Order Granting Applications by Nasdaq GEMX, LLC and Nasdaq MRX, LLC for Exemption Pursuant to Section 36(a) of the Exchange Act From the Rule Filing Requirements of Section 19(b) of the Exchange Act With Respect to the Nasdaq Rule 1000 Series Incorporated by Reference, 31772-31773 [2021-12477]
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31772
Federal Register / Vol. 86, No. 113 / Tuesday, June 15, 2021 / Notices
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–
EMERALD–2021–20 on the subject line.
khammond on DSKJM1Z7X2PROD with NOTICES
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–EMERALD–2021–20. 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–EMERALD–2021–20 and
should be submitted on or before July 6,
2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–12479 Filed 6–14–21; 8:45 am]
BILLING CODE 8011–01–P
22 17
CFR 200.30–3(a)(12).
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17:02 Jun 14, 2021
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92131; File No. SR–
CboeBZX–2021–029]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change To List and Trade Shares
of the Kryptoin Bitcoin ETF Trust
Under BZX Rule 14.11(e)(4),
Commodity-Based Trust Shares
June 9, 2021.
On April 9, 2021, Cboe BZX
Exchange, Inc. (‘‘BZX’’) 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 19 b–4
thereunder,2 a proposed rule change to
list and trade shares of the Kryptoin
Bitcoin ETF Trust under BZX Rule
14.11(e)(4), Commodity-Based Trust
Shares. The proposed rule change was
published for comment in the Federal
Register on April 28, 2021.3 The
Commission has received comments on
the proposed rule change.4
Section 19(b)(2) of the Act 5 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory 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 notice for this
proposed rule change is June 12, 2021.
The Commission is extending this 45day time period.
The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
proposed rule change so that it has
sufficient time to consider the proposed
rule change and the comments received.
Accordingly, pursuant to Section
19(b)(2) of the Act,6 the Commission
designates July 27, 2021, as the date by
which the Commission shall either
approve or disapprove, or institute
1 15
U.S.C. 78s(b)(1).
CFR 240.19 b–4.
3 See Securities Exchange Act Release No. 91646
(April 22, 2021), 86 FR 22485 (April 28, 2021).
4 Comments received on the proposed rule change
are available at: https://www.sec.gov/comments/srcboebzx-2021-029/srcboebzx2021029.htm.
5 15 U.S.C. 78s(b)(2).
6 Id.
2 17
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–CboeBZX–2021–029).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–12472 Filed 6–14–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92136]
Order Granting Applications by
Nasdaq GEMX, LLC and Nasdaq MRX,
LLC for Exemption Pursuant to Section
36(a) of the Exchange Act From the
Rule Filing Requirements of Section
19(b) of the Exchange Act With
Respect to the Nasdaq Rule 1000
Series Incorporated by Reference
June 9, 2021.
Nasdaq GEMX, LLC and Nasdaq MRX,
LLC (the ‘‘Exchanges’’) have filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) an
application for an exemption under
Section 36(a)(1) of the Securities
Exchange Act of 1934 (‘‘Exchange
Act’’) 1 from the rule filing requirements
of Section 19(b) of the Exchange Act 2
with respect to certain rules of The
Nasdaq Stock Market LLC (‘‘Nasdaq’’)
that the Exchanges seek to incorporate
by reference (‘‘Nasdaq Rule 1000
Series’’).3 Section 36(a)(1) of the
Exchange Act,4 subject to certain
limitations, authorizes the Commission
to conditionally or unconditionally
exempt any person, security, or
transaction, or any class thereof, from
any provision of the Exchange Act or
rule thereunder, if necessary or
appropriate in the public interest and
consistent with the protection of
investors.
The Exchanges each filed a proposed
rule change 5 under Section 19(b) of the
7 17
CFR 200.30–3(a)(31).
U.S.C. 78mm(a)(1).
2 15 U.S.C. 78s(b).
