Document ID: SEC-2019-1704-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Cboe BZX Exchange, Inc.
Posted Date: 2019-11-18T05:00Z

[Federal Register Volume 84, Number 222 (Monday, November 18, 2019)]
[Notices]
[Pages 63700-63701]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-24859]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87500; File No. SR-CboeBZX-2019-041]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Designation of Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
Amend the Fee Schedule Assessed on Members To Establish a Monthly 
Trading Rights Fee

November 12, 2019.
    On May 2, 2019, Cboe BZX Exchange, Inc. (``BZX'' or the 
``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 the BZX fee schedule to establish a 
monthly Trading Rights Fee to be assessed on Members. The proposed rule 
change was immediately effective upon filing with the Commission 
pursuant to Section 19(b)(3)(A) of the Act.\3\ The proposed rule change 
was published for comment in the Federal Register on May 16, 2019.\4\ 
On June 28, 2019, the Commission temporarily suspended the proposed 
rule change and instituted proceedings to determine whether to approve 
or disapprove the proposed rule change.\5\ In response to the OIP, the 
Commission received three comment letters, including a response letter 
from the Exchange.\6\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ See Securities Exchange Act Release No. 85840 (May 10, 
2019), 84 FR 22190 (``Notice'').
    \5\ See Securities Exchange Act Release No. 86233, 84 FR 32230 
(July 05, 2019) (``OIP'').
    \6\ See Letters from Theodore R. Lazo, Managing Director and 
Associate General Counsel, SIFMA, dated July 26, 2019 (``SIFMA 
Letter''); Tyler Gellasch, Executive Director, Healthy Markets, 
dated July 26, 2019 (``Healthy Markets Letter''); and Rebecca 
Tenuta, Counsel, Cboe Global Markets, dated August 9, 2019 
(``Exchange Response'').
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    Section 19(b)(2) of the Act \7\ 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

[[Page 63701]]

determination. The proposed rule change was published for notice and 
comment in the Federal Register on May 16, 2019.\8\ November 12, 2019 
is 180 days from that date, and January 11, 2020 is 240 days from that 
date.
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    \7\ 15 U.S.C. 78s(b)(2).
    \8\ See Notice, supra note 4.
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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.\9\ Accordingly, the Commission, pursuant to Section 19(b)(2) 
of the Act,\10\ designates January 11, 2020 as the date by which the 
Commission should either approve or disapprove the proposed rule change 
(File No. SR-CboeBZX-2019-041).
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    \9\ The Commission notes that the Exchange subsequently filed a 
proposed rule change to institute an identical trading rights fee 
which contained additional information and analysis with regard to 
the proposed fee. See Securities Exchange Act Release No. 86686 
(August 15, 2019), 84 FR 43633 (August 21, 2019) (SR-CboeBZX-2019-
072). The Commission suspended and instituted proceedings for that 
filing to allow for additional analysis of the proposed rule change. 
See Securities Exchange Act Release No. 87142 (September 27, 2019), 
84 FR 52902 (October 03, 2019) (SR-CboeBZX-2019-072).
    \10\ 15 U.S.C. 78s(b)(2).

    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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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-24859 Filed 11-15-19; 8:45 am]
 BILLING CODE 8011-01-P