31812 Federal Register / Vol. 83, No. 131 / Monday, July 9, 2018 / Notices 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s 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. 

10 17 CFR 240.19b–4(f)(6). 

11 17 CFR 240.19b–4(f)(6)(iii). 

12For purposes only of waiving the 30-day 

operative delay, the Commission also has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The term ‘‘Lead Market Maker’’ means a 

Member registered with the Exchange for the 

purpose of making markets in securities traded on 

the Exchange and that is vested with the rights and 

responsibilities specified in Chapter VI of the 

Exchange’s Rules with respect to Lead Market 

Makers. See Exchange Rule 100. 

4The term ‘‘Registered Market Maker’’ means a 

Member registered with the Exchange for the 

purpose of making markets in securities traded on 

the Exchange, who is not a Lead Market Maker and 

is vested with the rights and responsibilities 

specified in Chapter VI of the Exchange’s Rules 

with respect to Registered Market Makers. See 

Exchange Rule 100. 

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)(iii) of the Act 8 and 

subparagraph (f)(6) Rule 19b–4 

thereunder.9

A proposed rule change filed under 

Rule 19b–4(f)(6) 10 normally does not 

become operative for 30 days after the 

date of filing. However Rule 19b– 

4(f)(6)(iii) 11 permits the Commission to 

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 to permit the applicable fee 

waivers to be extended on a timely basis 

and without interruption and to update 

its rule text to reflect the sunsetting of 

the FLEX Trader Incentive Program as 

scheduled. The Commission believes 

that waiver of the 30-day operative 

delay is consistent with the protection 

of investors and the public interest 

because the proposal to extend to 

December 31, 2018 temporary 

incentives designed to encourage 

trading in the above-discussed products 

and trading sessions, and to remove 

obsolete text concerning the FLEX 

Trader Incentive Program, does not raise 

any new or novel issues. Therefore, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change operative upon 

filing.12

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– 

CBOE–2018–051 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–CBOE–2018–051. 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–CBOE–2018–051 and 

should be submitted on or before July 

30, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–14666 Filed 7–6–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83577; File No. SR–MIAX– 

2018–13] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Exchange Rule 602, 

Appointment of Market Makers 

July 2, 2018. 

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 June 26, 

2018, Miami International Securities 

Exchange, LLC (‘‘MIAX Options’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

as described in Items I, II, and III below, 

which Items have been prepared by the 

Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend Rule 602, Appointment of 

Market Makers, to specify the new 

method by which Lead Market Makers 3

(‘‘LMMs’’) and Registered Market 

Makers 4 (‘‘RMMs’’) request 

appointments to one or more classes of 

option contracts traded on the 

Exchange. 


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5The term ‘‘Market Makers’’ refers to ‘‘Lead 

Market Makers,’’ ‘‘Primary Lead Market Makers’’ 

and ‘‘Registered Market Makers’’ collectively. See 

Exchange Rule 100. 

6See, e.g.., Cboe BZX Exchange, Inc. (‘‘Cboe 

BZX’’) Rules 22.3(a),(b) (Market Maker 

Registration); see also Nasdaq PHLX, LLC (‘‘Nasdaq 

Phlx’’) Rule 3212(b) (Registration as a Market 

Maker); Nasdaq Options Market (‘‘NOM’’), Chapter 

VII (Market Participants), Section 3(a),(b) 

(Continuing Market Maker Registration); NYSE 

American, LLC (‘‘NYSE American’’), Rule 923NY 

(Appointment of Market Makers). 

7The term ‘‘Member’’ means an individual or 

organization approved to exercise the trading rights 

associated with a Trading Permit. Members are 

deemed ‘‘members’’ under the Exchange Act. See 

Exchange Rule 100. 

