlying security
(the ‘‘legs’’ or ‘‘components’’ of the complex order),
for the same account, in a ratio that is equal to or
greater than one-to-three (.333) and less than or
equal to three-to-one (3.00) and for the purposes of
executing a particular investment strategy. Minioptions may only be part of a complex order that
includes other mini-options. Only those complex
orders in the classes designated by the Exchange
and communicated to Members via Regulatory
Circular with no more than the applicable number
of legs, as determined by the Exchange on a classby-class basis and communicated to Members via
Regulatory Circular, are eligible for processing. See
Exchange Rule 518(a)(5).
6 The ‘‘Simple Order Book’’ is the Exchange’s
regular electronic book of orders and quotes. See
Exchange Rule 518(a)(15).
7 The term ‘‘NBBO’’ means the national best bid
or offer as calculated by the Exchange based on
market information received by the Exchange from
the appropriate Securities Information Processor
(‘‘SIP’’). See Exchange Rule 518(a)(14).
4 17
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Federal Register / Vol. 86, No. 108 / Tuesday, June 8, 2021 / Notices
Exchange additional time to plan and
implement the proposed functionality.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On October 22, 2019, the Exchange
filed a proposed rule change to amend
subsection (c)(2)(iii) of Exchange Rule
518, Complex Orders, to remove the
provision which provides that a
component of a complex order that legs
into the Simple Order Book may not
execute at a price that is outside the
NBBO.8 The proposed rule change
indicated that the Exchange would
announce the implementation date of
the proposed rule change by Regulatory
Circular to be published no later than 90
days following the operative date of the
proposed rule. The implementation date
will be no later than 90 days following
the issuance of the Regulatory Circular.
The Exchange delayed the
implementation of this functionality
until the second quarter of 2021.9 The
Exchange now proposes to delay the
implementation of this functionality
until the second quarter of 2022.
The Exchange proposes this delay in
order to allow the Exchange to complete
its reprioritization of its software
delivery and release schedule as a result
of a shift in priorities due to the impact
the coronavirus pandemic has had on
Exchange operations. The Exchange will
issue a Regulatory Circular notifying
market participants at least 45 days
prior to implementing this functionality.
2. Statutory Basis
jbell on DSKJLSW7X2PROD with NOTICES
The Exchange believes that its
proposed rule change is consistent with
Section 6(b) of the Act 10 in general, and
furthers the objectives of Section 6(b)(5)
of the Act 11 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
mechanisms of a free and open market
and a national market system and, in
general, to protect investors and the
public interest by allowing the
8 See Securities Exchange Release No. 87440
(November 1, 2019), 84 FR 60117 (November 7,
2019) (SR–MIAX–2019–45).
9 See Securities Exchange Release No. 90507
(November 24, 2020), 85 FR 77321 (December 1,
2020) (SR–MIAX–2020–36).
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(5).
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16:36 Jun 07, 2021
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B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange’s proposal to delay the
implementation of the proposed
functionality does not impose an undue
burden on competition. Delaying the
implementation will simply allow the
Exchange additional time to properly
plan and implement the proposed
functionality.
The Exchange does not believe that
the proposed rule change will impose
any burden on intramarket competition
as the delay will apply equally to all
Members of the Exchange.
The Exchange does not believe that
the proposed rule change will impose
any burden on intermarket competition
as the proposal is to delay the
implementation of approved
functionality which affects MIAX
Members only and does not impact
intermarket competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 12 and Rule
19b–4(f)(6) thereunder.13 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
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
12 15
13 17
PO 00000
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
Frm 00109
Fmt 4703
Sfmt 4703
30509
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 14 of the Act 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–
MIAX–2021–22 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–MIAX–2021–22. 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
14 15
E:\FR\FM\08JNN1.SGM
U.S.C. 78s(b)(2)(B).
08JNN1
30510
Federal Register / Vol. 86, No. 108 / Tuesday, June 8, 2021 / Notices
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–MIAX–2021–22, and
should be submitted on or before June
29, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–11912 Filed 6–7–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92089; File Nos. SR–NYSE–
2021–25, SR–NYSEAMER–2021–21, SR–
NYSEArca–2021–24, SR–NYSECHX–2021–
07, SR–NYSENAT–2021–09]
Self-Regulatory Organizations; New
York Stock Exchange LLC, NYSE
American LLC, NYSE Arca, Inc., NYSE
Chicago, Inc., and NYSE National, Inc.;
Notice of Designation of a Longer
Period for Commission Action on
Proposed Rule Changes To Amend the
Fee Schedule To Add Meet-Me-Room
Connectivity Services Available at the
Mahwah Data Center
June 2, 2021.
