Notice2023-28197
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 2615(d) To Eliminate the Contingent Open
Primary source
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Published
December 22, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 245 (Friday, December 22, 2023)</title>
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[Federal Register Volume 88, Number 245 (Friday, December 22, 2023)]
[Notices]
[Pages 88689-88693]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-28197]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99203; File No. SR-PEARL-2023-71]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rule 2615(d) To Eliminate the Contingent Open
December 18, 2023.
Pursuant to the provisions of 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 December 14, 2023, MIAX PEARL, LLC (``MIAX
Pearl'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') a proposed rule change as described in
Items I and II 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 amend Exchange Rule 2615(d) regarding the
Contingent Open performed on the Exchange's equity trading platform
(referred to herein as ``MIAX Pearl Equities'').
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
[[Page 88690]]
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 2615(d) regarding the
Contingent Open performed on MIAX Pearl Equities. In sum, the Exchange
proposes to amend Exchange Rule 2615(d) to no longer provide for a
Contingent Open at 9:45 a.m. Eastern Time. As amended, Exchange Rule
2615(d) would instead provide that the Exchange would perform its
Opening Process after the security begins trading on the primary
listing market at any time during the trading day. The Exchange also
proposes to make a corresponding change to remove a reference to the
Contingent Open in the definition of Regular Trading Session in
Exchange Rule 1901. These changes are described in more detail below.
Background
Exchange Rule 2615 sets forth the Exchange's Opening Process and
Contingent Open. Each trading day, the Exchange begins trading in an
equities security by performing its Opening Process after the start of
Regular Trading Hours \3\ by matching eligible buy and sell orders at
the midpoint of the National Best Bid and Offer (``NBBO''),\4\ as
described below. Prior to the beginning of Regular Trading Hours,\5\
Users \6\ who wish to participate in the Opening Process may enter
orders to buy or sell that are designated as Regular Trading Hours Only
(``RHO'').\7\ Pursuant to Exchange Rule 2615(a), only orders that
include a time-in-force of RHO may participate in the Opening Process.
Orders designated as Post Only,\8\ Intermarket Sweep Orders,
(``ISOs''),\9\ include a Minimum Execution Quantity instruction,\10\
and orders that include a time-in-force other than RHO are not eligible
to participate in the Opening Process. Market Orders \11\ may include a
time-in-force of Immediate-or-Cancel (``IOC''),\12\ and are, therefore,
not eligible to participate in the Opening Process. Meanwhile, Limit
Orders,\13\ Primary Peg Orders,\14\ and Midpoint Peg Orders \15\ that
include a time-in-force of RHO are eligible to participate in the
Opening Process. All Self-Trade-Protection (``STP'') modifiers, as
described in Exchange Rule 2614(f), are honored during the Opening
Process.
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\3\ The term ``Regular Trading Hours'' means ``the time between
9:30 a.m. and 4:00 p.m. Eastern Time.'' See Exchange Rule 1901.
\4\ The term ``NBBO'' means ``the national best bid and offer.''
See Exchange Rule 1901.
\5\ According to Exchange Rule 2600(a), Users may begin to enter
orders starting at 7:30 a.m. Eastern Time.
\6\ The term ``User'' means ``any Member or Sponsored
Participant who is authorized to obtain access to the System
pursuant to Exchange Rule 2602.'' See Exchange Rule 1901.
\7\ Exchange Rule 2614(b)(2).
\8\ Exchange Rule 2614(c)(2).
\9\ Exchange Rule 2614(d).
\10\ Exchange Rule 2614(c)(7).
\11\ Exchange Rule 2614(a)(2).
\12\ Exchange Rule 2614(b)(1). Market Orders may include a time-
in-force of RHO solely when coupled with the PAC routing option for
purposes of routing away to participate in the primary listing
market's opening or re-opening process and will continue to not be
eligible to participate in the Exchange's Opening Process. See
Exchange Rule 2617(b)(5)(ii).
\13\ Exchange Rule 2614(a)(1).
\14\ Exchange Rule 2614(a)(3)(i)(B) [sic].
\15\ Exchange Rule 2614(a)(3)(i)(A) [sic].
