Notice2021-20329
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Incorporate the Phlx Options 4 Rules By Reference to Nasdaq ISE, LLC Options 4 Rules
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 21, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 180 (Tuesday, September 21, 2021)</title>
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[Federal Register Volume 86, Number 180 (Tuesday, September 21, 2021)]
[Notices]
[Pages 52513-52516]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-20329]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92990; File No. SR-Phlx-2021-53]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Incorporate the
Phlx Options 4 Rules By Reference to Nasdaq ISE, LLC Options 4 Rules
September 15, 2021.
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 September 3, 2021, Nasdaq PHLX LLC (``Phlx'' 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to incorporate the Phlx Options 4 Rules by
reference to Nasdaq ISE, LLC (``ISE'') Options 4 Rules.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/phlx/rules">https://listingcenter.nasdaq.com/rulebook/phlx/rules</a>, 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
The Phlx Options 4 Listing Rules provide for the options that may
be listed and traded on Phlx. The Exchange proposes to incorporate the
Phlx Options 4 Rules by reference to Nasdaq ISE, LLC (``ISE'') Options
4 Rules.
Options 4, Section 3, Criteria for Underlying Securities
Currently, the Phlx Options 4 Rules are very similar to the ISE
Options 4 Rules, except for Options 4, Section 3(h). The differences
between the Phlx and ISE Options 4 Rules are non-substantive technical
differences.\3\ Other changes are non-substantive word choice
differences.\4\ Finally, certain rules utilize the phrase ``this Rule''
instead of a citation.\5\
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\3\ Phlx capitalizes the ``of'' and ``and'' in title to Options
4, Section 2, while ISE does not capitalize those words. Phlx
Options 4, Section 3(c)(2)(A)(ii) uses a ``that'' instead of a
``than'' like ISE. Phlx Options 4, Section 3(c)(3) has an extra
phrase ``of this Rule'' as does Phlx Options 4, Section
3(c)(4)(B)(ii). Also, Phlx Options 4, Section 3(c)(4)(B)(ii) cites
to ``Options 4, Section 3(b)(5)(i)'' instead of ``Options 4, Section
3(b)(5)(l)'' like ISE. Phlx defines a ``market information sharing
agreement'' within Options 4, Section 3(g)(2), whereas ISE defines
the same term within Options 4, Section 3(i). ISE Options 4, Section
4(b)(5) has a reference to ``paragraph (b)'' where Phlx does not
have the reference to (b) it only states of this paragraph. Options
4, Section 4(g) lacks an ``if'' similar to ISE. Phlx Options 4,
Section 4(f)(1) lacks an ``of'' similar to ISE. ISE Options 4,
Section 5(a), unlike Phlx, has an extra ``as'', specific reference
to ``Options 4, Section 6(b)'' and use of the phrase ``to this
Section 5'' in two places. ISE Options 4, Section 5(d) has an extra
``the.'' Phlx Options 4, Section 5 at Supplementary Material .03 is
missing a reference to ``and QQQ'' which should appear as it does in
the remainder of the rule filing. Phlx Options 4, Section 5 at
Supplementary Material .04 has the term ``P.M. settled'' where ISE
does not and capitalizes some terms that ISE does not capitalize.
The word ``approximate'' appears in Phlx Options 4, Section 5 at
Supplementary Material .04(c) and not in ISE. Phlx Options 4,
Section 5 at Supplementary Material .04(d) references Options 1,
Section 1(b)(13) when it should reference Options 4, Section 3(h)
similar to ISE. Options 4, Section 3(f)(1) should have an ``and''
and an ``a'' similar to ISE instead of an ``or.'' Phlx Options 4,
Section 5 at Supplementary Material .06 uses the term ``Strike Price
Program'' instead of ``Strike Program'' like ISE. Phlx Options 4,
Section 8 uses the term ``intervals'' instead of the singular
``interval'' like ISE and references Options 2, Section 4(c)(1)(A)
instead of Options 2, Section 4(b)(4)(i)(A) like ISE. Phlx Options
4, Section 9 uses the term ``Exchange-Traded Fund Shares'' and ISE
uses the term ``Fund Shares.'' Options 4, Section 10 references
different exchange names and terms for members and market makers.