3 See letter from Brett M. Kitt, Principal Associate
General Counsel, Nasdaq Inc., to J. Matthew
DeLesDernier, Assistant Secretary, Commission,
dated April 22, 2021 (‘‘Exemptive Request’’).
4 15 U.S.C. 78mm(a)(1).
5 See Securities Exchange Act Release Nos. 91672
(April 26, 2021), 86 FR 23001 (April 30, 2021) (SR–
GEMX–2021–02); 91674 (April 26, 2021), 86 FR
23013 (April 30, 2021) (SR–MRX–2021–03).
Although the proposed rule changes were filed
pursuant to Section 19(b)(3)(A)(iii) of the Exchange
Act, and thereby became effective upon filing with
the Commission, the Exchanges stipulated in their
proposals that the incorporation by reference would
not be operative until such time as the Commission
grants this Exemptive Request.
1 15
E:\FR\FM\15JNN1.SGM
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Federal Register / Vol. 86, No. 113 / Tuesday, June 15, 2021 / Notices
Exchange Act to replace its existing
membership rules, as set forth in
General 3 of their respective rulebooks,
with the Rule 1000 Series of the Nasdaq
rulebook, as such rules may be in effect
from time to time. Namely, in the
proposed rule changes, the Exchanges
each proposed to incorporate by
reference the Nasdaq Rule 1000 Series
such that Nasdaq Rule 1000 Series
would be applicable to each of the
Exchanges’ respective applicants,
members, associated persons, and other
persons subject to the Exchanges’
jurisdiction as though such rules were
fully set forth within each of the
Exchanges’ rulebooks.6
The Exchanges have requested,
pursuant to Rule 0–12 under the
Exchange Act,7 that the Commission
grant the Exchanges an exemption from
the rule filing requirements of Section
19(b) of the Exchange Act for changes to
each of the Exchanges’ rules that are
effected solely by virtue of a change to
the Nasdaq Rule 1000 Series that are
incorporated by reference. Specifically,
the Exchanges request that they be
permitted to incorporate by reference
changes made to the Nasdaq Rule 1000
Series that are cross-referenced in each
of the Exchanges’ rules without the need
for each of the Exchanges to file
separately the same proposed rule
change pursuant to Section 19(b) of the
Exchange Act.8
The Exchanges represent that the
Nasdaq Rule 1000 Series are not trading
rules.9 Moreover, the Exchanges state
that in each instance, they propose to
incorporate by reference a category of
rules (rather than individual rules
within a category).10 The Exchanges
also represent that, as a condition of this
exemption, the Exchanges will provide
written notice to their respective
applicants and members whenever
Nasdaq proposes a change to Nasdaq
Rule 1000 Series.11
According to the Exchanges, this
exemption is necessary and appropriate
because it will result in the Exchanges’
membership rules and processes being
consistent with the relevant crossreferenced Nasdaq membership rules
khammond on DSKJM1Z7X2PROD with NOTICES
6 See
note 5, supra.
7 17 CFR 240.0–12.
8 See Exemptive Request, supra note 3.
9 Id.
10 Id. at 2 n.7.
11 Id. at 3. The Exchanges state that they will
provide such notice via a posting on the same
website location where the Exchanges post their
own rule filings pursuant to Rule 19b–4(l) within
the timeframe required by such Rule. In addition,
the Exchanges state that the website posting will
include a link to the location on Nasdaq’s website
where the applicable proposed rule change is
posted. Id. at 3 n.8.