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Exchange Rule 2615(b) provides that during the Opening Process, the
Exchange attempts to match eligible buy and sell orders at the midpoint
of the NBBO. All orders eligible to trade at the midpoint are processed
in time sequence, beginning with the order with the oldest timestamp.
The Opening Process concludes when no remaining orders, if any, can be
matched at the midpoint of the NBBO. At the conclusion of the Opening
Process, the unexecuted portion of orders that were eligible to
participate in the Opening Process are placed on the MIAX PEARL
Equities Book \16\ in time sequence, cancelled, executed, or routed to
away Trading Centers \17\ in accordance with the terms of the order.
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\16\ The term ``MIAX Pearl Equities Book'' means the electronic
book of orders in equity securities maintained by the System. See
Exchange Rule 1901.
\17\ The term ``Trading Center'' has the same meaning as in Rule
600(b)(82) of Regulation NMS. See Exchange Rule 100.
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Pursuant to Exchange Rule 2615(c), the Exchange calculates the
midpoint of the NBBO as follows. When the primary listing exchange is
the New York Stock Exchange LLC (``NYSE'') or NYSE American LLC (``NYSE
American''), the Opening Process is priced at the midpoint of the: (i)
first NBBO subsequent to the first reported trade and first two-sided
quotation on the primary listing exchange after 9:30:00 a.m. Eastern
Time; or (ii) then prevailing NBBO when the first two-sided quotation
is published by the primary listing exchange after 9:30:00 a.m. Eastern
Time, but before 9:45:00 a.m. Eastern Time if no first trade is
reported by the primary listing exchange within one second of
publication of the first two-sided quotation by the primary listing
exchange. For any other primary listing exchange, such as The Nasdaq
Stock Market LLC (``Nasdaq''), NYSE Arca, LLC (``NYSE Arca''), and Cboe
BZX Exchange, Inc. (``Cboe BZX''), the Opening Process is priced at the
midpoint of the first NBBO subsequent to the first two-sided quotation
published by the primary listing exchange after 9:30:00 a.m. Eastern
Time.
Exchange Rule 2615(d) describes the Contingent Open and provides
that if the conditions to establish the price of the Opening Process
described above do not occur by 9:45:00 a.m. Eastern Time, the Exchange
will conduct a Contingent Open and match all orders eligible to
participate in the Opening Process at the midpoint of the then
prevailing NBBO. Exchange Rule 2615(d) further provides that if the
midpoint of the NBBO is not available for the Contingent Open, all
orders are handled in time sequence, beginning with the order with the
oldest timestamp, and are placed on the MIAX PEARL Equities Book,
cancelled, executed, or routed to away Trading Centers in accordance
with the terms of the order.
Proposed Change
The Exchange proposes to amend Exchange Rule 2615(d) to no longer
provide for a Contingent Open at 9:45 a.m. Eastern Time. Instead, the
Exchange would not open trading in an equity security until that equity
security began trading on the primary listing market and the conditions
to establish the opening price set forth under Exchange Rule 2615(c)
described above occur. At such time, the Exchange will perform its
Opening Process and match all eligible orders at the midpoint of the
NBBO, if any, and feed any unexecuted orders onto the MIAX Pearl
Equities Book in time sequence, as described above. The Opening Process
may occur anytime during Regular Trading Hours, including at or after
9:45 a.m. Eastern Time.
The Exchange initially adopted the Contingent Open under Exchange
Rule 2615(d) as part of its proposal to adopt rules governing the
trading of equity securities on MIAX Pearl Equities.\18\ The initial
intent was to align Exchange Rule 2615 with similar rules and
functionality available on other equities exchanges. The other
exchanges on
[[Page 88691]]
which the Exchange based Rule 2615(d) are non-primary listing exchanges
that, unlike the Exchange, offer an early trading session.\19\ The
Exchange currently only offers a Regular Trading Session.\20\ Normally,
an early trading session ends and a regular trading session begins when
a security is opened for trading on that market. On a non-primary
listing market like on which the Exchange based its Rules, this
requires the security is to be [sic] open for trading on the primary
listing market. Where a security has not begun to trade on the primary
listing market, a Contingent Open serves an important purpose of
prescribing an end to the early trading session and beginning of the
regular trading session on that non-primary listing exchange. A
Contingent Open allows a non-primary listing exchange that provides an
early trading session to transition to a regular trading session in a
timely manner where a security has not opened for trading on the
primary listing market.\21\
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\18\ See Securities Exchange Act Release No. 89563 (August 14,
2020), 85 FR 51510 (August 20, 2020) (SR-PEARL-2020-03) (adopting
rules for MIAX Pearl Equities including Exchange Rule 2615(d)).
