[Federal Register Volume 85, Number 178 (Monday, September 14, 2020)]
[Notices]
[Pages 56668-56672]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-20130]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89786; File No. SR-MIAX-2020-30]


Self-Regulatory Organizations; Miami International Securities 
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Adopt Exchange Rule 1326, Transfer of Positions

September 8, 2020.
    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 September 4, 2020, Miami International Securities Exchange, LLC 
(``MIAX'' 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 
Exchange. The Exchange filed the proposal as a ``non-controversial'' 
proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 
\3\ and Rule 19b-4(f)(6) thereunder.\4\ 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing a proposal to adopt new Exchange Rule 1326, 
Transfer of Positions.
    The text of the proposed rule change is available on the Exchange's 
website at http://www.miaxoptions.com/rule-filings/ at MIAX'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 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 adopt new Exchange Rule 1326, Transfer of 
Positions, to provide a process by which Members \5\ may transfer 
option positions in limited circumstances. This proposed rule specifies 
the specific limited circumstances under which a Member may effect 
transfers of positions. This rule would permit market participants to 
move positions from one account to another without first exposure of 
the transaction on the Exchange. This rule would permit transfers upon 
the occurrence of significant, non-recurring events. The proposed rule 
change is similar to Nasdaq ISE Options 6, Section 5.
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    \5\ The term ``Member'' means an individual or organization 
approved to exercise the trading rights associated with a Trading 
Permit. Members are deemed ``members'' under the Exchange Act. See 
Exchange Rule 100.
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    Currently, the rules of the Exchange do not specifically address 
transfers of option positions between accounts, individuals, or 
entities. The Exchange, however, plans on aligning its Rule with its 
competitors by allowing transfers in situations similar to those 
permitted on other exchanges. The proposed rule will

[[Page 56669]]

