[Federal Register Volume 85, Number 176 (Thursday, September 10, 2020)]
[Notices]
[Page 55905]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-19944]



[[Page 55905]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89765; File No. SR-CBOE-2020-014]


Self-Regulatory Organizations; Cboe 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 
Adopt a Delta-Adjusted at Close Order Instruction

September 3, 2020.
    On February 18, 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 to adopt a Delta-
Adjusted at Close order instruction that a User may apply to an order 
when entering it into the System for execution in an electronic or open 
outcry auction. The proposed rule change was published for comment in 
the Federal Register on March 9, 2020.\3\ On April 13, 2020, 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 the proposed rule change should be 
disapproved.\4\ On May 12, 2020, the Exchange submitted Amendment No. 1 
to the proposed rule change.\5\ On June 3, 2020, the Commission 
instituted proceedings to determine whether to approve or disapprove 
the proposed rule change, as modified by Amendment No. 1.\6\ The 
Commission has received one comment on the proposed rule change.\7\ 
Section 19(b)(2) of the Act \8\ 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 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 
March 9, 2020.\9\ September 5, 2020 is 180 days from that date, and 
November 4, 2020 is 240 days from that date.
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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. 88312 (March 3, 
2020), 85 FR 13686 (``Notice'').
    \4\ See Securities Exchange Act Release No. 88622, 85 FR 21490 
(April 17, 2020).
    \5\ See https://www.sec.gov/comments/sr-cboe-2020-014/srcboe2020014-7180918-216787.pdf.
    \6\ See Securities Exchange Act Release No. 88997, 85 FR 35351 
(June 9, 2020).
    \7\ See Letter from Kurt Eckert, Partner, Wolverine Execution 
Services, LLC, to Vanessa Countryman, Secretary, Commission, dated 
June 24, 2020, available at https://www.sec.gov/comments/sr-cboe-2020-014/srcboe2020014-7343517-218670.pdf.
    \8\ 15 U.S.C. 78s(b)(2).
    \9\ See Notice, supra note 3.
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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 and the issues raised in the comment letters that have been 
submitted in connection therewith. Accordingly, the Commission, 
pursuant to Section 19(b)(2) of the Act,\10\ the Commission designates 
November 4, 2020, as the date by which the Commission shall either 
approve or disapprove the proposed rule change (File No. CBOE-2020-
014).
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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)(31).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-19944 Filed 9-9-20; 8:45 am]
BILLING CODE 8011-01-P


