34104 Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices 

11 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. 70050 

(July 26, 2013), 78 FR 46622 (August 1, 2013) 

(Application of Topaz Exchange, LLC for 

Registration as a National Securities Exchange; 

Findings, Opinion, and Order of the Commission). 

4Prior Interpretation and Policy .02 to Rule 8.7 

provided, ‘‘Market-Makers are expected ordinarily 

to refrain from purchasing a call option or a put 

option at a price more than $0.25 below parity, 

although a larger amount may be appropriate 

considering the particular market conditions. In the 

case of calls, parity is measured by the bid in the 

underlying security, and in the case of puts, parity 

is measured by the offer in the underlying security. 

The $0.25 amount above may be increased, or the 

provisions of this Interpretation may be waived, by 

the Exchange on a series-by-series basis.’’ 

5Cboe’s rule change merely noted, with respect 

to the removal of Cboe’s parity rule, that the filing 

makes non-substantive changes to the rule 

governing a Market-Maker’s general obligations 

(current Rule 8.7, in part), most of which remove 

redundant provisions that are already covered 

under the umbrella of a Market-Maker’s obligation 

to engage in dealing to maintain fair and orderly 

markets. No specific argument is provided with 

respect to removing this provision. See Securities 

Exchange Act 87024 (September 19, 2019), 84 FR 

50545 (September 25, 2019) (SR–CBOE–2019–059) 

(Notice of Filing and Immediate Effectiveness of a 

Proposed Rule Change to Amend Certain Rules 

Relating To Market-Makers Upon Migration to the 

Trading System Used by Cboe Affiliated 

Exchanges). 

6See Nasdaq Phlx LLC, The Nasdaq Options 

Market LLC and Nasdaq BX, Inc. at Options 2, 

Section 4 (Obligations of Market Makers). 

7See Options 3, Section 10 (Priority of Quotes 

and Orders). Primary Market Makers are offered an 

enhanced allocation provided the Primary Market 

Maker is quoting at same price as a non-Priority 

Customer Order or Market Maker quote. 

8See Options 2, Section 4. GEMX Market Makers 

must for example: (1) Compete with other Market 

Makers to improve the market in all series of 

options classes to which the Market Maker is 

appointed; (2) make markets that, absent changed 

market conditions, will be honored for the number 

of contracts entered into the Exchange’s System in 

all series of options classes to which the Market 

Maker is appointed; (3) update market quotations in 

response to changed market conditions in all series 

of options classes to which the Market Maker is 

appointed; and (4) price options contracts fairly by, 

among other things, bidding and offering so as to 

create differences of no more than $5 between the 

bid and offer following the opening rotation in an 

equity or index options contract. See Options 2, 

Section 4(b). 

9See Options 2, Section 5 (Electronic Market 

Maker Obligations and Quoting Requirements). 

Further, Options 3, Section 8(c)(3) requires Primary 

Market Makers to submit a Valid Width Quote 

during the Opening Process. 

10See Options 3, Section 20 (Nullification and 

Adjustment of Options Transactions including 

Obvious Errors). 

11See Options 3, Section 4(b)(6). 

Number SR–Phlx–2021–37 and should 

be submitted on or before July 19, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–13658 Filed 6–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92227; File No. SR–GEMX– 

2021–05] 

Self-Regulatory Organizations; Nasdaq 

GEMX, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change to Options 2, Section 4 

(Obligations of Market Makers) 

June 22, 2021. 

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 9, 

2021, Nasdaq GEMX, LLC (‘‘GEMX’’ or 

‘‘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 

The Exchange proposes to amend 

Options 2, Section 4, Obligations of 

Market Makers. The Exchange also 

proposes to add a new Options 4C. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/gemx/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 Exchange proposes to amend 

Options 2, Section 4, Obligations of 

Market Makers. The Exchange also 

proposes to add a new Options 4C. 

Options 2, Section 4(a) 

The Exchange proposes to remove the 

following rule text from Options 2, 

Section 4(a), which has been in place 

since GEMX’s inception: 3

. . . Ordinarily, Market Makers are expected 

to: 

(1) Refrain from purchasing a call option or 

a put option at a price more than $0.25 below 

parity, although a larger amount may be 

appropriate considering the particular market 

conditions. In the case of calls, parity is 

measured by the bid in the underlying 

security, and in the case of puts, parity is 

measured by the offer in the underlying 

security. 

