Notice2023-21627
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by MIAX PEARL, LLC To Renumber the MIAX Pearl Equities Rulebook
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
October 2, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 189 (Monday, October 2, 2023)</title>
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[Federal Register Volume 88, Number 189 (Monday, October 2, 2023)]
[Notices]
[Pages 67835-67838]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-21627]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98535; File No. SR-PEARL-2023-47]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change by MIAX PEARL,
LLC To Renumber the MIAX Pearl Equities Rulebook
September 26, 2023.
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 22, 2023, MIAX PEARL, LLC (``MIAX Pearl'' or
``Exchange'') filed with the Securities and Exchange Commission
(``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 is filing a proposal to amend Exchange Rule 2614,
Orders and Order Instructions, Rule 2615, Opening Process for Equity
Securities, Rule 2616, Priority of Orders, Rule 2617, Order Execution
and Routing, Rule 2622, Limit Up-Limit Down Plan and Trading Halts, and
Rule 2623, Short Sales, to make minor, non-substantive edits and
clarifying changes to the rule text applicable to MIAX Pearl Equities
(``MIAX Pearl Equities''),\3\ an equities trading facility of the
Exchange.
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\3\ The term ``MIAX Pearl Equities'' shall mean MIAX Pearl
Equities, a facility of MIAX PEARL, LLC. See Exchange Rule 1901.
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The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-equities/pearl-equities/rule-filings">https://www.miaxglobal.com/markets/us-equities/pearl-equities/rule-filings</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 the hierarchical headings in
Exchange Rule 2614 as follows: subparagraphs (a)(1)(A)-(J) will be
renumbered as (a)(1)(i)-(x); subparagraph (a)(1)(A)(i) will be
renumbered as (a)(1)(i)(A); subparagraphs (a)(1)(E)(i)-(ii) will be
renumbered as (a)(1)(v)(A)-(B); subparagraphs (a)(1)(I)(i)-(iv) will be
renumbered as (a)(1)(ix)(A)-(D); subparagraphs (a)(1)(I)(i)(a)-(c) will
be renumbered as (a)(1)(ix)(A)1.-3.; subparagraphs (a)(2)(A)-(F) will
be renumbered as (a)(2)(i)-(vi); subparagraphs (a)(3)(A)-(E) will be
renumbered as (a)(3)(i)-(v); subparagraphs (a)(3)(A)(i)-(ii) will be
renumbered as (a)(3)(i)(A)-(B); subparagraphs (a)(3)(A)(i)(a)-(b) will
be renumbered as (a)(3)(i)(A)1.-2.; subparagraphs (a)(3)(A)(ii)(a)-(h)
will be renumbered as (a)(3)(i)(B)1.-8.; subparagraphs (c)(2)(A)-(B)
will be renumbered as (c)(2)(i)-(ii); subparagraphs (c)(2)(A)(i)-(ii)
will be renumbered as (c)(2)(i)(A)-(B); subparagraphs (c)(7)(A)-(D)
will be renumbered as (c)(7)(i)-(iv); subparagraph (c)(7)(A)(i) will be
renumbered as (c)(7)(i)(A); subparagraphs (c)(7)(B)(i)-(iv) will be
renumbered as (c)(7)(ii)(A)-(D); and subparagraphs (c)(7)(B)(i)(1)-(2)
will be renumbered as (c)(7)(ii)(A)1.-2.; subparagraphs
(c)(7)(B)(iii)(1)-(2) will be renumbered as (c)(7)(ii)(C)1.-2.;
subparagraphs (c)(7)(C)(i)-(ii) will be renumbered as (c)(7)(iii)(A)-
(B); subparagraphs (c)(8)(A)-(D) will be renumbered as (c)(8)(i)-(iv);
subparagraphs (c)(8)(A)(i)-(iii) will be renumbered as (c)(8)(i)(A)-
(C); subparagraphs (c)(8)(A)(i)(1)-(2) will be renumbered as
(c)(8)(i)(A)1.-2.; subparagraphs (c)(8)(B)(i)-(ii) will be renumbered
as (c)(8)(ii)(A)-(B); subparagraphs (d)(1)(A)-(B) will be renumbered as
(d)(1)(i)-(ii); subparagraphs (g)(1)(A)-(E) will be renumbered as
(g)(1)(i)-(v); and subparagraphs (g)(3)(A)-(E) will be renumbered as
(g)(3)(i)-(v).
