[Federal Register Volume 88, Number 50 (Wednesday, March 15, 2023)]
[Notices]
[Pages 16045-16050]
[FR Doc No: 2023-05269]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97093; File No. SR-PEARL-2023-11]

Self-Regulatory Organizations: Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change To Amend Exchange Rule 2622,
Limit Up-Limit Down Plan and Trading Halts

March 9, 2023.
    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 28, 2023, MIAX PEARL, LLC (``MIAX
Pearl'' or the ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') a proposed rule change as described in
Items I, II, and III 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 amend Exchange Rule 2622 to establish common criteria
and procedures for halting and resuming trading in equity securities on
the Exchange's equity trading platform (referred to herein as ``MIAX
Pearl Equities'') in the event of regulatory or operational issues, and
reorganize the text of the rule.
    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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    In conjunction with adoption of an amended Nasdaq UTP Plan proposed
by its participants (``Amended Nasdaq UTP Plan''),\3\ the Exchange is
amending Rule 2622 to integrate several definitions and concepts from
the Amended Nasdaq UTP Plan and to reorganize the rule in light of the
Exchange's experience with applying the rule over many years as a
national securities exchange.\4\ The Exchange proposes to reorganize
and amend Rule 2622, entitled Limit Up-Limit Down Plan and Trading
Halts, on MIAX Pearl Equities. The rule sets forth the Exchange's
authority to halt trading under various circumstances. The Exchange is
a participant of the transaction reporting plan governing Tape C
Securities (``Nasdaq UTP Plan'').\5\ As part of these changes, the
Exchange will amend categories of regulatory and operational halts,
improve the rule's clarity, adopt defined terms from the Amended Nasdaq
UTP Plan, and relocate certain existing provisions within Exchange Rule
2622.
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    \3\ On February 11, 2021, the Nasdaq UTP Plan participants filed
Amendment 50 to the Plan, to revise provisions governing regulatory
and operational halts. See Letter from Robert Brooks, Chairman, UTP
Operating Committee, Nasdaq UTP Plan, to Vanessa Countryman,
Secretary, Securities and Exchange Commission, dated February 11,
2021. The Nasdaq UTP Plan subsequently filed two partial amendments
to the 50th Amendment, on March 31, 2021 and on April 7, 2021. The
SEC approved the amendments on May 28, 2021. See Securities Exchange
Act Release No. 34-92071 (May 28, 2021), 86 FR 29846 (June 3, 2021)
(S7-24-89). The Amended Nasdaq UTP Plan includes provisions
requiring participant self-regulatory organizations (``SROs'') to
honor a Regulatory Halt declared by the Primary Listing Market. The
provisions in the Nasdaq UTP Plan, and the plan for consolidation of
data for non-Nasdaq-listed securities, the Consolidated Tape System
and Consolidated Quotations System (collectively, the ``CTA/CQS
Plan''), include provisions similar to the changes proposed by the
Exchange in this filing.
    \4\ The Exchange notes that this proposed rule change is based
on a similar proposed rule change recently filed by Nasdaq PHLX LLC
(``Phlx''). See Securities Exchange Act Release No. 96574 (December
22, 2022), 87 FR 80213 (December 29, 2022) (SR-Phlx-2022-49). The
Exchange also notes The Nasdaq Stock Market, LLC (``Nasdaq'') filed
a similar proposed rule change with the Commission. See Securities
Exchange Act Release No. 94370 (March 7, 2022), 87 FR 14071 (March
11, 2022); Securities Exchange Act Release No. 94838 (May 3, 2022),
87 FR 27683 (May 9, 2022). The Commission approved the proposed rule
change on June 8, 2022. See Securities Exchange Act Release No.
95069 (June 8, 2022), 87 FR 36018 (June 14, 2022). The Exchange's
proposal provides the Exchange with less authority to declare halts
in the event of regulatory or operational issues than under Nasdaq's
proposal because the Exchange, unlike Nasdaq, is not a Primary
Listing Market. Given the Exchange's status as a non-Primary Listing
Market, certain definitions and concepts from the Amended Nasdaq UTP
Plan, integrated in Nasdaq's proposal, are not included herein.
    \5\ Each transaction reporting plan has a securities information
processor (``SIP'') responsible for consolidation of information for
the plan's securities, pursuant to Rule 603 of Regulation NMS. The
transaction reporting plan for Nasdaq-listed securities is known as
The Joint Self-Regulatory Organization Plan Governing the
Collection, Consolidation and Dissemination of Quotation and
Transaction Information for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading Privilege Basis or the ``Nasdaq UTP
Plan.'' Pursuant to the Nasdaq UTP Plan, the UTP SIP, which is
Nasdaq, consolidates order and trade data from all markets trading
Nasdaq-listed securities. The Exchange uses the term ``UTP SIP''
herein when referring specifically to the SIP responsible for
consolidation of information in Nasdaq-listed securities.
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Background
    The Exchange has been working with other SROs to establish common
criteria and procedures for halting and resuming trading in equity
securities in the event of regulatory or operational issues. These
common standards are designed to ensure that events which might impact
multiple exchanges are handled in a consistent manner that is
transparent. The Exchange believes that implementation of these common
standards will assist the SROs in maintaining fair and orderly markets.
Notwithstanding the development of these common standards, the Exchange
will retain discretion in certain instances as to whether and how to
handle halts, as is discussed below.
    Every U.S.-listed equity security has its primary listing on a
specific stock exchange that is responsible for a number of regulatory
functions.\6\ These

