Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule With Respect to Its FINRA Non-Member Processing Registration Fee, 4697-4699 [2022-01701]
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Federal Register / Vol. 87, No. 19 / Friday, January 28, 2022 / Notices
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 that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange believes that the proposed
rules would promote competition
because they would provide for an
additional order type on the Exchange,
thereby offering additional trading
opportunities for market participants.
The Exchange further believes that the
proposed rules would not impose any
burden on competition that is not
necessary or appropriate because they
are designed to provide its members
with consistency across the Affiliated
Exchanges, thereby enabling the
Exchange to compete with unaffiliated
exchange competitors that similarly
operate multiple exchanges on the same
trading platforms.
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
Because the foregoing 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 for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act 8 and
subparagraph (f)(6) of Rule 19b–4
thereunder.9
A proposed rule change filed under
Rule 19b–4(f)(6) 10 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),11 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
8 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires the Exchange to give the
Commission written notice of its intent to file the
proposed rule change, along with a brief description
and text of the proposed rule change, at least five
business days prior to the date of filing of the
proposed rule change, or such shorter time as
designated by the Commission. The Exchange has
satisfied this requirement.
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
jspears on DSK121TN23PROD with NOTICES1
9 17
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18:03 Jan 27, 2022
Jkt 256001
Commission to waive the 30-day
operative delay to allow the Exchange to
implement the proposal when the
technology associated with the
proposed change is available, which is
anticipated to be less than 30 days from
the date of this filing. The Exchange
states that waiver of the operative delay
would allow the Exchange to provide a
new order type that would provide
opportunities for improved executions
and promote consistency with the rules
of its Affiliated Exchanges. The
Commission notes that the operation of
the proposed order type is substantively
similar to that of order types offered by
the Exchange’s affiliates. The
Commission believes that waiver of the
30-day operative delay is consistent
with the protection of investors and the
public interest. Accordingly, the
Commission waives the 30-day
operative delay and designates the
proposal operative upon filing.12
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
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:
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–
NYSE–2022–05 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–NYSE–2022–05. This file
number should be included on the
subject line if email is used. To help the
12 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
PO 00000
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Fmt 4703
Sfmt 4703
4697
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–NYSE–2022–05, and
should be submitted on or before
February 18, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–01705 Filed 1–27–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94041; File No. SR–CBOE–
2022–002]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Its Fees
Schedule With Respect to Its FINRA
Non-Member Processing Registration
Fee
January 24, 2022.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
11, 2022, Cboe Exchange, Inc. (the
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\28JAN1.SGM
28JAN1
4698
Federal Register / Vol. 87, No. 19 / Friday, January 28, 2022 / Notices
‘‘Exchange’’ or ‘‘Cboe Options’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes to amend
its Fees Schedule with respect to its
FINRA Non-Member Processing
registration fee. The text of the proposed
rule change is provided in Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://www.cboe.com/
AboutCBOE/CBOELegal
RegulatoryHome.aspx), at the
Exchange’s Office of the Secretary, and
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
jspears on DSK121TN23PROD with NOTICES1
1. Purpose
The Exchange proposes to amend the
FINRA Non-Member Processing fee to
reflect adjustments to the FINRA
registration fees. The applicable fee is
collected and retained by FINRA via
Web CRD 3 for the registration of
employees of Exchange TPH
organizations that are not FINRA
members (‘‘Non-FINRA members’’). The
Exchange is merely listing these fees on
3 FINRA operates Web CRD, the central licensing
and registration system for the U.S. securities
industry. FINRA uses Web CRD to maintain the
qualification, employment, and disciplinary
histories of registered associated persons of brokerdealers.
VerDate Sep<11>2014
18:03 Jan 27, 2022
Jkt 256001
its Fees Schedule and does not collect
or retain this fee.4
Today, under the Regulatory Fees
section of the Fees Schedule are various
fees collected and retained by FINRA
via the Web CRD registration system,
including certain general registration
fees, fingerprint processing fees, and
continuing education fees. Specifically,
under the general registration fees is the
FINRA Non-Member Processing Fee of
$100 for all initial, transfer, relicense, or
dual registration Form U–4 filings. Now,
the Exchange proposes to increase the
$100 fee to $125 for such filings. The
proposed amendment is made in
accordance with a recent FINRA rule
change to adjust its fees.5
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.6 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 7 requirements that the rules of
an exchange be 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 regulating, clearing, settling,
processing information with respect to,
and 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 consistent with
the Section 6(b)(5) 8 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange believes it is reasonable
to increase the $100 fee for each initial
Form U–4 filed for the registration of a
representative or principal to $125 in
accordance with an adjustment to
FINRA’s fees.9 The proposed fees are
identical to those adopted by FINRA for
4 The Exchange initially filed the proposed fee
changes on January 3, 2022 (SR–CBOE–2022–001).
