Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees in BZX Rule 14.13 Applicable to Securities Listed on the Exchange, 57707-57709 [2021-22575]
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jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 86, No. 198 / Monday, October 18, 2021 / Notices
posted without change to PBGC’s
website, https://www.pbgc.gov, including
any personal information provided.
Commenters should not include any
information for which disclosure is
restricted by statute, such as trade
secrets and commercial or financial
information (‘‘confidential business
information’’). Submission of
confidential business information
without a request for protected
treatment constitutes a waiver of any
claims of confidentiality.
Copies of the collection of
information may be obtained by writing
to Disclosure Division, Office of the
General Counsel, Pension Benefit
Guaranty Corporation, 1200 K Street
NW, Washington, DC 20005–4026, or
calling 202–229–4040 during normal
business hours. TTY users may call the
Federal Relay Service toll-free at 800–
877–8339 and ask to be connected to
202–229–4040.
FOR FURTHER INFORMATION CONTACT:
Melissa Rifkin (rifkin.melissa@
pbgc.gov), Attorney, Regulatory Affairs
Division, Office of the General Counsel,
Pension Benefit Guaranty Corporation,
1200 K Street NW, Washington, DC
20005–4026; 202–229–6563. (TTY and
TDD users may call the Federal relay
service toll-free at 800–877–8339 and
ask to be connected to 202–229–6563.)
SUPPLEMENTARY INFORMATION: The
Pension Benefit Guaranty Corporation
(PBGC) intends to request that the Office
of Management and Budget (OMB)
extend approval, under the Paperwork
Reduction Act, of a collection of
information contained in its regulation
on Partitions of Eligible Multiemployer
Plans (29 CFR part 4233). This notice
informs the public of PBGC’s intent and
solicits public comment on the
collection of information.
Sections 4233(a) and (b) of the
Employee Retirement Income Security
Act of 1974 (ERISA) allow a plan
sponsor of a multiemployer plan to
apply to PBGC for a partition of the plan
and state the criteria that PBGC uses to
determine a plan’s eligibility for a
partition.
PBGC’s regulation on Partitions of
Eligible Multiemployer Plans (29 CFR
part 4233) sets forth the procedures for
applying for a partition, the information
required to be included in a partition
application, and notices to interested
parties of the application.
PBGC needs the information to
determine whether a plan is eligible for
partition and whether a proposed
partition would comply with the
statutory conditions required before
PBGC may order a partition.
VerDate Sep<11>2014
18:28 Oct 15, 2021
Jkt 256001
The collection of information under
the regulation has been approved by
OMB under control number 1212–0068
(expires February 1, 2022). PBGC
intends to request that OMB extend its
approval for another three years. An
agency may not conduct or sponsor, and
a person is not required to respond to,
a collection of information unless it
displays a currently valid OMB control
number.
PBGC estimates that each year there
will be one application for a partition
submitted by a plan sponsor under this
regulation. The total estimated annual
burden of the collection of information
is 13 hours and $45,600.
PBGC is soliciting public comments
to—
• Evaluate whether the proposed
collection of information is necessary
for the proper performance of the
functions of the agency, including
whether the information will have
practical utility;
• Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the
methodologies and assumptions used;
• Enhance the quality, utility, and
clarity of the information to be
collected; and
• Minimize the burden of the
collection of information on those who
are to respond, including through the
use of appropriate automated,
electronic, mechanical, or other
technological collection techniques or
other forms of information technology,
e.g. permitting electronic submission of
responses.