include confirming that the security continues to meet the exchange's
listing standards, monitoring trading in that security and taking
action to halt trading in the security when necessary to protect
investors and to ensure a fair and orderly market. While these core
responsibilities remain with the primary listing venue, trading in the
security can occur on multiple exchanges that have unlisted trading
privileges for the security \7\ or in the over- the-counter market,
regulated by the Financial Industry Regulatory Authority, Inc.
(``FINRA''). The exchanges and FINRA are responsible for monitoring
activity on the markets over which they have oversight, but also must
abide by the regulatory decisions made by the Primary Listing Market.
For example, a venue trading a security pursuant to unlisted trading
privileges must halt trading in that security during a Regulatory Halt,
which is a defined term under the proposed rules,\8\ and may only trade
the security once the Primary Listing Market has cleared the security
to resume trading.
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    \6\ The Exchange is proposing to adopt Primary Listing Market as
a new term, defined in Nasdaq UTP Plan, Section X.A.8, as follows:
``[T]he national securities exchange on which an Eligible Security
is listed. If an Eligible Security is listed on more than one
national securities exchange, Primary Listing Market means the
exchange on which the security has been listed the longest.''
    \7\ In addition, securities may be listed on The Nasdaq Global
Market or The Nasdaq Global Select Market, and also listed on the
New York Stock Exchange (``dually-listed''). See Nasdaq Rules
5005(a)(11), 5220 and IM-5220.
    \8\ See proposed Rule 2622(h)(1)(I).
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    While the Exchange and the other SROs intend to harmonize certain
aspects of their trading halt rules, other elements of the rules will
continue to be unique to each market. The Exchange believes that this
is appropriate to reflect different products listed or traded on each
market. The Exchange also proposed to relocate paragraphs (h)(2)-(5) of
Exchange Rule 2622 to paragraphs (h)(2)(A)(i)(b)-(e).
    The Exchange will implement all of the changes proposed herein in
conjunction with other SROs implementing the necessary rule changes.
The Exchange will publish a Trading Alert at least 30 business days
prior to implementing the proposed changes.
Definitions
    The Exchange proposes adding definitions to Rule 2622(h)(1) to
consolidate the various definitions that will be used in the Rule, some
of which are taken from the Amended Nasdaq UTP Plan. The Exchange is
adopting the following terms from the Amended Nasdaq UTP Plan:
``Operating Committee,'' ``Operational Halt,'' ``Primary Listing
Market,'' ``Processor,'' \9\ ``Regulatory Halt,'' ``Regular Trading
Hours,'' \10\ ``SIP Halt,'' and ``SIP Halt Resume Time.'' The Exchange
is adopting a modified form of the term ``Extraordinary Market
Activity'' from the Amended Nasdaq UTP Plan, as described below. The
definition of ``UTP Exchange Traded Product'' has been moved into the
definitions section from elsewhere in the current Rules without
change.\11\ The definitions of ``Trust Shares,'' ``Index Fund Shares,''
``Managed Fund Shares,'' and ``Trust Issues Receipts'' have been added
as subcategories to the defined term ``UTP Exchange Traded Product.''
\12\
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    \9\ The Exchange proposes to also define the term ``SIP'' to
have the same meaning as the term ``Processor'' as set forth in the
Amended Nasdaq UTP Plan. Because the terms ``Processor'' and ``SIP''
are also used throughout the Rules, at times, to apply to processors
of information furnished pursuant to the Consolidated Tape
Association Plan (``CTA Plan''), the term ``Processor'' may, in
those applicable circumstances, refer to the processor of
transactions in Tape A and B securities, as set forth in the CTA
Plan.
    \10\ The Exchange notes that pursuant to existing Rule 1901, the
Regular Trading Session occurs until 4:00 p.m.
    \11\ ``UTP Exchange Traded Product'' is currently defined in
Rule 1901.
    \12\ As noted above, the Exchange is adopting several new terms
that have the same meaning as those terms are defined in the Amended
Nasdaq UTP Plan. Each of the national market system plans governing
the single plan processors has identical definitions of these terms,
thus there will be uniformity in the meaning of the terms among such
plans as well as among the rules of the SROs. The definitions of
these terms are also identical to those recently adopted by Phlx.
