Federal Register / Vol. 86, No. 3 / Wednesday, January 6, 2021 / Notices 627 

30 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 90137 

(October 8, 2020), 85 FR 65087 (October 14, 2020) 

(SR–NYSENAT–2020–31) (‘‘SR–NYSENAT–2020– 

31’’). 

5The Exchange may submit a separate rule filing 

to extend the expiration date of the proposed 

extension beyond April 30, 2021 if the Exchange 

requires additional temporary relief from the rule 

requirements identified in SR–NYSENAT–2020–31. 

The amended NYSE National rules will revert back 

to their original state at the conclusion of the 

temporary relief period and any extension thereof. 

6See Securities Exchange Act Release No. 83289 

(May 17, 2018), 83 FR 23968, 23976 (May 23, 2018) 

(SR–NYSENAT–2018–02) (‘‘2018 Approval Order’’). 

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– 

MIAX–2020–42 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–MIAX–2020–42. 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 such 

filing also will be available for 

inspection and copying at the principal 

office of MIAX Options. 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–MIAX–2020–42 and should 

be submitted on or before January 27, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–29219 Filed 1–5–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90822; File No. SR– 

NYSENAT–2020–39] 

Self-Regulatory Organizations; NYSE 

National, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Extending the Expiration 

Date of the Temporary Amendments to 

Rules 10.9261 and 10.9830 as Set Forth 

in SR–NYSENAT–2020–31 From 

December 31, 2020, to April 30, 2021 

December 30, 2020. 

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

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’) 2 and Rule 19b–4 

thereunder,3 notice is hereby given that 

on December 22, 2020, NYSE National, 

Inc. (‘‘NYSE National’’ 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 extending the 

expiration date of the temporary 

amendments to Rules 10.9261 and 

10.9830 as set forth in SR–NYSENAT– 

2020–31 from December 31, 2020, to 

April 30, 2021, in conformity with 

recent changes by the Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’). 

The proposed rule change would not 

make any changes to the text of NYSE 

National Rules 10.9261 and 10.9830. 

The proposed rule change is available 

on the Exchange’s website at 

www.nyse.com, 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 

self-regulatory organization 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 those 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 parts 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 extending the 

expiration date of the temporary 

amendments as set forth in SR– 

NYSENAT–2020–31 4 to Rules 10.9261 

(Evidence and Procedure in Hearing) 

and 10.9830 (Hearing) from December 

31, 2020, to April 30, 2021 to harmonize 

with recent changes by FINRA to extend 

the expiration date of the temporary 

amendments to its Rules 9261 and 9830. 

SR–NYSENAT–2020–31 temporarily 

granted to the Chief or Deputy Chief 

Hearing Officer the authority to order 

that hearings be conducted by video 

conference if warranted by public health 

risks posed by in-person hearings 

during the ongoing COVID–19 

pandemic. The proposed rule change 

would not make any changes to the text 

of Exchange Rules 10.9261 and 

10.9830.5

Background 

In 2018, NYSE National adopted 

disciplinary rules that are, with certain 

exceptions, substantially the same as the 

disciplinary rules of its affiliate NYSE 

American LLC, which are in turn 

substantially similar to the FINRA Rule 

8000 Series and Rule 9000 Series, and 

which set forth rules for conducting 

investigations and enforcement actions.6

In adopting disciplinary rules 

modeled on FINRA’s rules, NYSE 

National adopted the hearing and 

evidentiary processes set forth in Rule 

10.9261 and in Rule 10.9830 for 

hearings in matters involving temporary 

and permanent cease and desist orders 


jbell on DSKJLSW7X2PROD with NOTICES
628 Federal Register / Vol. 86, No. 3 / Wednesday, January 6, 2021 / Notices 

7See id. 

8See Securities Exchange Act Release No. 89737 

(September 2, 2020), 85 FR 55712 (September 9, 

2020) (SR–FINRA–2020–027) (the ‘‘August 31 

FINRA Filing’’). 

9See supra note 4. 