\4\ Options 4, Section 3(f)(4) states, ``the SEC has otherwise
authorized the listing'' whereas ISE states ``the SEC has otherwise
authorized the listing.'' Unlike ISE, Phlx does not have the phrase
``In the case of options covering Fund Shares approved pursuant to''
at the beginning of Options 4, Section 4(g)(2). ISE Options 4,
Section 5(b) uses ``shall'' and Phlx uses ``will.'' Phlx Options 4,
Section 5 at Supplementary .01 has an extra phrase, ``(a) The
interval of strike prices of series of options on individual stocks
may be:'' and a period after Strike Price Interval Program. Phlx
Options 4, Section 5 at Supplementary .01(b) uses the term
``security'' instead of ``stock'' and numbers the subsections
differently. Phlx has the sentence, ``A security shall remain in the
$1 Strike Price Interval Program until otherwise designated by the
Exchange'' and ISE does not have the same sentence, although ISE has
the same ability to determine what listings are in the $1 Strike
Price Interval Program. Also, ISE uses the phrase ``Strike Price
Interval Program'' in that paragraph and Phlx uses ``Strike
Program.''
\5\ See Phlx Options 4, Section 3(c)(2).
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Also, ISE recently amended its Options 4, Section 3(h) \6\ to make
certain amendments which Phlx proposes to adopt in order that its rules
may be identical.
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\6\ See Securities Exchange Act Release No. 92226 (June 22,
2021) (SR-ISE-2021-14).
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First, Phlx would remove rule text within Options 4, Section 3(h)
at the end of the paragraph which provides, ``all of the following
conditions are met.'' Paragraph (h) would simply end with ``provided
that:'' and direct market participants to subparagraphs (1) and (2).
Second, the Exchange proposes to capitalize ``the'' at the
beginning of Options 4, Section 3(h)(1) and remove ``; and'' at the end
of the paragraph and instead at a period so that subparagraphs (1) and
(2) are not linked, but rather read independently. Today, Options 4,
Section 3(h)(1) applies to all Exchange-Traded Fund Shares.
Third, the Exchange proposes to clarify that Options 4, Section
3(h)(2) applies to only international or global Exchange-Traded Fund
Shares. Specifically, the Exchange proposes to provide within Options
4, Section 3(h)(2) that, ``Exchange-Traded Fund Shares based on
international or global indexes, or portfolios that include non-U.S.
securities, shall meet the following criteria.'' Proposed Options 4,
Sections 3(h) generally concerns securities deemed appropriate for
options trading. The proposed rule text adds language stating that
subparagraph (h)(2) of Options 4, Section 3 applies to the extent the
Exchange-Traded Fund Share is based on international or global indexes,
or portfolios that include non-U.S. securities. This language is
intended to serve as a guidepost and clarify that (1) subparagraph
(h)(2) does not apply to an Exchange-Traded Fund Shares based on a U.S.
domestic index or portfolio, and (2) subparagraph (h)(2) includes
Exchange-Traded Fund Shares that track a portfolio and do not track an
index.
[[Page 52514]]
Fourth, the Exchange proposes to remove a phrase within Options 4,
Section 3(h)(2)(A), which provides, ``for series of portfolio
depositary receipts and index fund shares based on international or
global indexes,''. Today, Options 4, Section 3(h), subparagraphs (h)(1)
\7\ and (h)(v) \8\ permit the Exchange to list options on Exchange-
Traded Fund Shares based on generic listing standards for portfolio
depositary receipts and index fund shares without applying component-
based requirements in subparagraphs (h)(2)(B)-(D). By removing the
proposed rule text, the Exchange would make clear that subparagraph
(h)(2)(A) applies to Exchange-Traded Fund Shares based on international
or global indexes, or portfolios that include non-U.S. securities, that
are listed pursuant to generic listing standards and comply with
Options 4, Section 3(h) and subparagraph (h)(1).
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\7\ Subsection (h)(i) concerns passive Exchange-Traded Fund
Shares. Subsection (h)(1) provides, ``represent interests in
registered investment companies (or series thereof) organized as
open-end management investment companies, unit investment trusts or
similar entities that hold portfolios of securities and/or financial
instruments, including, but not limited to, stock index futures
contracts, options on futures, options on securities and indices,
equity caps, collars and floors, swap agreements, forward contracts,
repurchase agreements and reverse repurchase agreements (the
``Financial Instruments''), and money market instruments, including,
but not limited to, U.S. government securities and repurchase
agreements (the ``Money Market Instruments'') comprising or
otherwise based on or representing investments in broad-based
indexes or portfolios of securities and/or Financial Instruments and
Money Market Instruments (or that hold securities in one or more
other registered investment companies that themselves hold such
portfolios of securities and/or Financial Instruments and Money
Market Instruments).''