See supra note 4.
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    First, the Exchange proposes to add the definition of ``Primary
Listing Market'' \13\ to Rule 2622, which will have the same meaning as
in the Amended Nasdaq UTP Plan, Section X.A.8. As is currently the case
under the Nasdaq UTP Plan, all Regulatory Halt decisions are made by
the market on which the security has its primary listing. This reflects
the regulatory responsibility that the Primary Listing Market has for
fair and orderly trading in the securities that list on its market and
its direct access to its listed companies, which are required to advise
it of certain events and maintain lines of communication with the
Primary Listing Market. The proposed definition makes clear that if a
security is listed on more than one market (a dually-listed security),
the Primary Listing Market means the exchange on which the security has
been listed the longest. This provision matches language used in the
definition of ``Primary Listing Exchange'' in the Limit-Up Limit-Down
Plan and will avoid conflict in the event of dually-listed securities.
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    \13\ See proposed Rule 2622(h)(1)(G).
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    Second, the Exchange proposes to add the definition of
``Extraordinary Market Activity'' to Rule 2622,\14\ which would
represent a modified version of the term defined in the Amended Nasdaq
UTP Plan, Section X.A.1.\15\ Specifically, the Exchange proposes to
remove the concept of a ``market-wide basis'' from the Amended Nasdaq
UTP Plan's definition of Extraordinary Market Activity for purposes of
the Exchange's Rules because the term ``Extraordinary Market Activity''
would only be used in the Exchange's Rules as a basis for the Exchange
to initiate an Operational Halt, which would only occur on the market
declaring the halt (i.e., the Exchange).\16\ The current rule does not
include a definition for Extraordinary Market Activity.
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    \14\ See proposed Rule 2622(h)(1)(B).
    \15\ In the Amended Nasdaq UTP Plan, ``Extraordinary Market
Activity'' means a disruption or malfunction of any electronic
quotation, communication, reporting, or execution system operated
by, or linked to, the Processor or a Trading Center or a member of
such Trading Center that has a severe and continuing negative
impact, on a market-wide basis, on quoting, order, or trading
activity or on the availability of market information necessary to
maintain a fair and orderly market. For purposes of this definition,
a severe and continuing negative impact on quoting, order, or
trading activity includes (i) a series of quotes, orders, or
transactions at prices substantially unrelated to the current market
for the security or securities; (ii) duplicative or erroneous
quoting, order, trade reporting, or other related message traffic
between one or more Trading Centers or their members; or (iii) the
unavailability of quoting, order, or transaction information for a
sustained period.
    \16\ The Exchange proposes to define ``Extraordinary Market
Activity'' to mean a disruption or malfunction of any electronic
quotation, communication, reporting, or execution system operated
by, or linked to, the Processor or a Trading Center or a member of
such Trading Center that has a severe and continuing negative impact
on quoting, order, or trading activity or on the availability of
market information necessary to maintain a fair and orderly market.
For purposes of this definition, a severe and continuing negative
impact on quoting, order, or trading activity includes (i) a series
of quotes, orders, or transactions at prices substantially unrelated
to the current market for the security or securities; (ii)
duplicative or erroneous quoting, order, trade reporting, or other
related message traffic between one or more Trading Centers or their
members; or (iii) the unavailability of quoting, order, or
transaction information for a sustained period.
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    The third set of new proposed definitions would be specific to
events involving the SIP. While the Exchange recognizes that many
events involving the SIP would also meet the definition of
``Extraordinary Market Activity'' (as defined in the Amended Nasdaq UTP
Plan), the Exchange believes that the critical role of the SIPs in
market infrastructure factors in favor of additional guidance on how
such events will be handled. The definitions of ``SIP Halt Resume
Time'' and ``SIP Halt'' are intended to provide additional guidance