(2) The $0.25 amount above may be 

increased, or the provisions of this Rule may 

be waived, by the Exchange on a series-byseries basis. This proposed rule text also 

previously existed on Cboe Exchange, Inc. 

within prior Rule 8.7 4 and was removed 

from Cboe’s Rulebook in 2019.5 The 

Exchange likewise desires to remove this 

restriction on Market Makers which does not 

exist on Cboe or other Nasdaq affiliated 

markets.6 The proposed rule text is currently 

waived on GEMX pursuant to Options 2, 

Section 4(a)(2). The Exchange proposes to 

remove this rule text from Options 2, Section 

4 as the Exchange does not desire to enforce 

this provision in the future. The Exchange 

believes that this market maker provision is 

no longer necessary. Today, GEMX 

incentivizes Market Makers through 

allocation 7 to quote tightly in their assigned 

options series. Primary Market Makers and 

Competitive Market Makers also have other 

obligations with respect to market making 8

in addition to other quoting obligations 9 that 

they must abide by when quoting on GEMX. 

Also, since the adoption of the rule, the 

Exchange has adopted the obvious error 

rule 10 which permits the Exchange to review 

a transaction as potentially erroneous based 

on a theoretical price. Also, GEMX orders are 

subject to trade-through compliance, thereby 

limiting the prices at which orders may 

execute.11 Market Makers are relied upon to 

provide liquidity on GEMX, which benefits 

other Members who have the opportunity to 

interact with the order flow. The Exchange 

believes that the obligation to refrain from 

purchasing a call option or a put option at 

a price more than $0.25 below parity places 

yet another obligation on GEMX Market 

Makers that is not required on Cboe or other 

Nasdaq markets. The Exchange believes that 

this additional obligation is not necessary to 

maintain fair and orderly markets and notes 

the Exchange has waived this obligation. 

Bid/Ask Differentials 

The Exchange proposes to amend 

Options 2, Section 4(b)(4) and Options 

4A, Section 12(b)(i) to centralize the 

bid/ask differentials. Specifically, the 

Exchange proposes to state within new 

Options 2, Section 4(b)(4)(iii) that, 


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Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices 34105 

12See SR–ISE–2021–14 (‘‘ISE Rule Change’’). 

13 ISE Options 4, Section 8(a) describes the bid/ 

ask differentials for long-term options series for 

equity options and exchange-traded funds. 

14 ISE Options 4A, Section 12(b)(i) describes the 

bid/ask differentials for long-term options series for 

indexes. 

15Similar rule changes will also be made for 

Nasdaq ISE, LLC and Nasdaq MRX, LLC. 

16See Securities Exchange Act Release No. 91488 

(April 6, 2021), 86 FR 19037 (April 12, 2021) (SR– 

Phlx–2021–14) (Notice of Filing and Immediate 

Effectiveness of Proposed Rule Change To Amend 

the Phlx Options Rules at Options 4 Under the 

Options 4 Title in the Exchanges Rulebooks Shell 

Structure). 

17 15 U.S.C. 78f(b). 

18 15 U.S.C. 78f(b)(5). 

19See supra note 6. 

20See supra note 7. 

21See supra note 8. 

22See supra note 9. 

23See supra note 10. 

24See supra note 11. 

25See supra note 12. 

26See supra note 15. 

Bid/ask differentials shall not apply to any 

options series until the time to expiration is 

less than nine (9) months for equity options 

and exchange-traded products. Bid/ask 

differentials shall not apply to any options 

series until the time to expiration is less than 

twelve (12) months for index options. 

Currently, GEMX Options 4 and Options 

4A rules are incorporated by reference 

to Nasdaq ISE, LLC (‘‘ISE’’). The 

Exchange recently filed a rule change 12

to amend ISE Options 4 and Options 4A 

rules to relocate text concerning bid/ask 

differentials for long-term option series 

from ISE Options 4, Section 8(a) 13 and 

ISE Options 4A, Section 12(b)(i).14 The 

ISE Rule Change added citations to 

Options 2, Section 4(b)(4)(iii) to ISE 

Options 4, Section 8(a) and ISE Options 

4A, Section 12(b)(i). The ISE Rule 

Change indicated that ISE believes 

relocating the bid/ask differentials to 

Options 2, Section 4(b)(4)(iii) will 

provide Primary Market Makers and 

Competitive Market Makers with 

centralized information regarding their 

bid/ask differential requirements. 