\19\ See, e.g., Cboe EDGX Exchange Rules 11.1(a)(1) and 11.7(d),
and Cboe EDGA Exchange, Inc. Rules 11.1(a)(1) and 11.7(d).
\20\ The term ``Regular Trading Session'' means ``the time
between the completion of the Opening Process or Contingent Open as
defined in Exchange Rule 2615 and 4:00 p.m. Eastern Time.'' See
Exchange Rule 1901.
\21\ See, e.g., Securities Exchange Act Release Nos. 72676 (July
25, 2014), 79 FR 44520 (July 31, 2014) (Notice); and 73468 (October
29, 2014), 79 FR 65450 (November 4, 2014) SR-EDGX-2014-18 (Notice of
Filing of Amendment Nos. 1 and 3 and Order Granting Accelerated
Approval of a Proposed Rule Change, as Modified by Amendment Nos. 1
and 3, To Amend EDGX Rule 1.5 and Chapter XI Regarding Current
System Functionality Including the Operation of Order Types and
Order Instructions) (SR-EDGX-2014-18).
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The Exchange currently does not offer an early trading session and,
therefore, the Contingent Open does not serve as a transition from an
early trading session to a regular trading session. A Contingent Open
simply allows the Exchange to trade a security when that security has
not yet opened on the primary listing market. Once open on the primary
listing market, the market for that security may be more robust and the
security is likely trading at prices that more closely resemble its
value due to that security having been subject to the primary listing
market's opening auction process. Therefore, in the absence of an early
trading session, the Exchange believes it is not necessary for it
perform a Contingent Open at 9:45 a.m. Eastern Time. Instead, the
Exchange believes it is appropriate for it to wait for a security to be
trading on the primary listing market before it also begins to trade
that security. The Exchange believes this could result in eligible
orders being matched in the Opening Process at a midpoint of the NBBO
that better reflects the security's trading characteristics and value.
In the Exchange's experience, most securities are open by 9:45:00
a.m. Eastern Time and the Exchange performs its Opening Process and is
trading practically the entire market. However, at times, a security
may not open by 9:45:00 a.m. This is common in less liquid securities.
In these cases, the Exchange would not begin to trade a security if and
until that security opens for trading on the primary listing
market.\22\
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\22\ Should the Exchange seek to adopt an early trading session
in the future, it anticipates that it would also seek to readopt a
Contingent Opening Process at that time to set a time at which a
security would transition from the early to regular trading sessions
where it has not begun trading on the primary listing market. The
Exchange will submit a filing with the Commission pursuant to
Section 19(b)(1) should it decide to adopt an early trading session
in the future.
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As a result of the proposed changes, Exchange Rule 2615(d) would be
amended to no longer provide for a Contingent Open. Instead, Exchange
Rule 2615(d) would provide that ``[t]he Exchange will perform the
Opening Process at any time during Regular Trading Hours when the
conditions to establish the price of the Opening Process set forth
under paragraph (c) [of Exchange Rule 2615] occur.''
Lastly, the Exchange proposes to make a corresponding change to
remove a reference to the Contingent Open in the definition of Regular
Trading Session in Exchange Rule 1901. Currently, the term ``Regular
Trading Session'' shall mean the time between the completion of the
Opening Process or Contingent Open as defined in Exchange Rule 2615 and
4:00 p.m. Eastern Time. The Exchange proposes to remove the reference
to the Contingent Open so that the Regular Trading Session would now be
from the time of the completion of the Opening Process as defined in
Exchange Rule 2615 and 4:00 p.m. Eastern Time.