10See Securities Exchange Act Release No. 90619 

(December 9, 2020), 85 FR 81250 (December 15, 

2020) (SR–FINRA–2020–042) (‘‘SR–FINRA–2020– 

042’’). 

11See id. 

12See SR–FINRA–2020–042, 85 FR at 81251–52; 

August 31 FINRA Filing, 85 FR at 55713. 

13 15 U.S.C. 78f(b). 

14 15 U.S.C. 78f(b)(5). 

15 15 U.S.C. 78f(b)(7) and 78f(d). 

16 15 U.S.C. 78f(b)(7) and 78f(d). 

under the Rule 10.9800 Series. As 

adopted, the text of Rule 10.9261 and 

Rule 10.9830 are substantially the same 

as the FINRA rules with certain 

modifications.7

In response to the spread of COVID– 

19, on August 31, 2020, FINRA filed 

with the Commission a proposed rule 

change for immediate effectiveness, SR– 

FINRA–2020–027, to temporarily grant 

FINRA’s Office of Hearing Officers 

(‘‘OHO’’) and the National Adjudicatory 

Council (‘‘NAC’’) the authority to 

conduct certain hearings by video 

conference, if warranted by the current 

COVID–19-related public health risks 

posed by in-person hearings. Among the 

rules FINRA amended were Rules 9261 

and 9830.8

Given that FINRA and OHO 

administers disciplinary hearings on the 

Exchange’s behalf, and that the public 

health concerns addressed by FINRA’s 

amendments apply equally to Exchange 

disciplinary hearings, on September 29, 

2020, the Exchange filed to temporarily 

amend Rule 10.9261 and Rule 10.9830 

to permit FINRA to conduct virtual 

hearings on its behalf.9 The temporary 

amendments to Rule 10.9261 and Rule 

10.9830, as originally proposed, will 

expire on December 31, 2020, absent 

another proposed rule change filing by 

the Exchange. 

The COVID–19 conditions 

necessitating these temporary 

amendments persist, with cases rapidly 

escalating nationwide. Based on its 

assessment of current COVID–19 

conditions and the lack of certainty as 

to when COVID–19-related health 

concerns will subside, on December 1, 

2020, FINRA filed to extend the 

expiration date of the temporary rule 

amendments to, among other rules, 

FINRA Rule 9261 and 9830 from 

December 31, 2020, to April 30, 2021.10

Proposed Rule Change 

Consistent with FINRA’s recent 

proposal, the Exchange proposes to 

extend the expiration date of the 

temporary rule amendments to NYSE 

National Rules 10.9261 and 10.9830 as 

set forth in SR–NYSENAT–2020–31 

from December 31, 2020, to April 30, 

2021. 

As set forth in SR–FINRA–2020–042, 

based on its assessment of current 

COVID–19 conditions, including the 

recent escalation in COVID–19 cases 

nationwide, FINRA does not believe 

that the COVID–19-related health 

concerns necessitating this relief will 

subside by December 31, 2020, and has 

determined that there will be a 

continued need for this temporary relief 

for several months beyond December 31, 

2020.11 FINRA accordingly proposed to 

extend the expiration date of the 

temporary rule amendments in the 

August 31 FINRA Filing from December 

31, 2020, to April 30, 2021. 

The Exchange proposes to similarly 

extend the expiration date of the 

temporary rule amendments to NYSE 

National Rules 10.9261 and 10.9830 as 

set forth in SR–NYSENAT–2020–31 

from December 31, 2020, to April 30, 

2021. With COVID–19 cases surging 

nationwide, the Exchange agrees with 

FINRA that the COVID–19-related 

public health risks necessitating this 

temporary relief have not yet abated and 

are unlikely to abate by December 31, 

2020. The proposed change will permit 

OHO to continue to assess, based on 

critical COVID–19 data and criteria and 

the guidance of health and security 

consultants, whether an in-person 

hearing would compromise the health 

and safety of the hearing participants 

such that the hearing should proceed by 

video conference. FINRA has adopted a 

detailed and thorough protocol to 

ensure that hearings conducted by video 

conference will maintain fair process for 

the parties.12 The Exchange believes 

that this is a reasonable procedure to 

continue to follow for hearings under 

Rules 10.9261 and 10.9830 chaired by a 

FINRA employee. 

