Document ID: SEC-2020-1986-0001
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 80853-80854]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-27389]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90594; File No. SR-CBOE-2020-051]

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 the Automated Price Improvement 
Auction Rules in Connection With Agency Order Size Requirements

December 8, 2020.
    On June 11, 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 permitting the 
Exchange to impose a maximum size requirement for an agency order 
submitted into the Automated Price Improvement Mechanism (``AIM'') and 
the Complex Automated Price Improvement Mechanism (``C-AIM'') in S&P 
500[supreg] Index Options (``SPX''). The proposed rule change was 
published for comment in the Federal Register on June 18, 2020.\3\ On 
July 23, 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rule change, which replaced and superseded the proposed rule change in 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. 89058 (June 12, 
2020), 85 FR 36918. Comments received on the proposed rule change 
are available on the Commission's website at: https://www.sec.gov/comments/sr-cboe-2020-051/srcboe2020051.htm.
    \4\ In Amendment No. 1, the Exchange: (1) Amended its proposal 
to modify the proposed maximum size requirement for AIM and C-AIM 
agency orders in SPX to ten contracts rather than a size determined 
by the Exchange of up to 100 contracts, specify that this size 
requirement would apply to all agency orders in SPX, and make 
related conforming changes to its proposed rule text; and (2) 
provided additional data, justification, and support for its 
modified proposal. The full text of Amendment No. 1 is available on 
the Commission's website at: https://www.sec.gov/comments/sr-cboe-2020-051/srcboe2020051-7470738-221292.pdf.
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 89399, 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. 89636, 85 FR 53029 
(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

[[Page 80854]]

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-2020-051).
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    \10\ Id.

    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. 2020-27389 Filed 12-11-20; 8:45 am]
BILLING CODE 8011-01-P