Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX Rule 2.160 (Registration Requirements and Restrictions on Membership), 77152-77157 [2022-27163]
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77152
Federal Register / Vol. 87, No. 241 / Friday, December 16, 2022 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96475; File No. SR–
NYSECHX–2022–29]
Self-Regulatory Organizations; NYSE
Chicago, Inc.; Notice of Withdrawal of
a Proposed Rule Change To Amend
Article 17, Rule 5
December 12, 2022.
On December 1, 2022, the NYSE
Chicago, Inc. (‘‘NYSE Chicago’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend Article 17, Rule 5 of the
Exchange’s rules to (1) change how
Qualified Contingent Trade Cross
Orders are handled in the Exchange’s
Brokerplex® order management system,
and (2) make certain non-substantive
conforming changes. The proposed rule
change was effective upon filing with
the Commission pursuant to Section
19(b)(3)(A) of the Act.3 The proposed
rule change was published for comment
in the Federal Register on December 9,
2022.4
On December 9, 2022, the Exchange
withdrew the proposed rule change
(SR–NYSECHX–2022–29), which had
not yet become operative pursuant to
Rule 19b–4(f)(6)(iii).5
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022–27255 Filed 12–15–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
34771; File No. 812–15339]
Silver Spike Investment Corp., et al.
December 12, 2022.
Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’).
ACTION: Notice.
AGENCY:
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Notice of application for an order
under sections 17(d) and 57(i) of the
Investment Company Act of 1940 (the
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 See Securities Exchange Act Release No. 96448
(Dec. 5, 2022), 87 FR 75683 (Dec. 9, 2022).
5 17 CFR 240.19b–4(f)(6)(iii).
6 17 CFR 200.30–3(a)(12).
2 17
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‘‘Act’’) and rule 17d–1 under the Act to
permit certain joint transactions
otherwise prohibited by sections 17(d)
and 57(a)(4) of the Act and rule 17d–1
under the Act.
SUMMARY OF APPLICATION: Applicants
request an order to permit certain
business development companies
(‘‘BDCs’’) and closed-end management
investment companies to co-invest in
portfolio companies with each other and
with certain affiliated investment
entities.
APPLICANTS: Silver Spike Investment
Corp., Silver Spike Capital, LLC, and
Silver Spike Private Credit II, LP.
FILING DATES: The application was filed
on May 19, 2022, and amended on
October 7, 2022 and December 9, 2022.
HEARING OR NOTIFICATION OF HEARING: An
order granting the requested relief will
be issued unless the Commission orders
a hearing. Interested persons may
request a hearing on any application by
emailing the SEC’s Secretary at
Secretarys-Office@sec.gov and serving
the Applicants with a copy of the
request by email, if an email address is
listed for the relevant Applicant below,
or personally or by mail, if a physical
address is listed for the relevant
Applicant below. Hearing requests
should be received by the Commission
by 5:30 p.m. on January 6, 2023, and
should be accompanied by proof of
service on the Applicants, in the form
of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0–
5 under the Act, hearing requests should
state the nature of the writer’s interest,
any facts bearing upon the desirability
of a hearing on the matter, the reason for
the request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
emailing the Commission’s Secretary at
Secretarys-Office@sec.gov.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov. Applicants:
greg@silverspikecap.com and
gregory.rowland@davispolk.com.
FOR FURTHER INFORMATION CONTACT:
Barbara T. Heussler, Senior Counsel, or
Lisa Reid Ragen, Branch Chief, at (202)
551–6825 (Division of Investment
Management, Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: For
Applicants’ representations, legal
analysis, and conditions, please refer to
Applicants’ second amended and
restated application, dated December 9,
2022, which may be obtained via the
Commission’s website by searching for
the file number at the top of this
document, or for an Applicant using the
Company name search field, on the
SEC’s EDGAR system. The SEC’s
PO 00000
Frm 00096
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EDGAR system may be searched at,
https://www.sec.gov/edgar/searchedgar/
legacy/companysearch.html. You may
also call the SEC’s Public Reference
Room at (202) 551–8090.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022–27266 Filed 12–15–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96473); File No. SR–IEX–
2022–11]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend IEX
Rule 2.160 (Registration Requirements
and Restrictions on Membership)
December 9, 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
November 28, 2022, the Investors
Exchange LLC (‘‘IEX’’ 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
Pursuant to the provisions of section
19(b)(1) under the Act,4 and Rule 19b–
4 thereunder,5 the Exchange is filing
with the Commission a proposed rule
change to amend IEX Rule 2.160. The
Exchange has designated this proposal
as non-controversial pursuant to Section
19(b)(3)(A)(iii) of the Act 6 and provided
the Commission with the notice
required by Rule 19b–4(f)(6)(iii)
thereunder.7
The text of the proposed rule change
is available at the Exchange’s website at
www.iextrading.com, at the principal
1 15
U.S.C. 78S(B)(1).
U.S.C. 78A.
3 17 CFR 240.19B–4.
4 15 U.S.C. 78S(B)(1).
5 17 CFR 240.19B–4.
6 15 U.S.C. 78S(B)(3)(A).
7 17 CFR 240.19B–4(F)(6)(III).
2 15
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Federal Register / Vol. 87, No. 241 / Friday, December 16, 2022 / Notices
office of the Exchange, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and the
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 these statement may be examined at
the places specified in Item IV below.
The self-regulatory organization 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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
IEX is proposing to amend sections of
IEX Rule 2.160 that relate to continuing
education requirements, lapses of
registration of the Securities Industry
Essentials (‘‘SIE’’) examination, and
waivers of examinations for certain
individuals working for a financial
services affiliate of a Member.8 The
proposed rule change is based on
changes to registration and continuing
education requirements made by the
Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’), including a
change to require that the Regulatory
Element of continuing education be
completed annually rather than every
three years, and to provide a path
through continuing education for
individuals to maintain their
qualification following the termination
of a registration.9
1. Background
In IEX Rule 2.160(p), the Exchange
sets forth certain continuing education
(‘‘CE’’) requirements for its Members
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8 SEE
IEX RULE 1.160(S) (DEFINING
‘‘MEMBER’’).
9 SEE SECURITIES EXCHANGE ACT RELEASE
NO. 93097 (SEPTEMBER 21, 2021), 86 FR 53358
(SEPTEMBER 27, 2021) (SR–FINRA–2021–015)
(THE ‘‘FINRA APPROVAL ORDER’’). OTHER
EXCHANGES HAVE ALSO FILED RULE CHANGES
HARMONIZING THEIR REGISTRATION
REQUIREMENTS AND CONTINUING EDUCATION
RULES WITH THOSE OF FINRA, SO AS TO
PROMOTE UNIFORM STANDARDS ACROSS THE
SECURITIES INDUSTRY. SEE E.G., SECURITIES
EXCHANGE ACT RELEASE NO. 94400 (MARCH
11, 2022), 87 FR 15286 (MARCH 17, 2022) (SR–
NASDAQ–2022–021); SECURITIES EXCHANGE
ACT RELEASE NO. 94429 (MARCH 16, 2022), 87
FR 16268 (MARCH 22, 2022) (SR–MEMX–2022–05);
SECURITIES EXCHANGE ACT RELEASE NO.
95414 (AUGUST 3, 2022), 87 FR 48527 (AUGUST
9, 2022) (SR–BOX–2022–23).
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including requirements to participate in
the Regulatory and Firm Elements of
training, which are generally based on
certain FINRA Rules.10 The Regulatory
Element focuses on regulatory
requirements, and the Firm Element
focuses on enhancing covered registered
persons’ securities knowledge, skill, and
professionalism. The Regulatory
Element CE program is administered to
industry participants by FINRA.11
Furthermore, FINRA’s rule filing
amended Rules 1210.09 (‘‘Waiver of
Examinations for Individuals Working
for a Financial Services Industry
Affiliate of a Member’’) and 1210.08
(‘‘Lapse of Registration and Expiration
of SIE’’), which are mirrored by
Supplementary Material .01 to IEX Rule
2.160(g) and Rule 2.160(o).12 The
Exchange seeks to amend its rules to
more closely mirror FINRA Rules, as
amended.13
2. Proposed Rule Change
FINRA has participated in extensive
work with the Securities Industry/
Regulatory Council on Continuing
Education (‘‘CE Council’’) that has
resulted in amendments to FINRA Rules
1210 and 1240.14 Following these
changes, the Exchange seeks to align its
registration and continuing education
requirements with those of FINRA by
making the following changes to IEX
Rule 2.160.
