Notice2024-17280
Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Plan for the Purpose of Developing and Implementing Procedures Designed To Facilitate the Listing and Trading of Standardized Options To Add MIAX Sapphire, LLC as a Plan Sponsor
Primary source
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Published
August 6, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 151 (Tuesday, August 6, 2024)</title>
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[Federal Register Volume 89, Number 151 (Tuesday, August 6, 2024)]
[Notices]
[Pages 64005-64006]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-17280]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100622; File No. 4-443]
Joint Industry Plan; Notice of Filing and Immediate Effectiveness
of Amendment to the Plan for the Purpose of Developing and Implementing
Procedures Designed To Facilitate the Listing and Trading of
Standardized Options To Add MIAX Sapphire, LLC as a Plan Sponsor
July 31, 2024.
Pursuant to Section 11A(a)(3) of the Securities Exchange Act of
1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given
that on July 26, 2024, MIAX Sapphire, LLC (``MIAX Sapphire'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') an amendment to the Plan for the Purpose of Developing
and Implementing Procedures Designed to Facilitate the Listing and
Trading of Standardized Options (``OLPP'' or ``Plan'').\3\ The
Commission approved the application of MIAX Sapphire to register as a
national securities exchange on July 15, 2024.\4\ One of the conditions
of the Commission's approval of MIAX Sapphire was the requirement for
the Exchange to join the OLLP.\5\ The amendment adds MIAX Sapphire as a
Plan Sponsor \6\ of the OLPP.\7\ The Commission is publishing this
notice to solicit comments on the amendment from interested persons.
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\1\ 15 U.S.C. 78k-1(a)(3).
\2\ 17 CFR 242.608.
\3\ On July 6, 2001, the Commission approved the OLPP, which was
proposed by the American Stock Exchange LLC (``Amex'') (n/k/a NYSE
American, LLC (``NYSE American'')), Chicago Board Options Exchange,
Incorporated (``Cboe''), International Securities Exchange LLC
(``ISE'') (n/k/a Nasdaq ISE, LLC (``Nasdaq ISE'')), Options Clearing
Corporation (``OCC''), Philadelphia Stock Exchange, Inc. (``Phlx'')
(n/k/a Nasdaq Phlx LLC (Nasdaq Phlx)), and Pacific Exchange, Inc.
(``PCX'') (n/k/a NYSE Arca, Inc. (``NYSE Arca'')). See Securities
Exchange Act Release No. 44521, 66 FR 36809 (July 13, 2001). See
also Securities Exchange Act Release Nos. 49199 (Feb. 5, 2004), 69
FR 7030 (Feb. 12, 2004) (adding Boston Stock Exchange, Inc. as a
Sponsor to the OLPP); 57546 (Mar. 21, 2008), 73 FR 16393 (Mar. 27,
2008) (adding Nasdaq Stock Market, LLC (``Nasdaq'') as a Sponsor to
the OLPP); 61528 (Feb. 17, 2010), 75 FR 8415 (Feb. 24, 2010) (adding
BATS Exchange, Inc. (``BATS'') (n/k/a Cboe BZX Exchange, Inc.
(``Cboe BZX'')) as a Sponsor to the OLPP); 63162 (Oct. 22, 2010), 75
FR 66401 (Oct. 28, 2010) (adding C2 Options Exchange Incorporated
(``C2'') (n/k/a Cboe C2 Exchange, Inc. (``Cboe C2'')) as a sponsor
to the OLPP); 66952 (May 9, 2012), 77 FR 28641 (May 15, 2012)
(adding BOX Options Exchange LLC (``BOX'') as a Sponsor to the
OLPP); 67327 (June 29, 2012), 77 FR 40125 (July 6, 2012) (adding
Nasdaq OMX BX, Inc. (``BX'') (n/k/a Nasdaq BX, Inc. (``Nasdaq BX''))
as a Sponsor to the OLPP); 70765 (Oct. 28, 2013), 78 FR 65739 (Nov.
1, 2013) (adding Topaz Exchange, LLC as a Sponsor to the OLPP
(``Topaz'') (n/k/a Nasdaq GEMX, LLC (``Nasdaq GEMX''); 70764 (Oct.
28, 2013), 78 FR 65733 (Nov. 1, 2013) (adding Miami International
Securities Exchange, LLC (``MIAX'') as a Sponsor to the OLPP); 76822
(Jan. 1, 2016), 81 FR 1251 (Jan. 11, 2016) (adding EDGX Exchange,
Inc. (``EDGX'') (n/k/a Cboe EDGX Exchange, Inc. (``Cboe EDGX'')) as
a Sponsor to the OLPP); 77323 (Mar. 8, 2016), 81 FR 13433 (Mar. 14,
2016) (adding ISE Mercury, LLC (``ISE Mercury'') (n/k/a Nasdaq MRX,
LLC (``Nasdaq MRX'')) as a Sponsor to the OLPP); 79897 (Jan. 30,
2017), 82 FR 9263 (Feb. 3, 2017) (adding MIAX PEARL, LLC (``MIAX
PEARL'') as a Sponsor to the OLPP), 85228 (Mar. 1, 2019), 84 FR 8355
(Mar. 7, 2019) (adding MIAX Emerald, LLC (``MIAX Emerald'') as a
Sponsor to the OLPP), and 98388 (Sept. 14, 2023), 88 FR 64963 (Sept.
