Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Juneteenth National Independence Day a Holiday of the Exchange, 73069-73071 [2021-27921]
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Federal Register / Vol. 86, No. 244 / Thursday, December 23, 2021 / Notices
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interest from the Closing Auction
beginning in 2020, have altered the
balance of DMM obligations compared
to the benefits provided to DMMs? To
what extent do commenters agree with
the Exchange’s statement that, in the
aggregate, this proposed rule change
further alters the balance of DMM
obligations compared to the benefits
provided to DMMs with respect to the
Closing Auction?
9. What effect, if any, do commenters
believe the proposed rule changes,
individually or collectively, might have
on the ability or the motive of any
market participants, including DMMs,
to engage in manipulative behavior,
either individually or in concert with
other parties? What effect, if any, do
commenters believe the proposed rule
changes, individually or collectively,
might have on the ability of the
Exchange to detect and deter
manipulative activity?
10. What are commenters’ views on
whether any aspect of the proposal
would permit unfair discrimination
between customers, issuers, brokers, or
dealers? What are commenters’ views on
whether any aspect of the proposal
would impose any burden on
competition that is not necessary or
appropriate under the Act?
11. The Exchange states it proposes to
make Closing D Orders available to
DMMs to, among other things, provide
an incentive for more broker-dealers to
seek to register as a DMM. To what
extent, if any, do commenters believe
that increasing the number of new DMM
entrants will be beneficial for execution
quality or market quality?
12. Do commenters have any views on
other aspects of the proposal?
V. Procedure: Request for Written
Comments
The Commission requests that
interested persons provide written
submissions of their views, data, and
arguments with respect to the issues
identified above, as well as any other
concerns they may have with the
proposal. In particular, the Commission
invites the written views of interested
persons concerning whether the
proposal is consistent with Section
6(b)(5) 84 of the Act or any other
provision of the Act, or the rules and
regulations thereunder. Although there
do not appear to be any issues relevant
to approval or disapproval that would
be facilitated by an oral presentation of
views, data, and arguments, the
Commission will consider, pursuant to
Rule 19b–4 under the Act,85 any request
84 15
U.S.C. 78f(b)(5).
85 17 CFR 240.19b-4.
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for an opportunity to make an oral
presentation.86
Interested persons are invited to
submit written data, views and
arguments regarding whether the
proposal should be disapproved by
January 13, 2022. Any person who
wishes to file a rebuttal to any other
person’s submission must file that
rebuttal by January 27, 2022.
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–
NYSE–2021–44 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
Numbers SR–NYSE–2021–44. The 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 proposal that are
filed with the Commission, and all
written communications relating to the
proposal 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
filings also will be available for
inspection and copying at the principal
office of the Exchanges. 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–NYSE–2021–44 and should
86 Rule 700(c)(2) of the Commission’s Rules of
Practice provides that ‘‘[t]he Commission, in its sole
discretion, may determine whether any issues
relevant to approval or disapproval would be
facilitated by the opportunity for an oral
presentation of views.’’ 17 CFR 201.700(c)(2).
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73069
be submitted on or before January 13,
2022. Rebuttal comments should be
submitted by January 27, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.87
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–27814 Filed 12–22–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93828; File No. SR–
CboeBYX–2021–029]
Self-Regulatory Organizations; Cboe
BYX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Make
Juneteenth National Independence Day
a Holiday of the Exchange
December 20, 2021.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934,1 and
Rule 19b–4 thereunder,2 notice is
hereby given that on December 6, 2021,
Cboe BYX Exchange, Inc. filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe BYX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BYX’’) 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://markets.cboe.com/us/
equities/regulation/rule_filings/byx/), at
the Exchange’s Office of the Secretary,
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
87 17
CFR 200.30–3(a)(57).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 86, No. 244 / Thursday, December 23, 2021 / Notices
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 11.1 (Hours of Trading and Trading
Days) 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 set
forth in Rule 11.1(b). 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 11.1(b), 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, unless otherwise indicated by
the Exchange.6
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.7 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 8 requirements that the rules of
an exchange be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
3 Public
Law 117–17.
e.g., https://www.bloomberg.com/news/
articles/2021-06-18/bofa-makesjuneteenth-aholiday-joining-jpmorgan-wellsfargo?sref=Hhue1scO.
