Document ID: SEC-2020-1283-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: MIAX PEARL, LLC
Posted Date: 2020-08-12T04:00Z

[Federal Register Volume 85, Number 156 (Wednesday, August 12, 2020)]
[Notices]
[Page 48746]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-17564]

[[Page 48746]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89502; File No. SR-PEARL-2020-03]

Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of 
Designation of 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 Establish Rules Governing the Trading 
of Equity Securities

August 6, 2020.
    On January 24, 2020, MIAX PEARL, LLC (``MIAX PEARL'' or 
``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 adopt rules to govern the trading of cash 
equities and establish an equities trading facility of the Exchange. 
The proposed rule change was published for comment in the Federal 
Register on February 12, 2020.\3\ On March 25, 2020, pursuant to 
Section 19(b)(2) of the Act,\4\ the Commission extended the time period 
within which to approve the proposed rule change, disapprove the 
proposed rule change, or institute proceedings to determine whether to 
approve or disapprove the proposed rule change, to May 12, 2020.\5\ On 
May 8, 2020, the Exchange filed Amendment No. 1 to the proposed rule 
change.\6\ On May 12, 2020, the Commission published notice of 
Amendment No. 1 and instituted proceedings pursuant to 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\ 
The Commission has received no comment letters on the proposed rule 
change, as modified by Amendment No. 1.
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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. 88132 (February 6, 
2020), 85 FR 8053 (February 12, 2020) (``Notice'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 88476 (March 25, 
2020), 85 FR 17929 (March 31, 2020).
    \6\ In Amendment No. 1 the Exchange: (i) Deleted the definition 
of ``Equity Securities'' from proposed Exchange Rule 1901 and made 
corresponding changes throughout the proposed Exchange Rules to 
eliminate unnecessary confusion; (ii) substituted references to 
``PEARL Equities'' with ``MIAX PEARL Equities'' throughout the 
proposed Exchange Rules; (iii) updated proposed Exchange Rule 2622 
(Limit Up-Limit Down Plan and Trading Halts) regarding a Level 3 
Market Decline to conform it to recent changes made by each of the 
national securities exchanges that trade equities and the Financial 
Industry Regulatory Authority (``FINRA''), and made a corresponding 
change to proposed Exchange Rule 2615 (Opening Process); and (iv) 
modified proposed Exchange Rule 2617(a)(4)(C) and (D) to account for 
the potential for orders to post and rest at prices that cross 
contra-side liquidity and also to correct a typographical error in 
proposed Exchange Rule 2617(a)(4)(D). Amendment No. 1 is available 
on the Commission's website at: https://www.sec.gov/comments/sr-pearl-2020-03/srpearl202003-7168815-216600a.pdf.
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 88859 (May 12, 
2020), 85 FR 29759 (May 18, 2020).
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    Section 19(b)(2) of the Act \9\ provides that, after initiating 
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 proposed rule 
change was published for notice and comment in the Federal Register on 
February 12, 2020.\10\ August 10, 2020 is 180 days from that date, and 
October 9, 2020 is 240 days from that date.
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    \9\ 15 U.S.C. 78s(b)(2).
    \10\ See Notice, supra note 3.
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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, as modified by Amendment No. 1, so that it has sufficient 
time to consider the proposed rule change, as modified by Amendment No. 
1. Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\11\ designates August 24, 2020 as the date by which the Commission 
should either approve or disapprove the proposed rule change (File No. 
SR-PEARL-2020-03), as modified by Amendment No. 1.
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    \11\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-17564 Filed 8-11-20; 8:45 am]
BILLING CODE 8011-01-P