Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend FINRA Rule 6730 (Transaction Reporting) To Reduce the 15-Minute TRACE Reporting Timeframe to One Minute, 16042-16043 [2024-04697]
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Federal Register / Vol. 89, No. 45 / Wednesday, March 6, 2024 / Notices
Nothing in the proposal imposes any
burden on the ability of other exchanges
to compete. The Exchange operates in a
highly competitive market in which
exchanges and other vendors offer
colocation services as a means to
facilitate the trading and other market
activities of those market participants
who believe that colocation enhances
the efficiency of their operations. The
Cabinet Proximity Option program is
comparable to PNU cabinets offered by
NYSE, as discussed above.
Nothing in the Proposal burdens
intra-market competition because the
Cabinet Proximity Option program is
available to any customer and customers
that wish to make reservations pursuant
to the Cabinet Proximity Option
program can do so on a nondiscriminatory basis. Use of any
colocation service is completely
voluntary, and each market participant
is able to determine whether to use
colocation services based on the
requirements of its business operations.
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) of the Act 13 and
subparagraph (f)(6) of Rule 19b–4
thereunder.14
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 15 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 16
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has
ddrumheller on DSK120RN23PROD with NOTICES1
13 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, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
15 17 CFR 240.19b–4(f)(6).
16 17 CFR 240.19b–4(f)(6)(iii).
14 17
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requested that the Commission waive
the 30-day operative delay so that the
proposal may become operative
immediately upon filing. The Exchange
states that a waiver of the operative
delay would permit the Exchange to
offer reservations under the Cabinet
Proximity Option program for cabinets
with greater power densities (e.g.,
greater than 10kW) without delay once
a fee is established for such cabinets.
The Commission believes that the
proposed rule change presents no novel
legal or regulatory issues and that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest.
Accordingly, the Commission hereby
waives the 30-day operative delay and
designates the proposed rule change
operative upon filing.17
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–
BX–2024–007 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–BX–2024–007. 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
17 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–BX–2024–007 and should be
submitted on or before March 27, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–04700 Filed 3–5–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99640; File No. SR–FINRA–
2024–004]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Designation
of Longer Period for Commission
Action on Proposed Rule Change To
Amend FINRA Rule 6730 (Transaction
Reporting) To Reduce the 15-Minute
TRACE Reporting Timeframe to One
Minute
February 29, 2024.
On January 11, 2024, the Financial
Industry Regulatory Authority, Inc.
(‘‘FINRA’’) filed with the Securities and
Exchange Commission (‘‘Commission’’),
pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
18 17
CFR 200.30–3(a)(12), (59).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 89, No. 45 / Wednesday, March 6, 2024 / Notices
proposed rule change to amend FINRA
Rule 6730 to reduce the 15-minute
TRACE reporting timeframe to one
minute, with exceptions for member
firms with de minimis reporting activity
and for manual trades. The proposed
rule change was published for comment
in the Federal Register on January 25,
2024.3 section 19(b)(2) of the Act 4
provides that, within 45 days of the
publication of notice of the filing of a
proposed rule change, or within such
longer period up to 90 days as the
Commission may designate if it finds
such longer period to be appropriate
and publishes its reasons for so finding
or as to which the self-regulatory
organization consents, the Commission
shall either approve the proposed rule
change, disapprove the proposed rule
change, or institute proceedings to
determine whether the proposed rule
change should be disapproved. The 45th
day after publication of the notice for
this proposed rule change is March 10,
2024. The Commission is extending this
45-day time period for Commission
action. The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
proposed rule change so that it has
sufficient time to consider the proposed
rule change and the comments received.
Accordingly, pursuant to section
19(b)(2) of the Act, the Commission
designates April 24, 2024, as the date by
which the Commission shall approve or
disapprove, or institute proceedings to
determine whether to disapprove, the
proposed rule change (File No. SR–
FINRA–2024–004).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.5
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–04697 Filed 3–5–24; 8:45 am]
ddrumheller on DSK120RN23PROD with NOTICES1
BILLING CODE 8011–01–P
3 See
Securities Exchange Act Release No. 99404
(January 19, 2024), 89 FR 5034 (January 25, 2024).
Comments received on the proposed rule change
are available at: https://www.sec.gov/comments/srfinra-2024-004/srfinra2024004.htm.
4 15 U.S.C. 78s(b)(2).
5 17 CFR 200.30–3(a)(31).