\8\ Subsection (h)(v) concerns active Exchange-Traded Fund
Shares. Subsection (h)(v) Provides, ``represents an interest in a
registered investment company (``Investment Company'') organized as
an open-end management company or similar entity, that invests in a
portfolio of securities selected by the Investment Company's
investment adviser consistent with the Investment Company's
investment objectives and policies, which is issued in a specified
aggregate minimum number in return for a deposit of a specified
portfolio of securities and/or a cash amount with a value equal to
the next determined net asset value (``NAV''), and when aggregated
in the same specified minimum number, may be redeemed at a holder's
request, which holder will be paid a specified portfolio of
securities and/or cash with a value equal to the next determined NAV
(``Managed Fund Share'').
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Fifth, the Exchange proposes to replace the term ``comprehensive
surveillance agreement'' within Options 4, Section 3(h)(2) (A)--(D)
with the term ``comprehensive surveillance sharing agreement.'' This
will bring greater clarity to the term. Further, the Exchange proposes
to add the phrase ``if not available or applicable, the Exchange-Traded
Fund's'' within Options 4, Section 3(h)(2)(B), (C), and (D) to clarify
that when component securities are not available, the portfolio of
securities upon which the Exchange-Traded Fund Share is based can be
used instead. The Exchange notes that ``not available'' is intended for
cases where the Exchange does not have access to the index components,
in those cases the Exchange would look to the portfolio components. The
term ``not applicable'' is intended if the fund is active and does not
track an index and only the portfolio is available. The Exchange also
proposes to wordsmith Options 4, Section 3(h)(2)(B) to provide, ``any
non-U.S. component securities of an index on which the Exchange-Traded
Fund Shares are based or if not available or applicable, the Exchange-
Traded Fund's portfolio of securities that are not subject to
comprehensive surveillance sharing agreements do not in the aggregate
represent more than 50% of the weight of the index or portfolio;''.
Finally, the Exchange proposes to wordsmith Options 4, Section
3(h)(2)(C) and (D) to relocate the phrase ``on which the Exchange-
Traded Fund Shares are based'' and add ``or portfolio'' to bring
greater clarity to the rule text by conforming the rule text of (C) and
(D) to the language within (B). The Exchange believes that the revised
wording will bring greater clarity to the rule text. The Exchange
proposes to change ``than'' to ``that'' within Options 4, Section
3(C)(2)(A)(ii). Also, the Exchange proposes to change ``In'' to ``in''
within Options 4, Section 3(h)(1).
Incorporation by Reference
The Exchange proposes to incorporate by reference the Phlx Options
4 Rules to ISE Options 4 Rules. To that end, Phlx proposes to replace
the current Phlx Options 4 Rules with the following rule text:
The rules contained in Nasdaq ISE Options 4, as such rules may
be in effect from time to time (the ``Options 4 Rules''), are hereby
incorporated by reference into this Nasdaq PHLX Options 4, and are
thus Nasdaq PHLX Rules and thereby applicable to Nasdaq PHLX
members, member organizations, and associated persons and other
personnel. Nasdaq PHLX members and member organizations shall comply
with the Options 4 Rules as though such rules were fully set forth
herein. All defined terms, including any variations thereof,
contained in the Options 4 Rules shall be read to refer to the
Nasdaq PHLX related meaning of such term. Solely by way of example,
and not in limitation or in exhaustion: The defined term
``Exchange'' in the Options 4 Rules shall be read to refer to Nasdaq
PHLX; the defined term ``Rule'' in the Options 4 Rules shall be read
to refer to the Nasdaq PHLX Rule; the defined term ``Market Maker''
in the Options 4 Rules shall be read to refer to the Nasdaq PHLX
Market Maker; the defined term ``Primary Market Maker'' in the
Options 4 Rules shall be read to refer to the Nasdaq PHLX Lead
Market Maker; the defined term ``Competitive Market Maker'' in the
Options 4 Rules shall be read to refer to Nasdaq PHLX Market Maker;
and the defined terms ``Electronic Access Member,'' ``EAM,'' or
``Member'' in the Options 4 Rules shall be read to refer to the
Nasdaq PHLX member organization.
This rule text will account for differences that may exist in the
usage of terms as between Phlx and ISE. The proposed rule text list
instances in which cross references in the ISE Options 4 Rules to Phlx
Options 4 Rules shall be read to refer instead to the Exchange Rules,
and references to ISE terms (whether or not defined) shall be read to
refer to the Exchange-related meanings of those terms. For instance,
references to defined terms ``Exchange'' or ``ISE'' shall be read to
refer to ISE.
