80202 Federal Register / Vol. 85, No. 239 / Friday, December 11, 2020 / Notices 

10 15 U.S.C. 78s(b)(3)(A). 

11 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. 12 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3Previously, the Exchange filed to relocate other 

rules within its Rulebook. See Securities Exchange 

Act Release No. 87778 (December 17, 2019), 84 FR 

70590 (December 23, 2019) (SR–NASDAQ–2019– 

098). 

they have greater determinism regarding 

the price at which their orders would be 

executed. 

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 10 and Rule 19b-4(f)(6) 11

thereunder. 

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 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

PEARL–2020–28 on the subject line. 

Paper Comments 

• 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–2020–28. 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 (http://www.sec.gov/ 

rules/sro.shtml). 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 

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–PEARL–2020–28, and 

should be submitted on or before 

January 4, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27201 Filed 12–10–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90577; File No. SR– 

NASDAQ–2020–079] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Relocate Its 

Equity and General Rules From Its 

Current Rulebook Into Its New 

Rulebook Shell 

December 7, 2020. 

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 November 

23, 2020, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to relocate its 

equity and general rules from its current 

Rulebook into its new Rulebook shell. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, 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 

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 purpose of this rule change is to 

relocate Nasdaq equity and general rules 

from the current Rulebook into the new 

Rulebook shell.3 The Exchange also 

proposes a number of minor, nonsubstantive changes to the Rulebook 

shell as described below. The relocation 

and harmonization of these rules is part 

of the Exchange’s continued effort to 

promote efficiency and conformity of its 

processes with those of its affiliated 

exchanges. The Exchange believes that 

the placement of these rules into their 

new location in the Rulebook shell will 


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4Specifically, the Exchange will update obsolete 

cross-references in Rule 1002(d)(2), the introductory 

paragraph to Rule 1011, Rule 1011(o)(3), and Rule 

1013(a)(1)(N). 

5Specifically, the Exchange will make 

corresponding changes to the following rules in the 

proposed Rulebook shell outside of General 4: 

General 3, Rule 1001; General 3, Rule 1011; General 

5, IM–9216; General 5, Rule 9630; and General 9, 

Section 20(b). 

6Specifically, the Exchange will update obsolete 

cross-references in General 9, Section 1(b), Section 

10(b)(1) and Section 14(a). 

facilitate the use of the Rulebook by 

members. 

Universal Changes 

The Exchange proposes to update all 

cross-references within the Rulebook 

shell to the new relocated rule cites. The 

Exchange proposes to replace internal 

rule references to simply state ‘‘this 

Rule’’ where the rule is citing itself 

without a more specific cite included in 

the Rule. For example, if Nasdaq Rule 

4619 refers currently to ‘‘Rule 4619’’ or 

‘‘this Rule 4619’’ the Exchange will 

amend the phrase to simply ‘‘this Rule.’’ 

Except where the Exchange specifies 

below that it will retain the current rule 

numbering, the Exchange also proposes 

to conform the paragraph numbering 

and lettering to that used in the 

Rulebook shell for greater consistency, 

and to correct punctuation. 

Furthermore, the Exchange proposes to 

delete any empty reserved rules and 

already deleted rules in the current 

Rulebook other than in relocated Equity 

11. Lastly, the Exchange will delete the 

following rule numbers from the current 

Rulebook, but will relocate the 

substance of these rules into the new 

Rulebook shell: Conduct Rules (2000– 

3000), 3300, 4000, 4100, 4600, 4610, 

4700, 4750, 6000, and 6100. 

General 1 

The Exchange proposes to amend the 

section heading from General 1, General 

1 to General 1, Section 1. The Exchange 

also proposes to retitle General 1, 

Section 1 from ‘‘General Provisions’’ to 

‘‘Definitions.’’ Lastly, the Exchange 

proposes a non-substantive change in 

paragraph (b)(15) to delete ‘‘Exchange’’ 

immediately before ‘‘Options 3, Section 

4.’’ 

General 2 

The Exchange proposes to relocate 

Rule 4615 (Sponsored Participants) to 

General 2, Section 22, which is 

currently reserved, to harmonize the 

Exchange’s rule numbering to that of 

Nasdaq PHLX LLC (‘‘Phlx’’) General 2, 

Section 22, which currently sets forth 

the same rule on Phlx. 