to address this subset of potential market issues.\17\ In addition, the
Exchange is proposing to define terms related to SIP governance needed
in order to understand these definitions:
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    \17\ The Exchange proposes to define the terms ``SIP Halt Resume
Time'' and ``SIP Halt'' to have the same meaning as in the Amended
Nasdaq UTP Plan.
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     ``Processor'' or ``SIP'' \18\ have the same meaning as the
term ``Processor'' set forth in the Nasdaq UTP Plan, namely the entity
selected by the Participants to perform the processing functions set
forth in the Plan. Because the terms ``Processor'' and ``SIP'' are also
used throughout the Rules, at times, to apply to processors of
information furnished pursuant to the CTA Plan, the term ``Processor''
and ``SIP'' may, in those applicable circumstances, refer to the
processor of transactions in Tape A and B securities, as set forth in
the CTA Plan.
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    \18\ See proposed Rule 2622(h)(1)(H).
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     ``SIP Plan'' \19\ is defined as the national market system
plan governing the SIP.
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    \19\ See proposed Rule 2622(h)(1)(M).
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     ``Operating Committee'' \20\ is defined as having the same
meaning as in the Nasdaq UTP Plan, namely the committee charged with
administering the Nasdaq UTP Plan.
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    \20\ See proposed Rule 2622(h)(1)(C).
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    The Exchange is proposing to adopt a category of Regulatory Halt,
called a ``SIP Halt,'' \21\ which will have the same meaning as that
term is defined in Section X.A.11. of the Nasdaq UTP Plan, namely ``a
Regulatory Halt to trading in one or more securities that a Primary
Listing Market declares in the event of a SIP Outage or Material SIP
Latency.'' This new category of Regulatory Halt will address situations
where the Primary Listing Market declares a Regulatory Halt in one or
more securities as a result of a SIP outage \22\ or material SIP
latency.\23\
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    \21\ See proposed Rule 2622(h)(1)(K).
    \22\ SIP outage means a situation in which the Processor has
ceased, or anticipates being unable, to provide updated and/or
accurate quotation or last sale price information in one or more
securities for a material period that exceeds the time thresholds
for an orderly failover to backup facilities established by mutual
agreement among the Processor, the Primary Listing Market for the
affected securities, and the Operating Committee unless the Primary
Listing Market, in consultation with the Processor and the Operating
Committee, determines that resumption of accurate data is expected
in the near future. See Amended Nasdaq UTP Plan, Section X.A.13.
    \23\ Material SIP latency means a delay of quotation or last
sale price information in one or more securities between the time
data is received by the Processor and the time the Processor
disseminates the data over the Processor's vendor lines, which delay
the Primary Listing Market determines, in consultation with, and in
accordance with, publicly disclosed guidelines established by the
Operating Committee, to be (a) material and (b) unlikely to be
resolved in the near future. See Amended Nasdaq UTP Plan, Section
X.A.5.
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    The Exchange proposes to add a definition of ``Regulatory Halt''
\24\ as having the same meaning as in Section X.A.10 of the Amended
Nasdaq UTP Plan. Specifically, the Exchange has proposed to define
Regulatory Halt to mean a halt declared by the Primary Listing Market
in trading in one or more securities on all Trading Centers for
regulatory purposes, including for the dissemination of material news,
news pending, suspensions, or where otherwise necessary to maintain a
fair and orderly market. A Regulatory Halt includes a trading pause
triggered by Limit Up Limit Down, a halt based on Extraordinary Market
Activity (as defined in the Amended Nasdaq UTP Plan), a trading halt
triggered by a Market-Wide Circuit Breaker, and a SIP Halt.
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    \24\ See proposed 2622(h)(1)(I).
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    The Exchange proposes to add a definition of ``Operational Halt,''
\25\ which is defined as having the same meaning as in Section X.A.7 of
the Amended Nasdaq UTP Plan. Specifically, the Exchange is proposing to
define Operational Halt to mean a halt in trading in one or more
securities only on the market declaring the halt and is not a
Regulatory Halt. An Operational Halt is effective only on the Exchange;
other markets are not required to halt trading in the impacted
securities. In practice, the Exchange has always had the capacity to
implement operational halts in specified circumstances.\26\ The
proposed change would provide greater clarity on when an Operational
Halt may be implemented and the process for halting and resuming
trading in the event of an Operational Halt. An Operational Halt is not
a Regulatory Halt.
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    \25\ See proposed Rule 2622(h)(1)(D).
    \26\ See Exchange Rule 2600(b).
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Regulatory Halt
    Proposed Rule 2622(h)(2)(A)(i)-(ii) includes two situations in
which the Exchange must halt trading pursuant to a Regulatory Halt:
under the Limit Up-Limit Down Plan or pursuant to extraordinary market
volatility (market-wide circuit breakers). Proposed Rule
2622(h)(2)(A)(i) retains without substantive modification the existing
rule with respect to the Limit Up-Limit Down Plan (current Rule
2622(h)(1)-(5)). The Exchange, as a non-Primary Listing Market, does
not itself declare trading pauses pursuant to the Limit Up-Limit Down
Plan, but rather implements such pauses declared by Primary Listing
Markets. The Exchange proposes to make clear in Rule 2622(h)(2)(A)(ii)
that a trading halt pursuant to extraordinary market volatility
(market-wide circuit breakers), as is described in Rule 2622(a),
constitutes a Regulatory Halt.
    The Exchange proposes to add proposed Rule 2622(h)(2)(A)(iii),
which makes clear that the start time of a Regulatory Halt is the time
the Primary Listing Market declares the Regulatory Halt, regardless of
whether communications issues impact the dissemination of notice of the
Halt.\27\ This proposal would provide market participants with
certainty on the official start time of the Regulatory Halt. Under the
proposed rule, the start time is fixed by the Primary Listing Market;
it is not dependent on whether notice is disseminated immediately. This
will avoid possible disagreement if the Regulatory Halt time were tied
to dissemination or receipt of notification, which may occur at
different times. The Exchange recognizes that in situations where
communication is interrupted, trades may continue to occur until news
of the Regulatory Halt reaches all trading centers. However, a fixed
``official'' Regulatory Halt time will allow SROs to revisit trades
after the fact and determine in a consistent manner whether specific
trades should stand.
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    \27\ This is consistent with the Amended Nasdaq UTP Plan. See
Amended Nasdaq UTP Plan, Section X.D.1.
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    Current Rule 2622(c), states, in part, that if the primary listing
market declares a halt, the Exchange will halt trading in that
security. This would be reiterated in proposed Rule 2622(h)(2)(A)(iii)
[sic]. Consistent with Section X.G of the Nasdaq UTP Plan, the proposed
Rule will more broadly require the Exchange to halt trading of a UTP
security if the Primary Listing Market declares a Regulatory Halt in
that security.
Resumption of Trading After a Regulatory Halt
    The SROs have jointly developed processes to govern the resumption
of trading in the event of a Regulatory Halt. While the actual process
of re-launching trading will remain unique to each exchange, the
proposed rule would harmonize certain common elements of the reopening
process that would benefit from consistency across markets. These
common elements include the primacy of the Primary Listing Market in
resumption decisions, the requirement that the Primary Listing Market
make its determination to