20, 2023)(adding MEMX LLC (``MEMX'') as a Sponsor to the OLPP).
\4\ See Securities and Exchange Act Release No. 100539 (July 15,
2024), 89 FR 58848 (July 19, 2024) (File No. 10-240) (order granting
registration as a national securities exchange for MIAX Sapphire).
\5\ See id. at 58866.
\6\ A ``Plan Sponsor'' is an Eligible Exchange whose
participation in the OLPP has become effective pursuant to Section 7
of the OLPP.
\7\ See Letter from Gregory P. Ziegler, Vice President, Senior
Counsel, MIAX Sapphire, to Vanessa Countryman, Secretary,
Commission, dated July 26, 2024 (``Amendment'').
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I. Description and Purpose of the Amendment
The OLPP establishes procedures designed to facilitate the listing
and trading of standardized options contracts on the options exchanges.
The amendment to the OLPP adds MIAX Sapphire as a Sponsor. The other
OLPP Sponsors are BOX, Cboe, Cboe BZX, Cboe C2, Cboe EDGX, MEMX, MIAX,
MIAX Emerald, MIAX PEARL, Nasdaq, Nasdaq BX, Nasdaq GEMX, Nasdaq ISE,
Nasdaq MRX, Nasdaq Phlx, NYSE American, NYSE Arca, and OCC. MIAX
Sapphire has submitted an executed copy of the OLPP to the Commission
in accordance with the procedures set forth in the OLPP regarding new
Plan Sponsors. Section 7 of the OLPP provides for the entry of new Plan
Sponsors to the OLPP. Specifically, Section 7 of the OLPP provides that
an Eligible Exchange \8\ may become a Plan Sponsor of the OLPP by: (i)
executing a copy of the OLPP, as then in effect; (ii) providing each
then-current Plan Sponsor with a copy of such executed OLPP; and (iii)
effecting an amendment to the OLPP, as specified in Section 7(ii) of
the OLPP.\9\
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\8\ The OLPP defines an ``Eligible Exchange'' as ``a national
securities exchange registered with the [Commission] in accordance
with Section 6(a) of the [Act] that (1) has effective rules for the
trading of options contracts issued and cleared by OCC approved in
accordance with the provisions of the [Act] and the rules and
regulations thereunder; and (2) is a party to the Plan for Reporting
Consolidated Options Last Sale Reports and Quotation Information
(the ``OPRA Plan'').'' See OLPP Section 7(i). MIAX Sapphire has
represented that it has met both the requirements for being
considered an Eligible Exchange. See Amendment, supra note 7 at 2.
\9\ MIAX Sapphire has represented that it has executed a copy of
the current Plan, amended to include MIAX Sapphire as a Plan Sponsor
in Section 9 of the Plan, and has provided each current Plan Sponsor
with a copy of the executed and amended Plan. See Amendment, supra
note 7 at 2.
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[[Page 64006]]
Section 7(ii) of the OLPP sets forth the process by which an
Eligible Exchange may effect an amendment to the OLPP to become a Plan
Sponsor. Specifically, an Eligible Exchange must: (a) execute a copy of
the OLPP as then in effect with the only change being the addition of
the new Plan Sponsor's name in Section 9 of the OLPP; \10\ and (b)
submit the executed OLPP to the Commission. The OLPP then provides that
such an amendment will be effective when the amendment is approved by
the Commission or otherwise becomes effective pursuant to Section 11A
of the Act and Rule 608 thereunder.
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\10\ The list of Plan Sponsors is set forth in Section 9 of the
OLPP.
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II. Effectiveness of the OLPP Amendment
The foregoing OLPP amendment has become effective pursuant to Rule
608(b)(3)(iii) \11\ because it has been designated by the sponsors as
involving solely technical or ministerial matters. At any time within
sixty days of the filing of the amendment, the Commission may summarily
abrogate the amendment and require that it be refiled pursuant to
paragraph (a)(1) of Rule 608,\12\ if it appears to the Commission that
such action is necessary or appropriate in the public interest, for the
protection of investors, or the maintenance of fair and orderly
markets, to remove impediments to, and perfect the mechanisms of, a
national market system or otherwise in furtherance of the purposes of
the Act.
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\11\ 17 CFR 242.608(b)(3)(iii).
\12\ 17 CFR 242.608(a)(1).
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III. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the amendment is
consistent with the Act and the rules thereunder. 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="750700191058161a1818101b0106350610165b121a03">[email protected]</span></a>. Please include
file number 4-443 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 4-443. 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 plan that are filed with the Commission,
and all written communications relating to the plan 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 4-
443 and should be submitted on or before August 27, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(85).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-17280 Filed 8-5-24; 8:45 am]
BILLING CODE 8011-01-P
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