The Exchange proposes to amend the hierarchical headings in
Exchange Rule 2615 as follows: subparagraphs (e)(1)(A)-(B) will be
renumbered as (e)(1)(i)-(ii).
The Exchange proposes to amend the hierarchical headings in
Exchange Rule 2616 as follows: subparagraphs (a)(2)(A)-(B) will be
renumbered as (a)(2)(i)-(ii); subparagraphs (a)(2)(A)(i)-(ii) will be
renumbered as (a)(2)(i)(A)-(B); subparagraph (a)(2)(B)(i) will be
renumbered as (a)(2)(ii)(A); subparagraphs (a)(3)(A)-(B) will be
renumbered as (a)(3)(i)-(ii); and subparagraphs (a)(3)(A)(i)-(ii) will
be renumbered as (a)(3)(i)(A)-(B).
The Exchange proposes to amend the hierarchical headings in
Exchange Rule 2622 as follows: subparagraphs (e)(1)(A)-(D) will be
renumbered as (e)(1)(i)-(iv); subparagraphs (h)(1)(A)-(M) will be
renumbered as (h)(1)(i)-(xiii); subparagraphs (h)(1)(A)(i)-(iv) will be
renumbered as (h)(1)(i)(A)-(D); subparagraphs (h)(2)(A)-(B) will be
renumbered as (h)(2)(i)-(ii); subparagraphs (h)(2)(A)(i)-(iii) will be
renumbered as (h)(2)(i)(A)-(C); subparagraphs (h)(2)(A)(i)(a)-(e) will
be renumbered as (h)(2)(i)(A)1.-5.; subparagraphs (h)(2)(A)(i)(a)1.-2.
will be renumbered as (h)(2)(i)(A)1.a.-b.; subparagraphs
(h)(2)(A)(i)(e)1.-4. will be renumbered as (h)(2)(i)(A)5.a.-d.;
subparagraph (h)(2)(A)(iii)(a) will be renumbered as (h)(2)(i)(C)1.;
subparagraphs (h)(2)(A)(iii)(a)1.-3. will be renumbered as
(h)(2)(i)(C)1.a.-c.; subparagraphs (h)(2)(B)(i)-(iii) will be
renumbered as (h)(2)(ii)(A)-(C); subparagraph (h)(2)(B)(i)(a) will be
renumbered as (h)(2)(ii)(A)1.; subparagraph (h)(2)(B)(ii)(a) will be
renumbered as (h)(2)(ii)(B)1.; subparagraphs (h)(3)(A)-(C) will be
renumbered as (h)(3)(i)-(iii); subparagraphs (h)(3)(A)(i)-(ii) will be
renumbered as (h)(3)(i)(A)-(B); and subparagraphs (h)(3)(C)(i)-(iii)
will be renumbered as (h)(3)(iii)(A)-(C).
Next, the Exchange proposes to amend proposed renumbered
subparagraph (a)(1)(vi) of Exchange Rule 2614 to replace certain
internal cross references to another subparagraph of Exchange Rule 2614
in light of the proposed hierarchical heading changes described above.
In particular, the Exchange proposes to amend the cross references
contained in proposed renumbered Exchange Rule 2614(a)(1)(vi), that are
to subparagraph
[[Page 67836]]
2614(g)(3)(A), to now be to proposed renumbered subparagraph
2614(g)(3)(i). Accordingly, with all the proposed changes, Exchange
Rule 2614(a)(1)(vi) will provide as follows:
(vi) Re-Pricing to Comply with Rule 201 of Regulation SHO.
During a Short Sale Period, as defined in Exchange Rule
2614(g)(3)(i), a Limit Order to sell that is designated as short and
cannot be executed or displayed on the MIAX Pearl Equities Book at
its limit price pursuant to Rule 201 of Regulation SHO will be re-
priced to a Permitted Price, as defined in Exchange Rule
2614(g)(3)(i), pursuant to the Short Sale Price Sliding Process,
unless the User affirmatively elects to have the order immediately
cancelled.
