Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make Juneteenth National Independence Day a Holiday of the Exchange, 72654-72656 [2021-27658]
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Federal Register / Vol. 86, No. 243 / Wednesday, December 22, 2021 / Notices
khammond on DSKJM1Z7X2PROD with NOTICES
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 38 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 39
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has asked
the Commission to waive the 30-day
operative delay. The proposed rule
change provides for the reintroduction
of a Market Maker Peg Order type on the
Exchange. The Exchange believes that
waiver of the operative delay is
consistent with the protection of
investors and the public interest
because IEX is restoring an order type
previously available on IEX, which is
substantially similar to order types
offered on several other exchanges
(discussed above), with the only
difference being that this version of the
Market Maker Peg order will apply the
tighter market maker quoting
requirement to all securities and will
not apply wider limits for stocks in the
Russell 1000® Index and a pilot list of
Exchange Traded Products. IEX believes
that allowing market makers to begin
using the Market Maker Peg order type
immediately upon effectiveness of this
rule change will potentially increase
liquidity on IEX to the benefit all
investors, which will serve the public
interest. The Commission believes that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest
because the proposed rule change does
not raise any novel issues, adopts the
narrower limits for all securities and
thus will result in prices closer to the
NBB or NBO (as applicable) compared
to the prior version of this order type,
and may help increase displayed
liquidity on IEX during periods of
volatility. Therefore, the Commission
hereby waives the operative delay and
designates the proposal as operative
upon filing.40
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
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
38 17 CFR 240.19b–4(f)(6).
39 17 CFR 240.19b–4(f)(6)(iii).
40 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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the purpose of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 41 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
IEX–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–IEX–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 IEX’s
principal office and on its internet
website at www.iextrading.com. 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
41 15
PO 00000
U.S.C. 78s(b)(2)(B).
Frm 00081
Fmt 4703
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that you wish to make available
publicly. All submissions should refer
to File Number SR–IEX–2021–17 and
should be submitted on or before
January 12, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.42
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–27660 Filed 12–21–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93799; File No. SR–CBOE–
2021–074]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Make Juneteenth
National Independence Day a Holiday
of the Exchange
December 16, 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 December
6, 2021, Cboe Exchange, Inc. (the
‘‘Exchange’’ or ‘‘Cboe Options’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6)
thereunder.4 The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes to amend
its rules to make Juneteenth National
Independence Day a holiday of the
Exchange. The text of the proposed rule
change is provided in Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://www.cboe.com/
AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
42 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
1 15
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Federal Register / Vol. 86, No. 243 / Wednesday, December 22, 2021 / Notices
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
Rule 5.1 (Trading Days and Hours) 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.5 Consistent with
broad industry sentiment 6 and the
approach recommended by the
Securities Industry and Financial
Markets Association (‘‘SIFMA’’),7 the
Exchange proposes to add ‘‘Juneteenth
National Independence Day’’ to the
existing list of holidays set forth in Rule
5.1(d). 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 Rule 5.1(d), when a 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 be open for
business on the succeeding Monday.8
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
5 Public
Law 117–17.
e.g., https://www.bloomberg.com/news/
articles/2021-06-18/bofa-makesjuneteenth-aholiday-joining-jpmorgan-wellsfargo?sref=Hhue1scO.
7 SIFMA recommends a full market close in
observance of Juneteenth National Independence
Day. See https://www.sifma.org/resources/general/
holidayschedule/. 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/.
8 See Cboe Exchange Rule 5.1(d). There is an
exception to the practice if unusual business
conditions exist.
khammond on DSKJM1Z7X2PROD with NOTICES
6 See
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‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.9 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 10 requirements that the rules of
an exchange be 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 mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Additionally, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) requirement that the
rules of an exchange not be designed to
permit unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange also believes the
proposed rule change is consistent with
Section 6(b)(1) of the Act,11 which
provides that the Exchange be organized
and have the capacity to be able to carry
out the purposes of the Act and to
enforce compliance by the Exchange’s
Trading Permit Holders and persons
associated with its Trading Permit
Holders with the Act, the rules and
regulations thereunder, and the rules of
the Exchange.
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. The proposed
rule change is also based on recent
proposals by other exchanges.12
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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,13 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 conform to industry practice with
respect to 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 after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 14 and Rule 19b–
4(f)(6) 15 thereunder.
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
under Section 19(b)(2)(B) 16 of the Act to
determine whether the proposed rule
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
13 15
U.S.C. 78f(b)(8).
U.S.C. 78s(b)(3)(A).