On January 11, 2022, the Exchange withdrew that
filing and submitted this filing.
5 See Securities Exchange Act Release No. 90176
(October 14, 2020), 85 FR 66592 (October 20, 2020)
(SR–FINRA–2020–032) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change
To Adjust FINRA Fees To Provide Sustainable
Funding for FINRA’s Regulatory Mission).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
8 Id.
9 Supra note 5.
PO 00000
Frm 00147
Fmt 4703
Sfmt 4703
use of Web CRD for disclosure and the
registration of FINRA members and
their associated persons. These costs are
borne by FINRA when a Non-FINRA
member uses Web CRD.
The Exchange believes that its
proposal to increase the $100 fee for
each initial Form U–4 filed for the
registration of a representative or
principal to $125 is equitable and not
unfairly discriminatory as the
amendment will reflect the current fee
that will be assessed by FINRA to all
members who require Form U–4 filings.
Further, the proposal is also equitable
and not unfairly discriminatory because
the Exchange will not be collecting or
retaining these fees, therefore, the
Exchange will not be in a position to
apply them in an inequitable or unfairly
discriminatory manner.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange believes that its proposal to
increase the $100 fee for each initial
Form U–4 filed for the registration of a
representative or principal to $125 does
not impose an undue burden on
competition as the amendment will
reflect the current fee that will be
assessed by FINRA to all members who
require Form U–4 filings. Further, the
proposal does not impose an undue
burden on competition because the
Exchange will not be collecting or
retaining these fees, therefore, the
Exchange will not be in a position to
apply them in an inequitable or unfairly
discriminatory manner.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 10 and paragraph (f) of Rule
19b–4 11 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
10 15
11 17
E:\FR\FM\28JAN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
28JAN1
Federal Register / Vol. 87, No. 19 / Friday, January 28, 2022 / Notices
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 will institute proceedings
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:
jspears on DSK121TN23PROD with NOTICES1
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–
CBOE–2022–002 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Vanessa Countryman, Secretary,
Securities and Exchange Commission,
100 F Street NE, Washington, DC
20549–1090.
All submissions should refer to File
Number SR–CBOE–2022–002. 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;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–CBOE–
VerDate Sep<11>2014
18:03 Jan 27, 2022
Jkt 256001
4699
2022–002 and should be submitted on
or before February 18, 2022.
office of the Exchange, and at the
Commission’s Public Reference Room.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
J. Matthew DeLesDernier,
Assistant Secretary.
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.
[FR Doc. 2022–01701 Filed 1–27–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94043; File No. SR–MRX–
2022–01]
Self-Regulatory Organizations; Nasdaq
MRX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend References to
FINRA Continuing Education Fees
January 24, 2022.
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 January
11, 2022, Nasdaq MRX, LLC (‘‘MRX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the 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 proposes to amend
MRX’s Pricing Schedule at Options 7,
Section 5, Other Options Fees and
Rebates, to reflect adjustments to FINRA
Continuing Education Fees.
While the changes proposed herein
are effective upon filing, the Exchange
has designated the new Maintaining
Qualifications Program (‘‘MQP’’) Fee,
elimination of the $100 Continuing
Education Session Fee, and technical
amendments to become operative on
January 31, 2022. Additionally, the
Exchange designates an $18 Continuing
Education Regulatory Element Session
Fee to become operative on January 1,
2023.3
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/mrx/rules, at the principal
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 93928
(January 7, 2022) (SR–FINRA–2021–034).
1 15
PO 00000
Frm 00148
Fmt 4703
Sfmt 4703
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
This proposal amends MRX’s Pricing
Schedule at Options 7, Section 5, Other
Options Fees and Rebates, to reflect
adjustments to FINRA Continuing
Education Fees.4 The FINRA fees are
collected and retained by FINRA via
Web CRD for the registration of
employees of MRX Members that are not
FINRA members (‘‘Non-FINRA
members’’). The Exchange is merely
listing these fees on its Pricing
Schedule. The Exchange does not
collect or retain these fees.
Today, MRX Options 7, Section 5D,
provides a list of FINRA Web CRD Fees,
Fingerprint Processing Fees, and
Continuing Education Fees. The
Exchange proposes to amend the
Continuing Education Fees within
Options 7, Section 5D on behalf of the
Exchange. The fees listed within
Options 7, Section 5D reflect fees set by
FINRA.
Specifically, the Exchange proposes to
decrease the $55 Continuing Education
Web-based Fee to $18. This amendment
is made in accordance with a recent
FINRA rule change to adjust to its fees.5
4 FINRA operates Web CRD, the central licensing
and registration system for the U.S. securities
industry. FINRA uses Web CRD to maintain the
qualification, employment and disciplinary
histories of registered associated persons of brokerdealers.