During a Short Sale Period, as defined in Exchange Rule
2614(g)(3)(i), the System will immediately cancel any portion of an
incoming Limit Order designated as ISO and short that includes a
time-in-force instruction RHO that cannot be executed or displayed
at its limit price at the time of entry pursuant to Rule 201 of
Regulation SHO.
Next, the Exchange proposes to amend proposed renumbered
subparagraphs (a)(1)(ix)(A)1.-3. of Exchange Rule 2614 to replace
certain internal cross references to other subparagraphs of Exchange
Rule 2614 in light of the hierarchical heading changes described above.
In particular, the Exchange proposes to amend the cross references
contained in proposed renumbered Exchange Rule 2614(a)(1)(ix)(A) that
are to subparagraphs (a) and (b), to now be to subparagraphs 1. and 2.,
respectively. Accordingly, with all the proposed changes, Exchange Rule
2614(a)(1)(ix)(A)1.-3. will provide as follows:
1. PBO for Limit Orders to buy, the PBB for Limit Orders to
sell;
2. if 1. is unavailable, consolidated last sale price
disseminated during the Regular Trading Hours on trade date; or
3. if neither 1. or 2. are available, the prior day's Official
Closing Price identified as such by the primary listing exchange,
adjusted to account for events such as corporate actions and news
events.
Next, the Exchange proposes to amend proposed renumbered
subparagraph (a)(1)(ix)(C) of Exchange Rule 2614 to replace certain
internal cross references to other subparagraphs of Exchange Rule 2614
in light of the hierarchical heading changes described above. In
particular, the Exchange proposes to amend the cross references
contained in proposed renumbered Exchange Rule 2614 (a)(1)(ix)(C)that
are to subparagraphs (a)(1)(I)(i)(a), (b), and (c), to now be to
subparagraphs (a)(1)(ix)(A)1., 2., and 3., respectively. Accordingly,
with all the proposed changes, Exchange Rule 2614 (a)(1)(ix)(C) will
provide as follows:
(C) Applicability. Limit Order Price Protection will be applied
when an order is first eligible to trade. A Limit Order entered
before the Regular Trading Session that becomes eligible to trade in
the Regular Trading Session will become subject to Limit Order Price
Protection when the Regular Trading Session begins. Limit Order
Price Protection will not be applied if the prices listed under
paragraphs (a)(1)(ix)(A)1., 2., or 3. of this Exchange Rule 2614 are
unavailable or if the price listed under paragraph (a)(1)(ix)(A)3.
is to be applied and a regulatory halt has been declared by the
primary listing market during that trading day.
Next, the Exchange proposes to amend proposed renumbered
subparagraph (a)(2)(v) of Exchange Rule 2614 to replace certain
internal cross references to another subparagraph of Exchange Rule 2614
in light of the hierarchical heading changes described above. In
particular, the Exchange proposes to amend the cross references
contained in proposed renumbered Exchange Rule 2614 (a)(2)(v) that are
to subparagraph (g)(3)(A) to now be to subparagraph (g)(3)(i).
Accordingly, with all the proposed changes, Exchange Rule 2614
(a)(2)(v) will provide as follows:
(v) Short Sales. During a Short Sale Period, as defined in
Exchange Rule 2614(g)(3)(i), a Market Order to sell that is marked
short will be cancelled upon entry if it cannot be executed at a
Permitted Price or better, as defined in Exchange Rule
2614(g)(3)(i).
Next, the Exchange proposes to amend proposed renumbered
subparagraph (a)(3)(i)(B)6. of Exchange Rule 2614 to replace certain
internal cross references to another subparagraph of Exchange Rule 2614
in light of the hierarchical heading changes described above. In
particular, the Exchange proposes to amend the cross references
contained in proposed renumbered Exchange Rule 2614 (a)(3)(i)(B)6. that
are to subparagraph (g)(3)(A) to now be to subparagraph (g)(3)(i).