The Exchange proposes to delete in their entirety the Phlx Options
4 Rules and incorporate by reference the ISE Options 4 Rules.\9\ Today,
the rules of Nasdaq GEMX, LLC and Nasdaq MRX, LLC are incorporated by
reference to the rules of ISE. The Exchange will also separately file
to incorporate the Options 4 Rules of Nasdaq BX, Inc. and The Nasdaq
Stock Market LLC to the ISE Options 4 Rules, respectively, to ISE. The
Exchange believes that harmonizing the Options 4 Rules across its 6
Nasdaq Affiliated Options Exchanges will assist the Exchange in listing
options across its affiliated markets. Also, incorporating by reference
the ISE Options 4 Rules into the Exchange's rulebook will organize
those listing rules in a more logical order, thereby eliminating
unnecessary complexity in the listing process and otherwise
streamlining the Exchange's existing listing rules and their associated
procedures.
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\9\ The Exchange will separately request an exemption from the
rule filing requirements of Section 19(b) of the Act for changes to
Phlx Options 4 Rules to the extent such rules are affected solely by
virtue of a change to ISE Options 4 Rules. The Exchange's proposed
rule change will not become effective unless and until the
Commission grants this exemption request.
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\10\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\11\ in particular, in that it is designed to
promote just and equitable principles of trade and to protect investors
and the public interest.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
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The Exchange's proposal to remove the rule text at the end of the
paragraph
[[Page 52515]]
within Options 4, Section 3(h) which provides, ``all of the following
conditions are met,'' and creating separate paragraphs for Options 4,
Section 3(h)(1) and (2) is consistent with the Act. This will de-link
these subparagraphs so they are read independently. Today, Options 4,
Section 3(h)(1) applies to all Exchange-Traded Fund Shares. The
Exchange's proposal to clarify that Options 4, Section 3(h)(2) applies
to only international or global indexes or portfolios that include non-
U.S. securities will bring greater clarity to the qualification
standards for listing options on Exchange-Traded Fund Shares. ISE
Options 4, Section 3(h) currently has similar rule text. Proposed
Options 4, Sections 3(h) generally concerns securities deemed
appropriate for options trading. The proposed rule text adds language
stating that subparagraph (h)(2) of Options 4, Section 3 applies to the
extent the Exchange-Traded Fund Share is based on international or
global indexes or portfolios that include non-U.S. securities. This
language is intended to serve as a guidepost and clarify that (1)
subparagraph (h)(2) does not apply to an Exchange-Traded Fund Shares
based on a U.S. domestic index or portfolio, and (2) subparagraph
(h)(2) includes Exchange-Traded Fund Shares that track a portfolio and
do not track an index.
The Exchange's proposal to remove the phrase ``for series of
portfolio depositary receipts and index fund shares based on
international or global indexes,'' within Options 4, Section 3(h)(2)(A)
is consistent with the Act. Today, Options 4, Section 3(h),
subparagraphs (h)(1) and (h)(v) permit the Exchange to list options on
Exchange-Traded Fund Shares based on generic listing standards for
portfolio depositary receipts and index fund shares without applying
component-based requirements in subparagraphs (h)(2)(B)-(D). By
removing the proposed rule text, the Exchange would make clear that
subparagraph (h)(2)(A) applies to Exchange-Traded Fund Shares based on
international or global indexes, or portfolios that include non-U.S.
securities, that are listed pursuant to generic listing standards and
comply with Options 4, Section 3(h) and subparagraph (h)(1).
The Exchange's proposal to replace the term ``comprehensive
surveillance agreement'' within Options 4, Section 3(h)(2) (A)-(D) with
the term ``comprehensive surveillance sharing agreement'' is consistent
with the Act as the proposed phrase will bring greater clarity to the
rule.
Adding the phrase ``if not available or applicable, the Exchange-
Traded Fund's'' to Options 4, Section 3(h)(2)(B), (C), and (D) is
consistent with the Act as it will clarify that when component
securities are not available, the portfolio of securities upon which
the Exchange-Traded Fund Share is based can be used instead. This rule
text currently exists within ISE Options 4, Section 3(h).
The Exchange's proposal to relocate the rule text within Options 4,
Section 3(h)(2)(B), (C), and (D) will bring greater clarity to the
current rule text by explicitly providing that the index being
referenced is the one on which the Exchange-Traded Fund Shares is
based. Also, adding ``or portfolio'' to Options 4, Section 3(h)(2)(C),
and (D) will bring greater clarity to the rule text by conforming the
rule text of (C) and (D) to the language within (B).