15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
16 15 U.S.C. 78s(b)(2)(B).
14 15
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5)
11 15 U.S.C. 78f(b)(1).
12 See e.g., Securities Exchange Act Release No.
93186 (September 30, 2021), 86 FR 55068 (October
5, 2021) (SR–NYSE–2021–56). See also Securities
Exchange Act Release No. 93461 (October 28, 2021),
86 FR 60670 (November 3, 2021) (SR–MIAX–2021–
55).
10 15
PO 00000
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Federal Register / Vol. 86, No. 243 / Wednesday, December 22, 2021 / Notices
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
[Release No. 34–93817; File No. 4–698]
• 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–
CBOE–2021–074 on the subject line.
Joint Industry Plan; Notice of
Withdrawal of Amendment to the
National Market System Plan
Governing the Consolidated Audit Trail
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
khammond on DSKJM1Z7X2PROD with NOTICES
All submissions should refer to File
Number SR–CBOE–2021–074. 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;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–CBOE–
2021–074 and should be submitted on
or before January 12, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–27658 Filed 12–21–21; 8:45 am]
BILLING CODE 8011–01–P
17 17
CFR 200.30–3(a)(12).
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17:55 Dec 21, 2021
Jkt 256001
December 17, 2021.
I. Introduction
On March 31, 2021, the Operating
Committee for Consolidated Audit Trail,
LLC, on behalf of the following parties
to the National Market System Plan
Governing the Consolidated Audit Trail
(the ‘‘CAT NMS Plan’’ or ‘‘Plan’’): 1 BOX
Exchange LLC, Cboe BYX Exchange,
Inc., Cboe BZX Exchange, Inc., Cboe
EDGA Exchange, Inc., Cboe EDGX
Exchange, Inc., Cboe C2 Exchange, Inc.,
Cboe Exchange, Inc., Financial Industry
Regulatory Authority, Inc., Investors
Exchange LLC, Long-Term Stock
Exchange, Inc., Miami International
Securities Exchange LLC, MEMX, LLC,
MIAX Emerald, LLC, MIAX PEARL,
LLC, Nasdaq BX, Inc., Nasdaq GEMX,
LLC, Nasdaq ISE, LLC, Nasdaq MRX,
LLC, Nasdaq PHLX LLC, The NASDAQ
Stock Market LLC, New York Stock
Exchange LLC, NYSE American LLC,
NYSE Arca, Inc., NYSE Chicago, Inc.,
and NYSE National, Inc. (the
‘‘Participants’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) pursuant to Section
11A(a)(3) of the Securities Exchange Act
of 1934 (‘‘Exchange Act’’),2 and Rule
608 thereunder,3 a proposed
amendment (‘‘Proposed Amendment’’)
to the CAT NMS Plan to implement a
revised funding model (‘‘Proposed
Funding Model’’) for the consolidated
audit trail (‘‘CAT’’) and to establish a fee
schedule for Participant CAT fees in
accordance with the Proposed Funding
Model. The Proposed Amendment was
1 The CAT NMS Plan is a national market system
plan approved by the Commission pursuant to
Section 11A of the Exchange Act and the rules and
regulations thereunder. See Securities Exchange Act
Release No. 79318 (November 15, 2016), 81 FR
84696 (November 23, 2016) (‘‘CAT NMS Plan
Approval Order’’). The CAT NMS Plan functions as
the limited liability company agreement of the
jointly owned limited liability company formed
under Delaware state law through which the
Participants conduct the activities of the CAT
(‘‘Company’’). On August 29, 2019, the Participants
replaced the CAT NMS Plan in its entirety with the
limited liability company agreement of a new
limited liability company named Consolidated
Audit Trail, LLC, which became the Company. The
latest version of the CAT NMS Plan is available at
https://catnmsplan.com/about-cat/cat-nms-plan.
2 15 U.S.C. 78k–1(a)(3).
3 17 CFR 242.608.
PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
published for comment in the Federal
Register on April 21, 2021.4
On July 20, 2021, the Commission
instituted proceedings pursuant to Rule
608(b)(2)(i) of Regulation NMS,5 to
determine whether to disapprove the
Proposed Amendment or to approve the
Proposed Amendment with any changes
or subject to any conditions the
Commission deems necessary or
appropriate after considering public
comment.6 On October 1, 2021, the
Commission designated a longer period
within which to conclude proceedings
regarding the Proposed Amendment.7
The Commission is publishing this
notice to reflect that on December 8,
2021, prior to the end of the 240-day
period provided for in Exchange Act
Rule 608(b)(2)(i),8 the Participants
withdrew the Proposed Amendment.9
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–27749 Filed 12–21–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93804]
Order Granting Applications by
Nasdaq BX, Inc., The Nasdaq Stock
Market LLC, and Nasdaq PHLX 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 ISE, LLC Options 4 Options
Listing Rules Incorporated by
Reference
December 16, 2021.
