Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule, 62579-62581 [2021-24530]

Download as PDF Federal Register / Vol. 86, No. 215 / Wednesday, November 10, 2021 / Notices 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– NYSEArca–2021–94 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. khammond on DSKJM1Z7X2PROD with NOTICES All submissions should refer to File Number SR–NYSEArca–2021–94. 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–NYSEArca–2021–94, and should be submitted on or before December 1, 2021. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.21 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–24527 Filed 11–9–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–93524; File No. SR–MIAX– 2021–54] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule November 4, 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 October 22, 2021, Miami International Securities Exchange LLC (‘‘MIAX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a proposed rule change as described in Items I, II, and III 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 is filing a proposal to amend the MIAX Options Fee Schedule (the ‘‘Fee Schedule’’) to make nonsubstantive, clarifying changes. The text of the proposed rule change is available on the Exchange’s website at https://www.miaxoptions.com/rulefilings, at MIAX’s principal office, 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 The Exchange proposes to amend the Fee Schedule to make non-substantive, 1 15 21 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 16:41 Nov 09, 2021 2 17 Jkt 256001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00072 Fmt 4703 Sfmt 4703 62579 clarifying changes to Sections 3)b) and 5)d)ii) for the monthly Trading Permit fees for Market Makers 3 and the monthly MIAX Express Interface (‘‘MEI’’) 4 Port fees for Market Makers. The Exchange does not propose to amend the amount of Trading Permit fees or MEI Port fees in this filing. The Exchange also does not propose to amend the calculation methodology for Trading Permit fees or MEI Port fees in this filing. Monthly Market Maker Trading Permit Fee Clarifying Changes First, the Exchange proposes to amend Section 3)b) of the Fee Schedule to amend the text below the table for the monthly Trading Permit fees applicable to Market Makers. Specifically, the Exchange proposes to add the following two clarifying sentences to begin the explanatory paragraph following the table for the monthly Trading Permit fees applicable to Market Makers: For the calculation of the monthly Market Maker Trading Permits, the applicable fee rate is the lesser of either the per class basis or percentage of total national average daily volume measurement. The amount of monthly Market Maker Trading Permit Fee will be based upon the number of classes in which the Market Maker was assigned to quote on any given day within the calendar month, or upon the class volume percentages set forth in the above table. The Exchange also proposes to remove the following sentence to the end of the explanatory paragraph, which is currently the first sentence of the explanatory paragraph below the table for the monthly Trading Permit fees applicable to Market Makers: For the calculation of the monthly Market Maker Trading Permit Fees, the number of classes is defined as the greatest number of classes the Market Maker was assigned to quote in on any given day within the calendar month and the class volume percentage is based on the total national average daily volume in classes listed on MIAX in the prior calendar quarter. In place of the deleted sentence described above, the Exchange proposes to insert the following two sentences, which will become sentences three and four of the revised explanatory paragraph: The Exchange will assess MIAX Market Makers the monthly Market Maker Trading Permit Fee based on the greatest number of 3 The term ‘‘Market Makers’’ refers to ‘‘Lead Market Makers,’’ ‘‘Primary Lead Market Makers,’’ and ‘‘Registered Market Makers’’ collectively. See Exchange Rule 100. 4 MIAX Express Interface is a connection to MIAX systems that enables Market Makers to submit simple an [sic] complex electronic quotes to MIAX. See MIAX Options Fee Schedule, 5) d) ii). E:\FR\FM\10NON1.SGM 10NON1 62580 Federal Register / Vol. 86, No. 215 / Wednesday, November 10, 2021 / Notices classes listed on MIAX that the MIAX Market Maker was assigned to quote in on any given day within a calendar month. The class volume percentage is based on the total national average daily volume in classes listed on MIAX in the prior calendar quarter. The Exchange notes that these two sentences are a combination of sentences already included in the explanatory paragraph. In connection with all of the changes described above, the Exchange proposes to delete the following sentence: The Exchange will assess MIAX Market Makers the monthly Market Maker Trading Permit Fee based on the greatest number of classes listed on MIAX that the MIAX Market Maker was assigned to quote in on any given day within a calendar month and the applicable fee rate that is the lesser of either the per class basis or percentage of total national average daily