resume trading in good faith,\28\ and certain parts of the complex
process of reopening trading after a SIP Halt. With respect to a SIP
Halt, common elements of the reopening process include the interaction
among SROs (including the Primary Listing Market with the SIP), the
requirement that the Primary Listing Market terminate a SIP Halt with a
notification that specifies a SIP Halt Resume Time, the minimum quoting
times before resumption of trading, the cutoff time after which trading
would not resume during Regular Trading Hours, and the time when
trading may resume if the Primary Listing Market does not open a
security within the amount of time specified in its rules after the SIP
Halt Resume Time.
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    \28\ See Partial Amendment No. 1 of Trading Halt Amendments to
the UTP Plan, dated March 31, 2021.
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    Proposed Rule 2622(h)(2)(B) provides the process to be followed
when resuming trading upon the conclusion of a Regulatory Halt. The new
rule, which incorporates Section X.E.1 and X.F.3 of the Amended Nasdaq
UTP Plan, is divided into the following two subsections concerning
resumption of trading: (A) after a Regulatory Halt other than a SIP
Halt; and (B) after a SIP Halt. Proposed Rule 2622(h)(2)(B)(i)(a)
provides that, for a Regulatory Halt other than a SIP Halt, the
Exchange may resume trading subject to the Regulatory Halt after the
Exchange receives notification from the Primary Listing Market that the
Regulatory Halt has been terminated. The Exchange does not conduct halt
crosses and, therefore, the resumption of trading in these securities
will occur once notice from the Primary Listing Market is received.
    Proposed Rule 2622(h)(2)(B)(ii)(a) provides that, for securities
subject to a SIP Halt initiated by another exchange that is the Primary
Listing Market, during Regular Trading Hours, the Exchange may resume
trading after trading has resumed on the Primary Listing Market or
notice has been received from the Primary Listing Market that trading
may resume. During Regular Trading Hours, if the Primary Listing Market
does not open a security within the amount of time specified by the
rules of the Primary Listing Market after the SIP Halt Resume Time, the
Exchange may resume trading in that security.
    Proposed Rule 2622(h)(2)(B)(iii) retains without substantive
modification existing Rule 2622(h)(6). Proposed Rule 2622(h)(2)(B)(iii)
states that the Exchange the Exchange shall re-open the security
pursuant to the procedures set forth in Exchange Rule 2615, which
describes the Exchange's re-opening process and provide, in sum, that
the Exchange will re-open trading in following a halt by matching buy
and sell orders at the midpoint of the national best bid and offer
(``NBBO'').
Operational Halt
    The Exchange proposes in Rule 2622(h)(3) to address Operational
Halts, which are non-regulatory in nature and apply only to the
exchange that calls the halt. The ability to call an Operational Halt
has existed for a long time, although in the Exchange's experience,
such halts have rarely been initiated. As part of the Exchange's
assessment with the other SROs of the halting and resumption of
trading, the Exchange believes that the markets would benefit from
greater clarity regarding when an Operational Halt may be
appropriate.\29\ In part, the proposed change is designed to cover
situations similar to those that might constitute a Regulatory Halt,
but where the impact is limited to a single market. For example, just
as a market disruption might trigger a Regulatory Halt for
Extraordinary Market Activity (as defined in the Amended Nasdaq UTP
Plan) if it affects multiple markets, a disruption at the Exchange,
such as a technical issue affecting trading in one or more securities,
could impact trading on the Exchange so significantly that an
Operational Halt is appropriate in one or more securities. In such an
instance, it would be in the public interest to institute an
Operational Halt to minimize the impact of a disruption that, if
trading were allowed to continue, might negatively affect a greater
number of market participants. An Operational Halt does not implicate
other trading centers.
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    \29\ Differences between Nasdaq and the Exchange's proposals as
it relates to Operational Halts stem from Nasdaq's status as a
Primary Listing Market, unlike the Exchange.
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    Proposed Rule 2622(h)(3) would authorize the Exchange to implement
an Operational Halt for any security trading on the Exchange: if it is
experiencing Extraordinary Market Activity \30\ on the Exchange; or
when otherwise necessary to maintain a fair and orderly market or in
the public interest.
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    \30\ ``Extraordinary Market Activity'' in proposed Rule
2622(h)(1)(B) would have the meaning proposed by the Exchange, which
is a modified form of the term from the Amended Nasdaq UTP Plan, as
described above.
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    Proposed Rule 2622(h)(3)(B) provides the process for initiating an
Operational Halt. Under the proposed rule, the Exchange must notify the
SIP if it has concerns about its ability to collect and transmit
Quotation Information or Transaction Reports, or if it has declared an
Operational Halt or suspension of trading in one or more Eligible
Securities, pursuant to the procedures adopted by the Operating
Committee.
    Proposed Rule 2622(h)(3)(C) will clarify how the Exchange resumes
trading after an Operational Halt. Proposed Rule 2622(h)(3)(C)(i)
provides that the Exchange would resume trading when it determines that
trading may resume in a fair and orderly manner consistent with the
Exchange's rules. Proposed Rule 2622(h)(3)(C)(ii) provides that orders
entered during the Operational Halt will not be accepted, unless
subject to instructions that the order will be directed to another
Trading Center. Proposed Rule 2622(h)(3)(C)(iii) provides that trading
in a halted security shall resume at the time specified by the Exchange
in a notice. Proposed Rule 2622(h)(3)(C)(iii) also specifies that
Exchange will notify all other Plan participants and the SIP using such
protocols and other emergency procedures as may be mutually agreed to
between the Operating Committee and the Exchange. If the SIP is unable
to disseminate notice of an Operational Halt or the Exchange is not
open for trading, the Exchange will take reasonable steps to provide
notice of an Operational Halt, which shall include both the type and
start time of the Operational Halt. Each Plan participant shall
continuously monitor communication protocols established by the
Operating Committee and the Processor during market hours to
disseminate notice of an Operational Halt, and the failure of a
participant to do so shall not prevent the Exchange from initiating an
Operational Halt.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with the
requirements of the Act and the rules and regulations thereunder that
are applicable to a national securities exchange, and, in particular,
with the requirements of Section 6(b) of the Act.\31\ Specifically, the
proposal is consistent with Section 6(b)(5) of the Act \32\ because it
would promote just and equitable principles of trade, remove
impediments to, and perfect the mechanism of, a free and open market
and a national market system, and, in general, protect investors and
the public interest.
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    \31\ 15 U.S.C. 78f(b).
    \32\ 15 U.S.C. 78f(b)(5).
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    As described above, the Exchange and other SROs are seeking to
adopt harmonized rules related to halting and resuming trading in U.S.-
listed equity securities. The Exchange believes that

