[Federal Register Volume 83, Number 224 (Tuesday, November 20, 2018)]
[Notices]
[Pages 58655-58657]
[FR Doc No: 2018-25236]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84584; File No. SR-MIAX-2018-28]

Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Exchange Rule 406, Long-Term Option
Contracts

November 14, 2018.
    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 November 8, 2018, Miami International
Securities Exchange, LLC (``MIAX Options'' or the ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') a proposed
rule change as described in Items I and II 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 is filing a proposal to amend Rule 406, Long-Term
Option Contracts.
    The text of the proposed rule change is available on the Exchange's
website at http://www.miaxoptions.com/rule-filings/ at MIAX Options'
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
    The Exchange proposes to amend MIAX Options Rule 406, Long-Term
Option Contracts, to permit the listing and trading of up to ten (10)
long-term expiration months for long term options on the SPDR[supreg]
S&P 500[supreg] exchange-traded fund (``SPY'') in response to customer
demand.\3\ Rule 406(a) currently provides that the Exchange may list
long-term option contracts that expire from twelve (12) to thirty-nine
(39) months from the time they are listed (``long-term expiration
months'') until expiration. There may be up to six (6) long-term
expiration months per option class.\4\ The proposal will add liquidity
to the SPY options market by allowing market participants to hedge
risks relating to SPY positions over a longer period with a known and
limited cost.
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    \3\ In contrast to Rule 406(a), Exchange Rule 1809(b) which
applies to index options permits the Exchange to list long-term
index options series based on either the full or reduced value of
the underlying index, adding up to ten (10) expiration months. The
Exchange seeks to list ten (10) long-term expiration months on SPY,
just as it now may list ten (10) expiration months on long-term
index options series, in order to provide investors with a wider
choice of investments.
    \4\ Strike price interval (Rule 404), bid/ask differential (Rule
603(b)(4)) and continuous quoting (Rule 604(e)(2) and (3)) rules
shall not apply to such options series until the time to expiration
is less than nine (9) months.
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    The SPY options market today is characterized by its tremendous
daily and annual liquidity. As a consequence the Exchange believes that
the listing of additional SPY long-term expiration months would be well
received by investors. This proposal to expand the number of permitted
SPY long-term expiration months would not apply to long-term expiration
months on any other class of options.\5\
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    \5\ Historically, SPY is the largest and most actively traded
ETF in the United States as measured by its assets under management
and the value of shares traded.
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    The Exchange proposes to implement the proposed rule change on
November 16, 2018.
2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \6\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \7\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, to remove impediments to and perfect the
mechanisms of a free and open market and a national market system and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \8\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
    \8\ Id.
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    In particular, the proposed rule change offers market participants
additional long-term expiration months on SPY options for their
investment and risk management purposes. The proposal is intended
simply to provide additional trading opportunities which have been
requested by customers, thereby facilitating transactions in options
and contributing to the protection of investors and the maintenance of
fair and orderly markets. The proposed rule change responds to the
continuing needs of market participants, particularly portfolio
managers and other institutional customers, by providing protection
from long-term market moves and by offering an alternative to hedging
portfolios with future positions or off-exchange customized derivative
instruments.

    Rule 406 has permitted up to six (6) long-term expiration months in
option classes since the launch of the Exchange, in 2012. Other
exchanges, such as Nasdaq PHLX LLC (``Phlx''), have permitted up to six
``LEAPS'' since 1991, when it increased the number of permissible
expiration months from four to six. As noted by Phlx (in its recent
proposal to permit up to ten LEAPS expiration months for options on
SPY), when the Commission approved the increase to six expiration
months, the Commission stated that it did not believe that increasing
the number of expiration months to six would cause, by itself, a
proliferation of expiration months. The Commission also required that
Phlx monitor the volume of additional options series listed as a result
of the rule change, and the effect on Phlx's system capacity and
quotation dissemination displays.\9\ MIAX Options believes that the
addition today of four (4) additional long-term expiration months on
SPY options likewise does not represent a proliferation of expiration
months, but is instead a very modest expansion of long-term options in
response to stated customer demand. Significantly, the proposal would
feature new long-term expiration months in only a single class of
options that are very liquid and heavily traded, as discussed above.
Additionally, the Exchange notes by way of precedent, that ten (10)
expiration months are already permitted for long-term index options
series. Further, the Exchange has the necessary systems capacity to
support the new SPY long-term expiration months.
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    \9\ See Securities Exchange Act Release No. 84449 (October 18,
2018), 83 FR 53699 (October 24, 2018) (SR-Phlx-2018-64). See also
Securities Exchange Act Release No. 29103 (April 18, 1991), 56 FR
19132 (April 25, 1991) (approving SR-Phlx-91-18).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    MIAX Options does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposal merely provides
investors additional investment and risk management opportunities by
providing flexibility to the Exchange to list additional long-term
options expiration series, expanding the number of SPY long-term
expiration months offered on the Exchange from six (6) long-term
expiration months to ten (10) long-term expiration months.

