Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Expiration Date of the Temporary Amendments to Rules 10.9261 and 10.9830, 1810-1813 [2022-00380]
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Federal Register / Vol. 87, No. 8 / Wednesday, January 12, 2022 / Notices
U.S. code citation
Civil monetary penalty description
15 U.S.C. 80b–3(i) (Investment Advisers Act Sec. 203(i)).
15 U.S.C. 80b–9(e) (Investment Advisers Act Sec. 209(e)).
15 U.S.C. 7215(c)(4)(D)(i) (SarbanesOxley Act Sec. 105(c)(4)(D)(i)).
15 U.S.C. 7215(c)(4)(D)(ii) (SarbanesOxley Act Sec. 105(c)(4)(D)(ii)).
For any other person/fraud/substantial losses or
risk of losses to others.
For natural person ....................................................
For any other person ................................................
For natural person/fraud ...........................................
For any other person/fraud .......................................
For natural person/fraud/substantial losses or risk
of losses to others or gains to self.
For any other person/fraud/substantial losses or
risk of losses to others or gain to self.
For natural person ....................................................
For any other person ................................................
For natural person/fraud ...........................................
For any other person/fraud .......................................
For natural person/fraud/substantial losses or risk
of losses to others.
For any other person/fraud/substantial losses or
risk of losses to others.
For natural person ....................................................
For any other person ................................................
For natural person ....................................................
For any other person ................................................
Pursuant to the 2015 Act and 17 CFR
201.1001, the adjusted penalty amounts
in this Notice (and all penalty
adjustments performed pursuant to the
2015 Act) apply to penalties imposed
after the date the adjustment is effective
for violations that occurred after
November 2, 2015, the 2015 Act’s
enactment date. These penalty amounts
supersede the amounts in the 2021
Adjustment.15 For violations that
occurred on or before November 2,
2015, the penalty amounts in Table I to
17 CFR 201.1001 continue to apply.16
By the Commission.
Dated: January 6, 2022.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2022–00384 Filed 1–11–22; 8:45 am]
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BILLING CODE 8011–01–P
15 The penalty amounts in this Notice are being
published in the Federal Register and will not be
added to the Code of Federal Regulations in
accordance with the 2015 Act and 17 CFR
201.1001(b). See 28 U.S.C. 2461 note Sec. 4(a)(2);
17 CFR 201.1001(b). In addition to being published
in the Federal Register, the penalty amounts in this
Notice will be made available on the Commission’s
website at https://www.sec.gov/enforce/civilpenalties-inflation-adjustments.htm, as detailed in
17 CFR 201.1001(b). This website also lists the
penalty amounts for violations that occurred on or
before November 2, 2015.
16 17 CFR 201.1001(a).
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93918; File No. SR–
NYSEARCA–2021–107]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Extending the Expiration
Date of the Temporary Amendments to
Rules 10.9261 and 10.9830
January 6, 2022.
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 December
27, 2021, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes extending the
expiration date of the temporary
amendments to Rules 10.9261 and
10.9830 as set forth in SR–NYSEArca–
2020–85 from December 31, 2021, to
March 31, 2022, in conformity with
recent changes by the Financial Industry
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
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CPI–U
multiplier
2022 Adjusted
penalty
amounts
975,230
1.06222
1,035,909
9,753
97,523
97,523
487,616
195,047
1.06222
1.06222
1.06222
1.06222
1.06222
10,360
103,591
103,591
517,955
207,183
975,230
1.06222
1,035,909
9,753
97,523
97,523
487,616
195,047
1.06222
1.06222
1.06222
1.06222
1.06222
10,360
103,591
103,591
517,955
207,183
975,230
1.06222
1,035,909
143,621
2,872,441
1,077,165
21,543,299
1.06222
1.06222
1.06222
1.06222
152,557
3,051,164
1,144,186
22,883,723
Regulatory Authority, Inc. (‘‘FINRA’’).
The proposed rule change would not
make any changes to the text of NYSE
Arca Rules 10.9261 and 10.9830. 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 Exchange proposes extending the
expiration date of the temporary
amendments as set forth in SR–
NYSEArca–2020–85 4 to Rules 10.9261
(Evidence and Procedure in Hearing)
4 See Securities Exchange Act Release No. 90088
(October 5, 2020), 85 FR 64186 (October 9, 2020)
(SR–NYSEArca–2020–85) (‘‘SR–NYSEArca–2020–
85’’).