the proposed rules will provide greater transparency and clarity with
respect to the situations in which trading will be halted and the
process through which that halt will be implemented and terminated.
Particularly, the proposed changes seek to achieve consistent results
for participants across U.S. equities exchanges while maintaining a
fair and orderly market, protecting investors and protecting the public
interest. Based on the foregoing, the Exchange believes that the
proposed rules are consistent with Section 6(b)(5) of the Act \33\
because they will foster cooperation and coordination with persons
engaged in regulating and facilitating transactions in securities.
---------------------------------------------------------------------------

    \33\ Id.
---------------------------------------------------------------------------

    As discussed previously, the Exchange believes that the various
provisions of the proposed rules that will apply to all SROs are
focused on the type of cross-market event where a consistent approach
will assist market participants and reduce confusion during a crisis.
Because market participants often trade the same security across
multiple venues and trade securities listed on different exchanges as
part of a common strategy, the Exchange believes that the proposed
rules will lessen the risk that market participants holding a basket of
securities will have to deal with divergent outcomes depending on where
the securities are listed or traded. Conversely, the proposed rules
would still allow individual SROs to react differently to events that
impact various securities or markets in different ways. This avoids the
``brittle market'' risk where an isolated event at a single market
forces all markets trading equities securities to halt or halts trading
in all securities where the issue impacted only a subset of securities.
By addressing both concerns, the Exchange believes that the proposed
rules further the Act's goal of maintaining fair and orderly markets.
    The Exchange believes that the proposed rules' focus of
responsibility on the Primary Listing Market for decisions related to a
Regulatory Halt and the resumption of trading is consistent with the
Act, which itself imposes obligations on exchanges with respect to
issuers that are listed. As is currently the case, the Primary Listing
Market would be responsible for the many regulatory functions related
to its listings, including the determination of when to declare a
Regulatory Halt. While these core responsibilities remain with the
Primary Listing Market, trading in the security can occur on multiple
exchanges that have unlisted trading privileges for the security, such
as on the Exchange, or in the over-the-counter market, regulated by
FINRA. The Exchange is responsible for monitoring activity on its own
markets, but also must honor a Regulatory Halt.
    The proposed changes relating to Regulatory Halts would ensure that
all SROs handle the situations covered therein in a consistent manner
that would prevent conflicting outcomes in cross-market events and
ensure that all trading centers recognize a Regulatory Halt declared by
the Primary Listing Market. The changes are consistent with and
implement the Amended Nasdaq UTP Plan.
    The Exchange believes that the definitions in the proposed rules
are also consistent with the Act. The Exchange proposes adding
definitions to Rule 2622(h)(1) to consolidate the various definitions
that will be used in the Rule, some of which are taken from the Amended
Nasdaq UTP Plan. The Exchange is adopting a modified form of the term
``Extraordinary Market Activity'' from the Amended Nasdaq UTP Plan, as
described above. In addition, several other definitions have been moved
into the definitions section from elsewhere in the current rule without
changes in the definitions. As noted, certain definitions are
consistent with the definitions in the Amended Nasdaq UTP Plan,
furthering the Act's goal of promoting fair and orderly markets. For
example, the Exchange is proposing to adopt a definition of ``SIP
Halt,'' to explicitly address a situation that may disrupt the markets,
and this definition is identical to the definition in the Amended
Nasdaq UTP Plan. In addition to ``SIP Halt,'' the Exchange is adopting
the following terms from the Amended Nasdaq UTP Plan: ``Operating
Committee,'' ``Operational Halt,'' ``Primary Listing Market,''
``Processor,'' ``Regulatory Halt,'' ``Regular Trading Hours,'' and
``SIP Halt Resume Time,'' as discussed above.
    The Exchange believes that the proposed rules, which make halts
more consistent across exchange rules, are consistent with the Act in
that they will foster cooperation and coordination with persons engaged
in regulating the equities markets. In particular, the Exchange
believes it is important for SROs to coordinate when there is a
widespread and significant event, as multiple trading centers are
impacted in such an event. Further, while the Exchange recognizes that
the proposed rule will not guarantee a consistent result on every
market in all situations, the Exchange does believe that it will assist
in that outcome. While the proposed rules relating to Regulatory Halts
focuses primarily on the kinds of cross-market events that would likely
impact multiple markets, individual SROs will still retain flexibility
to deal with unique products or smaller situations confined to a
particular market.
    Also consistent with the Act, and with the Amended Nasdaq UTP Plan,
is the Exchange's proposal in Rule 2622(h)(3) to address Operational
Halts, which are non-regulatory in nature and apply only to the
exchange that calls the halt. As noted earlier, the Exchange presently
has the ability to call an Operational Halt, but does so rarely. The
Exchange believes that the markets would benefit from greater clarity
regarding when an Operational Halt may be appropriate. The proposed
change is designed to cover situations where the impact is limited to a
single market. For example, a disruption at the Exchange, such as a
technical issue affecting trading in one or more securities, could
impact trading on the Exchange so significantly that an Operational
Halt is appropriate in one or more securities. In such an instance, it
would be in the public interest to institute an Operational Halt to
minimize the impact of a disruption that, if trading were allowed to
continue, might negatively affect a greater number of market
participants. An Operational Halt does not implicate other trading
centers.
    Proposed Rule 2622(h)(3) would authorize the Exchange to implement
an Operational Halt for any security trading on the Exchange: (i) if it
is experiencing Extraordinary Market Activity on the Exchange; or (ii)
when otherwise necessary to maintain a fair and orderly market or in
the public interest. Lastly, the proposed relocation of paragraphs
(h)(2)-(5) of Exchange Rule 2622 to paragraphs (h)(2)(A)(i)(b)-(e)
removes impediments to, and perfects the mechanism of, a free and open
market and a national market system because it makes the rule easier to
understand, thereby avoiding potential investor confusion.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes the proposal is consistent with Section
6(b)(8) of the Act \34\ in that it does not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act as explained below.
---------------------------------------------------------------------------

