Submission for OMB Review; Comment Request; Extension: Rule 194, 57547-57548 [2022-20254]

Download as PDF Federal Register / Vol. 87, No. 181 / Tuesday, September 20, 2022 / Notices initial fixed cost for Members. The Exchange now believes that it is appropriate to remove these credits in light of the current operating conditions, including the Exchange’s overall membership and the current type and amount of volume executed on the Exchange. The Exchange believes that the Exchange’s current rebates and fees will still allow the Exchange to remain highly competitive such that the Exchange should continue to attract order flow and maintain market share. Inter-Market Competition The Exchange operates in a highly competitive market in which market participants can readily favor one of the 15 competing options venues if they deem fee levels at a particular venue to be excessive. Based on publiclyavailable information, and excluding index-based options, no single exchange has more than approximately 16% market share. Therefore, no exchange possesses significant pricing power regarding memberships or in the execution of multiply-listed equity and exchange-traded fund (‘‘ETF’’) options order flow. Over the course of 2021 and 2022, the Exchange’s market share has fluctuated between approximately 3–6% of the U.S. equity options industry.27 The Exchange is not aware of any evidence that a market share of approximately 3–6% provides the Exchange with anti-competitive pricing power when it comes to competition for memberships. The Exchange believes that the ever-shifting market share among exchanges from month to month demonstrates that market participants can discontinue memberships in response to fee changes. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and to attract and retain memberships on the Exchange. Lastly, the proposed fee change will not impact intermarket competition because it will apply to all Members equally. lotter on DSK11XQN23PROD with NOTICES1 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,28 and Rule 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– PEARL–2022–35 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–PEARL–2022–35. 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 a.m. and 3 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– PEARL–2022–35 and should be submitted on or before October 11, 2022. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.30 J. Matthew DeLesDernier, Deputy Secretary. [FR Doc. 2022–20269 Filed 9–19–22; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–780, OMB Control No. 3235–0733] Submission for OMB Review; Comment Request; Extension: Rule 194 Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in Commission Rule of Practice 194, (17 CFR 240.194), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule of Practice 194 provides a process for security-based swap dealers and major security-based swap participants (collectively, ‘‘SBS Entity’’) to make an application to the Commission for an order permitting an associated person who is subject to a statutory disqualification to effect or be involved in effecting security-based swaps on behalf of the SBS Entity. Rule of Practice 194 specifies the process for obtaining relief from the statutory prohibition in Exchange Act Section 15F(b)(6), including by setting forth the required showing, the form of application and the items to be addressed with respect to associated persons that are natural persons. An SBS Entity is not required to file an 27 See 28 15 supra note 6. U.S.C. 78s(b)(3)(A)(ii). 19b–4(f)(2) 29 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. VerDate Sep<11>2014 17:48 Sep 19, 2022 29 17 Jkt 256001 PO 00000 CFR 240.19b–4(f)(2). Frm 00096 Fmt 4703 Sfmt 4703 57547 30 17 E:\FR\FM\20SEN1.SGM CFR 200.30–3(a)(12). 20SEN1 lotter on DSK11XQN23PROD with NOTICES1 57548 Federal Register / Vol. 87, No. 181 / Tuesday, September 20, 2022 / Notices application under Rule of Practice 194 with respect to certain associated persons that are subject to a statutory disqualification, as provided for in paragraph (h) of Rule of Practice 194. To meet those requirements, however, the SBS Entity is required to file a notice with the Commission. It is estimated that approximately 50 entities may fit within the definition of security-based swap dealer and up to five entities may fit within the definition of major security-based swap participant—55 SBS Entities in total. The Commission anticipates that, on an average annual basis, only a small fraction of the natural persons at an SBS Entity would be subject to a statutory disqualification. Accordingly, based on available data, the Commission estimates that, on an average annual basis, the Commission would receive up to five applications in accordance with Rule of Practice 194 with respect to associated persons that are natural persons, and five notices pursuant to proposed Rule of Practice 194(h) with respect to associated persons that are natural persons. The Commission estimates that the average time necessary for an SBS Entity to research the questions, and complete and file an application under Rule of Practice 194 with respect to associated persons that are natural persons is approximately 30 hours, for a total of approximately 150 burden hours per year for all SBS Entities. The Commission estimates that approximately five SBS Entities will provide notices pursuant to Rule of Practice 194(h) for one natural person each on an average annual basis taking approximately 6 hours per notice, for a total of approximately 30 burden hours per year for all SBS Entities providing the notices for an estimated five natural persons. As such, the combined estimated annual hour burden for all SBS Entities to complete applications and notices pursuant to Rule of Practice 194 is approximately 180 hours per year (150 + 30). An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. The public may view background documentation for this information collection at the following website: www.reginfo.gov. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent by October 20, 2022 to (i) www.reginfo.gov/ public/do/PRAMain and (ii) David VerDate Sep<11>2014 17:48 Sep 19, 2022 Jkt 256001 Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@ sec.gov. Dated: September 14, 2022. J. Matthew DeLesDernier, Deputy Secretary. [FR Doc. 2022–20254 Filed 9–19–22; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–95774; File No. SR– PEARL–2022–30] Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Withdrawal of Proposed Rule Change To Amend the MIAX PEARL Options Fee Schedule To Remove Certain Credits and Increase Trading Permit Fees September 14, 2022. On July 26, 2022, MIAX PEARL, LLC (‘‘MIAX Pearl’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 1 and Rule 19b–4 thereunder,2 a proposed rule change to remove certain credits and increase trading permit fees. The proposed rule change was published for comment in the Federal Register on August 10, 2022.3 On August 31, 2022, MIAX Pearl withdrew the proposed rule change (SR–PEARL–2022–30). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.4 J. Matthew DeLesDernier, Deputy Secretary. [FR Doc. 2022–20274 Filed 9–19–22; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–95771; File No. SR–ISE– 2022–19] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its PortRelated Fees at Options 7, Section 7 September 14, 2022. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 95419 (August 4, 2022), 87 FR 48702. 4 17 CFR 200.30–3(a)(12). 2 17 PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on September 1, 2022, Nasdaq ISE, LLC (‘‘ISE’’ 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 the Exchange’s port-related fees at Options 7, Section 7, as described further below. The text of the proposed rule change is available on the Exchange’s website at https://listingcenter.nasdaq.com/ rulebook/ise/rules, at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to amend Options 7, Section 7 to (i) prorate port fees for the first month of service, (ii) clarify that port fees for cancelled services will continue to be charged for the remainder of month, (iii) clarify that Disaster Recovery Port Fees are not charged for market data ports listed in Options 7, Section 7C(iii), and (iv) clarify that Nasdaq Testing Facility (‘‘NTF’’) ports are provided at no cost. Currently, the Exchange does not prorate port connectivity fees. Thus, participants are assessed a full month’s fee if they direct the Exchange to make the subscribed connectivity live on any day of the month, including the last day 1 15 2 17 E:\FR\FM\20SEN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 20SEN1

