Justia Agencies And Commissions Securities And Exchange Commission Self-Regulatory Organizations; New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE National, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes To Amend the Schedule of Wireless Connectivity Fees and Charges To Add Circuits for Connectivity Into and Out of the Data Center in Mahwah, New Jersey, 49393-49394 [2021-18946]

Self-Regulatory Organizations; New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE National, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes To Amend the Schedule of Wireless Connectivity Fees and Charges To Add Circuits for Connectivity Into and Out of the Data Center in Mahwah, New Jersey, 49393-49394 [2021-18946]

Download as PDF Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices lotter on DSK11XQN23PROD with NOTICES1 repo trades into central clearing, the proposals in the Advance Notice would help to decrease the settlement and operational risk present when such trades are conducted outside of central clearing. The Sponsored GC Service would thereby contribute to the stability of the tri-party repo market. Furthermore, the Sponsored GC Service would enable FICC to centralize and control the liquidation of a greater number of tri-party repo transactions in the event of a member default, which in turn, would help protect the tri-party repo market against the destabilizing risk of a large-scale exit by institutional firms from the U.S. financial market in a stress scenario. Accordingly, the Commission believes that the proposed Sponsored GC Service would promote safety and soundness in the tri-party repo market, consistent with Section 805(b) of the Act.61 Additionally, the Commission also believes that FICC’s proposal to change the CCLF allocation methodology is consistent with the principle of promoting robust risk management. As described above in Section II.C., FICC’s proposal to change the CCLF allocation methodology would not impact FICC’s current methodology for determining the total amount of the CCLF. As a result, FICC would retain its current level of liquid resources. FICC’s proposal would only change the allocation of CCLF obligations among FICC’s members. As described above in this Section III.A.1., FICC’s proposed CCLF allocation methodology would result in a CCLF obligation for each member that better corresponds to the actual liquidity risk each member’s trading activity presents to FICC. Accordingly, the Commission believes FICC’s proposed CCLF allocation methodology would promote robust risk management because it would better align the costs for a member to participate in FICC with the level of risk the member’s trading activity presents to FICC, while still maintaining the same overall level of liquidity resources at FICC. B. Consistency With Rule 17Ad–22(e)(7) Rule 17Ad–22(e)(7) under the Exchange Act requires a covered clearing agency to establish, implement, maintain, and enforce written policies and procedures reasonably designed to effectively measure, monitor, and manage the liquidity risk that arises in or is borne by the covered clearing agency.62 As described above in Section I.C.3., FICC proposes to change the Rules to allow netting, for CCLF allocation purposes, of offsetting positions in a Sponsoring Member’s omnibus account and netting account. FICC’s proposal would not impact FICC’s current methodology for determining the total amount of the CCLF as a liquidity resource. As discussed above in Section III.A.1., FICC proposes to change the Rules regarding CCLF allocation to ensure that a Sponsoring Member’s CCLF obligation aligns more closely with the actual liquidity risk its trading activity presents to FICC. As a result, FICC’s proposed CCLF allocation methodology represents more efficient liquidity risk management than the current methodology. Accordingly, the Commission believes that FICC’s proposed CCLF allocation methodology is consistent with Rule 17Ad–22(e)(7).63 C. Consistency With Rule 17Ad– 22(e)(21) Rule 17Ad–22(e)(21) under the Exchange Act requires a covered clearing agency to establish, implement, maintain, and enforce written policies and procedures reasonably designed to be efficient and effective in meeting the requirements of its participants and the markets it serves, including the clearing agency’s clearing and settlement arrangements and the scope of products cleared or settled.64 As described above in Section I.B., FICC’s current Sponsored Service does not accommodate the trading of tri-party repos. FICC proposes to expand the