Federal Register / Vol. 85, No. 249 / Tuesday, December 29, 2020 / Notices 85779 

6See 17 CFR 240.17a–1(a) and (b). 

7See email from David Downey, Chief Executive 

Officer, OneChicago, to David Dimitrious, Division 

of Trading and Markets, dated December 4, 2020. 

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

2 17 CFR 240.19b–4. 

3The term ‘‘member organization’’ means a 

registered broker or dealer (unless exempt pursuant 

to the Securities Exchange Act of 1934) (the ‘‘Act’’), 

including sole proprietors, partnerships, limited 

liability partnerships, corporations, and limited 

liability corporations, approved by the Exchange 

pursuant to Rule 311. A registered broker or dealer 

must also be approved by the Exchange and 

authorized to designate an associated natural 

person to effect transactions on the floor of the 

Exchange or any facility thereof. See Rule 2(b)(i). 

The term ‘‘member organization’’ also includes any 

registered broker or dealer which does not own a 

trading license and agrees to be regulated by the 

Exchange as a member organization and which the 

Exchange has agreed to regulate. See Rule 2(b)(ii). 

4 If NYSE seeks to provide additional temporary 

relief from the rule requirements identified in this 

proposed rule change beyond April 30, 2021, NYSE 

will submit a separate rule filing to further extend 

the temporary extension of time. 

5See Exchange Act Release No. 90617 (December 

9, 2020), 85 FR 81258 (December 15, 2020) (SR– 

FINRA–2020–043) (the ‘‘FINRA Filing’’). The 

Exchange notes that the FINRA Filing also provides 

temporary relief to individuals registered with 

FINRA as Operations Professionals under FINRA 

Rule 1220. The Exchange does not have a 

registration category for Operations Professionals 

and therefore, the Exchange is not proposing to 

adopt that aspect of the FINRA Filing. 

to be maintained under Rule 17a–1(a) 

and (b),6 and produce such records and 

furnish such information at the request 

of any representative of the 

Commission.7

III. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the notice of 

withdrawal 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). 

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 10–133. 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 10–133, and should be 

submitted on or before January 19, 2021. 

By the Commission. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2020–28687 Filed 12–28–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90753; File No. SR–NYSE– 

2020–104] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Extend the 

Effective Date in Commentary .10 

Under NYSE Rule 1210 

December 21, 2020. 

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

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on December 15, 2020, the New York 

Stock Exchange LLC (‘‘NYSE’’ or the 

‘‘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 a rule change 

to extend the effective date in 

Commentary .10 (Temporary Extension 

of the Limited Period for Registered 

Persons to Function as Principals) under 

NYSE Rule 1210 (Registration 

Requirements) applicable to member 

organizations, from December 31, 2020 

to April 30, 2021. 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to extend the 

effective date in Commentary .10 

(Temporary Extension of the Limited 

Period for Registered Persons to 

Function as Principals) under NYSE 

Rule 1210 (Registration Requirements) 

applicable to member organizations,3

from December 31, 2020 to April 30, 

2021. The proposed rule change would 

extend the 120-day period that certain 

individuals can function as a principal 

without having successfully passed an 

appropriate qualification examination 

through April 30, 2021,4 and would 

apply only to those individuals who 

were designated to function as a 

principal prior to January 1, 2021. This 

proposed rule change is based on a 

filing recently submitted by the 

Financial Regulatory Authority, Inc. 

(‘‘FINRA’’) 5 and is intended to 

harmonize the Exchange’s registration 

rules with those of FINRA so as to 

promote uniform standards across the 

securities industry. 

The COVID–19 pandemic is an 

unpredictable, exogenous event that has 

resulted in unavoidable disruptions to 

the securities industry and impacted 

member firms, regulators, investors and 

other stakeholders. In response to 

COVID–19, earlier this year FINRA 


KHAMMOND on DSKJM1Z7X2PROD with NOTICES
85780 Federal Register / Vol. 85, No. 249 / Tuesday, December 29, 2020 / Notices 

6See https://www.finra.org/rules-guidance/keytopics/covid-19/faq#qe. 7At the outset of the COVID–19 pandemic, all 

FINRA qualification examinations were 

administered at test centers operated by Prometric. 

