Document ID: SEC-2021-1543-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: MIAX Emerald, LLC
Posted Date: 2021-11-03T04:00Z

[Federal Register Volume 86, Number 210 (Wednesday, November 3, 2021)]
[Notices]
[Pages 60725-60727]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-23934]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93462; File No. SR-EMERALD-2021-37]

Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of a Proposed Rule Change by MIAX Emerald, LLC To Amend 
Exchange Rule 501, Days and Hours of Business, To Make Juneteenth 
National Independence Day a Holiday of the Exchange

October 28, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on October 22, 2021, MIAX Emerald, LLC (``MIAX Emerald'' or the 
``Exchange'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to amend Exchange Rule 501, Days and Hours of 
Business, Interpretation and Policy .02, to make Juneteenth National 
Independence Day a holiday of the Exchange. Juneteenth National 
Independence Day was designated a legal public holiday in June 2021.
    The text of the proposed rule change is available on the Exchange's 
website at http://www.miaxoptions.com/rule-filings/emerald at MIAX 
Emerald's principal office, and at the Commission's Public Reference 
Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for

[[Page 60726]]

the proposed rule change and discussed any comments it received on the 
proposed rule change. The text of these statements may be examined at 
the places specified in Item IV below. The Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Exchange Rule 501, Days and Hours of 
Business, Interpretation and Policy .02, to make Juneteenth National 
Independence Day a holiday of the Exchange. On June 17, 2021, 
Juneteenth National Independence Day was designated a legal public 
holiday.\3\ Consistent with broad industry sentiment \4\ and the 
approach recommended by the Securities Industry and Financial Markets 
Association (``SIFMA''),\5\ the Exchange proposes to add ``Juneteenth 
National Independence Day'' to the existing list of holidays in 
Exchange Rule 501, Interpretation and Policy .02. As a result, the 
Exchange will not be open for business on Juneteenth National 
Independence Day, which falls on June 19 of each year. In accordance 
with Exchange Rule 501, Interpretation and Policy .02, when the holiday 
falls on a Saturday, the Exchange will not be open for business on the 
preceding Friday, and when it falls on a Sunday, the Exchange will not 
be open for business on the succeeding Monday.\6\
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    \3\ Public Law 117-17.
    \4\ See, e.g., https://www.bloomberg.com/news/articles/2021-06-18/bofa-makes-juneteenth-a-holiday-joining-jpmorgan-wells-fargo?sref=HhuelscO.
    \5\ SIFMA recommends a full market close in observance of 
Juneteenth National Independence Day. See https://www.sifma.org/resources/general/holiday-schedule/. See also https://www.sifma.org/resources/news/sifma-revises-2022-fixed-income-market-close-recommendations-in-the-u-s-to-include-full-close-for-juneteenth-national-independence-day/.
    \6\ Exchange Rule 501. There is an exception to the practice if 
unusual business conditions exist. Id.
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    The first sentence of Interpretation and Policy .02 would read as 
follows (proposed additions italicized):

    The Board of Directors has determined that the Exchange will not 
be open for business on New Year's Day, Martin Luther King, Jr. Day, 
Presidents' Day, Good Friday, Memorial Day, Juneteenth National 
Independence Day, Independence Day, Labor Day, Thanksgiving Day or 
Christmas Day.
2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent 
with Section 6(b) of the Act \7\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act \8\ in particular, in that it 
is designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in regulating, 
clearing, settling, processing information with respect to, and 
facilitating transactions in securities, to remove impediments to and 
perfect the mechanisms of a free and open market and a national market 
system and, in general, to protect investors and the public interest.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes the proposed change promotes just and 
equitable principles of trade and removes impediment to and perfects 
the mechanism of a free and open market and a national market system 
because the proposed rule change would clearly state that the Exchange 
will not be open for business on Juneteenth National Independence Day, 
which is a federal holiday, and would address what day would be taken 
off if June 19 fell on a Saturday or Sunday. The change would thereby 
promote clarity and transparency in the Exchange's Rules by updating 
the list of holidays of the Exchange. The proposed rule change was 
based on recent proposals by NYSE Arca, Inc., New York Stock Exchange 
LLC, NYSE American LLC, NYSE Chicago, Inc., and NYSE National, Inc.\9\ 
Therefore, the proposed change does not raise any new or novel issues. 
For these reasons, the Exchange believes that the proposal is 
consistent with the Act.
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    \9\ See Securities Exchange Act Release Nos. 93186 (September 
30, 2021), 86 FR 55041 (October 5, 2021) (SR-NYSEArca-2021-85); 
93183 (September 30, 2021), 86 FR 55068 (October 5, 2021) (SR-NYSE-
2021-56); 93187 (September 30, 2021), 86 FR 55069 (October 5, 2021) 
(SR-NYSEAmer-2021-39); 93182 (September 30, 2021), 86 FR 55083 
(October 5, 2021) (SR-NYSECHX-2021-13); 93179 [sic] (September 30, 
2021), 86 FR 55033 (October 5, 2021) (SR-NYSENAT-2021-18).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\10\ the Exchange 
believes that the proposed rule change will not impose any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act. The proposed change is not designed to address any 
competitive issue but rather to amend the Exchange Rule regarding days 
and hours of business.
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    \10\ 15 U.S.C. 78f(b)(8).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6)(iii) thereunder.\12\
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has 
requested that the Commission waive the 30-day operative delay so that 
the proposal may become operative prior to 30 days after the date of 
the filing. The Exchange states that waiver of the operative delay 
would be consistent with the protection of investors and the public 
interest because the proposed rule change, as described above, would 
state that the Exchange will not be open for business on Juneteenth 
National Independence Day, which is a federal holiday, and would 
address what day would be taken off if June 19 fell on a Saturday or 
Sunday. The Exchange further states that the proposed change does not 
raise any new or novel issues. For these reasons, the Commission 
believes that waiver of the 30-day operative delay is consistent with 
the protection of investors and the public interest. Accordingly, the 
Commission hereby waives the operative delay and

[[Page 60727]]

designates the proposed rule change operative upon filing.\15\
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    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
    \15\ For purposes only of waiving the 30-day operative delay, 
the Commission also has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of such proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-EMERALD-2021-37 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-EMERALD-2021-37. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549 on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of such filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-EMERALD-2021-37, and should be submitted 
on or before November 24, 2021.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-23934 Filed 11-2-21; 8:45 am]
BILLING CODE 8011-01-P