General 3 

The Exchange proposes to relocate the 

membership rules 1001, 1002, 1010, 

1011, 1012, 1013, 1014, 1015, 1016, 

1017, 1018 and 1019 into General 3 

(Membership and Access). The 

Exchange proposes to retain the current 

rule numbers which closely align with 

FINRA rules. The Exchange will delete 

current Rule 1031 as this Rule presently 

has no substantive rule text. The 

Exchange also proposes to update a 

number of obsolete cross-references in 

the relocated membership rules that 

presently refer to rules that were already 

moved to the Rulebook shell under SR– 

NASDAQ–2019–098.4

General 4 

The Exchange proposes to remove the 

‘‘1.’’ from the rule numbering within 

General 4. The Exchange also proposes 

to replace ‘‘General 4, Section 1.’’ with 

‘‘General 4, Rule’’ throughout General 4. 

The proposed changes are intended to 

better align General 4’s rule numbering 

with FINRA rules. The Exchange also 

proposes to make corresponding 

changes in other places throughout the 

Rulebook shell outside of General 4 to 

replace all instances of ‘‘General 4, 

Section 1.’’ with ‘‘General 4, Rule’’ for 

greater consistency.5

General 5 

In General 5, IM–9216, the Exchange 

proposes to add chapter headers before 

the cross-cites to Rules 1013, 8211, and 

11870 for greater consistency within 

this Rule. As amended, the cross-cites 

would be General 3, Rule 1013; General 

5, Rule 8211; and Equity 11, Rule 11870. 

General 9 

The Exchange proposes to relocate 

Rule 2170 (Disruptive Quoting and 

Trading Activity Prohibited) to General 

9, Section 53, and to reserve General 9, 

Section 52. The proposed rule 

numbering is to ensure that the 

Exchange’s General 9 rules mirror its 

affiliated exchanges’ General 9 rules as 

closely as practicable. In particular, 

relocating this Rule to General 9, 

Section 53 will harmonize the 

Exchange’s rule numbering to that of 

Phlx General 9, Section 53, which 

currently sets forth the same rule 

prohibiting disruptive quoting and 

trading activity on Phlx. Because this 

Rule is being added to General 9, which 

applies to both the Exchange’s equities 

and options markets, the Exchange 

proposes to delete a duplicate rule in 

Options 9, Section 4, which applies 

only to the options market. 

The Exchange also proposes to 

relocate Rule 4570 (Custodian of Books 

and Records) to General 9, Section 71, 

and to reserve Sections 54—70 to 

harmonize its General rule numbering 

with that of Phlx’s General 9. 

The Exchange further proposes to 

update several obsolete cross-references 

throughout General 9 that presently 

refer to rules that were already moved 

to the Rulebook shell under SR– 

NASDAQ–2019–098.6 The Exchange 

will also update the cross-references to 

Rule 2310A (within General 9, Section 

12(b)) and Rule 2810A (within General 

9, Section 18(c)(1)(C)(iv)) to relocated 

Equity 10, Section 1. Rule 2810A does 

not exist within the current Rulebook, 

but the Exchange is updating this cite to 

relocated Equity 10, Section 1 as this 

rule governs direct participation 

programs. Lastly, the Exchange proposes 

to fix a formatting error in General 9, 

Section 20(d)(1). 

Equity 1 

The Exchange proposes to amend the 

section header from Equity 1, Equity 1 

to Equity 1, Section 1. The Exchange 

also proposes to add ‘‘(a)’’ before the 

phrase ‘‘When used in the Equity 

Rules. . .’’ to conform to the paragraph 

lettering of the Rulebook shell. Lastly, 

the Exchange proposes to relocate the 

defined terms currently within Rule 

4701(a)—(l) into Equity 1, Section 

1(a)(3)—(14). 

Equity 2 

The Exchange proposes to relocate the 

following rules into Equity 2: 

Shell rule Current rule 

Section 1 .......... 4601. Scope. 

Section 2 .......... 4200. Definitions. 

Section 3 .......... 4611. Nasdaq Market Center Participant Registration. 

