Federal Register / Vol. 85, No. 242 / Wednesday, December 16, 2020 / Notices 81537 

20 15 U.S.C. 78s(b)(3)(A). 

21 17 CFR 240.19b–4(f)(2). 

22 15 U.S.C. 78s(b)(2)(B). 23 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

Makers to continue to direct trading 

interest (particularly Market Maker 

posted interest) to the Exchange, 

provide liquidity, and attract order flow. 

To the extent that this purpose is 

achieved, all the Exchange’s market 

participants should benefit from the 

improved market quality and increased 

opportunities for price improvement. 

The Exchange believes that the 

proposed change could promote 

competition between the Exchange and 

other execution venues, including those 

that currently offer similar Market 

Maker posting credits, by encouraging 

additional orders to be sent to the 

Exchange for execution. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 20 of the Act and 

subparagraph (f)(2) of Rule 19b–4 21

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 22 of the Act to 

determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2020–109 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2020–109. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NYSEArca–2020–109, and 

should be submitted on or before 

January 6, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27598 Filed 12–15–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90624; File No. SR– 

NYSENAT–2020–36] 

Self-Regulatory Organizations; NYSE 

National, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Shorten the Time 

Period Before a Letter of Acceptance, 

Waiver, and Consent Under Rule 

10.9216 and an Uncontested Offer of 

Settlement Under Rule 10.9270(f) 

December 10, 2020. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on December 

3, 2020, NYSE National, Inc. (‘‘NYSE 

National’’ or the ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II, which Items have been 

prepared by the self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to shorten the 

time period before a letter of acceptance, 

waiver, and consent under Rule 10.9216 

and an uncontested offer of settlement 

under Rule 10.9270(f) becomes final and 

the corresponding time period to 

request review of these settlements 

under Rule 10.9310 from 25 days to 10 

days. The proposed rule change is 

available on the Exchange’s website at 

www.nyse.com, at the principal office of 

the Exchange, and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 


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81538 Federal Register / Vol. 85, No. 242 / Wednesday, December 16, 2020 / Notices 

4See Securities Exchange Act Release No. 34– 

83289 (May 17, 2018), 83 FR 23968 (May 23, 2018) 

(SR–NYSENAT–2018–02) (‘‘Approval Order’’). 

5See Approval Order, 83 FR at 23973. 

6Requests for review of an AWC accepted by the 

CRO are governed by Rule 10.9310(a)(1)(B)(i). For 

the sake of clarity and transparency, the Exchange 

proposes the non-substantive change of including 

the omitted reference to subsection (B)(i) of Rule 

10.9310(a)(1) in both in the current and proposed 

text of Rule 10.9216(a)(4). 

7The time period for requesting review pursuant 

to Rule 10.9310(a)(1)(B)(ii) of any rejection by the 

CRO of any AWC letter under Rule 10.9216 or of 

an uncontested offer of settlement under Rule 

10.9270(f), would remain unchanged as would the 

time period to request for review of any 

determination or penalty, or both, imposed by a 

Panel under the Rule 10.9310(a)(1)(A) other than an 

offer of settlement determined to be uncontested 

after a hearing on the merits have begun under Rule 

10.9270(f). For the avoidance of doubt, the 

Exchange would add text to Rule 10.9310(a)(1)(A) 

providing that any request for review of an offer of 

settlement determined to be uncontested after a 

hearing on the merits has begun under Rule 

10.9270(f) that has been accepted by a Panel shall 

be governed by Rule 10.9310(a)(1)(B)(i). 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to shorten the 

time period before a letter of acceptance, 

waiver, and consent (‘‘AWC’’) under 

Rule 10.9216 and an uncontested offer 

of settlement under Rule 10.9270(f) 

becomes final and the corresponding 

time period to request review of these 

settlements under Rule 10.9310 from 25 

days to 10 days. 

In 2018, NYSE National adopted 

disciplinary rules that are, with certain 

exceptions, substantially the same as the 

FINRA Rule 8000 Series and Rule 9000 

Series, and which set forth rules for 

conducting investigations and 

enforcement actions.4 In adopting 

disciplinary rules modeled on FINRA’s 

rules, the Exchange established 

processes for settling disciplinary 

matters both before and after issuance of 

a complaint.5 As adopted, Rules 

10.9216, 10.9270 and 10.9310 permit a 

Director and any member of the 

Committee for Review (‘‘CFR’’) to 

require a review by the Board of any 

AWC letter under Rule 10.9216 and any 

offer of settlement under Rule 10.9270 

within 25 days after the AWC letter or 

offer of settlement was sent to each 

Director and each member of the CFR. 