Sponsored Service to allow tri-party repo trading to meet the needs of market participants that currently transact triparty term repos outside of central clearing because they are not operationally equipped to perform the collateral management and other functions associated with term DVP repos. By expanding the Sponsored Service to facilitate tri-party repo trading, FICC seeks to provide a viable option for its members to transact term tri-party repos in central clearing. Sponsored GC Trades would settle in a manner similar to the way Sponsoring Members and Sponsored Members currently settle tri-party repos with each other outside of central clearing, thereby making it more operationally efficient for the parties to transact term repos with each other using FICC as the CCP. The Commission believes that the proposed Sponsored GC Service is consistent with Rule 17Ad–22(e)(21) 65 because it is responsive to the requests from FICC’s members for the ability to trade centrally cleared term tri-party repos in a manner that is efficient and effective in meeting the operational requirements of FICC’s members. IV. Conclusion It is therefore noticed, pursuant to Section 806(e)(1)(I) of the Clearing Supervision Act, that the Commission does not object to Advance Notice (SR– FICC–2021–801) and that FICC is authorized to implement the proposed change as of the date of this notice or the date of an order by the Commission approving Proposed Rule Change SR– FICC–2021–003, whichever is later. By the Commission. Vanessa A. Countryman, Secretary. [FR Doc. 2021–18950 Filed 9–1–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–92795; File Nos. SR–NYSE– 2021–14, SR–NYSEAMER–2021–10, SR– NYSEArca–2021–13, SR–NYSECHX–2021– 03, SR–NYSENAT–2021–04] Self-Regulatory Organizations; New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE National, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes To Amend the Schedule of Wireless Connectivity Fees and Charges To Add Circuits for Connectivity Into and Out of the Data Center in Mahwah, New Jersey August 27, 2021. On February 12, 2021, New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE National, Inc. (collectively, the ‘‘Exchanges’’) each filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to (1) add circuits for connectivity into and out of the data center in Mahwah, New Jersey (‘‘Mahwah Data Center’’); (2) add services available to customers of the Mahwah Data Center that are not colocation Users; and (3) change the name of the Fee Schedule to ‘‘Mahwah Wireless, Circuits, and Non-Colocation Connectivity Fee Schedule.’’ The 63 Id. 61 Id. 62 17 64 17 CFR 240.17Ad–22(e)(7). VerDate Sep<11>2014 17:33 Sep 01, 2021 CFR 240.17Ad–22(e)(21). 65 Id. Jkt 253001 PO 00000 Frm 00107 1 15 2 17 Fmt 4703 Sfmt 4703 49393 E:\FR\FM\02SEN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 02SEN1 49394 Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices lotter on DSK11XQN23PROD with NOTICES1 proposed rule changes were published for comment in the Federal Register on March 4, 2021.3 On April 7, 2021, pursuant to Section 19(b)(2) of the Act,4 the Commission designated a longer period within which to either approve the proposed rule changes, disapprove the proposed rule changes, or institute proceedings to determine whether to approve or disapprove the proposed rule changes.5 On May 26, 2021, the Commission instituted proceedings to determine whether to approve or disapprove the proposed rule changes.6 The Commission has received comment letters on the proposed rule changes.7 Section 19(b)(2) of the Act 8 provides that, after initiating 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, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule changes were published for notice and comment in the Federal Register on March 4, 2021.9 August 31, 2021 is 180 days from that date, and October 30, 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 changes so that it has sufficient time to consider the proposed rule changes, the issues raised in the comment letter that has been submitted in connection therewith, and the Exchanges’ response to the comment letter. Accordingly, the Commission, pursuant to Section 3 See Securities Exchange Act Release Nos. 91217 (February 26, 2021), 86 FR 12715 (March 4, 2021) (SR–NYSE–2021–14); 91218 (February 26, 2021), 86 FR 12744 (March 4, 2021) (SR–NYSEAMER–2021– 10); 91216 (February 26, 2021), 86 FR 12735 (March 4, 2021) (SR–NYSEArca–2021–13); 91219 (February 26, 2021), 86 FR 12724 (March 4, 2021) (SR– NYSECHX–2021–03); and 91215 (February 26, 2021), 86 FR 12752 (March 4, 2021) (SR– NYSENAT–2021–04) (collectively, the ‘‘Notices’’). 