83136 Federal Register / Vol. 85, No. 245 / Monday, December 21, 2020 / Notices 

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

5See Securities Exchange Act Release No. 89584, 

85 FR 51817 (August 21, 2020). 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 90075, 

86 FR 63597 (October 8, 2020). 

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

9 Id. 

10 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 89234 

(July 6, 2020), 85 FR 41644. 

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

5See Securities Exchange Act Release No. 89545, 

85 FR 51124 (August 19, 2020). 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 90118, 

85 FR 64563 (October 13, 2020). 

8The comment letter on the proposed rule change 

can be found at: https://www.sec.gov/comments/SRcboebzx-2020-053/srcboebzx2020053.htm. 

9 15 U.S.C. 78s(b)(2). 

10 Id. 

11 17 CFR 200.30–3(a)(57). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

19(b)(2) of the Act,4 the Commission 

designated a longer period within which 

to approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether to disapprove the proposed 

rule change.5 On October 2, 2020, the 

Commission instituted proceedings 

under Section 19(b)(2)(B) of the Act 6 to 

determine whether to approve or 

disapprove the proposed rule change.7

The Commission has received no 

comment letters on the proposed rule 

change. 

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 by not more than 60 days 

if the Commission determines that a 

longer period is appropriate and 

publishes reasons for such 

determination. The proposed rule 

change was published for notice and 

comment in the Federal Register on July 

7, 2020. January 3, 2021 is 180 days 

from that date, and March 4, 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,9 designates March 4, 

2021 as the date by which the 

Commission shall either approve or 

disapprove the proposed rule change 

(File No. SR–NYSEArca–2020–56). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–28007 Filed 12–18–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90671; File No. SR– 

CboeBZX–2020–053] 

Self-Regulatory Organizations; 

CboeBZX Exchange, Inc.; Notice of 

Designation of a Longer Period for 

Commission Action on Proceedings To 

Determine Whether To Approve or 

Disapprove a Proposed Rule Change, 

as Modified by Amendment No. 1, To 

List and Trade Shares of the 2x Long 

VIX Futures ETF, a Series of VS Trust, 

Under Rule 14.11(f)(4) (Trust Issued 

Receipts) 

December 15, 2020. 

On June 23, 2020, Cboe BZX 

Exchange, Inc. (‘‘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 list and trade shares of the 2x 

Long VIX Futures ETF, a series of VS 

Trust. On June 26, 2020, the Exchange 

filed Amendment No. 1 to the proposed 

rule change. The proposed rule change, 

as modified by Amendment No. 1, was 

published for comment in the Federal 

Register on July 10, 2020.3 On August 

13, 2020, pursuant to Section 19(b)(2) of 

the Act,4 the Commission designated a 

longer period within which to approve 

the proposed rule change, disapprove 

the proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change, as 

modified by Amendment No. 1.5 On 

October 7, 2020, the Commission 

instituted proceedings pursuant to 

Section 19(b)(2)(B) of the Act 6 to 

determine whether to approve or 

disapprove the proposed rule change, as 

modified by Amendment No. 1.7 The 

Commission has received one comment 

letter on the proposed rule change, as 

modified by Amendment No. 1.8

Section 19(b)(2) of the Act 9 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, as modified by Amendment No. 

1, was published for notice and 

comment in the Federal Register on July 

10, 2020. January 6, 2021 is 180 days 

from that date, and March 7, 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, as modified 

by Amendment No. 1. Accordingly, the 

Commission, pursuant to Section 

19(b)(2) of the Act,10 designates March 

7, 2021 as the date by which the 

Commission shall either approve or 

disapprove the proposed rule change 

(File No. SR–CboeBZX–2020–053), as 

modified by Amendment No. 1. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–28015 Filed 12–18–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90678; File No. SR– 

NYSEARCA–2020–111] 

Self-Regulatory Organizations; NYSE 

Arca, 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 15, 2020. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that, on December 

9, 2020, NYSE Arca, Inc. (‘‘NYSE Arca’’ 

or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

Federal Register / Vol. 85, No. 245 / Monday, December 21, 2020 / Notices 83137 

4See Securities Exchange Act Release No. 34– 

85639 (April 12, 2019), 84 FR 16346 (April 18, 

2019) (SR–NYSEArca–2019–15) (‘‘Notice’’). 

5See Notice, 84 FR at 16366–67. 

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) 

Continued 

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 

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. 

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 2019, NYSE Arca 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 

an ETP Holder, OTP Holder, OTP Firm 

or covered 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, OTP Holder’s, OTP Firm’s 

or covered 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

83138 Federal Register / Vol. 85, No. 245 / Monday, December 21, 2020 / Notices 

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). 

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). 

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, OTP Holders, OTP Firms 

and covered 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, 

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 

to its ETP Holders, OTP Holders and 

OTP Firms.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, OTP 

Holder, OTP Firm or covered persons 

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 

Federal Register / Vol. 85, No. 245 / Monday, December 21, 2020 / Notices 83139 

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

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. 

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 members 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 fair procedure for the 

disciplining of members and persons 

associated with members 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 permit holders 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– 

NYSEARCA–2020–111 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–2020–111. 

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–2020–111, 

83140 Federal Register / Vol. 85, No. 245 / Monday, December 21, 2020 / Notices 

18 17 CFR 200.30–3(a)(12). 

and should be submitted on or before 

January 11, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–28011 Filed 12–18–20; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Data Collection Available for Public 

Comments 

ACTION: 60-Day notice and request for 

comments. 

