Proposed Rules. SECURITIES AND EXCHANGE COMMISSION
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/register/2023/10/02/2023-21629A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-98541; File No. SR-MIAX-2023-19] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change To Amend Exchange Rule 307, Position Limits September 26, 2023. On April 21, 2023, Miami International Securities Exchange LLC (“MIAX” or “Exchange”) filed with the Securities and Exchange Commission (the “Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act”), 1 and Rule 19b-4 thereunder, 2 a proposed rule change to amend Exchange Rule 307, Position Limits, to establish a process for adjusting option position limits following a stock split or reverse stock split in the underlying security.
The proposed rule change was published for comment in the **Federal Register** on May 8, 2023. 3 On June 14, 2023, 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 The Commission has received one comment regarding the proposal. 6 On August 2, 2023, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act 7 to determine whether to approve or disapprove the proposed rule change. 8 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 *See* Securities Exchange Act Release No. 97421 (May 2, 2023), 88 FR 29725 (May 8, 2023). 4 15 U.S.C. 78s(b)(2). 5 *See* Securities Exchange Act Release No. 97727 (June 14, 2023), 88 FR 40366 (June 21, 2023).
The Commission designated August 6, 2023, 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 *See* letter from Ellen Greene, Managing Director, Equities & Options Market Structure, SIFMA, to Vanessa Countryman, Secretary, Commission, dated July 5, 2023 (“SIFMA Letter”). 7 15 U.S.C. 78s(b)(2)(B). 8 *See* Securities Exchange Act Release No. 98045 (August 2, 2023), 88 FR 53555 (August 8, 2023).
Section 19(b)(2) of the Act 9 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 proposed rule change was published for comment in the **Federal Register** on May 8, 2023. 10 The 180th day after the date of the publication of the proposed rule is November 4, 2023. The Commission is extending the time period for approving or disapproving the proposed rule change for an additional 60 days. 9 15 U.S.C. 78s(b)(2). 10 *See supra* note 3. The Commission finds that it is 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 therein, as well as the comment received.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, 11 designates January 3, 2024, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR-MIAX-2023-19). 11 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 12 12 17 CFR 200.30-3(a)(57). Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023-21629 Filed 9-29-23; 8:45 am]
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- 17 CFR 240.19
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