Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make a Formatting Change to Exchange Rule 531, Reports, Market Data Products and Services, 17347-17349 [2022-06387]
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Federal Register / Vol. 87, No. 59 / Monday, March 28, 2022 / Notices
of an exchange from being designed to
permit unfair discrimination between
customers, issuers, brokers, or dealers.
Further, Section 6(b)(8) of the Act
requires that the rules of an exchange
not impose any burden on competition
that is not necessary or appropriate
under the Act.14
The Exchange’s proposal would
change how cancellation of MOC, LOC,
and Closing IO Orders would be
handled under NYSE Rule 7.35(B)(f)(2)
with respect to the NYSE Closing
Auction. The Commission notes that the
Exchange has separately proposed a
different set of changes to its Closing
Auction process and that the other
proposal is currently in proceedings
before the Commission.15 The
Commission believes that it is
appropriate to institute proceedings to
allow for additional analysis and input
concerning the instant proposed rule
change’s consistency with requirements
of the Act and to evaluate this proposed
rule change in light of other pending
proposed changes to the Closing
Auction.
IV. 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) or any other provision of the Act,
or the rules and regulation 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,16 any request for an
opportunity to make an oral
presentation.17
Interested persons are invited to
submit written data, views, and
arguments regarding whether the
proposal should be approved or
disapproved by April 18, 2022. Any
14 15
U.S.C. 78f(b)(8).
Securities Exchange Act Release No. 93037
(Sept. 16, 2021), 86 FR 52719 (Sept. 22, 2021) (SR–
NYSE–2021–44) (Notice); Securities Exchange Act
Release No. 93809 (Dec. 17, 2021), 86 FR 73060
(Dec. 23, 2021) (Order Instituting Proceedings).
16 17 CFR 240.19b–4.
17 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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15 See
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person who wishes to file a rebuttal to
any other person’s submission must file
that rebuttal by May 2, 2022. The
Commission asks that commenters
address the sufficiency of the
Exchange’s statements in support of the
proposal which are set forth in the
Notice, in addition to any other
comments they may wish to submit
about the proposed change. Comments
may be submitted by any of the
following methods:
• 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–2021–74 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–NYSE–2021–74. 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 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 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–NYSE–2021–74 and should
be submitted on or before April 18,
2022. Rebuttal comments should be
submitted by May 2, 2022.
Frm 00086
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For the Commission, by the Division
of Trading and Markets, pursuant to
delegated authority.18
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–06382 Filed 3–25–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94489; File No. SR–
EMERALD–2022–11]
Electronic Comments
PO 00000
17347
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Self-Regulatory Organizations; MIAX
Emerald, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Make a Formatting
Change to Exchange Rule 531,
Reports, Market Data Products and
Services
March 22, 2022.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 11,
2022, MIAX Emerald, LLC (‘‘MIAX
Emerald’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change
as described in Items I, II, and III below,
which Items have been prepared by the
Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to make an
administrative, immaterial change to
update the subparagraph lettering in
Exchange Rule 531.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxoptions.com/rulefilings/emerald at MIAX Emerald’s
principal office, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
18 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. 87, No. 59 / Monday, March 28, 2022 / Notices
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 make an
administrative, immaterial change to
update the subparagraph lettering in
Exchange Rule 531 by changing
subparagraph (c), High Precision
Network Time Signal Service, to
subparagraph (d). On November 19,
2021, the Exchange filed a proposed
rule change to adopt Exchange Rule
531(c), High Precision Network Time
Signal Service (‘‘HPNTSS’’), and that
proposed rule change was published for
comment in the Federal Register on
December 7, 2021 (the ‘‘HPNTSS
Proposal’’).3 On January 27, 2022, the
Exchange filed a proposed rule change
for immediate effectiveness to amend
Exchange Rule 531(b) to provide for the
new ‘‘Liquidity Taker Event Report—
Complex Orders’’ and, within that
filing, proposed to move the rule text for
the then-current subparagraph (b),
Market Data Products, to become new
subparagraph (c) under Exchange Rule
531.4 Thereafter, the Commission
approved the HPNTSS Proposal on
March 1, 2022,5 which resulted in
Exchange Rule 531 containing two
separate references to paragraph (c), one
for HPNTSS and a second for Market
Data Products. The Exchange now
proposes to update the subparagraph
lettering for HPNTSS to be under
paragraph (d) to Exchange Rule 531. The
Exchange does not propose to make any
substantive changes to the text of
Exchange Rule 531.
jspears on DSK121TN23PROD with NOTICES1
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.6 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 7 requirements that the rules of
an exchange be designed to remove
impediments to and perfect the
3 See Securities Exchange Act Release No. 93698
(December 1, 2021), 86 FR 69301 (December 7,
2021) (SR–EMERALD–2021–38).
4 See Securities Exchange Act Release No. 94136
(February 2, 2022), 87 FR 7223 (February 8, 2022)
(SR–EMERALD–2022–02).
