[Federal Register Volume 83, Number 50 (Wednesday, March 14, 2018)]
[Notices]
[Pages 11269-11273]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-05073]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82827; File No. SR-PEARL-2018-04]


Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange 
Rule 402, Criteria for Underlying Securities

March 8, 2018.
    Pursuant to the provisions of 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 February 22, 2018, MIAX PEARL, LLC (``MIAX 
PEARL'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission'') a proposed rule change'') a proposed rule 
change as described in Items I and II 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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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 amend Exchange Rule 402, 
Criteria for Underlying Securities, to modify the criteria for listing 
an option on an underlying covered security.
    The text of the proposed rule change is available on the Exchange's 
website at http://www.miaxoptions.com/rule-filings/pearl at MIAX 
PEARL'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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Exchange Rule 402, Criteria for 
Underlying Securities, to modify the criteria for listing options on an 
underlying security as defined in Section 18(b)(1)(A) of the Securities 
Act of 1933 (hereinafter ``covered security'' or ``covered 
securities''). This is a competitive filing that is based on a proposal 
recently submitted by Nasdaq PHLX LLC (``Nasdaq Phlx'') and approved by 
the Commission.\3\
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    \3\ See Securities Exchange Act Release No. 82474 (January 9, 
2018), 83 FR 2240 (January 16, 2018) (Order Approving SR-Phlx-2017-
75).
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    In particular, the Exchange proposes to modify Rule 402(b)(5)(i) to 
permit the listing of an option on an underlying covered security that 
has a market price of at least $3.00 per share for the previous three 
(3) consecutive business days preceding the date on which the Exchange 
submits a certificate to the Options Clearing Corporation (``OCC'') for 
listing and trading. The Exchange does not intend to amend any other 
criteria for listing options on an underlying security in Rule 402.
    Currently the underlying covered security must have a closing 
market

[[Page 11270]]

