Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make Juneteenth National Independence Day a Holiday of the Exchange, 69697-69699 [2021-26529]
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Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Notices
69697
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1 The external costs of complying with Form 13F can vary among filers. Some filers use third-party vendors for a range of services in connection with filing reports
on Form 13F, while other filers use vendors for more limited purposes such as providing more user-friendly versions of the list of section 13(f) Securities. For purposes of the PRA, we estimate that each filer will spend an average of $300 on vendor services each year in connection with the filer’s four quarterly reports on Form
13F–HR or Form 13F–NT, as applicable, in addition to the estimated vendor costs associated with any amendments. In addition, some filers engage outside legal
services in connection with the preparation of requests for confidential treatment or analyses regarding possible requests, or in connection with the form’s disclosure
requirements. For purposes of the PRA, we estimate that each manager filing reports on Form 13F–HR will incur $489 for one hour of outside legal services each
year.
2 $66 was the estimated wage rate for a compliance clerk in 2018.
3 The estimate reduces the total burden hours associated with complying with the reporting requirements of Form 13F–HR from 80.8 to 11 hours. We believe that
this reduction adequately reflects the reduction in the time managers spend complying with Form 13F–HR as a result of advances in technology that have occurred
since Form 13F was adopted. The revised estimate also assumes that an in-house compliance attorney would spend 1 hour annually on the preparation of the filing,
as well as determining whether a 13(f) Confidential Treatment Request should be filed. The remaining 10 hours would be divided equally between a senior programmer and compliance clerk.
4 The $202.50 wage rate reflects current estimates of the blended hourly rate for an in-house senior programmer ($334) and in-house compliance clerk ($71).
$202.50 is based on the following calculation: ($334+$71)/2 = $202.50. The $334 per hour figure for a senior programmer is based on salary information for the securities industry compiled by the Securities Industry and Financial Markets Association’s Office Salaries in the Securities Industry 2013 (‘‘SIFMA Report’’), modified by
Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. The
$71 per hour figure for a compliance clerk is based on salary information from the SIFMA Report, modified by Commission staff to account for an 1800-hour workyear and inflation, and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead.
5 The $368 per hour figure for a compliance attorney is based on salary information for the securities industry compiled by the Securities Industry and Financial
Markets Association’s Office Salaries in the Securities Industry 2013 (‘‘SIFMA Report’’), modified by Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead.
6 $789 includes an estimated $300 paid to a third-party vendor in connection with the Form 13F–HR filing as well as an estimated $489 for one hour of outside
legal services. We estimate that Form 13F–HR filers will require some level of external legal counsel in connection with these filings.
7 This estimate is based on the number of 13F–HR filers as of December 2019.
8 This estimate is based on the number of Form 13F–NT filers as of December 2019.
9 The revised estimate assumes that an in-house compliance attorney would spend 0.5 hours annually on the preparation of the filing amendment, as well as determining whether a 13(f) Confidential Treatment Request should be filed. The remaining 3.5 hours would be divided equally between a senior programmer and compliance clerk.
10 This estimate is based on the number of Form 13F amendments filed as of December 2019.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act. The estimate
is not derived from a comprehensive or
even a representative survey or study of
the costs of Commission rules. An
agency may not conduct or sponsor, and
a person is not required to respond to,
a collection of information unless it
displays a currently valid control
number.
The public may view the background
documentation for this information
collection at the following website,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
Lindsay.M.Abate@omb.eop.gov; and (ii)
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John R.
Pezzullo, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov. Written comments
and recommendations for the proposed
information collection should be sent
within 60 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
Dated: December 3, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–26596 Filed 12–7–21; 8:45 am]
16:53 Dec 07, 2021
[Release No. 34–93710 File No. SR–MEMX–
2021–17]
Self-Regulatory Organizations; MEMX
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Make Juneteenth National
Independence Day a Holiday of the
Exchange
December 2, 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 November
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 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 with the
Commission a proposal to amend
Exchange Rule 11.1 (Hours of Trading
and Trading Days) 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
provided in Exhibit 5.