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99641; File No. SR–OCC–
2024–003]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Concerning
the Option Clearing Corporation’s
Interpretative Guidance on Contract
Adjustments for Cash Dividends and
Distributions
February 29, 2024.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’ or ‘‘Act’’),1 and Rule
19b–4 thereunder,2 notice is hereby
given that on February 20, 2024, The
Options Clearing Corporation (‘‘OCC’’ or
‘‘Corporation’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared primarily by OCC. OCC filed
the proposed rule change pursuant to
Section 19(b)(3)(A)(i) 3 of the Act and
Rule 19b–4(f)(1) 4 thereunder, such that
the proposed rule change was
immediately effective upon filing with
the Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
This proposed rule change would reissue interpretative guidance relating to
the adjustment of stock options for cash
dividends and distributions on
underlying securities with certain
amendments, including (1) to reflect
previously approved changes in the
process for making such adjustment
determinations; and (2) to address
OCC’s general approach to certain
additional scenarios. Amendments to
the interpretative guidance, are
included in Exhibit 5 of File No. SR–
OCC–2024–003. Material proposed to be
added is marked by underlining, and
material proposed to be deleted is
marked with strikethrough text. All
terms with initial capitalization that are
not otherwise defined herein have the
same meaning as set forth in the ByLaws and Rules.5
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(i).
4 17 CFR 240.19b–4(f)(1).
5 OCC’s By-Laws and Rules can be found on
OCC’s public website: https://www.theocc.com/
Company-Information/Documents-and-Archives/
By-Laws-and-Rules.
2 17
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16043
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission,
OCC 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. OCC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
OCC is the issuer of and sole clearing
agency for standardized equity options
listed on national securities exchanges
registered with the Commission. In
accordance with OCC’s By-Laws,
adjustments may be made to some of the
standardized terms of outstanding
options upon the occurrence of certain
events related to the underlying
security, such as a stock dividend, stock
distribution, stock split, reverse stock
split, rights offering, distribution,
reorganization, recapitalization,
reclassification in respect of an
underlying security, or a merger,
consolidation, dissolution or liquidation
of the issuer of the underlying security.6
The determination whether to adjust
outstanding options in response to a
particular event, and, if so, what the
adjustment should be, is made by OCC,
taking into consideration policies and
interpretations established in OCC’s ByLaws and any policies and
interpretations having general
application to specific types of events or
specified kinds of cleared contracts
established by a committee (the
‘‘Securities Committee’’) consisting of
representatives of each of the U.S.
options markets and a representative of
OCC.7
OCC previously filed with the
Commission and issued interpretative
guidance concerning the application of
OCC’s adjustment policies and
procedures and other adjustment rules
6 Adjustments for listed options are discussed at
length in the Characteristics and Risks of
Standardized Options (‘‘Options Disclosure
Document’’ or ‘‘ODD’’), which broker-dealers are
required to provide to a customer prior to accepting
an order to purchase or sell a listed option. See 17
CFR 240.9b–1. The Options Disclosure Document is
also available on OCC’s website: https://
www.theocc.com/company-information/documentsand-archives/options-disclosure-document.
7 See OCC By-Laws, Art. VI § 11.
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]]>Agencies
[Federal Register Volume 89, Number 45 (Wednesday, March 6, 2024)]
[Notices]
[Pages 16042-16043]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-04697]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99640; File No. SR-FINRA-2024-004]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Designation of Longer Period for Commission
Action on Proposed Rule Change To Amend FINRA Rule 6730 (Transaction
Reporting) To Reduce the 15-Minute TRACE Reporting Timeframe to One
Minute
February 29, 2024.
On January 11, 2024, the Financial Industry Regulatory Authority,
Inc. (``FINRA'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
[[Page 16043]]
proposed rule change to amend FINRA Rule 6730 to reduce the 15-minute
TRACE reporting timeframe to one minute, with exceptions for member
firms with de minimis reporting activity and for manual trades. The
proposed rule change was published for comment in the Federal Register
on January 25, 2024.\3\ section 19(b)(2) of the Act \4\ provides that,
within 45 days of the publication of notice of the filing of a proposed
rule change, or within such longer period up to 90 days as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or as to which the
self-regulatory organization consents, the Commission shall either
approve the proposed rule change, disapprove the proposed rule change,
or institute proceedings to determine whether the proposed rule change
should be disapproved. The 45th day after publication of the notice for
this proposed rule change is March 10, 2024. The Commission is
extending this 45-day time period for Commission action. The Commission
finds that it is appropriate to designate a longer period within which
to take action on the proposed rule change so that it has sufficient
time to consider the proposed rule change and the comments received.
Accordingly, pursuant to section 19(b)(2) of the Act, the Commission
designates April 24, 2024, as the date by which the Commission shall
approve or disapprove, or institute proceedings to determine whether to
disapprove, the proposed rule change (File No. SR-FINRA-2024-004).
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 99404 (January 19,
2024), 89 FR 5034 (January 25, 2024). Comments received on the
proposed rule change are available at: https://www.sec.gov/comments/sr-finra-2024-004/srfinra2024004.htm.
\4\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\5\
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\5\ 17 CFR 200.30-3(a)(31).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-04697 Filed 3-5-24; 8:45 am]
BILLING CODE 8011-01-P