A. Transition to Annual Regulatory
Element for Registered Persons
Currently, the Regulatory Element
prescribed in IEX Rule 2.160(p)(a) sets
forth that training must be completed
every three years, and the content is
broad in nature. Based on changes in
technology and learning theory, the
Regulatory Element content can be
updated and delivered in a timelier
fashion and tailored to each registration
category, which would further the goals
of the Regulatory Element.15 Therefore,
10 SEE FINRA RULE 1210 (REGISTRATION
REQUIREMENTS) AND 1240 (CONTINUING
EDUCATION REQUIREMENTS).
11 SEE IEX RULE 2.160(P)(A)(6).
12 SEE FINRA APPROVAL ORDER, SUPRA NOTE
9.
13 ID.
14 ID.
15 WHEN THE FINRA CE PROGRAM WAS
ORIGINALLY ADOPTED IN 1995, REGISTERED
PERSONS WERE REQUIRED TO COMPLETE THE
REGULATORY ELEMENT ON THEIR SECOND,
FIFTH AND 10TH REGISTRATION ANNIVERSARY
DATES. SEE SECURITIES EXCHANGE ACT
RELEASE NO. 35341 (FEBRUARY 8, 1995), 60 FR
8426 (FEBRUARY 14, 1995) (ORDER APPROVING
FILE NOS. SR–AMEX–94–59; SR–CBOE–94–49;
SR–CHX–94–27; SR–MSRB–94–17; SR–NASD–94–
72; SR–NYSE–94–43; SR–PSE–94–35; AND SR–
PHLX–94–52). THE CHANGE TO THE CURRENT
THREE-YEAR CYCLE WAS MADE IN 1998 TO
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77153
to align the Exchange’s Rules with
changes made by FINRA and to provide
registered persons with more timely and
relevant training on significant
regulatory developments, the Exchange
proposes amending IEX Rule 2.160(p)(a)
to require registered persons to
complete the Regulatory Element
annually by December 31, with the first
compliance date December 31, 2023.16
The proposed amendment would also
require registered persons to complete
the Regulatory Element content for each
representative or principal registration
category that they hold, which would
also further the goals of the Regulatory
Element.17 Under the proposed rule
change, registered representatives will
have the flexibility to complete the
Regulatory Element sooner than
December 31 of each year.18 Registered
persons who would be registering as a
representative or principal for the first
time on or after the implementation date
of the proposed rule change would be
required to complete their initial
Regulatory Element for that registration
category in the next calendar year
following their registration.19 In
addition, subject to specified
conditions, registered persons who
would be reregistering as a
representative or principal on or after
the implementation date of the
proposed rule change would also be
required to complete their initial
Regulatory Element for that registration
category in the next calendar year
following their reregistration.20
Consistent with current requirements,
registered persons who fail to complete
their Regulatory Element within the
prescribed period would be
automatically designated as inactive.21
However, the proposed rule change
preserves the Exchange’s ability to
extend the time by which a registered
persons must complete the Regulatory
Element for good cause shown.22
The Exchange also proposes
amending IEX Rule 2.160(p)(a)(2) to
clarify that: (1) individuals who are
PROVIDE REGISTERED PERSONS MORE TIMELY
AND EFFECTIVE TRAINING, CONSISTENT WITH
THE OVERALL PURPOSE OF THE REGULATORY
ELEMENT. SEE SECURITIES EXCHANGE ACT
RELEASE NO. 39712 (MARCH 3, 1998), 63 FR
11939 (MARCH 11, 1998) (ORDER APPROVING
FILE NOS. SR–CBOE–97–68; SR–MSRB–98–02;
SR–NASD–98–03; AND SR–NYSE–97–33).
16 SEE PROPOSED IEX RULE 2.160(P)(A)(1).
17 ID.
18 ID.
19 ID.
20 SEE PROPOSED IEX RULE 2.160(P)(A)(4).
21 SEE PROPOSED IEX RULE 2.160(P)(A)(2).
22 THE PROPOSED RULE CHANGE CLARIFIES
THAT THE REQUEST FOR AN EXTENSION OF
TIME MUST BE IN WRITING AND INCLUDE
SUPPORTING DOCUMENTATION, WHICH IS
CONSISTENT WITH CURRENT PRACTICE.
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designated as inactive would be
required to complete all of their pending
and upcoming annual Regulatory
Element, including any annual
Regulatory Element that becomes due
during their CE inactive period, to
return to active status; 23 (2) the twoyear CE inactive period is calculated
from the date individuals become CE
inactive, and it continues to run
regardless of whether individuals
terminate their registrations; 24 (3)
individuals who become subject to a
significant disciplinary action may be
required to complete assigned
continuing education content as
prescribed by the Exchange; 25 (4)
individuals who have not completed
any Regulatory Element content for a
registration category in the calendar
year(s) prior to reregistering would not
be approved for registration for that
category until they complete that
Regulatory Element content, pass an
examination for that registration
category or obtain an unconditional
examination waiver for that registration
category, whichever is applicable; 26 and
(5) the Regulatory Element requirements
apply to individuals who are registered,
or in the process of registering, as a
representative or principal.27 The
Exchange notes that it also proposes to
make conforming changes to IEX Rule
2.160(p)(a) to further align the IEX Rule
with FINRA Rule 1240(a).
Under the proposed rule change, the
amount of content that registered
persons would be required to complete
in a three-year, annual cycle for a
particular registration category is
expected to be comparable to what most
registered persons are currently
completing every three years. In some
years, there may be more required
content for some registration categories
depending on the volume of rule
changes and regulatory issues. In
addition, an individual who holds
multiple registrations may be required
to complete additional content
compared to an individual who holds a
single registration because, as noted
above, individuals would be required to
complete content specific to each
registration category that they hold.
However, individuals with multiple
registrations would not be subject to
duplicative regulatory content in any
given year. The more common
registration combinations would likely
share much of their relevant regulatory
content each year. For example,
23 SEE
PROPOSED IEX RULE 2.160(P)(A)(2).
24 ID.
25 SEE
26 SEE
PROPOSED IEX RULE 2.160(P)(A)(3).
PROPOSED IEX RULE 2.160(P)(A)(4).
27 ID.
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individuals registered as General
Securities Representatives and General
Securities Principals would receive the
same content as individuals solely
registered as General Securities
Representatives, supplemented with a
likely smaller amount of supervisoryspecific content on the same topics. The
less common registration combinations
may result in less topic overlap and
more content overall.
B. Changes to Firm Element
IEX Rule 2.160(p)(b) (Firm Element)
currently requires each firm to develop
and administer an annual Firm Element
training program for any person
registered with a Member who has
direct contact with customers in the
securities business of the Member
relating to activity that occurs on the
Exchange (a ‘‘covered registered
person’’).28 The rule requires firms to
conduct an annual needs analysis to
determine the appropriate training for
covered registered persons.29 Currently,
at a minimum, the Firm Element must
cover training in ethics and professional
responsibility as well as the following
items concerning securities products,
services and strategies offered by the
member: (1) general investment features
and associated risk factors; (2)
suitability and sales practice
considerations; and (3) applicable
regulatory requirements.30 A firm,
consistent with its needs analysis, may
determine to apply toward the Firm
Element other required training.31
To better align the Firm Element
requirement with other required
training, IEX proposes amending IEX
Rule 2.160(p)(b) to expressly allow firms
to consider training relating to the AML
compliance program and the annual
compliance meeting toward satisfying
an individual’s annual Firm Element
requirement.32 IEX also proposes
amending the rule to extend the Firm
Element requirement to all registered
persons, including individuals who
maintain solely a permissive registration
consistent with Supplementary Material
.01 to IEX Rule 2.160(e), thereby further
aligning the Firm Element requirement
with other broadly-based training
requirements.33 In conjunction with this
28 SEE
29 SEE
IEX RULE 2.160(P)(B)(1).
IEX RULE 2.160(P)(B)(2).