Nasdaq BX, Inc. (‘‘BX’’), The Nasdaq
Stock Market LLC (‘‘Nasdaq’’), and
Nasdaq PHLX LLC (‘‘Phlx’’) (collectively
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
4 See Securities Exchange Act Release No. 91555
(April 14, 2021), 86 FR 21050 (‘‘Notice’’).
5 17 CFR 242.608(b)(2)(i).
6 See Securities Exchange Act Release No. 92451,
86 FR 40114 (July 26, 2021) (‘‘OIP’’). Comments
received in response to the OIP and the Notice can
be found on the Commission’s website at https://
www.sec.gov/comments/4-698/4-698-a.htm.
7 See Securities Exchange Act Release No. 93227
(October 1, 2021), 86 FR 55900 (October 7, 2021).
8 17 CFR 242.608(b)(2)(i).
9 See Letter from Michael Simon, Chair, CAT
NMS Plan Operating Committee, to Vanessa
Countryman, Secretary, Commission, dated
December 8, 2021.
1 15 U.S.C. 78mm(a)(1).
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]]>Agencies
[Federal Register Volume 86, Number 243 (Wednesday, December 22, 2021)]
[Notices]
[Pages 72654-72656]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-27658]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93799; File No. SR-CBOE-2021-074]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Make
Juneteenth National Independence Day a Holiday of the Exchange
December 16, 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 December 6, 2021, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
and II below, which Items have been prepared by the Exchange. The
Exchange filed the proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its rules to make Juneteenth National Independence Day a
holiday of the Exchange. The text of the proposed rule change is
provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (https://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary,
[[Page 72655]]
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 Rule 5.1 (Trading Days and Hours) 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.\5\ Consistent with broad industry sentiment \6\
and the approach recommended by the Securities Industry and Financial
Markets Association (``SIFMA''),\7\ the Exchange proposes to add
``Juneteenth National Independence Day'' to the existing list of
holidays set forth in Rule 5.1(d). 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 Rule 5.1(d), when a
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 be open for business on the succeeding Monday.\8\
---------------------------------------------------------------------------
\5\ Public Law 117-17.
\6\ See e.g., https://www.bloomberg.com/news/articles/2021-06-18/bofa-makesjuneteenth-a-holiday-joining-jpmorgan-wells-fargo?sref=Hhue1scO.
\7\ SIFMA recommends a full market close in observance of
Juneteenth National Independence Day. See https://www.sifma.org/resources/general/holidayschedule/. 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/.
\8\ See Cboe Exchange Rule 5.1(d). There is an exception to the
practice if unusual business conditions exist.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\9\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \10\ requirements that the rules of an exchange be
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
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange also believes the proposed rule
change is consistent with Section 6(b)(1) of the Act,\11\ which
provides that the Exchange be organized and have the capacity to be
able to carry out the purposes of the Act and to enforce compliance by
the Exchange's Trading Permit Holders and persons associated with its
Trading Permit Holders with the Act, the rules and regulations
thereunder, and the rules of the Exchange.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5)
\11\ 15 U.S.C. 78f(b)(1).
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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. The proposed
rule change is also based on recent proposals by other exchanges.\12\
Therefore, the proposed change does not raise any new or novel issues.
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\12\ See e.g., Securities Exchange Act Release No. 93186
(September 30, 2021), 86 FR 55068 (October 5, 2021) (SR-NYSE-2021-
56). See also Securities Exchange Act Release No. 93461 (October 28,
2021), 86 FR 60670 (November 3, 2021) (SR-MIAX-2021-55).
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For these 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,\13\ 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 conform to industry practice with
respect to holidays.
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\13\ 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
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 after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to Section 19(b)(3)(A) of the Act \14\ and Rule 19b-4(f)(6)
\15\ thereunder.
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\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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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 under
Section 19(b)(2)(B) \16\ of the Act to determine whether the proposed
rule should be approved or disapproved.
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\16\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
[[Page 72656]]
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-CBOE-2021-074 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-CBOE-2021-074. 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; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-CBOE-2021-074 and should be
submitted on or before January 12, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-27658 Filed 12-21-21; 8:45 am]
BILLING CODE 8011-01-P
