Federal Register / Vol. 85, No. 231 / Tuesday, December 1, 2020 / Notices 77327 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 88946 

(May 26, 2020), 85 FR 33454 (June 1, 2020) (SR– 

BOX–2020–14) (‘‘Original Notice’’). Comments 

received on the proposed rule change are available 

at: https://www.sec.gov/comments/sr-box-2020-14/ 

srbox202014.htm. In Amendment No. 1 to the 

proposed rule change, infra note 6, the Exchange 

stated that the proposed rule change was previously 

filed with the Commission as the proposed rule 

change SR–BOX–2019–19, which the Exchange 

amended twice, and that the current proposed rule 

change, SR–BOX–2020–14, is ‘‘substantively 

identical’’ to the previously-filed proposed rule 

change, SR–BOX–2019–19, as modified by 

Amendment No. 2. SR–BOX–2019–19, as modified 

by Amendment No. 2, was published for comment 

in the Federal Register on March 6, 2020. See 

Securities Exchange Act Release No. 88300 

(February 28, 2020), 85 FR 13242 (March 6, 2020) 

(Notice of Filing of Amendment No. 2 to Proposed 

Rule Change). The Exchange withdrew proposed 

rule change SR–BOX–2019–19 on May 12, 2020. 

See Securities Exchange Act Release No. 89018 

(June 4, 2020), 85 FR 35458 (June 10, 2020) (Notice 

of Withdrawal of a Proposed Rule Change). 

As applicable, the Commission will consider 

comments submitted on SR–BOX–2019–19 and SR– 

BOX–2020–14 in its review of SR–BOX–2020–14. 

Comments on SR–BOX–2019–19 can be found at: 

https://www.sec.gov/comments/sr-box-2019-19/ 

srbox201919.htm. 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 89328 

(July 16, 2020), 85 FR 44338 (July 22, 2020). 

6Amendment No. 1 is available on the 

Commission’s website at: https://www.sec.gov/ 

comments/sr-box-2020-14/srbox202014-7570237- 

222233.pdf. 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–420, OMB Control No. 

3235–0479] 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Rule 15c2–7 

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 

Rule 15c2–7 (17 CFR 240.15c2–7) under 

the Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.). 

Rule 15c2–7 places disclosure 

requirements on broker-dealers who 

have correspondent relationships, or 

agreements identified in the rule, with 

other broker-dealers. Whenever any 

such broker-dealer enters a quotation for 

a security through an inter-dealer 

quotation system, Rule 15c2–7 requires 

the broker-dealer to disclose these 

relationships and agreements in the 

manner required by the rule. The interdealer quotation system must also be 

able to make these disclosures public in 

association with the quotation the 

broker-dealer is making. 

When Rule 15c2–7 was adopted in 

1964, the information it requires was 

necessary for execution of the 

Commission’s mandate under the 

Securities Exchange Act of 1934 to 

prevent fraudulent, manipulative and 

deceptive acts by broker-dealers. In the 

absence of the information collection 

required under Rule 15c2–7, investors 

and broker-dealers would have been 

unable to accurately determine the 

market depth of, and demand for, 

securities in an inter-dealer quotation 

system. 

There are approximately 3,647 brokerdealers registered with the Commission. 

Any of these broker-dealers could be 

potential respondents for Rule 15c2–7, 

so the Commission is using that number 

as the number of respondents. Rule 

15c2–7 applies only to quotations 

entered into an inter-dealer quotation 

system, such as the OTC Bulletin Board 

(‘‘OTCBB’’) or OTC Link, operated by 

OTC Markets Group Inc. (‘‘OTC Link’’) 

or the electronic trading platform 

operated by Global OTC. According to 

representatives of OTC Link, Global 

OTC and the OTCBB, none of these 

entities has recently received, or 

anticipates receiving any Rule 15c2–7 

notices. However, because such notices 

could be made, the Commission 

estimates that one filing is made 

annually pursuant to Rule 15c2–7. 

Based on prior industry reports, the 

Commission estimates that the average 

time required to enter a disclosure 

pursuant to the rule is .75 minutes, or 

45 seconds. The Commission sees no 

reason to change this estimate. We 

estimate that impacted respondents 

spend a total of .0125 hours per year to 

comply with the requirements of Rule 

15c2–7 (1 notice (×) 45 seconds/notice). 

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 

within 30 days of publication of this 

notice to (i) www.reginfo.gov/public/do/ 

PRAMain and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, c/ 

o Cynthia Roscoe, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: November 25, 2020. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26505 Filed 11–30–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90512; File No. SR–BOX– 

2020–14] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Designation 

of Longer Period for Commission 

Action on Proposed Rule Change, as 

Modified by Amendment No. 1, To 

Adopt Rules Governing the Trading of 

Equity Securities on the Exchange 

Through a Facility of the Exchange 

Known as the Boston Security Token 

Exchange LLC 

November 24, 2020. 