1 15
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amounts
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Federal Register / Vol. 87, No. 8 / Wednesday, January 12, 2022 / Notices
and 10.9830 (Hearing) from December
31, 2021, to March 31, 2022, to
harmonize with recent changes by
FINRA to extend the expiration date of
the temporary amendments to its Rules
9261 and 9830. SR–NYSEArca–2020–85
temporarily granted to the Chief or
Deputy Chief Hearing Officer the
authority to order that hearings be
conducted by video conference if
warranted by public health risks posed
by in-person hearings during the
ongoing COVID–19 pandemic. The
proposed rule change would not make
any changes to the text of Exchange
Rules 10.9261 and 10.9830.5
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Background
In 2019, NYSE Arca adopted
disciplinary rules based on the text of
the Rule 8000 and Rule 9000 Series of
its affiliate NYSE American LLC
(‘‘NYSE American’’), with certain
changes. The NYSE American
disciplinary rules are, in turn,
substantially the same as the Rule 8000
Series and Rule 9000 Series of FINRA
and the New York Stock Exchange
LLC.6 The NYSE Arca disciplinary rules
were implemented on May 27, 2019.7
In adopting disciplinary rules
modeled on FINRA’s rules, NYSE Arca
adopted the hearing and evidentiary
processes set forth in Rule 10.9261 and
in Rule 10.9830 for hearings in matters
involving temporary and permanent
cease and desist orders under the Rule
10.9800 Series. As adopted, the text of
Rule 10.9261 and Rule 10.9830 are
substantially the same as the FINRA
rules with certain modifications.8
In response to the COVID–19 global
health crisis and the corresponding
need to restrict in-person activities, on
August 31, 2020, FINRA filed with the
Commission a proposed rule change for
immediate effectiveness, SR–FINRA–
2020–027, which allowed FINRA’s
Office of Hearing Officers (‘‘OHO’’) to
conduct hearings, on a temporary basis,
by video conference, if warranted by the
current COVID–19-related public health
risks posed by an in-person hearing.
Among the rules FINRA amended were
Rules 9261 and 9830.9
5 The Exchange may submit a separate rule filing
to extend the expiration date of the proposed
extension beyond March 31, 2022 if the Exchange
requires additional temporary relief from the rule
requirements identified in SR–NYSEArca–2020–85.
The amended NYSE Arca rules will revert back to
their original state at the conclusion of the
temporary relief period and any extension thereof.
6 See Securities Exchange Act Release No. 85639
(April 12, 2019), 84 FR 16346 (April 18, 2019) (SR–
NYSEArca–2019–15) (‘‘2019 Notice’’).
7 See NYSE Arca Equities RB–19–060 & NYSE
Arca Options RB–19–02 (April 26, 2019).
8 See 2019 Notice, 84 FR at 16365 & 16373–4.
9 See Securities Exchange Act Release No. 89737
(September 2, 2020), 85 FR 55712 (September 9,
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Given that FINRA and OHO
administers disciplinary hearings on the
Exchange’s behalf, and that the public
health concerns addressed by FINRA’s
amendments apply equally to Exchange
disciplinary hearings, on September 23,
2020, the Exchange filed to temporarily
amend Rule 10.9261 and Rule 10.9830
to permit FINRA to conduct virtual
hearings on its behalf.10 In December
2020, FINRA filed a proposed rule
change, SR–FINRA–2020–042, to extend
the expiration date of the temporary
amendments in SR–FINRA–2020–027
from December 31, 2020, to April 30,
2021.11 On December 22, 2020, the
Exchange similarly filed to extend the
temporary amendments to Rule 10.9261
and Rule 10.9830 to April 30, 2021.12
On April 1, 2021, FINRA filed a
proposed rule change, SR–FINRA–
2021–006, to extend the expiration date
of the temporary rule amendments to,
among other rules, FINRA Rule 9261
and 9830 from April 30, 2021, to August
31, 2021.13 On April 20, 2021, the
Exchange filed to extend the temporary
amendments to Rule 10.9261 and Rule
10.9830 to August 31, 2021.14 On
August 13, 2021, FINRA filed a
proposed rule change, SR–FINRA–
2021–019, to extend the expiration date
of the temporary amendments to, among
other rules, FINRA Rule 9261 and 9830
from August 31, 2021, to December 31,
2021.15 On August 27, 2021, the
Exchange filed to extend the temporary
amendments to Rule 10.9261 and Rule
10.9830 to December 31, 2021, after
which the temporary amendments will
expire absent another proposed rule
change filing by the Exchange.16
While there are signs of improvement,
FINRA has determined that much
uncertainty remains for the coming
months. The presence of the Delta
variant, dissimilar vaccination rates
throughout the United States, and the
uptick in transmissions in many
locations indicate that COVID–19
2020) (SR–FINRA–2020–027) (‘‘SR–FINRA–2020–
027’’).
10 See note 4, supra.
11 See Securities Exchange Act Release No. 90619
(December 9, 2020), 85 FR 81250 (December 15,
2020) (SR–FINRA–2020–042).
12 See Securities Exchange Act Release No. 90820
(December 30, 2020), 86 FR 647 (January 6, 2021)
(SR–NYSEArca–2020–116).
13 See Securities Exchange Act Release No. 91495
(April 7, 2021), 86 FR 19306 (April 13, 2021) (SR–
FINRA–2021–006).
14 See Securities Exchange Act Release No. 91633
(April 22, 2021), 86 FR 22474 (April 28, 2021) (SR–
NYSEArca–2021–27).
15 See Securities Exchange Act Release No. 92685
(August 17, 2021), 86 FR 47169 (August 23, 2021)
(SR–FINRA–2021–019).
16 See Securities Exchange Act Release No. 92909
(September 9, 2021), 86 FR 51415 (September 15,
2021) (SR–NYSEArca–2021–76).