volume measurement. khammond on DSKJM1Z7X2PROD with NOTICES The Exchange notes that all of these changes, when taken together, do not alter the calculation methodology for how the Exchange currently calculates monthly Trading Permit fees for Market Makers. These changes are being made solely to clarify the explanatory paragraph below the table of fees for monthly Trading Permit fees for Market Makers. The Exchange believes that these revised sentences summarize that the monthly Market Maker Trading Permit fee rate is the lesser of the per class basis or the percentage of total national average daily volume measure and better clarifies how the MIAX Market Maker Trading Permit fee will continue to be calculated and applied each month. The Exchange does not propose to amend the amount or calculation of the monthly Trading Permit fee for Market Makers. MEI Port Fee Clarifying Changes Next, the Exchange proposes to amend Section 5)d)ii) of the Fee Schedule to make non-substantive, clarifying changes to the explanatory paragraph below the table of MEI Port fees applicable to Market Makers. The Exchange proposes to move the current first sentence of the explanatory paragraph below the table of MEI Port fees applicable to Market Makers in Section 5)d)ii) to now be the final sentence. In its place, the Exchange proposes to add the following sentence: ‘‘The applicable fee rate is the lesser of either the per class basis or percentage of total national average daily volume measurement.’’ In connection with this change, the Exchange proposes to amend the sentence that will now follow the new first sentence of the explanatory paragraph. In particular, the Exchange proposes to move footnote 26 to the second sentence of the VerDate Sep<11>2014 16:41 Nov 09, 2021 Jkt 256001 explanatory paragraph to contain the defined term in footnote 26 for ‘‘MIAX Express Interface (‘MEI’)’’ Port.5 The final sentence of the explanatory paragraph will now read as follows: ‘‘MIAX will assess monthly MEI Port Fees on Market Makers in each month the Member has been credentialed to use the MEI Port in the production environment and has been assigned to quote in at least one class.’’ Further, the Exchange proposes to amend the second sentence of the explanatory paragraph to remove the word ‘‘and’’ that connects the two clauses describing how the Exchange calculates the monthly MEI Port fee for Market Makers. In place of the word ‘‘and,’’ the Exchange proposes to clarify that the amount of the monthly MEI Port fee will be based upon the number of classes in which the Market Maker was assigned to quote on any given day within the calendar month, or upon the class volume percentages set forth in the MEI Port fee table. The Exchange further proposes to remove the fifth sentence of the explanatory paragraph below the table of MEI Port fees in Section 5)d)ii) and move it up in the paragraph, immediately following the second sentence. With this change, the third sentence of the explanatory paragraph will be as follows: ‘‘The Exchange will assess MIAX Market Makers the monthly MEI Port Fee based on the greatest number of classes listed on MIAX that the MIAX Market Maker was assigned to quote in on any given day within a calendar month.’’ This phrase is currently contained in the fifth sentence of the explanatory paragraph and the Exchange now proposes to make the phrase its own sentence and move it earlier in the paragraph. The Exchange believes that these revised sentences summarize that the monthly MEI Port fee rate is the lesser of either the per class basis or percentage of total national average daily volume measurement and better clarifies how the monthly MEI Port fee for Market Makers will continue to be calculated and applied. The Exchange does not propose to amend the amount or calculation of the monthly MEI Port fee for Market Makers. 2. Statutory Basis The Exchange believes that its proposal to amend its Fee Schedule is consistent with Section 6(b) of the Act 6 in general, and furthers the objectives of Section 6(b)(4) of the Act 7 in particular, 5 See Fee Schedule, footnote 26. U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(4) and (5). 6 15 PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 in that it is an equitable allocation of reasonable fees and other charges among its members and issuers and other persons using its facilities. The Exchange also believes the proposal furthers the objectives of Section 6(b)(5) of the Act in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest and is not designed to permit unfair discrimination between customers, issuers, brokers, and dealers. The Exchange believes the proposed changes are consistent with Section 6(b)(4) of the Act in that they are reasonable, equitable, and not unfairly discriminatory because they are nonsubstantive, clarifying changes regarding the Exchange’s monthly Trading Permit and MEI Port fees applicable to Market Makers and will reduce the risk of confusion to market participants. The proposed changes promote just and equitable principles of trade, remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general protect investors and the public interest by clarifying how the MIAX Market Maker Trading Permit fee and the MEI Port fee will be calculated and applied each month. The Exchange believes that these proposed changes will provide greater clarity to Members and the public regarding the Exchange’s Fee Schedule and that it is in the public interest for the Fee Schedule to be accurate and concise so as to eliminate the potential for confusion. 