8A ‘‘Primary Lead Market Maker’’ is a Lead 

Market Maker appointment by the Exchange to act 

as the Primary Lead Market Maker for the purpose 

of making markets in securities traded on the 

Exchange. The Primary Lead Market Maker is 

vested with the rights and responsibilities specified 

in Chapter VI of these Rules with respect to Primary 

Lead Market Makers. See Exchange Rule 100. 9See, for example, Exchange Rules 603 and 604 

for certain heightened obligations of PLMMs. 10See Rule 602(a). 

11See Rule 602(c). 

12See Rule 602(a). 

13See Rule 602(c)(2). 

14See Rule 602(e). 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/ at MIAX Options’ principal 

office, and at the Commission’s Public 

Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

MIAX Options Rule 602, Appointment 

of Market Makers, to specify the new 

method by which LMMs and RMMs 

would request appointments to (and 

relinquishment of appointments from) 

one or more classes of option contracts 

traded on the Exchange pursuant to 

Rule 602(a). The Exchange believes this 

proposal would improve the efficiency 

of the appointment process for both the 

Exchange and for these types of Market 

Makers.5 Other option exchanges also 

specify a method which governs the 

appointment of market makers to classes 

of option contracts traded on the 

exchange, however, these methods, 

while generally automated, differ 

somewhat across exchanges.6

Once a Member 7 has qualified as 

either an LMM or an RMM, such Market 

Maker may request an appointment (or, 

following an appointment, 

relinquishment from an appointment) in 

one or more option classes pursuant to 

Rule 602. Currently, an LMM or RMM 

may request such an appointment by 

contacting Exchange staff, either by 

phone or via email, identifying those 

classes of option contracts in which the 

Market Maker is seeking an 

appointment. A Primary Lead Market 

Maker (‘‘PLMM’’),8 however, goes 

through a different, more extensive 

appointment process. Accordingly, the 

Exchange intentionally excluded 

PLMMs from this proposal. The 

Exchange believes it is appropriate to 

exclude PLMMs from this new 

appointment method because the Board 

or designated committee appoints only 

one PLMM to each options class traded 

on the Exchange, as opposed to the 

multiple number of LMMs and RMMs, 

and because of the heightened 

obligations associated with performing 

the responsibilities of a PLMM.9

Because of the heightened 

responsibilities of PLMMs, the 

Exchange believes that it is appropriate 

to have a different method for PLMMs 

on the one hand, and LMMs and RMMs 

on the other hand, with respect to the 

method by which appointments (and 

relinquishments of appointments) are 

requested. 

According to the Exchange’s current 

practice, with respect to LMMs and 

RMMs, after the LMM or RMM contacts 

Exchange staff either by phone or via 

email, the Exchange staff then delivers 

that request to the Board or a committee 

designated by the Board for its approval. 

Upon the decision of the Board or 

committee designated by the Board 

regarding that appointment, Exchange 

staff then notifies the Market Maker of 

the determination, with such 

notification being made the next 

business day. The Exchange notes that 

it is not proposing to make any changes 

to timing of the notification, which will 

continue to be made the next business 

day. 

Specifically, Rule 602(a) provides that 

‘‘[t]he Board or a committee designated 

by the Board shall appoint Market 

Makers to one or more classes of option 

contracts traded on the Exchange.’’ 10 In 

addition to having the authority to 

appoint one PLMM to each options 

class, ‘‘[t]he Exchange will impose an 

upper limit on the aggregate number of 

Market Makers that may quote in each 

class of options (‘‘Class Quoting Limit’’ 

or ‘‘CQL’’).’’ Currently, the CQL is set at 

fifty (50) Market Makers per option class 

but the Exchange may ‘‘increase the 

CQL for an existing or new option class 

if the President determines that it would 

be appropriate.’’ 11 Further, Rule 

602(c)(2) provides that ‘‘Market Makers 

requesting an appointment in a class of 

options will be considered for the 

appointment in accordance with 

paragraphs (a), (b) and (f) of this Rule 

602, provided the number of Market 

Makers appointed in the options class 

does not exceed the CQL.’’ 