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1811
remains an active and real public health
concern.17 Due to the uncertainty and
the lack of a clear timeframe for a
sustained and widespread abatement of
COVID–19-related health concerns and
corresponding restrictions,18 FINRA
believes that there is a continued need
for temporary relief beyond December
31, 2021.19 On December 7, 2021,
FINRA accordingly filed to extend the
expiration date of the temporary rule
amendments to, among other rules,
FINRA Rule 9261 and 9830 from
December 31, 2021, to March 31,
2022.20
Proposed Rule Change
Consistent with FINRA’s recent
proposal, the Exchange proposes to
extend the expiration date of the
temporary rule amendments to NYSE
17 See Securities Exchange Act Release No. 93758
(December 13, 2021), 86 FR 71695 (December 17,
2021) (SR–FINRA–2021–031) (‘‘SR–FINRA–2021–
031’’). FINRA noted that, for example, President Joe
Biden on July 29, 2021, announced several
measures to increase the number of people
vaccinated against COVID–19 and to slow the
spread of the Delta variant, including strengthening
safety protocols for federal government employees
and contractors. See https://www.whitehouse.gov/
briefing-room/statements-releases/2021/07/29/
factsheet-president-biden-to-announce-new-actionsto-get-more-americansvaccinated-and-slow-thespread-of-the-delta-variant/. Thereafter, the Biden
Administration announced on November 4, 2021,
details of two major vaccination policies to further
help fight COVID–19. See https://
www.whitehouse.gov/briefing-room/statementsreleases/2021/11/04/factsheet-bidenadministration-announces-details-of-two-majorvaccination-policies/. Most recently, President
Biden announced several new actions to help
protect Americans against the Delta and Omicron
variants. See https://www.whitehouse.gov/briefingroom/statements-releases/2021/12/02/factsheetpresident-biden-announces-new-actions-to-protectamericans-against-thedelta-and-omicron-variantsas-we-battle-covid-19-this-winter/. See SR–FINRA–
2021–031, 86 FR at 71695, n. 6.
18 For instance, FINRA noted that the Centers for
Disease Control and Prevention (‘‘CDC’’) recently
announced that the first confirmed case of COVID–
19 caused by the Omicron variant was detected in
the United States. See https://www.cdc.gov/media/
releases/2021/s1201-omicron-variant.html. The
CDC also recommends that fully vaccinated people
wear a mask in public indoor settings in areas of
substantial or high transmission and noted that
fully vaccinated people might choose to wear a
mask regardless of the level of transmission,
particularly if they are immunocompromised or at
increased risk for severe disease from COVID–19.
See https://www.cdc.gov/coronavirus/2019-ncov/
vaccines/fully-vaccinated-guidance.html.
Furthermore, as FINRA also noted, numerous states
currently have COVID–19 restrictions in place. Six
states (Hawaii, Illinois, Nevada, New Mexico,
Oregon, and Washington) require most people to
wear masks in indoor public places regardless of
vaccination status, and three states (California,
Connecticut, and New York) have mask mandates
in indoor public places for those individuals who
are unvaccinated. Several other states have mask
mandates in certain settings, such as healthcare
facilities, schools, and correctional facilities. See
SR–FINRA–2021–031, 86 FR at 71696, n. 7.
19 See SR–FINRA–2021–031, 86 FR at 71695–96.
20 See SR–FINRA–2021–031, 86 FR at 71695.
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Federal Register / Vol. 87, No. 8 / Wednesday, January 12, 2022 / Notices
Arca Rules 10.9261 and 10.9830 as set
forth in SR–NYSEArca–2020–85 from
December 31, 2021, to March 31, 2022.
As set forth in SR–FINRA–2021–031,
while there are signs of improvement,
much uncertainty remains for the
coming months. The presence of the
Delta variant, dissimilar vaccination
rates throughout the United States, and
the uptick in transmissions in many
locations indicate that COVID–19
remains an active and real public health
concern.21 Due to the uncertainty and
the lack of a clear timeframe for a
sustained and widespread abatement of
COVID–19-related health concerns and
corresponding restrictions,22 FINRA
believes that there is a continued need
for temporary relief beyond December
31, 2021.23 FINRA accordingly
proposed to extend the expiration date
of the temporary rule amendments from
December 31, 2021, to March 31, 2022.
The Exchange proposes to similarly
extend the expiration date of the
temporary rule amendments to NYSE
Arca Rules 10.9261 and 10.9830 as set
forth in SR–NYSEArca–2020–85 from
December 31, 2021, to March 31, 2022.
The Exchange agrees with FINRA that,
while there are signs of improvement,
much uncertainty remains for the
coming months. The Exchange also
agrees that, due to the uncertainty and
the lack of a clear timeframe for a
sustained and widespread abatement of
COVID–19-related health concerns and
corresponding restrictions, for the
reasons set forth in SR–FINRA–2021–
031, there is a continued need for this
temporary relief beyond December 31,
2021. The proposed change would
permit OHO to continue to assess, based
on critical COVID–19 data and criteria
and the guidance of health and security
consultants, whether an in-person
hearing would compromise the health
and safety of the hearing participants
such that the hearing should proceed by
video conference. As noted in SR–
FINRA–2021–031, in deciding whether
to schedule a hearing by video
conference, OHO may consider a variety
of other factors in addition to COVID–
19 trends. Similarly, as noted in SR–
FINRA–2021–031, in SR–FINRA–2020–
027, FINRA provided a non-exhaustive
list of other factors OHO may take into
consideration, including a hearing
participant’s individual health concerns
and access to the connectivity and
technology necessary to participate in a
video conference hearing.24 The
21 See
note 17, supra.
note 18, supra.