Issued in Washington, DC, by:
Stephanie Cibinic,
Deputy Assistant General Counsel for
Regulatory Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2021–22628 Filed 10–15–21; 8:45 am]
BILLING CODE 7709–02–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93294; File No. SR–
CboeBZX–2021–068]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend the
Fees in BZX Rule 14.13 Applicable to
Securities Listed on the Exchange
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
PO 00000
Frm 00075
Fmt 4703
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on
September 30, 2021, Cboe BZX
Exchange, Inc. (‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. 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
Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) is filing with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change
to amend the fees applicable to
securities listed on the Exchange, which
are set forth in BZX Rule 14.13,
Company Listing Fees. The text of the
proposed rule change is provided in
Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
equities/regulation/rule_filings/bzx/), at
the Exchange’s Office of the Secretary,
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
Exchange 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. The
Exchange 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
On August 30, 2011, the Exchange
received approval of rules applicable to
the qualification, listing, and delisting
of companies on the Exchange,3 which
it modified on February 8, 2012 in order
to adopt pricing for the listing of
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 65225
(August 30, 2011), 76 FR 55148 (September 6, 2011)
(SR–BATS–2011–018).
2 17
October 12, 2021.
Sfmt 4703
57707
E:\FR\FM\18OCN1.SGM
18OCN1
57708
Federal Register / Vol. 86, No. 198 / Monday, October 18, 2021 / Notices
exchange-traded products (‘‘ETPs’’) 4 on
the Exchange.5 The Exchange currently
charges entry fees for non-generically
listed ETPs and charges certain annual
listing fees pursuant to Exchange Rule
14.13.
Now, the Exchange proposes to adopt
Rule 14.13(b)(3) which would provide
for a Corporate Actions Fee. The
proposed Corporate Actions Fee would
apply to a Company 6 making a
corporate action that would require the
Exchange to update its records. For
example, a change to the Company
name or symbol, par value, shareholder
rights plan, or reverse stock split would
be subject to the proposed fee.7 Such a
fee would be used to address the costs
associated with revising the Exchange’s
records when Companies engage in such
corporate actions. The Exchange notes
that Companies making multiple
changes (e.g., a change to both the
symbol and par value) that results from
the same corporate action in an
individual security would be charged a
total of $2,500, and would not be
assessed a separate Corporate Actions
Fee for each change. The Exchange
proposes to implement the proposed fee
effective January 1, 2022.
jspears on DSK121TN23PROD with NOTICES1
2. Statutory Basis
The Exchange believes that the
proposed rule changes are consistent
with the objectives of Section 6 of the
Act,8 in general, and furthers the
objectives of Section 6(b)(4) and
6(b)(5),9 in particular, as it is designed
to provide for the equitable allocation of
reasonable dues, fees and other charges
among its issuers, and it does not
unfairly discriminate between
customers, issuers, brokers or dealers.
The Exchange believes that proposed
Rule 14.13(b)(3) which implements a
Corporate Action Fee for Companies
with securities listed on the Exchange is
a reasonable, fair and equitable, and not
unfairly discriminatory allocation of
fees and other charges because it would
apply equally for all Companies making
a corporate action that would require
the Exchange to update its records. The
4 As defined in Rule 11.8(e)(1)(A), the term ‘‘ETP’’
means any security listed pursuant to Exchange
Rule 14.11.
5 See Securities Exchange Act Release No. 66422
(February 17, 2012), 77 FR 11179 (February 24,
2012) (SR–BATS–2012–010).
6 See Exchange Rule 14.1(a)(3).
7 The Exchange notes that the proposed Corporate
Actions Fee is substantively similar to those
charged by NYSE Arca, Inc. (‘‘Arca’’). See the
Administrative Fees provided under the Arca
Equities Listing Fees at https://www.nyse.com/
publicdocs/nyse/markets/nyse-arca/NYSE_Arca_
Listing_Fee_Schedule.pdf.
8 15 U.S.C. 78f.
9 15 U.S.C. 78f(b)(4) and (5).
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18:28 Oct 15, 2021
Jkt 256001
Exchange believes that charging such a
Corporate Action Fee is reasonable
given the additional resources required
by the Exchange in connection with
such a corporate action.