    \34\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

    Importantly, the Exchange believes the proposal will not impose a
burden on intermarket competition but will

rather alleviate any burden on competition because it is the result of
a collaborative effort by all SROs to harmonize and improve the process
related to the halting and resumption of trading in U.S.-listed equity
securities, consistent with the Amended Nasdaq UTP Plan. In this area,
the Exchange believes that all SROs should have consistent rules to the
extent possible in order to provide additional transparency and
certainty to market participants and to avoid inconsistent outcomes
that could cause confusion and erode market confidence. The proposed
changes would ensure that all SROs handle the situations covered
therein in a consistent manner and ensure that all trading centers
handle a Regulatory Halt consistently. The Exchange understands that
all other non-Primary Listing Markets intend to file proposals that are
substantially similar to this proposal.
    The Exchange does not believe that its proposals concerning
Operational Halts impose an undue burden on competition. Under the
existing Rules, the Exchange already possesses discretionary authority
to impose Operational Halts for various reasons, including because of
an order imbalance or influx that causes another national securities
exchange to impose a trading halt in a security. As described earlier,
the proposed Rule change clarifies and broadens the circumstances in
which the Exchange may impose such Halts, and specifies procedures for
both imposing and lifting them. The Exchange does not intend for these
proposals to have any competitive impact whatsoever. Indeed, the
Exchange expects that other exchanges will adopt similar rules and
procedures to govern operational halts, to the extent that they have
not done so already.
    The Exchange does not believe that the proposed rule change imposes
a burden on intramarket competition because the provisions apply to all
market participants equally. In addition, information regarding the
halting and resumption of trading will be disseminated using several
freely accessible sources to ensure broad availability of information
in addition to the SIP data and proprietary data feeds offered by the
Exchange and other SROs that are available to subscribers. In addition,
the declaration and timing of trading halts and the resumption of
trading is designed to avoid any advantage to those who can react more
quickly than other participants. The proposals encourage early and
frequent communication among the SROs, SIPs and market participants to
enable the dissemination of timely and accurate information concerning
the market to market participants.

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 foregoing 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 after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \35\ and Rule 19b-4(f)(6) \36\
thereunder.
---------------------------------------------------------------------------

    \35\ 15 U.S.C. 78s(b)(3)(A).
    \36\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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.
---------------------------------------------------------------------------

    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-2023-11 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-2023-11. 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 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 such 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-2023-11 and should be
submitted on or before April 5, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
---------------------------------------------------------------------------

    \37\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-05269 Filed 3-14-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 213 (Friday, November 4, 2022)]
[Proposed Rules]
[Pages 66627-66629]
[FR Doc No: 2022-23456]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2022-1225; Airspace Docket No. 22-AGL-31]
RIN 2120-AA66

Proposed Amendment of Class E Airspace; Plymouth and Winamac, IN

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: This action proposes to amend the Class E airspace at Plymouth
and Winamac, IN. The FAA is proposing this action due to an airspace
review conducted as part of the decommissioning of the Knox very high
frequency (VHF) omnidirectional range (VOR) as part of the VOR Minimal
Operational Network (MON) Program. The geographic coordinates of
Plymouth Municipal Airport would also be updated to coincide with the
FAA's aeronautical database.

DATES: Comments must be received on or before December 19, 2022.

ADDRESSES: Send comments on this proposal to the U.S. Department of
Transportation, Docket Operations, West Building Ground Floor, Room
W12-140, 1200 New Jersey Avenue SE, Washington, DC 20590; telephone
(202) 366-9826, or<PHONE_NUMBER>. You must identify FAA Docket No.
FAA-2022-1225/Airspace Docket No. 22-AGL-31 at the beginning of your
comments. You may also submit comments through the

internet at www.regulations.gov. You may review the public docket
containing the proposal, any comments received, and any final
disposition in person in the Dockets Office between 9:00 a.m. and 5:00
p.m., Monday through Friday, except federal holidays.
    FAA Order JO 7400.11G, Airspace Designations and Reporting Points,
and subsequent amendments can be viewed online at www.faa.gov/air_traffic/publications/. For further information, you can contact the
Airspace Policy Group, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

FOR FURTHER INFORMATION CONTACT: Jeffrey Claypool, Federal Aviation
Administration, Operations Support Group, Central Service Center, 10101
Hillwood Parkway, Fort Worth, TX 76177; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it would amend the Class E airspace extending upward from 700 feet
above the surface at Plymouth Municipal Airport, Plymouth, IN, and
Arens Field, Winamac, IN, to support instrument flight rule operations
at these airports.