23 See SR–FINRA–2021–031, 86 FR at 71695.
24 See SR–FINRA–2021–031, 86 FR at 71695, n.
13.
Exchange believes that this is a
reasonable procedure to continue to
follow for hearings under Rules 10.9261
and 10.9830 chaired by a FINRA
employee.
As noted below, the Exchange has
filed the proposed rule change for
immediate effectiveness and has
requested that the SEC waive the
requirement that the proposed rule
change not become operative for 30 days
after the date of the filing, so the
Exchange can implement the proposed
rule change immediately.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the
Act,25 in general, and furthers the
objectives of Section 6(b)(5),26 in
particular, because it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, 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. Additionally, the
Exchange believes the proposed rule
change is designed to provide a fair
procedure for the disciplining of
members and persons associated with
members, consistent with Sections
6(b)(7) and 6(d) of the Act.27
The Exchange believes that the
proposed rule change supports the
objectives of the Act by providing
greater harmonization between
Exchange rules and FINRA rules of
similar purpose, resulting in less
burdensome and more efficient
regulatory compliance. As such, the
proposed rule change will foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities and will
remove impediments to and perfect the
mechanism of a free and open market
and a national market system.
The proposed rule change, which
extends the expiration date of the
temporary amendments to Exchange
rules consistent with FINRA’s extension
to its Rules 9261 and 9830 as set forth
in SR–FINRA–2021–031, will permit the
Exchange to continue to effectively
conduct hearings during the COVID–19
pandemic. Given the current and
frequently changing COVID–19
conditions and the uncertainty around
when those conditions will see
22 See
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25 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
27 15 U.S.C. 78f(b)(7) & 78f(d).
meaningful, widespread and sustained
improvement, without this relief
allowing OHO to proceed by video
conference, some or all hearings may
have to be postponed. The ability to
conduct hearings by video conference
will permit the adjudicatory functions
of the Exchange’s disciplinary rules to
continue unabated, thereby avoiding
protracted delays. The Exchange
believes that this is especially important
in matters where temporary and
permanent cease and desist orders are
sought because the proposed rule
change would enable those hearings to
continue to proceed without delay,
thereby enabling the Exchange to
continue to take immediate action to
stop significant, ongoing customer
harm, to the benefit of the investing
public.
As set forth in detail in the SR–
NYSEArca–2020–85, the temporary
relief to permit hearings to be conducted
via video conference maintains fair
process and will continue to provide
fair process consistent with Sections
6(b)(7) and 6(d) of the Act 28 while
striking an appropriate balance between
providing fair process and enabling the
Exchange to fulfill its statutory
obligations to protect investors and
maintain fair and orderly markets while
avoiding the COVID–19-related public
health risks for hearing participants.
The Exchange notes that this proposal,
like, like SR–NYSEArca–2020–85,
provides only temporary relief. As
proposed, the changes would be in
place through March 31, 2022. As noted
in SR–NYSEArca–2020–85 and above,
the amended rules will revert back to
their original state at the conclusion of
the temporary relief period and, if
applicable, any extension thereof.
Accordingly, the proposed rule
change extending this temporary relief
is in the public interest and consistent
with the Act’s purpose.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed temporary rule change
will impose any burden on competition
that is not necessary or appropriate in
furtherance of the purposes of the Act.
The proposed rule change is not
intended to address competitive issues
but is rather intended solely to provide
continued temporary relief given the
impacts of the COVID–19 pandemic and
the related health and safety risks of
conducting in-person activities. The
Exchange believes that the proposed
rule change will prevent unnecessary
impediments to critical adjudicatory
26 15
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28 15
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U.S.C. 78f(b)(7) & 78f(d).
12JAN1
Federal Register / Vol. 87, No. 8 / Wednesday, January 12, 2022 / Notices
processes and its ability to fulfill its
statutory obligations to protect investors
and maintain fair and orderly markets
that would otherwise result if the
temporary amendments were to expire
on December 31, 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 Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 29 and Rule
19b–4(f)(6) thereunder.30 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 31 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),32 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
immediately upon filing. The Exchange
has indicated that the proposed rule
change to extend the expiration date
will continue to prevent unnecessary
impediments to its critical adjudicatory
processes, and its ability to fulfill its
statutory obligations to protect investors
and maintain fair and orderly markets
that would otherwise result if the
temporary amendments were to expire
on December 31, 2021.33 Importantly,
the Exchange has also stated that
extending the relief provided in SR–
NYSEArca–2020–85 immediately upon
filing and without a 30-day operative
delay will allow the Exchange to
29 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
31 17 CFR 240.19b–4(f)(6).
32 17 CFR 240.19b–4(f)(6)(iii).
