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Federal Register / Vol. 86, No. 18 / Friday, January 29, 2021 / Notices
khammond on DSKJM1Z7X2PROD with NOTICES

in connection with the operation of BSTX, the Exchange planned to leverage many of the structures it previously established to operate a national securities exchange in compliance with Section 6 of the Exchange Act. The Exchange stated, among other things, its intent to extend its RSA with FINRA to cover BSTX Participants and trading on the BSTX System; that the RSA would govern many aspects of the regulation and discipline of BSTX Participants;
and that the Exchange would perform Security listing regulation, authorize BSTX Participants to trade on the BSTX
System, and conduct surveillance of Security trading on the BSTX System.91
The BSTX Trading Rules Proposal was disapproved, and this information, which is supportive of how the Exchange would be organized and have the capacity to carry out the purposes of the Exchange Act, is not part of the BSTX Governance Proposal. Because the BSTX Governance Proposal, standing alone, does not reflect these aspects of the operation of the BSTX facility or how the Exchange would provide regulatory oversight of BSTX, the Commission is unable to assess whether the BSTX Governance Proposal is consistent with Section 6b1 of the Exchange Act.
In other regards, the BSTX LLC
Agreement also refers to the Exchanges regulatory authority with respect to BSTX.92 For example, the BSTX LLC
Agreement gives the Exchange the authority and discretion to take actions to limit or prevent a Regulatory Deficiency, which the BSTX LLC
Agreement defines as the operation of BSTX or the BSTX Market in a manner that is not consistent with Exchange Rules or the Exchange Act, or rules and regulations thereunder, governing the BSTX Market or BSTX Participants, or that otherwise impedes the Exchanges ability to regulate the BSTX Market or BSTX Participants or to fulfill its obligations under the Exchange Act as an SRO.93 The Exchange states that such provisions ensure the Exchange maintains full regulatory control and authority over BSTX while it operates as 91 See BSTX Trading Rules Proposal, supra note 16, 85 FR at 51286. See also supra note 65 and accompanying text. The Exchange also proposed that it would perform automated surveillance of trading on BSTX for the purpose of maintaining a fair and orderly market at all times and monitor BSTX to identify unusual trading patterns and determine whether particular trading activity requires further regulatory investigation by FINRA.
See BSTX Trading Rules Proposal, supra note 16, 85 FR at 5128687.
92 See, e.g., supra notes 41 and 43 and accompanying text.
93 See BSTX LLC Agreement, supra note 14, Section 1.1. See also supra notes 4546 and accompanying text.

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a facility of the Exchange and help guarantee the Exchanges ability to fulfill its regulatory responsibilities and operate in a manner consistent with the Exchange Act, and in particular with Section 6b1.94 However, the BSTX
Governance Proposal does not provide sufficient detail about how the BSTX
Market would operate, and the Commission concludes that the information in the BSTX Governance Proposal on its own cannot support a finding that the Exchange will be organized and have the capacity to comply with the purposes of the Exchange Act, consistent with Section 6b1 of the Exchange Act.
IV. Conclusion For the reasons set forth above, the Commission does not find, pursuant to Section 19b2 of the Exchange Act, that the proposed rule change, as modified by Amendment No. 1, is consistent with the requirements of the Exchange Act and the rules and regulations thereunder applicable to a national securities exchange, and, in particular, with Section 6b1 of the Exchange Act.95
It is therefore ordered, pursuant to Section 19b2 of the Exchange Act,96
that the proposed rule change SR
BOX202016, as modified by Amendment No. 1, be, and hereby is, disapproved.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.97
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202101943 Filed 12821; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3490980; File No. SRMIAX
202102

Self-Regulatory Organizations; Miami International Securities Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule for Member and Non-Member Monthly Network Connectivity Fees January 25, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934
Act,1 and Rule 19b4 thereunder,2
94 See
Notice, supra note 3, 85 FR at 33264.
U.S.C. 78fb1.
96 15 U.S.C. 78sb2.
97 17 CFR 200.303a57.
1 15 U.S.C. 78sb1.
2 17 CFR 240.19b4.
95 15

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notice is hereby given that on January 13, 2021, Miami International Securities Exchange LLC MIAX or 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.
I. Self-Regulatory Organizations Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Fee Schedule the Fee Schedule.3
The text of the proposed rule change is available on the Exchanges website at http www.miaxoptions.com/rulefilings, at MIAXs principal office, and at the Commissions Public Reference Room.
II. Self-Regulatory Organizations 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 Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the Fee Schedule to increase the Exchanges network connectivity fees for its 10
gigabit Gb ultra-low latency ULL
fiber connection for Members 4 and nonMembers the Proposed Access Fees.
The Exchange currently offers various bandwidth alternatives for connectivity to the Exchange, to its primary and secondary facilities, consisting of a 1Gb fiber connection, a 10Gb fiber 3 The Commission notes that the Exchange initially filed the proposed Fee Schedule amendment on December 31, 2020 SRMIAX
202043. On January 13, 2021, the Exchange withdrew that filing and submitted this filing.
4 The term Member means an individual or organization approved to exercise the trading rights associated with a Trading Permit. Members are deemed members under the Exchange Act. See Exchange Rule 100.

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