In making appointments of Market 

Makers to one or more classes of option 

contracts traded on the Exchange, the 

Board or designated committee shall 

consider the financial resources 

available to the Market Maker; the 

Market Maker’s experience and 

expertise in market making or options 

trading; the preferences of the Market 

Maker to receive appointment(s) in 

specific option class(es); and the 

maintenance and enhancement of 

competition among Market Makers in 

each class of option contracts to which 

they are appointed.12 Rule 602(c)(2) also 

states that, when the number of Market 

Makers appointed in the options class 

equals the CQL, all other Market Makers 

requesting to be appointed in that 

options class will be wait-listed in the 

order in which they submitted their 

request.13

Under the current Rule, ‘‘[t]he Board 

or designated committee may suspend 

or terminate any appointment of a 

Market Maker under this Rule [602] and 

may make additional appointments or 

change the option classes included in a 

Market Maker’s appointed classes 

whenever, in the Board’s or designated 

committee’s judgment, the interests of a 

fair and orderly market are best served 

by such action.’’ 14 Moreover, the 

Exchange ‘‘shall periodically conduct an 

evaluation of Market Makers to 

determine whether they have fulfilled 

performance standards relating to, 

among other things, quality of markets, 

competition among Market Makers, 

observance of ethical standards, and 

administrative factors. The Exchange 

may consider any relevant information, 

including but not limited to the results 

of a Market Maker evaluation 

questionnaire, trading data, a Market 

Maker’s regulatory history and such 

other factors and data as may be 


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15See Rule 602(f). 

16See id. 

17See Rule 602(e). 

18See e.g., Phlx Rule 3212(b) (‘‘A PSX Market 

Maker may become registered in an issue by 

entering a registration request via an Exchange 

approved electronic interface with PSX’s systems or 

by contacting PSX Market Operations. Registration 

shall become effective on the day the registration 

request is entered’’); Phlx Rule 3220(a) (‘‘A market 

maker may voluntarily terminate its registration in 

a security by withdrawing its two-sided quotation 

from PSX. A PSX Market Maker that voluntarily 

terminates its registration in a security may not reregister as a market maker for one (1) business 

day.’’). See also BZX Options Rules 22.3(b) (‘‘An 

Options Market Maker may become registered in a 

series by entering a registration request via an 

Exchange approved electronic interface with the 

Exchange’s systems by 9:00 a.m. Eastern time. 

Registration shall become effective on the day the 

registration request is entered’’); NOM, Chapter VII, 

Section 3(b) (‘‘An Options Market Maker may 

become registered in an option by entering a 

registration request via a Nasdaq approved 

electronic interface with Nasdaq’s systems. 

Registration shall become effective on the day the 

registration request is entered.’’). 

19 15 U.S.C. 78f(b). 

20 15 U.S.C. 78f(b)(5). 

21See supra notes 10–14. 22See Rule 602(e). See also Rule 600(c) (regarding 

the Exchange’s ability to suspend or terminate a 

Market Maker’s registration based on ‘‘a 

determination that such Member has failed to 

properly perform as a Market Maker.’’). 

pertinent in the circumstances.’’ 15 If the 

Exchange finds that a Market Maker has 

not met the performance standards, the 

Exchange may take action, including 

suspending, terminating or restricting a 

Market Maker’s appointment or 

registration.16

The Exchange proposes to amend 

MIAX Options Rule 602 solely to 

specify the new method by which 

LMMs and RMMs would request 

appointments to (or relinquishment of 

appointments from) one or more classes 

of option contracts traded on the 

Exchange pursuant to Rule 602(a). In 

particular, the Exchange proposes to 

adopt Interpretations & Policies .02 to 

Rule 602 to provide that, ‘‘Lead Market 

Makers and Registered Market Makers 

shall request appointments to (and 

relinquishment of appointments from) 