Section 4 .......... 4612. Registration as a Nasdaq Market Maker. 

Section 5 .......... 4613. Market Maker Obligations. 

Section 6 .......... 4614. Stabilizing Bids. 


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7The Exchange will not port over the reference 

to IM–4120–1 into the Rulebook shell as this Rule 

does not currently exist in the Nasdaq Rulebook. 

8The Exchange previously relocated the Nasdaq 

listing standards within the Rule 4300 and 4400 

Series to the Rule 5000 Series. See Securities 

Exchange Act Release No. 59663 (March 31, 2009), 

74 FR 15552 (April 6, 2009) (SR–NASDAQ–2009– 

018). 

Shell rule Current rule 

Section 7 .......... 4616. Reports. 

Section 8 .......... 4617. Normal Business Hours. 

Section 9 .......... 4618. Clearance and Settlement. 

Section 10 ........ 4619. Withdrawal of Quotations and Passive Market Making. 

Section 11 ........ 4620. Voluntary Termination of Registration. 

Section 12 ........ 4621. Suspension and Termination of Quotations. 

Section 13 ........ 4622. Termination of Nasdaq Service. 

Section 14 ........ 4623. Alternative Trading Systems. 

Section 15 ........ 4624. Penalty Bids and Syndicate Covering Transactions. 

Section 16 ........ 4625. Obligation to Provide Information. 7

Section 17 ........ 4626. Limitation of Liability. 

Section 18 ........ 4627. Obligation to Honor System Trades. 

Section 19 ........ 4628. Compliance with Rules and Registration Requirements. 

Section 20 ........ 4631. Customer Disclosures. 

Equity 3 

The Exchange proposes to reserve 

Equity 3, currently titled ‘‘Equity 

Trading Rules.’’ 

Equity 4 

The Exchange proposes to re-title 

Equity 4, currently ‘‘Limit Up Limit 

Down,’’ to ‘‘Equity Trading Rules.’’ The 

Exchange proposes to relocate Rules 

4110, 4120, 4121, 4370, 4702, 4703, 

4752, 4753, 4754, 4756, 4757, 4758, 

4759, 4760, 4761, 4762, 4763, and 4770 

into Equity 4 and retain the current rule 

numbers. In relocated Rule 4110, the 

Exchange also proposes to update an 

obsolete cross-reference to the Rule 

4300 and 4400 Series to the Rule 5000 

Series.8

Equity 5 

The Exchange proposes to update an 

obsolete cross-reference in Equity 5, 

Section 6 that presently refers to Rule 

2010A (Standards of Commercial Honor 

and Principles of Trade), which was 

already moved to General 9, Section 1 

in the Rulebook shell under SR– 

NASDAQ–2019–098. 

Equity 6 

The Exchange proposes to title Equity 

6, which is currently reserved, to 

‘‘Nasdaq Risk Management Service; 

Other Systems and Programs,’’ and to 

relocate the following rules into Equity 

6: 

Shell rule Current rule 

Section 1 .......... 6110. Definitions. 

Section 2 .......... 6120. System Functions. 

Section 3 .......... 6130. Nasdaq Kill Switch. 

Section 4 .......... 6200. Exchange Sharing of Participant Risk Settings. 

Section 5 .......... IM–6200–1. Risk Settings. 

Section 6 .......... 6300. Nasdaq Equity Value Indicator Cross. 

The Exchange will also correct a 

typographical error in Equity 6, Section 

3(e) where the Exchange inadvertently 

capitalized ‘‘When’’ in the first 

sentence. 

Equity 8 

The Exchange proposes to re-title 

Equity 8, currently ‘‘Uniform Practice 

Code,’’ to ‘‘Trading of Non-Convertible 

Bonds Listed on Nasdaq.’’ The Exchange 

proposes to relocate Rule 4000B 

(Trading of Non-Convertible Bonds 

Listed on Nasdaq) into Equity 8, Section 

1. 

Equity 9 

The Exchange proposes to re-title 

Equity 9, currently ‘‘Supplementary 

Conduct Rules,’’ to ‘‘Business Conduct,’’ 

and to relocate the following rules into 

Equity 9: 

Shell rule Current rule 

Section 1 .......... 3220. Adjustment of Open Orders. 