1 15
2 17
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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
paragraph (b) of Exchange Rule 11.1
(Hours of Trading and Trading Days) to
make Juneteenth National Independence
Day a holiday of the Exchange. This rule
filing is based on a proposal recently
submitted by the New York Stock
Exchange LLC (‘‘NYSE’’) and its
affiliated exchanges.3 On June 17, 2021,
Juneteenth National Independence Day
was designated a legal public holiday.4
Consistent with industry sentiment,5 the
approach recommended by the
Securities Industry and Financial
3 See Securities Exchange Act Release No. 93183
(September 30, 2021), 86 FR 55068 (October 5,
2021) (SR–NYSE–2021–56) (amending NYSE Rule
7.2 to include Juneteenth as an exchange holiday).
4 Public Law 117–17.
5 See, e.g., Bank of America Makes Juneteenth a
Holiday, Joining JPMorgan, Wells Fargo.
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Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Notices
Markets Association (‘‘SIFMA’’),6 and
MEMX’s own determination that
MEMX’s rules should recognize this
important date in American history, the
Exchange proposes to add ‘‘Juneteenth
National Independence Day’’ to the
existing list of holidays in paragraph (b)
of MEMX Rule 11.1. As a result, the
Exchange will not be open for the
transaction of business on Juneteenth
National Independence Day, which falls
on June 19 of each year. In accordance
with paragraph (b) of MEMX Rule 11.1,
when any holiday observed by the
Exchange 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
be open for business on the following
Monday, unless otherwise indicated by
the Exchange.7
Accordingly, as proposed, paragraph
(b) of MEMX Rule 11.1 would be revised
to read as follows (proposed additions
below):
The Exchange will be open for the
transaction of business on business days. The
Exchange will not be open for business on
the following holidays: New Year’s Day, Dr.
Martin Luther King Jr. Day, Presidents Day,
Good Friday, Memorial Day, Juneteenth
National Independence Day, Independence
Day, Labor Day, Thanksgiving Day or
Christmas. When any holiday observed by
the Exchange falls on a Saturday, the
Exchange will not be open for business on
the preceding Friday. When any holiday
observed by the Exchange falls on a Sunday,
the Exchange will not be open for business
on the following Monday, unless otherwise
indicated by the Exchange.
The Exchange also notes that several
other national securities exchanges have
added Juneteenth National
Independence Day as an exchange
holiday as well.8
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2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,9 in general, and furthers the
objectives of Section 6(b)(5) of the Act,10
in particular, in that it is designed to
prevent fraudulent and manipulative
practices, to promote just and equitable
6 SIFMA recommends a full market close in
observance of Juneteenth National Independence
Day. See SIFMA Revises 2022 Fixed Income Market
Close Recommendations in the U.S. to Include Full
Close for Juneteenth National Independence Day.
7 The Exchange might otherwise indicate if
unusual business conditions exist such as the
ending of a monthly or yearly accounting period.
8 See BOX Exchange LLC Rule 7020(e); Miami
International Securities Exchange LLC Rule 501;
MIAX Emerald, LLC Rule 501; MIAX Pearl, LLC
Rule 501; NYSE Rule 7.2; NYSE American LLC Rule
7.2E; NYSE Arca, Inc. Rules 7.2–E and 7.2–O; NYSE
Chicago, Inc. Rule 7.2 and NYSE National Rule 7.2.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
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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 mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest.
Specifically, the Exchange believes
that the proposed change would remove
impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, protect investors and the public
interest because the proposed amended
rule 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 Rules by updating the list of
holidays of the Exchange.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will result in
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
holidays.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
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) thereunder.12
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
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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
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
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).
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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Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Notices
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–
MEMX–2021–17 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.
jspears on DSK121TN23PROD with NOTICES1
All submissions should refer to File
Number SR–MEMX–2021–17. 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 will also 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–MEMX–2021–17 and
should be submitted on or before
December 29, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–26529 Filed 12–7–21; 8:45 am]
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COMMISSION
[Release No. 34–93705; File No. SR–ICC–
2021–021]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Order Approving
Proposed Rule Change Relating to the
Counterparty Monitoring Procedures
and the Credit Rating System Model
Description and Parameterization
December 2, 2021.