5 See Securities Exchange Act Release No. 94335
(March 1, 2022), 87 FR 12756 (March 7, 2022).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
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mechanism of a free and open market
and a national market system because it
proposes an administrative, immaterial
change to update the subparagraph
lettering in Exchange Rule 531 by
changing subparagraph (c), High
Precision Network Time Signal Service,
to now be subparagraph (d). This change
is simply intended to remove two
separate references to subparagraph (c)
within Exchange Rule 531, one for
HPNTSS and a second for Market Data
Products. The Exchange does not
propose any other changes to Exchange
Rule 531. The proposed rule change
would prevent any potential investor
confusion by providing clarity within
the rule text and make the Exchange’s
rules easier to understand, thereby
removing impediments to and
perfecting the mechanism of a free and
open market and a national market
system.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change would result
in any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
The proposed rule change would not
have any impact on inter-market
competition or intra-market competition
because it simply updates subparagraph
lettering in Exchange Rule 531 without
making any substantive changes. The
proposed rule change is ministerial in
nature and does not propose any new
products or services, and thus, would
not have any impact on competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to 19(b)(3)(A)
of the Act 8 and Rule 19b–4(f)(6) 9
thereunder.
8 15
U.S.C. 78s(b)(3)(A).
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
9 17
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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
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–
EMERALD–2022–11 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–EMERALD–2022–11. 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
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
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Federal Register / Vol. 87, No. 59 / Monday, March 28, 2022 / Notices
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–EMERALD–2022–11 and
should be submitted on or before April
18, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–06387 Filed 3–25–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94487; File No. SR–
NYSEAMER–2022–15]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing of
Proposed Rule Change To Amend Rule
7.31E(h)(3)
March 22, 2022.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on March 9,
2022, NYSE American LLC (‘‘NYSE
American’’ or the ‘‘Exchange’’) 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 self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
jspears on DSK121TN23PROD with NOTICES1
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 7.31E(h)(3). The proposed rule
change is available on the Exchange’s
website at www.nyse.com, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
10 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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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
self-regulatory organization 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 those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Rule 7.31E(h)(3) to modify certain
factors relevant to the quote instability
calculation for Discretionary Pegged
Orders. Specifically, the Exchange
proposes to amend Rule
7.31E(h)(3)(D)(i)(D)(1)(a), which sets
forth the quote stability coefficients.
Under Rule 7.31E(h)(3)(D)(i)(D)(3), the
Exchange may modify the quote
stability coefficients at any time, subject
to a filing of a proposed rule change.
The Exchange proposes such changes in
this rule filing.
Discretionary Pegged Orders
Rule 7.31E(h)(3) provides for
Discretionary Pegged Orders, which are
Pegged Orders 4 that may exercise price
discretion from their working price to a
discretionary price in order to trade
with contra-side orders on the Exchange
Book, except during periods of quote
instability as defined in Rule
7.31E(h)(3)(D).
Rule 7.31E(h)(3)(D) provides that the
Exchange uses a quote instability
calculation to assess a security’s ‘‘quote
instability factor,’’ or the probability of
an imminent change to the current PBB
to a lower price or PBO to a higher
price.5 When quoting activity in a
security meets predefined criteria and
the quote instability factor calculated is
greater than the Exchange’s defined
‘‘quote instability threshold,’’ the
4A
Pegged Order is a Limit Order that does not
route with a working price that is pegged to a
dynamic reference price. If the designated reference
price is higher (lower) than the limit price of a
Pegged Order to buy (sell), the working price will
be the limit price of the order. See Rule 7.31E(h).
5 NYSE American Rule 1.1E(dd) defines PBB as
the highest Protected Bid and PBO as the lowest
Protected Offer. Rule 1.1E(dd) also provides that
‘‘PBBO’’ means the Best Protected Bid and the Best
Protected Offer.
PO 00000
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Exchange treats the quote as unstable
(‘‘quote instability’’ or a ‘‘crumbling
quote’’).
Rule 7.31E(h)(3)(D)(i) provides that
the Exchange determines a quote to be
unstable when, among other factors, the
quote instability factor result from the
quote stability calculation is greater
than the quote instability threshold. To
perform the quote stability calculation
and determine the quote instability
factor, the Exchange employs a fixed
formula utilizing the quote stability
coefficients and quote stability variables
set forth in Rule
7.31E(h)(3)(D)(i)(D)(1)(a) and Rule
7.31E(h)(3)(D)(i)(D)(1)(b), respectively.
Proposed Rule Change
The Exchange proposes to update the
quote stability coefficients used in the
quote instability calculation, which
have not been modified since Rule
7.31E(h)(3) was adopted. The proposed
changes are intended to update the
quote stability coefficients to be based
on more current market data and
activity on the Exchange, including to
reflect the Exchange’s elimination of a
delay mechanism that previously added
latency to certain order processing (the
‘‘Delay Mechanism’’).6
The Exchange reviewed NYSE
American market data from randomly
selected days in the fourth quarter of
2021 to analyze the effectiveness of the
quote stability coefficients in predicting
changes to the PBBO. Specifically, the
Exchange reviewed PBBO data, on a
nanosecond level, for certain intervals
throughout each randomly selected day
to track changes to quotes on NYSE
American and away markets. The
Exchange used this data to generate and
test the proposed quote stability
coefficients, and based on its analysis,
believes that modifying the quote
stability coefficients would enable the
Exchange to evaluate the quality of the
PBBO more effectively.