On April 9, 2021, New York Stock
Exchange LLC, NYSE American LLC,
NYSE Arca, Inc., NYSE Chicago, Inc.,
and NYSE National, Inc. each filed with
the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend the schedule of
connectivity services available at the
Mahwah data center to add services
available to customers in the meet me
rooms in the Mahwah data center and
procedures for the allocation of cabinets
and power to such customers. The
proposed rule changes were published
for comment in the Federal Register on
April 22, 2021.3 The Commission has
15 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 Nos. 91598
(April 16, 2021), 86 FR 21373 (April 22, 2021) (SR–
NYSE–2021–25); 91599 (April 16, 2021), 86 FR
21365 (April 22, 2021) (SR–NYSEAMER–2021–21);
91600 (April 16, 2021), 86 FR 21384 (April 22,
2021) (SR–NYSEArca–2021–24); 91601 (April 16,
2021), 86 FR 21410 (April 22, 2021) (SR–
NYSECHX–2021–07); and 91602 (April 16, 2021),
86 FR 21393 (April 22, 2021) (SR–NYSENAT–2021–
09) (collectively, the ‘‘Notices’’).
jbell on DSKJLSW7X2PROD with NOTICES
1 15
VerDate Sep<11>2014
16:36 Jun 07, 2021
Jkt 253001
received no comment letters on the
proposed rule changes.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a propose rule
change, or within such longer period up
to 90 days as the Commission may
designate if it find such longer period to
be appropriate and published its reasons
for so finding or as to which the selfregulatory organization consents, the
Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the Notices for these
proposed rule changes is June 6, 2021.
The Commission is extending this 45day period.
The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
proposed rule changes so that it has
sufficient time to consider the proposed
rule changes. Accordingly, pursuant to
Section 19(b)(2) of the Act,5 the
Commission designates July 21, 2021, as
the date by which the Commission shall
either approve or disapprove, or
institute proceedings to determine
whether to approve or disapprove, the
proposed rule changes (File Nos. SR–
NYSE–2021–25, SR–NYSEAMER–2021–
21, SR–NYSEArca–2021–24, SR–
NYSECHX–2021–07, SR–NYSENAT–
2021–09).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
J. Matthew DeLesDernier,
Assistant Secretary.
Incident Period: 05/17/2021 through
05/21/2021.
DATES: Issued on 06/02/2021.
Physical Loan Application Deadline
Date: 08/02/2021.
Economic Injury (EIDL) Loan
Application Deadline Date: 03/02/2022.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW, Suite 6050,
Washington, DC 20416, (202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
06/02/2021, applications for disaster
loans may be filed at the address listed
above or other locally announced
locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Parishes (Physical Damage and
Economic Injury Loans): Ascension,
Calcasieu, East Baton Rouge,
Iberville, Lafayette.
Contiguous Parishes/Counties
(Economic Injury Loans Only):
Louisiana: Acadia, Assumption,
Beauregard, Cameron, East
Feliciana, Iberia, Jefferson Davis,
Livingston, Pointe Coupee, Saint
Helena, Saint James, Saint Landry,
Saint Martin, St John the Baptist,
Vermilion, West Baton Rouge.
Texas: Newton, Orange.
The Interest Rates are:
Percent
[FR Doc. 2021–11911 Filed 6–7–21; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #16995 and #16996;
Louisiana Disaster Number LA–00112]
Presidential Declaration of a Major
Disaster for the State of Louisiana
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a Notice of the
Presidential declaration of a major
disaster for the State of Louisiana
(FEMA–4606–DR), dated 06/02/2021.
Incident: Severe Storms, Tornadoes,
and Flooding.
SUMMARY:
U.S.C. 78s(b)(2).
U.S.C. 78s(b)(2).
6 17 CFR 200.30–3(a)(31).
5 15
Frm 00110
Fmt 4703
3.250
1.625
5.760
2.880
2.000
2.000
2.880
2.000
The number assigned to this disaster
for physical damage is 16995 B and for
economic injury is 16996 0.
4 15
PO 00000
For Physical Damage:
Homeowners with Credit Available Elsewhere ....................
Homeowners without Credit
Available Elsewhere ............
Businesses with Credit Available Elsewhere ....................
Businesses without Credit
Available Elsewhere ............
Non-Profit Organizations with
Credit Available Elsewhere
Non-Profit Organizations without Credit Available Elsewhere ...................................
For Economic Injury:
Businesses & Small Agricultural Cooperatives without
Credit Available Elsewhere
Non-Profit Organizations without Credit Available Elsewhere ...................................