Accordingly, with all the proposed changes, Exchange Rule 2614
(a)(3)(i)(B)6. will provide as follows:
6. Re-Pricing to Comply with Rule 201 of Regulation SHO. During
a Short Sale Period, as defined in Exchange Rule 2614(g)(3)(i), a
Primary Peg Order to sell that is designated as short and cannot be
executed or displayed on the MIAX Pearl Equities Book at its pegged
price pursuant to Rule 201 of Regulation SHO will be re-priced
multiple times to a Permitted Price, as defined in Exchange Rule
2614(g)(3)(i), pursuant to the Short Sale Price Sliding Process.
Next, the Exchange proposes to amend proposed renumbered
subparagraph (a)(3)(ii) of Exchange Rule 2614 to replace a certain
internal cross reference to another subparagraph of Exchange Rule 2614
in light of the hierarchical heading changes described above. In
particular, the Exchange proposes to amend the cross reference
contained in proposed renumbered Exchange Rule 2614 (a)(3)(ii) that is
to subparagraph (B), to now be to subparagraph (ii). Accordingly, with
all the proposed changes, Exchange Rule 2614 (a)(3)(ii) will provide as
follows:
(ii) A Midpoint Peg Order will be accepted but will not be
eligible for execution when the PBB and/or PBO is not available. A
Primary Peg Order will be accepted but will not be eligible for
execution when the PBB or PBO it is pegged to is not available. All
Pegged Orders will be accepted but will not be eligible for
execution when the PBBO is crossed, and, if instructed by the User,
when the PBBO is locked. A Pegged Order that is eligible for
execution when the PBBO is locked will be executable at the locking
price. A Pegged Order will become eligible for execution and receive
a new timestamp when the PBBO uncrosses. A Pegged Order that was not
eligible for execution during a locked market will become eligible
for execution and receive a new timestamp when the PBBO unlocks. A
Primary Peg Order will become eligible for execution and receive a
new timestamp when the PBB or PBO it is pegged to becomes available.
A Midpoint Peg Order will become eligible for execution and receive
a new timestamp when a new midpoint of the PBBO is established. In
each of the above cases, pursuant to Exchange Rule 2616, all such
Pegged Orders will retain their priority as compared to each other
based upon the time priority of such orders immediately prior to
being deemed not eligible for execution as set forth in this
subparagraph (ii).
Next, the Exchange proposes to amend proposed renumbered
subparagraph (c)(8)(iv) of Exchange Rule 2614 to replace a certain
internal cross reference to another subparagraph of Exchange Rule 2614
in light of the hierarchical heading changes described above. In
particular, the Exchange proposes to amend the cross reference
contained in proposed renumbered Exchange Rule 2614 (c)(8)(iv) that is
to subparagraph (c)(8)(A)(i) to now be to subparagraph (c)(8)(i)(A).
Accordingly, with all the proposed changes, Exchange Rule 2614
(c)(8)(iv) will provide as follows:
(iv) Routing. Any quantity of an order with a Reserve Quantity
that is returned unexecuted will join the Reserve Quantity. If there
is no Reserve Quantity to join, the returned quantity will be
assigned a new time stamp as the Reserve Quantity. In either case,
such Reserve Quantity will replenish the Displayed Quantity as
provided for in paragraph (c)(8)(i)(A) of this Rule.
Next, the Exchange proposes to amend proposed renumbered
subparagraph (e)(2)of Exchange Rule 2615 to replace a certain internal
cross
[[Page 67837]]
reference to another subparagraph of Exchange Rule 2615 in light of the
changes described above. In particular, the Exchange proposes to amend
the cross reference contained in proposed renumbered Exchange Rule 2615
(e)(2) that is to subparagraph (e)(1)(B) to now be to subparagraph
(e)(1)(ii). Accordingly, with all the proposed changes, Exchange Rule
2615 (e)(2) will provide as follows:
(2) Where neither of the conditions required to establish the
price of the Re-Opening Process in paragraph (e)(1)(ii) above have
occurred, the equity security may be opened for trading at the
discretion of the Exchange. In such case, all orders will be handled
in time sequence, beginning with the order with the oldest
timestamp, and be placed on the MIAX Pearl Equities Book, cancelled,
executed, or routed to away Trading Centers in accordance with the
terms of the order.