33 See supra Item II.
30 17
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17:04 Jan 11, 2022
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continue critical adjudicatory and
review processes in a reasonable and
fair manner and meet its critical
investor protection goals, while also
following best practices with respect to
the health and safety of hearing
participants.34 The Commission also
notes that this proposal extends without
change the temporary relief previously
provided by SR–NYSEArca–2020–85.35
As proposed, the changes would be in
place through March 31, 2022 and the
amended rules will revert back to their
original state at the conclusion of the
temporary relief period and, if
applicable, any extension thereof.36 For
these reasons, the Commission believes
that waiver of the 30-day operative
delay for this proposal is consistent
with the protection of investors and the
public interest. Accordingly, the
Commission hereby waives the 30-day
operative delay and designates the
proposal operative upon filing.37
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) 38 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
34 See SR–FINRA–2021–031 at 71698 (noting the
same with respect to FINRA employees in granting
FINRA’s request to waive the 30-day operative
delay so that SR–FINRA–2021–031 would become
operative immediately upon filing).
35 See supra note 4.
36 See supra note 5. As noted above, the Exchange
states that if it requires temporary relief from the
rule requirements identified in this proposal
beyond March 31, 2022 it may submit a separate
rule filing to extend the effectiveness of the
temporary relief under these rules.
37 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule change’s impact on efficiency,
competition, and capital formation. See 15 U.S.C.
78c(f).
38 15 U.S.C. 78s(b)(2)(B).
PO 00000
Frm 00099
Fmt 4703
Sfmt 9990
1813
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEARCA–2021–107 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–NYSEARCA–2021–107.
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–2021–107 and
should be submitted on or before
February 2, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.39
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–00380 Filed 1–11–22; 8:45 am]
BILLING CODE 8011–01–P
39 17
E:\FR\FM\12JAN1.SGM
CFR 200.30–3(a)(12).
12JAN1
]]>Agencies
[Federal Register Volume 87, Number 8 (Wednesday, January 12, 2022)]
[Notices]
[Pages 1810-1813]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-00380]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93918; File No. SR-NYSEARCA-2021-107]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Extending the
Expiration Date of the Temporary Amendments to Rules 10.9261 and
10.9830
January 6, 2022.
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 December 27, 2021, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
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 extending the expiration date of the
temporary amendments to Rules 10.9261 and 10.9830 as set forth in SR-
NYSEArca-2020-85 from December 31, 2021, to March 31, 2022, in
conformity with recent changes by the Financial Industry Regulatory
Authority, Inc. (``FINRA''). The proposed rule change would not make
any changes to the text of NYSE Arca Rules 10.9261 and 10.9830. 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 Exchange proposes extending the expiration date of the
temporary amendments as set forth in SR-NYSEArca-2020-85 \4\ to Rules
10.9261 (Evidence and Procedure in Hearing)
[[Page 1811]]
and 10.9830 (Hearing) from December 31, 2021, to March 31, 2022, to
harmonize with recent changes by FINRA to extend the expiration date of
the temporary amendments to its Rules 9261 and 9830. SR-NYSEArca-2020-
85 temporarily granted to the Chief or Deputy Chief Hearing Officer the
authority to order that hearings be conducted by video conference if
warranted by public health risks posed by in-person hearings during the
ongoing COVID-19 pandemic. The proposed rule change would not make any
changes to the text of Exchange Rules 10.9261 and 10.9830.\5\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 90088 (October 5,
2020), 85 FR 64186 (October 9, 2020) (SR-NYSEArca-2020-85) (``SR-
NYSEArca-2020-85'').
\5\ The Exchange may submit a separate rule filing to extend the
expiration date of the proposed extension beyond March 31, 2022 if
the Exchange requires additional temporary relief from the rule
requirements identified in SR-NYSEArca-2020-85. The amended NYSE
Arca rules will revert back to their original state at the
conclusion of the temporary relief period and any extension thereof.
---------------------------------------------------------------------------
Background
In 2019, NYSE Arca adopted disciplinary rules based on the text of
the Rule 8000 and Rule 9000 Series of its affiliate NYSE American LLC
(``NYSE American''), with certain changes. The NYSE American
disciplinary rules are, in turn, substantially the same as the Rule
8000 Series and Rule 9000 Series of FINRA and the New York Stock
Exchange LLC.\6\ The NYSE Arca disciplinary rules were implemented on
May 27, 2019.\7\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 85639 (April 12,
2019), 84 FR 16346 (April 18, 2019) (SR-NYSEArca-2019-15) (``2019
Notice'').
\7\ See NYSE Arca Equities RB-19-060 & NYSE Arca Options RB-19-
02 (April 26, 2019).
---------------------------------------------------------------------------
In adopting disciplinary rules modeled on FINRA's rules, NYSE Arca
adopted the hearing and evidentiary processes set forth in Rule 10.9261
and in Rule 10.9830 for hearings in matters involving temporary and
permanent cease and desist orders under the Rule 10.9800 Series. As
adopted, the text of Rule 10.9261 and Rule 10.9830 are substantially
the same as the FINRA rules with certain modifications.\8\
---------------------------------------------------------------------------
\8\ See 2019 Notice, 84 FR at 16365 & 16373-4.