one or more classes of option contracts 

traded on the Exchange pursuant to 

Rule 602(a) via an Exchange approved 

electronic interface, which request must 

be submitted prior to 6:00 p.m. Eastern 

Time of the business day immediately 

preceding the next trading day. The 

Exchange approved electronic interface 

will also ensure that, before any 

appointment request (or relinquishment 

of an appointment) is approved, the 

CQL established by Rule 602 has not 

been exceeded. Appointments (and 

relinquishments of appointments) shall 

become effective on the day after the 

request is submitted, provided that it 

has been approved. Approvals and 

denials of appointments (and 

relinquishment of appointments) shall 

be communicated by the Exchange via 

the same Exchange approved electronic 

interface through which the request was 

made.’’ 

The Exchange believes that requiring 

LMMs and RMMs to use an Exchange 

approved electronic interface to request 

appointments to one or more classes of 

option contracts would enable LMMs 

and RMMs to streamline the process by 

which they request appointments (and 

relinquishment of appointments) and 

get notified of approvals or denials 

related to such requests, which, in turn, 

would reduce the time and resources 

expended by such Market Makers and 

the Exchange on the appointment 

process. 

The Exchange also believes this 

proposal would provide LMMs and 

RMMs with more efficient access to the 

securities in which they want to make 

markets and disseminate competitive 

quotations, which would provide 

additional liquidity and enhance 

competition in those securities. The 

Exchange would retain the ability to 

suspend or terminate any appointment 

of a Market Maker if necessary to 

maintain a fair and orderly market.17

The Exchange also notes that the 

proposed changes to Rule 602 are 

similar in some respects to the rules of 

other exchanges 18 and therefore raises 

no new or novel issues. Furthermore, 

the Exchange notes that it is only 

proposing to specify the new method by 

which LMMs and RMMs would request 

appointments to (and relinquishment of 

appointments from) one or more classes 

of option contracts traded on the 

Exchange pursuant to Rule 602(a), and 

would not change the substantive 

provisions of the rules including the 

CQL, quoting requirements, or the 

Exchange’s ability to make additional 

appointments or change the option 

classes included in a Market Maker’s 

requested appointment whenever, in the 

Board’s or designated committee’s 

judgment, the interests of a fair and 

orderly market are best served by such 

action. 

2. Statutory Basis 

The Exchange believes that its 

proposed rule change is consistent with 

Section 6(b) of the Act 19 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act 20 in particular, in that 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 

mechanisms of a free and open market 

and a national market system. 

The Exchange believes that the 

proposed rule change removes 

impediments to a free and open market 

because it would streamline the process 

by which LMMs and RMMs request 

appointments to (and relinquishment of 

appointments from) one or more classes 

of option contracts traded on the 

Exchange and offer LMMs and RMMs 

the ability to manage their appointments 

in a more efficient manner, through use 

of an automated tool. The Exchange 

believes the proposed change would 

reduce the burden on both LMMs and 

RMMs, and Exchange staff, which 

would result in a fair and reasonable use 

of resources to the benefit of all market 

participants. In particular, the proposal 

to require LMMs and RMMs to use an 

Exchange approved electronic interface 

to request to be appointed to a class, and 

to make changes thereto, is consistent 

with Act because it would provide 

LMMs and RMMs with more efficient 

access to the securities in which they 

want to make markets. The Exchange 

also believes that allowing LMMs and 

RMMs to request relinquishment from 

appointments using the same process 

used by LMMs and RMMs to request 

appointments, would serve to promote 

just and equitable principles of trade 

and benefit investors and the public 

interest by establishing a more 

systematic way for LMMs and RMMs to 

manage their appointments and provide 

more clarity with respect to the process. 