Next, the Exchange proposes to amend proposed renumbered
subparagraph (a)(2)(ii) of Exchange Rule 2616 to replace a certain
internal cross reference to another subparagraph of Exchange Rule 2616
in light of the hierarchical heading changes described above. In
particular, the Exchange proposes to amend the cross reference
contained in proposed renumbered Exchange Rule 2616 (a)(2)(ii) that is
to subparagraph (A) to now be to subparagraph (i). Accordingly, with
all the proposed changes, Exchange Rule 2616 (a)(2)(ii) will provide as
follows:
(ii) For purposes of paragraph (i) above.
Next, the Exchange proposes to amend proposed renumbered
subparagraph (e)(2)of Exchange Rule 2622 to replace certain internal
cross references to other subparagraphs of Exchange Rule 2622 in light
of the hierarchical heading changes described above. In particular, the
Exchange proposes to amend the cross references contained in proposed
renumbered Exchange Rule 2622(e)(2) that are to subparagraphs
(e)(1)(A)-(D) to now be to subparagraphs (e)(1)(i)-(iv). Accordingly,
with all the proposed changes, Exchange Rule 2622(e)(2) will provide as
follows:
(2) To the extent that an Equity Member participating in a MWCB
test is unable to receive and process any of the messages identified
in paragraph (e)(1)(i)-(iv) of this Rule, its attestation should
notify the Exchange which messages it was unable to process and, if
known, why.
Next, the Exchange proposes to amend proposed renumbered
subparagraph (h)(2)(i)(A)5.b. of Exchange Rule 2622 to replace certain
internal cross references to another subparagraph of Exchange Rule 2622
in light of the hierarchical heading changes described above. In
particular, the Exchange proposes to amend the cross references
contained in proposed renumbered Exchange Rule 2622 (h)(2)(i)(A)5.b.
that are to subparagraph (e) to now be to subparagraph 5. Additionally,
the Exchange proposes to amend proposed renumbered subparagraph
(h)(2)(i)(A)5.b. of Exchange Rule 2622 to replace a certain internal
cross reference to another rule in light of the hierarchical heading
changes described above. In particular, the Exchange proposes to amend
the cross reference contained in Exchange Rule 2622 (h)(2)(i)(A)5.b.
that is to current Exchange Rule 2614(g)(1)(C), to now be to proposed
renumbered Exchange Rule 2614(g)(1)(iii). Accordingly, with all the
proposed changes, Exchange Rule 2622 (h)(2)(i)(A)5.b. will provide as
follows:
b. Limit-Priced Interest. Limit-priced interest will be
cancelled if a User has entered instructions not to use the re-
pricing process under this paragraph 5. and such interest to buy
(sell) is priced above (below) the Upper (Lower) Price Band. If re-
pricing is permitted based on a User's instructions, both
displayable and non-displayable incoming limit-priced interest to
buy (sell) that is priced above (below) the Upper (Lower) Price Band
shall be re-priced to the Upper (Lower) Price Band. The System shall
re-price resting limit-priced interest to buy (sell) to the Upper
(Lower) Price Band if Price Bands move such that the price of
resting limit-priced interest to buy (sell) would be above (below)
the Upper (Lower) Price Band. If the Price Bands move again and a
User has opted into the Exchange's optional multiple price sliding
process, as described in Exchange Rule 2614(g)(1)(iii), the System
shall reprice such limit-priced interest to the most aggressive
permissible price up to the order's limit price. All other displayed
and non-displayed limit interest repriced pursuant to this paragraph
5. will remain at its new price unless the Price Bands move such
that the price of resting limit-priced interest to buy (sell) would
again be above (below) the Upper (Lower) Price Band.
Next, the Exchange proposes to amend proposed renumbered
subparagraph (c)(8)(ii)(A) of Exchange Rule 2614 to replace certain
internal cross references to other rules in light of the hierarchical
heading changes described above. In particular, the Exchange proposes
to amend the cross references contained in Exchange Rule 2614
(c)(8)(ii)(A) that are to current Exchange Rule 2616 (a)(2)(A)(i) and
Rule 2616 (a)(2)(A)(ii) to now be to proposed renumbered Exchange Rule
2616 (a)(2)(i)(A) and Rule 2616 (a)(2)(i)(B), respectively.
