Notice2021-25128
Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change 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 18, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 220 (Thursday, November 18, 2021)</title>
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[Federal Register Volume 86, Number 220 (Thursday, November 18, 2021)]
[Notices]
[Pages 64552-64554]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-25128]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93560; File No. SR-IEX-2021-15]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Make
Juneteenth National Independence Day a Holiday of the Exchange
November 12, 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 November 9, 2021, 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.
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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
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 11.110 (Hours of Trading and
Trading Days) 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 Exchange has designated this
rule change as ``non-controversial'' under Section 19(b)(3)(A) of the
Act \5\ and provided the Commission with the notice required by Rule
19b-4(f)(6) thereunder.\6\
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\3\ 15 U.S.C. 78s(b)(1).
\4\ 17 CFR 240.19b-4.
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4.
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The text of the proposed rule change is available at the Exchange's
website at <a href="http://www.iextrading.com">www.iextrading.com</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 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 statement 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
The Exchange proposes to amend IEX Rule 11.110 (Hours of Trading
and Trading Days) to make Juneteenth National Independence Day a
holiday of the Exchange. This rule filing is based on a proposal
recently submitted by the New York Stock Exchange LLC (``NYSE'') and
its affiliated exchanges.\7\ On June 17, 2021, Juneteenth National
Independence Day was designated a legal public holiday.\8\ Consistent
with industry sentiment,\9\ the approach recommended by the Securities
Industry and Financial Markets Association (``SIFMA''),\10\ and IEX's
own determination that IEX's rules should recognize this important date
in American history, the Exchange proposes to add ``Juneteenth National
Independence Day'' to the existing list of holidays in paragraph (b) of
IEX Rule 11.110. 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 paragraph (b) of IEX Rule 11.110,
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 be open for business on the
[[Page 64553]]
following Monday, unless otherwise indicated by the Exchange.\11\
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\7\ See Securities Exchange Act Release No. 93183 (September 30,
2021), 86 FR 55068 (October 5, 2021) (SR-NYSE-2021-56) (amending
NYSE Rule 7.2 to include Juneteenth as an exchange holiday).
\8\ Public Law 117-17.
\9\ See, e.g., Bank of America Makes Juneteenth a Holiday,
Joining JPMorgan, Wells Fargo.
\10\ SIFMA recommends a full market close in observance of
Juneteenth National Independence Day. See SIFMA Revises 2022 Fixed
Income Market Close Recommendations in the U.S. to Include Full
Close for Juneteenth National Independence Day.
\11\ The Exchange might otherwise indicate if unusual business
conditions exist such as the ending of a monthly or yearly
accounting period.
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Accordingly, as proposed paragraph (b) of IEX Rule 11.110 would be
revised to read as follows (proposed additions underlined):
The Exchange will be open for the transaction of business on
business days. The Exchange will not be open for business on the
following holidays: New Year's Day, Dr. Martin Luther King Jr. Day,
Presidents Day, Good Friday, Memorial Day, Juneteenth National
Independence Day, Independence Day, Labor Day, Thanksgiving Day, and
Christmas. When any holiday observed by the Exchange falls on a
Saturday, the Exchange will not be open for business on the
preceding Friday. When any holiday observed by the Exchange falls on
a Sunday, the Exchange will not be open for business on the
following Monday, unless otherwise indicated by the Exchange.
The Exchange also notes that several other national securities
exchanges have added Juneteenth National Independence Day as an
exchange holiday as well.\12\
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\12\ See BOX Exchange LLC Rule 7020(e); Miami International
Securities Exchange LLC Rule 501; MIAX Emerald, LLC Rule 501; MIAX
Pearl, LLC Rule 501; NYSE Rule 7.2; NYSE American LLC Rule 7.2E;
NYSE Arca, Inc. Rules 7.2-E and 7.2-O; NYSE Chicago, Inc. Rule 7.2
and NYSE National Rule 7.2.
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2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) \13\ of the Act in general, and furthers the
objectives of Section 6(b)(5) of the Act \14\ 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.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
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Specifically, the Exchange believes that the proposed change would
remove impediments to and perfect the mechanism of a free and open
market and a national market system and, in general, protect investors
and the public interest because the proposed amended rule 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 rules by updating the list of holidays of 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. The Exchange believes that the
proposed correction does not impact competition in any respect since it
is designed to simply amend the Exchange rule regarding holidays.
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 \15\ and Rule 19b-
4(f)(6)(iii) thereunder.\16\
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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 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) \17\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\18\ 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.\19\
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\17\ 17 CFR 240.19b-4(f)(6).
\18\ 17 CFR 240.19b-4(f)(6)(iii).
\19\ 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#f183849d94dc929e9c9c949f8582b1829492df969e87"><span class="__cf_email__" data-cfemail="1361667f763e707c7e7e767d6760536076703d747c65">[email protected]</span></a>. Please include
File Number SR-IEX-2021-15 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-IEX-2021-15. 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
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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-IEX-2021-15, and should be
submitted on or before December 9, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-25128 Filed 11-17-21; 8:45 am]
BILLING CODE 8011-01-P
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