Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 2, To Introduce Periodic Auctions for the Trading of U.S. Equity Securities, 7753-7754 [2021-02006]
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Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices
appropriate in furtherance of the
purposes of the Act.
(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change, Security-Based Swap
Submission, or Advance Notice
Received From Members, Participants or
Others
Written comments relating to the
proposed rule change have not been
solicited or received. ICC will notify the
Commission of any written comments
received by ICC.
III. Date of Effectiveness of the
Proposed Rule Change, Security-Based
Swap Submission, or Advance Notice
and Timing for Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) By order approve or disapprove
such proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, security-based swap
submission, or advance notice is
consistent with the Act. Comments may
be submitted by any of the following
methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
ICC–2021–002 on the subject line.
Paper Comments
Send paper comments in triplicate to
Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549.
All submissions should refer to File
Number SR–ICC–2021–002. 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 (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
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16:57 Jan 29, 2021
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amendments, all written statements
with respect to the proposed rule
change, security-based swap
submission, or advance notice that are
filed with the Commission, and all
written communications relating to the
proposed rule change, security-based
swap submission, or advance notice
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 such
filings will also be available for
inspection and copying at the principal
office of ICE Clear Credit and on ICE
Clear Credit’s website at https://
www.theice.com/clear-credit/regulation.
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–ICC–2021–002 and
should be submitted on or before
February 22, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–02004 Filed 1–29–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–90993; File No. SR–
CboeBYX–2020–021]
Self-Regulatory Organizations; Cboe
BYX Exchange, Inc.; Notice of
Designation of a Longer Period for
Commission Action on Proceedings To
Determine Whether To Approve or
Disapprove a Proposed Rule Change,
as Modified by Amendment No. 2, To
Introduce Periodic Auctions for the
Trading of U.S. Equity Securities
January 26, 2021.
On July 17, 2020, Cboe BYX
Exchange, Inc. (‘‘Exchange’’ or ‘‘BYX’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Exchange
18 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00066
Fmt 4703
Sfmt 4703
7753
Act’’) 1 and Rule 19b–4 thereunder,2 a
proposed rule change to introduce
periodic auctions in U.S. equity
securities. The proposed rule change
was published for comment in the
Federal Register on August 4, 2020.3
On September 10, 2020, pursuant to
Section 19(b)(2) of the Exchange Act,4
the Commission designated a longer
period within which to approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether to
disapprove the proposed rule change.5
On October 27, 2020, the Exchange filed
Amendment No. 1 to the proposed rule
change, and on October 28, 2020 the
Exchange filed Amendment No. 2 to the
proposed rule change, which replaced
in its entirety the proposed rule change
as modified by Amendment No. 1.6 On
October 30, 2020, the Commission
noticed the filing of Amendment No. 2
and instituted proceedings under
Section 19(b)(2)(B) of the Exchange Act 7
to determine whether to approve or
disapprove the proposed rule change.8
The Commission has received comment
letters on the proposed rule change.9
Section 19(b)(2) of the Exchange
Act 10 provides that, after initiating
disapproval proceedings, the
Commission shall issue an order
approving or disapproving the proposed
rule change not later than 180 days after
the date of publication of notice of filing
of the proposed rule change. The
Commission may extend the period for
issuing an order approving or
disapproving the proposed rule change
by not more than 60 days if the
Commission determines that a longer
period is appropriate and publishes
reasons for such determination. The
proposed rule change was published for
notice and comment in the Federal
Register on August 4, 2020. January 31,
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 89424
(July 29, 2020), 85 FR 47262.
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 89820,
85 FR 57891 (September 16, 2020). The
Commission designated November 2, 2020 as the
date by which the Commission shall approve or
disapprove, or institute proceedings to determine
whether to disapprove, the proposed rule change.
6 Comments on the proposal, including
Amendments No. 1 and No. 2, can be found on the
Commission’s website at: https://www.sec.gov/
comments/sr-cboebyx-2020-021/
srcboebyx2020021.htm.
7 15 U.S.C. 78s(b)(2)(B).