5 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/.
6 See BYX Exchange Rule 11.1(b).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
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4 See
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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.
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,9 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.10
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,11 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
9 15
U.S.C. 78f(b)(1).
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).
11 15 U.S.C. 78f(b)(8).
10 See
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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 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 12 and Rule 19b–
4(f)(6) 13 thereunder.14
A proposed rule change filed under
Rule 19b–4(f)(6) 15 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),16 the
Commission may 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 so that the proposed
rule change may take effect upon filing.
The Exchange believes that waiver of
operative delay would be consistent
with the protection of investors and the
public interest because the proposed
rule change 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 falls on a Saturday or
Sunday. The Exchange also notes that a
waiver would allow the Exchange to
update the schedule on its website more
quickly. Further, the Exchange states
that the proposed rule change was based
on recent proposals by other
exchanges.17 The Commission believes
12 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
14 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
satisfied this requirement.
15 17 CFR 240.19b–4(f)(6).
16 17 CFR 240.19b–4(f)(6)(iii).
17 See supra note 10.
13 17
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Federal Register / Vol. 86, No. 244 / Thursday, December 23, 2021 / Notices
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 new or novel issues.
Accordingly, the Commission waives
the 30-day operative delay and
designates the proposal operative upon
filing.18
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.
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–CboeBYX–2021–029 and
should be submitted on or before
January 13, 2022.
IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Jill M. Peterson,
Assistant Secretary.
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–
CboeBYX–2021–029 on the subject line.
jspears on DSK121TN23PROD with NOTICES1
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–CboeBYX–2021–029. 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
18 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
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20:50 Dec 22, 2021
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[FR Doc. 2021–27921 Filed 12–22–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93830; File No. SR–
NASDAQ–2021–045]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Designation of a Longer Period for
Commission Action on Proceedings To
Determine Whether To Approve or
Disapprove a Proposed Rule Change
To Modify Certain Pricing Limitations
for Companies Listing in Connection
With a Direct Listing Primary Offering
73071
Register on June 30, 2021.4 On August
12, 2021, pursuant to Section 19(b(2) of
the Exchange Act,5 the Commission
designated a longer period within which
to either approve or disapprove the
proposed rule change, or institute
proceedings to determine whether to
disapprove the proposed rule change.6
On September 24, 2021, the
Commission instituted proceedings
under Section 19(b)(2)(B) of the Act 7 to
determine whether to approve or
disapprove the proposed rule change.8
Section 19(b)(2) of the Act 9 provides
that, after initiating proceedings, the
Commission shall issue an order
approving or disapproving the proposed
rule change not later than 180 days after
the date of publication of notice of the
filing of the proposed rule change. The
Commission may extend the period for
issuing an order approving or
disapproving the proposed rule change,
however, by not more than 60 days if
the Commission determines that a
longer period is appropriate and
publishes the reasons for such
determination. The proposed rule
change was published for comment in
the Federal Register on June 30, 2021.10
The 180th day after publication of the
Notice is December 27, 2021. The
Commission is extending the time
period for approving or disapproving
the proposal for an additional 60 days.
The Commission finds that it is
appropriate to designate a longer period
within which to issue an order
approving or disapproving the proposed
rule change so that it has sufficient time
to consider the proposed rule change
along with the comments on the
proposal. Accordingly, the Commission,
pursuant to Section 19(b)(2) of the
Act,11 designates February 25, 2022, as
the date by which the Commission
should either approve or disapprove the
December 20, 2021.
On June 11, 2021, The Nasdaq Stock
Market LLC (‘‘Nasdaq’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) 1 of the Securities Exchange Act
of 1934 (‘‘Exchange Act’’) 2 and Rule
19b–4 thereunder,3 a proposed rule
change to modify certain pricing
limitations for companies listing in
connection with a direct listing primary
offering in which the company will sell
shares itself in the opening auction on
the first day of trading on the Exchange.