4 15 U.S.C. 78s(b)(2). 5 See Securities Exchange Act Release No. 91490 (April 7, 2021), 86 FR 19313 (April 13, 2021). The Commission designated June 2, 2021, as the date by which it should approve, disapprove, or institute proceedings to determine whether to approve or disapprove the proposed rule changes. 6 See Securities Exchange Act Release No. 92033 (May 26, 2021), 86 FR 29601 (June 2, 2021). 7 Comments received on the Notices are available on the Commission’s website at: https:// www.sec.gov/comments/sr-nyse-2021-14/ srnyse202114.htm. 8 15 U.S.C. 78s(b)(2). 9 See Notices, supra note 3. VerDate Sep<11>2014 19:07 Sep 01, 2021 Jkt 253001 19(b)(2) of the Act,10 designates October 30, 2021 as the date by which the Commission should either approve or disapprove the proposed rule changes (File Nos. SR–NYSE–2021–14, SR– NYSEAMER–2021–10, SR–NYSEArca– 2021–13, SR–NYSECHX–2021–03, SR– NYSENAT–2021–04). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Vanessa A. Countryman, Secretary. [FR Doc. 2021–18946 Filed 9–1–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–92793; File No. SR-FINRA– 2021–020] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Form CMA (Continuing Membership Application Form) August 27, 2021. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on August 20, 2021, the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by FINRA. FINRA has designated the proposed rule change as constituting a ‘‘non-controversial’’ rule change under paragraph (f)(6) of Rule 19b–4 under the Act,3 which renders the proposal effective upon receipt of this filing by the Commission. 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 FINRA is proposing to (1) amend Form CMA (Continuing Membership Application Form) required under Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations) to conform to amendments to the Membership 10 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(31). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 11 17 PO 00000 Frm 00108 Fmt 4703 Sfmt 4703 Application Program (‘‘MAP’’) rules 4 as described in File No. SR–FINRA–2020– 011, which become effective on September 1, 2021; 5 and (2) make nonsubstantive and technical changes to Form CMA.6 The proposed rule change does not make any changes to the text of FINRA rules. The text of the proposed rule change is available on FINRA’s website at https://www.finra.org, at the principal office of FINRA 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, FINRA 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 these statements may be examined at the places specified in Item IV below. FINRA has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Background The MAP rules require an applicant for continuing membership to file an application that includes a Form CMA.7 Form CMA is organized into sections that align with the standards for admission set forth in Rule 1014(a) (Standards for Admission). Each section begins with a description of the applicable standard in Rule 1014(a), followed by a series of questions related to that standard that are intended to help the applicant provide the responses needed to demonstrate that it 4 The MAP rules consist of Rules 1011 through 1019, which reside under the Rule 1000 Series (Member Application and Associated Person Registration). 5 See Securities Exchange Act Release No. 90635 (December 10, 2020), 85 FR 81540 (December 16, 2020) (Order Approving File No. SR–FINRA–2020– 011, as Modified by Amendment No. 1) (‘‘SEC Order’’). See also Regulatory Notice 21–09 (March 2021) (announcing September 1, 2021, as the effective date of the amendments to the MAP rules, and different effective dates of the amendments to other FINRA rules to address brokers with a significant history of misconduct). 6 FINRA is separately developing comprehensive changes to the MAP rules in connection with the retrospective review of this rule set, which will also require conforming amendments to the standardized forms. See Regulatory Notice 18–23 (July 2018) (requesting comment on a proposal regarding the MAP rules). 7 See Rule 1017(b)(2). E:\FR\FM\02SEN1.SGM 02SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 86, Number 168 (Thursday, September 2, 2021)]
[Notices]
[Pages 49393-49394]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-18946]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92795; File Nos. SR-NYSE-2021-14, SR-NYSEAMER-2021-10, 
SR-NYSEArca-2021-13, SR-NYSECHX-2021-03, SR-NYSENAT-2021-04]