Implementation
The Exchange will implement the proposed changes to Exchange Rule
2615(d) on the effective date of this proposed rule change. The
Exchange will issue a Regulatory Alert announcing the exact
implementation date of this proposal.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\23\ in general, and furthers the objectives of Section
6(b)(5),\24\ in particular, because it is designed to promote just and
equitable principles of trade, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \25\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\23\ 15 U.S.C. 78f(b).
\24\ 15 U.S.C. 78f(b)(5).
\25\ Id.
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As discussed above, the Exchange initially adopted the Contingent
Open to align its rule with similar functionality available at other
equities exchanges.\26\ These other exchanges on which the Exchange
based Rule 2615(d) currently offer early trading sessions,\27\ while
the Exchange does not. On these exchanges, a Contingent Open serves as
the end to the early trading session and beginning of the regular
trading session. As discussed above, the Exchange believes it is not
necessary for it perform a Contingent Open at 9:45 a.m. Eastern Time.
The Exchange does not currently offer an early trading session and does
not have a need for a Contingent Open to serve as a transition to its
Regular Trading Session. Instead, the Exchange would prefer to wait to
perform its Opening Process until the security begins to trade on the
primary listing market before it also begins to trade that security. As
noted above, the Exchange matches orders during its Opening Process at
the midpoint of the NBBO. The Exchange believes that the midpoint of
the NBBO present after the security is opened by the primary listing
exchange may better reflect the true market for the security due to
increased liquidity and improved market quality. Therefore, the
Exchange believes the proposal promotes just and equitable principles
of trade, and removes impediments to and perfects the mechanism of a
free and open market and a national market system because a security
might be trading at prices that are more in-line with its normal
trading behavior.
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\26\ See supra note 18.
\27\ See supra note 19.
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The proposed rule change would also not permit unfair
discrimination between customers, issuers, brokers, or dealers because
no User would be able to trade the security until the Exchange performs
its Opening Process as described herein. The proposal is not designed
to target any single type of market participant. It is simply intended
to amend Exchange Rule 2615(d) to no longer provide for a Contingent
Open. Should the Exchange begin to offer an
[[Page 88692]]
early trading session, the Contingent Open Process would serve as a
transition period from the early to regular trading sessions, as it
does today on other markets. The Exchange believes that, in the
meantime, it may benefit all market participants for the Exchange to
wait to trade a security until that security is opened by the primary
listing exchange where that security's market may be more robust.
The Exchange is not aware of any rule or regulation that requires
an exchange to perform a Contingent Open or trade all securities for a
full trading day. Should the Exchange seek to adopt an early trading
session in the future, it anticipates that it would also seek to
readopt a Contingent Open to set a time at which a security would
transition from the early to regular trading sessions where it has not
begun trading on the primary listing market.
Lastly, the Exchange's proposal to make a corresponding change to
remove a reference to the Contingent Open in the definition of Regular
Trading Session in Exchange Rule 1901 remove impediments to and perfect
the mechanism of a free and open market and a national market system
because it would ensure the Exchange's rules are clear and continue to
not include an ambiguities and references that could cause potential
investor confusion.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe the proposed rule change will impose
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
Specifically, the Exchange does not believe the proposed rule
change would impose an undue burden on intramarket competition on the
Exchange because all Users would be impacted equally. No User would be
able to trade an equity security on the Exchange until that security is
opened by the primary listing market and the Exchange conducts its
Opening Process. Other exchanges simply begin trading equity securities
at 9:30:00 a.m. Eastern Time regardless of whether the security was
opened by the primary listing exchange.\28\ Meanwhile, as noted above,
other exchanges employ a contingent open at 9:45 a.m. Eastern Time.\29\
Market participants that wish to trade between 9:30 a.m. Eastern Time
and the time the security is opened by the primary listing exchange may
send their orders to these exchanges. Therefore, the proposed rule
change should not impose any burden on intramarket competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
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\28\ See, e.g., NYSE National, Inc. Rule 7.34(a)(2) (defining
Core Trading Session), and NYSE Chicago Rule 7.34(a)(2) (defining
Core Trading Session).