Business Continuity and Disaster 

Recovery Plan 

The Exchange proposes to relocate 

Supplementary Material .02 to Options 

2, Section 4, concerning business 

continuity and disaster recovery plans, 

to General 2, Section 12, which is 

currently reserved. The Exchange 

proposes to title General 2, Section 12 

as ‘‘Business Continuity and Disaster 

Recovery Plan Testing Requirements for 

Members Pursuant to Regulation SCI.’’ 

The rule text is being relocated without 

change. The Exchange proposes to 

relocate this rule text to harmonize 

GEMX’s rules with that of Nasdaq PHLX 

LLC (‘‘Phlx’’), Nasdaq BX, Inc. and The 

Nasdaq Stock Market LLC which all 

have business continuity and disaster 

recovery plans located within General 2, 

Section 12 of their respective 

rulebooks.15 The Exchange also 

proposes to reserve Sections 7–11 and 

13–22 within General 2. Harmonizing 

the rule locations of the rules of the 

Nasdaq affiliated markets will make it 

easier for market participants to review 

and compare the rules of each Nasdaq 

market. 

Technical Amendments 

The Exchange proposes to add new 

Options 4C and mark it as reserved. 

Phlx added a 4C to its Rulebook and this 

rule change will harmonize GEMX’s 

Rulebook structure to Phlx’s Rulebook 

Structure.16

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,17 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,18

in particular, in that it is designed to 

promote just and equitable principles of 

trade, 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. 

Options 2, Section 4(a) 

The Exchange’s proposal to remove 

certain rule text from Options 2, Section 

4(a) that refrains Market Makers from 

purchasing a call option or a put option 

at a price more than $0.25 below parity 

is consistent with the Act. The 

Exchange desires to remove this 

restriction on Market Makers which 

does not exist on Cboe or other Nasdaq 

affiliated markets.19 The proposed rule 

text is currently waived on GEMX 

pursuant to Options 2, Section 4(a)(2). 

The Exchange believes that this market 

maker provision is no longer necessary. 

Today, GEMX incentivizes Market 

Makers through allocation 20 to quote 

tightly in their assigned options series. 

Primary Market Makers and Competitive 

Market Makers also have other 

obligations with respect to market 

making 21 in addition to other quoting 

obligations 22 that they must abide by 

when quoting on GEMX. Also, since the 

adoption of the rule, the Exchange has 

adopted the obvious error rule 23 which 

permits the Exchange to review a 

transaction as potentially erroneous 

based on a theoretical price. Also, 

GEMX orders are subject to tradethrough compliance, thereby limiting 

the prices at which orders may 

execute.24 Market Makers are relied 

upon to provide liquidity on GEMX, 

which benefits other Members who have 

the opportunity to interact with the 

order flow. The Exchange believes that 

the obligation to refrain from purchasing 

a call option or a put option at a price 

more than $0.25 below parity places yet 

another obligation on GEMX Market 

Makers that is not required on Cboe or 

other Nasdaq markets. The Exchange 

believes that this additional obligation 

is not necessary to maintain fair and 

orderly markets and notes the Exchange 

has waived this obligation and the 

removal of this provision would remove 

an impediment to and perfect the 

mechanism of a free and open market 

and a national market system. 

Bid/Ask Differentials 

The Exchange’s proposal to amend 

Options 2, Section 4(b)(4)(i) and 

Options 4A, Section 12(b)(i) to 

centralize the bid/ask differentials is 

consistent with the Act. Currently, 

GEMX Options 4 and Options 4A rules 

are incorporated by reference to ISE. 

The Exchange recently filed a rule 

change 25 to amend ISE Options 4 and 

Options 4A rules to relocate text 

concerning bid/ask differentials for 

long-term option series from ISE 

Options 4, Section 8(a) and ISE Options 

4A, Section 12(b)(i). The ISE Rule 

Change added citations to Options 2, 

Section 4(b)(4)(i) to ISE Options 4, 

Section 8(a) and ISE Options 4A, 

Section 12(b)(i). GEMX believes 

centralizing the bid/ask differentials 

within new Options 2, Section 4(b)(4)(i) 

will provide Primary Market Makers 

and Competitive Market Makers with 

centralized information regarding their 

bid/ask differential requirements. 