Agencies

[Federal Register Volume 87, Number 181 (Tuesday, September 20, 2022)]
[Notices]
[Pages 57547-57548]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-20254]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-780, OMB Control No. 3235-0733]


Submission for OMB Review; Comment Request; Extension: Rule 194

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in 
Commission Rule of Practice 194, (17 CFR 240.194), under the Securities 
Exchange Act of 1934 (15 U.S.C. 78a et seq.).
    Rule of Practice 194 provides a process for security-based swap 
dealers and major security-based swap participants (collectively, ``SBS 
Entity'') to make an application to the Commission for an order 
permitting an associated person who is subject to a statutory 
disqualification to effect or be involved in effecting security-based 
swaps on behalf of the SBS Entity. Rule of Practice 194 specifies the 
process for obtaining relief from the statutory prohibition in Exchange 
Act Section 15F(b)(6), including by setting forth the required showing, 
the form of application and the items to be addressed with respect to 
associated persons that are natural persons. An SBS Entity is not 
required to file an

[[Page 57548]]

application under Rule of Practice 194 with respect to certain 
associated persons that are subject to a statutory disqualification, as 
provided for in paragraph (h) of Rule of Practice 194. To meet those 
requirements, however, the SBS Entity is required to file a notice with 
the Commission.
    It is estimated that approximately 50 entities may fit within the 
definition of security-based swap dealer and up to five entities may 
fit within the definition of major security-based swap participant--55 
SBS Entities in total. The Commission anticipates that, on an average 
annual basis, only a small fraction of the natural persons at an SBS 
Entity would be subject to a statutory disqualification. Accordingly, 
based on available data, the Commission estimates that, on an average 
annual basis, the Commission would receive up to five applications in 
accordance with Rule of Practice 194 with respect to associated persons 
that are natural persons, and five notices pursuant to proposed Rule of 
Practice 194(h) with respect to associated persons that are natural 
persons. The Commission estimates that the average time necessary for 
an SBS Entity to research the questions, and complete and file an 
application under Rule of Practice 194 with respect to associated 
persons that are natural persons is approximately 30 hours, for a total 
of approximately 150 burden hours per year for all SBS Entities. The 
Commission estimates that approximately five SBS Entities will provide 
notices pursuant to Rule of Practice 194(h) for one natural person each 
on an average annual basis taking approximately 6 hours per notice, for 
a total of approximately 30 burden hours per year for all SBS Entities 
providing the notices for an estimated five natural persons. As such, 
the combined estimated annual hour burden for all SBS Entities to 
complete applications and notices pursuant to Rule of Practice 194 is 
approximately 180 hours per year (150 + 30).
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent by October 20, 2022 to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, Director/Chief Information 
Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F 
Street NE, Washington, DC 20549, or by sending an email to: 
[email protected].

    Dated: September 14, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-20254 Filed 9-19-22; 8:45 am]
BILLING CODE 8011-01-P
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