I. Introduction
On October 13, 2021, ICE Clear Credit
LLC (‘‘ICC’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (the ‘‘Act’’),1 and Rule 19b–4,2
a proposed rule change to adopt the ICC
Counterparty Monitoring Procedures
(the ‘‘Procedures’’) and the ICC Credit
Rating System Model Description and
Parameterization (the ‘‘CRS Policy’’).
The proposed rule change was
published for comment in the Federal
Register on November 1, 2021.3 The
Commission did not receive comments
regarding the proposed rule change. For
the reasons discussed below, the
Commission is approving the proposed
rule change.
II. Description of the Proposed Rule
Change
A. Introduction
The new Procedures would describe
ICC’s policies and practices for
monitoring its counterparties,
specifically its Clearing Participants and
the entities to which ICC has actual or
potential credit exposure, such as
settlement banks and custodians
(collectively, ‘‘Financial Service
Providers’’ or ‘‘FSPs’’).4 The new CRS
Policy would describe ICC’s Credit
Rating System (‘‘CRS’’), which ICC uses
to analyze the risks associated with
counterparties.
B. Procedures
The new Procedures would be a
consolidation of two existing ICC
procedures with respect to counterparty
credit risk—the ICC CDS Clearing
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Self-Regulatory Organizations; ICE Clear Credit
LLC; Notice of Filing of Proposed Rule Change
Relating to the Counterparty Monitoring Procedures
and the Credit Rating System Model Description
and Parameterization; Exchange Act Release No.
34–93429 (Oct. 26, 2021); 86 FR 60305 (Nov. 1,
2021) (SR–ICC–2021–021) (‘‘Notice’’).
4 Capitalized terms not otherwise defined herein
have the meanings assigned to them in the
Procedures, the CRS Policy, or the ICE Clear Credit
Rules, as applicable.
2 17
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69699
Counterparty Monitoring Procedures:
Bank Counterparties (‘‘Bank CMPs’’)
and the ICC CDS Clearing Counterparty
Monitoring Procedures: FCM
Counterparties (‘‘FCM CMPs’’).
Although the new Procedures would be
substantially the same as these two
existing policies, the Procedures would
contain some changes from the existing
policies, as further described below.
The Procedures would consist of
eleven sections, each of which is
described below: (i) Introduction and
overview; (ii) roles and responsibilities;
(iii) standards for counterparty
relationships; (iv) monitoring scope and
procedures; (v) counterparty credit
rating system; (vi) watch list criteria;
(vii) actions available to the clearing
house; (viii) information privacy; (ix)
record keeping; (x) referenced
documentation; (xi) revision history.
Section one would provide an
introduction to, and overview of, the
Procedures. This section would note
that the performance of ICC depends on
the financial stability of its Clearing
Participants and FSPs, and accordingly,
ICC monitors its relationships with such
counterparties. Section one would note
further that a variety of entities could be
Clearing Participants and FSPs, such as
broker-dealers and futures commission
merchants in the case of Clearing
Participants, and settlement banks and
repo counterparties in the case of FSPs.
Using the CRS, ICC would rate its
counterparties and identify
counterparties that exhibit inconsistent
financial and operational performance,
or that show signs of weakness and
require more intensive examination.
Section one of the new Procedures
would be largely the same as the
introductory sections of the Bank CMPs
and FCM CMPs.
Section two would describe the roles
and responsibilities of ICC personnel
and committees. With respect to the
counterparties themselves, the
Procedures would note that Clearing
Participants and FSPs are responsible
for providing information requested by
ICC, and that Clearing Participants in
particular must comply with the
qualifications and requirements set out
in the ICC Rules. With respect to ICC,
the Risk Department would monitor all
counterparties intra-day, daily, and
monthly and would implement the CRS.
