Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX Rule 6.210 (Ex-Dividend or Ex-Right Dates), 20525-20527 [2024-06069]
Download as PDF
<![CDATA[
Federal Register / Vol. 89, No. 57 / Friday, March 22, 2024 / Notices
IV. Solicitation of Comments
(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants, or Others
The Clearing Agencies have not
received or solicited any written
comments relating to this proposal. If
any written comments are received, they
will be publicly filed as an Exhibit 2 to
this filing, as required by Form 19b–4
and the General Instructions thereto.
Persons submitting comments are
cautioned that, according to Section IV
(Solicitation of Comments) of the
Exhibit 1A in the General Instructions to
Form 19b–4, the Commission does not
edit personal identifying information
from comment submissions.
Commenters should submit only
information that they wish to make
available publicly, including their
name, email address, and any other
identifying information.
All prospective commenters should
follow the Commission’s instructions on
how to submit comments, available at
www.sec.gov/regulatory-actions/how-tosubmit-comments. General questions
regarding the rule filing process or
logistical questions regarding this filing
should be directed to the Main Office of
the SEC’s Division of Trading and
Markets at tradingandmarkets@sec.gov
or 202–551–5777.
The Clearing Agencies reserve the
right to not respond to any comments
received.
ddrumheller on DSK120RN23PROD with NOTICES1
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 24 and Rule 19b–4(f)(6)
thereunder.25
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.
24 15
25 17
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
VerDate Sep<11>2014
19:15 Mar 21, 2024
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–
DTC–2024–001 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549.
All submissions should refer to File
Number SR–DTC–2024–001. 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 DTC and on DTCC’s website
(https://dtcc.com/legal/sec-rulefilings.aspx). 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–DTC–2024–001 and should
be submitted on or before April 12,
2024.
26 17
Jkt 262001
PO 00000
CFR 200.30–3(a)(12).
Frm 00103
Fmt 4703
Sfmt 4703
20525
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–06068 Filed 3–21–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99757; File No. SR–IEX–
2024–05]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend IEX
Rule 6.210 (Ex-Dividend or Ex-Right
Dates)
March 18, 2024.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 13,
2024, the Investors Exchange LLC
(‘‘IEX’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. 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
Pursuant to the provisions of Section
19(b)(1) under the Act,3 and Rule 19b–
4 thereunder,4 IEX is filing with the
Commission a proposed rule change to
amend IEX Rule 6.210 (Ex-Dividend or
Ex-Right Dates) to conform it to the
Commission’s amendment to Rule
15c6–1(a) of the Act 5 to shorten the
standard settlement cycle for most
broker-dealer transactions. The
Exchange has designated this proposal
as ‘‘non-controversial’’ and provided the
Commission with the notice required by
Rule 19b–4(f)(6)(iii) under the Act.6
The text of the proposed rule change
is available at the Exchange’s website at
www.iextrading.com, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(1).
4 17 CFR 240.19b–4.
5 See Securities Exchange Act Release No. 96930,
Investment Advisers Act Release No. 6239
(February 15, 2023), 88 FR 13872 (March 6, 2023)
(‘‘T+1 Adopting Release’’).
6 17 CFR 240.19b–4(f)(6)(iii).
2 17
E:\FR\FM\22MRN1.SGM
22MRN1
20526
Federal Register / Vol. 89, No. 57 / Friday, March 22, 2024 / Notices
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 these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization 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
ddrumheller on DSK120RN23PROD with NOTICES1
1. Purpose
Effective May 28, 2024, the standard
settlement cycle for most broker-dealer
transactions will be shortened from two
business days after the trade date
(‘‘T+2’’) to one business day after the
trade date (‘‘T+1’’).7 To reflect this
shortened settlement cycle, IEX
proposes to amend IEX Rule 6.120 (ExDividend or Ex-Right Dates).