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. Specifically, the Exchange believes the proposed change will not impose any burden on intra-market competition as the proposed rule change will have no impact on competition as it is not designed to address any competitive issue but rather is designed to remedy minor non-substantive, clarifying issues and provide added clarity to the Fee Schedule. In addition, the Exchange does not believe the proposal will impose any burden on inter-market competition as the proposal does not address any competitive issues and is intended to protect investors by providing further transparency regarding the Exchange’s Fee Schedule. E:\FR\FM\10NON1.SGM 10NON1 Federal Register / Vol. 86, No. 215 / Wednesday, November 10, 2021 / Notices C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. 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)(ii) of the Act,8 and Rule 19b–4(f)(2) 9 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. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule 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: khammond on DSKJM1Z7X2PROD with NOTICES 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– MIAX–2021–54 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–MIAX–2021–54. 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 8 15 9 17 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). VerDate Sep<11>2014 16:41 Nov 09, 2021 Jkt 256001 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–MIAX–2021–54 and should be submitted on or before December 1, 2021. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Jill M. Peterson, Assistant Secretary. [FR Doc. 2021–24530 Filed 11–9–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–93527; File No. PCAOB– 2021–01] Public Company Accounting Oversight Board; Order Granting Approval of Proposed Rule Governing Board Determinations Under the Holding Foreign Companies Accountable Act November 4, 2021. I. Introduction On September 23, 2021, the Public Company Accounting Oversight Board (the ‘‘Board’’ or the ‘‘PCAOB’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’), pursuant to Section 107(b) 1 of the Sarbanes-Oxley Act of 2002 (as amended, the ‘‘Sarbanes-Oxley Act’’) and Section 19(b) 2 of the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’), a proposal to adopt a new rule, PCAOB Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act (the ‘‘Proposed Rule’’).3 The Proposed 10 17 CFR 200.30–3(a)(12). U.S.C. 7217(b). 2 15 U.S.C. 78s(b). 3 See Rule Governing Board Determinations Under the Holding Foreign Companies Accountable 1 15 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 62581 Rule was published for comment in the Federal Register on September 28, 2021.4 This order approves the Proposed Rule, which we find to be consistent with the requirements of the Sarbanes-Oxley Act and the securities laws and necessary or appropriate in the public interest or for the protection of investors. II. Description of the Proposed Rule On September 22, 2021, the Board adopted the Proposed Rule,5 which is intended to establish a framework for the Board’s determinations under the Holding Foreign Companies Accountable Act (the ‘‘HFCAA’’) that the Board is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. The Proposed Rule establishes: • The manner of the Board’s determinations; • The factors the Board will evaluate and the documents and information the Board will consider when assessing whether a determination is warranted; • The form, public availability, effective date, and duration of such determinations; and • The process by which the Board will reaffirm, modify, or vacate any such determinations. A. Applicability and Effective Date The Proposed Rule will be effective promptly upon approval by the Commission. III. Comment Letters The comment period on the Proposed Rule ended on October 18, 2021, and we did not receive any comments on the Proposed Rule. The PCAOB received and considered public comments prior to adopting the Proposed Rule. IV. Effect on Emerging Growth Companies In the PCAOB Adopting Release, the Board concluded that Section 103(a)(3)(C) of the Sarbanes-Oxley Act does not apply to the Proposed Rule.6 Section 103(a)(3)(C) of the SarbanesOxley Act requires that any rules of the Act, PCAOB Release No. 2021–004 (Sept. 22, 2021) (‘‘PCAOB Adopting Release’’), available at https:// pcaob-assets.azureedge.net/pcaob-dev/docs/ default-source/rulemaking/docket048/2021-004hfcaa-adopting-release.pdf?sfvrsn=f6dfb7f8_4. 4 See Public Company Accounting Oversight Board; Notice of Filing of Proposed Rule on Board Determinations Under the Holding Foreign Companies Accountable Act, Release No. 34–93112 (Sept. 23, 2021) [86 FR 53699 (Sept. 28, 2021)]. 5 See supra note 3. 6 See PCAOB Adopting Release at footnote 112. E:\FR\FM\10NON1.SGM 10NON1

