Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by MIAX PEARL, LLC To Amend Exchange Rule 501, Days and Hours of Business, To Make Juneteenth National Independence Day a Holiday of the Exchange, 60681-60683 [2021-23932]
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khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 210 / Wednesday, November 3, 2021 / Notices
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.
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–ISE–2021–23, and should
be submitted on or before November 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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
J. Matthew DeLesDernier,
Assistant Secretary.
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–
ISE–2021–23 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
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–ISE–2021–23. 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
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).
VerDate Sep<11>2014
17:01 Nov 02, 2021
Jkt 256001
[FR Doc. 2021–23924 Filed 11–2–21; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–93460; File No. SR–
PEARL–2021–52]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change by MIAX
PEARL, LLC To Amend Exchange Rule
501, Days and Hours of Business, To
Make Juneteenth National
Independence Day a Holiday of the
Exchange
October 28, 2021.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on October
22, 2021, MIAX PEARL, LLC (‘‘MIAX
Pearl)’’ 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 self-regulatory
organization. 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 the Substance
of the Proposed Rule Change
The Exchange is filing a proposal to
amend Exchange Rule 501, Days and
Hours of Business, Interpretation and
Policy .02, to make Juneteenth National
Independence Day a holiday of the
Exchange. Juneteenth National
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
60681
Independence Day was designated a
legal public holiday in June 2021.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxoptions.com/rulefilings/pearl at MIAX Pearl’s 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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Exchange Rule 501, Days and Hours of
Business, Interpretation and Policy .02,
to make Juneteenth National
Independence Day a holiday of the
Exchange. On June 17, 2021, Juneteenth
National Independence Day was
designated a legal public holiday.3
Consistent with broad industry
sentiment 4 and the approach
recommended by the Securities Industry
and Financial Markets Association
(‘‘SIFMA’’),5 the Exchange proposes to
add ‘‘Juneteenth National Independence
Day’’ to the existing list of holidays in
Exchange Rule 501, Interpretation and
Policy .02. As a result, the Exchange
will not be open for business on
Juneteenth National Independence Day,
which falls on June 19 of each year. In
accordance with Exchange Rule 501,
Interpretation and Policy .02, when the
holiday falls on a Saturday, the
Exchange will not be open for business
on the preceding Friday, and when it
falls on a Sunday, the Exchange will not
3 Public
Law 117–17.
e.g., https://www.bloomberg.com/news/
articles/2021-06-18/bofa-makes-juneteenth-aholiday-joining-jpmorgan-wells-fargo?sref=
HhuelscO.
5 SIFMA recommends a full market close in
observance of Juneteenth National Independence
Day. See https://www.sifma.org/resources/general/
holiday-schedule/. See also https://www.sifma.org/
resources/news/sifma-revises-2022-fixed-incomemarket-close-recommendations-in-the-u-s-toinclude-full-close-for-juneteenth-nationalindependence-day/.
4 See,
E:\FR\FM\03NON1.SGM
03NON1
60682
Federal Register / Vol. 86, No. 210 / Wednesday, November 3, 2021 / Notices
be open for business on the succeeding
Monday.6
The first sentence of Interpretation
and Policy .02 would read as follows
(proposed additions underlined):
The Board of Directors has
determined that the Exchange will not
be open for business on New Year’s Day,
Martin Luther King, Jr. Day, Presidents’
Day, Good Friday, Memorial Day,
Juneteenth National Independence Day,
Independence Day, Labor Day,
Thanksgiving Day or Christmas Day.
khammond on DSKJM1Z7X2PROD with NOTICES
2. Statutory Basis
The Exchange believes that its
proposed rule change is consistent with
Section 6(b) of the Act 7 in general, and
furthers the objectives of Section 6(b)(5)
of the Act 8 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.
The Exchange believes the proposed
change promotes just and equitable
principles of trade and removes
impediment to and perfects the
mechanism of a free and open market
and a national market system because
the proposed rule change would clearly
state that the Exchange will not be open
for business on Juneteenth National
Independence Day, which is a federal
holiday, and would address what day
would be taken off if June 19 fell on a
Saturday or Sunday. The change would
thereby promote clarity and
transparency in the Exchange’s Rules by
updating the list of holidays of the
Exchange. The proposed rule change
was based on recent proposals by NYSE
Arca, Inc., New York Stock Exchange
LLC, NYSE American LLC, NYSE
Chicago, Inc., and NYSE National, Inc.9
Therefore, the proposed change does not
raise any new or novel issues. For these
6 Exchange Rule 501. There is an exception to the
practice if unusual business conditions exist. Id.