Based on the health and welfare concerns resulting 

from COVID–19, in March Prometric closed all of 

its test centers in the United States and Canada and 

began to slowly reopen some of them at limited 

capacity in May. Currently, Prometric has resumed 

testing in many of its United States and Canada test 

centers, at either full or limited occupancy, based 

on local and government mandates. 

8NYSE Rule 1210.03 is the corresponding rule to 

FINRA Rule 1210.04. 

9FINRA Rule 1210.04 (Requirements for 

Registered Persons Functioning as Principals for a 

Limited Period) allows a member firm to designate 

certain individuals to function in a principal 

capacity for 120 calendar days before having to pass 

an appropriate principal qualification examination. 

NYSE Rule 1210.03 provides the same allowance to 

member organizations. 

10See Exchange Act Release No. 90111 (October 

7, 2020), 85 FR 65090 (October 14, 2020) (Notice 

of Filing and Immediate Effectiveness of SR–NYSE– 

2020–80). 

11See, e.g., Meryl Kornfield, Jacqueline Dupree, 

Marisa Iati, Paulina Villegas, Siobhan O’Grady and 

Hamza Shaban, New daily coronavirus cases in U.S. 

rise to 145,000, latest all-time high, Wash. Post, 

November 11, 2020, https://www.washingtonpost 

.com/nation/2020/11/11/coronavirus-covid-liveupdates-us/. 

12 Information about the continued impact of 

COVID–19 on FINRA-administered examinations is 

available at https://www.finra.org/rules-guidance/ 

key-topics/covid-19/exams. 

13 Information from Prometric about its safety 

practices and the impact of COVID–19 on its 

operations is available at https://www.prometric 

.com/corona-virus-update. See also supra note 12. 

14Earlier this year, an online test delivery service 

was launched for candidates seeking to take 

qualification examination remotely. Only certain 

qualification examinations are available online. See 

supra note 12. FINRA is considering making 

additional qualification examinations available 

remotely on a limited basis. 

15See, e.g., Centers for Disease Control and 

Prevention, How to Protect Yourself & Others, 

https://www.cdc.gov/coronavirus/2019-ncov/ 

prevent-getting-sick/prevention.html. 

16 15 U.S.C. 78f(b). 

17 15 U.S.C. 78f(b)(5). 

began providing temporary relief by way 

of frequently asked questions 

(‘‘FAQs’’) 6 to address disruptions to the 

administration of FINRA qualification 

examinations caused by the pandemic 

that have significantly limited the 

ability of individuals to sit for 

examinations due to Prometric test 

center capacity issues.7

FINRA published the first FAQ on 

March 20, 2020, providing that 

individuals who were designated to 

function as principals under FINRA 

Rule 1210.04 8 prior to February 2, 2020, 

would be given until May 31, 2020, to 

pass the appropriate principal 

qualification examination.9 On May 19, 

2020, FINRA extended the relief to pass 

the appropriate examination until June 

30, 2020. On June 29, 2020, FINRA 

again extended the temporary relief 

providing that individuals who were 

designated to function as principals 

under FINRA Rule 1210.04 prior to May 

4, 2020, would be given until August 31, 

2020, to pass the appropriate principal 

qualification examination. 

On September 25, 2020, NYSE filed 

with the Commission a proposed rule 

change for immediate effectiveness to 

extend the temporary relief provided via 

the FAQ by adopting temporary 

Commentary .10 (Temporary Extension 

of the Limited Period for Registered 

Persons to Function as Principals) under 

NYSE Rule 1210 (Registration 

Requirements).10 Pursuant to this rule 

filing, individuals who were designated 

prior to September 3, 2020, to function 

as a principal under NYSE Rule 1210.10 

have until December 31, 2020, to pass 

the appropriate qualification 

examination. 

