Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the NYSE American Options Fee Schedule, 43700-43701 [2021-16964]
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Federal Register / Vol. 86, No. 151 / Tuesday, August 10, 2021 / Notices
a minimum of $1 billion in repurchase
agreements, bank loans or securities
loans outstanding. Therefore, the
Commission believes that the proposed
Form SLS is reasonably designed to
apply only to those broker-dealers that
have the highest potential to adversely
affect investors and the public interest
in a liquidity stress event.
Finally, the Commission believes that
FINRA has reasonably addressed the
concerns raised by SIFMA’s comment
letter. Specifically, the Commission
agrees that the SLS would serve an
important regulatory purpose by
providing FINRA and the Commission
with information useful in evaluating a
member firm’s liquidity risk profile.
While the Commission recognizes that
there is the potential for burdens on
certain member firms that are subject to
the regulatory reporting requirements of
other regulators, the Commission
believes that the important regulatory
purpose served by the SLS justifies the
potential burdens. The Commission
believes that absent the SLS, FINRA and
the Commission would be required to
request the information supplied in the
SLS repeatedly and on a firm-by-firm
basis in order to obtain the information
necessary to monitor member firms for
potential liquidity concerns. Such an
approach would not only create
regulatory inefficiency, but could also
result in similar or potentially larger
costs for firms, as FINRA noted.
Moreover, in light of the prior
outreach that FINRA has conducted
including publishing an earlier version
of SLS in January 2018 and revising it
in response to feedback from industry
participants,19 the Commission believes
that FINRA’s proposed approach to
revisit the reporting categories in the
SLS with a view to potential alignments
of such categories with other reporting
requirements depending on how they
evolve would have the effect of further
minimizing the regulatory burdens on
member firms subject to the SLS.
Consequently, the Commission believes
that FINRA has appropriately addressed
concerns raised in the comment letter
concerning reducing the reporting costs
imposed by the SLS.
Finally, the Commission agrees with
FINRA that it is not appropriate to delay
implementation of the SLS beyond the
timeframe set forth in the Notice.
Because FINRA previously published a
version of the SLS in 2018, and will
announce an effective date that will be
180 days following the publication of a
Regulatory Notice published no later
19 See Regulatory Notice 18–02 (January 2018)
(Liquidity Reporting and Notification). See also
Notice, 86 FR at 27006.
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17:05 Aug 09, 2021
Jkt 253001
than 30 days after Commission
approval, the Commission believes that
member firms will have sufficient time
to prepare to implement the SLS.
Furthermore, in light of recent events
connected to market volatility, which
were discussed in the Notice,20 the
Commission believes that further
delaying implementation of the SLS will
undermine the regulatory interest that
the Commission and FINRA have in
monitoring member firms’ liquidity risk
profiles.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,21 that the
proposed rule change (SR–FINRA–
2021–009) be, and hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–16965 Filed 8–9–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92559; File No. SR–
NYSEAMER–2021–34]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the NYSE
American Options Fee Schedule
August 4, 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 July 28,
2021, NYSE American LLC (‘‘NYSE
American’’ 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 selfregulatory 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 the
NYSE American Options Fee Schedule
(‘‘Fee Schedule’’). The Exchange
20 See
Notice, 86 FR at 27005.
U.S.C. 78s(b)(2).
22 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
21 15
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
proposes to implement the fee change
effective July 28, 2021. 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.
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
1. Purpose
The purpose of this filing is to amend
the Fee Schedule to remove language
associated with fee waivers that expired
at the close of business on June 30,
2021.
On March 18, 2020, the Exchange
announced that it would temporarily
close the Trading Floor, effective
Monday, March 23, 2020, as a
precautionary measure to prevent the
potential spread of COVID–19.