price of $3.00 per share for the previous five (5) consecutive business 
days preceding the date on which the Exchange submits a listing 
certificate to OCC. In the proposed amendment, the market price will 
still be measured by the closing price reported in the primary market 
in which the underlying covered security is traded, but the measurement 
will be the price over the prior three (3) consecutive business day 
period preceding the submission of the listing certificate to OCC, 
instead of the prior five (5) business day period.
    The Exchange acknowledges that the Options Listing Procedures Plan 
\4\ requires that the listing certificate be provided to OCC no earlier 
than 12:01 a.m. and no later than 11:00 a.m. (Chicago time) on the 
trading day prior to the day on which trading is to begin.\5\ The 
proposed amendment will still comport with that requirement. For 
example, if an initial public offering (``IPO'') occurs at 11:00 a.m. 
on Monday, the earliest date the Exchange could submit its listing 
certificate to OCC would be on Thursday by 12:01 a.m. (Chicago time), 
with the market price determined by the closing price over the three-
day period from Monday through Wednesday. The option on the IPO would 
then be eligible for trading on the Exchange on Friday. The proposed 
amendment would essentially enable options trading within four (4) 
business days of an IPO becoming available instead of six (6) business 
days (five (5) consecutive days plus the day the listing certificate is 
submitted to OCC).
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    \4\ The Plan for the Purpose of Developing and Implementing 
Procedures Designed to Facilitate the Listing and Trading of 
Standardized Options Submitted Pursuant to Section 11a(2)(3)(B) of 
the Securities Exchange Act of 1934 (a/k/a the Options Listing 
Procedures Plan (``OLPP'')) is a national market system plan that, 
among other things, sets forth procedures governing the listing of 
new options series. See Securities Exchange Act Release No. 44521 
(July 6, 2001), 66 FR 36809 (July 13, 2001) (Order approving OLPP). 
The sponsors of OLPP include OCC; BATS Exchange, Inc.; BOX Options 
Exchange LLC; C2 Options Exchange, Incorporated; Chicago Board 
Options Exchange, Incorporated; EDGX Exchange, Inc.; Miami 
International Securities Exchange, LLC; MIAX PEARL, LLC; The Nasdaq 
Stock Market LLC; NASDAQ BX, Inc.; Nasdaq PHLX LLC; Nasdaq GEMX, 
LLC; Nasdaq ISE, LLC; Nasdaq MRX, LLC; NYSE American, LLC; and NYSE 
Arca, Inc.
    \5\ See OLPP at page 3.
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    The Exchange's initial listing standards for equity options in Rule 
402 (including the current price/time standard of $3.00 per share for 
five (5) consecutive business days) are substantially similar to the 
initial listing standards adopted by other options exchanges.\6\ At the 
time the Exchange received its initial approval from the Commission, as 
part of its Rules, the Exchange adopted the ``look back'' period of 
five (5) consecutive business days, it determined that the five-day 
period was sufficient to protect against attempts to manipulate the 
market price of the underlying security and would provide a reliable 
test for stability.\7\ Surveillance technologies and procedures 
concerning manipulation have evolved since then to provide adequate 
prevention or detection of rule or securities law violations within the 
proposed time frame, and the Exchange represents that its existing 
trading surveillances are adequate to monitor the trading of options on 
the Exchange.\8\
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    \6\ See, e.g., Phlx Rule 1009, Commentary .01; see also BOX Rule 
5020(b)(5).
    \7\ See Securities Exchange Act Release No. 79543 (December 13, 
2016), 81 FR 92901 (December 20, 2016) (order granting approval of 
MIAX PEARL for registration as a National Securities Exchange).
    \8\ Such surveillance procedures generally focus on detecting 
securities trading subject to opening price manipulation, closing 
price manipulation, layering, spoofing or other unlawful activity 
impacting an underlying security, the option, or both. The Exchange, 
through the Financial Industry Regulatory Authority (``FINRA''), has 
price movement alerts, unusual market activity and order book alerts 
active for all trading symbols. These real time patterns are active 