Agencies

[Federal Register Volume 86, Number 215 (Wednesday, November 10, 2021)]
[Notices]
[Pages 62579-62581]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-24530]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93524; File No. SR-MIAX-2021-54]


Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend Its Fee Schedule

November 4, 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 October 22, 2021, Miami International Securities Exchange LLC 
(``MIAX'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission'') a proposed rule change as described in 
Items I, II, and III 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

    The Exchange is filing a proposal to amend the MIAX Options Fee 
Schedule (the ``Fee Schedule'') to make non-substantive, clarifying 
changes.
    The text of the proposed rule change is available on the Exchange's 
website at https://www.miaxoptions.com/rule-filings, at MIAX's principal 
office, 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
    The Exchange proposes to amend the Fee Schedule to make non-
substantive, clarifying changes to Sections 3)b) and 5)d)ii) for the 
monthly Trading Permit fees for Market Makers \3\ and the monthly MIAX 
Express Interface (``MEI'') \4\ Port fees for Market Makers. The 
Exchange does not propose to amend the amount of Trading Permit fees or 
MEI Port fees in this filing. The Exchange also does not propose to 
amend the calculation methodology for Trading Permit fees or MEI Port 
fees in this filing.
---------------------------------------------------------------------------

    \3\ The term ``Market Makers'' refers to ``Lead Market Makers,'' 
``Primary Lead Market Makers,'' and ``Registered Market Makers'' 
collectively. See Exchange Rule 100.
    \4\ MIAX Express Interface is a connection to MIAX systems that 
enables Market Makers to submit simple an [sic] complex electronic 
quotes to MIAX. See MIAX Options Fee Schedule, 5) d) ii).
---------------------------------------------------------------------------

Monthly Market Maker Trading Permit Fee Clarifying Changes
    First, the Exchange proposes to amend Section 3)b) of the Fee 
Schedule to amend the text below the table for the monthly Trading 
Permit fees applicable to Market Makers. Specifically, the Exchange 
proposes to add the following two clarifying sentences to begin the 
explanatory paragraph following the table for the monthly Trading 
Permit fees applicable to Market Makers:

    For the calculation of the monthly Market Maker Trading Permits, 
the applicable fee rate is the lesser of either the per class basis 
or percentage of total national average daily volume measurement. 
The amount of monthly Market Maker Trading Permit Fee will be based 
upon the number of classes in which the Market Maker was assigned to 
quote on any given day within the calendar month, or upon the class 
volume percentages set forth in the above table.

    The Exchange also proposes to remove the following sentence to the 
end of the explanatory paragraph, which is currently the first sentence 
of the explanatory paragraph below the table for the monthly Trading 
Permit fees applicable to Market Makers:

    For the calculation of the monthly Market Maker Trading Permit 
Fees, the number of classes is defined as the greatest number of 
classes the Market Maker was assigned to quote in on any given day 
within the calendar month and the class volume percentage is based 
on the total national average daily volume in classes listed on MIAX 
in the prior calendar quarter.

    In place of the deleted sentence described above, the Exchange 
proposes to insert the following two sentences, which will become 
sentences three and four of the revised explanatory paragraph:

    The Exchange will assess MIAX Market Makers the monthly Market 
Maker Trading Permit Fee based on the greatest number of

[[Page 62580]]

classes listed on MIAX that the MIAX Market Maker was assigned to 
quote in on any given day within a calendar month. The class volume 
percentage is based on the total national average daily volume in 
classes listed on MIAX in the prior calendar quarter.

    The Exchange notes that these two sentences are a combination of 
sentences already included in the explanatory paragraph. In connection 
with all of the changes described above, the Exchange proposes to 
delete the following sentence:

    The Exchange will assess MIAX Market Makers the monthly Market 
Maker Trading Permit Fee based on the greatest number of classes 
listed on MIAX that the MIAX Market Maker was assigned to quote in 
on any given day within a calendar month and the applicable fee rate 
that is the lesser of either the per class basis or percentage of 
total national average daily volume measurement.

    The Exchange notes that all of these changes, when taken together, 
do not alter the calculation methodology for how the Exchange currently 
calculates monthly Trading Permit fees for Market Makers. These changes 
are being made solely to clarify the explanatory paragraph below the 
table of fees for monthly Trading Permit fees for Market Makers. The 
Exchange believes that these revised sentences summarize that the 
monthly Market Maker Trading Permit fee rate is the lesser of the per 
class basis or the percentage of total national average daily volume 
measure and better clarifies how the MIAX Market Maker Trading Permit 
fee will continue to be calculated and applied each month. The Exchange 
does not propose to amend the amount or calculation of the monthly 
Trading Permit fee for Market Makers.
MEI Port Fee Clarifying Changes
    Next, the Exchange proposes to amend Section 5)d)ii) of the Fee 
Schedule to make non-substantive, clarifying changes to the explanatory 
paragraph below the table of MEI Port fees applicable to Market Makers. 
The Exchange proposes to move the current first sentence of the 
explanatory paragraph below the table of MEI Port fees applicable to 
Market Makers in Section 5)d)ii) to now be the final sentence. In its 
place, the Exchange proposes to add the following sentence: ``The 
applicable fee rate is the lesser of either the per class basis or 
percentage of total national average daily volume measurement.'' In 
connection with this change, the Exchange proposes to amend the 
sentence that will now follow the new first sentence of the explanatory 
paragraph. In particular, the Exchange proposes to move footnote 26 to 
the second sentence of the explanatory paragraph to contain the defined 
term in footnote 26 for ``MIAX Express Interface (`MEI')'' Port.\5\ The 
final sentence of the explanatory paragraph will now read as follows: 
``MIAX will assess monthly MEI Port Fees on Market Makers in each month 
the Member has been credentialed to use the MEI Port in the production 
environment and has been assigned to quote in at least one class.''
---------------------------------------------------------------------------

