2023-08544: Supplemental Information and Reopening of Comment Period for Amendments Regarding the Definition of “Exchange”

Summary

The Securities and Exchange Commission ("Commission") is reopening the comment period for its proposal ("Proposed Rules") to amend the rule under the Securities Exchange Act of 1934 ("Exchange Act") that defines certain terms used in the statutory definition of "exchange." The reopening provides supplemental information and economic analysis regarding trading systems that trade crypto asset securities that would be newly included in the definition of "exchange" under the Proposed Rules. The Commission is requesting further information and public comment on certain aspects of the Proposed Rules as applicable to all securities and the compliance dates and other alternatives for the Proposed Rules. The Proposed Rules were set forth in Release No. 34-94062 ("Proposing Release"), and the related comment period, which was reopened in Release No. 34-94868 on May 9, 2022, ended on June 13, 2022. The reopening of this comment period is intended to allow interested persons further opportunity to analyze and comment on the Proposed Rules in light of the supplemental information provided herein ("Reopening Release").

The agency’s own summary, as published.

What this changes

Amends 4 parts of the Code of Federal Regulations — the standing rules this notice rewrites.

• 17 CFR 232 Regulation S-T—General Rules and Regulations for Electronic Filings
• 17 CFR 240 General Rules and Regulations, Securities Exchange Act of 1934
• 17 CFR 242 Regulations M, Sho, ATS, AC, NMS, SE, and SBSR, and Customer Margin Requirements for Security Futures
• 17 CFR 249 Forms, Securities Exchange Act of 1934