IEX Rule 6.120 currently provides that
transactions in securities traded
‘‘regular’’ shall be ‘‘ex-dividend’’ or ‘‘exrights’’ as the case may be, on the first
business day preceding the record date
fixed by the company or the date of the
closing of the transfer books.8 It also
provides that if the record date or
closing of transfer books occurs on a day
other than a business day, the
transaction will be ex-dividend or exrights on the second preceding business
day.9
The Exchange proposes to amend IEX
Rule 6.120 to shorten the time frames by
one business day. With this change, the
ex-dividend or ex-right date would be
the same business day as the record
date, if the record date occurs on a
business day, or the first business day
preceding the record date if the record
date occurs on a day other than a
business day. IEX notes that this rule
change is substantively identical to a
recent Nasdaq Phlx LLC (‘‘Nasdaq
Phlx’’) rule change that amended
Nasdaq Phlx Equity 11, Section 6 (Exdividend, Ex-rights).10
7 See T+1 Adopting Release, 88 FR 13872, 13916
(amending Rule 15c6–1(a) under the Act to require
settlement no later than T+1 starting on May 28,
2024).
8 See IEX Rule 6.210.
9 Id.
10 See Securities Exchange Act Release No. 98955
(November 15, 2023), 88 FR 81161 (November 21,
2023) (SR–Phlx–2023–49).
VerDate Sep<11>2014
19:15 Mar 21, 2024
Jkt 262001
Implementation
The Exchange proposes to implement
this proposed rule change on Tuesday,
May 28, 2024, the compliance date
specified in the Commission’s
amendment to Rule 15c6–1(a) of the
Act,11 or such later date as may be
announced by the Commission, so that
the operative date coincides with
implementation of the T+1 standard
settlement cycle industry change. IEX
will announce the operative date of the
proposed rule change in a trader alert.
2. Statutory Basis
IEX believes that the proposed rule
change is consistent with the provisions
of Section 6 of the Act,12 in general and
furthers the objectives of Section
6(b)(5) 13 of the Act in particular, in that
it is designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, 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. The
proposed rule change seeks to conform
IEX’s rules with the adopted
Commission rule amendment to shorten
the standard settlement cycle for most
broker-dealer transactions from T+2 to
T+1.14 The proposal is consistent with
the Commission’s amendment to Rule
15c6–1(a) of the Act to require standard
settlement no later than T+1. This
proposal will provide IEX Members 15
with regulatory certainty as to the
settlement cycle that will be utilized to
settle transactions executed on the
Exchange.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
IEX does not believe that the
proposed rule change will 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 is not
designed to address any competitive
issues but rather to provide for the
appropriate determination and
dissemination of ex-dates, to provide
certainty as to which security holder
will receive the corporate action
consideration. The Exchange also
believes that the proposed rule change
will serve to promote clarity and
consistency, as noted in the Statutory
Basis section, thereby reducing burdens
11 See
supra note 8.
U.S.C. 78f.
13 15 U.S.C. 78f(b)(5).
14 See supra note 6.
15 See IEX Rule 1.160(s).
12 15
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
on competition and facilitating investor
protection.
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
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 and Rule 19b–4(f)(6) thereunder.
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
IEX–2024–05 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to file
number SR–IEX–2024–05. 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
E:\FR\FM\22MRN1.SGM
22MRN1
Federal Register / Vol. 89, No. 57 / Friday, March 22, 2024 / Notices
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–IEX–2024–05 and should be
submitted on or before April 12, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–06069 Filed 3–21–24; 8:45 am]
BILLING CODE 8011–01–P
SURFACE TRANSPORTATION BOARD
[Docket No. FD 36757]
ddrumheller on DSK120RN23PROD with NOTICES1
Great Lakes Basin Railroad—
Operation Exemption—Line in
Hammond, Ind.
Great Lakes Basin Railroad (GLBR), a
noncarrier, has filed a verified notice of
exemption pursuant to 49 CFR 1150.31
to operate certain railroad track located
inside an existing industrial facility in
Hammond, Ind. The track begins at a
point of connection with Norfolk
Southern Railway Company’s Chicago
District at a switch located at
approximately milepost 499.4 and
extends approximately 1,623 feet (the
Line).1 According to GLBR, the Line is
currently private track and has no
mileposts.
According to the verified notice, the
Line is owned by N/S Hammond LLC
(N/S) and does not have operations on
it as part of the industrial facility. GLBR
has reached an agreement with N/S
under which GLBR will commence
common carrier service over the Line on
or after the effective date of this
exemption.
GLBR states that the proposed
transaction does not involve any
provision or agreement that would limit
future interchange on the Line with a
third-party connecting carrier. GLBR
certifies that its projected annual
revenue will not exceed $5 million and
will not exceed those that would qualify
it as a Class III carrier.
