[Federal Register Volume 84, Number 70 (Thursday, April 11, 2019)]
[Notices]
[Pages 14703-14704]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-07144]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85531; File No. SR-NYSEAMER-2018-39]


Self-Regulatory Organizations; NYSE American LLC; Notice of 
Designation of Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change, as 
Modified by Amendment No. 2, To Allow Flexible Exchange Equity Options 
To Be Cash Settled Where the Underlying Security Is a Specified 
Exchange-Traded Fund

April 5, 2019.
    On September 20, 2018, NYSE American LLC (``NYSE American'' or the 
``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 modify the rules related to Flexible Exchange 
(``FLEX'') Options to allow cash settlement for certain FLEX Equity 
Options. The proposal, as modified by Amendment No. 2, would allow FLEX 
Equity Options to be cash settled where the underlying security is one 
of 25 specified Exchange-Traded Funds.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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    The proposed rule change was published for comment in the Federal 
Register on October 11, 2018.\3\ On November 19, 2018, pursuant to 
Section 19(b)(2) of the Act,\4\ the Commission designated a longer 
period within which to either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether to disapprove the proposed rule change.\5\ The 
Commission received one comment letter on the proposed rule change.\6\
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    \3\ See Securities Exchange Act Release No. 84364 (October 4, 
2018), 83 FR 51535 (October 11, 2018) (``Notice'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 84616 (November 19, 
2018), 83 FR 60519 (November 26, 2018). The Commission designated 
January 9, 2019, as the date by which it should approve, disapprove, 
or institute proceedings to determine whether to disapprove the 
proposed rule change.
    \6\ See Letter to Brent J. Fields, Secretary, Commission, from 
Samara Cohen, Head of ETF Global Markets, BlackRock, dated November 
27, 2018 (``BlackRock Letter'').
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    On December 19, 2018, 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\ On March 11, 2019, the Exchange 
filed Amendment No. 1 to the proposed rule change. On March 25, 2019, 
the Exchange withdrew Amendment No. 1 and filed Amendment No. 2 to the 
proposed rule change, which superseded and replaced the proposed rule 
change in its entirety.
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    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 84870 (December 19, 
2018), 83 FR 66779 (December 27, 2018) (``Order Instituting 
Proceedings'').
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    Section 19(b)(2) of the Act \9\ 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 the 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 notice and comment in the 
Federal Register on October 11, 2018.\10\ The 180th day after 
publication of the Notice is April 9, 2019. The Commission is extending 
the time period for approving or disapproving the proposal for an 
additional 60 days.
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    \9\ 15 U.S.C. 78s(b)(2).
    \10\ See supra note 3.
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    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, as modified by Amendment No. 2. Accordingly, the 
Commission, pursuant to Section 19(b)(2) of the Act,\11\ designates 
June 8, 2019, as the date by

[[Page 14704]]

which the Commission should either approve or disapprove the proposed 
rule change (File No. SR-NYSEAMER-2018-39), as modified by Amendment 
No. 2.
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    \11\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-07144 Filed 4-10-19; 8:45 am]
 BILLING CODE 8011-01-P