Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices 7753 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 89424 

(July 29, 2020), 85 FR 47262. 

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

5See Securities Exchange Act Release No. 89820, 

85 FR 57891 (September 16, 2020). The 

Commission designated November 2, 2020 as the 

date by which the Commission shall approve or 

disapprove, or institute proceedings to determine 

whether to disapprove, the proposed rule change. 

6Comments on the proposal, including 

Amendments No. 1 and No. 2, can be found on the 

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

comments/sr-cboebyx-2020-021/ 

srcboebyx2020021.htm. 

7 15 U.S.C. 78s(b)(2)(B). 

8See Securities Exchange Act Release No. 90288, 

85 FR 70678 (November 5, 2020). 

9Comments on the proposed rule change can be 

found on the Commission’s website at: https://

www.sec.gov/comments/sr-cboebyx-2020-021/ 

srcboebyx2020021.htm. 

10 15 U.S.C. 78s(b)(2). 

appropriate in furtherance of the 

purposes of the Act. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change, Security-Based Swap 

Submission, or Advance Notice 

Received From Members, Participants or 

Others 

Written comments relating to the 

proposed rule change have not been 

solicited or received. ICC will notify the 

Commission of any written comments 

received by ICC. 

III. Date of Effectiveness of the 

Proposed Rule Change, Security-Based 

Swap Submission, or Advance Notice 

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 

such 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, security-based swap 

submission, or advance notice 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– 

ICC–2021–002 on the subject line. 

Paper Comments 

Send paper comments in triplicate to 

Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–ICC–2021–002. 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, security-based swap 

submission, or advance notice that are 

filed with the Commission, and all 

written communications relating to the 

proposed rule change, security-based 

swap submission, or advance notice 

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 

filings will also be available for 

inspection and copying at the principal 

office of ICE Clear Credit and on ICE 

Clear Credit’s website at https://

www.theice.com/clear-credit/regulation. 

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–ICC–2021–002 and 

should be submitted on or before 

February 22, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–02004 Filed 1–29–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90993; File No. SR– 

CboeBYX–2020–021] 

Self-Regulatory Organizations; Cboe 

BYX 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. 2, To 

Introduce Periodic Auctions for the 

Trading of U.S. Equity Securities 

January 26, 2021. 

On July 17, 2020, Cboe BYX 

Exchange, Inc. (‘‘Exchange’’ or ‘‘BYX’’) 

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 introduce 

periodic auctions in U.S. equity 

securities. The proposed rule change 

was published for comment in the 

Federal Register on August 4, 2020.3

On September 10, 2020, pursuant to 

Section 19(b)(2) of the Exchange 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 27, 2020, the Exchange filed 

Amendment No. 1 to the proposed rule 

change, and on October 28, 2020 the 

Exchange filed Amendment No. 2 to the 

proposed rule change, which replaced 

in its entirety the proposed rule change 

as modified by Amendment No. 1.6 On 

October 30, 2020, the Commission 

noticed the filing of Amendment No. 2 

and instituted proceedings under 

Section 19(b)(2)(B) of the Exchange Act 7

to determine whether to approve or 

disapprove the proposed rule change.8

The Commission has received comment 

letters on the proposed rule change.9

Section 19(b)(2) of the Exchange 

Act 10 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 August 4, 2020. January 31, 

7754 Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Notices 

11 Id. 

12 17 CFR 200.30–3(a)(31). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange originally filed to amend the 

Schedule of Fees and Charges on December 23, 

2020 (SR–NYSEArca–2020–117). SR–NYSEArca– 

2020–117 was withdrawn and replaced by SR– 

NYSEArca–2020–118. SR–NYSEArca–2020–117 

was subsequently withdrawn and replaced by this 

filing. 

5 ‘‘Exchange Traded Products’’ is defined in 

footnote 3 of the current Schedule of Fees and 

Charges. 

