Self-Regulatory Organizations; Cboe EDGX 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
| Published date | 18 November 2019 |
| Citation | 84 FR 63688 |
| Record Number | 2019-24865 |
| Section | Notices |
| Court | Securities And Exchange Commission |
Federal Register, Volume 84 Issue 222 (Monday, November 18, 2019)
[Federal Register Volume 84, Number 222 (Monday, November 18, 2019)]
[Notices]
[Page 63688]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-24865]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87498; File No. SR-CboeEDGX-2019-029]
Self-Regulatory Organizations; Cboe EDGX 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 April 29, 2019, Cboe EDGX Exchange, Inc. (``EDGX'' 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 EDGX 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. 85838 (May 10,
2019), 84 FR 22174 (``Notice'').
\5\ See Securities Exchange Act Release No. 86231, 84 FR 32233
(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 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-CboeEDGX-2019-029).
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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. 86683
(August 14, 2019), 84 FR 43222 (August 20, 2019) (SR-CboeEDGX-2019-
050). 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. 87144 (September 27, 2019),
84 FR 52925 (October 03, 2019) (SR-CboeEDGX-2019-050).
\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. 2019-24865 Filed 11-15-19; 8:45 am]
BILLING CODE 8011-01-P
