Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay the Implementation of Certain Trading Functionality, 16485-16486 [2023-05445]
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Federal Register / Vol. 88, No. 52 / Friday, March 17, 2023 / Notices
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
proposed rule change to amend its Fee
Schedule to adopt fees for its market
data products. The proposed rule
change was immediately effective upon
filing with the Commission pursuant to
Section 19(b)(3)(A) of the Act.3 The
proposed rule change was published for
comment in the Federal Register on
February 3, 2023.4 On February 28,
2023, MEMX withdrew the proposed
rule change (SR–MEMX–2023–02).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.5
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–05449 Filed 3–16–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97126; File No. SR–GEMX–
2023–04]
Self-Regulatory Organizations; Nasdaq
GEMX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Delay the
Implementation of Certain Trading
Functionality
March 13, 2023.
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 February
28, 2023, Nasdaq GEMX, LLC (‘‘GEMX’’
or ‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to delay the
implementation of certain trading
functionality rule changes.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A). A proposed rule change
may take effect upon filing with the Commission if
it is designated by the exchange as ‘‘establishing or
changing a due, fee, or other charge imposed by the
self-regulatory organization on any person, whether
or not the person is a member of the self-regulatory
organization.’’ 15 U.S.C. 78s(b)(3)(A)(ii).
4 See Securities Exchange Act Release No. 96775
(January 30, 2023), 88 FR 7487.
5 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/gemx/rules, at the principal
office of the Exchange, 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
In connection with a technology
migration to an enhanced Nasdaq, Inc.
(‘‘Nasdaq’’) functionality, the Exchange
filed various rule changes to adopt
certain trading functionality currently
utilized at Nasdaq affiliate exchanges.
At this time, the Exchange proposes to
delay the implementation of the various
rule changes. Each impacted rule
change and the new implementation
date is described below.
Impacted Rule Filings
The Exchange filed the following rule
changes in connection with its
technology migration:
D SR–ISE–2022–11 which impacts
GEMX routing; 3
D SR–GEMX–2022–10 which
amended ATR and Repricing Rules; 4
D SR–GEMX–2022–13 which
amended PIM; 5 and
3 See
Securities Exchange Act Release No. 94897
(May 12, 2022), 87 FR 30294 (May 18, 2022) (SR–
ISE–2022–11) (Notice of Filing and Immediate
Effectiveness of Proposed Rule Change To Amend
Routing Functionality in Connection With a
Technology Migration). GEMX Options 5 Rules
incorporate ISE Options 5 by reference.
4 See Securities Exchange Act Release No. 96363
(November 18, 2022), 87 FR 72556 (November 25,
2022) (SR–GEMX–2022–10) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change
To Amend ATR and Re-Pricing Rules in Connection
With a Technology Migration to Enhanced Nasdaq
Functionality).
5 See Securities Exchange Act Release No. 96519
(December 16, 2022), 87 FR 78717 (December 22,
2022) (SR–GEMX–2022–13) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change
To Amend Certain Functionality in Connection
With a Technology Migration).
PO 00000
Frm 00092
Fmt 4703
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16485
D SR–GEMX–2023–02 a rule change
amending multiple functionalities.6
Each of the aforementioned rule
changes (collectively ‘‘Impacted Rule
Changes’’) indicated that the technology
migration for GEMX would commence
prior to September 1, 2023 or Q3.
New Implementation
At this time, the Exchange proposes to
delay the implementation of the
Impacted Rule Changes, which all relate
to GEMX’s upcoming technology
migration, to a date prior to December
29, 2023. The Exchange will announce
the initial migration date and symbol
rollout schedule to Members in an
Options Trader Alert.
The Exchange proposes to delay the
migration to allow the Exchange and its
Members additional time to test the new
functionality.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,7 in general, and furthers the
objectives of Section 6(b)(5) of the Act,8
in particular, in that it is designed to
promote just and equitable principles of
trade and to protect investors and the
public interest for the reasons discussed
below. The Exchange proposes to delay
the implementation of the Impacted
Rule Changes, which all relate to
GEMX’s upcoming technology
migration, a few months to allow the
Exchange and its Members additional
time to test the new functionality. The
Exchange believes that the delay is
consistent with the Act because the
additional time will allow the Exchange
to ensure a successful migration while
protecting investors and the public
interest by allowing the Exchange and
Members more time to test.
The Exchange notes that the
substance of the impacted rules is not
changing, only the implementation
timeline is changing with this proposal.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange’s proposal to delay the
implementation of the Impacted Rule
6 See Securities Exchange Act Release No. 96817
(February 6, 2023), 88 FR 8922 (February 10, 2023)
(SR–GEMX–2023–02) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change
To Amend Rules in Connection with the
Technology Migration to Enhanced Nasdaq
Functionality).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
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16486
Federal Register / Vol. 88, No. 52 / Friday, March 17, 2023 / Notices
Changes for a few months does not
impose an undue burden on
competition. The proposed delay will
allow the Exchange and its Members
additional time to test the new
functionality.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act 9 and
subparagraph (f)(6) of Rule 19b–4
thereunder.10
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.
lotter on DSK11XQN23PROD with NOTICES1
IV. Solicitation of Comments
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–GEMX–2023–04. 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 such
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–GEMX–2023–04 and
should be submitted on or before April
7, 2023.
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Sherry R. Haywood,
Assistant Secretary.