In addition, the Exchange believes 

that improving the efficiency of the 

process by which LMMs and RMMs 

request appointments and 

relinquishment of appointments on an 

automated basis without having to 

manually contact Exchange staff is 

likewise consistent with the Act. First, 

the Board or a designated committee 

will continue to have responsibility for 

approving the appointments requested 

by LMMs and RMMs in one or more 

classes of options contracts traded on 

the Exchange. The Board or a designated 

committee would continue to consider 

the relevant factors and conduct an 

evaluation of Market Makers prior to 

their appointment. 21 In addition, as 

noted above, the Exchange would 

continue to have authority to suspend or 

terminate any Market Maker 

appointment in the interest of a fair and 

orderly market, including, if necessary 

to prevent fraudulent and manipulative 

acts and practices and protect investors, 

or if a Market Maker does not satisfy its 

obligations with respect to an 

appointment.22 Furthermore, the 


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23 15 U.S.C. 78f(b). 

24See supra note 9. 

25See Rule 604. 

26See supra notes 6 and 18. 27 Id. 

28 15 U.S.C. 78s(b)(3)(A). 

29 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. 

Exchange approved electronic interface 

utilized by LMMs and RMMs to request 

an appointment will ensure that, before 

any additions to a Market Maker’s 

appointment are approved, the CQL 

established by Rule 602 has not been 

exceeded. Accordingly, the Exchange 

believes this proposal is consistent with 

Section 6(b) of the Exchange Act.23

The proposed rule change would not 

result in unfair discrimination, as it 

applies to all LMMs and RMMs equally. 

As noted above, the Exchange 

intentionally excluded PLMMs from 

this proposal. The Exchange believes it 

isn’t unfairly discriminatory to exclude 

PLMMs from this new appointment 

method because the Board or designated 

committee appoints only one PLMM to 

each options class traded on the 

Exchange, as opposed to the multiple 

number of LMMs and RMMs, and 

because of the heightened obligations 

associated with performing the 

responsibilities of a PLMM.24 Because of 

these heightened responsibilities of 

PLMMs, the Exchange believes that it is 

not unfairly discriminatory to treat 

PLMMs differently from LMMs and 

RMMs with respect to the method by 

which appointments (and 

relinquishments of appointments) are 

requested. 

Further, the proposed rule change 

would reduce the burden on LMMs and 

RMMs to manage their appointments, 

and thus provide greater liquidity to the 

Exchange while reducing the time and 

resources expended by such Market 

Makers and the Exchange on the 

appointment process. Nevertheless, 

Market Makers would still be required 

to comply with certain obligations to 

maintain their status as a Market Maker, 

including that they provide continuous, 

two-sided quotations in their appointed 

securities.25

Finally, as noted above, specifying the 

method of the appointment process 

would also align the rules of the 

Exchange with the rules of other options 

exchanges, where Market Makers 

presently have the ability to select and 

make changes to their appointments and 

registrations via an exchange-approved 

electronic interface.26 The Exchange 

believes this consistency across 

exchanges would remove impediments 

to and perfect the mechanism of a free 

and open market by ensuring that 

members, regulators and the public can 

more easily navigate the Exchange’s 

rulebook and better understand the 

appointment process. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

MIAX Options does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act because it 

provides the same enhancement to a 

group of similarly situated market 

participants—LMMs and RMMs. The 

proposed rule change would reduce the 

burden on these Market Makers to 

manage their appointments and thus 

provide greater liquidity to the 

Exchange while reducing the time and 

resources expended by such Market 

Makers and the Exchange on the 

appointment process. 

The Exchange does not believe the 

proposed rule change would help these 

Market Makers to the detriment of 

market participants on other exchanges, 

particularly because the proposed 

appointment process for LMMs and 

RMMs is meant to simply create a more 

efficient process by which such Market 

Makers can request an appointment, and 

it is similar to the appointment and 

registration processes for market makers 

already in place on other exchanges.27

LMMs and RMMs would still be subject 

to the same obligations with respect to 

its appointment; however, the proposed 

rule change would make the 

appointment process more efficient for 

such Market Makers. The Exchange 

believes that the proposed rule change 

would relieve any burden on, or 

otherwise promote, competition, as it 

would enable LMMs and RMMs to 

streamline the process by which they 

request appointments (and 

relinquishment of appointments) and 

get notified of approvals or denials 

related to such requests, which, in turn, 

would reduce the time and resources 

expended by such Market Makers and 

the Exchange on the appointment 

process. 