The Risk Department also would
present information regarding
counterparties to the Participant Review
Committee and the Credit Review
Subcommittee. The Participant Review
Committee would be responsible for (i)
reviewing applications for membership
at ICC; (ii) monitoring ongoing
compliance with ICC membership
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]]>Agencies
[Federal Register Volume 86, Number 233 (Wednesday, December 8, 2021)]
[Notices]
[Pages 69697-69699]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-26529]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93710 File No. SR-MEMX-2021-17]
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Make Juneteenth
National Independence Day a Holiday of the Exchange
December 2, 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 November 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 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.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange is filing with the Commission a proposal to amend
Exchange Rule 11.1 (Hours of Trading and Trading Days) 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 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 paragraph (b) of Exchange Rule 11.1
(Hours of Trading and Trading Days) to make Juneteenth National
Independence Day a holiday of the Exchange. This rule filing is based
on a proposal recently submitted by the New York Stock Exchange LLC
(``NYSE'') and its affiliated exchanges.\3\ On June 17, 2021,
Juneteenth National Independence Day was designated a legal public
holiday.\4\ Consistent with industry sentiment,\5\ the approach
recommended by the Securities Industry and Financial
[[Page 69698]]
Markets Association (``SIFMA''),\6\ and MEMX's own determination that
MEMX's rules should recognize this important date in American history,
the Exchange proposes to add ``Juneteenth National Independence Day''
to the existing list of holidays in paragraph (b) of MEMX Rule 11.1. As
a result, the Exchange will not be open for the transaction of business
on Juneteenth National Independence Day, which falls on June 19 of each
year. In accordance with paragraph (b) of MEMX Rule 11.1, when any
holiday observed by the Exchange 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 be open for business on the following
Monday, unless otherwise indicated by the Exchange.\7\
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\3\ See Securities Exchange Act Release No. 93183 (September 30,
2021), 86 FR 55068 (October 5, 2021) (SR-NYSE-2021-56) (amending
NYSE Rule 7.2 to include Juneteenth as an exchange holiday).
\4\ Public Law 117-17.
\5\ See, e.g., Bank of America Makes Juneteenth a Holiday,
Joining JPMorgan, Wells Fargo.
\6\ SIFMA recommends a full market close in observance of
Juneteenth National Independence Day. See SIFMA Revises 2022 Fixed
Income Market Close Recommendations in the U.S. to Include Full
Close for Juneteenth National Independence Day.
\7\ The Exchange might otherwise indicate if unusual business
conditions exist such as the ending of a monthly or yearly
accounting period.
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Accordingly, as proposed, paragraph (b) of MEMX Rule 11.1 would be
revised to read as follows (proposed additions below):
The Exchange will be open for the transaction of business on
business days. The Exchange will not be open for business on the
following holidays: New Year's Day, Dr. Martin Luther King Jr. Day,
Presidents Day, Good Friday, Memorial Day, Juneteenth National
Independence Day, Independence Day, Labor Day, Thanksgiving Day or
Christmas. When any holiday observed by the Exchange falls on a
Saturday, the Exchange will not be open for business on the
preceding Friday. When any holiday observed by the Exchange falls on
a Sunday, the Exchange will not be open for business on the
following Monday, unless otherwise indicated by the Exchange.
The Exchange also notes that several other national securities
exchanges have added Juneteenth National Independence Day as an
exchange holiday as well.\8\
---------------------------------------------------------------------------
\8\ See BOX Exchange LLC Rule 7020(e); Miami International
Securities Exchange LLC Rule 501; MIAX Emerald, LLC Rule 501; MIAX
Pearl, LLC Rule 501; NYSE Rule 7.2; NYSE American LLC Rule 7.2E;
NYSE Arca, Inc. Rules 7.2-E and 7.2-O; NYSE Chicago, Inc. Rule 7.2
and NYSE National Rule 7.2.
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\9\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\10\ in particular, in that it is designed to
prevent fraudulent and manipulative 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 mechanism of a
free and open market and a national market system, and, in general to
protect investors and the public interest.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Specifically, the Exchange believes that the proposed change would
remove impediments to and perfect the mechanism of a free and open
market and a national market system and, in general, protect investors
and the public interest because the proposed amended rule 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 Rules by updating the list of holidays of the Exchange.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in 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 holidays.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
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) 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 the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
[[Page 69699]]
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-MEMX-2021-17 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-MEMX-2021-17. 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 will also 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-MEMX-2021-17 and should be submitted on
or before December 29, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12), (59).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-26529 Filed 12-7-21; 8:45 am]
BILLING CODE 8011-01-P