Electronic Comments
[FR Doc. 2023–05445 Filed 3–16–23; 8:45 am]
• 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–
GEMX–2023–04 on the subject line.
BILLING CODE 8011–01–P
9 15
U.S.C. 78s(b)(3)(A)(iii).
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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Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
Regulation S (17 CFR 230.901 through
230.905) sets forth rules governing offers
and sales of securities made outside the
United States without registration under
the Securities Act of 1933 (15 U.S.C. 77a
et seq.). Regulation S clarifies the extent
to which Section 5 of the Securities Act
applies to offers and sales of securities
outside of the United States. Regulation
S is assigned one burden hour for
administrative convenience.
An agency may conduct or sponsor,
and a person is not required to respond
to, a collection of information unless it
displays a currently valid control
number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice by April 17, 2023 to (i)
www.reginfo.gov/public/do/PRAMain
and (ii) David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or by sending an email to:
PRA_Mailbox@sec.gov.
Dated: March 13, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–05429 Filed 3–16–23; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
BILLING CODE 8011–01–P
[SEC File No. 270–315, OMB Control No.
3235–0357]
Submission for OMB Review;
Comment Request; Extension:
Regulation S
Upon Written Request Copies Available
From: Securities and Exchange
11 17
PO 00000
CFR 200.30–3(a)(12).
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17MRN1
]]>Agencies
[Federal Register Volume 88, Number 52 (Friday, March 17, 2023)]
[Notices]
[Pages 16485-16486]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-05445]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97126; File No. SR-GEMX-2023-04]
Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Delay the
Implementation of Certain Trading Functionality
March 13, 2023.
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 February 28, 2023, Nasdaq GEMX, LLC (``GEMX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I, II, and III below,
which Items have been prepared by the Exchange. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
---------------------------------------------------------------------------
\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 delay the implementation of certain
trading functionality rule changes.
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/gemx/rules, at the
principal office of the Exchange, 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
In connection with a technology migration to an enhanced Nasdaq,
Inc. (``Nasdaq'') functionality, the Exchange filed various rule
changes to adopt certain trading functionality currently utilized at
Nasdaq affiliate exchanges. At this time, the Exchange proposes to
delay the implementation of the various rule changes. Each impacted
rule change and the new implementation date is described below.
Impacted Rule Filings
The Exchange filed the following rule changes in connection with
its technology migration:
[ssquf] SR-ISE-2022-11 which impacts GEMX routing; \3\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 94897 (May 12,
2022), 87 FR 30294 (May 18, 2022) (SR-ISE-2022-11) (Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Routing
Functionality in Connection With a Technology Migration). GEMX
Options 5 Rules incorporate ISE Options 5 by reference.
---------------------------------------------------------------------------
[ssquf] SR-GEMX-2022-10 which amended ATR and Repricing Rules; \4\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 96363 (November 18,
2022), 87 FR 72556 (November 25, 2022) (SR-GEMX-2022-10) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
ATR and Re-Pricing Rules in Connection With a Technology Migration
to Enhanced Nasdaq Functionality).
---------------------------------------------------------------------------
[ssquf] SR-GEMX-2022-13 which amended PIM; \5\ and
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 96519 (December 16,
2022), 87 FR 78717 (December 22, 2022) (SR-GEMX-2022-13) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Certain Functionality in Connection With a Technology Migration).
---------------------------------------------------------------------------
[ssquf] SR-GEMX-2023-02 a rule change amending multiple
functionalities.\6\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 96817 (February 6,
2023), 88 FR 8922 (February 10, 2023) (SR-GEMX-2023-02) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Rules in Connection with the Technology Migration to Enhanced Nasdaq
Functionality).
---------------------------------------------------------------------------
Each of the aforementioned rule changes (collectively ``Impacted
Rule Changes'') indicated that the technology migration for GEMX would
commence prior to September 1, 2023 or Q3.
New Implementation
At this time, the Exchange proposes to delay the implementation of
the Impacted Rule Changes, which all relate to GEMX's upcoming
technology migration, to a date prior to December 29, 2023. The
Exchange will announce the initial migration date and symbol rollout
schedule to Members in an Options Trader Alert.
The Exchange proposes to delay the migration to allow the Exchange
and its Members additional time to test the new functionality.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\7\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\8\ in particular, in that it is designed to promote
just and equitable principles of trade and to protect investors and the
public interest for the reasons discussed below. The Exchange proposes
to delay the implementation of the Impacted Rule Changes, which all
relate to GEMX's upcoming technology migration, a few months to allow
the Exchange and its Members additional time to test the new
functionality. The Exchange believes that the delay is consistent with
the Act because the additional time will allow the Exchange to ensure a
successful migration while protecting investors and the public interest
by allowing the Exchange and Members more time to test.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange notes that the substance of the impacted rules is not
changing, only the implementation timeline is changing with this
proposal.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange's proposal to
delay the implementation of the Impacted Rule
[[Page 16486]]
Changes for a few months does not impose an undue burden on
competition. The proposed delay will allow the Exchange and its Members
additional time to test the new functionality.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \9\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 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.
---------------------------------------------------------------------------
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-GEMX-2023-04 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-GEMX-2023-04. 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 such filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-GEMX-2023-04 and should be submitted on
or before April 7, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-05445 Filed 3-16-23; 8:45 am]
BILLING CODE 8011-01-P