    \5\ See Fee Schedule, footnote 26.
---------------------------------------------------------------------------

    Further, the Exchange proposes to amend the second sentence of the 
explanatory paragraph to remove the word ``and'' that connects the two 
clauses describing how the Exchange calculates the monthly MEI Port fee 
for Market Makers. In place of the word ``and,'' the Exchange proposes 
to clarify that the amount of the monthly MEI Port fee will be based 
upon the number of classes in which the Market Maker was assigned to 
quote on any given day within the calendar month, or upon the class 
volume percentages set forth in the MEI Port fee table.
    The Exchange further proposes to remove the fifth sentence of the 
explanatory paragraph below the table of MEI Port fees in Section 
5)d)ii) and move it up in the paragraph, immediately following the 
second sentence. With this change, the third sentence of the 
explanatory paragraph will be as follows: ``The Exchange will assess 
MIAX Market Makers the monthly MEI Port Fee based on the greatest 
number of classes listed on MIAX that the MIAX Market Maker was 
assigned to quote in on any given day within a calendar month.'' This 
phrase is currently contained in the fifth sentence of the explanatory 
paragraph and the Exchange now proposes to make the phrase its own 
sentence and move it earlier in the paragraph. The Exchange believes 
that these revised sentences summarize that the monthly MEI Port fee 
rate is the lesser of either the per class basis or percentage of total 
national average daily volume measurement and better clarifies how the 
monthly MEI Port fee for Market Makers will continue to be calculated 
and applied. The Exchange does not propose to amend the amount or 
calculation of the monthly MEI Port fee for Market Makers.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule 
is consistent with Section 6(b) of the Act \6\ in general, and furthers 
the objectives of Section 6(b)(4) of the Act \7\ in particular, in that 
it is an equitable allocation of reasonable fees and other charges 
among its members and issuers and other persons using its facilities. 
The Exchange also believes the proposal furthers the objectives of 
Section 6(b)(5) of the Act in that it is designed to promote just and 
equitable principles of trade, to remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general to protect investors and the public interest and is not 
designed to permit unfair discrimination between customers, issuers, 
brokers, and dealers.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Exchange believes the proposed changes are consistent with 
Section 6(b)(4) of the Act in that they are reasonable, equitable, and 
not unfairly discriminatory because they are non-substantive, 
clarifying changes regarding the Exchange's monthly Trading Permit and 
MEI Port fees applicable to Market Makers and will reduce the risk of 
confusion to market participants. The proposed changes promote just and 
equitable principles of trade, remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general protect investors and the public interest by clarifying how 
the MIAX Market Maker Trading Permit fee and the MEI Port fee will be 
calculated and applied each month. The Exchange believes that these 
proposed changes will provide greater clarity to Members and the public 
regarding the Exchange's Fee Schedule and that it is in the public 
interest for the Fee Schedule to be accurate and concise so as to 
eliminate the potential for confusion.

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. Specifically, the Exchange 
believes the proposed change will not impose any burden on intra-market 
competition as the proposed rule change will have no impact on 
competition as it is not designed to address any competitive issue but 
rather is designed to remedy minor non-substantive, clarifying issues 
and provide added clarity to the Fee Schedule. In addition, the 
Exchange does not believe the proposal will impose any burden on inter-
market competition as the proposal does not address any competitive 
issues and is intended to protect investors by providing further 
transparency regarding the Exchange's Fee Schedule.

[[Page 62581]]

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

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)(ii) of the Act,\8\ and Rule 19b-4(f)(2) \9\ 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. If the Commission takes such 
action, the Commission shall institute proceedings to determine whether 
the proposed rule should be approved or disapproved.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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-MIAX-2021-54 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-MIAX-2021-54. 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-MIAX-2021-54 and should be submitted on 
or before December 1, 2021.
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    \10\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-24530 Filed 11-9-21; 8:45 am]
BILLING CODE 8011-01-P
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