5 See note 3 above. On September 21, 2021, the
SEC approved amendments to FINRA Rules 1210
(Registration Requirements) and 1240 (Continuing
Education Requirements) to, among other things,
require registered persons to complete the
Regulatory Element of CE annually by December 31
of each year, rather than every three years, and to
complete Regulatory Element content for each
representative or principal registration category that
they hold. See Securities Exchange Act Release No.
93097 (September 21, 2021), 86 FR 53358
E:\FR\FM\28JAN1.SGM
Continued
28JAN1
]]>Agencies
[Federal Register Volume 87, Number 19 (Friday, January 28, 2022)]
[Notices]
[Pages 4697-4699]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01701]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94041; File No. SR-CBOE-2022-002]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fees Schedule With Respect to Its FINRA Non-Member Processing
Registration Fee
January 24, 2022.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on January 11, 2022, Cboe Exchange, Inc. (the
[[Page 4698]]
``Exchange'' or ``Cboe Options'') filed with the Securities and
Exchange Commission (the ``Commission'') the proposed rule change as
described in Items I, II, and III below, which Items have been prepared
by the Exchange. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its Fees Schedule with respect to its FINRA Non-Member
Processing registration fee. The text of the proposed rule change is
provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (https://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the FINRA Non-Member Processing fee
to reflect adjustments to the FINRA registration fees. The applicable
fee is collected and retained by FINRA via Web CRD \3\ for the
registration of employees of Exchange TPH organizations that are not
FINRA members (``Non-FINRA members''). The Exchange is merely listing
these fees on its Fees Schedule and does not collect or retain this
fee.\4\
---------------------------------------------------------------------------
\3\ FINRA operates Web CRD, the central licensing and
registration system for the U.S. securities industry. FINRA uses Web
CRD to maintain the qualification, employment, and disciplinary
histories of registered associated persons of broker-dealers.
\4\ The Exchange initially filed the proposed fee changes on
January 3, 2022 (SR-CBOE-2022-001). On January 11, 2022, the
Exchange withdrew that filing and submitted this filing.
---------------------------------------------------------------------------
Today, under the Regulatory Fees section of the Fees Schedule are
various fees collected and retained by FINRA via the Web CRD
registration system, including certain general registration fees,
fingerprint processing fees, and continuing education fees.
Specifically, under the general registration fees is the FINRA Non-
Member Processing Fee of $100 for all initial, transfer, relicense, or
dual registration Form U-4 filings. Now, the Exchange proposes to
increase the $100 fee to $125 for such filings. The proposed amendment
is made in accordance with a recent FINRA rule change to adjust its
fees.\5\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 90176 (October 14,
2020), 85 FR 66592 (October 20, 2020) (SR-FINRA-2020-032) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Adjust FINRA Fees To Provide Sustainable Funding for FINRA's
Regulatory Mission).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\6\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \7\ requirements that the rules of an exchange be
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 regulating, clearing,
settling, processing information with respect to, and 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 consistent with the
Section 6(b)(5) \8\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
\8\ Id.
---------------------------------------------------------------------------
The Exchange believes it is reasonable to increase the $100 fee for
each initial Form U-4 filed for the registration of a representative or
principal to $125 in accordance with an adjustment to FINRA's fees.\9\
The proposed fees are identical to those adopted by FINRA for use of
Web CRD for disclosure and the registration of FINRA members and their
associated persons. These costs are borne by FINRA when a Non-FINRA
member uses Web CRD.
---------------------------------------------------------------------------
\9\ Supra note 5.
---------------------------------------------------------------------------
The Exchange believes that its proposal to increase the $100 fee
for each initial Form U-4 filed for the registration of a
representative or principal to $125 is equitable and not unfairly
discriminatory as the amendment will reflect the current fee that will
be assessed by FINRA to all members who require Form U-4 filings.
Further, the proposal is also equitable and not unfairly discriminatory
because the Exchange will not be collecting or retaining these fees,
therefore, the Exchange will not be in a position to apply them in an
inequitable or unfairly discriminatory manner.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes that
its proposal to increase the $100 fee for each initial Form U-4 filed
for the registration of a representative or principal to $125 does not
impose an undue burden on competition as the amendment will reflect the
current fee that will be assessed by FINRA to all members who require
Form U-4 filings. Further, the proposal does not impose an undue burden
on competition because the Exchange will not be collecting or retaining
these fees, therefore, the Exchange will not be in a position to apply
them in an inequitable or unfairly discriminatory manner.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \10\ and paragraph (f) of Rule 19b-4 \11\
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
[[Page 4699]]
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 will institute proceedings to determine whether
the proposed rule change should be approved or disapproved.
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-CBOE-2022-002 on the subject line.
Paper Comments
Send paper comments in triplicate to Vanessa Countryman,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-CBOE-2022-002. 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; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-CBOE-2022-002 and should be
submitted on or before February 18, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-01701 Filed 1-27-22; 8:45 am]
BILLING CODE 8011-01-P