The COVID–19 conditions 

necessitating the extension of relief 

provided in the FAQ and SR–NYSE– 

2020–80 persist and in fact appear to be 

worsening.11 One of the impacts of 

COVID–19 continues to be serious 

interruptions in the administration of 

FINRA qualification examinations at 

Prometric test centers and the limited 

ability of individuals to sit for the 

examinations.12 Although Prometric has 

been reopening its test centers, 

Prometric’s safety practices mean that 

currently not all test centers are open, 

some of the open test centers are at 

limited capacity, and some open test 

centers are delivering only certain 

examinations that have been deemed 

essential by the local government.13

Furthermore, Prometric has had to close 

some reopened test centers due to 

incidents of COVID–19 cases. The initial 

nationwide closure in March along with 

the inability to fully reopen all 

Prometric test centers due to COVID–19 

have led to a significant backlog of 

individuals who are waiting to sit for 

FINRA examinations that are not 

available online, including the General 

Securities Principal Exam (Series 24).14

In addition, firms are continuing to 

experience operational challenges with 

much of their personnel working from 

home due to shelter-in-place orders, 

restrictions on businesses and social 

activity imposed in various states, and 

adherence to other social distancing 

guidelines consistent with the 

recommendations of public health 

officials.15 As a result, firms continue to 

face potentially significant disruptions 

to their normal business operations that 

may include a limitation of in-person 

activities and staff absenteeism as a 

result of the health and welfare 

concerns stemming from COVID–19. 

Such potential disruptions may be 

further exacerbated and may even affect 

client services if firms cannot continue 

to keep principal positions filled as they 

may have difficulty finding other 

qualified individuals to transition into 

these roles or may need to reallocate 

employee time and resources away from 

other critical responsibilities at the firm. 

These ongoing, extenuating 

circumstances make it impracticable for 

member organizations to ensure that the 

individuals whom they have designated 

to function in a principal capacity, as 

set forth in NYSE Rule 1210.03, are able 

to successfully sit for and pass an 

appropriate qualification examination 

within the 120-calendar day period 

required under the rule, or to find other 

qualified staff to fill this position. The 

ongoing circumstances also require 

individuals to be exposed to the health 

risks associated with taking an inperson examination, because the 

General Securities Principal 

examination is not available online. 

Therefore, NYSE is proposing to extend 

the effective date of the temporary relief 

provided through SR–NYSE–2020–80 

until April 30, 2021. The proposed rule 

change would apply only to those 

individuals who were designated to 

function as a principal prior to January 

1, 2021. Any individuals designated to 

function as a principal on or after 

January 1, 2021, would need to 

successfully pass an appropriate 

qualification examination within 120 

days. 

NYSE believes that this proposed 

continued extension of time is tailored 

to address the needs and constraints on 

a member organization’s operations 

during the COVID–19 pandemic, 

without significantly compromising 

critical investor protection. The 

proposed extension of time will help to 

minimize the impact of COVID–19 on 

member organizations by providing 

continued flexibility so that member 

organizations can ensure that principal 

positions remain filled. The potential 

risks from the proposed extension of the 

120-day period are mitigated by the 

member organization’s continued 

requirement to supervise the activities 

of these designated individuals and 

ensure compliance with federal 

securities laws and regulations, as well 

as NYSE rules. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the 

Act,16 in general, and furthers the 

objectives of Section 6(b)(5),17 in 

particular, because it is designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 


KHAMMOND on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 85, No. 249 / Tuesday, December 29, 2020 / Notices 85781 

18See FINRA Filing, 85 FR at 81260. 

19 15 U.S.C. 78s(b)(3)(A). 

20 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

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

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of 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. 

21See supra note 15. 