---------------------------------------------------------------------------
In response to the COVID-19 global health crisis and the
corresponding need to restrict in-person activities, on August 31,
2020, FINRA filed with the Commission a proposed rule change for
immediate effectiveness, SR-FINRA-2020-027, which allowed FINRA's
Office of Hearing Officers (``OHO'') to conduct hearings, on a
temporary basis, by video conference, if warranted by the current
COVID-19-related public health risks posed by an in-person hearing.
Among the rules FINRA amended were Rules 9261 and 9830.\9\
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 89737 (September 2,
2020), 85 FR 55712 (September 9, 2020) (SR-FINRA-2020-027) (``SR-
FINRA-2020-027'').
---------------------------------------------------------------------------
Given that FINRA and OHO administers disciplinary hearings on the
Exchange's behalf, and that the public health concerns addressed by
FINRA's amendments apply equally to Exchange disciplinary hearings, on
September 23, 2020, the Exchange filed to temporarily amend Rule
10.9261 and Rule 10.9830 to permit FINRA to conduct virtual hearings on
its behalf.\10\ In December 2020, FINRA filed a proposed rule change,
SR-FINRA-2020-042, to extend the expiration date of the temporary
amendments in SR-FINRA-2020-027 from December 31, 2020, to April 30,
2021.\11\ On December 22, 2020, the Exchange similarly filed to extend
the temporary amendments to Rule 10.9261 and Rule 10.9830 to April 30,
2021.\12\ On April 1, 2021, FINRA filed a proposed rule change, SR-
FINRA-2021-006, to extend the expiration date of the temporary rule
amendments to, among other rules, FINRA Rule 9261 and 9830 from April
30, 2021, to August 31, 2021.\13\ On April 20, 2021, the Exchange filed
to extend the temporary amendments to Rule 10.9261 and Rule 10.9830 to
August 31, 2021.\14\ On August 13, 2021, FINRA filed a proposed rule
change, SR-FINRA-2021-019, to extend the expiration date of the
temporary amendments to, among other rules, FINRA Rule 9261 and 9830
from August 31, 2021, to December 31, 2021.\15\ On August 27, 2021, the
Exchange filed to extend the temporary amendments to Rule 10.9261 and
Rule 10.9830 to December 31, 2021, after which the temporary amendments
will expire absent another proposed rule change filing by the
Exchange.\16\
---------------------------------------------------------------------------
\10\ See note 4, supra.
\11\ See Securities Exchange Act Release No. 90619 (December 9,
2020), 85 FR 81250 (December 15, 2020) (SR-FINRA-2020-042).
\12\ See Securities Exchange Act Release No. 90820 (December 30,
2020), 86 FR 647 (January 6, 2021) (SR-NYSEArca-2020-116).
\13\ See Securities Exchange Act Release No. 91495 (April 7,
2021), 86 FR 19306 (April 13, 2021) (SR-FINRA-2021-006).
\14\ See Securities Exchange Act Release No. 91633 (April 22,
2021), 86 FR 22474 (April 28, 2021) (SR-NYSEArca-2021-27).
\15\ See Securities Exchange Act Release No. 92685 (August 17,
2021), 86 FR 47169 (August 23, 2021) (SR-FINRA-2021-019).
\16\ See Securities Exchange Act Release No. 92909 (September 9,
2021), 86 FR 51415 (September 15, 2021) (SR-NYSEArca-2021-76).
---------------------------------------------------------------------------
While there are signs of improvement, FINRA has determined that
much uncertainty remains for the coming months. The presence of the
Delta variant, dissimilar vaccination rates throughout the United
States, and the uptick in transmissions in many locations indicate that
COVID-19 remains an active and real public health concern.\17\ Due to
the uncertainty and the lack of a clear timeframe for a sustained and
widespread abatement of COVID-19-related health concerns and
corresponding restrictions,\18\ FINRA believes that there is a
continued need for temporary relief beyond December 31, 2021.\19\ On
December 7, 2021, FINRA accordingly filed to extend the expiration date
of the temporary rule amendments to, among other rules, FINRA Rule 9261
and 9830 from December 31, 2021, to March 31, 2022.\20\
---------------------------------------------------------------------------
\17\ See Securities Exchange Act Release No. 93758 (December 13,
2021), 86 FR 71695 (December 17, 2021) (SR-FINRA-2021-031) (``SR-
FINRA-2021-031''). FINRA noted that, for example, President Joe
Biden on July 29, 2021, announced several measures to increase the
number of people vaccinated against COVID-19 and to slow the spread
of the Delta variant, including strengthening safety protocols for
federal government employees and contractors. See https://www.whitehouse.gov/briefing-room/statements-releases/2021/07/29/factsheet-president-biden-to-announce-new-actions-to-get-more-americansvaccinated-and-slow-the-spread-of-the-delta-variant/.