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17:02 Jun 14, 2021
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and processes at all times.12 The
Exchanges states that harmonization of
the membership rules and processes
between the Exchanges and Nasdaq will
ease compliance burdens for those
seeking membership on the three
exchanges and increase internal
efficiencies associated with
administering the membership rules and
processes of each exchange.13
The Commission has issued
exemptions similar to the Exchanges’
request.14 In granting similar
exemptions, the Commission stated that
it would consider future exemption
requests, provided that:
• A self-regulatory organization
(‘‘SRO’’) wishing to incorporate rules of
another SRO by reference has submitted
a written request for an order exempting
it from the requirement in Section 19(b)
of the Exchange Act to file proposed
rule changes relating to the rules
incorporated by reference, has identified
the applicable originating SRO(s),
together with the rules it wants to
incorporate by reference, and otherwise
has complied with the procedural
requirements set forth in the
Commission’s release governing
procedures for requesting exemptive
orders pursuant to Rule 0–12 under the
Exchange Act; 15
12 See
id. at 2.
id.
14 See, e.g., Securities Exchange Act Release Nos.
91202 (February 24, 2021), 86 FR 12250 (March 2,
2021) (order granting application by Nasdaq ISE,
LLC for exemption pursuant to Section 36(a) of the
Exchange Act from the rule filing requirements of
section 19(b) of the Exchange Act with respect to
the Nasdaq Rule 1000 Series incorporated by
reference); 86896 (September 6, 2019), 84 FR 48186
(September 12, 2019) (order granting application by
Nasdaq BX, Inc. for exemption pursuant to section
36(a) of the Exchange Act from the rule filing
requirements of section 19(b) of the Exchange Act
with respect to the Nasdaq Rule 1000 Series
incorporated by reference); 80338 (March 29, 2017),
82 FR 16464 (April 4, 2017) (order granting
exemptive request from MIAX PEARL, LLC relating
to rules of Miami International Securities Exchange,
LLC incorporated by reference); 72650 (July 22,
2014), 79 FR 44075 (July 29, 2014) (order granting
exemptive requests from NASDAQ OMX BX, Inc.
and the NASDAQ Stock Market LLC relating to
rules of NASDAQ OMX PHLX LLC incorporated by
reference); 67256 (June 26, 2012), 77 FR 39277,
39286 (July 2, 2012) (order approving SR–BX–2012–
030 and granting exemptive request relating to rules
incorporated by reference by the BX Options rules);
61534 (February 18, 2010), 75 FR 8760 (February
25, 2010) (order granting BATS Exchange, Inc.’s
exemptive request relating to rules incorporated by
reference by the BATS Exchange Options Market
rules) (‘‘BATS Options Market Order’’); and 57478
(March 12, 2008), 73 FR 14521, 14539–40 (March
18, 2008) (order approving SR–NASDAQ–2007–004
and SR–NASDAQ–2007–080, and granting
exemptive request relating to rules incorporated by
reference by The NASDAQ Options Market).
15 See 17 CFR 240.0–12 and Securities Exchange
Act Release No. 39624 (February 5, 1998), 63 FR
8101 (February 18, 1998) (‘‘Commission Procedures
for Filing Applications for Orders for Exemptive
13 See
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
31773
• The incorporating SRO has
requested incorporation of categories of
rules (rather than individual rules
within a category) that are not trading
rules (e.g., the SRO has requested
incorporation of rules such as margin,
suitability, or arbitration); and
• The incorporating SRO has
reasonable procedures in place to
provide written notice to its members
each time a change is proposed to the
incorporated rules of another SRO.16
The Commission believes that the
Exchanges have satisfied each of these
conditions. Further, the Commission
also believes that granting the
Exchanges an exemption from the rule
filing requirements under Section 19(b)
of the Exchange Act will promote
efficient use of the Commission’s and
the Exchanges’ resources by avoiding
duplicative rule filings based on
simultaneous changes to identical rule
text sought by more than one SRO.17
The Commission therefore finds it
appropriate in the public interest and
consistent with the protection of
investors to exempt the Exchanges from
the rule filing requirements under
Section 19(b) of the Exchange Act with
respect to the above-described rules it
incorporates by reference. This
exemption is conditioned upon the
Exchanges promptly providing written
notice to their applicants and members
whenever Nasdaq changes a rule that
the Exchanges incorporate by reference.