establish Exchange policy with respect to transfers of options 
positions in certain limited circumstances.
Permissible Transfers
    The Exchange proposes to adopt new Exchange Rule 1326, titled 
``Transfer of Positions'' to provide for the circumstances pursuant to 
which Members may transfer their options positions without first 
exposing the order. This rule states that a Member must be on at least 
one side of the transfer. This rule is similar to Nasdaq ISE Options 6, 
Section 5.
    The Exchange proposes to provide in paragraph (a) that, existing 
positions in options listed on the Exchange of a Member, or non-Member, 
that are to be transferred on, from, or to the books of a Clearing 
Member \6\ may be transferred off the Exchange if the transfer involves 
one or more of the following events:
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    \6\ The term ``Clearing Member'' means a Member that has been 
admitted membership in the Clearing Corporation pursuant to the 
provisions of the rules of the Clearing Corporation. See Exchange 
Rule 100.
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    (1) Pursuant to Rule 301, an adjustment or transfer in connection 
with the correction of a bona fide error in the recording of a 
transaction or the transferring of a position to another account, 
provided that the original trade documentation confirms the error;
    (2) the transfer of positions from one account to another account 
where no change in ownership is involved (i.e., accounts of the same 
Person (as defined in Rule 100)), provided the accounts are not in 
separate aggregation units or otherwise subject to information barrier 
or account segregation requirements;
    (3) the consolidation of accounts where no change in ownership is 
involved;
    (4) a merger, acquisition, consolidation, or similar non-recurring 
transaction for a Person;
    (5) the dissolution of a joint account in which the remaining 
Member assumes the positions of the joint account;
    (6) the dissolution of a corporation or partnership in which a 
former nominee of the corporation or partnership assumes the positions;
    (7) positions transferred as part of a Member's capital 
contribution to a new joint account, partnership, or corporation;
    (8) the donation of positions to a not-for-profit corporation;
    (9) the transfer of positions to a minor under the Uniform Gifts to 
Minors Act; or
    (10) the transfer of positions through operation of law from death, 
bankruptcy, or otherwise.
    The proposed rule change makes clear that the transferred positions 
must be on, from, or to the books of a Clearing Member. The proposed 
rule change states that existing positions of a Member or a non-Member 
may be subject to a transfer, except under specified circumstances in 
which a transfer may only be effected for positions of a Member.\7\ The 
Exchange notes transfers of positions in Exchange listed options may 
also be subject to applicable laws, rules, and regulations, including 
rules of other self-regulatory organizations.\8\ Except as explicitly 
provided in the proposed rule text, the proposed rule change is not 
intended to exempt position transfers from any other applicable rules 
or regulations, and proposed paragraph (h) makes this clear in the 
rule.
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    \7\ See proposed paragraph (a)(5) and (7).
    \8\ See proposed paragraph (h).
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    The proposed Exchange Rule 1326(b) codifies Exchange guidance 
regarding certain restrictions on permissible transfers relating to 
netting of open positions and to margin and haircut treatment, unless 
otherwise permitted by paragraph (f). No position may net against 
another position (``netting''), and no position transfer may result in 
preferential margin or haircut treatment.\9\ Netting occurs when long 
positions and short positions in the same series ``offset'' against 
each other, leaving no position, or a reduced position. For example, if 
a Member wanted to transfer 100 long calls to another account that 
contained short calls of the same options series as well as other 
positions, even if the transfer is permitted pursuant to one of the ten 
permissible events listed in the Proposed Rule, the Member could not 
transfer the offsetting series, as they would net against each other 
and close the positions.
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    \9\ For example, positions may not transfer from a customer, 
joint back office, or firm account to a Market Maker account. 
However, positions may transfer from a Market Maker account to a 
customer, joint back office, or firm account (assuming no netting of 
positions occurs).
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    However, netting is permitted for transfers on behalf of a Market 
Maker account for transactions in multiply listed options series on 
different options exchanges, but only if the Market Maker nominees are 
trading for the same Member, and the options transactions on the 
different options exchanges clear into separate exchange-specific 
accounts because they cannot easily clear into the same Market Maker 
account at the Clearing Corporation. In such instances, all Market 
Maker positions in the exchange-specific accounts for the multiply 
listed class would be automatically transferred on their trade date 
into one central Market Maker account (commonly referred to as a 
``universal account'') at the Clearing Corporation. Positions cleared 
into a universal account would automatically net against each other. 
Option exchanges permit different naming conventions with respect to 
Market Maker account acronyms (for example, lettering versus numbering 
and number of characters), which are used for accounts at the Clearing 
Corporation. A Market Maker may have a nominee with an appointment in 
class XYZ on the Exchange, and have another nominee with an appointment 
in class XYZ on another exchange, but due to account acronym naming 
conventions, those nominees may need to clear their transactions into 
separate accounts (one for Exchange transactions and another for 
transactions on the other exchange) at the Clearing Corporation rather 
than into a universal account (in which account the positions may net). 
The proposed rule change permits transfers from these separate 
exchange-specific accounts into the Market Maker's universal account in 
this circumstance to achieve this purpose.
Transfer Price
    The Exchange proposes to state that the transfer price, to the 
extent it is consistent with applicable laws, rules, and regulations, 
including rules of other self-regulatory organizations, and tax and 
accounting rules and regulations, at which a transfer is effected may 
be: (1) The original trade prices of the positions that appear on the 
books of the trading Clearing Member, in which case the records of the 
transfer must indicate the original trade dates for the positions; 
provided, transfers to correct bona fide errors pursuant to proposed 
subparagraph (a)(1) must be transferred at the correct original trade 
prices; (2) mark-to-market prices of the positions at the close of 
trading on the transfer date; (3) mark-to-market prices of the 
positions at the close of trading on the trade date prior to the 
transfer date; \10\ or (4) the then-current market price of the 
positions at the time the transfer is effected.\11\
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    \10\ For example, for a transfer that occurs on a Tuesday, the 
transfer price may be based on the closing market price on Monday.
    \11\ See proposed paragraph (c).
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    This proposed rule change provides market participants that effect 
transactions with flexibility to select a transfer price based on the 
circumstances of the transfer and their business. However, for 
corrections of bona fide errors, because those transfers

