[Federal Register Volume 85, Number 224 (Thursday, November 19, 2020)]
[Notices]
[Page 73829]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-25507]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90428/November 13, 2020]


Securities Exchange Act of 1934; In the Matter of: Cboe BZX 
Exchange, Inc., 400 South LaSalle Street, Chicago, IL 60605, File No. 
SR-CboeBZX-2018-044; Order Setting Aside the Order by Delegated 
Authority Disapproving SR-CboeBZX-2018-044

    On June 21, 2018, Cboe BZX Exchange, Inc. (``BZX'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission''), 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule 
change to amend BZX Rule 14.11(c) to permit either the portfolio 
holdings of a series of Index Fund Shares or the index underlying a 
series of Index Fund Shares to satisfy the listing standards under BZX 
Rules 14.11(c)(3), (4), and (5). The proposed rule change was published 
for comment in the Federal Register on July 11, 2018.\3\ On August 23, 
2018, the Division of Trading and Markets (``Division''), for the 
Commission pursuant to delegated authority, extended the time period 
for Commission action on the proposed rule change.\4\ On September 28, 
2018, the Exchange filed Amendment No. 1 to the proposed rule change, 
which amended and replaced the proposed rule change as originally 
filed.\5\ On October 5, 2018, the Division, for the Commission pursuant 
to delegated authority, published notice of Amendment No. 1 and 
instituted proceedings pursuant to Section 19(b)(2)(B) of the Exchange 
Act \6\ to determine whether to approve or disapprove the proposed rule 
change, as modified by Amendment No. 1.\7\ On December 21, 2018, 
pursuant to Section 19(b)(2) of the Exchange Act,\8\ the Division, for 
the Commission pursuant to delegated authority, designated a longer 
period within which to issue an order approving or disapproving the 
proposed rule change, as modified by Amendment No. 1.\9\ On March 8, 
2019, the Division, for the Commission pursuant to delegated 
authority,\10\ disapproved the proposed rule change, as modified by 
Amendment No. 1.\11\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 83594 (July 5, 
2018), 83 FR 32158.
    \4\ See Securities Exchange Act Release No. 83919, 83 FR 44083 
(August 29, 2018).
    \5\ Amendment No. 1 is available at https://www.sec.gov/comments/sr-cboebzx-2018/044/srcboebzx2018044/4468884/175849.pdf.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 84378, 83 FR 51745 
(October 12, 2018).
    \8\ 15 U.S.C. 78s(b)(2).
    \9\ See Securities Exchange Act Release No. 84948, 83 FR 67785 
(December 31, 2018).
    \10\ 17 CFR 200.30-3(a)(12).
    \11\ See Securities Exchange Act Release No. 85278, 84 FR 9395 
(March 14, 2019) (``Delegated Order'').
---------------------------------------------------------------------------

    On March 18, 2019, the Acting Secretary of the Commission notified 
BZX that, pursuant to Commission Rule of Practice 431,\12\ the 
Commission would review the Division's action pursuant to delegated 
authority and that the Division's action pursuant to delegated 
authority was stayed until the Commission orders otherwise.\13\ On 
April 17, 2019, the Commission issued a scheduling order allowing the 
filing of additional statements.\14\
---------------------------------------------------------------------------

    \12\ 17 CFR 201.431.
    \13\ See letter from Vanessa A. Countryman, Acting Secretary, 
Commission, to Kyle Murray, Assistant General Counsel, BZX, dated 
March 18, 2019, available at https://www.sec.gov/rules/sro/cboebzx/2019/cboebzx-2018-044-acknowledgement-letter-031819.pdf.
    \14\ See Securities Exchange Act Release No. 85682, 84 FR 18098 
(April 29, 2019).
---------------------------------------------------------------------------

    On June 23, 2020, BZX withdrew the proposed rule change (SR-
CboeBZX-2018-044).\15\
---------------------------------------------------------------------------

    \15\ See letter from Kyle Murray, Vice President and Associate 
General Counsel, BZX, to Vanessa Countryman, Secretary, Commission, 
dated June 23, 2020, available at https://www.sec.gov/comments/sr-cboebzx-2018-044/srcboebzx2018044-7340745-218668.pdf.
---------------------------------------------------------------------------

    Under Commission Rule of Practice 431(a), the Commission may 
``affirm, reverse, modify, set aside or remand for further proceedings, 
in whole or in part, any action made pursuant to'' delegated 
authority.\16\ We find that, in light of BZX's withdrawal of the 
proposed rule change, it is appropriate to set aside the Delegated 
Order.
---------------------------------------------------------------------------

    \16\ 17 CFR 201.431(a).
---------------------------------------------------------------------------

    Accordingly, it is ordered that the March 8, 2019 order 
disapproving by delegated authority BZX's proposed rule change number 
SR-CboeBZX-2018-044, be, and it hereby is, set aside.

    By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-25507 Filed 11-18-20; 8:45 am]
BILLING CODE 8011-01-P