Section 2 .......... 3230. Clearing Agreements. 

Section 3 .......... 3310. Publication of Transactions and Quotations. 

Section 4 .......... IM–3310. Manipulative and Deceptive Quotations. 

Section 5 .......... 3320. Offers at Stated Prices. 

Section 6 .......... 3340. Prohibition on Transactions, Publication of Quotations, or Publication of Indications of Interest During Trading Halts. 

Section 7 .......... 3350. Suspension of Trading. 

Section 8 .......... 3351. Trading Practices. 

Section 9 .......... 3360. Short-Interest Reporting. 

Section 10 ........ 3370. Prompt Receipt and Delivery of Securities. 

Section 11 ........ 3380. Order Entry and Execution Practices. 

Section 12 ........ 3381. SEC Rule 19c–1—Governing Certain Off-Board Agency Transactions by Members of National Securities Exchanges. 

Section 13 ........ 3385. SEC Rule 19c–3 — Governing Off-Board Trading by Members of National Securities Exchanges. 

Section 14 ........ 3390. SEC Rule 604—Display of Customer Limit Orders. 


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9See Securities Exchange Act Release No. 68153 

(November 5, 2012), 77 FR 67409 (November 9, 

2012) (SR–NASDAQ–2012–124). 

10 Id. 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(5). 

13See supra note 3. 

The Exchange also proposes to update 

two obsolete cross-references in Equity 

9, Section 4 (Manipulative and 

Deceptive Quotations) that currently 

point to Rules 2110 and 2120. Rule 2110 

(Standards of Commercial Honor and 

Principles of Trade) was previously 

renumbered as Nasdaq Rule 2010A, 

which the Exchange then relocated to 

General 9, Section 1 of the Rulebook 

shell under SR–NASDAQ–2020–098.9

Rule 2120 (Use of Manipulative, 

Deceptive or Other Fraudulent Devices) 

was likewise relocated to General 9, 

Section 1 of the Rulebook shell under 

SR–NASDAQ–2019–098. 

Equity 10 

The Exchange proposes to title Equity 

10, which is currently reserved, to 

‘‘Other Products and Securities,’’ and to 

relocate the following rules into Equity 

10: 

Shell rule Current rule 

Section 1 .......... 2310A. Direct Participation Programs. 

Section 2 .......... 2830. Investment Company Securities. 

Section 3 .......... 2840. Trading in Index Warrants, Currency Index Warrants, and Currency Warrants. 

2841. General. 

2842. Definitions. 

Section 4 .......... 2850. Position Limits. 

Section 5 .......... 2851. Exercise Limits. 

Section 6 .......... 2852. Reporting Requirements. 

Section 7 .......... 2853. Liquidation of Index Warrant Positions. 

Section 8 .......... 4630. Trading in Commodity-Related Securities. 

Equity 11: Uniform Practice Code 

The Exchange proposes to add new 

Equity 11, titled ‘‘Uniform Practice 

Code,’’ and relocate the current Rule 

11000 Series into new Equity 11 

without renumbering them. 

The Exchange also proposes to update 

an obsolete cross-reference in IM–11720 

(Obligations of Members Who Discover 

Securities in Their Possession to Which 

They Are Not Entitled) that currently 

points to Rule 2110. Rule 2110 

(Standards of Commercial Honor and 

Principles of Trade) was previously 

renumbered as Nasdaq Rule 2010A, 

which the Exchange then relocated to 

General 9, Section 1 of the Rulebook 

shell under SR–NASDAQ–2020–098.10

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,11 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,12

in particular, in that it is designed to 

promote just and equitable principles of 

trade and to protect investors and the 

public interest by bringing greater 

transparency to its rules by relocating 

the equity and general rules into the 

new Rulebook shell together with other 

rules which have already been 

relocated.13 The Exchange’s proposal is 

consistent with the Act and will protect 

investors and the public interest by 

harmonizing its rules, where applicable, 

across Nasdaq markets so that members 

can readily locate rules which cover 

similar topics. The relocation and 

harmonization of the Nasdaq Rules is 

part of the Exchange’s continued effort 

to promote efficiency and conformity of 

its processes with those of its affiliated 

exchanges. The Exchange believes that 

the placement of the Nasdaq equity and 

general rules into their new location in 

the shell will facilitate the use of the 

Rulebook by members. Specifically, the 

Exchange believes that market 

participants that are members of more 

than one Nasdaq market will benefit 

from the ability to compare Rulebooks. 

