1. Cboe Regulatory Circular 20-022 Extension of Time for Certain Filings Currently Due April 1, 2020

    Subject to filing of a rule change with the SEC, Cboe Exchange, Inc. (“Cboe Options”) and Cboe C2 Exchange, Inc. (“C2 Options”) are extending the April 1, 2020 deadlines for the filing requirements as described below. The Exchanges anticipates the new filing deadlines for the following requirements to be May 31, 2020. The Exchanges will issue another Regulatory Circular when the required filing is completed.

    3/25/2020

  2. Cboe Regulatory Circular 20-021 Filing Extensions for Annual Reports and FOCUS Reports

    Cboe Exchange, Inc., Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe C2 Exchange, Inc., Cboe EDGA Exchange, Inc., and Cboe EDGX Exchange, Inc. (each an “Exchange” or collectively the “Exchanges”) would like to notify its Members of relief being provided due to the coronavirus pandemic (COVID-19) to Members through the extension of certain deadlines for annual audit reports and Financial and Operational Combined Uniform Single Reports (“FOCUS reports”).

    3/25/2020

  3. MSRB Regulatory Notice 2020-08 MSRB Extends Comment Deadline on Request for Comment on Proposed Governance Enhancements

    The MSRB continues to monitor the impact of coronavirus disease (COVID-19) on the municipal securities market. In light of the impact and in response to requests from market participants, the MSRB has extended the comment deadline for MSRB Notice 2020-02 by 30 days to April 29, 2020. MSRB Notice 2020-02 requests comment on draft amendments to MSRB Rule A-3, on membership on the Board, designed to improve Board governance.

    3/23/2020

  4. No. SR-NYSE-2020-22 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rules 7.35A, 7.35B, and 7.35C for a Temporary Period

    The Exchange proposes to amend Rules 7.35A, 7.35B, and 7.35C for a temporary period that begins March 23, 2020, and ends on the earlier of the reopening of the Trading Floor facilities or after the Exchange closes on May 15, 2020.

    3/20/2020

  5. SR-NYSE-2020-21 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Suspend Until June 30, 2020 the Application of Its Continued Listing Requirement With Respect to Global Market Capitalization

    The Exchange proposes to suspend until June 30, 2020 the application of its continued listing requirement that companies must maintain an average global market capitalization over a consecutive 30 trading-day period of at least $15 million (the “Market Capitalization Standard”).

    3/20/2020

  6. FINRA Regulatory Notice 20-10 FINRA Amends the FINRA Corporate Financing Rule

    FINRA has amended its Rule 5110 (Corporate Financing Rule – Underwriting Terms and Arrangements) to make substantive, organizational and terminology changes to the rule. The amendments to Rule 5110 modernize, simplify and clarify its provisions while maintaining important protections for market participants, including issuers and investors participating in public offerings. The implementation date for amended Rule 5110(a)(3)(A), (a)(4)(A) (ii) and (a)(4)(A)(iii) is March 20, 2020. The implementation date for all other provisions in amended Rule 5110 is September 16, 2020.

    3/20/2020

  7. Cboe RC20-020 SEC’s Pandemic No-Action Relief Related to CAT Implementation Deadlines

    This Regulatory Circular is being issued to advise Trading Permit Holders/Members that the staff of the SEC’s Division of Trading and Markets has provided the Cboe-affiliated Exchanges and other Participants to the CAT NMS Plan with no-action relief from enforcing their Consolidated Audit Trail (CAT) Compliance Rules with regard to CAT implementation deadlines against Industry Members. The Division indicates that its no-action relief only applies through May 20, 2020, but could be extended.

    3/18/2020

  8. SR-NYSE-2020-19 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 7.35C to Provide Temporarily, until May 15, 2020, the Exchange with Discretion to Facilitate a Trading Halt Auction following a MarketWide Circuit Breaker Halt if a Security has not Reopened by 3:30 p.m. Eastern Time

    The Exchange proposes to amend Rule 7.35C to provide the Exchange with discretion to facilitate a Trading Halt Auction following a Level 1 or Level 2 trading halt due to extraordinary market volatility under Rule 7.12 (“MWCB Halt”) if a security has not reopened by 3:30 p.m. Eastern Time.

    3/18/2020

  9. SR-NYSE-2020-20 Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 7.12 Concerning the Resumption of Trading following a Level 3 Market-wide Circuit Breaker Halt

    Upon feedback from industry participants, the Exchange has been working with other national securities exchanges and FINRA to establish a standardized approach for resuming trading in all NMS Stocks following a Level 3 halt. The proposed approach would allow for the opening of all securities the next trading day after a Level 3 halt as a regular trading day, and is designed to ensure that Level 3 MWCB events are handled in a more consistent manner that is transparent for market participants. As proposed, a Level 3 halt would end at the end of the trading day on which it is declared. This proposed change would allow for next-day trading to resume in all NMS Stocks no differently from any other trading day. In other words, an exchange could resume trading in any security when it first begins trading under its rules and would not need to wait for the primary listing market to re-open trading in a security before it could start trading such security. Accordingly, under the proposal, the Exchange could begin trading all UTP Securities at the beginning of the Exchange’s Early Trading Session at 7:00 a.m. ET, regardless of whether the primary listing markets for those securities have actually opened.

    3/17/2020

  10. Securities and Exchange Release Nos. 33-10765 Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts

    The SEC is adopting rule and form amendments intended to help investors make informed investment decisions regarding variable annuity and variable life insurance contracts. The amendments modernize disclosures by using a layered disclosure approach designed to provide investors with key information relating to the contract’s terms, benefits, and risks in a concise and more reader-friendly presentation, with access to more detailed information available online and electronically or in paper format on request. New rule 498A under the Securities Act of 1933 will permit a person to satisfy its prospectus delivery obligations under the Securities Act for a variable annuity or variable life insurance contract by sending or giving a summary prospectus to investors and making the statutory prospectus available online. The rule also will consider a person to have met its prospectus delivery obligations for any portfolio companies associated with a variable annuity or variable life insurance contract if the portfolio company prospectuses are posted online. To implement the new disclosure framework, the SEC is also amending the registration forms for variable annuity and variable life insurance contracts to update and enhance the disclosures to investors in these contracts, and to implement the proposed summary prospectus framework, and adopting amendments to our rules that will require variable contracts to use the Inline eXtensible Business Reporting Language (“Inline XBRL”) format for the submission of certain required disclosures in the variable contract statutory prospectus.

    3/11/2020

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