Proposed Rule Change 

Rule 10.9216 (Acceptance, Waiver, 

and Consent; Procedure for Imposition 

of Fines for Minor Violation(s) of Rules) 

establishes AWC procedures by which a 

ETP Holder or Associated Person, prior 

to the issuance of a complaint, may 

execute a letter accepting a finding of 

violation, consenting to the imposition 

of sanctions, and agreeing to waive such 

ETP Holder’s or Associated Person’s 

right to a hearing, appeal and certain 

other procedures. The rule also 

establishes procedures for executing a 

minor rule violation plan letter. 

Under Rule 10.9216(a)(4), an AWC 

accepted by the Chief Regulatory Officer 

(‘‘CRO’’) must be sent to each Director 

and each member of the CFR and would 

be deemed final and constitute the 

complaint, answer, and decision in the 

matter 25 days after being sent to each 

Director and each member of the CFR, 

unless review by the Exchange Board of 

Directors is requested pursuant to Rule 

10.9310(a)(1)(B).6

The Exchange proposes that an AWC 

accepted by the CRO would be deemed 

final and constitute the complaint, 

answer, and decision in a matter 10 

days after being sent to each Director 

and each member of the CFR, unless 

review is requested pursuant to Rule 

10.9310(a)(1)(B)(i). As described below, 

the time period to request review under 

Rule 10.9310(a)(1)(B)(i) would also be 

shortened to 10 days. 

Rule 10.9270 (Settlement Procedure) 

provides a settlement procedure for a 

Respondent who has been notified of 

the initiation of a proceeding. 

Specifically, Rule 10.9270(f) provides 

that uncontested settlement offers 

accepted by the CRO, the Hearing Panel 

or, if applicable, Extended Hearing 

Panel must be issued and sent to each 

Director and each member of the CFR 

and becomes final 25 days after being 

sent to each Director and each member 

of the CFR, unless review by the 

Exchange Board of Directors is 

requested pursuant to Rule 

10.9310(a)(1). 

The Exchange proposes that 

uncontested settlement offers accepted 

by the CRO, the Hearing Panel or, if 

applicable, Extended Hearing Panel 

(together, a ‘‘Panel’’) under Rule 

10.9270(f) would become final 10 days 

after being sent to each Director and 

each member of the CFR, unless review 

by the Exchange Board of Directors is 

requested pursuant to Rule 

10.9310(a)(1). As noted, the time to 

request review of an uncontested 

settlement under Rule 10.9310(a)(1) 

would also be shortened to 10 days. 

Finally, under Rule 

10.9310(a)(1)(B)(i), any Director and any 

member of the CFR may require a 

review by the Board of any 

determination or penalty, or both, 

imposed in connection with an AWC 

letter under Rule 10.9216 or an offer of 

settlement determined to be 

uncontested before a hearing on the 

merits has begun under Rule 10.9270(f), 

except that none of those persons could 

request Board review of a determination 

or penalty concerning an affiliate of the 

Exchange as such term is defined in 

Rule 12b–2 under the Exchange Act. A 

request for review under this provision 

is made by filing with the Secretary of 

the Exchange a written request stating 

the basis and reasons for such review, 

within 25 days after an AWC letter or an 

offer of settlement has been sent to each 

Director and each member of the CFR 

pursuant to Rule 10.9216(a)(4) or Rule 

10.9270(f)(3). 

To permit AWC letters and 

uncontested settlements to become final 

within 10 days as proposed, the 

Exchange would amend Rule 

10.9310(a)(1)(B)(i) to provide that a 

request for review of these settlements 

as permitted by the rule must be made 

by filing the requisite written request 

with the Secretary of the Exchange 

within 10 days after the AWC letter or 

an offer of settlement is sent to each 

Director and each member of the CFR 

pursuant to Rule 10.9216(a)(4) or Rule 

10.9270(f)(3).7

The Exchange believes maintaining a 

25 day waiting period for negotiated 

settlements under Rule 10.9216 and 

uncontested settlements pursuant to 

10.9270(f) unnecessarily delays final 

resolution of matters that have been 

resolved by the parties and accepted by 

the CRO or a Panel. Shortening the 

waiting period to 10 days, and requiring 

requests for Board of Directors review to 

be made within that same 10 day 

period, would significantly expedite the 

settlement process in situations where 

ETP Holders, Associated Persons and 

Respondents have entered into a 

consensual, negotiated settlement with 

Enforcement or made settlement offers 

that Enforcement does not oppose, 

while continuing to ensure the 

independence and integrity of the 

regulatory process by preserving the 

ability of Directors and CFR members to 

call those settlements for review. 