Thereafter, the Biden Administration announced on November 4, 2021,
details of two major vaccination policies to further help fight
COVID-19. See https://www.whitehouse.gov/briefing-room/statements-releases/2021/11/04/factsheet-biden-administration-announces-details-of-two-major-vaccination-policies/. Most recently, President
Biden announced several new actions to help protect Americans
against the Delta and Omicron variants. See https://www.whitehouse.gov/briefing-room/statements-releases/2021/12/02/factsheet-president-biden-announces-new-actions-to-protect-americans-against-thedelta-and-omicron-variants-as-we-battle-covid-19-this-winter/. See SR-FINRA-2021-031, 86 FR at 71695, n. 6.
\18\ For instance, FINRA noted that the Centers for Disease
Control and Prevention (``CDC'') recently announced that the first
confirmed case of COVID-19 caused by the Omicron variant was
detected in the United States. See https://www.cdc.gov/media/releases/2021/s1201-omicron-variant.html. The CDC also recommends
that fully vaccinated people wear a mask in public indoor settings
in areas of substantial or high transmission and noted that fully
vaccinated people might choose to wear a mask regardless of the
level of transmission, particularly if they are immunocompromised or
at increased risk for severe disease from COVID-19. See https://www.cdc.gov/coronavirus/2019-ncov/vaccines/fully-vaccinated-guidance.html. Furthermore, as FINRA also noted, numerous states
currently have COVID-19 restrictions in place. Six states (Hawaii,
Illinois, Nevada, New Mexico, Oregon, and Washington) require most
people to wear masks in indoor public places regardless of
vaccination status, and three states (California, Connecticut, and
New York) have mask mandates in indoor public places for those
individuals who are unvaccinated. Several other states have mask
mandates in certain settings, such as healthcare facilities,
schools, and correctional facilities. See SR-FINRA-2021-031, 86 FR
at 71696, n. 7.
\19\ See SR-FINRA-2021-031, 86 FR at 71695-96.
\20\ See SR-FINRA-2021-031, 86 FR at 71695.
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Proposed Rule Change
Consistent with FINRA's recent proposal, the Exchange proposes to
extend the expiration date of the temporary rule amendments to NYSE
[[Page 1812]]
Arca Rules 10.9261 and 10.9830 as set forth in SR-NYSEArca-2020-85 from
December 31, 2021, to March 31, 2022.
As set forth in SR-FINRA-2021-031, while there are signs of
improvement, much uncertainty remains for the coming months. The
presence of the Delta variant, dissimilar vaccination rates throughout
the United States, and the uptick in transmissions in many locations
indicate that COVID-19 remains an active and real public health
concern.\21\ Due to the uncertainty and the lack of a clear timeframe
for a sustained and widespread abatement of COVID-19-related health
concerns and corresponding restrictions,\22\ FINRA believes that there
is a continued need for temporary relief beyond December 31, 2021.\23\
FINRA accordingly proposed to extend the expiration date of the
temporary rule amendments from December 31, 2021, to March 31, 2022.
---------------------------------------------------------------------------
\21\ See note 17, supra.
\22\ See note 18, supra.
\23\ See SR-FINRA-2021-031, 86 FR at 71695.
---------------------------------------------------------------------------
The Exchange proposes to similarly extend the expiration date of
the temporary rule amendments to NYSE Arca Rules 10.9261 and 10.9830 as
set forth in SR-NYSEArca-2020-85 from December 31, 2021, to March 31,
2022. The Exchange agrees with FINRA that, while there are signs of
improvement, much uncertainty remains for the coming months. The
Exchange also agrees that, due to the uncertainty and the lack of a
clear timeframe for a sustained and widespread abatement of COVID-19-
related health concerns and corresponding restrictions, for the reasons
set forth in SR-FINRA-2021-031, there is a continued need for this
temporary relief beyond December 31, 2021. The proposed change would
permit OHO to continue to assess, based on critical COVID-19 data and
criteria and the guidance of health and security consultants, whether
an in-person hearing would compromise the health and safety of the
hearing participants such that the hearing should proceed by video
conference. As noted in SR-FINRA-2021-031, in deciding whether to
schedule a hearing by video conference, OHO may consider a variety of
other factors in addition to COVID-19 trends. Similarly, as noted in
SR-FINRA-2021-031, in SR-FINRA-2020-027, FINRA provided a non-
exhaustive list of other factors OHO may take into consideration,
including a hearing participant's individual health concerns and access
to the connectivity and technology necessary to participate in a video
conference hearing.\24\ The Exchange believes that this is a reasonable
procedure to continue to follow for hearings under Rules 10.9261 and
10.9830 chaired by a FINRA employee.
---------------------------------------------------------------------------
\24\ See SR-FINRA-2021-031, 86 FR at 71695, n. 13.
---------------------------------------------------------------------------
As noted below, the Exchange has filed the proposed rule change for
immediate effectiveness and has requested that the SEC waive the
requirement that the proposed rule change not become operative for 30
days after the date of the filing, so the Exchange can implement the
proposed rule change immediately.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\25\ in general, and furthers the objectives of Section
6(b)(5),\26\ in particular, because it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, 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. Additionally, the Exchange believes
the proposed rule change is designed to provide a fair procedure for
the disciplining of members and persons associated with members,
consistent with Sections 6(b)(7) and 6(d) of the Act.\27\
---------------------------------------------------------------------------
\25\ 15 U.S.C. 78f(b).
\26\ 15 U.S.C. 78f(b)(5).