Business Continuity and Disaster 

Recovery Plan 

The Exchange’s proposal to relocate 

Supplementary Material .02 to Options 

2, Section 4, concerning business 

continuity and disaster recovery plans, 

to General 2, Section 12, which is 

currently reserved, is consistent with 

the Act. This rule text will harmonize 

GEMX’s rules with that of Phlx, Nasdaq 

BX, Inc. and The Nasdaq Stock Market 

LLC which all have business continuity 

and disaster recovery plans located 

within General 2, Section 12 of their 

respective rulebooks.26 Harmonizing the 

rule locations of the rules of the Nasdaq 

affiliated markets will make it easier for 

market participants to review and 

compare the rules of each Nasdaq 

market. The Exchange also proposes to 

reserve Sections 7–10 and 13–22 within 

General 2. These changes are nonsubstantive as the rule text is not being 

amended. 


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27See supra note 16. 

28See supra note 5. 

29See supra note 6. 

30See supra note 16. 

31 15 U.S.C. 78s(b)(3)(A)(iii). 

32 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. 

Technical Amendments 

Adding Options 4C and reserving it is 

a non-substantive amendment which 

will harmonize GEMX’s Rulebook 

structure to Phlx’s Rulebook 

Structure.27

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. 

Options 2, Section 4(a) 

The Exchange’s proposal to remove 

certain rule text from Options 2, Section 

4(a) that refrains Market Makers from 

purchasing a call option or a put option 

at a price more than $0.25 below parity 

does not impose an undue burden on 

competition. The Exchange desires to 

remove this restriction on Market 

Makers which does not exist on Cboe or 

other Nasdaq affiliated markets.28 The 

proposed rule text is currently waived 

on GEMX pursuant to Options 2, 

Section 4(a)(2). Market Makers are relied 

upon to provide liquidity on GEMX, 

which benefits other Members who have 

the opportunity to interact with the 

order flow. The Exchange believes that 

the obligation to refrain from purchasing 

a call option or a put option at a price 

more than $0.25 below parity places yet 

another obligation on GEMX Market 

Makers that is not required on Cboe or 

other Nasdaq markets. The Exchange 

believes that this additional obligation 

is not necessary to maintain fair and 

orderly markets and notes the Exchange 

has waived this obligation. 

Bid/Ask Differentials 

The Exchange’s proposal to amend 

Options 2, Section 4(b)(4) and Options 

4A, Section 12(b)(i) to relocate text 

concerning bid/ask differentials for 

long-term option series does not impose 

an undue burden on competition. The 

Exchange’s proposal will centralize the 

bid/ask differentials within new 

Options 2, Section 4(b)(4)(iii) and add a 

sentence to both Options 4, Section 8(a) 

and Options 4A, Section 12(b)(i) that 

cites to Options 2, Section 4(b)(4)(iii) for 

information on bid/ask differentials for 

the various products. The Exchange 

believes that this relocation will provide 

Primary Market Makers and Competitive 

Market Makers with centralized 

information regarding their bid/ask 

differential requirements. 

Business Continuity and Disaster 

Recovery Plan 

The Exchange’s proposal to relocate 

Supplementary Material .02 to Options 

2, Section 4, concerning business 

continuity and disaster recovery plans, 

to General 2, Section 12, which is 

currently reserved, does not impose an 

undue burden on competition. This rule 

text will harmonize GEMX’s rules with 

that of Phlx, Nasdaq BX, Inc. and The 

Nasdaq Stock Market LLC which all 

have business continuity and disaster 

recovery plans located within General 2, 

Section 12 of their respective 

rulebooks.29 Harmonizing the rule 

locations of the rules of the Nasdaq 

affiliated markets will make it easier for 

market participants to review and 

compare the rules of each Nasdaq 

market. This change is non-substantive 

as the rule text is not being amended. 

Technical Amendments 

Adding Options 4C and reserving it is 

a non-substantive amendment which 

will harmonize GEMX’s Rulebook 

structure to Phlx’s Rulebook 

Structure.30

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. 

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 31 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.32

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– 

GEMX–2021–05 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–GEMX–2021–05. 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–GEMX–2021–05 and 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices 34107 

33 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. 91771 

(May 6, 2021), 86 FR 26073 (May 12, 2021). 

4Comments received on the proposed rule change 

are available at: https://www.sec.gov/comments/srnysearca-2021-31/srnysearca202131.htm. 

5 15 U.S.C. 78s(b)(2). 

6 Id. 

7 17 CFR 200.30–3(a)(31). 

1A successor in interest is limited to an entity 

that results from a reorganization into another 

jurisdiction or a change in the type of business 

organization. 