Following the temporary closure of the
Trading Floor, the Exchange waived
certain Floor-based fixed fees for April,
May, and June 2020.4 Although the
Trading Floor partially reopened on
May 26, 2020 and Floor-based open
outcry activity was supported, certain
participants were unable to resume preFloor closure levels of operations. As a
result, the Exchange extended the fee
waiver through June 2021, but only for
Floor Broker firms that were unable to
operate at more than 50% of their March
2020 on-Floor staffing levels and for
Market Maker firms that had vacant or
‘‘unmanned’’ Podia for the entire month
4 See Securities Exchange Act Release Nos. 88595
(April 8, 2020), 85 FR 20737 (April 14, 2020) (SR–
NYSEAMER–2020–25) (waiving Floor-based fixed
fees); 88840 (May 8, 2020), 85 FR 28992 (May 14,
2020) (SR–NYSEAMER–2020–37) (extending April
2020 fee changes through May 2020); and 89049
(June 11, 2020), 85 FR 36649 (June 17, 2020) (SR–
NYSEAMER–2020–44) (extending April and May
fee changes through June 2020).
E:\FR\FM\10AUN1.SGM
10AUN1
Federal Register / Vol. 86, No. 151 / Tuesday, August 10, 2021 / Notices
due to COVID–19 related considerations
(the ‘‘Qualifying Firms’’).5
Because the Trading Floor continued
to operate with reduced capacity, the
Exchange extended the fee waivers for
Qualifying Firms through ‘‘the earlier of
the first full month of a full reopening
of the Trading Floor facilities to Floor
personnel or June 2021’’.
As the Trading Floor re-opened
without social distancing requirements
for vaccinated personnel on June 25,
2021 and the expiration date has passed,
the Exchange is submitting this
proposed rule change to remove the
language related to the fee waivers from
the Fee Schedule.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,6 in general, and
furthers the objectives of Sections
6(b)(4) and (5) of the Act,7 in particular,
because it provides for the equitable
allocation of reasonable dues, fees, and
other charges among its members,
issuers and other persons using its
facilities and does not unfairly
discriminate between customers,
issuers, brokers or dealers.
The Exchange believes that the
proposed modifications to the Fee
Schedule to remove expired fee waivers
that the Exchange no longer offers are
reasonable, equitable, and not unfairly
discriminatory because the changes
would provide clarity to the Fee
Schedule, and do not affect any current
activity by any ATP Holder.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
jbell on DSKJLSW7X2PROD with NOTICES
In accordance with Section 6(b)(8) of
the Act, the Exchange does not believe
that the proposed rule change would
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
Instead, the proposed change is meant
to add clarity and transparency to the
Fee Schedule to the benefit of all market
participants that trade on the Exchange.
5 See Securities Exchange Act Release Nos. 89241
(July 7, 2020), 85 FR 42034 (July 13, 2020) (SR–
NYSEAMER–2020–47); 89482 (August 5, 2020), 85
FR 48577 (August 11, 2020) (SR–NYSEAMER–
2020–55); 89692 (August 27, 2020), 85 FR 54611
(September 2, 2020) (SR–NYSEAMER–2020–65);
90193 (October 15, 2020), 85 FR 67069 (October 21,
2020) (SR–NYSEAMER–2020–76); 90833 (December
30, 2020), 86 FR 641 (January 6, 2021) (SR–
NYSEAMER–2020–87), 91366 (March 19, 2021) 86
FR 15987 (March 25, 2021) (SR–NYSEAMER–2021–
14).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4) and (5).
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17:05 Aug 09, 2021
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C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 8 of the Act and
subparagraph (f)(2) of Rule 19b–4 9
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 10 of the Act to
determine whether the proposed rule
change should be approved or
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 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–
NYSEAMER–2021–34 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEAMER–2021–34. 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
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
10 15 U.S.C. 78s(b)(2)(B).
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change 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 the
filing also will be available for
inspection and copying at the principal
office of the Exchange. 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–NYSEAMER–2021–34, and
should be submitted on or before
August 31, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–16964 Filed 8–9–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92562; File No. SR–CBOE–
2021–043]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Rules 3.31,
3.33 and 3.34
August 4, 2021.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 22,
2021, Cboe Exchange, Inc. (the
‘‘Exchange’’ or ‘‘Cboe Options’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been substantially prepared by the
8 15
11 17
9 17
1 15
PO 00000
Frm 00078
Fmt 4703
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
Sfmt 4703
43701
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]]>Agencies
[Federal Register Volume 86, Number 151 (Tuesday, August 10, 2021)]
[Notices]
[Pages 43700-43701]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-16964]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92559; File No. SR-NYSEAMER-2021-34]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the NYSE American Options Fee Schedule
August 4, 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 July 28, 2021, NYSE American LLC (``NYSE American'' 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the NYSE American Options Fee
Schedule (``Fee Schedule''). The Exchange proposes to implement the fee
change effective July 28, 2021. 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.