As noted below, the Exchange has 

filed the proposed rule change for 

immediate effectiveness and has 

requested that the SEC waive the 

requirement that the proposed rule 

change not become operative for 30 days 

after the date of the filing, so the 

Exchange can implement the proposed 

rule change immediately. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the 

Act,13 in general, and furthers the 

objectives of Section 6(b)(5),14 in 

particular, because it is designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities, to remove 

impediments to, and perfect the 

mechanism of, a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest. Additionally, the 

Exchange believes the proposed rule 

change is designed to provide a fair 

procedure for the disciplining of 

members and persons associated with 

members, consistent with Sections 

6(b)(7) and 6(d) of the Act.15

The Exchange believes that the 

proposed rule change supports the 

objectives of the Act by providing 

greater harmonization between 

Exchange rules and FINRA rules of 

similar purpose, resulting in less 

burdensome and more efficient 

regulatory compliance. As such, the 

proposed rule change will foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities and will 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system. 

The proposed rule change, which 

extends the expiration date of the 

temporary amendments to Exchange 

rules consistent with FINRA’s extension 

to its Rules 9261 and 9830 for four 

months as set forth in SR–FINRA–2020– 

042, will permit the Exchange to 

continue to effectively conduct hearings 

during the COVID–19 pandemic in 

situations where in-person hearings 

present likely public health risks. The 

ability to conduct hearings by video 

conference will permit the adjudicatory 

functions of the Exchange’s disciplinary 

rules to continue unabated, thereby 

avoiding protracted delays. The 

Exchange believes that this is especially 

important in matters where temporary 

and permanent cease and desist orders 

are sought because the proposed rule 

change would enable those hearings to 

continue to proceed without delay, 

thereby enabling the Exchange to 

continue to take immediate action to 

stop significant, ongoing customer 

harm, to the benefit of the investing 

public. 

As set forth in detail in SR– 

NYSENAT–2020–31, the temporary 

relief to permit hearings to be conducted 

via video conference maintains fair 

process and will continue to provide 

fair process consistent with Sections 

6(b)(7) and 6(d) of the Act 16 while 

striking an appropriate balance between 

providing fair process and enabling the 

Exchange to fulfill its statutory 

obligations to protect investors and 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 3 / Wednesday, January 6, 2021 / Notices 629 

17 15 U.S.C. 78s(b)(3)(A). 

18 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. 

19See SR–FINRA–2020–042. 

20See id. 

21See supra note 10 (referencing FINRA’s 

proposal to extend the expiration date of temporary 

rule amendments allowing hearings to be 

conducted on a temporary basis by video 

conference if warranted by COVID–19 related 

health risks). 

22See supra note 5 and accompanying text. 

23See supra notes 8 and 10 and accompanying 

text. 

24For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule change’s impact on efficiency, 

competition, and capital formation. See 15 U.S.C. 

78c(f). 

maintain fair and orderly markets while 

accounting for the significant health and 

safety risks of in-person hearings 

stemming from the outbreak of COVID– 

19. The Exchange notes that this 

proposal, like SR–NYSENAT–2020–31, 

provides only temporary relief. As 

proposed, the changes would be in 

place through April 30, 2021. As noted 

in SR–NYSENAT–2020–31 and above, 

the amended rules will revert back to 

their original state at the conclusion of 

the temporary relief period and, if 

applicable, any extension thereof. 

Accordingly, the proposed rule 

change extending this temporary relief 

is in the public interest and consistent 

with the Act’s purpose. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed temporary rule change 

will impose any burden on competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act. 