The proposed rule change was
published for comment in the Federal
19 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
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4 See Securities Exchange Act Release No. 92256
(June 24, 2021), 86 FR 34815 (June 30, 2021)
(‘‘Notice’’). Comments received on the proposal are
available on the Commission’s website at: https://
www.sec.gov/comments/sr-nasdaq-2021-045/
srnasdaq2021045.htm.
5 15 U.S.C. 78s(b)(2).
6 See Securities Exchange Act Release No. 92649
(August 12, 2021), 86 FR 46295. The Commission
designated September 28, 2021, as the date by
which it should approve, disapprove, or institute
proceedings to determine whether to disapprove the
proposed rule change.
7 15 U.S.C. 78s(b)(2)(B).
8 See Securities Exchange Act Release No. 93119
(September 24, 2021), 86 FR 54262 (September 30,
2021) (SR–NASDAQ–2021–045) (‘‘OIP’’).
9 15 U.S.C. 78s(b)(2).
10 See Securities Exchange Act Release No. 92256
(June 24, 2021), 86 FR 34815 (June 30, 2021)
(‘‘Notice’’). Comments received on the proposal are
available on the Commission’s website at: https://
www.sec.gov/comments/sr-nasdaq-2021-045/
srnasdaq2021045.htm.
11 15 U.S.C. 78s(b)(2).
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]]>Agencies
[Federal Register Volume 86, Number 244 (Thursday, December 23, 2021)]
[Notices]
[Pages 73069-73071]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-27921]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93828; File No. SR-CboeBYX-2021-029]
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Make
Juneteenth National Independence Day a Holiday of the Exchange
December 20, 2021.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934,\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on
December 6, 2021, Cboe BYX Exchange, Inc. filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I and II 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe BYX Exchange, Inc. (the ``Exchange'' or ``BYX'') 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://markets.cboe.com/us/equities/regulation/rule_filings/byx/), at the Exchange's Office of the Secretary, 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
[[Page 73070]]
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 11.1 (Hours of Trading and
Trading Days) 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 set forth in Rule 11.1(b). 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 11.1(b), 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, unless otherwise indicated by the Exchange.\6\
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\3\ Public Law 117-17.
\4\ See e.g., https://www.bloomberg.com/news/articles/2021-06-18/bofa-makesjuneteenth-a-holiday-joining-jpmorgan-wells-fargo?sref=Hhue1scO.
\5\ 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/.
\6\ See BYX Exchange Rule 11.1(b).
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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.\7\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \8\ 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,\9\ 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
\9\ 15 U.S.C. 78f(b)(1).
---------------------------------------------------------------------------
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.\10\
Therefore, the proposed change does not raise any new or novel issues.
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\10\ 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,\11\ 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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\11\ 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 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 \12\ and Rule 19b-
4(f)(6) \13\ thereunder.\14\
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6).
\14\ 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 satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\16\ the Commission
may 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 so that the proposed
rule change may take effect upon filing. The Exchange believes that
waiver of operative delay would be consistent with the protection of
investors and the public interest because the proposed rule change
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 falls on a
Saturday or Sunday. The Exchange also notes that a waiver would allow
the Exchange to update the schedule on its website more quickly.
Further, the Exchange states that the proposed rule change was based on
recent proposals by other exchanges.\17\ The Commission believes
[[Page 73071]]
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 new or novel issues. Accordingly, the
Commission waives the 30-day operative delay and designates the
proposal operative upon filing.\18\
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\15\ 17 CFR 240.19b-4(f)(6).
\16\ 17 CFR 240.19b-4(f)(6)(iii).
\17\ See supra note 10.
\18\ For purposes only of waiving the 30-day operative delay,
the Commission 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:
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-CboeBYX-2021-029 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-CboeBYX-2021-029. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CboeBYX-2021-029 and should be submitted
on or before January 13, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-27921 Filed 12-22-21; 8:45 am]
BILLING CODE 8011-01-P