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 from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6) thereunder.\11\
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    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4. In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\13\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative on November 16, 2018, to coincide with the
effective date of Phlx's proposed rule change on which the proposal is
based.\14\ The Exchange's proposal would conform the Exchange's rules
relating to permitted number of long-term expiration months on SPY
options to those of Phlx. Accordingly, the Commission believes that the
proposal raises no new or novel regulatory issues and waiver of the 30-
day operative delay is consistent with the protection of investors and
the public interest. The Commission therefore waives the 30-day
operative delay and designates the proposal operative on November 16,
2018.\15\
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    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ 17 CFR 240.19b-4(f)(6)(iii).
    \14\ See Securities Exchange Act Release No. 84449 (October 18,
2018), 83 FR 53699 (October 24, 2018) (SR-Phlx-2018-64).
    \15\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    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.

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-MIAX-2018-28 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-MIAX-2018-28. 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 the 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-MIAX-2018-28 and should

be submitted on or before December 11, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-25236 Filed 11-19-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 71 (Friday, April 12, 2019)]
[Notices]
[Pages 14959-14960]
[FR Doc No: 2019-07299]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2019-0002; Internal Agency Docket No. FEMA-B-1910]

Proposed Flood Hazard Determinations; Correction

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice; correction.

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SUMMARY: On March 18, 2019, FEMA published in the Federal Register a
proposed flood hazard determination notice that contained an erroneous
table. This notice provides corrections to that table, to be used in
lieu of the information published at 84 FR 9805. The table provided
here represents the proposed flood hazard determinations and
communities affected for Yakima County, Washington and Incorporated
Areas.

DATES: Comments are to be submitted on or before July 11, 2019.

ADDRESSES: The Preliminary Flood Insurance Rate Map (FIRM), and where
applicable, the Flood Insurance Study (FIS) report for each community
are available for inspection at both the online location and the
respective Community Map Repository address listed in the table below.
Additionally, the current effective FIRM and FIS report for each
community are accessible online through the FEMA Map Service Center at
https://msc.fema.gov for comparison.
    You may submit comments, identified by Docket No. FEMA-B-1910, to
Rick Sacbibit, Chief, Engineering Services Branch, Federal Insurance
and Mitigation Administration, FEMA, 400 C Street SW, Washington, DC
20472,<PHONE_NUMBER>, or (email) [email protected].

FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
400 C Street SW, Washington, DC 20472,<PHONE_NUMBER>, or (email)
[email protected]; or visit the FEMA Map Information
eXchange (FMIX) online at https://www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: FEMA proposes to make flood hazard
determinations for each community listed in the table below, in
accordance with Section 110 of the Flood Disaster

Protection Act of 1973, 42 U.S.C. 4104, and 44 CFR 67.4(a).
    These proposed flood hazard determinations, together with the
floodplain management criteria required by 44 CFR 60.3, are the minimum
that are required. They should not be construed to mean that the
community must change any existing ordinances that are more stringent
in their floodplain management requirements. The community may at any
time enact stricter requirements of its own, or pursuant to policies
established by other Federal, State, or regional entities. These flood
hazard determinations are used to meet the floodplain management
requirements of the NFIP and are also used to calculate the appropriate
flood insurance premium rates for new buildings built after the FIRM
and FIS report become effective.
    Use of a Scientific Resolution Panel (SRP) is available to
communities in support of the appeal resolution process. SRPs are
independent panels of experts in hydrology, hydraulics, and other
pertinent sciences established to review conflicting scientific and
technical data and provide recommendations for resolution. Use of the
SRP may only be exercised after FEMA and local communities have been
engaged in a collaborative consultation process for at least 60 days
without a mutually acceptable resolution of an appeal. Additional
information regarding the SRP process can be found online at https://floodsrp.org/pdfs/srp_fact_sheet.pdf.
    The communities affected by the flood hazard determinations are
provided in the table below. Any request for reconsideration of the
revised flood hazard determinations shown on the Preliminary FIRM and
FIS report that satisfies the data requirements outlined in 44 CFR
67.6(b) is considered an appeal. Comments unrelated to the flood hazard
determinations will also be considered before the FIRM and FIS report
are made final.

Correction

    In the proposed flood hazard determination notice published at 84
FR 9805 in the March 18, 2019, issue of the Federal Register, FEMA
published a table titled Yakima County, Washington and Incorporated
Areas. This table contained inaccurate information as to the
communities affected by the proposed flood hazard determinations,
featured in the table.
    In this document, FEMA is publishing a table containing the
accurate information. The information provided below should be used in
lieu of that previously published.

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

Michael M. Grimm,
Assistant Administrator for Risk Management, Department of Homeland
Security, Federal Emergency Management Agency.

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                                             Community map repository
               Community                             address
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            Yakima County, Washington and Incorporated Areas
        Project: 16-10-0662S Preliminary Date: September 28, 2018
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City of Tieton.........................  City Hall, 418 Maple Street,
                                          Tieton, WA 98947.
City of Yakima.........................  City Hall, 129 North 2nd
                                          Street, Yakima, WA 98901.
Unincorporated Areas of Yakima County..  Yakima County Public Services,
                                          128 North 2nd Street, Yakima,
                                          WA 98901.
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[FR Doc. 2019-07299 Filed 4-11-19; 8:45 am]
BILLING CODE 9110-12-P