SUMMARY: The Small Business 

Administration (SBA) intends to request 

approval, from the Office of 

Management and Budget (OMB) for the 

collection of information described 

below. The Paperwork Reduction Act 

(PRA) requires federal agencies to 

publish a notice in the Federal Register 

concerning each proposed collection of 

information before submission to OMB, 

and to allow 60 days for public 

comment in response to the notice. This 

notice complies with that requirement. 

DATES: Submit comments on or before 

February 19, 2021. 

ADDRESSES: Send all comments to Kelly 

Templeton Financial Analyst, Office of 

Portfolio Management and Office of 

Financial Program Operations, Small 

Business Administration. 

FOR FURTHER INFORMATION CONTACT: 

Kelly Templeton Financial Analyst, 

Office of Portfolio Management and 

Office of Financial Program Operations, 

phone number 1–800–736–6048 

extension 7194 or kelly.templeton@

sba.gov, or Curtis B. Rich, Management 

Analyst, curtis.rich@sba.gov. 

SUPPLEMENTARY INFORMATION: SBA has 

authority under SOP 50 52 to request 

documentation to support loan servicing 

requests from borrowers or guarantors in 

SBA’s disaster loan program. The 

requested documentation provided by 

debtors is a prerequisite to such 

servicing actions. SBA uses the 

information in making a determination 

regarding the repayment and or change 

of the loan and other liquidation 

proceedings, including litigation by the 

Agency and/or the Department of 

Justice. 

Solicitation of Public Comments: SBA 

is requesting comments on (a) Whether 

the collection of information is 

necessary for the agency to properly 

perform its functions; (b) whether the 

burden estimates are accurate; (c) 

whether there are ways to minimize the 

burden, including through the use of 

automated techniques or other forms of 

information technology; and (d) whether 

there are ways to enhance the quality, 

utility, and clarity of the information. 

Summary of Information Collection 

Titles: 

1. Assumption Requirements Letter 

2. Collateral Release Requirements 

Letter 

3. Liquidation Hardship Relief 

Requirements Letter 

4. Offer in Compromise Requirements 

Letter 

5. Release of Guarantor Requirements 

Letter 

6. Subordination Requirements Letter 

7. Substitution of Collateral 

Requirements Letter 

8. Substitution of Guarantor 

Requirements Letter 

9. Work-Out Relief Requirements Letter 

Description of Respondents: Debtors 

in SBA Disaster Loan Program. 

Total Estimated Number of 

Respondents: 15,000. 

Total Estimated Annual Responses: 

15,000. 

Total Estimated Annual Hour Burden: 

5,000. 

Curtis Rich, 

Management Analyst. 

[FR Doc. 2020–28075 Filed 12–18–20; 8:45 am] 

BILLING CODE 8026–03–P 

SMALL BUSINESS ADMINISTRATION 

Data Collection Available for Public 

Comments 

ACTION: 60-Day notice and request for 

comments. 

SUMMARY: The Small Business 

Administration (SBA) intends to request 

approval, from the Office of 

Management and Budget (OMB) for the 

collection of information described 

below. The Paperwork Reduction Act 

(PRA) requires federal agencies to 

publish a notice in the Federal Register 

concerning each proposed collection of 

information before submission to OMB, 

and to allow 60 days for public 

comment in response to the notice. This 

notice complies with that requirement. 

DATES: Submit comments on or before 

February 19, 2021. 

ADDRESSES: Send all comments to 

Terrance Moultrie, Supervisor Business 

Operations Specialist, Government 

Contracting, Small Business 

Administration. 

FOR FURTHER INFORMATION CONTACT: 

Terrance Moultrie, Supervisor Business 

Operations Specialist, Government 

Contracting, terrence.moultrieSr@

sba.gov or Curtis B. Rich, Management 

Analyst, curtis.rich@sba.gov. 

SUPPLEMENTARY INFORMATION: In 

carrying out its statutory mandate in 15 

U.S.C. 637(m) to provide oversight of 

certification related to the WomenOwned Small Business Federal Contract 

Program (WOSB Program), the U.S. 

Small Business Administration (SBA) is 

currently approved to collect 

information from WOSB Program 

applicants or participants through its 

certification and information collection 

platform, Certify.SBA.gov (Certify). SBA 

is revising this information collection by 

updating its hourly burden analysis to 

reflect the new certification 

requirements, including the new 

monthly reporting requirement for 

third-party certifiers, and adding 

instructions for firms that wish to 

document their eligibility using their 

CVE certification. 

Solicitation of Public Comments: SBA 

is requesting comments on (a) Whether 

the collection of information is 

necessary for the agency to properly 

perform its functions; (b) whether the 

burden estimates are accurate; (c) 

whether there are ways to minimize the 

burden, including through the use of 

automated techniques or other forms of 

information technology; and (d) whether 

there are ways to enhance the quality, 

utility, and clarity of the information. 

Summary of Information Collection 

Title: ‘‘Certification for the WomenOwned Small Business Federal Contract 

Program’’. 

Description of Respondents: Women 

Owned Small Business. 

Form Number: 2413, 2414. 

Total Estimated Annual Responses: 

12,000. 

Total Estimated Annual Hour Burden: 

24,400. 

Curtis Rich, 

Management Analyst. 

[FR Doc. 2020–28079 Filed 12–18–20; 8:45 am] 

BILLING CODE 8026–03–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Notice of Meeting of the National Parks 

Overflights Advisory Group 

ACTION: Notice of meeting. 

SUMMARY: The Federal Aviation 

Administration (FAA) and the National 

Park Service (NPS), in accordance with 

the National Parks Air Tour