On May 21, 2020, BOX Exchange LLC 

(‘‘Exchange’’ or ‘‘BOX’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Exchange Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to adopt rules governing the 

listing and trading of equity securities 

that would be NMS stocks on the 

Exchange through a facility of the 

Exchange known as the Boston Security 

Token Exchange LLC (‘‘BSTX’’). The 

proposed rule change was published for 

comment in the Federal Register on 

June 1, 2020.3 On July 16, 2020, 

pursuant to Section 19(b)(2) of the 

Exchange Act,4 the Commission 

designated a longer period within which 

to either approve the proposed rule 

change, disapprove the proposed rule 

change, or institute proceedings to 

determine whether to disapprove the 

proposed rule change.5

On July 31, 2020, the Exchange filed 

Amendment No. 1 to the proposed rule 

change, which replaced and superseded 

the proposed rule change as originally 

filed.6 On August 12, 2020, the 

Commission published the proposed 

rule change, as modified by Amendment 

No. 1, for notice and comment and 

instituted proceedings to determine 

whether to approve or disapprove the 


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77328 Federal Register / Vol. 85, No. 231 / Tuesday, December 1, 2020 / Notices 

7See Securities Exchange Act Release No. 89536 

(August 12, 2020), 85 FR 51250 (August 19, 2020). 

8 15 U.S.C. 78s(b)(2). 

9See Original Notice, supra note 3. 10 Id. 

11 17 CFR 200.30–3(a)(57). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

proposed rule change, as modified by 

Amendment No. 1.7

Section 19(b)(2) of the Act 8 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of filing of the proposed rule 

change. The Commission may extend 

the period for issuing an order 

approving or disapproving the proposed 

rule change, however, by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for notice and 

comment in the Federal Register on 

June 1, 2020.9 November 28, 2020 is 180 

days from that date, and January 27, 

2021 is 240 days from that date. The 

Commission finds it appropriate to 

designate a longer period within which 

to issue an order approving or 

disapproving the proposed rule change 

so that it has sufficient time to consider 

the proposed rule change. Accordingly, 

the Commission, pursuant to Section 

19(b)(2) of the Act,10 designated January 

27, 2021 as the date by which the 

Commission shall either approve or 

disapprove the proposed rule change, as 

modified by Amendment No. 1 (File No. 

SR–BOX–2020–14). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26411 Filed 11–30–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90501; File No. SR–ISE– 

2020–39] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change to an Amendment to 

Options 7, Section 4, Related to 

Complex Orders Fees and Rebates, 

and Options 7, Section 9 

November 24, 2020. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on November 

13, 2020, 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 and II 

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 

Options 7, Section 4, ‘‘Complex Order 

Fees and Rebates,’’ and Options 7, 

Section 9, ‘‘Legal & Regulatory.’’ 

The Exchange originally filed the 

proposed pricing change on November 

2, 2020 (SR–ISE–2020–37). On 

November 12, 2020, the Exchange 

withdrew that filing and is submitting 

this replacement filing on November 13, 

2020. 

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 Exchange proposes to amend 

Options 7, Section 4, ‘‘Complex Order 

Fees and Rebates,’’ and Options 7, 

Section 9, ‘‘Legal & Regulatory.’’ Each 

change will be described below. 

Options 7, Section 4 

Priority Customer Rebates for Complex 

Orders 

The Exchange’s proposal to amend 

Options 7, Section 4, ‘‘Complex Order 

Fees and Rebates’’ is intended to offer 

Members an ability to earn higher 

Priority Customer Complex Order 

rebates. Specifically, the Exchange 

proposes to amend Priority Customer 

Complex Order Tiers 8 and 9 and add 

a new Tier 10. Today, the Exchange 

pays rebates to Priority Customers 

pursuant to the below tier schedule. 

PRIORITY CUSTOMER REBATES

Priority customer 

complex tier(7) (13) (16)

Total affiliated member or affiliated entity complex order volume (excluding 

crossing orders and responses to crossing orders) calculated as a percentage 

of customer total consolidated volume 

Rebate 

for select 

symbols (1)

Rebate for 

non-select 

symbols (1) (4)

Tier 1 .................................. 0.000%–0.200% ...................................................................................................... ($0.25) ($0.40) 

Tier 2 .................................. Above 0.200%–0.400% .......................................................................................... (0.30) (0.55) 

Tier 3 .................................. Above 0.400%–0.450% .......................................................................................... (0.35) (0.70) 

Tier 4 .................................. Above 0.450%–0.750% .......................................................................................... (0.40) (0.75) 

Tier 5 .................................. Above 0.750%–1.000% .......................................................................................... (0.45) (0.80) 

Tier 6 .................................. Above 1.000%–1.350% .......................................................................................... (0.47) (0.80) 

Tier 7 .................................. Above 1.350%–2.000% .......................................................................................... (0.48) (0.80) 

Tier 8 .................................. Above 2.000%–2.600% .......................................................................................... (0.50) (0.85) 

Tier 9 .................................. Above 2.600% ........................................................................................................ (0.52) (0.85) 


khammond on DSKJM1Z7X2PROD with NOTICES4