\27\ 15 U.S.C. 78f(b)(7) & 78f(d).
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change supports the
objectives of the Act by providing greater harmonization between
Exchange rules and FINRA rules of similar purpose, resulting in less
burdensome and more efficient regulatory compliance. As such, the
proposed rule change will foster cooperation and coordination with
persons engaged in facilitating transactions in securities and will
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
The proposed rule change, which extends the expiration date of the
temporary amendments to Exchange rules consistent with FINRA's
extension to its Rules 9261 and 9830 as set forth in SR-FINRA-2021-031,
will permit the Exchange to continue to effectively conduct hearings
during the COVID-19 pandemic. Given the current and frequently changing
COVID-19 conditions and the uncertainty around when those conditions
will see meaningful, widespread and sustained improvement, without this
relief allowing OHO to proceed by video conference, some or all
hearings may have to be postponed. The ability to conduct hearings by
video conference will permit the adjudicatory functions of the
Exchange's disciplinary rules to continue unabated, thereby avoiding
protracted delays. The Exchange believes that this is especially
important in matters where temporary and permanent cease and desist
orders are sought because the proposed rule change would enable those
hearings to continue to proceed without delay, thereby enabling the
Exchange to continue to take immediate action to stop significant,
ongoing customer harm, to the benefit of the investing public.
As set forth in detail in the SR-NYSEArca-2020-85, the temporary
relief to permit hearings to be conducted via video conference
maintains fair process and will continue to provide fair process
consistent with Sections 6(b)(7) and 6(d) of the Act \28\ while
striking an appropriate balance between providing fair process and
enabling the Exchange to fulfill its statutory obligations to protect
investors and maintain fair and orderly markets while avoiding the
COVID-19-related public health risks for hearing participants. The
Exchange notes that this proposal, like, like SR-NYSEArca-2020-85,
provides only temporary relief. As proposed, the changes would be in
place through March 31, 2022. As noted in SR-NYSEArca-2020-85 and
above, the amended rules will revert back to their original state at
the conclusion of the temporary relief period and, if applicable, any
extension thereof.
---------------------------------------------------------------------------
\28\ 15 U.S.C. 78f(b)(7) & 78f(d).
---------------------------------------------------------------------------
Accordingly, the proposed rule change extending this temporary
relief is in the public interest and consistent with the Act's purpose.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed temporary rule
change will impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
rule change is not intended to address competitive issues but is rather
intended solely to provide continued temporary relief given the impacts
of the COVID-19 pandemic and the related health and safety risks of
conducting in-person activities. The Exchange believes that the
proposed rule change will prevent unnecessary impediments to critical
adjudicatory
[[Page 1813]]
processes and its ability to fulfill its statutory obligations to
protect investors and maintain fair and orderly markets that would
otherwise result if the temporary amendments were to expire on December
31, 2021.
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \29\ and Rule 19b-4(f)(6) thereunder.\30\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------
\29\ 15 U.S.C. 78s(b)(3)(A)(iii).
\30\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \31\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\32\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange has
indicated that the proposed rule change to extend the expiration date
will continue to prevent unnecessary impediments to its critical
adjudicatory processes, and its ability to fulfill its statutory
obligations to protect investors and maintain fair and orderly markets
that would otherwise result if the temporary amendments were to expire
on December 31, 2021.\33\ Importantly, the Exchange has also stated
that extending the relief provided in SR-NYSEArca-2020-85 immediately
upon filing and without a 30-day operative delay will allow the
Exchange to continue critical adjudicatory and review processes in a
reasonable and fair manner and meet its critical investor protection
goals, while also following best practices with respect to the health
and safety of hearing participants.\34\ The Commission also notes that
this proposal extends without change the temporary relief previously
provided by SR-NYSEArca-2020-85.\35\ As proposed, the changes would be
in place through March 31, 2022 and the amended rules will revert back
to their original state at the conclusion of the temporary relief
period and, if applicable, any extension thereof.\36\ For these
reasons, the Commission believes that waiver of the 30-day operative
delay for this proposal is consistent with the protection of investors
and the public interest. Accordingly, the Commission hereby waives the
30-day operative delay and designates the proposal operative upon
filing.\37\
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\31\ 17 CFR 240.19b-4(f)(6).
\32\ 17 CFR 240.19b-4(f)(6)(iii).
\33\ See supra Item II.
\34\ See SR-FINRA-2021-031 at 71698 (noting the same with
respect to FINRA employees in granting FINRA's request to waive the
30-day operative delay so that SR-FINRA-2021-031 would become
operative immediately upon filing).
\35\ See supra note 4.
\36\ See supra note 5. As noted above, the Exchange states that
if it requires temporary relief from the rule requirements
identified in this proposal beyond March 31, 2022 it may submit a
separate rule filing to extend the effectiveness of the temporary
relief under these rules.
\37\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule change's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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) \38\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\38\ 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-NYSEARCA-2021-107 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-NYSEARCA-2021-107. 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-2021-107 and should be
submitted on or before February 2, 2022.
---------------------------------------------------------------------------
\39\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\39\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-00380 Filed 1-11-22; 8:45 am]
BILLING CODE 8011-01-P
