Document ID: SEC-2020-1042-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Investors Exchange, LLC
Posted Date: 2020-07-02T04:00Z

[Federal Register Volume 85, Number 128 (Thursday, July 2, 2020)]
[Notices]
[Pages 39959-39960]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-14232]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89165; File No. SR-IEX-2019-15]

Self-Regulatory Organizations; Investors Exchange LLC; Notice of 
Designation of Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
Add a New Discretionary Limit Order Type Called D-Limit

June 26, 2020.
    On December 16, 2019, the Investors Exchange LLC (``IEX'' or the 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-44 
thereunder,\2\ a proposed rule change to adopt a new order type, the 
Discretionary Limit order (``D-Limit''). The proposed rule change was 
published for comment in the Federal Register on December 30, 2019.\3\ 
On February 12, 2020, 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

[[Page 39960]]

rule change.\4\ On March 27, 2020, the Commission instituted 
proceedings to determine whether to approve or disapprove the proposed 
rule change.\5\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-44.
    \3\ See Securities Exchange Act Release No. 87814 (December 20, 
2019), 84 FR 71997 (December 30, 2019) (``Notice''). Comments on the 
proposed rule change can be found at https://www.sec.gov/comments/sr-iex-2019-15/sriex201915.htm.
    \4\ See Securities Exchange Act Release No. 88186 (February 12, 
2020), 85 FR 9513 (February 19, 2020).
    \5\ See Securities Exchange Act Release No. 88501 (March 27, 
2020), 85 FR 18612 (April 2, 2020). Comments in response to the 
proceedings can be found at https://www.sec.gov/comments/sr-iex-2019-15/sriex201915.htm.
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    Section 19(b)(2) of the Act \6\ 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 
December 30, 2019.\7\ June 27, 2020 is 180 days from that date, and 
August 26, 2020 is 240 days from that date.
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    \6\ 15 U.S.C. 78s(b)(2).
    \7\ 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 so that it has sufficient time to consider the proposed 
rule change, the issues raised in the comment letters that have been 
submitted in connection therewith, and the Exchange's response to 
comments. Accordingly, the Commission, pursuant to Section 19(b)(2) of 
the Act,\8\ designates August 26, 2020 as the date by which the 
Commission should either approve or disapprove the proposed rule change 
(File No. SR-IEX-2019-15).
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    \8\ 15 U.S.C. 78s(b)(2).
    \9\ 17 CFR 200.30-3(a)(57).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-14232 Filed 7-1-20; 8:45 am]
BILLING CODE 8011-01-P