The earliest this transaction may be
consummated is April 5, 2024, the
effective date of the exemption (30 days
after the verified notice was filed).
If the verified notice contains false or
misleading information, the exemption
is void ab initio. Petitions to revoke the
exemption under 49 U.S.C. 10502(d)
may be filed at any time. The filing of
a petition to revoke will not
automatically stay the effectiveness of
the exemption. Petitions for stay must
be filed no later than March 29, 2024.
All pleadings, referring to Docket No.
FD 36757, must be filed with the
Surface Transportation Board either via
e-filing on the Board’s website or in
writing addressed to 395 E Street SW,
Washington, DC 20423–0001. In
addition, a copy of each pleading must
be served on GLBR’s representative,
Daniel Elliott, Esq., GKG Law, 1055
Thomas Jefferson Street NW, Suite 620,
Washington, DC 20007–4492.
According to GLBR, this action is
categorically excluded from
environmental review under 49 CFR
1105.6(c) and from historic preservation
reporting requirements under 49 CFR
1105.8(b).
Board decisions and notices are
available at www.stb.gov.
Decided: March 19, 2024.
By the Board, Mai T. Dinh, Director, Office
of Proceedings.
Tammy Lowery,
Clearance Clerk.
[FR Doc. 2024–06119 Filed 3–21–24; 8:45 am]
BILLING CODE 4915–01–P
16 17
CFR 200.30–3(a)(12).
verified notice was initially filed on
February 26, 2024. GLBR filed a supplement on
March 6, 2024. Accordingly, for purposes of
calculating regulatory deadlines, March 6 will be
treated as the filing date.
1 The
VerDate Sep<11>2014
19:15 Mar 21, 2024
Jkt 262001
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
20527
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
[Docket No. FAA–2023–2246]
Agency Information Collection
Activities: Requests for Comments;
Clearance of a Renewed Approval of
Information Collection: Means of
Compliance, Declarations of
Compliance, and Labeling
Requirements for Unmanned Aircraft
With Remote Identification
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice and request for
comments.
AGENCY:
In accordance with the
Paperwork Reduction Act of 1995, FAA
invites public comments about our
intention to request the Office of
Management and Budget (OMB)
approval to renew an information
collection. The Federal Register Notice
with a 60-day comment period soliciting
comments on the following collection of
information was published on
November 21, 2023. The collection
involves information necessary to
submit a Means of Compliance or
Declaration of Compliance for
Unmanned Aircraft with Remote
Identification to the FAA. The
collection also involves information
necessary to label Unmanned Aircraft
that have an FAA-accepted Declaration
of Compliance. The information to be
collected will be used by the FAA to
determine compliance with the
requirements for submission of a Means
of Compliance or Declaration of
Compliance, as well as determine
compliance with the Unmanned Aircraft
labeling requirements.
DATES: Written comments should be
submitted by April 22, 2024.
ADDRESSES: Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
FOR FURTHER INFORMATION CONTACT:
Benjamin Walsh by email at:
ben.walsh@faa.gov; phone: 202–267–
8233.
SUPPLEMENTARY INFORMATION:
Public Comments Invited: You are
asked to comment on any aspect of this
information collection, including (a)
Whether the proposed collection of
information is necessary for FAA’s
SUMMARY:
E:\FR\FM\22MRN1.SGM
22MRN1
]]>Agencies
[Federal Register Volume 89, Number 57 (Friday, March 22, 2024)]
[Notices]
[Pages 20525-20527]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-06069]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99757; File No. SR-IEX-2024-05]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX
Rule 6.210 (Ex-Dividend or Ex-Right Dates)
March 18, 2024.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on March 13, 2024, the Investors Exchange LLC (``IEX'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. 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
Pursuant to the provisions of Section 19(b)(1) under the Act,\3\
and Rule 19b-4 thereunder,\4\ IEX is filing with the Commission a
proposed rule change to amend IEX Rule 6.210 (Ex-Dividend or Ex-Right
Dates) to conform it to the Commission's amendment to Rule 15c6-1(a) of
the Act \5\ to shorten the standard settlement cycle for most broker-
dealer transactions. The Exchange has designated this proposal as
``non-controversial'' and provided the Commission with the notice
required by Rule 19b-4(f)(6)(iii) under the Act.\6\
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78s(b)(1).