\29\ See supra note 27.
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In addition, the Exchange does not believe the proposed rule change
would impose an undue burden on intermarket competition between
exchanges. The Exchange is not aware of any rule or regulation that
requires an exchange to perform a Contingent Open or trade all
securities for a full trading day. The Exchange simply proposes to wait
until an equity security is open for trading by the primary listing
market before it conducts its own Opening Process and begins to trade
that security. As stated above, other exchanges begin to trade an
equity security at 9:30 a.m. Eastern Time and those exchanges may enjoy
some competitive advantage as a result of the proposed rule change. The
Exchange understands that it may suffer the competitive disadvantage
until the time it performs its Opening Process. However, the Exchange
does not believe the amount of trading volume that may be directed away
from the Exchange to these exchanges would cause an unfair burden on
competition between it and its exchange competitors. This competitive
dynamic exists today with regard to pre-market and post-market trading
on exchanges. The Exchange does not currently compete for order flow
pre or post market because it does not offer trading outside of Regular
Trading Hours. Therefore, the proposed rule change does not introduce
any new competitive issues between exchanges. Based on the above, the
Exchange does not believe the proposed rule change would impose a
burden on intermarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
Lastly, the Exchange's proposal to make a corresponding change to
remove a reference to the Contingent Open in the definition of Regular
Trading Session in Exchange Rule 1901 will have no competitive impact
because it is simply a corresponding change to ensure the Exchange's
rules are clear and continue to not include an ambiguities and
references that could cause potential investor confusion.
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
Pursuant to Section 19(b)(3)(A) of the Act \30\ and Rule 19b-
4(f)(6) \31\ thereunder, the Exchange has designated this proposal as
one that effects a change that: (i) does not significantly affect the
protection of investors or the public interest; (ii) does not impose
any significant burden on competition; and (iii) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest.\32\
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\30\ 15 U.S.C. 78s(b)(3)(A).
\31\ 17 CFR 240.19b-4(f)(6).
\32\ 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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A proposed rule change filed under Rule 19b-4(f)(6) \33\ normally
does not become operative prior to 30 days after the date of the
filing. However, Rule 19b-4(f)(6)(iii) \34\ permits the Commission to
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange requests
that the Commission waive the 30-day operative delay so that the
proposal may become operative immediately upon filing. The Exchange
states that matching orders at the midpoint of the NBBO after a
security is open on the primary market, as occurs during the Exchange's
Opening Process, may better reflect the true market for the security
than a midpoint execution during the Contingent Open, which may occur
prior to the security being open on the primary listing market. The
Exchange also states that waiver of the operative delay would not have
a material impact on trading because: (i) the Exchange currently does
not offer an early trading session and, therefore, the Contingent Open
does not serve as a transition from an early trading session to a
regular trading session; and (ii) the Exchange does not currently
attract a material amount of order flow at the beginning of the trading
day, and thus any impact by the Exchange not performing a Contingent
Open would be minimal. Therefore, 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 30-day operative delay and
[[Page 88693]]
designates the proposed rule change operative upon filing.\35\
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\33\ 17 CFR 240.19b-4(f)(6).
\34\ 17 CFR 240.19b-4(f)(6)(iii).
\35\ For purposes only of waiving the 30-day operative delay,
the Commission 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 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 under
Section 19(b)(2)(B) of the Act \36\ to determine whether the proposed
rule should be approved or disapproved.
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\36\ 15 U.S.C. 78s(b)(2)(B).
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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#a0d2d5ccc58dc3cfcdcdc5ced4d3e0d3c5c38ec7cfd6"><span class="__cf_email__" data-cfemail="b0c2c5dcd59dd3dfddddd5dec4c3f0c3d5d39ed7dfc6">[email protected]</span></a>. Please include
File Number SR-PEARL-2023-71 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-2023-71. 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-2023-71 and should be
submitted on or before January 12, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
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\37\ 17 CFR 200.30-3(a)(12), 59.
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-28197 Filed 12-21-23; 8:45 am]
BILLING CODE 8011-01-P
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