2021 is 180 days from that date, and 

April 1, 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 Exchange Act,11

designates April 1, 2021 as the date by 

which the Commission shall either 

approve or disapprove the proposed 

rule change (File No. SR–CboeBYX– 

2020–021). 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.12

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–02006 Filed 1–29–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90988; File No. SR– 

NYSEArca–2021–04] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Its Schedule of 

Fees and Charges To Establish Annual 

Fees for Exchange Traded Products 

January 26, 2021. 

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 January 

12, 2021, NYSE Arca, Inc. (‘‘NYSE 

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

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III 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 amend its 

Schedule of Fees and Charges to 

establish annual fees for Exchange 

Traded Products that have a maturity 

date and for products that are based on 

an expected return over a specific 

outcome period. The Exchange proposes 

to implement the fee changes effective 

January 12, 2021.4 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 amend its 

Schedule of Fees and Charges to 

establish annual fees for Exchange 

Traded Products (‘‘ETPs’’) 5 that have a 

maturity date and ETPs that are based 

on an expected return over a specific 

outcome period. As proposed, these 

types of ETPs would be eligible for the 

current annual fees for products that 

track an index. 

The proposed change responds to the 

current extremely competitive 

environment for ETPs listings in which 

issuers can readily favor competing 

venues or transfer their listings if they 

deem fee levels at a particular venue to 

be excessive, or discount opportunities 

available at other venues to be more 

favorable. The Exchange’s current 

annual fees for ETPs is based on the 

number of shares outstanding per issuer 

and provide incentives for issuers to list 

multiple series of certain securities on 

the Exchange. In response to the 

competitive environment for listings, 

the Exchange adopted a competitive 

pricing structure that combines higher 

minimum annual fees for certain 

securities with discounts for issuers that 

list multiple ETPs. The proposed change 

is designed to offer annual listing fees 

for ETPs that have a maturity date and 

ETPs that provide an expected return 

over a specific outcome period based on 

the annual fees for ETPs that track an 

index. 

The Exchange proposes to implement 

the fee changes effective January 12, 

2021. 

Proposed Rule Change 

Annual fees are assessed each January 

in the first full calendar year following 

the year of listing. The aggregate total 

shares outstanding is calculated based 

on the total shares outstanding as 

reported by the Fund issuer or Fund 

‘‘family’’ in its most recent periodic 

filing with the Commission or other 

publicly available information. Annual 

fees apply regardless of whether any of 

these Funds are listed elsewhere. 

The Exchange proposes to offer 

annual listing fees for two types of 

ETPs: (1) ETPs that have a specific 

maturity date, such as a fixed income 

ETP that primarily holds a diversified 

portfolio of fixed income bonds that 

provides regular interest payments and 

distributes a final payout in its stated 

maturity year; and (2) ETPs that provide 

an expected return over a specific 

outcome period, which are designed to 

provide a particular set of returns over 

a specific period based on the 

performance of an underlying 

instrument during the ETP’s outcome 

period. Such ETPs include a buffer 

strategy that seeks to provide 

investment returns that match the gains 

of a particular index(s) up to a 

maximum annual return, or cap level, 

while guarding against declines in the 

same underlying index(s), a buffer level, 

over a particular time period. Currently, 

both types of ETPs are eligible for the 

annual fees set forth in section 6.b. of 

the Schedule of Fees and Charges, 

which are applicable to Managed Fund 

Shares, Managed Trust Securities, 

Active Proxy Portfolio Shares, Managed 

Portfolio Shares and Exchange-Traded 

Fund Shares listed under Rule 5.2– 

E(j)(8) that do not track an index. 

Generally, the products eligible for fees 

under section 6.b. of the Schedule of 

Fees and Charges entail more active 

issuer management and therefore incur 

higher Exchange costs, including costs 

related to issuer services, listing 

administration, product development 

and regulatory oversight. 

The Exchange proposes that ETPs that 

have a maturity date and ETPs that 

provide an expected return over a 

specific outcome period would be 

eligible for the lower fees set forth in 

section 6.a. of the Schedule of Fees and