for the new security as soon as the IPO begins trading.
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    Furthermore, the Exchange notes that the scope of its surveillance 
program also includes cross market surveillance for trading that is not 
just limited to the Exchange. In particular, the Financial Industry 
Regulatory Authority (``FINRA''), pursuant to a regulatory services 
agreement, operates a range of cross-market equity surveillance 
patterns on behalf of the Exchange to look for potential manipulative 
behavior, including spoofing, algorithm gaming, marking the close and 
open, and momentum ignition strategies, as well as more general, 
abusive behavior related to front running, wash shales, quoting/
routing, and Reg SHO violations. These cross-market patterns 
incorporate relevant data from various markets beyond the Exchange and 
its affiliate, Miami International Securities Exchange, LLC (``MIAX 
Options''), including data from the New York Stock Exchange (``NYSE'') 
and from the Nasdaq Stock Market (``Nasdaq'').
    Additionally, for options, MIAX PEARL, through FINRA, utilizes an 
array of patterns that monitor manipulation of options, or manipulation 
of equity securities (regardless of venue) for the purpose of impacting 
options prices on both MIAX Options and MIAX PEARL options markets 
(i.e., mini-manipulation strategies). Accordingly, the Exchange 
believes that the cross market surveillance performed by FINRA on 
behalf of the Exchange, coupled with the Exchange staff's real-time 
monitoring of similarly violative activity on MIAX PEARL and its 
affiliated market as described herein, reflects a comprehensive 
surveillance program that is adequate to monitor for manipulation of 
the underlying security and overlying option within the proposed three-
day look back period.
    Furthermore, the Exchange notes that the proposed listing criteria 
would still require that the underlying security be listed on NYSE, the 
American Stock Exchange (now known as NYSE American), or the National 
Market System of The Nasdaq Stock Market (now known as the Nasdaq 
Global Market) (collectively, the ``Named Markets''), as provided for 
in the definition of ``covered security'' from Section 18(b)(1)(A) of 
the 1933 Act.\9\ Accordingly, the Exchange believes that the proposed 
rule change would still ensure that the underlying security meets the 
high listing standards of a Named Market, and would also ensure that 
the underlying is covered by the regulatory protections (including 
market surveillance, investigation and enforcement) offered by these 
exchanges for trading in covered securities conducted on their 
facilities.
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    \9\ See 15 U.S.C. 77r(b)(1)(A).
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    Furthermore, the Nasdaq, Nasdaq Phlx's affiliated listing market, 
had no cases within the past five years where an IPO-related issue for 
which it had pricing information qualified for the $3.00 price 
requirement during the first three (3) days of trading and did not 
qualify for the $3.00 price requirement during the first five (5) 
days.\10\ In other words, none of these qualifying issues fell below 
the $3.00 threshold within the first three (3) or five (5) days of 
trading. As such, the Exchange believes that its existing surveillance 
technologies and procedures, coupled with Nasdaq's findings related to 
the IPO-related issues as described herein, adequately address 
potential concerns regarding possible manipulation or price stability 
within the proposed timeframe.
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    \10\ There were over 750 IPO-related issues on Nasdaq within the 
past five years. Out of all of the issues with pricing information, 
there was only one issue that had a price below $3 during the first 
five consecutive business days. The Exchange notes, however, that 
Nasdaq allows for companies to list on the Nasdaq Capital Market at 
$2.00 or $3.00 per share in some instances, which was the case for 
this particular issue. See Nasdaq Rule 5500 Series for initial 
listing standards on the Nasdaq Capital Market. See also supra note 
3.
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    The Exchange also believes that the proposed look back period can 
be implemented in connection with the other initial listing criteria 
for underlying covered securities. In