Furthermore, the marketplace for
listings is extremely competitive and
there are several other national
securities exchanges that offer ETP
listings. Transfers between listing
venues occur frequently for numerous
reasons, including listing fees. The
proposed rule change reflects a
competitive pricing structure, which the
Exchange believes will enhance
competition both among ETP issuers
and listing venues, to the benefit of
investors. Furthermore, as noted above
the proposed change is substantively
similar to fees charged by Arca.10
Based on the foregoing, the Exchange
believes that the proposed rule changes
are consistent with the Act.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. With respect
to the proposed new Corporate Actions
Fee, the Exchange does not believe that
the changes burden competition, but
instead, enhance competition, as it is
intended to address the costs associated
with revising the Exchange’s records
when Companies engage in corporate
actions. As such, the proposal is a
competitive proposal designed to
enhance pricing competition among
listing venues and implement pricing
for corporate actions that better reflects
expenses associated with listing ETPs
on the Exchange. The Exchange does
not believe the proposed amendment
would burden intramarket competition
as the proposed fee would be assessed
to all issuers uniformly that require a
change to Exchange records resulting
from a corporate action.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
Members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 11 and paragraph (f) of Rule
19b–4 12 thereunder. At any time within
60 days of the filing of the 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.
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–
CboeBZX–2021–068 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–CboeBZX–2021–068. 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
11 15
10 Supra
PO 00000
note 14 [sic].
Frm 00076
Fmt 4703
12 17
Sfmt 4703
E:\FR\FM\18OCN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
18OCN1
Federal Register / Vol. 86, No. 198 / Monday, October 18, 2021 / Notices
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–CboeBZX–2021–068 and
should be submitted on or before
November 8, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–22575 Filed 10–15–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93295; File No. SR–Phlx–
2021–57]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Options 7,
Section 4, Multiply Listed Options Fees
October 12, 2021.
jspears on DSK121TN23PROD with NOTICES1
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 October
6, 2021, Nasdaq PHLX LLC (‘‘Phlx’’ or
‘‘Exchange’’) 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 the Exchange. 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
Phlx’s Pricing Schedule at Options 7,
Section 4, ‘‘Multiply Listed Options
Fees (Includes options overlying
equities, ETFs, ETNs and indexes which
are Multiply Listed) (Excludes SPY).’’
While the changes proposed herein
are effective upon filing, the Exchange
has designated the amendments become
operative on October 1, 2021.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
18:28 Oct 15, 2021
Jkt 256001
rulebook/phlx/rules, 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
Exchange 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. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
Customers 7 and Professionals 8 are not
assessed a QCC Transaction Fee. QCC
Transaction Fees apply to electronic
QCC Orders, as defined in Options 3,
Section 12,9 and Floor QCC Orders, as
defined in Options 8, Section 30(e)
(collectively ‘‘Combined QCC Orders’’).
Today, the Exchange pays rebates on
all qualifying executed Combined QCC
Orders, except where the transaction is
either: (i) Customer-to-Customer; (ii)
Customer-to-Professional, (iii)
Professional-to-Professional or (iv) a
dividend, merger, short stock interest or
reversal or conversion strategy
execution, pursuant to the below QCC
rebate schedule, up to a maximum of
$550,000 in a given month.
QCC REBATE SCHEDULE
Tier
Threshold
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Tier 1 ....
1. Purpose
Tier 2 ....
Phlx proposes to amend its pricing at
Options 7, Section 4, ‘‘Multiply Listed
Options Fees (Includes options
overlying equities, ETFs, ETNs and
indexes which are Multiply Listed)
(Excludes SPY).’’ The Exchange
proposes to amend the way it calculates
qualifying Qualified Contingent Cross or
‘‘QCC’’ Orders for purposes of paying a
QCC rebate.