2All entities currently intending to rely on the 

requested relief have been named as applicants. 

Continued 

should be submitted on or before July 

19, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.33

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–13655 Filed 6–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92233; File No. SR– 

NYSEArca–2021–31] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on a Proposed Rule Change To List 

and Trade Shares of the Valkyrie 

Bitcoin Fund Under NYSE Arca Rule 

8.201–E 

June 22, 2021. 

On April 23, 2021, NYSE Arca, Inc. 

(‘‘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 

list and trade shares of the Valkyrie 

Bitcoin Fund under NYSE Arca Rule 

8.201–E. The proposed rule change was 

published for comment in the Federal 

Register on May 12, 2021.3 The 

Commission has received comments on 

the proposed rule change.4

Section 19(b)(2) of the Act 5 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission shall either 

approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether the proposed rule change 

should be disapproved. The 45th day 

after publication of the notice for this 

proposed rule change is June 26, 2021. 

The Commission is extending this 45- 

day time period. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to take action on the 

proposed rule change so that it has 

sufficient time to consider the proposed 

rule change and the comments received. 

Accordingly, pursuant to Section 

19(b)(2) of the Act,6 the Commission 

designates August 10, 2021, as the date 

by which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–NYSEArca–2021–31). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–13659 Filed 6–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34308; File No. 812–15097] 

Lord Abbett Floating Rate High Income 

Fund, et al. 

June 22, 2021. 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Notice. 

Notice of application for an order 

under sections 6(c) and 23(c)(3) of the 

Investment Company Act of 1940 (the 

‘‘Act’’) for an exemption from rule 23c– 

3 under the Act. 

SUMMARY OF APPLICATION: Applicants 

request an order under sections 6(c) and 

23(c)(3) of the Act for an exemption 

from certain provisions of rule 23c–3 to 

permit certain registered closed-end 

investment companies to make 

repurchase offers on a monthly basis. 

APPLICANTS: Lord Abbett Floating Rate 

High Income Fund (the ‘‘Fund’’), Lord 

Abbett & Co. LLC (the ‘‘Adviser’’) and 

Lord Abbett Distributor LLC (the 

‘‘Distributor’’). 

FILING DATES: The application was filed 

on February 21, 2020 and amended on 

September 11, 2020 and February 23, 

2021. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing by emailing the 

Commission’s Secretary at SecretarysOffice@sec.gov and serving applicants 

with a copy of the request by email. 

Hearing requests should be received by 

the Commission by 5:30 p.m. on July 16, 

2021, and should be accompanied by 

proof of service on the applicants, in the 

form of an affidavit, or, for lawyers, a 

certificate of service. Pursuant to rule 0– 

5 under the Act, hearing requests should 

state the nature of the writer’s interest, 

any facts bearing upon the desirability 

of a hearing on the matter, the reason for 

the request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

Pamela P. Chen, Associate General 

Counsel, PCHEN@LordAbbett.com. 

FOR FURTHER INFORMATION CONTACT: 

Bruce R. MacNeil, Senior Counsel, at 

(202) 551–6817 or Kaitlin C. Bottock, 

Branch Chief, at (202) 551–6825 

(Division of Investment Management, 

Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: The 

following is a summary of the 

application. The complete application 

may be obtained via the Commission’s 

website by searching for the file 

number, or for an applicant using the 

Company name box, at http://

www.sec.gov/search/search.htm or by 

calling (202) 551–8090. 

Applicants’ Representations 

1. The Fund is a Delaware statutory 

trust that is registered under the Act as 

a non-diversified, closed-end 

management investment company that 

will be operated as an interval fund. The 

Adviser is a Delaware limited liability 

company and is registered as an 

investment adviser under the 

Investment Advisers Act of 1940. The 

Adviser serves as investment adviser to 

the Fund. The Distributor, a New York 

limited liability company and 

subsidiary of the Adviser, is a registered 

broker-dealer and is the Fund’s 

principal underwriter and distributor. 

2. Applicants request that any relief 

granted also apply to any registered 

closed-end management investment 

company that operates as an interval 

fund pursuant to rule 23c–3 for which 

the Adviser or any entity controlling, 

controlled by, or under common control 

with the Adviser, or any successor in 

interest to any such entity,1 acts as 

investment adviser (the ‘‘Future Funds,’’ 

and together with the Fund, the 

‘‘Funds,’’ and each, individually, a 

‘‘Fund’’).2


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