22See supra notes 12 and 13. The Exchange states 

that Prometric has also had to close some reopened 

test centers due to incidents of COVID–19 cases. 

23See supra note 14. FINRA is considering 

making additional qualification examinations 

available remotely on a limited basis. 

24The Exchange states that member organizations 

remain subject to the continued requirement to 

supervise the activities of these designated 

individuals and ensure compliance with federal 

securities laws and regulations, as well as NYSE 

rules. 

25See supra note 4. 

26As noted above by NYSE, this proposal is an 

extension of temporary relief provided in a prior 

filing where NYSE also requested and the 

Commission granted a waiver of the 30-day 

operative delay. See supra note 10, 85 FR at 65092. 

27For 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). 

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. 

The proposed rule change is intended 

to minimize the impact of COVID–19 on 

member organization operations by 

extending the 120-day period certain 

individuals may function as a principal 

without having successfully passed an 

appropriate qualification examination 

under NYSE Rule 1210.03 until April 

30, 2021. The proposed rule change 

does not relieve member organizations 

from maintaining, under the 

circumstances, a reasonably designed 

system to supervise the activities of 

their associated persons to achieve 

compliance with applicable securities 

laws and regulations, and with 

applicable NYSE rules that directly 

serve investor protection. In a time 

when faced with unique challenges 

resulting from the COVID–19 pandemic, 

NYSE believes that the proposed rule 

change is a sensible accommodation 

that will continue to afford member 

organizations the ability to ensure that 

critical positions are filled and client 

services maintained, while continuing 

to serve and promote the protection of 

investors and the public interest in this 

unique environment. 

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. As set forth 

in SR–NYSE–2020–80, the proposed 

rule change is intended solely to extend 

temporary relief necessitated by the 

continued impacts of the COVID–19 

pandemic and the related health and 

safety risks of conducting in-person 

activities. In its filing, FINRA notes that 

the proposed rule change is necessary to 

temporarily rebalance the attendant 

benefits and costs of the obligations 

under FINRA Rule 1210 in response to 

the impacts of the COVID–19 pandemic 

that would otherwise result if the 

temporary amendments were to expire 

on December 31, 2020.18 The Exchange 

accordingly incorporates FINRA’s 

abbreviated economic impact 

assessment by reference. 

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) of the Act 19 and Rule 19b– 

4(f)(6) thereunder.20

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 

the proposed rule change may become 

operative immediately upon filing. As 

noted above, the Exchange stated that 

the proposed extension of time will help 

minimize the impact of the COVID–19 

outbreak on member organizations’ 

operations by allowing them to keep 

principal positions filled and 

minimizing disruptions to client 

services and other critical 

responsibilities. The Exchange further 

stated that the ongoing extenuating 

circumstances of the COVID–19 

pandemic make it impractical to ensure 

that individuals designated to act in 

these capacities are able to take and pass 

the appropriate qualification 

examination during the 120-calendar 

day period required under the rules. 

The Exchange also explained that 

shelter-in-place orders, quarantining, 

restrictions on business and social 

activity and adherence to social 

distancing guidelines consistent with 

the recommendations of public officials 

remain in place in various states.21 In 

addition, the Exchange observed that, 

following a nationwide closure of all 

test centers earlier in the year, some test 

centers have re-opened, but are 

operating at limited capacity or are only 

delivering certain examinations that 

have been deemed essential by the local 

government.22 Although, as the 

Exchange noted, FINRA has launched 

an online test delivery service to help 

address this backlog, the General 

Securities Principal (Series 24) 

Examination is not available online.23

Nevertheless, the Exchange explained 

that the proposed rule change will 

provide needed flexibility to ensure that 

these positions remain filled and is 

tailored to address the constraints on 

member organizations’ operations 

during the COVID–19 pandemic without 

significantly compromising critical 

investor protection.24

The Commission observes that the 

Exchange’s proposal, like the FINRA 

Filing, provides only an extension to 

temporary relief from the requirement to 

pass certain qualification examinations 

within the 120-day period in the rules. 