Today, the Exchange assesses a $0.20
per contract QCC Transaction Fee to
Lead Market Makers ,3 Market Makers ,4
Firms ,5 and Broker-Dealers .6
3 The
term ‘‘Lead Market Maker’’ applies to
transactions for the account of a Lead Market Maker
(as defined in Options 2, Section 12(a)). A Lead
Market Maker is an Exchange member who is
registered as an options Lead Market Maker
pursuant to Rule Options 2, Section 12(a). An
options Lead Market Maker includes a Remote Lead
Market Maker which is defined as an options Lead
Market Maker in one or more classes that does not
have a physical presence on an Exchange floor and
is approved by the Exchange pursuant to Options
2, Section 11. See Options 7, Section 1.
4 The term ‘‘Market Maker’’ is defined in Options
1, Section 1(b)(28) as a member of the Exchange
who is registered as an options Market Maker
pursuant to Options 2, Section 12(a). A Market
Maker includes SQTs and RSQTs as well as on and
Floor Market Makers. See Options 7, Section 1.
5 The term ‘‘Firm’’ applies to any transaction that
is identified by a member or member organization
for clearing in the Firm range at OCC. See Options
7, Section 1.
6 The term ‘‘Broker-Dealer’’ applies to any
transaction which is not subject to any of the other
transaction fees applicable within a particular
category. See Options 7, Section 1.
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
57709
Tier 3 ....
Tier 4 ....
Tier 5 ....
Tier 6 ....
0 to 99,999 contracts in a
month.
100,000 to
299,999 contracts in a
month.
300,000 to
499,999 contracts in a
month.
500,000 to
699,999 contracts in a
month.
700,000 to
999,999 contracts in a
month.
Over 1,000,000
contracts in a
month.
Rebate per
contract
$0.00
0.05
0.07
0.08
0.09
0.11
Today, the Exchange aggregates
volume from all executed Combined
QCC Orders and excludes QCC
transactions where the transaction is
either: (i) Customer-to-Customer; (ii)
Customer-to-Professional; (iii)
7 The term ‘‘Customer’’ applies to any transaction
that is identified by a member or member
organization for clearing in the Customer range at
The Options Clearing Corporation (‘‘OCC’’) which
is not for the account of a broker or dealer or for
the account of a ‘‘Professional’’ (as that term is
defined in Options 1, Section 1(b)(45)). See Options
7, Section 1.
8 The term ‘‘Professional’’ applies to transactions
for the accounts of Professionals, as defined in
Exchange Rule 1000(b)(43) means any person or
entity that (i) is not a broker or dealer in securities,
and (ii) places more than 390 orders in listed
options per day on average during a calendar month
for its own beneficial account(s). See Options 7,
Section 1.
9 QCC Orders within Options 3, Section 12 are
submitted electronically. The Exchange proposes to
add the word ‘‘electronic’’ before QCC Orders in
several places within Options 7, Section 4 for
clarity.
E:\FR\FM\18OCN1.SGM
18OCN1
]]>Agencies
[Federal Register Volume 86, Number 198 (Monday, October 18, 2021)]
[Notices]
[Pages 57707-57709]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-22575]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93294; File No. SR-CboeBZX-2021-068]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Fees in BZX Rule 14.13 Applicable to Securities Listed on the
Exchange
October 12, 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 September 30, 2021, Cboe BZX Exchange, Inc. (``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. 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\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') is filing
with the Securities and Exchange Commission (``Commission'') a proposed
rule change to amend the fees applicable to securities listed on the
Exchange, which are set forth in BZX Rule 14.13, Company Listing Fees.
The text of the proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (https://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, 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 Exchange 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. The Exchange 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
On August 30, 2011, the Exchange received approval of rules
applicable to the qualification, listing, and delisting of companies on
the Exchange,\3\ which it modified on February 8, 2012 in order to
adopt pricing for the listing of
[[Page 57708]]
exchange-traded products (``ETPs'') \4\ on the Exchange.\5\ The
Exchange currently charges entry fees for non-generically listed ETPs
and charges certain annual listing fees pursuant to Exchange Rule
14.13.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 65225 (August 30,
2011), 76 FR 55148 (September 6, 2011) (SR-BATS-2011-018).