30 ID.
31 SEE
IEX RULE 2.160(P)(B)(4).
PROPOSED IEX RULE 2.160(P)(B)(2)(D).
33 AS DISCUSSED, INFRA, THE EXCHANGE IS
PROPOSING TO MAKE THREE NONSUBSTANTIVE CONFORMING EDITS TO IEX
RULE 2.160(P)(A)(1) BY CORRECTING THE
REFERENCES TO ‘‘COMMENTARY .02 TO RULE
2.160’’ TO PROPERLY CITE TO
‘‘SUPPLEMENTARY MATERIAL .01 TO RULE
2.160(E)’’ AND CORRECTING REFERENCES TO
32 SEE
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proposed change, IEX proposes
modifying the current minimum
training criteria under IEX Rule
2.160(p)(b) to instead provide that the
training must cover topics related to the
role, activities, or responsibilities of the
registered person and to professional
responsibility, and removing the not
role-specific current requirements that
the Firm Element training at a minimum
cover: (1) general investment features
and associated risk factors; (2)
suitability and sales practice
considerations; and (3) applicable
regulatory requirements.34
C. Termination of Registration
Currently, individuals whose
registrations as representatives or
principals have been terminated for two
or more years may reregister as
representatives or principals only if they
requalify by retaking and passing the
applicable representative- or principallevel examination or if they obtain a
waiver of such examination(s) (the
‘‘two-year qualification period’’).35 The
two-year qualification period was
adopted prior to the creation of the CE
Program and was intended to ensure
that individuals who reregister are
relatively current on their regulatory
and securities knowledge.
IEX proposes to amend IEX Rule
2.160(o) to provide that a person whose
registration has been terminated for
more than two years in a registration
‘‘COMMENTARY .01 TO RULE 2.160(G)’’ TO
PROPERLY CITE TO ‘‘SUPPLEMENTARY
MATERIAL .01 TO RULE 2.160(G).
34 SEE PROPOSED IEX RULE 2.160(P)(B)(2)(B).
35 SEE IEX RULE 2.160(O). THE TWO-YEAR
QUALIFICATION PERIOD IS CALCULATED FROM
THE DATE INDIVIDUALS TERMINATE THEIR
REGISTRATION AND THE DATE FINRA
RECEIVES A NEW APPLICATION FOR
REGISTRATION. THE TWO-YEAR
QUALIFICATION PERIOD DOES NOT APPLY TO
INDIVIDUALS WHO TERMINATE A LIMITED
REGISTRATION CATEGORY THAT IS A SUBSET
OF A BROADER REGISTRATION CATEGORY FOR
WHICH THEY REMAIN QUALIFIED. FOR
INSTANCE, IT WOULD NOT APPLY TO AN
INDIVIDUAL WHO MAINTAINS HIS
REGISTRATION AS A GENERAL SECURITIES
REPRESENTATIVE BUT WHO TERMINATES HIS
REGISTRATION AS AN INVESTMENT COMPANY
AND VARIABLE CONTRACTS PRODUCTS
REPRESENTATIVE. SUCH INDIVIDUALS HAVE
THE OPTION OF REREGISTERING IN THE MORE
LIMITED REGISTRATION CATEGORY WITHOUT
HAVING TO REQUALIFY BY EXAMINATION OR
OBTAIN AN EXAMINATION WAIVER SO LONG
AS THEY CONTINUE TO REMAIN QUALIFIED
FOR THE BROADER REGISTRATION CATEGORY.
FURTHER, THE TWO-YEAR QUALIFICATION
PERIOD ONLY APPLIES TO THE
REPRESENTATIVE—AND PRINCIPAL-LEVEL
EXAMINATIONS; IT DOES NOT EXTEND TO THE
SECURITIES INDUSTRY ESSENTIALS (‘‘SIE’’)
EXAMINATION. THE SIE EXAMINATION IS
VALID FOR FOUR YEARS, BUT HAVING A VALID
SIE EXAMINATION ALONE DOES NOT QUALIFY
AN INDIVIDUAL FOR REGISTRATION AS A
REPRESENTATIVE OR PRINCIPAL.
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Federal Register / Vol. 87, No. 241 / Friday, December 16, 2022 / Notices
category will not be required to pass a
representative qualification examination
appropriate to that registration category
if the person has maintained his or her
qualification status for that registration
category in accordance with the
maintaining qualifications program
detailed infra.36
And the Exchange proposes to amend
Supplementary Material .01 to IEX Rule
2.160(g), which describes the process for
a waiver of examinations for individuals
working for a financial services industry
affiliate of a Member, to reflect that the
waiver program stopped accepting
applications on March 15, 2022. IEX
makes this proposal because of the
proposed changes to the Regulatory
Element discussed supra that make
completion of the Regulatory Element
an annual requirement, which would
also apply to people eligible for the
financial services industry affiliate
waiver program (‘‘FSAWP’’).
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D. Maintenance of Qualification After
Termination of Registration
The Exchange proposes adopting
subparagraph (c) under IEX Rule
2.160(p) and Supplementary Material
.01 and .02 to IEX Rule 2.160(p)(c) to
provide eligible individuals who
terminate any of their representative or
principal registrations the option of
maintaining their qualification for any
of the terminated registrations by
completing continuing education. The
proposed rule change would not
eliminate the two-year qualification
period set forth in IEX Rule
2.160(p)(a)(2). Rather, it would provide
such individuals an alternative means of
staying current on their regulatory and
securities knowledge following the
termination of a registration(s). Eligible
individuals who elect not to participate
in the proposed continuing education
program would continue to be subject to
the current two-year qualification
period. The proposed rule change is
generally aligned with other
professional continuing education
programs that allow individuals to
maintain their qualification to work in
their respective fields during a period of
absence from their careers (including an
absence of more than two years) by
satisfying continuing education
requirements for their credential.
The proposed rule change would
impose the following conditions and
limitations:
• Individuals would be required to be
registered in the terminated registration
category for at least one year
36 SEE
PROPOSED IEX RULE 2.160(P)(C).
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immediately prior to the termination of
that category; 37
• Individuals could elect to
participate when they terminate a
registration or within two years from the
termination of a registration; 38
• Individuals would be required to
complete annually all prescribed
continuing education; 39
• Individuals would have a maximum
of five years in which to reregister; 40
• Individuals who have been inactive
for two consecutive years, or who
become inactive for two consecutive
years during their participation, would
not be eligible to participate or
continue; 41 and
• Individuals who are subject to a
statutory disqualification, or who
become subject to a statutory
disqualification following the
termination of their registration or
during their participation, would not be
eligible to participate or continue.42
In addition, the proposed rule change
includes a re-eligibility provision that
would allow individuals to regain
eligibility to participate each time they
reregister with a firm for a period of at
least one year and subsequently
terminate their registration, if they
satisfy the other participation
conditions and limitations.43
E. Conforming Changes
IEX also proposes to make conforming
edits to IEX Rule 2.160 to better align
the rule text with FINRA Rules 1210
and 1240. Additionally, IEX proposes to
make three non-substantive conforming
edits to IEX Rule 2.160(p)(a)(1) by
correcting the references to
‘‘Commentary .02 to Rule 2.160’’ to
properly cite to ‘‘Supplementary
Material .01 to Rule 2.160(e)’’ and
correcting references to ‘‘Commentary
.01 to Rule 2.160(g)’’ to properly cite to
‘‘Supplementary Material .01 to Rule
2.160(g), in order to align the
terminology used in these rules with the
rest of IEX’s rulebook.
PROPOSED IEX RULE 2.160(P)(C)(1).
PROPOSED IEX RULE 2.160(P)(C)(2).
INDIVIDUALS WHO ELECT TO PARTICIPATE AT
THE LATER DATE WOULD BE REQUIRED TO
COMPLETE, WITHIN TWO YEARS FROM THE
TERMINATION OF THEIR REGISTRATION, ANY
CONTINUING EDUCATION THAT BECOMES DUE
BETWEEN THE TIME OF THEIR FORM U5
(UNIFORM TERMINATION NOTICE FOR
SECURITIES INDUSTRY REGISTRATION)
SUBMISSION AND THE DATE THAT THEY
COMMENCE THEIR PARTICIPATION.