Self-Regulatory Organizations; New York Stock Exchange LLC, NYSE 
American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE National, 
Inc.; Notice of Designation of a Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove Proposed Rule 
Changes To Amend the Schedule of Wireless Connectivity Fees and Charges 
To Add Circuits for Connectivity Into and Out of the Data Center in 
Mahwah, New Jersey

August 27, 2021.
    On February 12, 2021, New York Stock Exchange LLC, NYSE American 
LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE National, Inc. 
(collectively, the ``Exchanges'') each filed with the Securities and 
Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to (1) add circuits for 
connectivity into and out of the data center in Mahwah, New Jersey 
(``Mahwah Data Center''); (2) add services available to customers of 
the Mahwah Data Center that are not colocation Users; and (3) change 
the name of the Fee Schedule to ``Mahwah Wireless, Circuits, and Non-
Colocation Connectivity Fee Schedule.'' The

[[Page 49394]]

proposed rule changes were published for comment in the Federal 
Register on March 4, 2021.\3\ On April 7, 2021, pursuant to Section 
19(b)(2) of the Act,\4\ the Commission designated a longer period 
within which to either approve the proposed rule changes, disapprove 
the proposed rule changes, or institute proceedings to determine 
whether to approve or disapprove the proposed rule changes.\5\ On May 
26, 2021, the Commission instituted proceedings to determine whether to 
approve or disapprove the proposed rule changes.\6\ The Commission has 
received comment letters on the proposed rule changes.\7\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release Nos. 91217 (February 26, 
2021), 86 FR 12715 (March 4, 2021) (SR-NYSE-2021-14); 91218 
(February 26, 2021), 86 FR 12744 (March 4, 2021) (SR-NYSEAMER-2021-
10); 91216 (February 26, 2021), 86 FR 12735 (March 4, 2021) (SR-
NYSEArca-2021-13); 91219 (February 26, 2021), 86 FR 12724 (March 4, 
2021) (SR-NYSECHX-2021-03); and 91215 (February 26, 2021), 86 FR 
12752 (March 4, 2021) (SR-NYSENAT-2021-04) (collectively, the 
``Notices'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 91490 (April 7, 
2021), 86 FR 19313 (April 13, 2021). The Commission designated June 
2, 2021, as the date by which it should approve, disapprove, or 
institute proceedings to determine whether to approve or disapprove 
the proposed rule changes.
    \6\ See Securities Exchange Act Release No. 92033 (May 26, 
2021), 86 FR 29601 (June 2, 2021).
    \7\ Comments received on the Notices are available on the 
Commission's website at: https://www.sec.gov/comments/sr-nyse-2021-14/srnyse202114.htm.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \8\ provides that, after initiating 
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, however, by not more than 60 
days if the Commission determines that a longer period is appropriate 
and publishes the reasons for such determination. The proposed rule 
changes were published for notice and comment in the Federal Register 
on March 4, 2021.\9\ August 31, 2021 is 180 days from that date, and 
October 30, 2021 is 240 days from that date.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2).
    \9\ See Notices, supra note 3.
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule changes so that it has sufficient time to consider the proposed 
rule changes, the issues raised in the comment letter that has been 
submitted in connection therewith, and the Exchanges' response to the 
comment letter. Accordingly, the Commission, pursuant to Section 
19(b)(2) of the Act,\10\ designates October 30, 2021 as the date by 
which the Commission should either approve or disapprove the proposed 
rule changes (File Nos. SR-NYSE-2021-14, SR-NYSEAMER-2021-10, SR-
NYSEArca-2021-13, SR-NYSECHX-2021-03, SR-NYSENAT-2021-04).
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).
    \11\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
Vanessa A. Countryman,
Secretary.
[FR Doc. 2021-18946 Filed 9-1-21; 8:45 am]
BILLING CODE 8011-01-P

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