[[Page 56670]]

are necessary to correct processing errors that occurred at the time of 
the transaction, those transfers would occur at the original 
transaction price, as the purpose of the transfer is to create the 
originally intended result of the transaction.
Prior Written Notice
    Proposed Exchange Rule 1326(d) requires a Member and its Clearing 
Member(s) (to the extent the Member is not self-clearing) to submit to 
the Exchange, in a manner determined by the Exchange, written notice 
prior to effecting a transfer from or to the account(s) of a 
Member.\12\ The notice must indicate: The Exchange-listed options 
positions to be transferred; the nature of the transaction; the 
enumerated provision(s) under proposed paragraph (a) pursuant to which 
the positions are being transferred; the name of the counterparty(ies); 
the anticipated transfer date; the method for determining the transfer 
price; and any other information requested by the Exchange.\13\ The 
proposed notice will ensure the Exchange is aware of all transfers so 
that it can monitor and review them (including the records that must be 
retained pursuant to proposed paragraph (e)) to determine whether they 
are effected in accordance with the Rules.
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    \12\ This notice provision applies only to transfers involving a 
Member's positions and not to positions of non-Members parties, as 
they are not subject to the Rules. In addition, no notice would be 
required to effect transfers to correct bona fide errors pursuant to 
proposed subparagraph (a)(1) or transfers of positions from one 
account to another where no change in ownership is involved pursuant 
to proposed paragraph (a)(2).
    \13\ See proposed paragraph (d)(1).
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    Additionally, requiring notice from the Member(s) and its Clearing 
Member(s) will ensure both parties are in agreement with respect to the 
terms of the transfer. As noted in proposed subparagraph (d)(2), 
receipt of notice of a transfer does not constitute a determination by 
the Exchange that the transfer was effected or reported in conformity 
with the requirements of proposed Rule 1326. Notwithstanding submission 
of written notice to the Exchange, Members and Clearing Members that 
effect transfers that do not conform to the requirements of the 
proposed Rule will be subject to appropriate disciplinary action in 
accordance with the Rules.
Records
    The proposed Exchange Rule 1326(e) requires that each Member and 
each Clearing Member that is a party to a transfer must make and retain 
records of the information provided in the written notice to the 
Exchange pursuant to proposed subparagraph (e), as well as information 
on the actual Exchange-listed options that are ultimately transferred, 
the actual transfer date, and the actual transfer price (and the 
original trade dates, if applicable), and any other information the 
Exchange may request the Member or Clearing Member to provide.\14\
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    \14\ See proposed paragraph (e).
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Presidential Exemption
    Proposed paragraph 1326(f) provides exemptions approved by the 
Exchange's Chief Executive Officer or President (or senior-level 
designee). Specifically, this provision is in addition to the 
exemptions set forth in proposed paragraph (a). The Exchange proposes 
that the Exchange Chief Executive Officer or President (or senior-level 
designee) may grant an exemption from the requirement of this proposed 
Rule, on his or her own motion or upon application of the Member (with 
respect to the Member's positions) or a Clearing Member (with respect 
to positions carried and cleared by the Clearing Members). The Chief 
Executive Officer, the President, or his or her designee, may permit a 
transfer if necessary or appropriate for the maintenance of a fair and 
orderly market and the protection of investors and is in the public 
interest, including due to unusual or extraordinary circumstances. For 
example, an exemption may be granted if the market value of the 
Person's positions would be compromised by having to comply with the 
requirement to trade on the Exchange pursuant to the normal auction 
process or when, in the judgment of the Chief Executive Officer, 
President, or his or her designee, market conditions make trading on 
the Exchange impractical.\15\
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    \15\ See proposed paragraph (f).
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Routine, Recurring Transfers
    The Exchange proposes to state that the transfer procedure set 
forth in Rule 1326 is intended to facilitate non-routine, nonrecurring 
movements of positions.\16\ The transfer procedure is not to be used 
repeatedly or routinely in circumvention of the normal auction market 
process.
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    \16\ See proposed paragraph (g).
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Exchange-Listed Options
    Lastly, the Exchange proposes paragraph (h) which notes that the 
transfer procedure set forth in the proposed Rule is only applicable to 
positions in options listed on the Exchange. Transfers of positions in 
Exchange-listed options may also be subject to applicable laws, rules, 
and regulations, including rules of other self-regulatory 
organizations. Transfers of non-Exchange listed options and other 
financial instruments are not governed by this proposed Rule.
2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent 
with Section 6(b) of the Act \17\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act \18\ 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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    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(5).
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    Specifically, the Exchange believes the proposed transfer rule is 
consistent with the Section 6(b)(5) \19\ requirements that the rules of 
an exchange be 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 mechanism of a free and open market and a national market 
system, and, in general, to protect investors and the public interest. 
Additionally, the Exchange believes the proposed rule change is 
consistent with the Section 6(b)(5) \20\ requirement that the rules of 
an exchange not be designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers.
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    \19\ 15 U.S.C. 78f(b)(5).
    \20\ Id.
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    The Exchange believes that permitting transfers in very limited 
circumstances is reasonable to allow a Member to accomplish certain 
goals efficiently. The proposed rule permits transfers in situations 
involving dissolutions of entities or accounts, for purposes of 
donations, mergers or by operation of law. As noted above for example, 
a Member that is undergoing a structural change and a one-time movement 
of positions may require a transfer of positions or a Member that is 
leaving a firm that will no longer be in business