39 SEE PROPOSED IEX RULE 2.160(P)(C)(3).
40 SEE PROPOSED IEX RULE 2.160(P)(C).
41 SEE PROPOSED IEX RULE 2.160(P)(C)(4) AND
(C)(5).
42 SEE PROPOSED IEX RULE 2.160(P)(C)(1) AND
(C)(6).
43 SEE PROPOSED SUPPLEMENTARY
MATERIAL .01 TO IEX RULE 2.160(P)(C).
77155
F. CE Program Implementation
As stated in the FINRA Approval
Order, FINRA and the CE Council also
plan to enhance the CE Program in other
ways, and these additional
enhancements do not require any
changes to the FINRA rules.44 As it
relates to the rule changes themselves,
the FINRA changes relating to the
Maintaining Qualifications Program and
the FSAWP had an implementation date
of March 15, 2022.45 The Exchange’s
proposed changes to the Maintaining
Qualifications Program (subparagraph
(c) of Rule 2.160(p)) and to the FSAWP
(Supplementary Material .01 to Rule
2.160(g)) will become effective on the
date this proposed rule change is filed.
All other changes related to the FINRA
Approval Order and to the Exchange’s
rules relating to the Regulatory Element,
Firm Element and the two-year
qualification period, will have an
implementation date of January 1,
2023.46
2. Statutory Basis
The Exchange believes that its
proposal is consistent with the
requirements of Sections 6(b) 47 and
6(b)(5) of the Act,48 in particular, in that
it is designed to promote just and
equitable principles of trade, to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general to protect investors and the
public interest.
As noted above, the proposed rule
change seeks to align the Exchange
Rules with changes to FINRA rules
which have been approved by the
Commission.49 The Exchange believes
the proposed rule change is consistent
with the provisions of section 6(b)(5) of
the Act,50 which requires, among other
things, that Exchange Rules must be
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, and, in general, to protect
37 SEE
38 SEE
PO 00000
Frm 00099
Fmt 4703
Sfmt 4703
44 SEE FINRA APPROVAL ORDER, SUPRA NOTE
9. AS DESCRIBED IN MORE DETAIL IN THE
FINRA APPROVAL ORDER, FINRA WILL WORK
WITH THE CE COUNCIL TO DEVELOP AND
INCORPORATE ADDITIONAL RESOURCES IN
CONNECTION WITH THE REGULATORY AND
FIRM ELEMENTS. SIMILAR TO FINRA, THESE
ADDITIONAL ENHANCEMENTS DO NOT
REQUIRE ANY CHANGES TO THE EXCHANGE
RULES.
45 SEE FINRA REGULATORY NOTICE 21–41 AT
https://WWW.FINRA.ORG/RULES-GUIDANCE/
NOTICES/21-41.
46 ID.
47 15 U.S.C. 78F(B).
48 15 U.S.C. 78F(B)(5).
49 SEE FINRA APPROVAL ORDER, SUPRA NOTE
9.
50 15 U.S.C. 78F(B)(5).
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Federal Register / Vol. 87, No. 241 / Friday, December 16, 2022 / Notices
investors and the public interest, and
section 6(c)(3) of the Act,51 which
authorizes the Exchange to prescribe
standards of training, experience and
competence for persons associated with
Exchange. The proposed changes are
based on the changes approved by the
Commission in the FINRA Approval
Order,52 and the Exchange is proposing
to adopt such changes substantially in
the same form proposed by FINRA with
the notable exception that this proposed
rule change does not apply
retroactively, and the date FINRA
implemented the changes to its CE
program has already passed.53 The
Exchange believes the proposal is
consistent with the Act for the reasons
described above and for those reasons
cited in the FINRA Approval Order.54
The Exchange believes the proposed
changes to the Regulatory Element and
Firm Element will help ensure that all
registered persons receive timely and
relevant training, which will, in turn,
enhance compliance and investor
protection. Further, the Exchange
believes that establishing a path for
individuals to maintain their
qualification following the termination
of a registration will reduce unnecessary
impediments to requalification and
promote greater diversity and inclusion
in the securities industry without
diminishing investor protection.
Finally, the Exchange believes that
the proposed conforming changes to its
continuing education and registration
rules will enhance compliance and
investor protection by better aligning
these rules with the rules changed by
FINRA, as well as aligning the
terminology used within these rules
with the IEX Rule Book.
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
51 15
U.S.C. 78F(C)(3).
FINRA APPROVAL ORDER, SUPRA NOTE
52 SEE
lotter on DSK11XQN23PROD with NOTICES1
9.
53 OTHERWISE, IEX’S PROPOSED RULE
CHANGES ARE SUBSTANTIALLY SIMILAR TO
THE CHANGES IN THE FINRA APPROVAL
ORDER, WITH ONLY NON-SUBSTANTIVE
DIFFERENCES IN THE NOMENCLATURE AND
ORGANIZATION OF IEX’S AND FINRA’S
REGISTRATION REQUIREMENT AND
CONTINUING EDUCATION RULES (E.G., FINRA
RULE 1210.07, WHICH IS PART OF FINRA’S
REGISTRATION REQUIREMENT RULE, IS
EQUIVALENT TO IEX RULE 2.160(P)(A)(1),
WHICH IS PART OF IEX’S CONTINUING
EDUCATION RULE).
54 SEE FINRA APPROVAL ORDER, SUPRA NOTE
9.
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20:05 Dec 15, 2022
Jkt 259001
rule change, which harmonizes its rules
with rule changes adopted by FINRA,
will reduce the regulatory burden
placed on market participants engaged
in trading activities across different
markets.
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
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 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) of the Act and Rule 19b–
4(f)(6) thereunder.55
A proposed rule change filed under
Rule 19b-4(f)(6) normally does not
become operative for 30 days after the
date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii), 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
this proposed rule change may become
operative immediately upon filing. In
addition, Rule 19b–4(f)(6)(iii) 56 requires
a self-regulatory organization to give the
Commission written notice of its intent
to file a proposed rule change under that
subsection at least five business days
prior to the date of filing, or such
shorter time as designated by the
Commission. The Exchange has
provided such notice.
Waiver of the 30-day operative delay
will allow the Exchange to implement
the proposed changes to its continuing
education and registration rules without
delay, thereby eliminating the material
differences between FINRA and
Exchange continuing education rules,
providing more uniform standards
across the securities industry, and
helping to avoid ongoing confusion for
Exchange Members that are also FINRA
members. For this reason, 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
55 17
56 17
PO 00000
CFR 240.19B–4(F)(6).
CFR 240.19B–4(F)(6)(III).
Frm 00100
Fmt 4703
Sfmt 4703
waives the 30-day operative delay and
designates the proposal operative upon
filing.57
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
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
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
IEX–2022–11 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–IEX–2022–11. This file
number should be included in 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
57 FOR PURPOSES ONLY OF WAIVING THE 30DAY 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).
E:\FR\FM\16DEN1.SGM
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Federal Register / Vol. 87, No. 241 / Friday, December 16, 2022 / Notices
Reference Section, 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 will also be available for
inspection and copying at the IEX’s
principal office and on its internet
website at www.iextrading.com. 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–IEX–2022–11 and
should be submitted on or before
January 6, 2023. For the Commission, by
the Division of Trading and Markets,
pursuant to delegated authority.58
pursuant to the authority vested in me
by the Act of October 19, 1965 (79 Stat.
985; 22 U.S.C. 2459), E.O. 12047 of
March 27, 1978, the Foreign Affairs
Reform and Restructuring Act of 1998
(112 Stat. 2681, et seq.; 22 U.S.C. 6501
note, et seq.), Delegation of Authority
No. 234 of October 1, 1999, Delegation
of Authority No. 236–3 of August 28,
2000, and Delegation of Authority No.
523 of December 22, 2021.
Stacy E. White,
Deputy Assistant Secretary for Professional
and Cultural Exchanges, Bureau of
Educational and Cultural Affairs, Department
of State.
[FR Doc. 2022–27254 Filed 12–15–22; 8:45 am]
BILLING CODE 4710–05–P
SURFACE TRANSPORTATION BOARD
Sherry R. Haywood,
Assistant Secretary.