Accordingly, it is ordered, pursuant to
Section 36 of the Exchange Act,18 that
the Exchanges are exempt from the rule
filing requirements of Section 19(b) of
the Exchange Act solely with respect to
changes to the rules identified in the
Exemptive Request, provided that the
Exchanges promptly provide written
notice to their applicants and members
whenever Nasdaq proposes to change a
rule that the Exchanges have
incorporated by reference.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–12477 Filed 6–14–21; 8:45 am]
BILLING CODE 8011–01–P
Relief Pursuant to Section 36 of the Exchange Act;
Final Rule’’).
16 See BATS Options Market Order, supra note 14
(citing Securities Exchange Act Release No. 49260
(February 17, 2004), 69 FR 8500 (February 24, 2004)
(order granting exemptive request relating to rules
incorporated by reference by several SROs) (‘‘2004
Order’’)).
17 See BATS Options Market Order, supra note
14, 75 FR at 8761; see also 2004 Order, supra note
16, 69 FR at 8502.
18 15 U.S.C. 78mm.
19 17 CFR 200.30–3(a)(76).
E:\FR\FM\15JNN1.SGM
15JNN1
]]>Agencies
[Federal Register Volume 86, Number 113 (Tuesday, June 15, 2021)]
[Notices]
[Pages 31772-31773]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-12477]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92136]
Order Granting Applications by Nasdaq GEMX, LLC and Nasdaq MRX,
LLC for Exemption Pursuant to Section 36(a) of the Exchange Act From
the Rule Filing Requirements of Section 19(b) of the Exchange Act With
Respect to the Nasdaq Rule 1000 Series Incorporated by Reference
June 9, 2021.
Nasdaq GEMX, LLC and Nasdaq MRX, LLC (the ``Exchanges'') have filed
with the Securities and Exchange Commission (the ``Commission'') an
application for an exemption under Section 36(a)(1) of the Securities
Exchange Act of 1934 (``Exchange Act'') \1\ from the rule filing
requirements of Section 19(b) of the Exchange Act \2\ with respect to
certain rules of The Nasdaq Stock Market LLC (``Nasdaq'') that the
Exchanges seek to incorporate by reference (``Nasdaq Rule 1000
Series'').\3\ Section 36(a)(1) of the Exchange Act,\4\ subject to
certain limitations, authorizes the Commission to conditionally or
unconditionally exempt any person, security, or transaction, or any
class thereof, from any provision of the Exchange Act or rule
thereunder, if necessary or appropriate in the public interest and
consistent with the protection of investors.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78mm(a)(1).
\2\ 15 U.S.C. 78s(b).
\3\ See letter from Brett M. Kitt, Principal Associate General
Counsel, Nasdaq Inc., to J. Matthew DeLesDernier, Assistant
Secretary, Commission, dated April 22, 2021 (``Exemptive Request'').
\4\ 15 U.S.C. 78mm(a)(1).
---------------------------------------------------------------------------
The Exchanges each filed a proposed rule change \5\ under Section
19(b) of the
[[Page 31773]]
Exchange Act to replace its existing membership rules, as set forth in
General 3 of their respective rulebooks, with the Rule 1000 Series of
the Nasdaq rulebook, as such rules may be in effect from time to time.
Namely, in the proposed rule changes, the Exchanges each proposed to
incorporate by reference the Nasdaq Rule 1000 Series such that Nasdaq
Rule 1000 Series would be applicable to each of the Exchanges'
respective applicants, members, associated persons, and other persons
subject to the Exchanges' jurisdiction as though such rules were fully
set forth within each of the Exchanges' rulebooks.\6\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release Nos. 91672 (April 26,
2021), 86 FR 23001 (April 30, 2021) (SR-GEMX-2021-02); 91674 (April
26, 2021), 86 FR 23013 (April 30, 2021) (SR-MRX-2021-03). Although
the proposed rule changes were filed pursuant to Section
19(b)(3)(A)(iii) of the Exchange Act, and thereby became effective
upon filing with the Commission, the Exchanges stipulated in their
proposals that the incorporation by reference would not be operative
until such time as the Commission grants this Exemptive Request.