As proposed, this relief would extend 

the 120-day period that certain 

individuals can function as principals 

through April 30, 2021. If a further 

extension of temporary relief from the 

rule requirements identified in this 

proposal beyond April 30, 2021 is 

required, the Exchange noted that it may 

submit a separate rule filing to extend 

the effectiveness of the temporary relief 

under these rules.25 For these reasons, 

the Commission believes that waiver of 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest.26 Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.27

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 


KHAMMOND on DSKJM1Z7X2PROD with NOTICES
85782 Federal Register / Vol. 85, No. 249 / Tuesday, December 29, 2020 / Notices 

28 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3For ERC hearings under Exchange Rule General 

3, Section 16, this temporary authority is granted 

to the ERC or relevant Subcommittee. 

4 If the Exchange requires temporary relief from 

the rule requirements identified in this proposal 

beyond April 30, 2021, the Exchange may submit 

a separate rule filing to extend the expiration date 

of the temporary amendments under these rules. 

The amended Exchange rules will revert back to 

their original state at the conclusion of the 

temporary relief period and any extension thereof. 

5See Exchange Act Release No. 89737 (September 

2, 2020), 85 FR 55712 (September 9, 2020) (SR– 

FINRA–2020–027) (‘‘FINRA Filing’’). See also 

Exchange Act Release No. 90619 (December 9, 

2020), 85 FR 81250 (December 15, 2020) (SR– 

FINRA–2020–042) (extending the relief in the 

FINRA Filing through April 30, 2021). The 

Exchange notes that the FINRA Filing also proposed 

to temporarily amend FINRA Rules 9261, 9524, and 

9830, which govern hearings in connection with 

appeals of disciplinary actions, eligibility 

proceedings, and temporary and permanent cease 

and desist orders. The Exchange’s Rules 9261, 9524, 

and 9830 incorporate by reference The Nasdaq 

Stock Market LLC rules, which are the subject of a 

separate filing. See SR–NASDAQ–2020–076 

(November 5, 2020). Therefore, the Exchange is not 

proposing to adopt that aspect of the FINRA Filing. 

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– 

NYSE–2020–104 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–NYSE–2020–104. 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 such 

filing also will be available for 

inspection and copying at the principal 

office of NYSE. 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–NYSE– 

2020–104 and should be submitted on 

or before January 19, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.28

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–28665 Filed 12–28–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90758; File No. SR–Phlx– 

2020–53] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Harmonize Exchange 

Rule General 3, Section 16 With Recent 

Changes by the Financial Industry 

Regulatory Authority, Inc. 

December 21, 2020. 

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

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’),1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on December 11, 2020, Nasdaq PHLX 

LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change as described 

in Items I, II, and III below, which Items 

have been prepared substantially 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 harmonize 

Exchange Rule General 3, Section 16 

with recent changes by the Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’). This amendment would 

temporarily grant the Exchange Review 

Council (‘‘ERC’’) authority 3 to conduct 

hearings in connection with appeals of 

Membership Application Program 

decisions by video conference, if 

warranted by the current COVID–19- 

related public health risks posed by an 

in-person hearing. As proposed, the 

temporary amendment would be in 

effect through April 30, 2021.4

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/phlx/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 harmonize 

Exchange Rule General 3, Section 16 

with recent changes to FINRA Rule 1015 

in order to temporarily grant the ERC 

authority to conduct hearings in 

connection with appeals of Membership 

Application Program decisions by video 

conference, if warranted by the current 

COVID–19-related public health risks 

posed by an in-person hearing.5 As 

proposed, these temporary amendments 

would be in effect through April 30, 

2021. 

Background 

The Exchange’s rule regarding the 

hearing and evidentiary process for 

appeals of Membership Application 

Program decisions as set forth in Rule 


KHAMMOND on DSKJM1Z7X2PROD with NOTICES