[[Page 11271]]

particular, the Exchange recognizes that it may be difficult to verify 
the number of shareholders in the days immediately following an IPO due 
to the fact that stock trades generally clear within two business days 
(T+2) of their trade date and therefore the shareholder count will 
generally not be known until T+2.\11\ The Exchange notes that the 
current T+2 settlement cycle was recently reduced from T+3 on September 
5, 2017 in connection with the Commission's amendments to Exchange Rule 
15c6-1(a) to adopt the shortened settlement cycle,\12\ and the look 
back period of three (3) consecutive business days proposed herein 
reflects this shortened T+2 settlement period. As proposed, stock 
trades would clear within T+2 of their trade date (i.e., within three 
(3) business days) and therefore the number of shareholders could be 
verified within three (3) business days, thereby enabling options 
trading within four (4) business days of an IPO (three (3) consecutive 
business days plus the day the listing certificate is submitted to 
OCC).
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    \11\ The number of shareholders of record can be validated by 
large clearing agencies such as The Depository Trust and Clearing 
Corporation (``DTCC'') upon the settlement date (i.e., T+2).
    \12\ See Securities Exchange Act Release No. 78962 (September 
28, 2016), 81 FR 69240 (October 5, 2016) (Amendment to Securities 
Transaction Settlement Cycle) (File No. S7-22-16).
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    Furthermore, the Exchange notes that it can verify the shareholder 
count with various brokerage firms that have a large retail customer 
clientele. Such firms can confirm the number of individual customers 
who have a position in the new issue. The earliest that these firms can 
provide confirmation is usually the day after the first day of trading 
(T+1) on an unsettled basis, while others can confirm on the third day 
of trading (T+2). The Exchange has confirmed with some of these 
brokerage firms who provide shareholder numbers to the Exchange that 
they are T+2 after an IPO. For the foregoing reasons, the Exchange 
believes that basing the proposed three (3) business day look back 
period on the T+2 settlement cycle would allow for sufficient 
verification of the number of shareholders.
    The proposed rule change will apply to all covered securities that 
meet the criteria of Rule 402. Pursuant to Rule 402, the Exchange 
establishes guidelines to be considered in evaluating the potential 
underlying securities for Exchange option transactions.\13\ However, 
the fact that a particular security may meet the guidelines established 
by the Exchange does not necessarily mean that it will be approved as 
an underlying security.\14\ As part of the established criteria, the 
issuer must be in compliance with any applicable requirement of the 
Securities Exchange Act of 1934.\15\ Additionally, in considering the 
underlying security, the Exchange relies on information made publicly 
available by the issuer and/or the markets in which the security is 
traded.\16\ Even if the proposed option meets the objective criteria, 
the Exchange may decide not to list, or place limitations or conditions 
upon listing.\17\ The Exchange believes that these measures, together 
with its existing surveillance procedures, provide adequate safeguards 
in the review of any covered security that may meet the proposed 
criteria for consideration of the option within the timeframe contained 
in this proposal.
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    \13\ See Exchange Rule 402(b). The Exchange established specific 
criteria to be considered in evaluating potential underlying 
securities for Exchange Option Transactions.
    \14\ Id.
    \15\ See Exchange Rule 402(b)(3).
    \16\ See Exchange Rule 402(d).
    \17\ See Exchange Rule 402(b).
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    The Exchange notes that this filing is substantially similar to a 
companion MIAX Options filing, modifying the criteria for listing an 
option on an underlying covered security on its exchange.
2. Statutory Basis
    MIAX PEARL believes that its proposed rule change is consistent 
with Section 6(b) of the Act \18\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act \19\ 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 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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    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed changes to its listing 
standards for covered securities would allow the Exchange to more 
quickly list options on a qualifying covered security that has met the 
$3.00 eligibility price without sacrificing investor protection. As 
discussed above, the Exchange believes that its existing trading 
surveillances provide a sufficient measure of protection against 
potential price manipulation within the proposed three (3) consecutive 
business day timeframe. The Exchange also believes that the proposed 
three (3) consecutive business day timeframe would continue to be a 
reliable test for price stability in light of Nasdaq's findings that 
none of the IPO-related issues on Nasdaq within the past five years 
that qualified for the $3.00 per share price standard during the first 
three trading days fell below the $3.00 threshold during the fourth or 
fifth trading day. Furthermore, the established guidelines to be 
considered by the Exchange in evaluating the potential underlying 
securities for Exchange option transactions,\20\ together with existing 
trading surveillances, provide adequate safeguards in the review of any 
covered security that may meet the proposed criteria for consideration 
of the option within the proposed timeframe.
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    \20\ See notes 13-17 above.
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    In addition, the Exchange believes that basing the proposed 
timeframe on the T+2 settlement cycle adequately addresses the 
potential difficulties in confirming the number of shareholders of the 
underlying covered security. Having some of the largest brokerage firms 
that provide these shareholder counts to the Exchange confirm that they 
are able to provide these numbers within T+2 further demonstrates that 
the 2,000 shareholder requirement can be sufficiently verified within 
the proposed timeframe. For the foregoing reasons, the Exchange 
believes that the proposed amendments will remove and perfect the 
mechanism of a free and open market and a national market system by 
providing an avenue for investors to swiftly hedge their investment in 
the stock in a shorter amount of time than what is currently in 
place.\21\
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    \21\ This proposed rule change does not alter any obligations of 
issuers or other investors of an IPO that may be subject to a lock-
up or other restrictions on trading related securities.
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    Finally, it should be noted that a price/time standard for the 
underlying security was first adopted when the listed options market 
was in its infancy, and was intended to prevent the proliferation of 
options being listed on low-priced securities that presented special 
manipulation concerns and/or lacked liquidity needed to maintain fair 
and orderly markets.\22\ When options trading commenced in 1973, the 
Commission determined that it was necessary for securities underlying 
options to meet certain minimum standards regarding both the quality of 
the issuer and the quality of the market

