[Federal Register Volume 85, Number 76 (Monday, April 20, 2020)]
[Notices]
[Pages 21906-21907]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08212]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88634; File No. SR-BOX-2019-19]
Self-Regulatory Organizations; BOX Exchange 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 Adopt Rules Governing the Trading of
Equity Securities on the Exchange Through a Facility of the Exchange
Known as the Boston Security Token Exchange LLC
April 14, 2020.
On September 27, 2019, BOX Exchange LLC (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 adopt rules
governing the listing and trading of equity securities that would be
NMS stocks on the Exchange through a facility of the Exchange known as
the Boston Security Token Exchange LLC. The proposed rule change was
published for comment in the Federal Register on October 18, 2019.\3\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 87287 (October 11,
2019), 84 FR 56022 (October 18, 2019) (``Original Notice'').
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On November 29, 2019, 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\ On December 26, 2019, the Exchange filed Amendment No.
1 to the proposed rule change, which amended the proposed rule change
as originally filed.\6\ On January 16, 2020, the Commission published
Amendment No. 1 for notice and comment and instituted proceedings to
determine whether to approve or disapprove the proposed
[[Page 21907]]
rule change, as modified by Amendment No. 1.\7\ On February 19, 2020,
the Exchange filed Amendment No. 2 to the proposed rule change, which
replaced and superseded the proposed rule change as originally
filed.\8\ The Commission published the proposed rule change, as
modified by Amendment No. 2, for comment in the Federal Register on
March 6, 2020.\9\
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\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 87641 (November 29,
2019), 84 FR 66701 (December 5, 2019). The Commission designated
January 16, 2020, 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\ When the Exchange filed Amendment No. 1 to BOX-2019-19, it
also submitted the text of the partial amendment as a comment letter
to the filing, which the Commission made publicly available at
https://www.sec.gov/comments/sr-box-2019-19/srbox201919-6613675-202939.pdf (``Amendment No. 1'').
\7\ See Securities Exchange Act Release No. 88002 (January 16,
2020), 85 FR 4040 (January 23, 2020) (``Order Instituting
Proceedings'' or ``OIP'').
\8\ In filing Amendment No. 2, the Exchange responded to
questions raised in comment letters and OIP. See Letter from Lisa
Fall, President, BOX Exchange LLC, to Vanessa Countryman, Secretary,
Commission, dated February 19, 2020, available at https://www.sec.gov/comments/sr-box-2019-19/srbox201919-6840937-208871.pdf.
\9\ See Securities Exchange Act Release No. 88300 (February 28,
2020), 85 FR 13242 (March 6, 2020). Comments on the proposed rule
change can be found at: https://www.sec.gov/comments/sr-box-2019-19/srbox201919.htm. The Exchange submitted a response to comment
letters and OIP, which the Commission made publicly available at
https://www.sec.gov/comments/sr-box-2019-19/srbox201919-7055631-215391.pdf.
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Section 19(b)(2) of the Act \10\ 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 notice and comment in the
Federal Register on October 18, 2019.\11\ April 15, 2020 is 180 days
from that date, and June 14, 2020 is 240 days from that date.
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\10\ 15 U.S.C. 78s(b)(2).
\11\ See Original Notice, supra note 3.
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The Commission finds it 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. Accordingly, the Commission, pursuant to Section 19(b)(2)
of the Act,\12\ designates June 14, 2020 as the date by which the
Commission shall either approve or disapprove the proposed rule change
(File No. SR-BOX-2019-19).
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\12\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-08212 Filed 4-17-20; 8:45 am]
BILLING CODE 8011-01-P