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
9 See Securities Exchange Act Release Nos. 93186
(September 30, 2021), 86 FR 55041 (October 5,
2021) (SR–NYSEArca–2021–85); 93183 (September
30, 2021), 86 FR 55068 (October 5, 2021) (SR–
NYSE–2021–56); 93187 (September 30, 2021), 86
FR 55069 (October 5, 2021) (SR–NYSEAmer–2021–
39); 93182 (September 30, 2021), 86 FR 55083
(October 5, 2021) (SR–NYSECHX–2021–13); 93179
[sic] (September 30, 2021), 86 FR 55033 (October 5,
2021) (SR–NYSENAT–2021–18).
VerDate Sep<11>2014
17:01 Nov 02, 2021
Jkt 256001
reasons, the Exchange believes that the
proposal is consistent with the Act.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,10 the Exchange believes that the
proposed rule change will not impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed change is not designed to
address any competitive issue but rather
to amend the Exchange Rule regarding
days and hours of business.
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
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 11 and Rule 19b–
4(f)(6)(iii) thereunder.12
A proposed rule change filed under
Rule 19b–4(f)(6) 13 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),14 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 so that the proposal may
become operative prior to 30 days after
the date of the filing. The Exchange
states that waiver of the operative delay
would be consistent with the protection
of investors and the public interest
because the proposed rule change, as
described above, would state that the
Exchange will not be open for business
on Juneteenth National Independence
10 15
U.S.C. 78f(b)(8).
U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b-4(f)(6). In addition, Rule 19b4(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.
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
11 15
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Frm 00070
Fmt 4703
Sfmt 4703
Day, which is a federal holiday, and
would address what day would be taken
off if June 19 fell on a Saturday or
Sunday. The Exchange further states
that the proposed change does not raise
any new or novel issues. 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 operative delay and
designates the proposed rule change
operative upon filing.15
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
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–
PEARL–2021–52 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–PEARL–2021–52. 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
15 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\03NON1.SGM
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Federal Register / Vol. 86, No. 210 / Wednesday, November 3, 2021 / Notices
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 such
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–PEARL–2021–52, and
should be submitted on or before
November 24, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–23932 Filed 11–2–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93452; File No. SR–MEMX–
2021–15]
Self-Regulatory Organizations; MEMX
LLC; Notice of Filing of a Proposed
Rule Change To Amend the Corporate
Documents of the Exchange’s Parent
Company
khammond on DSKJM1Z7X2PROD with NOTICES
October 28, 2021.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on October
22, 2021, MEMX LLC (‘‘MEMX’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III 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.
16 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
17:01 Nov 02, 2021
Jkt 256001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing with the
Commission a proposed rule change to
amend and restate the Fifth Amended
and Restated Limited Liability Company
Agreement (the ‘‘Fifth Amended Holdco
LLC Agreement’’) of MEMX Holdings
LLC (‘‘Holdco’’) as the Sixth Amended
and Restated Limited Liability Company
Agreement of Holdco (the ‘‘Sixth
Amended Holdco LLC Agreement’’) to
reflect certain amendments, as further
described below.3 Holdco is the parent
company of the Exchange and directly
or indirectly owns all of the limited
liability company membership interests
in the Exchange. The text of the
proposed rule change is provided in
Exhibit 5.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend and
restate the Holdco LLC Agreement to
reflect: (i) Amendments related to the
creation of the Class C Units 4 and the
Common Units 5 in connection with the
3 References herein to the ‘‘Holdco LLC
Agreement’’ refer to the Fifth Amended Holdco LLC
Agreement or the Sixth Amended Holdco LLC
Agreement, as appropriate in the context.
4 As proposed, the term ‘‘Class C Units’’ means
the Class C–1 Units and the Class C–2 Units; the
term ‘‘Class C–1 Units’’ means the Units having the
privileges, preference, duties, liabilities, obligations
and rights specified with respect to ‘‘Class C–1
Units’’ in the Holdco LLC Agreement; and the term
‘‘Class C–2 Units’’ means the Units having the
privileges, preference, duties, liabilities, obligations
and rights specified with respect to ‘‘Class C–2
Units’’ in the Holdco LLC Agreement. The term
‘‘Units’’ means a unit representing a fractional part
of the membership interests of the members of
Holdco. Currently, there are two classes of Units—
the Class A Units (which are divided into the Class
A–1 Units and the Class A–2 Units) and the Class
B Units.