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
1. Purpose
The purpose of this filing is to amend the Fee Schedule to remove
language associated with fee waivers that expired at the close of
business on June 30, 2021.
On March 18, 2020, the Exchange announced that it would temporarily
close the Trading Floor, effective Monday, March 23, 2020, as a
precautionary measure to prevent the potential spread of COVID-19.
Following the temporary closure of the Trading Floor, the Exchange
waived certain Floor-based fixed fees for April, May, and June 2020.\4\
Although the Trading Floor partially reopened on May 26, 2020 and
Floor-based open outcry activity was supported, certain participants
were unable to resume pre-Floor closure levels of operations. As a
result, the Exchange extended the fee waiver through June 2021, but
only for Floor Broker firms that were unable to operate at more than
50% of their March 2020 on-Floor staffing levels and for Market Maker
firms that had vacant or ``unmanned'' Podia for the entire month
[[Page 43701]]
due to COVID-19 related considerations (the ``Qualifying Firms'').\5\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release Nos. 88595 (April 8,
2020), 85 FR 20737 (April 14, 2020) (SR-NYSEAMER-2020-25) (waiving
Floor-based fixed fees); 88840 (May 8, 2020), 85 FR 28992 (May 14,
2020) (SR-NYSEAMER-2020-37) (extending April 2020 fee changes
through May 2020); and 89049 (June 11, 2020), 85 FR 36649 (June 17,
2020) (SR-NYSEAMER-2020-44) (extending April and May fee changes
through June 2020).
\5\ See Securities Exchange Act Release Nos. 89241 (July 7,
2020), 85 FR 42034 (July 13, 2020) (SR-NYSEAMER-2020-47); 89482
(August 5, 2020), 85 FR 48577 (August 11, 2020) (SR-NYSEAMER-2020-
55); 89692 (August 27, 2020), 85 FR 54611 (September 2, 2020) (SR-
NYSEAMER-2020-65); 90193 (October 15, 2020), 85 FR 67069 (October
21, 2020) (SR-NYSEAMER-2020-76); 90833 (December 30, 2020), 86 FR
641 (January 6, 2021) (SR-NYSEAMER-2020-87), 91366 (March 19, 2021)
86 FR 15987 (March 25, 2021) (SR-NYSEAMER-2021-14).
---------------------------------------------------------------------------
Because the Trading Floor continued to operate with reduced
capacity, the Exchange extended the fee waivers for Qualifying Firms
through ``the earlier of the first full month of a full reopening of
the Trading Floor facilities to Floor personnel or June 2021''.
As the Trading Floor re-opened without social distancing
requirements for vaccinated personnel on June 25, 2021 and the
expiration date has passed, the Exchange is submitting this proposed
rule change to remove the language related to the fee waivers from the
Fee Schedule.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\6\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\7\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange believes that the proposed modifications to the Fee
Schedule to remove expired fee waivers that the Exchange no longer
offers are reasonable, equitable, and not unfairly discriminatory
because the changes would provide clarity to the Fee Schedule, and do
not affect any current activity by any ATP Holder.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, the proposed change is meant to add
clarity and transparency to the Fee Schedule to the benefit of all
market participants that trade on the Exchange.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \8\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \9\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \10\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change 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 [email protected]. Please include
File Number SR-NYSEAMER-2021-34 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEAMER-2021-34. 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 amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change 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 the filing also will be available for inspection
and copying at the principal office of the Exchange. 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-NYSEAMER-2021-34, and should be
submitted on or before August 31, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-16964 Filed 8-9-21; 8:45 am]
BILLING CODE 8011-01-P