Sfmt 4703
E:\FR\FM\08JNN1.SGM
08JNN1
]]>Agencies
[Federal Register Volume 86, Number 108 (Tuesday, June 8, 2021)]
[Notices]
[Pages 30508-30510]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-11912]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92090; File No. SR-MIAX-2021-22]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Delay Implementation of an Amendment to Rule
518, Complex Orders, To Permit Legging Through the Simple Market
June 2, 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 21, 2021, Miami International Securities Exchange, LLC (``MIAX
Options'' or the ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Exchange filed the 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
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)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing a proposal to delay implementation of the
change to allow a component of a complex order \5\ that legs into the
Simple Order Book \6\ to execute at a price that is outside the
NBBO.\7\
---------------------------------------------------------------------------
\5\ A ``complex order'' is any order involving the concurrent
purchase and/or sale of two or more different options in the same
underlying security (the ``legs'' or ``components'' of the complex
order), for the same account, in a ratio that is equal to or greater
than one-to-three (.333) and less than or equal to three-to-one
(3.00) and for the purposes of executing a particular investment
strategy. Mini-options may only be part of a complex order that
includes other mini-options. Only those complex orders in the
classes designated by the Exchange and communicated to Members via
Regulatory Circular with no more than the applicable number of legs,
as determined by the Exchange on a class-by-class basis and
communicated to Members via Regulatory Circular, are eligible for
processing. See Exchange Rule 518(a)(5).
\6\ The ``Simple Order Book'' is the Exchange's regular
electronic book of orders and quotes. See Exchange Rule 518(a)(15).
\7\ The term ``NBBO'' means the national best bid or offer as
calculated by the Exchange based on market information received by
the Exchange from the appropriate Securities Information Processor
(``SIP''). See Exchange Rule 518(a)(14).
---------------------------------------------------------------------------
The text of the proposed rule change is available on the Exchange's
website at https://www.miaxoptions.com/rule-filings/ at MIAX Options'
principal office, 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.
[[Page 30509]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
On October 22, 2019, the Exchange filed a proposed rule change to
amend subsection (c)(2)(iii) of Exchange Rule 518, Complex Orders, to
remove the provision which provides that a component of a complex order
that legs into the Simple Order Book may not execute at a price that is
outside the NBBO.\8\ The proposed rule change indicated that the
Exchange would announce the implementation date of the proposed rule
change by Regulatory Circular to be published no later than 90 days
following the operative date of the proposed rule. The implementation
date will be no later than 90 days following the issuance of the
Regulatory Circular. The Exchange delayed the implementation of this
functionality until the second quarter of 2021.\9\ The Exchange now
proposes to delay the implementation of this functionality until the
second quarter of 2022.
---------------------------------------------------------------------------
\8\ See Securities Exchange Release No. 87440 (November 1,
2019), 84 FR 60117 (November 7, 2019) (SR-MIAX-2019-45).
\9\ See Securities Exchange Release No. 90507 (November 24,
2020), 85 FR 77321 (December 1, 2020) (SR-MIAX-2020-36).
---------------------------------------------------------------------------
The Exchange proposes this delay in order to allow the Exchange to
complete its reprioritization of its software delivery and release
schedule as a result of a shift in priorities due to the impact the
coronavirus pandemic has had on Exchange operations. The Exchange will
issue a Regulatory Circular notifying market participants at least 45
days prior to implementing this functionality.
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \10\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \11\ 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 mechanisms of a free and open market and a national market
system and, in general, to protect investors and the public interest by
allowing the Exchange additional time to plan and implement the
proposed functionality.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange's proposal to
delay the implementation of the proposed functionality does not impose
an undue burden on competition. Delaying the implementation will simply
allow the Exchange additional time to properly plan and implement the
proposed functionality.
The Exchange does not believe that the proposed rule change will
impose any burden on intramarket competition as the delay will apply
equally to all Members of the Exchange.
The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition as the proposal is to
delay the implementation of approved functionality which affects MIAX
Members only and does not impact intermarket competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \12\ and Rule 19b-4(f)(6) thereunder.\13\
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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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\12\ 15 U.S.C. 78s(b)(3)(A)(iii).
\13\ 17 CFR 240.19b-4(f)(6).
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At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \14\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\14\ 15 U.S.C. 78s(b)(2)(B).
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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-MIAX-2021-22 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-MIAX-2021-22. 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
[[Page 30510]]
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-MIAX-2021-22, and should be
submitted on or before June 29, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
J. Matthew DeLesDernier,
Assistant Secretary.
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\15\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2021-11912 Filed 6-7-21; 8:45 am]
BILLING CODE 8011-01-P
