Notice2021-23932
Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by MIAX PEARL, LLC To Amend Exchange Rule 501, Days and Hours of Business, To Make Juneteenth National Independence Day a Holiday of the Exchange
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
November 3, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 210 (Wednesday, November 3, 2021)</title>
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[Federal Register Volume 86, Number 210 (Wednesday, November 3, 2021)]
[Notices]
[Pages 60681-60683]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-23932]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93460; File No. SR-PEARL-2021-52]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change by MIAX PEARL, LLC To Amend
Exchange Rule 501, Days and Hours of Business, To Make Juneteenth
National Independence Day a Holiday of the Exchange
October 28, 2021.
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 October 22, 2021, MIAX PEARL, LLC (``MIAX Pearl)'' 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.
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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 the
Substance of the Proposed Rule Change
The Exchange is filing a proposal to amend Exchange Rule 501, Days
and Hours of Business, Interpretation and Policy .02, to make
Juneteenth National Independence Day a holiday of the Exchange.
Juneteenth National Independence Day was designated a legal public
holiday in June 2021.
The text of the proposed rule change is available on the Exchange's
website at <a href="http://www.miaxoptions.com/rule-filings/pearl">http://www.miaxoptions.com/rule-filings/pearl</a> at MIAX
Pearl's principal office, and at the Commission's Public Reference
Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Exchange Rule 501, Days and Hours of
Business, Interpretation and Policy .02, to make Juneteenth National
Independence Day a holiday of the Exchange. On June 17, 2021,
Juneteenth National Independence Day was designated a legal public
holiday.\3\ Consistent with broad industry sentiment \4\ and the
approach recommended by the Securities Industry and Financial Markets
Association (``SIFMA''),\5\ the Exchange proposes to add ``Juneteenth
National Independence Day'' to the existing list of holidays in
Exchange Rule 501, Interpretation and Policy .02. As a result, the
Exchange will not be open for business on Juneteenth National
Independence Day, which falls on June 19 of each year. In accordance
with Exchange Rule 501, Interpretation and Policy .02, when the holiday
falls on a Saturday, the Exchange will not be open for business on the
preceding Friday, and when it falls on a Sunday, the Exchange will not
[[Page 60682]]
be open for business on the succeeding Monday.\6\
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\3\ Public Law 117-17.
\4\ See, e.g., <a href="https://www.bloomberg.com/news/articles/2021-06-18/bofa-makes-juneteenth-a-holiday-joining-jpmorgan-wells-fargo?sref=HhuelscO">https://www.bloomberg.com/news/articles/2021-06-18/bofa-makes-juneteenth-a-holiday-joining-jpmorgan-wells-fargo?sref=HhuelscO</a>.
\5\ SIFMA recommends a full market close in observance of
Juneteenth National Independence Day. See <a href="https://www.sifma.org/resources/general/holiday-schedule/">https://www.sifma.org/resources/general/holiday-schedule/</a>. See also <a href="https://www.sifma.org/resources/news/sifma-revises-2022-fixed-income-market-close-recommendations-in-the-u-s-to-include-full-close-for-juneteenth-national-independence-day/">https://www.sifma.org/resources/news/sifma-revises-2022-fixed-income-market-close-recommendations-in-the-u-s-to-include-full-close-for-juneteenth-national-independence-day/</a>.
\6\ Exchange Rule 501. There is an exception to the practice if
unusual business conditions exist. Id.
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The first sentence of Interpretation and Policy .02 would read as
follows (proposed additions underlined):
The Board of Directors has determined that the Exchange will not be
open for business on New Year's Day, Martin Luther King, Jr. Day,
Presidents' Day, Good Friday, Memorial Day, Juneteenth National
Independence Day, Independence Day, Labor Day, Thanksgiving Day or
Christmas Day.
2. Statutory Basis
The Exchange believes that its proposed rule change 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 prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanisms of a free and open market and a national market
system and, in general, to protect investors and the public interest.
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\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed change promotes just and
equitable principles of trade and removes impediment to and perfects
the mechanism of a free and open market and a national market system
because the proposed rule change would clearly state that the Exchange
will not be open for business on Juneteenth National Independence Day,
which is a federal holiday, and would address what day would be taken
off if June 19 fell on a Saturday or Sunday. The change would thereby
promote clarity and transparency in the Exchange's Rules by updating
the list of holidays of the Exchange. The proposed rule change was
based on recent proposals by NYSE Arca, Inc., New York Stock Exchange
LLC, NYSE American LLC, NYSE Chicago, Inc., and NYSE National, Inc.\9\
Therefore, the proposed change does not raise any new or novel issues.
For these reasons, the Exchange believes that the proposal is
consistent with the Act.
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\9\ See Securities Exchange Act Release Nos. 93186 (September
30, 2021), 86 FR 55041 (October 5, 2021) (SR-NYSEArca-2021-85);
93183 (September 30, 2021), 86 FR 55068 (October 5, 2021) (SR-NYSE-
2021-56); 93187 (September 30, 2021), 86 FR 55069 (October 5, 2021)
(SR-NYSEAmer-2021-39); 93182 (September 30, 2021), 86 FR 55083
(October 5, 2021) (SR-NYSECHX-2021-13); 93179 [sic] (September 30,
2021), 86 FR 55033 (October 5, 2021) (SR-NYSENAT-2021-18).
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B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\10\ the Exchange
believes that the proposed rule change will not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The proposed change is not designed to address any
competitive issue but rather to amend the Exchange Rule regarding days
and hours of business.
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\10\ 15 U.S.C. 78f(b)(8).
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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 \11\ and Rule 19b-
4(f)(6)(iii) thereunder.\12\
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
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.
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A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the proposal may become operative prior to 30 days after the date of
the filing. The Exchange states that waiver of the operative delay
would be consistent with the protection of investors and the public
interest because the proposed rule change, as described above, would
state that the Exchange will not be open for business on Juneteenth
National Independence Day, which is a federal holiday, and would
address what day would be taken off if June 19 fell on a Saturday or
Sunday. The Exchange further states that the proposed change does not
raise any new or novel issues. For these reasons, the Commission
believes 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 operative delay and designates the
proposed rule change operative upon filing.\15\
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such 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 change 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#91e3e4fdf4bcf2fefcfcf4ffe5e2d1e2f4f2bff6fee7"><span class="__cf_email__" data-cfemail="d7a5a2bbb2fab4b8babab2b9a3a497a4b2b4f9b0b8a1">[email protected]</span></a>. Please include
File Number SR-PEARL-2021-52 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-PEARL-2021-52. 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
[[Page 60683]]
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-
PEARL-2021-52, and should be submitted on or before November 24, 2021.
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\16\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-23932 Filed 11-2-21; 8:45 am]
BILLING CODE 8011-01-P
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