[Docket No. FD 36653]
[FR Doc. 2022–27163 Filed 12–15–22; 8:45 am]
CSX Transportation, Inc.—Corporate
Family Merger Exemption—The Toledo
Ore Railroad Company
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice 11942]
Notice of Determinations; Culturally
Significant Objects Being Imported for
Exhibition—Determinations: ‘‘Peace
and War: The Assyrian Conquest of
Lachish’’ Exhibition
Notice is hereby given of the
following determinations: I hereby
determine that certain objects being
imported from abroad pursuant to an
agreement with their foreign owner or
custodian for temporary display in the
exhibition ‘‘Peace and War: The
Assyrian Conquest of Lachish’’ at the
Lynn H. Wood Archaeological Museum,
Southern Adventist University,
Collegedale, Tennessee, and at possible
additional exhibitions or venues yet to
be determined, are of cultural
significance, and, further, that their
temporary exhibition or display within
the United States as aforementioned is
in the national interest. I have ordered
that Public Notice of these
determinations be published in the
Federal Register.
FOR FURTHER INFORMATION CONTACT:
Elliot Chiu, Attorney-Adviser, Office of
the Legal Adviser, U.S. Department of
State (telephone: 202–632–6471; email:
section2459@state.gov). The mailing
address is U.S. Department of State, L/
PD, 2200 C Street NW (SA–5), Suite
5H03, Washington, DC 20522–0505.
SUPPLEMENTARY INFORMATION: The
foregoing determinations were made
lotter on DSK11XQN23PROD with NOTICES1
SUMMARY:
58 17
CFR 200.30–3(A)(12).
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20:05 Dec 15, 2022
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CSX Transportation, Inc. (CSXT), a
Class I carrier, and The Toledo Ore
Railroad Company (TORCO), a Class III
carrier, (collectively, the Parties) have
filed a verified notice of exemption for
an intra-corporate family transaction
under 49 CFR 1180.2(d)(3). CSXT
directly controls and operates TORCO.1
TORCO owns approximately 2,100 feet
of rail track in the State of Ohio. Under
the proposed transaction, TORCO will
be merged into CSXT with CSXT as the
surviving corporate entity.
The Parties state that the purpose of
the transaction is to reduce corporate
overhead and duplication by
eliminating one corporation while
retaining the same assets to serve
customers. In addition, CSXT will
obtain certain savings as a result of the
transaction and the accompanying
corporate simplification.
Unless stayed, the exemption will be
effective on December 31, 2022 (30 days
after the verified notice was filed). The
Parties state that they intend to
consummate the proposed transaction
on or after that date. The Parties state
that the transaction will not result in
adverse changes in service levels,
significant operational changes, or a
change in the competitive balance with
carriers outside the corporate family.
Therefore, the transaction is exempt
from the prior approval requirements of
1 According to the verified notice, CSXT and
Norfolk Southern Railway Company (NSR) have
operated TORCO since 1999. CSXT states that it
will continue to abide by the agreements entered
with NSR governing the operations of TORCO.
PO 00000
Frm 00101
Fmt 4703
Sfmt 4703
77157
49 U.S.C. 11323. See 49 CFR
1180.2(d)(3).
Under 49 U.S.C. 10502(g), the Board
may not use its exemption authority to
relieve a rail carrier of its statutory
obligation to protect the interests of its
employees. As a condition to the use of
this exemption, any employees
adversely affected by this transaction
will be protected by the conditions set
forth in New York Dock Railway—
Control—Brooklyn Eastern District
Terminal, 360 I.C.C. 60 (1979).
If the verified notice contains false or
misleading information, the exemption
is void ab initio. Petitions to revoke the
exemption under 49 U.S.C. 10502(d)
may be filed at any time. The filing of
a petition to revoke will not
automatically stay the effectiveness of
the exemption. Petitions for stay must
be filed no later than December 23, 2022
(at least seven days before the
exemption becomes effective).
All pleadings, referring to Docket No.
FD 36653, must be filed with the
Surface Transportation Board either via
e-filing or in writing addressed to 395 E
Street SW Washington, DC 20423–0001.
In addition, one copy of each pleading
must be served on Louis E. Gitomer,
Esq., Law Offices of Louis E. Gitomer,
LLC, 600 Baltimore Avenue, Suite 301,
Towson, MD 21204.
According to the Parties, this action is
categorically excluded from
environmental review under 49 CFR
1105.6(c).
Board decisions and notices are
available at www.stb.gov.
Decided: December 12, 2022.
By the Board, Mai T. Dinh, Director, Office
of Proceedings.
Stefan Rice,
Clearance Clerk.
[FR Doc. 2022–27259 Filed 12–15–22; 8:45 am]
BILLING CODE 4915–01–P
SURFACE TRANSPORTATION BOARD
[Docket No. FD 36651]
Ventura County Railroad Company—
Operation Exemption—Ventura County
Railway Company, LLC
Ventura County Railroad Company
(VCRR), a Class III railroad, has filed a
verified notice of exemption under 49
CFR 1150.41 to replace a lease between
VCRR and Ventura County Railway
Company, LLC (VCRC, LLC), with an
operating and maintenance agreement
that permits VCRR to operate as a
common carrier over approximately
12.19 miles of VCRC, LLC’s rail line that
includes the mainline from milepost 0.0
(at the interchange with Union Pacific
E:\FR\FM\16DEN1.SGM
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]]>Agencies
[Federal Register Volume 87, Number 241 (Friday, December 16, 2022)]
[Notices]
[Pages 77152-77157]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-27163]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96473); File No. SR-IEX-2022-11]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX
Rule 2.160 (Registration Requirements and Restrictions on Membership)
December 9, 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 November 28, 2022, the Investors Exchange LLC (``IEX''
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
Pursuant to the provisions of section 19(b)(1) under the Act,\4\
and Rule 19b-4 thereunder,\5\ the Exchange is filing with the
Commission a proposed rule change to amend IEX Rule 2.160. The Exchange
has designated this proposal as non-controversial pursuant to Section
19(b)(3)(A)(iii) of the Act \6\ and provided the Commission with the
notice required by Rule 19b-4(f)(6)(iii) thereunder.\7\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78S(B)(1).
\5\ 17 CFR 240.19B-4.
\6\ 15 U.S.C. 78S(B)(3)(A).
\7\ 17 CFR 240.19B-4(F)(6)(III).
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The text of the proposed rule change is available at the Exchange's
website at www.iextrading.com, at the principal
[[Page 77153]]
office of the Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and the
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 these statement may be examined at
the places specified in Item IV below. The self-regulatory organization
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
IEX is proposing to amend sections of IEX Rule 2.160 that relate to
continuing education requirements, lapses of registration of the
Securities Industry Essentials (``SIE'') examination, and waivers of
examinations for certain individuals working for a financial services
affiliate of a Member.\8\ The proposed rule change is based on changes
to registration and continuing education requirements made by the
Financial Industry Regulatory Authority, Inc. (``FINRA''), including a
change to require that the Regulatory Element of continuing education
be completed annually rather than every three years, and to provide a
path through continuing education for individuals to maintain their
qualification following the termination of a registration.\9\
---------------------------------------------------------------------------
\8\ SEE IEX RULE 1.160(S) (DEFINING ``MEMBER'').
\9\ SEE SECURITIES EXCHANGE ACT RELEASE NO. 93097 (SEPTEMBER 21,
2021), 86 FR 53358 (SEPTEMBER 27, 2021) (SR-FINRA-2021-015) (THE
``FINRA APPROVAL ORDER''). OTHER EXCHANGES HAVE ALSO FILED RULE
CHANGES HARMONIZING THEIR REGISTRATION REQUIREMENTS AND CONTINUING
EDUCATION RULES WITH THOSE OF FINRA, SO AS TO PROMOTE UNIFORM
STANDARDS ACROSS THE SECURITIES INDUSTRY. SEE E.G., SECURITIES
EXCHANGE ACT RELEASE NO. 94400 (MARCH 11, 2022), 87 FR 15286 (MARCH
17, 2022) (SR-NASDAQ-2022-021); SECURITIES EXCHANGE ACT RELEASE NO.