\4\ 17 CFR 240.19b-4.
\5\ See Securities Exchange Act Release No. 96930, Investment
Advisers Act Release No. 6239 (February 15, 2023), 88 FR 13872
(March 6, 2023) (``T+1 Adopting Release'').
\6\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
The text of the proposed rule change is available at the Exchange's
website at www.iextrading.com, at the principal office of the Exchange,
and at the Commission's Public Reference Room.
[[Page 20526]]
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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
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
Effective May 28, 2024, the standard settlement cycle for most
broker-dealer transactions will be shortened from two business days
after the trade date (``T+2'') to one business day after the trade date
(``T+1'').\7\ To reflect this shortened settlement cycle, IEX proposes
to amend IEX Rule 6.120 (Ex-Dividend or Ex-Right Dates).
---------------------------------------------------------------------------
\7\ See T+1 Adopting Release, 88 FR 13872, 13916 (amending Rule
15c6-1(a) under the Act to require settlement no later than T+1
starting on May 28, 2024).
---------------------------------------------------------------------------
IEX Rule 6.120 currently provides that transactions in securities
traded ``regular'' shall be ``ex-dividend'' or ``ex-rights'' as the
case may be, on the first business day preceding the record date fixed
by the company or the date of the closing of the transfer books.\8\ It
also provides that if the record date or closing of transfer books
occurs on a day other than a business day, the transaction will be ex-
dividend or ex-rights on the second preceding business day.\9\
---------------------------------------------------------------------------
\8\ See IEX Rule 6.210.
\9\ Id.
---------------------------------------------------------------------------
The Exchange proposes to amend IEX Rule 6.120 to shorten the time
frames by one business day. With this change, the ex-dividend or ex-
right date would be the same business day as the record date, if the
record date occurs on a business day, or the first business day
preceding the record date if the record date occurs on a day other than
a business day. IEX notes that this rule change is substantively
identical to a recent Nasdaq Phlx LLC (``Nasdaq Phlx'') rule change
that amended Nasdaq Phlx Equity 11, Section 6 (Ex-dividend, Ex-
rights).\10\
---------------------------------------------------------------------------
\10\ See Securities Exchange Act Release No. 98955 (November 15,
2023), 88 FR 81161 (November 21, 2023) (SR-Phlx-2023-49).
---------------------------------------------------------------------------
Implementation
The Exchange proposes to implement this proposed rule change on
Tuesday, May 28, 2024, the compliance date specified in the
Commission's amendment to Rule 15c6-1(a) of the Act,\11\ or such later
date as may be announced by the Commission, so that the operative date
coincides with implementation of the T+1 standard settlement cycle
industry change. IEX will announce the operative date of the proposed
rule change in a trader alert.
---------------------------------------------------------------------------
\11\ See supra note 8.
---------------------------------------------------------------------------
2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6 of the Act,\12\ in general and furthers the
objectives of Section 6(b)(5) \13\ of the Act in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, 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. The proposed rule change seeks to conform IEX's rules
with the adopted Commission rule amendment to shorten the standard
settlement cycle for most broker-dealer transactions from T+2 to
T+1.\14\ The proposal is consistent with the Commission's amendment to
Rule 15c6-1(a) of the Act to require standard settlement no later than
T+1. This proposal will provide IEX Members \15\ with regulatory
certainty as to the settlement cycle that will be utilized to settle
transactions executed on the Exchange.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78f.
\13\ 15 U.S.C. 78f(b)(5).
\14\ See supra note 6.
\15\ See IEX Rule 1.160(s).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
IEX does not believe that the proposed rule change will 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 is not designed to address any competitive issues but rather to
provide for the appropriate determination and dissemination of ex-
dates, to provide certainty as to which security holder will receive
the corporate action consideration. The Exchange also believes that the
proposed rule change will serve to promote clarity and consistency, as
noted in the Statutory Basis section, thereby reducing burdens on
competition and facilitating investor protection.
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 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 and Rule
19b-4(f)(6) thereunder.
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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-IEX-2024-05 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-IEX-2024-05. 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
[[Page 20527]]
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-IEX-2024-05 and should be submitted on
or before April 12, 2024.
---------------------------------------------------------------------------
\16\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-06069 Filed 3-21-24; 8:45 am]
BILLING CODE 8011-01-P
