Notice2022-06387
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make a Formatting Change to Exchange Rule 531, Reports, Market Data Products and Services
Primary source
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Published
March 28, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 59 (Monday, March 28, 2022)</title>
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[Federal Register Volume 87, Number 59 (Monday, March 28, 2022)]
[Notices]
[Pages 17347-17349]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-06387]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94489; File No. SR-EMERALD-2022-11]
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Make a
Formatting Change to Exchange Rule 531, Reports, Market Data Products
and Services
March 22, 2022.
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 March 11, 2022, MIAX Emerald, LLC (``MIAX Emerald'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') a
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 make an administrative, immaterial change
to update the subparagraph lettering in Exchange Rule 531.
The text of the proposed rule change is available on the Exchange's
website at <a href="http://www.miaxoptions.com/rule-filings/emerald">http://www.miaxoptions.com/rule-filings/emerald</a> at MIAX
Emerald'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
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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 make an administrative, immaterial change
to update the subparagraph lettering in Exchange Rule 531 by changing
subparagraph (c), High Precision Network Time Signal Service, to
subparagraph (d). On November 19, 2021, the Exchange filed a proposed
rule change to adopt Exchange Rule 531(c), High Precision Network Time
Signal Service (``HPNTSS''), and that proposed rule change was
published for comment in the Federal Register on December 7, 2021 (the
``HPNTSS Proposal'').\3\ On January 27, 2022, the Exchange filed a
proposed rule change for immediate effectiveness to amend Exchange Rule
531(b) to provide for the new ``Liquidity Taker Event Report--Complex
Orders'' and, within that filing, proposed to move the rule text for
the then-current subparagraph (b), Market Data Products, to become new
subparagraph (c) under Exchange Rule 531.\4\ Thereafter, the Commission
approved the HPNTSS Proposal on March 1, 2022,\5\ which resulted in
Exchange Rule 531 containing two separate references to paragraph (c),
one for HPNTSS and a second for Market Data Products. The Exchange now
proposes to update the subparagraph lettering for HPNTSS to be under
paragraph (d) to Exchange Rule 531. The Exchange does not propose to
make any substantive changes to the text of Exchange Rule 531.
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\3\ See Securities Exchange Act Release No. 93698 (December 1,
2021), 86 FR 69301 (December 7, 2021) (SR-EMERALD-2021-38).
\4\ See Securities Exchange Act Release No. 94136 (February 2,
2022), 87 FR 7223 (February 8, 2022) (SR-EMERALD-2022-02).
\5\ See Securities Exchange Act Release No. 94335 (March 1,
2022), 87 FR 12756 (March 7, 2022).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\6\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \7\ requirements that the rules of
an exchange be designed to remove impediments to and perfect the
mechanism of a free and open market and a national market system
because it proposes an administrative, immaterial change to update the
subparagraph lettering in Exchange Rule 531 by changing subparagraph
(c), High Precision Network Time Signal Service, to now be subparagraph
(d). This change is simply intended to remove two separate references
to subparagraph (c) within Exchange Rule 531, one for HPNTSS and a
second for Market Data Products. The Exchange does not propose any
other changes to Exchange Rule 531. The proposed rule change would
prevent any potential investor confusion by providing clarity within
the rule text and make the Exchange's rules easier to understand,
thereby removing impediments to and perfecting the mechanism of a free
and open market and a national market system.
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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change would
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 would not have any impact on inter-market
competition or intra-market competition because it simply updates
subparagraph lettering in Exchange Rule 531 without making any
substantive changes. The proposed rule change is ministerial in nature
and does not propose any new products or services, and thus, would not
have any impact on competition.
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 after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) \9\
thereunder.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 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#493b3c252c642a2624242c273d3a093a2c2a672e263f"><span class="__cf_email__" data-cfemail="7200071e175f111d1f1f171c0601320117115c151d04">[email protected]</span></a>. Please include
File Number SR-EMERALD-2022-11 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-EMERALD-2022-11. 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
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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-EMERALD-2022-
11 and should be submitted on or before April 18, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-06387 Filed 3-25-22; 8:45 am]
BILLING CODE 8011-01-P
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