The proposed rule change is not 

intended to address competitive issues 

but is rather intended solely to provide 

continued temporary relief given the 

impacts of the COVID–19 pandemic and 

the related health and safety risks of 

conducting in-person activities. The 

Exchange believes that the proposed 

rule change will prevent unnecessary 

disruptions that would otherwise result 

if the temporary amendments were to 

expire on December 31, 2020. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

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) 17 of the Act and Rule 19b– 

4(f)(6) thereunder.18

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative for 30 days after the 

date of filing. However, pursuant to 

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

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay so that the proposed rule change 

may become operative immediately 

upon filing. As noted above, the 

Exchange states that the COVID-related 

health and safety risks of conducting inperson activities, which necessitated 

these temporary amendments, persist 

and that cases are escalating 

nationwide. Based on FINRA’s 

assessment of the current COVID–19 

conditions and FINRA’s determination 

that there is a continued need for this 

temporary relief for several months 

beyond December 31, 2020, the 

Exchange states that it agrees with 

FINRA that the COVID–19-related 

public health risks necessitating this 

temporary relief have not yet abated and 

are unlikely to abate by December 31, 

2020.19 Moreover, the Exchange states 

that FINRA has adopted a detailed and 

thorough protocol to ensure that 

hearings conducted by video conference 

will provide a fair process for all parties 

and will enable the Exchange to fulfill 

its statutory obligations to protect 

investors and maintain fair and orderly 

markets.20 The Exchange believes that 

this is a reasonable procedure to 

continue to follow for hearings under 

Rules 10.9261 and 10.9830 chaired by a 

FINRA employee. Accordingly, the 

Exchange states that waiver of the 

operative delay would prevent 

unnecessary disruptions that would 

otherwise result if the temporary 

amendments were to expire on 

December 31, 2020. 

The Exchange also indicates that this 

filing is eligible to become operative 

immediately because the proposal 

would continue to provide greater 

harmonization between the Exchange 

rules and FINRA rules that serve a 

similar purpose, resulting in less 

burdensome and more efficient 

regulatory compliance. This proposal 

would serve to extend the expiration 

date of the temporary amendments to 

the Exchange rules set forth in SR– 

NYSENAT–2020–31, which is 

consistent with FINRA’s extension to its 

comparable rules, where FINRA 

requested and the Commission granted 

a waiver of the 30-day operative delay.21

The Exchange also indicates that this 

temporary relief is necessary in order for 

the continue performing adjudicatory 

functions necessary to meet its statutory 

obligations in light of COVID–19 related 

health and safety risks associated with 

in-person hearings and will only be 

temporary relief, with the rules 

reverting back to their original state at 

the conclusion of the relief period and 

any extension thereof.22

The Commission observes that this 

proposal, like SR–NYSENAT–2020–31 

and FINRA’s comparable filing,23

provides only temporary relief during 

the period in which the Exchange’s 

operations are impacted by COVID–19. 

As proposed, the changes would be in 

place through April 30, 2021. For these 

reasons, 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 

designates the proposal operative upon 

filing.24

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 


jbell on DSKJLSW7X2PROD with NOTICES
630 Federal Register / Vol. 86, No. 3 / Wednesday, January 6, 2021 / Notices 

25 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. 90104 

(October 7, 2020), 85 FR 64598 (‘‘Notice’’). 

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

5See Securities Exchange Act Release No. 90418, 

85 FR 73812 (November 19, 2020). The Commission 

designated January 11, 2021, as the date by which 

the Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

disapprove, the proposed rule change. 

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

7See Securities Exchange Act Release No. 88648 

(April 15, 2020), 85 FR 22200 (April 21, 2020) (SR– 

NYSEArca–2020–32) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

to Adopt a New NYSE Arca Rule 8.900–E). 

8NYSE Arca Rule 8.900–E(c)(6) defines the term 

‘‘Creation Unit’’ as a specified minimum number of 

Managed Portfolio Shares issued by an Investment 

Company at the request of an Authorized 

Participant in return for a designated portfolio of 

instruments and/or cash. 

9NYSE Arca Rule 8.900–E(c)(4) defines the term 

‘‘Confidential Account’’ as ‘‘an account owned by 

an Authorized Participant and held with an AP 

Representative on behalf of the Authorized 

Participant. The account will be established and 

governed by contractual agreement between the AP 

Representative and the Authorized Participant 

solely for the purposes of creation and redemption, 

while keeping confidential the Creation Basket 

constituents of each series of Managed Portfolio 

Shares, including from the Authorized Participant. 

