[Federal Register Volume 84, Number 119 (Thursday, June 20, 2019)]
[Notices]
[Page 28867]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13072]



[[Page 28867]]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86111; File No. SR-NYSEAMER-2018-39]


Self-Regulatory Organizations; NYSE American LLC; Notice of 
Withdrawal of 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

June 14, 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 (``ETF'').
---------------------------------------------------------------------------

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

    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 in response to the Original Notice.\6\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 84364 (October 4, 
2018), 83 FR 51535 (October 11, 2018) (``Original 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'').
---------------------------------------------------------------------------

    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.\9\ On April 5, 2019, the Commission designated 
a longer period for Commission action on the proceedings to determine 
whether to approve or disapprove the proposed rule change.\10\ The 
Commission published Amendment No. 2 for comment in the Federal 
Register on April 17, 2019.\11\ The Commission received no comments in 
response to this solicitation for comments. On May 31, 2019, the 
Exchange withdrew the proposed rule change (SR-NYSEAMER-2018-39).
---------------------------------------------------------------------------

    \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''). The Commission designated April 9, 2019, as the date 
by which the Commission shall approve or disapprove the proposed 
rule change.
    \9\ See Notice, infra note 11, at n.10, which describes the 
changes proposed in Amendment No. 2 from the original proposal.
    \10\ See Securities Exchange Act Release No. 85531 (April 5, 
2019), 84 FR 14703 (April 11, 2019). The Commission extended the 
date by which the Commission shall approve or disapprove the 
proposed rule change to June 8, 2019.
    \11\ See Securities Exchange Act Release No. 85628 (April 11, 
2019), 84 FR 16102 (April 17, 2019) (``Notice'').

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

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

Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-13072 Filed 6-19-19; 8:45 am]
 BILLING CODE 8011-01-P