As proposed herein, the rule text of Options 3, Section 3 will
conform to ISE Options 3, Section 3. The proposal 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 by easing the Participants', market participants', and the
general public's navigation and reading of the rules, lessening
potential confusion, and adding clarity for market participants.
As a general matter, deleting its existing listing rules and
incorporating by reference the ISE Options 4 Rules will promote a free
and open market, and will benefit investors, the public, and the
markets, because the new rules will be clearer, better organized, and
simpler. Also, the proposal is just and equitable because it will
render the Exchange's listing rules easier for members and member
organizations to read and understand.
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.
Removing rule text within Options 4, Section 3(h) at the end of the
paragraph and creating separate paragraphs for Options 4, Section
3(h)(1) and (2) does not impose an undue burden on competition, rather
it will de-link these subparagraphs so they are read independently.
Today, Options 4, Section 3(h)(1) applies to all Exchange-Traded Fund
Shares. Clarifying Options 4, Section 3(h)(2) applies to only
international or global Exchange-Traded Fund Shares that include non-
U.S. securities will bring greater clarity to the qualification
standards for listing options on Exchange-Traded Fund Shares.
Specifically, this language is intended to serve as a guidepost and
clarify that (1) subparagraph (h)(2) does not apply to an Exchange-
Traded Fund Shares based on a U.S. domestic index or portfolio, and (2)
subparagraph (h)(2) includes Exchange-Traded Fund Shares that track a
portfolio and do not track an index. The Exchange will uniformly apply
the criteria within Options 4, Section 3 when it lists options products
on Phlx.
Removing rule text within Options 4, Section 3(h)(2)(A) does not
impose an undue burden on competition. Today, Options 4, Section 3(h),
subparagraphs (h)(1) and (h)(v) permit the Exchange to list options on
Exchange-Traded Fund Shares based on generic listing standards for
portfolio depositary receipts and index fund shares without applying
component-based requirements in subparagraphs (h)(2)(B)-(D). By
removing the proposed rule text, the Exchange would make clear that
subparagraph (h)(2)(A) applies to Exchange-Traded Fund Shares based on
international or global indexes, or portfolios that include non-U.S.
securities, that are listed pursuant to generic listing standards and
comply with Options 4, Section 3(h) and subparagraph (h)(1). The
Exchange will uniformly apply the criteria within Options 4, Section 3
when it lists options products on Phlx.
Replacing the term ``comprehensive surveillance agreement'' within
Options 4, Section 3(h)(2)(A)-(D) with ``comprehensive surveillance
sharing agreement'' does not impose an undue burden on competition as
the new phrase will bring greater clarity to the rule.
Adding the phrase ``if not available or applicable, the Exchange-
Traded Fund's'' to Options 4, Section 3(h)(2)(B), (C), and (D) does not
impose an undue burden on competition as it will clarify that when
component securities are not available, the portfolio of securities
upon which the Exchange-Traded Fund Share is based can be used instead.
Relocating the rule text within Options 4, Section 3(h)(2)(B), (C),
and (D) will bring greater clarity to the current rule text by
explicitly providing that the index being referenced is the one on
which the Exchange-Traded Fund Shares is based. Also, adding ``or
portfolio'' to Options 4, Section 3(h)(2)(C), and (D) will bring
greater clarity to the rule text by conforming the rule text of (C) and
(D) to the language within (B).
The Exchange does not expect that its proposed changes to
incorporate Phlx's
[[Page 52516]]
Options 4 Rules to ISE's Options 4 Rules will have any competitive
impact on Phlx's listing rules, to the contrary, the Exchange hopes
that by clarifying, reorganizing, and streamlining its listing rules,
the Exchange's listing process will be clear. The proposed changes will
apply equally to all market participants.
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 \12\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\13\
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\12\ 15 U.S.C. 78s(b)(3)(A)(iii).
\13\ 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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#097b7c656c246a6664646c677d7a497a6c6a276e667f"><span class="__cf_email__" data-cfemail="d5a7a0b9b0f8b6bab8b8b0bba1a695a6b0b6fbb2baa3">[email protected]</span></a>. Please include
File Number SR-Phlx-2021-53 on the subject line.
Paper Comments
<bullet> 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-Phlx-2021-53. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-Phlx-2021-53 and should be submitted on
or before October 12, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-20329 Filed 9-20-21; 8:45 am]
BILLING CODE 8011-01-P
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