Similarly, the Exchange proposes to amend subparagraph (a)(5) of
Exchange Rule 2616 to replace a certain internal cross reference to
another rule in light of the changes described above. In particular,
the Exchange proposes to amend the cross reference contained in
Exchange Rule 2616 (a)(5) that is to current Exchange Rule 2614
(g)(3)(A), to now be to proposed renumbered Exchange Rule 2614
(g)(3)(i).
Similarly, the Exchange proposes to amend subparagraph (a)(1) of
Exchange Rule 2617 to replace a certain internal cross reference to
another rule in light of the changes described above. In particular,
the Exchange proposes to amend the cross reference contained in
Exchange Rule 2617 (a)(1) that is to current Exchange Rule 2614
(g)(3)(A), to now be to proposed renumbered Exchange Rule
2614(g)(3)(i).
Similarly, the Exchange proposes to amend subparagraph (b)(2) of
Exchange Rule 2617 to replace certain internal cross references to
another rule in light of the changes described above. In particular,
the Exchange proposes to amend the cross references contained in
Exchange Rule 2617 (b)(2) that is to current Exchange Rule 2614
(g)(3)(A), to now be to proposed renumbered Exchange Rule 2614
(g)(3)(i).
Similarly, the Exchange proposes to amend subparagraph
(h)(2)(i)(A)5.d. of Exchange Rule 2622 to replace certain internal
cross references to another rule in light of the changes described
above. In particular, the Exchange proposes to amend the cross
references contained in Exchange Rule 2622 (h)(2)(i)(A)5.d. that are to
current Exchange Rule 2614(g)(3)(A), to now be to proposed renumbered
Exchange Rule 2614(g)(3)(i).
Similarly, the Exchange proposes to amend Exchange Rule 2623 to
replace a certain internal cross reference to another rule in light of
the changes described above. In particular, the Exchange proposes to
amend the cross reference contained in Exchange Rule 2623 that is to
current Exchange Rule 2614(g)(3)(A), to now be to proposed renumbered
Exchange Rule 2614(g)(3)(i).
2. Statutory Basis
The Exchange believes that the proposed rule changes are consistent
with Section 6(b) of the Act \4\ in general, and furthers the
objectives of Section 6(b)(1) of the Act \5\ in particular, in that
they are designed to enforce compliance by the Exchange's Equity
Members \6\ and persons associated with its Equity
[[Page 67838]]
Members, with the provisions of the rules of MIAX Pearl Equities. In
particular, the Exchange believes that the proposed rule changes will
provide greater clarity to Equity Members and the public regarding the
Exchange's Rules by providing consistency within the Exchange's
Rulebook. The proposed changes will ensure the hierarchical heading
scheme aligns throughout the Exchange's Rulebook. The proposed changes
will also make it easier for Equity Members to interpret the Exchange's
Rulebook.
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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(1).
\6\ The term ``Equity Member'' is a Member authorized by the
Exchange to transact business on MIAX Pearl Equities. See Exchange
Rule 1901.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule changes will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. Specifically, the Exchange
believes the proposed changes will not impose any burden on intra-
market competition as there is no functional change to the Exchange's
System \7\ and because the rules of the Exchange apply to all MIAX
Pearl Equities participants equally. The proposed rule change will have
no impact on competition as it is not designed to address any
competitive issue but rather is designed to remedy minor non-
substantive issues and provide added clarity to the rule text of
Exchange Rules 2614, 2615, 2616, 2617, 2622, and 2623. In addition, the
Exchange does not believe the proposal will impose any burden on inter-
market competition as the proposal does not address any competitive
issues and is intended to protect investors by providing further
transparency regarding the Exchange's functionality.
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\7\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
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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 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="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#afdddac3ca82ccc0c2c2cac1dbdcefdccacc81c8c0d9"><span class="__cf_email__" data-cfemail="e89a9d848dc58b8785858d869c9ba89b8d8bc68f879e">[email protected]</span></a>. Please include
file number SR-PEARL-2023-47 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-2023-47. 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="https://www.sec.gov/rules/sro.shtml">https://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
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-PEARL-2023-47 and should be
submitted on or before October 23, 2023.
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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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-21627 Filed 9-29-23; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on October 2, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.