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 28 and Rule 19b–4(f)(6) 29

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– 

MIAX–2018–13 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–2018–13. 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 


sradovich on DSK3GMQ082PROD with NOTICES
31816 Federal Register / Vol. 83, No. 131 / Monday, July 9, 2018 / Notices 

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. 

4 15 U.S.C. 78s(b)(1). 

5 17 CFR 240.19b–4. 

6Pursuant to section 12(f)(1)(G)(i)–(ii) of the 

Securities Exchange Act, a security is the subject of 

an initial public offering if the offering of the 

subject security is registered under the Securities 

Act of 1933, the issuer of the security, immediately 

prior to filing the registration statement with 

respect to the offering, was not subject to the 

reporting requirements of the Act, and the initial 

public offering of such security commences at the 

opening of trading on the day on which such 

security commences trading on the national 

securities exchange with which such security is 

registered. See 15 U.S.C. 78l(f)(1)(G). 

7See Rule 11.350(a)(9). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4. 

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–MIAX–2018–13 and should 

be submitted on or before July 30, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–14545 Filed 7–6–18; 8:45 am] 

BILLING CODE P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Form 12b–25, SEC File No. 270–071, OMB 

Control No. 3235–0058 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

The purpose of Form 12b–25 (17 CFR 

240.12b–25) is to provide notice to the 

Commission and the marketplace that a 

registrant will be unable to timely file a 

required periodic report or transition 

report pursuant to the Securities 

Exchange Act of 1934 (15 U.S.C 78a et 

seq.) or the Investment Company Act of 

1940 (15 U.S.C. 80a et seq.). If all the 

filing conditions of the form are 

satisfied, the registrant is granted an 

automatic filing extension. 

Approximately 3,432 registrants file 

Form 12b–25 and it takes approximately 

2.5 hours per response for a total of 

8,580 burden hours. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden imposed by the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

in writing within 60 days of this 

publication. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

Please direct your written comment to 

Pamela Dyson, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Candace 

Kenner, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: July 3, 2018. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–14652 Filed 7–6–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83579; File No. SR–IEX– 

2018–13] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change to the IPO 

Auction Processes for Trading in an 

IEX-Listed Security That Is the Subject 

of an Initial Public Offering 

July 2, 2018. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on June 22, 

2018, Investors Exchange LLC (‘‘IEX’’ or 

the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

(a) Pursuant to the provisions of 

Section 19(b)(1) under the Securities 

Exchange Act of 1934 (‘‘Act’’),4 and 

Rule 19b–4 thereunder,5 Investors 

Exchange LLC (‘‘IEX’’ or ‘‘Exchange’’) is 

filing with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change to modify Rules 

11.280(h)(8) and 11.350(e), which 

collectively govern the IPO Auction 

processes for trading in an IEX-listed 

security that is the subject of an initial 

public offering (‘‘IPO’’).6 The Exchange 

is also proposing to modify certain 

definitions in Rule 11.350(a) regarding 

IPO Auction market data that is 

disseminated in IEX Auction 

Information.7 The Exchange has 

designated this rule change as ‘‘noncontroversial’’ under Section 19(b)(3)(A) 

of the Act 8 and provided the 

Commission with the notice required by 

Rule 19b–4(f)(6) thereunder.9

The text of the proposed rule change 

is available at the Exchange’s website at 

www.iextrading.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 these statement may be examined at 

the places specified in Item IV below. 


sradovich on DSK3GMQ082PROD with NOTICES