[Federal Register Volume 87, Number 59 (Monday, March 28, 2022)]
[Notices]
[Pages 17347-17349]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-06387]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94489; File No. SR-EMERALD-2022-11]


Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Make a 
Formatting Change to Exchange Rule 531, Reports, Market Data Products 
and Services

March 22, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on March 11, 2022, MIAX Emerald, LLC (``MIAX Emerald'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'') a 
proposed rule change as described in Items I, II, and III below, which 
Items have been prepared by the Exchange. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to make an administrative, immaterial change 
to update the subparagraph lettering in Exchange Rule 531.
    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 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

[[Page 17348]]

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 make an administrative, immaterial change 
to update the subparagraph lettering in Exchange Rule 531 by changing 
subparagraph (c), High Precision Network Time Signal Service, to 
subparagraph (d). On November 19, 2021, the Exchange filed a proposed 
rule change to adopt Exchange Rule 531(c), High Precision Network Time 
Signal Service (``HPNTSS''), and that proposed rule change was 
published for comment in the Federal Register on December 7, 2021 (the 
``HPNTSS Proposal'').\3\ On January 27, 2022, the Exchange filed a 
proposed rule change for immediate effectiveness to amend Exchange Rule 
531(b) to provide for the new ``Liquidity Taker Event Report--Complex 
Orders'' and, within that filing, proposed to move the rule text for 
the then-current subparagraph (b), Market Data Products, to become new 
subparagraph (c) under Exchange Rule 531.\4\ Thereafter, the Commission 
approved the HPNTSS Proposal on March 1, 2022,\5\ which resulted in 
Exchange Rule 531 containing two separate references to paragraph (c), 
one for HPNTSS and a second for Market Data Products. The Exchange now 
proposes to update the subparagraph lettering for HPNTSS to be under 
paragraph (d) to Exchange Rule 531. The Exchange does not propose to 
make any substantive changes to the text of Exchange Rule 531.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 93698 (December 1, 
2021), 86 FR 69301 (December 7, 2021) (SR-EMERALD-2021-38).
    \4\ See Securities Exchange Act Release No. 94136 (February 2, 
2022), 87 FR 7223 (February 8, 2022) (SR-EMERALD-2022-02).
    \5\ See Securities Exchange Act Release No. 94335 (March 1, 
2022), 87 FR 12756 (March 7, 2022).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Act and the rules and regulations thereunder applicable to the 
Exchange and, in particular, the requirements of Section 6(b) of the 
Act.\6\ Specifically, the Exchange believes the proposed rule change is 
consistent with the Section 6(b)(5) \7\ requirements that the rules of 
an exchange be designed to remove impediments to and perfect the 
mechanism of a free and open market and a national market system 
because it proposes an administrative, immaterial change to update the 
subparagraph lettering in Exchange Rule 531 by changing subparagraph 
(c), High Precision Network Time Signal Service, to now be subparagraph 
(d). This change is simply intended to remove two separate references 
to subparagraph (c) within Exchange Rule 531, one for HPNTSS and a 
second for Market Data Products. The Exchange does not propose any 
other changes to Exchange Rule 531. The proposed rule change would 
prevent any potential investor confusion by providing clarity within 
the rule text and make the Exchange's rules easier to understand, 
thereby removing impediments to and perfecting the mechanism of a free 
and open market and a national market system.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change would 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act, as amended. The 
proposed rule change would not have any impact on inter-market 
competition or intra-market competition because it simply updates 
subparagraph lettering in Exchange Rule 531 without making any 
substantive changes. The proposed rule change is ministerial in nature 
and does not propose any new products or services, and thus, would not 
have any impact on competition.

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 after the date of the filing, or such 
shorter time as the Commission may designate, it has become effective 
pursuant to 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) \9\ 
thereunder.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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.
---------------------------------------------------------------------------

    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 shall institute proceedings to 
determine whether the proposed rule 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-2022-11 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-2022-11. 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

[[Page 17349]]

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-2022-
11 and should be submitted on or before April 18, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-06387 Filed 3-25-22; 8:45 am]
BILLING CODE 8011-01-P