[[Page 56671]]

may require a transfer of positions to another firm. Also, a Member may 
require a transfer of positions to make a capital contribution. The 
above-referenced circumstances are non-recurring situations where the 
transferor continues to maintain some ownership interest or manage the 
positions transferred. By contrast, repeated or routine transfers 
between entities or accounts--even if there is no change in beneficial 
ownership as a result of the transfer--is inconsistent with the 
purposes for which the proposed rule will be adopted. Accordingly, the 
Exchange believes that such activity should not be permitted under the 
rules and thus, seeks to adopt language in proposed paragraph (g) that 
the transfer of positions procedures set forth in the proposed rule are 
intended to facilitate non-recurring movements of positions.
    The proposed rule change will provide market participants that 
experience these limited, non-recurring events with an efficient and 
effective means to transfer positions in these situations. The Exchange 
believes the proposed rule change regarding permissible transfer prices 
provides market participants with flexibility to determine the price 
appropriate for their business, which maintain cost bases in accordance 
with normal accounting practices and removes impediments to a free and 
open market.
    The proposed rule change which requires notice and maintenance of 
records will ensure the Exchange is able to review transfers for 
compliance with the Rules, which prevents fraudulent and manipulative 
acts and practices. The requirement to retain records is consistent 
with the requirements of Rule 17a-3 and 17a-4 under the Act.
    Similar to Nasdaq ISE and Cboe rules,\21\ the Exchange would permit 
a presidential exemption. The Exchange believes that this exemption is 
consistent with the Act because the Exchange's Chief Executive Officer 
or President (or senior-level designee) would consider an exemption in 
very limited circumstances. The transfer process is intended to 
facilitate non-routine, nonrecurring movements of positions and, 
therefore, is not to be used repeatedly or routinely in circumvention 
of the normal auction market process. The proposed Rule specifically 
provides within the rule text that the Exchange's Chief Executive 
Officer or President (or senior-level designee) may in his or her 
judgment allow a transfer if it is necessary or appropriate for the 
maintenance of a fair and orderly market and the protection of 
investors and is in the public interest, including due to unusual or 
extraordinary circumstances such as the market value of the Person's 
positions will be comprised by having to comply with the requirement to 
trade on the Exchange pursuant to the normal auction process or, when 
in the judgment of the President or his or her designee, market 
conditions make trading on the Exchange impractical. These standards 
within paragraph (f) of the proposed rule are intended to provide 
guidance concerning the use of this exemption which is intended to 
provide the Exchange with the ability to utilize the exemption for the 
maintenance of a fair and orderly market and the protection of 
investors and is in the public interest. The Exchange believes that the 
exemption is consistent with the Act because it would allow the 
Exchange's Chief Executive Officer or President (or senior-level 
designee) to act in certain situations which comply with the guidance 
within paragraph (f) which is intended to protect investors and the 
general public. Although Cboe's rule grants an exemption to the 
President (or senior-level designee),\22\ the Exchange has elected to 
parallel the Nasdaq ISE and grant an exemption to the Exchange's Chief 
Executive Officer or President (or senior-level designee), who are 
similarly situated within the Exchange's organization as senior-level 
individuals.\23\
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    \21\ See Nasdaq ISE Options 6, Section 5; and Cboe Rule 6.7.
    \22\ See Cboe Rule 6.7(f).
    \23\ See Nasdaq ISE Options 6, Section 5(f).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.
    The Exchange does not believe the proposed rule change will impose 
an undue burden on intra-market competition as the transfer procedure 
may be utilized by any Member and the rule will apply uniformly to all 
Members. Use of the transfer procedure is voluntary, and all Members 
may use the procedure to transfer positions as long as the criteria in 
the proposed rule are satisfied. With the establishment of the proposed 
rule, a Member that experiences limited permissible, non-recurring 
events would have an efficient and effective means to transfer 
positions in these situations. The Exchange believes the proposed rule 
change regarding permissible transfer prices provides market 
participants with flexibility to determine the price appropriate for 
their business, which determine prices in accordance with normal 
accounting practices and removes impediments to a free and open market. 
The Exchange does not believe the proposed notice and record 
requirements are unduly burdensome to market participants. The Exchange 
believes the proposed requirements are reasonable and will ensure the 
Exchange is aware of transfers and would be able to monitor and review 
the transfers to ensure the transfer falls within the proposed rule.
    Adopting an exemption, similar to Nasdaq ISE Options 6, Section 
5(f), to permit the Exchange's Chief Executive Officer or President (or 
senior-level designees) to grant an exemption, in addition to the 
limited circumstances of the proposed rule, in his or her judgment, 
does not impose an undue burden on competition. Such an exemption would 
only be applied when in the judgement of the Chief Executive Officer, 
or President or his or her designee, the transfer is necessary or 
appropriate for the maintenance of a fair and orderly market and the 
protection of investors and is in the public interest, including due to 
unusual or extraordinary circumstances, such as the possibility that 
the market value of a Person's positions would be compromised by having 
to comply with the requirement to trade on the Exchange pursuant to the 
normal auction process or when market conditions make trading on the 
Exchange impractical.
    The Exchange does not believe the proposed rule change will impose 
an undue burden on inter-market competition. The proposed position 
transfer procedure is not intended to be a competitive trading tool. 
The proposed rule change permits, in limited circumstances, a transfer 
to facilitate non-routine, nonrecurring movements of positions. As 
provided for in proposed paragraph (g), it would not be used repeatedly 
or routinely in circumvention of the normal auction market process. In 
addition, proposed paragraph (f) provides within the rule text that the 
Exchange's Chief Executive Officer or President (or senior-level 
designee) may in his or her judgment allow a transfer for the 
maintenance of a fair and orderly market and the protection of 
investors and is in the public interest. The Exchange believes that the 
exemption does not impose an undue burden on competition as the 
Exchange's Chief Executive Officer or President (or senior-level 
designee) would apply the exemption consistent with the guidance laid 
out in the