\6\ See note 5, supra.
---------------------------------------------------------------------------
The Exchanges have requested, pursuant to Rule 0-12 under the
Exchange Act,\7\ that the Commission grant the Exchanges an exemption
from the rule filing requirements of Section 19(b) of the Exchange Act
for changes to each of the Exchanges' rules that are effected solely by
virtue of a change to the Nasdaq Rule 1000 Series that are incorporated
by reference. Specifically, the Exchanges request that they be
permitted to incorporate by reference changes made to the Nasdaq Rule
1000 Series that are cross-referenced in each of the Exchanges' rules
without the need for each of the Exchanges to file separately the same
proposed rule change pursuant to Section 19(b) of the Exchange Act.\8\
---------------------------------------------------------------------------
\7\ 17 CFR 240.0-12.
\8\ See Exemptive Request, supra note 3.
---------------------------------------------------------------------------
The Exchanges represent that the Nasdaq Rule 1000 Series are not
trading rules.\9\ Moreover, the Exchanges state that in each instance,
they propose to incorporate by reference a category of rules (rather
than individual rules within a category).\10\ The Exchanges also
represent that, as a condition of this exemption, the Exchanges will
provide written notice to their respective applicants and members
whenever Nasdaq proposes a change to Nasdaq Rule 1000 Series.\11\
---------------------------------------------------------------------------
\9\ Id.
\10\ Id. at 2 n.7.
\11\ Id. at 3. The Exchanges state that they will provide such
notice via a posting on the same website location where the
Exchanges post their own rule filings pursuant to Rule 19b-4(l)
within the timeframe required by such Rule. In addition, the
Exchanges state that the website posting will include a link to the
location on Nasdaq's website where the applicable proposed rule
change is posted. Id. at 3 n.8.
---------------------------------------------------------------------------
According to the Exchanges, this exemption is necessary and
appropriate because it will result in the Exchanges' membership rules
and processes being consistent with the relevant cross-referenced
Nasdaq membership rules and processes at all times.\12\ The Exchanges
states that harmonization of the membership rules and processes between
the Exchanges and Nasdaq will ease compliance burdens for those seeking
membership on the three exchanges and increase internal efficiencies
associated with administering the membership rules and processes of
each exchange.\13\
---------------------------------------------------------------------------
\12\ See id. at 2.
\13\ See id.
---------------------------------------------------------------------------
The Commission has issued exemptions similar to the Exchanges'
request.\14\ In granting similar exemptions, the Commission stated that
it would consider future exemption requests, provided that:
---------------------------------------------------------------------------
\14\ See, e.g., Securities Exchange Act Release Nos. 91202
(February 24, 2021), 86 FR 12250 (March 2, 2021) (order granting
application by Nasdaq ISE, LLC for exemption pursuant to Section
36(a) of the Exchange Act from the rule filing requirements of
section 19(b) of the Exchange Act with respect to the Nasdaq Rule
1000 Series incorporated by reference); 86896 (September 6, 2019),
84 FR 48186 (September 12, 2019) (order granting application by
Nasdaq BX, Inc. for exemption pursuant to section 36(a) of the
Exchange Act from the rule filing requirements of section 19(b) of
the Exchange Act with respect to the Nasdaq Rule 1000 Series
incorporated by reference); 80338 (March 29, 2017), 82 FR 16464
(April 4, 2017) (order granting exemptive request from MIAX PEARL,
LLC relating to rules of Miami International Securities Exchange,
LLC incorporated by reference); 72650 (July 22, 2014), 79 FR 44075
(July 29, 2014) (order granting exemptive requests from NASDAQ OMX
BX, Inc. and the NASDAQ Stock Market LLC relating to rules of NASDAQ
OMX PHLX LLC incorporated by reference); 67256 (June 26, 2012), 77
FR 39277, 39286 (July 2, 2012) (order approving SR-BX-2012-030 and
granting exemptive request relating to rules incorporated by
reference by the BX Options rules); 61534 (February 18, 2010), 75 FR
8760 (February 25, 2010) (order granting BATS Exchange, Inc.'s
exemptive request relating to rules incorporated by reference by the
BATS Exchange Options Market rules) (``BATS Options Market Order'');
and 57478 (March 12, 2008), 73 FR 14521, 14539-40 (March 18, 2008)
(order approving SR-NASDAQ-2007-004 and SR-NASDAQ-2007-080, and
granting exemptive request relating to rules incorporated by
reference by The NASDAQ Options Market).
