9278 Federal Register / Vol. 89, No. 28 / Friday, February 9, 2024 / Notices 

166 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. 90610, 

86 FR 18596 (April 9, 2021) (S7–03–20). 

4 15 U.S.C. 78f(b). 

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

6The 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. 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–PEARL–2024–05 and should be 

submitted on or before March 1, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.166

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02645 Filed 2–8–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99472; File No. SR– 

EMERALD–2024–02] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Update Citations to 

Rule 600(b) of Regulation National 

Market System 

February 5, 2024. 

Pursuant to the provisions of Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on January 24, 2024, MIAX Emerald, 

LLC (‘‘MIAX Emerald’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

update citations to Rule 600(b) of 

Regulation National Market System 

(‘‘Regulation NMS’’) in Exchange Rule 

518, Complex Orders and Rule 530, 

Limit Up-Limit Down. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://www.miaxglobal.com/markets/ 

us-options/emerald-options/rule-filings, 

at MIAX Emerald’s principal office, and 

at the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

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 update 

citations to Rule 600(b) of Regulation 

NMS in Exchange Rule 518, Complex 

Orders and Rule 530, Limit Up-Limit 

Down. 

In 2021, the Securities and Exchange 

Commission (the ‘‘Commission’’) 

amended Regulation NMS under the Act 

in connection with the adoption of the 

Market Data Infrastructure Rules.3 As 

part of that initiative, the Commission 

adopted new definitions in Rule 600(b) 

of Regulation NMS and renumbered the 

remaining definitions, including the 

definitions of Trading Center (formerly 

Rule 600(b)(78)), NMS Stock (formerly 

Rule 600(b)(47)), and Regular Trading 

Hours (formerly Rule 600(b)(64)). 

The Exchange accordingly proposes to 

update the relevant citations to Rule 

600(b) in its rules as follows: 

• The citation to the definition of 

NMS Stock in Rule 518 would be 

changed to Rule 600(b)(55). 

• The citation to the definition of 

Trading Center in Rule 518 would be 

changed to Rule 600(b)(95). 

• The citation to the definition of 

Regular Trading Hours in Rule 530, 

Limit Up-Limit Down, would be 

changed to Rule 600(b)(77). 

2. Statutory Basis 

The Exchange believes the proposed 

rules changes are consistent with the 

Act and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.4 Specifically, 

the Exchange believes the proposed 

rules changes are consistent with 

Section 6(b)(5) 5 requirements that the 

rules of an exchange be 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 regulating, clearing, 

settling, processing information with 

respect to, and 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. 

The Exchange believes that the 

proposed changes to its rules to correct 

citations to Rule 600(b) of Regulation 

NMS would remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system because the proposed change is 

designed to update an external rule 

reference. The Exchange believes that 

Members 6 would benefit from the 

increased clarity, thereby reducing 

potential confusion and ensuring that 

those subject to the Exchange’s 

jurisdiction, regulators, and the 

investing public can more easily 

navigate and understand the Exchange’s 

rules. The Exchange further believes 

that the proposed changes would not be 

inconsistent with the public interest and 

the protection of investors because 

investors will not be harmed and in fact 

would benefit from increased clarity, 

thereby reducing potential confusion. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange believes that the 

proposed rules changes would not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

The proposed rules changes is not 

intended to address competitive issues 

but rather would modify Exchange rules 

to update citations to Rule 600(b) of 

Regulation NMS. Since the proposal 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 28 / Friday, February 9, 2024 / Notices 9279 

7The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

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

9 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, 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)(iii). 

11For 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). 

12 17 CFR 200.30–3(a)(12), 59. 

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

2 17 CFR 240.19b–4. 

does not substantively modify System 7

functionality or processes on the 

Exchange, the proposed changes will 

not impose any burden on competition 

nor are they meant to affect competition 

among the exchanges. 

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 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 8 and 

subparagraph (f)(6) of Rule 19b-4 

thereunder.9

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act normally does not become operative 

for 30 days after the date of its filing. 

However, Rule 19b–4(f)(6)(iii) 10 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 so that the proposal may 

become operative immediately upon 

filing. The proposed change modifies 

the Exchange’s rules to correct citations 

to Rule 600(b) of Regulation NMS, 

which should help prevent confusion 

and add clarity to the Exchange’s rules. 

For these reasons, and because the 

proposal raises no novel legal or 

regulatory issues, 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 proposed rule 

change operative upon filing.11

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number 

SR–EMERALD–2024–02 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–EMERALD–2024–02. 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 (https://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 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–EMERALD–2024–02 and should be 

submitted on or before March 1, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02646 Filed 2–8–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99473; File No. SR–MIAX– 

2024–04] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Update Citations to Rule 

600(b) of Regulation National Market 

System 

February 5, 2024. 

Pursuant to the provisions of Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on January 24, 2024, Miami 

International Securities Exchange, LLC 

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

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

as described in Items I and II below, 

which Items have been prepared by the 

Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

update citations to Rule 600(b) of 

Regulation National Market System 

(‘‘Regulation NMS’’) in Exchange Rule 

518, Complex Orders, Rule 530, Limit 

Up-Limit Down, and Rule 1701, 


ddrumheller on DSK120RN23PROD with NOTICES1