8 See Securities Exchange Act Release No. 90288,
85 FR 70678 (November 5, 2020).
9 Comments on the proposed rule change can be
found on the Commission’s website at: https://
www.sec.gov/comments/sr-cboebyx-2020-021/
srcboebyx2020021.htm.
10 15 U.S.C. 78s(b)(2).
2 17
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7754
Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices
2021 is 180 days from that date, and
April 1, 2021 is 240 days from that date.
The Commission finds it appropriate
to designate a longer period within
which to issue an order approving or
disapproving the proposed rule change
so that it has sufficient time to consider
the proposed rule change. Accordingly,
the Commission, pursuant to Section
19(b)(2) of the Exchange Act,11
designates April 1, 2021 as the date by
which the Commission shall either
approve or disapprove the proposed
rule change (File No. SR–CboeBYX–
2020–021).
For the Commission, by the Division
of Trading and Markets, pursuant to
delegated authority.12
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–02006 Filed 1–29–21; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–90988; File No. SR–
NYSEArca–2021–04]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Its Schedule of
Fees and Charges To Establish Annual
Fees for Exchange Traded Products
January 26, 2021.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on January
12, 2021, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
Schedule of Fees and Charges to
establish annual fees for Exchange
Traded Products that have a maturity
date and for products that are based on
an expected return over a specific
outcome period. The Exchange proposes
12 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
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16:57 Jan 29, 2021
Jkt 253001
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
self-regulatory organization 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 those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
11 Id.
to implement the fee changes effective
January 12, 2021.4 The proposed rule
change is available on the Exchange’s
website at www.nyse.com, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
1. Purpose
The Exchange proposes to amend its
Schedule of Fees and Charges to
establish annual fees for Exchange
Traded Products (‘‘ETPs’’) 5 that have a
maturity date and ETPs that are based
on an expected return over a specific
outcome period. As proposed, these
types of ETPs would be eligible for the
current annual fees for products that
track an index.
The proposed change responds to the
current extremely competitive
environment for ETPs listings in which
issuers can readily favor competing
venues or transfer their listings if they
deem fee levels at a particular venue to
be excessive, or discount opportunities
available at other venues to be more
favorable. The Exchange’s current
annual fees for ETPs is based on the
number of shares outstanding per issuer
and provide incentives for issuers to list
multiple series of certain securities on
the Exchange. In response to the
competitive environment for listings,
the Exchange adopted a competitive
pricing structure that combines higher
minimum annual fees for certain
securities with discounts for issuers that
4 The Exchange originally filed to amend the
Schedule of Fees and Charges on December 23,
2020 (SR–NYSEArca–2020–117). SR–NYSEArca–
2020–117 was withdrawn and replaced by SR–
NYSEArca–2020–118. SR–NYSEArca–2020–117
was subsequently withdrawn and replaced by this
filing.
5 ‘‘Exchange Traded Products’’ is defined in
footnote 3 of the current Schedule of Fees and
Charges.
PO 00000
Frm 00067
Fmt 4703
Sfmt 4703
list multiple ETPs. The proposed change
is designed to offer annual listing fees
for ETPs that have a maturity date and
ETPs that provide an expected return
over a specific outcome period based on
the annual fees for ETPs that track an
index.
The Exchange proposes to implement
the fee changes effective January 12,
2021.
Proposed Rule Change
Annual fees are assessed each January
in the first full calendar year following
the year of listing. The aggregate total
shares outstanding is calculated based
on the total shares outstanding as
reported by the Fund issuer or Fund
‘‘family’’ in its most recent periodic
filing with the Commission or other
publicly available information. Annual
fees apply regardless of whether any of
these Funds are listed elsewhere.
The Exchange proposes to offer
annual listing fees for two types of
ETPs: (1) ETPs that have a specific
maturity date, such as a fixed income
ETP that primarily holds a diversified
portfolio of fixed income bonds that
provides regular interest payments and
distributes a final payout in its stated
maturity year; and (2) ETPs that provide
an expected return over a specific
outcome period, which are designed to
provide a particular set of returns over
a specific period based on the
performance of an underlying
instrument during the ETP’s outcome
period. Such ETPs include a buffer
strategy that seeks to provide
investment returns that match the gains
of a particular index(s) up to a
maximum annual return, or cap level,
while guarding against declines in the
same underlying index(s), a buffer level,
over a particular time period. Currently,
both types of ETPs are eligible for the
annual fees set forth in section 6.b. of
the Schedule of Fees and Charges,
which are applicable to Managed Fund
Shares, Managed Trust Securities,
Active Proxy Portfolio Shares, Managed
Portfolio Shares and Exchange-Traded
Fund Shares listed under Rule 5.2–
E(j)(8) that do not track an index.