---------------------------------------------------------------------------
A self-regulatory organization (``SRO'') wishing to
incorporate rules of another SRO by reference has submitted a written
request for an order exempting it from the requirement in Section 19(b)
of the Exchange Act to file proposed rule changes relating to the rules
incorporated by reference, has identified the applicable originating
SRO(s), together with the rules it wants to incorporate by reference,
and otherwise has complied with the procedural requirements set forth
in the Commission's release governing procedures for requesting
exemptive orders pursuant to Rule 0-12 under the Exchange Act; \15\
---------------------------------------------------------------------------
\15\ See 17 CFR 240.0-12 and Securities Exchange Act Release No.
39624 (February 5, 1998), 63 FR 8101 (February 18, 1998)
(``Commission Procedures for Filing Applications for Orders for
Exemptive Relief Pursuant to Section 36 of the Exchange Act; Final
Rule'').
---------------------------------------------------------------------------
The incorporating SRO has requested incorporation of
categories of rules (rather than individual rules within a category)
that are not trading rules (e.g., the SRO has requested incorporation
of rules such as margin, suitability, or arbitration); and
The incorporating SRO has reasonable procedures in place
to provide written notice to its members each time a change is proposed
to the incorporated rules of another SRO.\16\
---------------------------------------------------------------------------
\16\ See BATS Options Market Order, supra note 14 (citing
Securities Exchange Act Release No. 49260 (February 17, 2004), 69 FR
8500 (February 24, 2004) (order granting exemptive request relating
to rules incorporated by reference by several SROs) (``2004
Order'')).
---------------------------------------------------------------------------
The Commission believes that the Exchanges have satisfied each of
these conditions. Further, the Commission also believes that granting
the Exchanges an exemption from the rule filing requirements under
Section 19(b) of the Exchange Act will promote efficient use of the
Commission's and the Exchanges' resources by avoiding duplicative rule
filings based on simultaneous changes to identical rule text sought by
more than one SRO.\17\ The Commission therefore finds it appropriate in
the public interest and consistent with the protection of investors to
exempt the Exchanges from the rule filing requirements under Section
19(b) of the Exchange Act with respect to the above-described rules it
incorporates by reference. This exemption is conditioned upon the
Exchanges promptly providing written notice to their applicants and
members whenever Nasdaq changes a rule that the Exchanges incorporate
by reference.
---------------------------------------------------------------------------
\17\ See BATS Options Market Order, supra note 14, 75 FR at
8761; see also 2004 Order, supra note 16, 69 FR at 8502.
---------------------------------------------------------------------------
Accordingly, it is ordered, pursuant to Section 36 of the Exchange
Act,\18\ that the Exchanges are exempt from the rule filing
requirements of Section 19(b) of the Exchange Act solely with respect
to changes to the rules identified in the Exemptive Request, provided
that the Exchanges promptly provide written notice to their applicants
and members whenever Nasdaq proposes to change a rule that the
Exchanges have incorporated by reference.
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78mm.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------
\19\ 17 CFR 200.30-3(a)(76).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-12477 Filed 6-14-21; 8:45 am]
BILLING CODE 8011-01-P