94429 (MARCH 16, 2022), 87 FR 16268 (MARCH 22, 2022) (SR-MEMX-2022-
05); SECURITIES EXCHANGE ACT RELEASE NO. 95414 (AUGUST 3, 2022), 87
FR 48527 (AUGUST 9, 2022) (SR-BOX-2022-23).
---------------------------------------------------------------------------
1. Background
In IEX Rule 2.160(p), the Exchange sets forth certain continuing
education (``CE'') requirements for its Members including requirements
to participate in the Regulatory and Firm Elements of training, which
are generally based on certain FINRA Rules.\10\ The Regulatory Element
focuses on regulatory requirements, and the Firm Element focuses on
enhancing covered registered persons' securities knowledge, skill, and
professionalism. The Regulatory Element CE program is administered to
industry participants by FINRA.\11\ Furthermore, FINRA's rule filing
amended Rules 1210.09 (``Waiver of Examinations for Individuals Working
for a Financial Services Industry Affiliate of a Member'') and 1210.08
(``Lapse of Registration and Expiration of SIE''), which are mirrored
by Supplementary Material .01 to IEX Rule 2.160(g) and Rule
2.160(o).\12\ The Exchange seeks to amend its rules to more closely
mirror FINRA Rules, as amended.\13\
---------------------------------------------------------------------------
\10\ SEE FINRA RULE 1210 (REGISTRATION REQUIREMENTS) AND 1240
(CONTINUING EDUCATION REQUIREMENTS).
\11\ SEE IEX RULE 2.160(P)(A)(6).
\12\ SEE FINRA APPROVAL ORDER, SUPRA NOTE 9.
\13\ ID.
---------------------------------------------------------------------------
2. Proposed Rule Change
FINRA has participated in extensive work with the Securities
Industry/Regulatory Council on Continuing Education (``CE Council'')
that has resulted in amendments to FINRA Rules 1210 and 1240.\14\
Following these changes, the Exchange seeks to align its registration
and continuing education requirements with those of FINRA by making the
following changes to IEX Rule 2.160.
---------------------------------------------------------------------------
\14\ ID.
---------------------------------------------------------------------------
A. Transition to Annual Regulatory Element for Registered Persons
Currently, the Regulatory Element prescribed in IEX Rule
2.160(p)(a) sets forth that training must be completed every three
years, and the content is broad in nature. Based on changes in
technology and learning theory, the Regulatory Element content can be
updated and delivered in a timelier fashion and tailored to each
registration category, which would further the goals of the Regulatory
Element.\15\ Therefore, to align the Exchange's Rules with changes made
by FINRA and to provide registered persons with more timely and
relevant training on significant regulatory developments, the Exchange
proposes amending IEX Rule 2.160(p)(a) to require registered persons to
complete the Regulatory Element annually by December 31, with the first
compliance date December 31, 2023.\16\ The proposed amendment would
also require registered persons to complete the Regulatory Element
content for each representative or principal registration category that
they hold, which would also further the goals of the Regulatory
Element.\17\ Under the proposed rule change, registered representatives
will have the flexibility to complete the Regulatory Element sooner
than December 31 of each year.\18\ Registered persons who would be
registering as a representative or principal for the first time on or
after the implementation date of the proposed rule change would be
required to complete their initial Regulatory Element for that
registration category in the next calendar year following their
registration.\19\ In addition, subject to specified conditions,
registered persons who would be reregistering as a representative or
principal on or after the implementation date of the proposed rule
change would also be required to complete their initial Regulatory
Element for that registration category in the next calendar year
following their reregistration.\20\
---------------------------------------------------------------------------
\15\ WHEN THE FINRA CE PROGRAM WAS ORIGINALLY ADOPTED IN 1995,
REGISTERED PERSONS WERE REQUIRED TO COMPLETE THE REGULATORY ELEMENT
ON THEIR SECOND, FIFTH AND 10TH REGISTRATION ANNIVERSARY DATES. SEE
SECURITIES EXCHANGE ACT RELEASE NO. 35341 (FEBRUARY 8, 1995), 60 FR
8426 (FEBRUARY 14, 1995) (ORDER APPROVING FILE NOS. SR-AMEX-94-59;
SR-CBOE-94-49; SR-CHX-94-27; SR-MSRB-94-17; SR-NASD-94-72; SR-NYSE-
94-43; SR-PSE-94-35; AND SR-PHLX-94-52). THE CHANGE TO THE CURRENT
THREE-YEAR CYCLE WAS MADE IN 1998 TO PROVIDE REGISTERED PERSONS MORE
TIMELY AND EFFECTIVE TRAINING, CONSISTENT WITH THE OVERALL PURPOSE
OF THE REGULATORY ELEMENT. SEE SECURITIES EXCHANGE ACT RELEASE NO.
39712 (MARCH 3, 1998), 63 FR 11939 (MARCH 11, 1998) (ORDER APPROVING
FILE NOS. SR-CBOE-97-68; SR-MSRB-98-02; SR-NASD-98-03; AND SR-NYSE-
97-33).
\16\ SEE PROPOSED IEX RULE 2.160(P)(A)(1).
\17\ ID.
\18\ ID.
\19\ ID.
\20\ SEE PROPOSED IEX RULE 2.160(P)(A)(4).
---------------------------------------------------------------------------
Consistent with current requirements, registered persons who fail
to complete their Regulatory Element within the prescribed period would
be automatically designated as inactive.\21\ However, the proposed rule
change preserves the Exchange's ability to extend the time by which a
registered persons must complete the Regulatory Element for good cause
shown.\22\
---------------------------------------------------------------------------
\21\ SEE PROPOSED IEX RULE 2.160(P)(A)(2).
\22\ THE PROPOSED RULE CHANGE CLARIFIES THAT THE REQUEST FOR AN
EXTENSION OF TIME MUST BE IN WRITING AND INCLUDE SUPPORTING
DOCUMENTATION, WHICH IS CONSISTENT WITH CURRENT PRACTICE.
---------------------------------------------------------------------------
The Exchange also proposes amending IEX Rule 2.160(p)(a)(2) to
clarify that: (1) individuals who are
[[Page 77154]]
designated as inactive would be required to complete all of their
pending and upcoming annual Regulatory Element, including any annual
Regulatory Element that becomes due during their CE inactive period, to
return to active status; \23\ (2) the two-year CE inactive period is
calculated from the date individuals become CE inactive, and it
continues to run regardless of whether individuals terminate their
registrations; \24\ (3) individuals who become subject to a significant
disciplinary action may be required to complete assigned continuing
education content as prescribed by the Exchange; \25\ (4) individuals
who have not completed any Regulatory Element content for a
registration category in the calendar year(s) prior to reregistering
would not be approved for registration for that category until they
complete that Regulatory Element content, pass an examination for that
registration category or obtain an unconditional examination waiver for
that registration category, whichever is applicable; \26\ and (5) the
Regulatory Element requirements apply to individuals who are
registered, or in the process of registering, as a representative or
principal.\27\ The Exchange notes that it also proposes to make
conforming changes to IEX Rule 2.160(p)(a) to further align the IEX
Rule with FINRA Rule 1240(a).
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\23\ SEE PROPOSED IEX RULE 2.160(P)(A)(2).
\24\ ID.
\25\ SEE PROPOSED IEX RULE 2.160(P)(A)(3).
\26\ SEE PROPOSED IEX RULE 2.160(P)(A)(4).
\27\ ID.
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Under the proposed rule change, the amount of content that
registered persons would be required to complete in a three-year,
annual cycle for a particular registration category is expected to be
comparable to what most registered persons are currently completing
every three years. In some years, there may be more required content
for some registration categories depending on the volume of rule
changes and regulatory issues. In addition, an individual who holds
multiple registrations may be required to complete additional content
compared to an individual who holds a single registration because, as
noted above, individuals would be required to complete content specific
to each registration category that they hold. However, individuals with
multiple registrations would not be subject to duplicative regulatory
content in any given year. The more common registration combinations
would likely share much of their relevant regulatory content each year.
For example, individuals registered as General Securities
Representatives and General Securities Principals would receive the
same content as individuals solely registered as General Securities
Representatives, supplemented with a likely smaller amount of
supervisory-specific content on the same topics. The less common
registration combinations may result in less topic overlap and more
content overall.
