Federal Register / Vol. 85, No. 250 / Wednesday, December 30, 2020 / Notices 86599 

4, Section 4703(m), the Trade Now functionality 

would apply and the Non-Displayed Order would 

be able to execute against the locking Displayed 

Order as a liquidity taker. If a locked Non-Displayed 

Order does not have the Trade Now attribute 

enabled, then new incoming orders will be eligible 

to execute against the Displayed Order. 

8The Exchange proposes to correct a nonsubstantive typographical error in the existing rule 

text by removing the word ‘‘the’’ from the following 

sentence: ‘‘For example, if a Price to Comply Order 

with Reserve Size . . . and the 150 shares. . . .’’ 

9 15 U.S.C. 78f(b). 

10 15 U.S.C. 78f(b)(5). 11 17 CFR 200.30–3(a)(12). 

Again, in the above example, the 

proposed rule will prevent Order 1 from 

becoming a liquidity remover because 

upon replenishment, the new Displayed 

Order will not attempt to execute 

against Order 3, but instead it will post 

to the Nasdaq Book and display at a 

price of $9.99, while the remaining 

2,900 non-display shares in reserve will 

remain posted at $10.00. 

By posting new Displayed Orders 

without attempting to execute, the 

Displayed Order will avoid removing 

liquidity upon replenishment.8

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,9 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,10

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and, in general to protect 

investors and the public interest. 

The proposed rule change is 

consistent with the Act because it will 

help ensure that the Exchange’s Rule 

governing Reserve Orders will be 

consistent with the original intention of 

the Exchange and the expectation of 

participants that such Orders, after 

posting on the Nasdaq Book, will always 

be liquidity providers and not liquidity 

takers. It would also ensure that the 

Exchange’s Order Types operate the 

same way during a race condition as 

they do during normal conditions. The 

proposal would eliminate any ambiguity 

under the existing rules as to whether a 

Reserve Order would take liquidity 

when a locking order posts to the 

Exchange book prior to the Reserve 

Order completing its replenishment (or 

prior to the Displayed portion of a 

Reserve Order posting to the Exchange 

Book for the first time). Thus, the 

proposal would ensure that the 

Exchange’s Rules are transparent and 

clear about how the System processes 

Reserve Orders. 

Finally, the proposal is consistent 

with the Act because it would correct a 

non-substantive typographical error in 

the Rule text, which will improve its 

readability and clarity, to the benefit of 

the public and investors. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. Again, 

Exchange intends for the proposed rule 

change to only eliminate an 

inconsistency as to how it handles a rare 

circumstance that causes the System to 

process Reserve Orders in an 

unintended manner. The Exchange does 

not anticipate this proposal will have 

any impact on competition whatsoever. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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– 

NASDAQ–2020–090 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–NASDAQ–2020–090. 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–NASDAQ–2020–090 and 

should be submitted on or before 

January 29, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2020–28891 Filed 12–29–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–291, OMB Control No. 

3235–0328] 

Proposed Collection and Comment 

Request for Form ID 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Form ID 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Commission 

86600 Federal Register / Vol. 85, No. 250 / Wednesday, December 30, 2020 / Notices 

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

2 17 CFR 240.19b–4. 

3 If the Exchange seeks to provide additional 

temporary relief from the rule requirements 

identified in this proposed rule change beyond 

April 30, 2021, the Exchange will submit a separate 

rule filing to further extend the temporary extension 

of time. 

4See Exchange Act Release No. 89732 (September 

1, 2020), 85 FR 55535 (September 8, 2020) (SR– 

FINRA–2020–026) and Exchange Act Release No. 

90617 (December 9, 2020), 85 FR 81258 (December 

15, 2020) (SR–FINRA–2020–043) (collectively, the 

‘‘FINRA Filings’’). The Exchange notes that the 

FINRA Filings also provide 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 Filings. 

5See https://www.finra.org/rules-guidance/keytopics/covid-19/faq#qe. 

is soliciting comments on the collection 

of information summarized below. The 

Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget for 

extension and approval. 

Form ID (OMB Control No. 3235– 

0328) must be completed and filed with 

the Commission by all individuals, 

companies, and other organizations who 

seek access to file electronically on the 

Commission’s primary electronic filing 

system, EDGAR. Those seeking access to 

file on EDGAR typically include those 

who are required to make certain 

disclosures pursuant to the federal 

securities laws. The information 

provided on Form ID is an essential part 

of the security of EDGAR. Form ID is a 

not a public document because it is 

used solely for the purpose of screening 

applicants and granting access to 

EDGAR. Form ID must be submitted 

whenever an applicant seeks an EDGAR 

identification number and access codes 

to file on EDGAR. The Commission may 

consider enhancing the EDGAR access 

process to require filers that already 

have EDGAR identification numbers but 

do not have EDGAR access codes to 

submit a Form ID to obtain access codes 

to file on EDGAR. If these enhancements 

become effective, we estimate that 

approximately 48,493 filers will file 

Form ID annually and that it will take 

approximately 0.15 hours per response 

to prepare for a total of 7,274 annual 

burden hours. The estimate includes the 

number of filers without identification 

numbers and filers with identification 

numbers that seek to obtain access 

codes for purposes of submitting 

electronic filings on EDGAR. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

Written comments are invited on: (i) 

Whether this proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(ii) the accuracy of the agency’s estimate 

of the burden imposed by the collection 

of information; (iii) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (iv) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

in writing within 60 days of this 

publication. 

Please direct your written comments 

to David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Cynthia 

Roscoe, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: December 23, 2020. 

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2020–28831 Filed 12–29–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90780; File No. SR– 

NASDAQ–2020–091] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Extend 

the Effective Date of the Temporary 

Amendments Concerning Exchange 

Rule 1.1210 From December 31, 2020, 

to April 30, 2021 

December 22, 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 17, 2020, The Nasdaq 

Stock Market LLC (‘‘Nasdaq’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to extend the 

effective date of the temporary 

amendments set forth in SR–NASDAQ– 

2020–073 from December 31, 2020, to 

April 30, 2021. Due to the impacts of 

COVID–19 on the administration of the 

Financial Industry Regulatory 

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

examinations at test centers, SR– 

NASDAQ–2020–073 extended the 120- 

day period that certain individuals can 

function as a principal without having 

successfully passed an appropriate 

qualification examination through 

December 31, 2020. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/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 

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 of the temporary 

amendments set forth in SR–NASDAQ– 

2020–073 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, 2021,3 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 filings recently 

submitted by FINRA 4 and is intended to 

harmonize the Exchange’s registration 

rules with those of FINRA so as to 

promote uniform standards across the 

securities industry. 

In response to COVID–19, earlier this 

year FINRA began providing temporary 

relief by way of frequently asked 

questions (‘‘FAQs’’) 5 to address 

disruptions to the administration of