sorry if this has already been posted... found on Reddit.
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The March 11 date came about because it is 180 days from the publication of the proposed BATS rule change in the Federal Register - there can be no more 45 or 90 day delays - SEC must approve or reject, with no decision = acceptance (Rule 19, Sec Exch Act of 1934)...
But look at how time periods for publications in the Federal Register are calculated pursuant to 1 CFR 18.17(b):
"Dates certain will be computed by counting the day after the publication day as one, and by counting each succeeding day, including Saturdays, Sundays, and holidays. However, where the final count would fall on a Saturday, Sunday, or holiday, the date certain will be the next succeeding Federal business day."
That would put us at Monday, March 13 for the deadline.
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That's a pertinent bit of detective work.
We were speculating why they made the last possible decision day a Saturday. It seemed strange considering they don't work on Saturdays. Now we know why.
The meeting is 11 of March right?
That means we have exactly 2 weeks from now. Is this normal for USA to hold such meetings on Suturday? it's working day?? and result will be same day or need also wait?
That's the decision deadline. There's no associated meeting. They might already have made up their minds. Falling on a Saturday is a bit of a weird move indeed. I've read elsewhere that no ETF has ever passed by doing nothing, which is what some people are expecting here, and there's no way something so new and complex would pass like that either.
We'll know either way before that Saturday I expect.