Comments Invited

    Interested parties are invited to participate in this proposed
rulemaking by submitting such written data, views, or arguments, as
they may desire. Comments that provide the factual basis supporting the
views and suggestions presented are particularly helpful in developing
reasoned regulatory decisions on the proposal. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal.
Communications should identify both docket numbers and be submitted in
triplicate to the address listed above. Commenters wishing the FAA to
acknowledge receipt of their comments on this notice must submit with
those comments a self-addressed, stamped postcard on which the
following statement is made: ``Comments to Docket No. FAA-2022-1225/
Airspace Docket No. 22-AGL-31.'' The postcard will be date/time stamped
and returned to the commenter.
    All communications received before the specified closing date for
comments will be considered before taking action on the proposed rule.
The proposal contained in this notice may be changed in light of the
comments received. A report summarizing each substantive public contact
with FAA personnel concerned with this rulemaking will be filed in the
docket.

Availability of NPRMs

    An electronic copy of this document may be downloaded through the
internet at www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's web page at
www.faa.gov/air_traffic/publications/airspace_amendments/.
    You may review the public docket containing the proposal, any
comments received, and any final disposition in person in the Dockets
Office (see the ADDRESSES section for the address and phone number)
between 9:00 a.m. and 5:00 p.m., Monday through Friday, except federal
holidays. An informal docket may also be examined during normal
business hours at the Federal Aviation Administration, Air Traffic
Organization, Central Service Center, Operations Support Group, 10101
Hillwood Parkway, Fort Worth, TX 76177.

Availability and Summary of Documents for Incorporation by Reference

    This document proposes to amend FAA Order JO 7400.11G, Airspace
Designations and Reporting Points, dated August 19, 2022, and effective
September 15, 2022. FAA Order JO 7400.11G is publicly available as
listed in the ADDRESSES section of this document. FAA Order JO 7400.11G
lists Class A, B, C, D, and E airspace areas, air traffic service
routes, and reporting points.

The Proposal

    The FAA is proposing an amendment to 14 CFR part 71 by:
    Amending the Class E airspace extending upward from 700 feet above
the surface to within a 6.4-mile (increased from a 6.3-mile) radius of
Plymouth Municipal Airport, Plymouth, IN; and updating the geographic
coordinates of the airport to coincide with the FAA's aeronautical
database;
    And amending the Class E airspace extending upward from 700 feet
above the surface to within a 6.4-mile (decreased from a 7-mile) radius
of Arens Field, Winamac, IN; and removing the city associated with the
airport in the airspace legal description header to comply with changes
to FAA Order JO 7400.2N, Procedures for Handling Airspace Matters.
    This action is due to an airspace review conducted as part of the
decommissioning of the Knox VOR, which provided navigation information
for the instrument procedures at this airport, as part of the VOR MON
Program.
    Class E airspace designations are published in paragraph 6005 of
FAA Order JO 7400.11G, dated August 19, 2022, and effective September
15, 2022, which is incorporated by reference in 14 CFR 71.1. The Class
E airspace designations listed in this document will be published
subsequently in FAA Order JO 7400.11.
    FAA Order JO 7400.11, Airspace Designations and Reporting Points,
is published yearly and effective on September 15.

Regulatory Notices and Analyses

    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current, is
non-controversial and unlikely to result in adverse or negative
comments. It, therefore: (1) is not a ``significant regulatory action''
under Executive Order 12866; (2) is not a ``significant rule'' under
DOT Regulatory Policies and Procedures (44 FR 11034; February 26,
1979); and (3) does not warrant preparation of a regulatory evaluation
as the anticipated impact is so minimal. Since this is a routine matter
that will only affect air traffic procedures and air navigation, it is
certified that this rule, when promulgated, would not have a
significant economic impact on a substantial number of small entities
under the criteria of the Regulatory Flexibility Act.

Environmental Review

    This proposal will be subject to an environmental analysis in
accordance with FAA Order 1050.1F, ``Environmental Impacts: Policies
and Procedures'' prior to any FAA final regulatory action.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

    Accordingly, pursuant to the authority delegated to me, the Federal
Aviation Administration proposes to amend 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for 14 CFR part 71 continues to read as
follows:

    Authority:  49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

71.1   [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order JO
7400.11G, Airspace Designations and Reporting Points, dated August 19,
2022, and effective September 15, 2022, is amended as follows:

Paragraph 6005 Class E Airspace Areas Extending Upward From 700
Feet or More Above the Surface of the Earth.

* * * * *

AGL IN E5 Plymouth, IN [Amended]

Plymouth Municipal Airport, IN
    (Lat. 41[deg]21'54'' N, long. 86[deg]18'01'' W)

    That airspace extending upward from 700 feet above the surface
within a 6.4-mile radius of the Plymouth Municipal Airport.
* * * * *

AGL IN E5 Winamac, IN [Amended]

Arens Field, IN
    (Lat. 41[deg]05'32'' N, long. 86[deg]36'46'' W)

    That airspace extending upward from 700 feet above the surface
within a 6.4-mile radius of the Arens Field.

    Issued in Fort Worth, Texas, on October 24, 2022.
Martin A. Skinner,
Acting Manager, Operations Support Group, ATO Central Service Center.
[FR Doc. 2022-23456 Filed 11-3-22; 8:45 am]
BILLING CODE 4910-13-P