[[Page 11272]]

for a particular security.\23\ These standards, including a price/time 
standard, were imposed to ensure that those issuers upon whose 
securities options were to be traded were widely-held, financially 
sound companies whose shares had trading volume and float substantial 
enough so as not to be readily susceptible to manipulation.\24\ At the 
time, the Commission determined that the imposition of these standards 
was reasonable in view of the pilot nature of options trading and the 
limited experience of investors with options trading.\25\
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    \22\ See Securities Exchange Act Release No. 29628 (August 29, 
1991), 56 FR 43949-01 (September 5, 1991) (SR-AMEX-86-21; SR-CBOE-
86-15; SR-NYSE-86-20; SR-PSE-86-15; and SR-PHLX-86-21) (``1991 
Approval Order'') ay 43949 (discussing the Commission's concerns 
when options trading initially commenced in 1973).
    \23\ See 1991 Approval Order at 43949.
    \24\ Id.
    \25\ Id.
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    Now more than 40 years later, the listed options market has evolved 
into a mature market with sophisticated investors. In view of this 
evolution, the Commission has approved various exchange proposals to 
relax some of these initial listing standards throughout the years,\26\ 
including reducing the price/time standard in 2003 from $7.50 per share 
for the majority of business days over a three month period to the 
current $3.00 per share/five business day standard (``2003 
Proposal'').\27\ It has been almost fifteen years since the Commission 
approved the 2003 proposal, and both the listed options market and 
exchange technologies have continued to evolve since then. In this 
instance, MIAX PEARL is only proposing a modest reduction of the 
current five (5) business day standard to three (3) business days to 
correspond to the securities industry's move to a T+2 standard 
settlement cycle.\28\ The $3.00 per share standard and all other 
initial options listing criteria in Rule 402 will remain unchanged by 
this proposal. For the reasons discussed herein, the Exchange therefore 
believes that the proposed three (3) business day period will be 
beneficial to the marketplace without sacrificing investor protections.
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    \26\ See e.g., 1991 Approval Order (modifying a number of 
initial listing criteria, including the reduction of the price/time 
standard from $10 per share each day during the preceding three 
calendar months to $7.50 per share for the majority of days during 
the same period).
    \27\ See Securities Exchange Act Release Nos. 47190 (January 15, 
2003), 68 FR 3072 (January 22, 2003) (SR-CBOE-2002-62); 47352 
(February 11, 2003), 68 FR 8319 (February 20, 2003) (SR-PCX-2003-
06); 47483 (March 11, 2003), 68 FR 13352 (March 19, 2003) (SR-ISE-
2003-04); 47613 (April 1, 2003), 68 FR 17120 (April 8, 2003) (SR-
Amex-2003-19); and 47794 (May 5, 2003), 68 FR 25076 (May 9, 2003) 
(SR-Phlx-2003-27).
    \28\ See supra note 12.
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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. In this regard and as 
indicated above, the Exchange notes that the rule change is being 
proposed as a competitive response to a filing submitted by Nasdaq Phlx 
that was recently approved by the Commission.\29\ The proposed rule 
change will reduce the number of days to list options on an underlying 
security, and is intended to bring new options listings to the 
marketplace quicker.
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    \29\ See supra note 3.
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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 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 if consistent with the protection of investors 
and the public interest, the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act \30\ and Rule 19b-4(f)(6) 
thereunder.\31\
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    \30\ 15 U.S.C. 78s(b)(3)(A).
    \31\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's 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) \32\ normally 
does not become operative for 30 days after the date of filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\33\ 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 so that the proposal 
may become operative upon filing. The Commission believes that waiving 
the 30-day operative delay is consistent with the protection of 
investors and the public interest as it will allow the Exchange to 
modify the criteria for listing an option on an underlying covered 
security to align with the criteria of other options exchanges, and the 
Exchange's proposal does not raise new issues. Accordingly, the 
Commission hereby waives the 30-day operative delay requirement and 
designates the proposed rule change as operative upon filing.\34\
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    \32\ 17 CFR 240.19b-4(f)(6).
    \33\ 17 CFR 240.19b-4(f)(6)(iii).
    \34\ 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 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-PEARL-2018-04 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-PEARL-2018-04. 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

[[Page 11273]]

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-
PEARL-2018-04, and should be submitted on or before April 4, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\35\
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    \35\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-05073 Filed 3-13-18; 8:45 am]
 BILLING CODE 8011-01-P