B. Changes to Firm Element
IEX Rule 2.160(p)(b) (Firm Element) currently requires each firm to
develop and administer an annual Firm Element training program for any
person registered with a Member who has direct contact with customers
in the securities business of the Member relating to activity that
occurs on the Exchange (a ``covered registered person'').\28\ The rule
requires firms to conduct an annual needs analysis to determine the
appropriate training for covered registered persons.\29\ Currently, at
a minimum, the Firm Element must cover training in ethics and
professional responsibility as well as the following items concerning
securities products, services and strategies offered by the member: (1)
general investment features and associated risk factors; (2)
suitability and sales practice considerations; and (3) applicable
regulatory requirements.\30\ A firm, consistent with its needs
analysis, may determine to apply toward the Firm Element other required
training.\31\
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\28\ SEE IEX RULE 2.160(P)(B)(1).
\29\ SEE IEX RULE 2.160(P)(B)(2).
\30\ ID.
\31\ SEE IEX RULE 2.160(P)(B)(4).
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To better align the Firm Element requirement with other required
training, IEX proposes amending IEX Rule 2.160(p)(b) to expressly allow
firms to consider training relating to the AML compliance program and
the annual compliance meeting toward satisfying an individual's annual
Firm Element requirement.\32\ IEX also proposes amending the rule to
extend the Firm Element requirement to all registered persons,
including individuals who maintain solely a permissive registration
consistent with Supplementary Material .01 to IEX Rule 2.160(e),
thereby further aligning the Firm Element requirement with other
broadly-based training requirements.\33\ In conjunction with this
proposed change, IEX proposes modifying the current minimum training
criteria under IEX Rule 2.160(p)(b) to instead provide that the
training must cover topics related to the role, activities, or
responsibilities of the registered person and to professional
responsibility, and removing the not role-specific current requirements
that the Firm Element training at a minimum cover: (1) general
investment features and associated risk factors; (2) suitability and
sales practice considerations; and (3) applicable regulatory
requirements.\34\
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\32\ SEE PROPOSED IEX RULE 2.160(P)(B)(2)(D).
\33\ AS DISCUSSED, INFRA, THE EXCHANGE IS PROPOSING TO MAKE
THREE NON-SUBSTANTIVE CONFORMING EDITS TO IEX RULE 2.160(P)(A)(1) BY
CORRECTING THE REFERENCES TO ``COMMENTARY .02 TO RULE 2.160'' TO
PROPERLY CITE TO ``SUPPLEMENTARY MATERIAL .01 TO RULE 2.160(E)'' AND
CORRECTING REFERENCES TO ``COMMENTARY .01 TO RULE 2.160(G)'' TO
PROPERLY CITE TO ``SUPPLEMENTARY MATERIAL .01 TO RULE 2.160(G).
\34\ SEE PROPOSED IEX RULE 2.160(P)(B)(2)(B).
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C. Termination of Registration
Currently, individuals whose registrations as representatives or
principals have been terminated for two or more years may reregister as
representatives or principals only if they requalify by retaking and
passing the applicable representative- or principal-level examination
or if they obtain a waiver of such examination(s) (the ``two-year
qualification period'').\35\ The two-year qualification period was
adopted prior to the creation of the CE Program and was intended to
ensure that individuals who reregister are relatively current on their
regulatory and securities knowledge.
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\35\ SEE IEX RULE 2.160(O). THE TWO-YEAR QUALIFICATION PERIOD IS
CALCULATED FROM THE DATE INDIVIDUALS TERMINATE THEIR REGISTRATION
AND THE DATE FINRA RECEIVES A NEW APPLICATION FOR REGISTRATION. THE
TWO-YEAR QUALIFICATION PERIOD DOES NOT APPLY TO INDIVIDUALS WHO
TERMINATE A LIMITED REGISTRATION CATEGORY THAT IS A SUBSET OF A
BROADER REGISTRATION CATEGORY FOR WHICH THEY REMAIN QUALIFIED. FOR
INSTANCE, IT WOULD NOT APPLY TO AN INDIVIDUAL WHO MAINTAINS HIS
REGISTRATION AS A GENERAL SECURITIES REPRESENTATIVE BUT WHO
TERMINATES HIS REGISTRATION AS AN INVESTMENT COMPANY AND VARIABLE
CONTRACTS PRODUCTS REPRESENTATIVE. SUCH INDIVIDUALS HAVE THE OPTION
OF REREGISTERING IN THE MORE LIMITED REGISTRATION CATEGORY WITHOUT
HAVING TO REQUALIFY BY EXAMINATION OR OBTAIN AN EXAMINATION WAIVER
SO LONG AS THEY CONTINUE TO REMAIN QUALIFIED FOR THE BROADER
REGISTRATION CATEGORY. FURTHER, THE TWO-YEAR QUALIFICATION PERIOD
ONLY APPLIES TO THE REPRESENTATIVE--AND PRINCIPAL-LEVEL
EXAMINATIONS; IT DOES NOT EXTEND TO THE SECURITIES INDUSTRY
ESSENTIALS (``SIE'') EXAMINATION. THE SIE EXAMINATION IS VALID FOR
FOUR YEARS, BUT HAVING A VALID SIE EXAMINATION ALONE DOES NOT
QUALIFY AN INDIVIDUAL FOR REGISTRATION AS A REPRESENTATIVE OR
PRINCIPAL.
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IEX proposes to amend IEX Rule 2.160(o) to provide that a person
whose registration has been terminated for more than two years in a
registration
[[Page 77155]]
category will not be required to pass a representative qualification
examination appropriate to that registration category if the person has
maintained his or her qualification status for that registration
category in accordance with the maintaining qualifications program
detailed infra.\36\
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\36\ SEE PROPOSED IEX RULE 2.160(P)(C).
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And the Exchange proposes to amend Supplementary Material .01 to
IEX Rule 2.160(g), which describes the process for a waiver of
examinations for individuals working for a financial services industry
affiliate of a Member, to reflect that the waiver program stopped
accepting applications on March 15, 2022. IEX makes this proposal
because of the proposed changes to the Regulatory Element discussed
supra that make completion of the Regulatory Element an annual
requirement, which would also apply to people eligible for the
financial services industry affiliate waiver program (``FSAWP'').
D. Maintenance of Qualification After Termination of Registration
The Exchange proposes adopting subparagraph (c) under IEX Rule
2.160(p) and Supplementary Material .01 and .02 to IEX Rule 2.160(p)(c)
to provide eligible individuals who terminate any of their
representative or principal registrations the option of maintaining
their qualification for any of the terminated registrations by
completing continuing education. The proposed rule change would not
eliminate the two-year qualification period set forth in IEX Rule
2.160(p)(a)(2). Rather, it would provide such individuals an
alternative means of staying current on their regulatory and securities
knowledge following the termination of a registration(s). Eligible
individuals who elect not to participate in the proposed continuing
education program would continue to be subject to the current two-year
qualification period. The proposed rule change is generally aligned
with other professional continuing education programs that allow
individuals to maintain their qualification to work in their respective
fields during a period of absence from their careers (including an
absence of more than two years) by satisfying continuing education
requirements for their credential.
The proposed rule change would impose the following conditions and
limitations:
Individuals would be required to be registered in the
terminated registration category for at least one year immediately
prior to the termination of that category; \37\
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\37\ SEE PROPOSED IEX RULE 2.160(P)(C)(1).
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Individuals could elect to participate when they terminate
a registration or within two years from the termination of a
registration; \38\
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\38\ SEE PROPOSED IEX RULE 2.160(P)(C)(2). INDIVIDUALS WHO ELECT
TO PARTICIPATE AT THE LATER DATE WOULD BE REQUIRED TO COMPLETE,
WITHIN TWO YEARS FROM THE TERMINATION OF THEIR REGISTRATION, ANY
CONTINUING EDUCATION THAT BECOMES DUE BETWEEN THE TIME OF THEIR FORM
U5 (UNIFORM TERMINATION NOTICE FOR SECURITIES INDUSTRY REGISTRATION)
SUBMISSION AND THE DATE THAT THEY COMMENCE THEIR PARTICIPATION.
---------------------------------------------------------------------------
Individuals would be required to complete annually all
prescribed continuing education; \39\
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\39\ SEE PROPOSED IEX RULE 2.160(P)(C)(3).