The books and records of the Confidential Account 

will be maintained by the AP Representative on 

behalf of the Authorized Participant.’’ NYSE Arca 

Rule 8.900–E(c)(3) defines the term ‘‘AP 

Representative’’ as ‘‘an unaffiliated broker-dealer, 

with which an Authorized Participant has signed an 

agreement to establish a Confidential Account for 

the benefit of such Authorized Participant, that will 

deliver or receive, on behalf of the Authorized 

Participant, all consideration to or from the 

Investment Company in a creation or redemption. 

An AP Representative will not be permitted to 

disclose the Creation Basket to any person, 

including the Authorized Participants.’’ 

10NYSE Arca Rule 8.900–E(c)(7) defines the term 

‘‘Redemption Unit’’ as a specified minimum 

number of Managed Portfolio Shares that may be 

redeemed to an Investment Company at the request 

of an Authorized Participant in return for a 

portfolio of instruments and/or cash. 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSENAT–2020–39 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–NYSENAT–2020–39. 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, on business days 

between the hours of 10:00 a.m. and 

3:00 p.m., located at 100 F Street NE, 

Washington, DC 20549. Copies of such 

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–NYSENAT–2020–39 and 

should be submitted on or before 

January 27, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–29213 Filed 1–5–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90835; File No. SR– 

NYSEArca–2020–84] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Instituting 

Proceedings To Determine Whether To 

Approve or Disapprove a Proposed 

Rule Change, as Modified by 

Amendment No. 1, To Amend NYSE 

Arca Rule 8.900–E To Adopt Generic 

Listing Standards for Managed 

Portfolio Shares 

December 31, 2020. 

I. Introduction 

On September 22, 2020, NYSE Arca, 

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

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’ or 

‘‘Exchange Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend NYSE Arca Rule 8.900–E to 

adopt generic listing standards for 

Managed Portfolio Shares. On October 

2, 2020, the Exchange filed Amendment 

No. 1 to the proposed rule change. The 

proposed rule change, as modified by 

Amendment No. 1, was published for 

comment in the Federal Register on 

October 13, 2020.3 On November 13, 

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

The Commission has received no 

comments on the proposed rule change. 

The Commission is publishing this 

order to solicit comments on the 

proposed rule change from interested 

persons and to institute proceedings 

pursuant to Section 19(b)(2)(B) of the 

Act 6 to determine whether to approve 

or disapprove the proposed rule change, 

as modified by Amendment No. 1. 

II. Description of the Proposed Rule 

Change 

The Exchange adopted listing 

standards for Managed Portfolio Shares 

as set forth in NYSE Arca Rule 8.900– 

E.7 A Managed Portfolio Share is a 

security that (a) represents an interest in 

an investment company (‘‘Investment 

Company’’), registered under the 

Investment Company Act of 1940 

(‘‘1940 Act’’) organized as an open-end 

management investment company, that 

invests in a portfolio of securities 

selected by the Investment Company’s 

investment adviser consistent with the 

Investment Company’s investment 

objectives and policies; (b) is issued in 

a Creation Unit,8 or multiples thereof, in 

return for a designated portfolio of 

instruments (and/or an amount of cash) 

with a value equal to the next 

determined net asset value and 

delivered to the Authorized Participant 

(as defined in the Investment 

Company’s Form N–1A filed with the 

Commission) through a Confidential 

Account; 9 (c) when aggregated into a 

Redemption Unit,10 or multiples 

thereof, may be redeemed for a 

designated portfolio of instruments 

(and/or an amount of cash) with a value 

equal to the next determined net asset 

value delivered to the Confidential 

Account for the benefit of the 

Authorized Participant; and (d) the 

portfolio holdings for which are 

disclosed within at least 60 days 

following the end of every fiscal 


jbell on DSKJLSW7X2PROD with NOTICES