5 As proposed, the term ‘‘Common Units’’ means
the Units having the privileges, preference, duties,
PO 00000
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Fmt 4703
Sfmt 4703
60683
sale by Holdco of Class C Units to
certain Members 6 in a capital raise
transaction (the ‘‘Transaction’’); (ii)
amendments related to the voting rights
of the Members associated with the
ownership of certain Units consistent
with certain BHCA 7 considerations; (iii)
amendments to provisions related to the
election by a Member to specify the
maximum voting percentage that such
Member may have with respect to any
determination under the Holdco LLC
Agreement consistent with certain
BHCA considerations; (iv) amendments
to various other provisions related to
BHCA considerations; (v) amendments
related to certain governance changes
with respect to the Holdco Board in
connection with the Transaction; and
(vi) various clarifying, updating,
conforming, and other non-substantive
amendments. Each of these amendments
is discussed below.8
Background
There are two primary purposes of the
Exchange’s proposal to amend and
restate the Holdco LLC Agreement as
described herein—
(1) to create two new classes of
membership interests in Holdco (i.e., the
Class C Units and the Common Units), each
of which is divided into a ‘‘voting’’ series and
a ‘‘non-voting’’ series, and effectuate the sale
by Holdco of Class C Units to certain
Members pursuant to the Transaction; 9 and
(2) to divide each of the two existing
series 10 of Class A Units (i.e., the Class A–
liabilities, obligations and rights specified with
respect to ‘‘Common Units’’ in the Holdco LLC
Agreement. As proposed, the Common Units are
divided into the Voting Common Units and the
Nonvoting Common Units.
6 The term ‘‘Member’’ refers to a person (i.e., an
individual or entity) that owns one or more Units
and is admitted as a limited liability company
member of Holdco.
7 The term ‘‘BHCA’’ means the United States
Bank Holding Company Act of 1956, as amended
and in effect from time to time, and the rules and
regulations promulgated thereunder.
8 All section references herein are to sections of
the Holdco LLC Agreement unless indicated
otherwise.
9 The Exchange notes that no Common Units will
be sold in connection with the Transaction;
however, as proposed, Class C Units are convertible
into Common Units, as further described below.
10 The Exchange notes that Section 3.2, which
provides for the authorization and issuance of the
Class A Units, currently refers to the Class A–1
Units and the Class A–2 Units as separate ‘‘classes’’
of Units; however, the Exchange is proposing to
amend Section 3.2 to reflect that the Class A–1
Units and the Class A–2 Units are separate ‘‘series’’
of Units. The Holdco Board believes that the Class
A–1 Units and the Class A–2 Units are more
appropriately designated as separate ‘‘series’’
instead of ‘‘classes’’ of Units, as such Units have
identical privileges, preference, duties, liabilities,
obligations, and rights under the Holdco LLC
Agreement and the only difference between such
Units is the original purchase price paid by the
applicable Members. In connection with this
E:\FR\FM\03NON1.SGM
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03NON1
]]>Agencies
[Federal Register Volume 86, Number 210 (Wednesday, November 3, 2021)]
[Notices]
[Pages 60681-60683]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-23932]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93460; File No. SR-PEARL-2021-52]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change by MIAX PEARL, LLC To Amend
Exchange Rule 501, Days and Hours of Business, To Make Juneteenth
National Independence Day a Holiday of the Exchange
October 28, 2021.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on October 22, 2021, MIAX PEARL, LLC (``MIAX Pearl)'' 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 self-regulatory
organization. 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 the
Substance of the Proposed Rule Change
The Exchange is filing a proposal to amend Exchange Rule 501, Days
and Hours of Business, Interpretation and Policy .02, to make
Juneteenth National Independence Day a holiday of the Exchange.
Juneteenth National Independence Day was designated a legal public
holiday in June 2021.
