Document ID: SEC-2020-1979-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Cboe Exchange, Inc.
Posted Date: 2020-12-14T05:00Z

[Federal Register Volume 85, Number 240 (Monday, December 14, 2020)]
[Notices]
[Pages 80863-80864]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-27387]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90592; File No. SR-CBOE-2020-052]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change, as 
Modified by Amendment No. 1, To Amend Rules 5.37, 5.38, and 5.73 
Related to Auction Notification Messages and Index Combo Orders in SPX 
in the Automated Improvement Mechanism, Complex Automated Improvement 
Mechanism, and FLEX Automated Improvement Mechanism

December 8, 2020.
    On June 3, 2020, Cboe Exchange, Inc. (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to amend Rules 
5.37, 5.38, and 5.73 to (1) allow the Exchange to determine to 
disseminate the stop price in auction notification messages for 
Automated Improvement Mechanism (``AIM''), Complex Automated 
Improvement Mechanism (``C-AIM''), and FLEX AIM auctions in S&P 
500[supreg] Index options (``SPX''); and (2) modify the minimum 
increment for C-AIM and FLEX AIM auction responses for Index Combo 
Orders in SPX. The proposed rule change was published for comment in 
the Federal Register on June 18, 2020.\3\ On July 22, 2020, the 
Exchange submitted Amendment No. 1 to the proposed rule change, which 
replaced and superseded the proposed rule change in its entirety.\4\ On 
July 27, 2020, pursuant to Section 19(b)(2) of the Act,\5\ 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.\6\ On August 21, 2020, the Commission published notice of 
Amendment No. 1 and instituted proceedings under Section 19(b)(2)(B) of 
the Act \7\ to determine whether to approve or disapprove the proposed 
rule change, as modified by Amendment No. 1.\8\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 89063 (June 12, 
2020), 85 FR 36923. Comments received on the proposed rule change 
are available on the Commission's website at: https://www.sec.gov/comments/sr-cboe-2020-052/srcboe2020052.htm.
    \4\ In Amendment No. 1, the Exchange amended the proposal to: 
(1) To add that, when the proposed stop price dissemination in 
auction notification messages is enabled for AIM, C-AIM, or FLEX AIM 
auctions in SPX, it would apply to all such AIM, C-AIM, or FLEX AIM 
auctions; (2) specify that the proposed minimum increment 
modification would apply to Index Combo Orders in SPX, and to 
correct an internal cross-reference in the proposed rules; (3) 
provide additional detail to the description and examples of the 
proposed modification to the minimum increment for Index Combo 
Orders in SPX; and (4) provide additional justification and support 
for the proposed rule change. The full text of Amendment No. 1 is 
available on the Commission's website at: https://www.sec.gov/comments/sr-cboe-2020-052/srcboe2020052-7464403-221166.pdf.
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 89400, 85 FR 46202 
(July 31, 2020). The Commission designated September 16, 2020 as the 
date by which the Commission shall approve or disapprove, or 
institute proceedings to determine whether to disapprove, the 
proposed rule change.
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 89638, 85 FR 53045 
(August 27, 2020).
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    Section 19(b)(2) of the Act \9\ provides that, after initiating 
disapproval proceedings, the Commission shall issue an order approving 
or disapproving the proposed rule change not later than 180 days after 
the date of publication of notice of filing of the proposed rule 
change. The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination. The date 
of publication of notice of filing of the proposed rule change was June 
18, 2020. December 15, 2020, is 180 days from that date, and February 
13, 2021, is 240 days from that date.
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    \9\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider this proposed 
rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) 
of the Act,\10\ designates February 13, 2021, as the date by which the 
Commission shall either approve or disapprove the proposed rule change, 
as modified by Amendment No. 1 (File No. SR-CBOE-2020-052).
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    \10\ Id.

[[Page 80864]]

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    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-27387 Filed 12-11-20; 8:45 am]
BILLING CODE 8011-01-P