The Exchange is not substantively 

amending rule text. The renumbering, 

re-lettering, deleting reserved and 

already deleted rules, amending crossreferences and other minor technical 

changes will bring greater transparency 

to Nasdaq’s Rules. The Exchange’s 

affiliates intend to file similar rule 

changes to relocate their respective 

equity and general rules into the same 

location in each Rulebook for ease of 

reference. The Exchange believes its 

proposal will benefit investors and the 

general public by increasing the 

transparency of its Rulebook and 

promoting easy comparisons among the 

various Nasdaq affiliated exchanges’ 

Rulebooks. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange believes that the proposed 

amendments do not impose an undue 

burden on competition because the 

amendments to relocate the equity and 

general rules are non-substantive. This 

rule change is intended to bring greater 

clarity to the Exchange’s Rules and to 

promote easy comparisons among the 

various Nasdaq affiliated exchanges’ 

Rulebooks. Renumbering, re-lettering, 

deleting reserved rules and amending 

cross-references will bring greater 

transparency to Nasdaq’s Rules. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 


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80206 Federal Register / Vol. 85, No. 239 / Friday, December 11, 2020 / Notices 

14 15 U.S.C. 78s(b)(3)(A). 

15 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. 

16 17 CFR 240.19b–4(f)(6). 

17 17 CFR 240.19b–4(f)(6)(iii). 

18For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

19 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 89073 

(June 16, 2020), 85 FR 37488 (‘‘Notice’’). 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 89412, 

85 FR 46744 (August 3, 2020). 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 89898, 

85 FR 59572 (September 22, 2020). Specifically, the 

Commission instituted proceedings to allow for 

additional analysis of the proposed rule change’s 

consistency with Section 6(b)(5) of the Act, which 

requires, among other things, that the rules of a 

national securities exchange be ‘‘designed to 

prevent fraudulent and manipulative acts and 

practices, to promote just and equitable principles 

of trade,’’ and ‘‘to protect investors and the public 

interest.’’ See id. at 59573 (citing 15 U.S.C. 

78f(b)(5)). 

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 14 and Rule 19b– 

4(f)(6) thereunder.15

A proposed rule change filed under 

Rule 19b–4(f)(6) 16 normally does not 

become operative for 30 days after the 

date of the filing. However, pursuant to 

Rule 19b–4(f)(6)(iii),17 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay. 

Waiver of the operative delay would 

allow the Exchange to immediately 

relocate its rules and continue to file 

other rules that are affected by this 

relocation in a timely manner. 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 waives the 30-day 

operative delay and designates the 

proposal operative upon filing.18

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 

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 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NASDAQ–2020–079 on the subject line. 

Paper Comments 

• 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–NASDAQ–2020–079. 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 (http://www.sec.gov/ 

rules/sro.shtml). 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 

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–NASDAQ–2020–079 and 

should be submitted on or before 

January 4, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27200 Filed 12–10–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90575; File No. SR– 

NYSEArca–2020–46] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on Proceedings To Determine Whether 

To Approve or Disapprove a Proposed 

Rule Change To Amend NYSE Arca 

Rule 5.2–E(j)(6) Relating to OptionsLinked Securities 

December 7, 2020. 

On June 10, 2020, NYSE Arca, Inc. 

(‘‘Exchange’’ or ‘‘NYSE Arca’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to amend NYSE Arca Rule 5.2– 

E(j)(6) to accommodate Exchange listing 

and trading of Options-Linked 

Securities. The proposed rule change 

was published for comment in the 

Federal Register on June 22, 2020.3 On 

July 28, 2020, pursuant to Section 

19(b)(2) of the Act,4 the Commission 

designated a longer period within which 

to approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether to disapprove the proposed 

rule change.5 On September 16, 2020, 

the Commission instituted proceedings 

under Section 19(b)(2)(B) of the Act 6 to 

determine whether to approve or 

disapprove the proposed rule change.7

The Commission has received no 


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