The text of the proposed rule change is available on the Exchange's
website at https://www.miaxoptions.com/rule-filings/pearl at MIAX
Pearl's 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Exchange Rule 501, Days and Hours of
Business, Interpretation and Policy .02, to make Juneteenth National
Independence Day a holiday of the Exchange. On June 17, 2021,
Juneteenth National Independence Day was designated a legal public
holiday.\3\ Consistent with broad industry sentiment \4\ and the
approach recommended by the Securities Industry and Financial Markets
Association (``SIFMA''),\5\ the Exchange proposes to add ``Juneteenth
National Independence Day'' to the existing list of holidays in
Exchange Rule 501, Interpretation and Policy .02. As a result, the
Exchange will not be open for business on Juneteenth National
Independence Day, which falls on June 19 of each year. In accordance
with Exchange Rule 501, Interpretation and Policy .02, when the holiday
falls on a Saturday, the Exchange will not be open for business on the
preceding Friday, and when it falls on a Sunday, the Exchange will not
[[Page 60682]]
be open for business on the succeeding Monday.\6\
---------------------------------------------------------------------------
\3\ Public Law 117-17.
\4\ See, e.g., https://www.bloomberg.com/news/articles/2021-06-18/bofa-makes-juneteenth-a-holiday-joining-jpmorgan-wells-fargo?sref=HhuelscO.
\5\ SIFMA recommends a full market close in observance of
Juneteenth National Independence Day. See https://www.sifma.org/resources/general/holiday-schedule/. See also https://www.sifma.org/resources/news/sifma-revises-2022-fixed-income-market-close-recommendations-in-the-u-s-to-include-full-close-for-juneteenth-national-independence-day/.
\6\ Exchange Rule 501. There is an exception to the practice if
unusual business conditions exist. Id.
---------------------------------------------------------------------------
The first sentence of Interpretation and Policy .02 would read as
follows (proposed additions underlined):
The Board of Directors has determined that the Exchange will not be
open for business on New Year's Day, Martin Luther King, Jr. Day,
Presidents' Day, Good Friday, Memorial Day, Juneteenth National
Independence Day, Independence Day, Labor Day, Thanksgiving Day or
Christmas Day.
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \7\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \8\ 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes the proposed change promotes just and
equitable principles of trade and removes impediment to and perfects
the mechanism of a free and open market and a national market system
because the proposed rule change would clearly state that the Exchange
will not be open for business on Juneteenth National Independence Day,
which is a federal holiday, and would address what day would be taken
off if June 19 fell on a Saturday or Sunday. The change would thereby
promote clarity and transparency in the Exchange's Rules by updating
the list of holidays of the Exchange. The proposed rule change was
based on recent proposals by NYSE Arca, Inc., New York Stock Exchange
LLC, NYSE American LLC, NYSE Chicago, Inc., and NYSE National, Inc.\9\
Therefore, the proposed change does not raise any new or novel issues.
For these reasons, the Exchange believes that the proposal is
consistent with the Act.
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\9\ See Securities Exchange Act Release Nos. 93186 (September
30, 2021), 86 FR 55041 (October 5, 2021) (SR-NYSEArca-2021-85);
93183 (September 30, 2021), 86 FR 55068 (October 5, 2021) (SR-NYSE-
2021-56); 93187 (September 30, 2021), 86 FR 55069 (October 5, 2021)
(SR-NYSEAmer-2021-39); 93182 (September 30, 2021), 86 FR 55083
(October 5, 2021) (SR-NYSECHX-2021-13); 93179 [sic] (September 30,
2021), 86 FR 55033 (October 5, 2021) (SR-NYSENAT-2021-18).
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B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\10\ the Exchange
believes that the proposed rule change will not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The proposed change is not designed to address any
competitive issue but rather to amend the Exchange Rule regarding days
and hours of business.
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\10\ 15 U.S.C. 78f(b)(8).
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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
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 \11\ and Rule 19b-
4(f)(6)(iii) thereunder.\12\
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 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.
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A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ 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 so that
the proposal may become operative prior to 30 days after the date of
the filing. The Exchange states that waiver of the operative delay
would be consistent with the protection of investors and the public
interest because the proposed rule change, as described above, would
state that the Exchange will not be open for business on Juneteenth
National Independence Day, which is a federal holiday, and would
address what day would be taken off if June 19 fell on a Saturday or
Sunday. The Exchange further states that the proposed change does not
raise any new or novel issues. 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 operative delay and designates the
proposed rule change operative upon filing.\15\
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ 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 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 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-PEARL-2021-52 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-PEARL-2021-52. 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
[[Page 60683]]
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
such 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-
PEARL-2021-52, and should be submitted on or before November 24, 2021.
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\16\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-23932 Filed 11-2-21; 8:45 am]
BILLING CODE 8011-01-P