\4\ As defined in Rule 11.8(e)(1)(A), the term ``ETP'' means any
security listed pursuant to Exchange Rule 14.11.
\5\ See Securities Exchange Act Release No. 66422 (February 17,
2012), 77 FR 11179 (February 24, 2012) (SR-BATS-2012-010).
---------------------------------------------------------------------------
Now, the Exchange proposes to adopt Rule 14.13(b)(3) which would
provide for a Corporate Actions Fee. The proposed Corporate Actions Fee
would apply to a Company \6\ making a corporate action that would
require the Exchange to update its records. For example, a change to
the Company name or symbol, par value, shareholder rights plan, or
reverse stock split would be subject to the proposed fee.\7\ Such a fee
would be used to address the costs associated with revising the
Exchange's records when Companies engage in such corporate actions. The
Exchange notes that Companies making multiple changes (e.g., a change
to both the symbol and par value) that results from the same corporate
action in an individual security would be charged a total of $2,500,
and would not be assessed a separate Corporate Actions Fee for each
change. The Exchange proposes to implement the proposed fee effective
January 1, 2022.
---------------------------------------------------------------------------
\6\ See Exchange Rule 14.1(a)(3).
\7\ The Exchange notes that the proposed Corporate Actions Fee
is substantively similar to those charged by NYSE Arca, Inc.
(``Arca''). See the Administrative Fees provided under the Arca
Equities Listing Fees at https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Listing_Fee_Schedule.pdf.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule changes are consistent
with the objectives of Section 6 of the Act,\8\ in general, and
furthers the objectives of Section 6(b)(4) and 6(b)(5),\9\ in
particular, as it is designed to provide for the equitable allocation
of reasonable dues, fees and other charges among its issuers, and it
does not unfairly discriminate between customers, issuers, brokers or
dealers.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f.
\9\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange believes that proposed Rule 14.13(b)(3) which
implements a Corporate Action Fee for Companies with securities listed
on the Exchange is a reasonable, fair and equitable, and not unfairly
discriminatory allocation of fees and other charges because it would
apply equally for all Companies making a corporate action that would
require the Exchange to update its records. The Exchange believes that
charging such a Corporate Action Fee is reasonable given the additional
resources required by the Exchange in connection with such a corporate
action.
Furthermore, the marketplace for listings is extremely competitive
and there are several other national securities exchanges that offer
ETP listings. Transfers between listing venues occur frequently for
numerous reasons, including listing fees. The proposed rule change
reflects a competitive pricing structure, which the Exchange believes
will enhance competition both among ETP issuers and listing venues, to
the benefit of investors. Furthermore, as noted above the proposed
change is substantively similar to fees charged by Arca.\10\
---------------------------------------------------------------------------
\10\ Supra note 14 [sic].
---------------------------------------------------------------------------
Based on the foregoing, the Exchange believes that the proposed
rule changes are consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. With respect to the proposed
new Corporate Actions Fee, the Exchange does not believe that the
changes burden competition, but instead, enhance competition, as it is
intended to address the costs associated with revising the Exchange's
records when Companies engage in corporate actions. As such, the
proposal is a competitive proposal designed to enhance pricing
competition among listing venues and implement pricing for corporate
actions that better reflects expenses associated with listing ETPs on
the Exchange. The Exchange does not believe the proposed amendment
would burden intramarket competition as the proposed fee would be
assessed to all issuers uniformly that require a change to Exchange
records resulting from a corporate action.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \11\ and paragraph (f) of Rule 19b-4 \12\
thereunder. At any time within 60 days of the filing of the 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.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f).
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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-CboeBZX-2021-068 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-CboeBZX-2021-068. 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
[[Page 57709]]
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-CboeBZX-2021-068 and should
be submitted on or before November 8, 2021.
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\13\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-22575 Filed 10-15-21; 8:45 am]
BILLING CODE 8011-01-P