The Exchange proposes to modify the
quote stability coefficients set forth in
Rule 7.31E(h)(3)(D)(i)(D)(1)(a)(i) through
(v) as follows:
Quote stability
coefficient
C0 .....................
Current
value
Proposed
value
¥2.39515
¥2.174901
6 The Exchange eliminated the Delay Mechanism,
which added a delay of 350 microseconds of
latency to specified order processing, in 2019. See
Securities Exchange Act Release No. 87550
(November 15, 2019), 84 FR 64359 (November 21,
2019) (SR–NYSEAMER–2019–48) (Notice of Filing
and Immediate Effectiveness of Proposed Rule
Change to Amend Exchange Rules 1.1E and 7.29E
to Eliminate the Delay Mechanism and Amend
Exchange Rule 7.31E and Related Exchange Rules
to Re-Introduce Previously-Approved Order Types
and Modifiers).
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]]>Agencies
[Federal Register Volume 87, Number 59 (Monday, March 28, 2022)]
[Notices]
[Pages 17347-17349]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-06387]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94489; File No. SR-EMERALD-2022-11]
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Make a
Formatting Change to Exchange Rule 531, Reports, Market Data Products
and Services
March 22, 2022.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 11, 2022, MIAX Emerald, LLC (``MIAX Emerald'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') a
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------
\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
The Exchange proposes to make an administrative, immaterial change
to update the subparagraph lettering in Exchange Rule 531.
The text of the proposed rule change is available on the Exchange's
website at https://www.miaxoptions.com/rule-filings/emerald at MIAX
Emerald's principal office, and at the Commission's Public Reference
Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set
[[Page 17348]]
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 make an administrative, immaterial change
to update the subparagraph lettering in Exchange Rule 531 by changing
subparagraph (c), High Precision Network Time Signal Service, to
subparagraph (d). On November 19, 2021, the Exchange filed a proposed
rule change to adopt Exchange Rule 531(c), High Precision Network Time
Signal Service (``HPNTSS''), and that proposed rule change was
published for comment in the Federal Register on December 7, 2021 (the
``HPNTSS Proposal'').\3\ On January 27, 2022, the Exchange filed a
proposed rule change for immediate effectiveness to amend Exchange Rule
531(b) to provide for the new ``Liquidity Taker Event Report--Complex
Orders'' and, within that filing, proposed to move the rule text for
the then-current subparagraph (b), Market Data Products, to become new
subparagraph (c) under Exchange Rule 531.\4\ Thereafter, the Commission
approved the HPNTSS Proposal on March 1, 2022,\5\ which resulted in
Exchange Rule 531 containing two separate references to paragraph (c),
one for HPNTSS and a second for Market Data Products. The Exchange now
proposes to update the subparagraph lettering for HPNTSS to be under
paragraph (d) to Exchange Rule 531. The Exchange does not propose to
make any substantive changes to the text of Exchange Rule 531.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 93698 (December 1,
2021), 86 FR 69301 (December 7, 2021) (SR-EMERALD-2021-38).
\4\ See Securities Exchange Act Release No. 94136 (February 2,
2022), 87 FR 7223 (February 8, 2022) (SR-EMERALD-2022-02).
\5\ See Securities Exchange Act Release No. 94335 (March 1,
2022), 87 FR 12756 (March 7, 2022).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\6\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \7\ requirements that the rules of
an exchange be designed to remove impediments to and perfect the
mechanism of a free and open market and a national market system
because it proposes an administrative, immaterial change to update the
subparagraph lettering in Exchange Rule 531 by changing subparagraph
(c), High Precision Network Time Signal Service, to now be subparagraph
(d). This change is simply intended to remove two separate references
to subparagraph (c) within Exchange Rule 531, one for HPNTSS and a
second for Market Data Products. The Exchange does not propose any
other changes to Exchange Rule 531. The proposed rule change would
prevent any potential investor confusion by providing clarity within
the rule text and make the Exchange's rules easier to understand,
thereby removing impediments to and perfecting the mechanism of a free
and open market and a national market system.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change would
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended. The
proposed rule change would not have any impact on inter-market
competition or intra-market competition because it simply updates
subparagraph lettering in Exchange Rule 531 without making any
substantive changes. The proposed rule change is ministerial in nature
and does not propose any new products or services, and thus, would not
have any impact on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) \9\
thereunder.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 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 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
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-EMERALD-2022-11 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-EMERALD-2022-11. 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
[[Page 17349]]
office of the Exchange. All comments received will be posted without
change. Persons submitting comments are cautioned that we do not redact
or edit personal identifying information from comment submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-EMERALD-2022-
11 and should be submitted on or before April 18, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-06387 Filed 3-25-22; 8:45 am]
BILLING CODE 8011-01-P