Generally, the products eligible for fees
under section 6.b. of the Schedule of
Fees and Charges entail more active
issuer management and therefore incur
higher Exchange costs, including costs
related to issuer services, listing
administration, product development
and regulatory oversight.
The Exchange proposes that ETPs that
have a maturity date and ETPs that
provide an expected return over a
specific outcome period would be
eligible for the lower fees set forth in
section 6.a. of the Schedule of Fees and
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]]>Agencies
[Federal Register Volume 86, Number 19 (Monday, February 1, 2021)]
[Notices]
[Pages 7753-7754]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-02006]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-90993; File No. SR-CboeBYX-2020-021]
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of
Designation of a Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove a Proposed Rule Change, as
Modified by Amendment No. 2, To Introduce Periodic Auctions for the
Trading of U.S. Equity Securities
January 26, 2021.
On July 17, 2020, Cboe BYX Exchange, Inc. (``Exchange'' or ``BYX'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule
change to introduce periodic auctions in U.S. equity securities. The
proposed rule change was published for comment in the Federal Register
on August 4, 2020.\3\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 89424 (July 29,
2020), 85 FR 47262.
---------------------------------------------------------------------------
On September 10, 2020, pursuant to Section 19(b)(2) of the Exchange
Act,\4\ the Commission designated a longer period within which to
approve the proposed rule change, disapprove the proposed rule change,
or institute proceedings to determine whether to disapprove the
proposed rule change.\5\ On October 27, 2020, the Exchange filed
Amendment No. 1 to the proposed rule change, and on October 28, 2020
the Exchange filed Amendment No. 2 to the proposed rule change, which
replaced in its entirety the proposed rule change as modified by
Amendment No. 1.\6\ On October 30, 2020, the Commission noticed the
filing of Amendment No. 2 and instituted proceedings under Section
19(b)(2)(B) of the Exchange Act \7\ to determine whether to approve or
disapprove the proposed rule change.\8\ The Commission has received
comment letters on the proposed rule change.\9\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 89820, 85 FR 57891
(September 16, 2020). The Commission designated November 2, 2020 as
the date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to disapprove, the
proposed rule change.
\6\ Comments on the proposal, including Amendments No. 1 and No.
2, can be found on the Commission's website at: https://www.sec.gov/comments/sr-cboebyx-2020-021/srcboebyx2020021.htm.
\7\ 15 U.S.C. 78s(b)(2)(B).
\8\ See Securities Exchange Act Release No. 90288, 85 FR 70678
(November 5, 2020).
\9\ Comments on the proposed rule change can be found on the
Commission's website at: https://www.sec.gov/comments/sr-cboebyx-2020-021/srcboebyx2020021.htm.
---------------------------------------------------------------------------
Section 19(b)(2) of the Exchange Act \10\ provides that, after
initiating disapproval proceedings, the Commission shall issue an order
approving or disapproving the proposed rule change not later than 180
days after the date of publication of notice of filing of the proposed
rule change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change by not more than 60
days if the Commission determines that a longer period is appropriate
and publishes reasons for such determination. The proposed rule change
was published for notice and comment in the Federal Register on August
4, 2020. January 31,
[[Page 7754]]
2021 is 180 days from that date, and April 1, 2021 is 240 days from
that date.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider the proposed
rule change. Accordingly, the Commission, pursuant to Section 19(b)(2)
of the Exchange Act,\11\ designates April 1, 2021 as the date by which
the Commission shall either approve or disapprove the proposed rule
change (File No. SR-CboeBYX-2020-021).
---------------------------------------------------------------------------
\11\ Id.
---------------------------------------------------------------------------
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(31).
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-02006 Filed 1-29-21; 8:45 am]
BILLING CODE 8011-01-P
