Document ID: SEC-2019-1534-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Cboe BZX Exchange, Inc.
Posted Date: 2019-10-21T04:00Z

[Federal Register Volume 84, Number 203 (Monday, October 21, 2019)]
[Notices]
[Page 56209]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-22832]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87300; File No. SR-CboeBZX-2019-023]

Self-Regulatory Organizations; Cboe BZX 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 To 
Amend Rule 14.11(c) (Index Fund Shares) To Adopt Generic Listing 
Standards for Index Fund Shares Based on an Index of Municipal 
Securities

October 15, 2019.
    On April 3, 2019, Cboe BZX Exchange, Inc. (``Cboe BZX'') 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 Cboe BZX 
Rule 14.11(c) to adopt generic listing standards for Index Fund Shares 
based on an index or portfolio of municipal securities. The proposed 
rule change was published for comment in the Federal Register on April 
22, 2019.\3\ On May 30, 2019, pursuant to Section 19(b)(2) of the 
Act,\4\ 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 approve or disapprove 
the proposed rule change.\5\ On July 18, 2019, the Commission 
instituted proceedings under Section 19(b)(2)(B) of the Act \6\ to 
determine whether to approve or disapprove the proposed rule change.\7\ 
The Commission has received no comment letters on the proposed rule 
change.
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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. 85656 (April 16, 
2019), 84 FR 16753.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 85966, 84 FR 26172 
(June 5, 2019). The Commission designated July 21, 2019 as the date 
by which the Commission shall approve or disapprove, or institute 
proceedings to determine whether to approve or disapprove, the 
proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 86410, 84 FR 35698 
(July 24, 2019). Specifically, the Commission instituted proceedings 
to allow for additional analysis of the proposed rule change's 
consistency with Section 6(b)(5) of the Act, which requires, among 
other things, that the rules of a national securities exchange be 
``designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade,'' and 
``to protect investors and the public interest.'' See id. at 35700 
(citing 15 U.S.C. 78f(b)(5)).
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    Section 19(b)(2) of the Act \8\ 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 
April 22, 2019. October 19, 2019, is 180 days from that date, and 
December 18, 2019, is 240 days from that date.
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    \8\ 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,\9\ designates December 18, 2019, as the date by which the 
Commission shall either approve or disapprove the proposed rule change 
(File No. SR-CboeBZX-2019-023).
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    \9\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(57).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-22832 Filed 10-18-19; 8:45 am]
 BILLING CODE 8011-01-P