[[Page 56672]]

proposed rule text. Additionally, as discussed above, the proposed rule 
change is similar to Cboe Rule 6.7 and Nasdaq ISE Options 6, Section 5. 
The Exchange believes having similar rules related to position 
transfers to those of other options exchanges will reduce the 
administrative burden on market participants of determining whether 
their transfers comply with multiple sets of rules.
    As such, the Exchange does not believe that the proposed rule 
change will impose any burden on competition not necessary or 
appropriate in furtherance of the purposes of the Act.

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 \24\ and Rule 19b-
4(f)(6) thereunder.\25\
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    \24\ 15 U.S.C. 78s(b)(3)(A).
    \25\ 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) \26\ normally 
does not become operative for 30 days after the date of the filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\27\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay to so that it may 
adopt the proposed position transfer rules as soon as possible which, 
according to the Exchange, would benefit investors and the general 
public because it will provide Members with the ability to request a 
transfer, for limited, non-recurring types of transfers, without the 
requirement for exposing those orders on the Exchange. The Commission 
believes that waiver of the operative delay is consistent with the 
protection of investors and the public interest because the proposed 
rule change does not present any unique or novel regulatory issues and 
is substantively identical to provisions in Cboe Rule 6.7 and Nasdaq 
ISE Options 6, Section 5. Accordingly, the Commission hereby waives the 
operative delay and designates the proposal operative upon filing.\28\
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    \26\ 17 CFR 240.19b-4(f)(6).
    \27\ 17 CFR 240.19b-4(f)(6)(iii).
    \28\ For purposes only of waiving the 30-day operative delay, 
the Commission has also 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 the 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 will 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 rule-comments@sec.gov. Please include 
File Number SR-MIAX-2020-30 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-MIAX-2020-30. 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 the 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-MIAX-2020-30 and should be submitted on 
or before October 5, 2020.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\29\
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    \29\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-20130 Filed 9-11-20; 8:45 am]
BILLING CODE 8011-01-P