---------------------------------------------------------------------------
Individuals would have a maximum of five years in which to
reregister; \40\
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\40\ SEE PROPOSED IEX RULE 2.160(P)(C).
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Individuals who have been inactive for two consecutive
years, or who become inactive for two consecutive years during their
participation, would not be eligible to participate or continue; \41\
and
---------------------------------------------------------------------------
\41\ SEE PROPOSED IEX RULE 2.160(P)(C)(4) AND (C)(5).
---------------------------------------------------------------------------
Individuals who are subject to a statutory
disqualification, or who become subject to a statutory disqualification
following the termination of their registration or during their
participation, would not be eligible to participate or continue.\42\
---------------------------------------------------------------------------
\42\ SEE PROPOSED IEX RULE 2.160(P)(C)(1) AND (C)(6).
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In addition, the proposed rule change includes a re-eligibility
provision that would allow individuals to regain eligibility to
participate each time they reregister with a firm for a period of at
least one year and subsequently terminate their registration, if they
satisfy the other participation conditions and limitations.\43\
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\43\ SEE PROPOSED SUPPLEMENTARY MATERIAL .01 TO IEX RULE
2.160(P)(C).
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E. Conforming Changes
IEX also proposes to make conforming edits to IEX Rule 2.160 to
better align the rule text with FINRA Rules 1210 and 1240.
Additionally, IEX proposes to make three non-substantive conforming
edits to IEX Rule 2.160(p)(a)(1) by correcting the references to
``Commentary .02 to Rule 2.160'' to properly cite to ``Supplementary
Material .01 to Rule 2.160(e)'' and correcting references to
``Commentary .01 to Rule 2.160(g)'' to properly cite to ``Supplementary
Material .01 to Rule 2.160(g), in order to align the terminology used
in these rules with the rest of IEX's rulebook.
F. CE Program Implementation
As stated in the FINRA Approval Order, FINRA and the CE Council
also plan to enhance the CE Program in other ways, and these additional
enhancements do not require any changes to the FINRA rules.\44\ As it
relates to the rule changes themselves, the FINRA changes relating to
the Maintaining Qualifications Program and the FSAWP had an
implementation date of March 15, 2022.\45\ The Exchange's proposed
changes to the Maintaining Qualifications Program (subparagraph (c) of
Rule 2.160(p)) and to the FSAWP (Supplementary Material .01 to Rule
2.160(g)) will become effective on the date this proposed rule change
is filed. All other changes related to the FINRA Approval Order and to
the Exchange's rules relating to the Regulatory Element, Firm Element
and the two-year qualification period, will have an implementation date
of January 1, 2023.\46\
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\44\ SEE FINRA APPROVAL ORDER, SUPRA NOTE 9. AS DESCRIBED IN
MORE DETAIL IN THE FINRA APPROVAL ORDER, FINRA WILL WORK WITH THE CE
COUNCIL TO DEVELOP AND INCORPORATE ADDITIONAL RESOURCES IN
CONNECTION WITH THE REGULATORY AND FIRM ELEMENTS. SIMILAR TO FINRA,
THESE ADDITIONAL ENHANCEMENTS DO NOT REQUIRE ANY CHANGES TO THE
EXCHANGE RULES.
\45\ SEE FINRA REGULATORY NOTICE 21-41 AT https://WWW.FINRA.ORG/RULES-GUIDANCE/NOTICES/21-41.
\46\ ID.
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2. Statutory Basis
The Exchange believes that its proposal is consistent with the
requirements of Sections 6(b) \47\ and 6(b)(5) of the Act,\48\ in
particular, in that it is designed to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and, in general
to protect investors and the public interest.
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\47\ 15 U.S.C. 78F(B).
\48\ 15 U.S.C. 78F(B)(5).
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As noted above, the proposed rule change seeks to align the
Exchange Rules with changes to FINRA rules which have been approved by
the Commission.\49\ The Exchange believes the proposed rule change is
consistent with the provisions of section 6(b)(5) of the Act,\50\ which
requires, among other things, that Exchange Rules must be designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, and, in general, to protect
[[Page 77156]]
investors and the public interest, and section 6(c)(3) of the Act,\51\
which authorizes the Exchange to prescribe standards of training,
experience and competence for persons associated with Exchange. The
proposed changes are based on the changes approved by the Commission in
the FINRA Approval Order,\52\ and the Exchange is proposing to adopt
such changes substantially in the same form proposed by FINRA with the
notable exception that this proposed rule change does not apply
retroactively, and the date FINRA implemented the changes to its CE
program has already passed.\53\ The Exchange believes the proposal is
consistent with the Act for the reasons described above and for those
reasons cited in the FINRA Approval Order.\54\
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\49\ SEE FINRA APPROVAL ORDER, SUPRA NOTE 9.
\50\ 15 U.S.C. 78F(B)(5).
\51\ 15 U.S.C. 78F(C)(3).
\52\ SEE FINRA APPROVAL ORDER, SUPRA NOTE 9.
\53\ OTHERWISE, IEX'S PROPOSED RULE CHANGES ARE SUBSTANTIALLY
SIMILAR TO THE CHANGES IN THE FINRA APPROVAL ORDER, WITH ONLY NON-
SUBSTANTIVE DIFFERENCES IN THE NOMENCLATURE AND ORGANIZATION OF
IEX'S AND FINRA'S REGISTRATION REQUIREMENT AND CONTINUING EDUCATION
RULES (E.G., FINRA RULE 1210.07, WHICH IS PART OF FINRA'S
REGISTRATION REQUIREMENT RULE, IS EQUIVALENT TO IEX RULE
2.160(P)(A)(1), WHICH IS PART OF IEX'S CONTINUING EDUCATION RULE).
\54\ SEE FINRA APPROVAL ORDER, SUPRA NOTE 9.
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The Exchange believes the proposed changes to the Regulatory
Element and Firm Element will help ensure that all registered persons
receive timely and relevant training, which will, in turn, enhance
compliance and investor protection. Further, the Exchange believes that
establishing a path for individuals to maintain their qualification
following the termination of a registration will reduce unnecessary
impediments to requalification and promote greater diversity and
inclusion in the securities industry without diminishing investor
protection.
Finally, the Exchange believes that the proposed conforming changes
to its continuing education and registration rules will enhance
compliance and investor protection by better aligning these rules with
the rules changed by FINRA, as well as aligning the terminology used
within these rules with the IEX Rule Book.
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 rule change, which harmonizes its rules with rule changes
adopted by FINRA, will reduce the regulatory burden placed on market
participants engaged in trading activities across different markets.
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
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 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) of the Act and Rule 19b-4(f)(6) thereunder.\55\
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\55\ 17 CFR 240.19B-4(F)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing. However,
pursuant to Rule 19b-4(f)(6)(iii), 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 this proposed
rule change may become operative immediately upon filing. In addition,
Rule 19b-4(f)(6)(iii) \56\ requires a self-regulatory organization to
give the Commission written notice of its intent to file a proposed
rule change under that subsection at least five business days prior to
the date of filing, or such shorter time as designated by the
Commission. The Exchange has provided such notice.
---------------------------------------------------------------------------
\56\ 17 CFR 240.19B-4(F)(6)(III).
---------------------------------------------------------------------------
Waiver of the 30-day operative delay will allow the Exchange to
implement the proposed changes to its continuing education and
registration rules without delay, thereby eliminating the material
differences between FINRA and Exchange continuing education rules,
providing more uniform standards across the securities industry, and
helping to avoid ongoing confusion for Exchange Members that are also
FINRA members. For this reason, 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.\57\
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\57\ 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).
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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 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
Send an email to [email protected]. Please include
File Number SR-IEX-2022-11 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-IEX-2022-11. This file
number should be included in 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
[[Page 77157]]
Reference Section, 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 will also be available for inspection and copying at the
IEX's principal office and on its internet website at
www.iextrading.com. 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-IEX-2022-11
and should be submitted on or before January 6, 2023. For the
Commission, by the Division of Trading and Markets, pursuant to
delegated authority.\58\
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\58\ 17 CFR 200.30-3(A)(12).
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-27163 Filed 12-15-22; 8:45 am]
BILLING CODE 8011-01-P