Further, the Exchange believes that 

the proposed 10 day period to call a 

settlement for review under Rule 

10.9310(a)(1)(B)(i) is reasonable and 

sufficient. Like the current 25 day 

period, the time to call a settlement for 

review would begin when the AWC or 

uncontested settlement is sent to each 

Director and member of the CFR. Rules 

10.9216 and 10.9270 specify that an 

AWC or uncontested settlement 

accepted by the CRO or a Panel can be 

sent to each Director and each CFR 

member via courier, express delivery or 

electronic means. As a practical matter, 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 85, No. 242 / Wednesday, December 16, 2020 / Notices 81539 

8For example, no AWC letter or uncontested 

settlement has been called for review in the past 

year. 9See, e.g., FINRA Rule 9216(a)(4) (‘‘If the [AWC] 

letter is accepted by the National Adjudicatory 

Council, the Review Subcommittee, or the Office of 

Disciplinary Affairs, it shall be deemed final and 

shall constitute the complaint, answer, and decision 

in the matter.’’); FINRA Rule 9270(e)(3) (‘‘If the offer 

of settlement and order of acceptance are accepted 

by the National Adjudicatory Council, the Review 

Subcommittee, or the Office of Disciplinary Affairs, 

they shall become final and the Director of the 

Office of Disciplinary Affairs shall issue the order 

and notify the Office of Hearing Officers. The 

Department of Enforcement shall provide a copy of 

an issued order of acceptance to each FINRA 

member with which a Respondent is associated.’’). 

See also e.g., Nasdaq Rule 9216(a)(4) & 9270(e)(3); 

Cboe BZX Exchange, Inc. Rule 8.8(a); Cboe EDGA 

Exchange, Inc. Rule 8.8(a). 

10The effective date of the new time periods 

would be simultaneously communicated to the 

Directors and to the members of the CFR. 11 15 U.S.C. 78f(b). 12 15 U.S.C. 78f(b)(5). 13 Id. 

14 15 U.S.C. 78f(b)(6). 

15 15 U.S.C. 78f(b)(7) and 78f(d). 

AWCs and settlements are sent to the 

Directors and CFR members by email, 

which ensures prompt and 

instantaneous communication. As a 

result, the Directors and members of the 

CFR will have the full 10 day period to 

determine whether to call these 

settlements for review. Moreover, the 

requirement in Rule 10.9310(a)(1)(B)(i) 

that a request for review be in writing 

and state the basis and reasons for such 

review can similarly be satisfied by a 

Director or CFR member sending an 

email to the Secretary of the Exchange 

requesting that a specific matter be 

reviewed within the proposed 10 day 

period. The Director or CFR member 

would need to take no additional steps 

nor include any additional information 

in order to call a matter for review 

under Rule 10.9310(a)(1)(B)(i). In light 

of these facts, and the relative 

infrequency of calls for review of AWCs 

and uncontested settlements,8 the 

Exchange believes that 10 days are more 

than sufficient for a Director or member 

of the CFR to determine whether to call 

a settlement for review. Once accepted 

by the CRO or Panel, the proposed 10 

day period for negotiated settlements to 

be called for review or become final 

would expedite disciplinary 

proceedings and provide finality to the 

disciplinary process sooner, to the 

benefit of the parties and the investing 

public. 

Finally, the Exchange also believes 

that shortening these time periods 

would further promote efficiency in 

connection with cross-market 

settlements involving multiple selfregulatory organizations (‘‘SROs’’). 

Often such settlements are contingent 

upon the acceptance of a settlement by 

all of the SROs involved in the matter. 

In these situations, a settlement with the 

Exchange would not be final until the 

end of the time period specified in 

Rules 10.9216 and 10.9270 while a 

settlement with other SROs could be 

final once accepted.9 Thus by reducing 

the amount of time these settlements are 

outstanding at the Exchange, the 

proposed change could speed up the 

settlement process for cross-market 

settlements involving multiple SROs, to 

the benefit of the parties and the 

investing public. 

The Exchange intends to announce 

the operative date of the amended time 

periods in Rules 10.9216(a)(4), 

10.9270(f)(3) and 10.9310(a)(1) at least 

30 days in advance via regulatory 

notice.10 To further facilitate an orderly 

transition from the current rules to the 

new rules, the Exchange proposes that 

matters already initiated under the 

current rules would be completed under 

such rules. Specifically, the Exchange 

proposes to apply the current 25 day 

period for AWCs prepared and 

submitted to an ETP Holder or 

Associated Person under Rule 

10.9216(a)(1) prior to the operative date 

and to uncontested settlement offers in 

proceedings where a Party was served 

with a complaint by Enforcement 

pursuant to Rule 10.9131 prior to the 

operative date. Rules 10.9216(a)(4), 

10.9270(f)(3) and 10.9310(a)(1)(B)(i) 

would be amended to reflect the 

transition process. When the transition 

is complete, the Exchange intends to 

submit a proposed rule change that 

would delete the unnecessary transition 

provisions of 10.9216(a)(4), 10.9270(f)(3) 

and 10.9310(a)(1)(B)(i). 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the 

Act,11 in general, and furthers the 

objectives of Section 6(b)(5),12 in 

particular, because it is designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities, to remove 

impediments to, and perfect the 

mechanism of, a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest. Additionally, the 

Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 13 requirement that the rules of 

an exchange not be designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

Specifically, the Exchange believes 

that shortening the waiting period for 

negotiated settlements and uncontested 

offers of settlement would serve to 

expedite the final resolution of both 

Exchange and cross-market matters that 

have been resolved by the parties and 

accepted by the CRO or Panel, thereby 

protecting investors and the public 

interest by addressing rule violations 

and achieving finality in disciplinary 

matters sooner. The proposed rule 

change to shorten the waiting period 

before an AWC letter and offer of 

settlement becomes final and the 

member of CFR or Board’s time to call 

such settlements for review will 

therefore provide for a more efficient, 

streamlined disciplinary process. 

The Exchange further believes that the 

proposed amendments are consistent 

with Section 6(b)(6) of the Act,14 which 

provides that members and persons 

associated with members shall be 

appropriately disciplined for violation 

of the provisions of the rules of an 

exchange by expulsion, suspension, 

limitation of activities, functions, and 

operations, fine, censure, being 

suspended or barred from being 

associated with a member, or any other 

fitting sanction. As noted, the proposed 

changes will not affect the ability of 

Enforcement to enter into negotiated 

settlements or accepting uncontested 

settlement offers when appropriate, and 

will not alter the requirement that 

settlements be scrutinized by the CRO 

or Panel, who will continue to approve 

them, or the Directors and members of 

the CFR, whose right to call both types 

of voluntary settlements for review will 

not change. 

For the same reasons, the Exchange 

believes that the proposed changes are 

designed to provide a fair procedure for 

the disciplining of members and 

persons associated with members, 

consistent with Sections 6(b)(7) and 6(d) 

of the Act.15 Moreover, as noted, the 

Exchange believes that the proposed 10 

day period to call a settlement for 

review under Rules 10.9310(a)(1)(B)(i) is 

reasonable and sufficient, and provides 

an appropriate balance between the 

procedural safeguards of the call for 

review process and the benefits of 

expediting the resolution of disciplinary 

matters and providing finality to the 

disciplinary process sooner. Reducing 

the period for review would also mean 

that AWCs and uncontested settlements 

would be published two weeks earlier, 

thereby allowing ETP Holders, 

Associated Persons and the investing 

public to be educated about the issues 

they addressed sooner. Finally, the 

Exchange believes that the proposed 

transition plan is designed to provide a 


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81540 Federal Register / Vol. 85, No. 242 / Wednesday, December 16, 2020 / Notices 

16 15 U.S.C. 78s(b)(3)(A)(iii). 

17 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Exchange has satisfied this 

requirement. 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

fair procedure for the disciplining of 

ETP Holders and Associated Persons by 

providing for a clearly demarcated and 

orderly transition from the current 25 

day period to the proposed 10 day 

period. 

Finally, the Exchange believes that 

the non-substantive changes to clarify 

the cross-reference to Rule 10.9310 in 

Rules 10.9216 would remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system and, in 

general, protect investors and the public 

interest because the proposed nonsubstantive changes would add clarity, 

transparency and consistency to the 

Exchange’s disciplinary rules. The 

Exchange believes that market 

participants would benefit from the 

increased clarity, thereby reducing 

potential confusion and ensuring that 

persons subject to the Exchange’s 

jurisdiction, regulators, and the 

investing public can more easily 

navigate and understand the Exchange’s 

rules. 

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 

proposed rule change is not intended to 

address competitive issues but is rather 

concerned with facilitating less 

burdensome regulatory compliance and 

processes and enhancing the quality of 

the regulatory process. The Exchange 

believes the proposed rule changes 

would reduce the burdens within the 

disciplinary process, as well as move 

matters through the process 

expeditiously by providing for more 

efficient finality of negotiated 

settlements and offers of settlement, to 

the benefit of all ETP Holders, 

Associated Persons and the investing 

public. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 16 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.17

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSENAT–2020–36 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–NYSENAT–2020–36. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NYSENAT–2020–36, and 

should be submitted on or before 

January 6, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27595 Filed 12–15–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90635; File No. SR–FINRA– 

2020–011] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Order Approving a 

Proposed Rule Change, as Modified by 

Amendment No. 1, To Address Brokers 

With a Significant History of 

Misconduct 

December 10, 2020. 

I. Introduction 

On April 3, 2020, Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’) 

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 amend FINRA’s 

rules to help further address the issue of 

associated persons with a significant 

history of misconduct and the brokerdealers that employ them. 

The proposed rule change was 

published for comment in the Federal 


khammond on DSKJM1Z7X2PROD with NOTICES