8464 Federal Register / Vol. 86, No. 23 / Friday, February 5, 2021 / Notices 

35 15 U.S.C. 78s(b)(3)(A)(ii). 

36 17 CFR 240.19b–4(f)(2). 

37 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. 90443 

(November 17, 2020), 85 FR 74778. 

4 In Amendment No. 1, the Exchange clarified 

certain of the website disclosure requirements and 

their origins, provided additional support for 

certain arguments supporting its proposal, and 

made technical changes. Because Amendment No. 

1 clarified and neither materially altered the 

substance of the proposed rule change nor raised 

any unique or novel regulatory issue, Amendment 

No. 1 is not subject to notice and comment. 

Amendment No. 1 to the proposed rule change is 

available at: https://www.sec.gov/comments/srnysearca-2020-98/srnysearca202098-8218328- 

227679.pdf. 

5 15 U.S.C. 78s(b)(2). 

6See Securities Exchange Act Release No. 90816, 

86 FR 0353 (January 5, 2021) (designating February 

21, 2021 as the date by which the Commission shall 

approve the proposed rule change, disapprove the 

proposed rule change, or institute proceedings to 

determine whether to disapprove the proposed rule 

change). 

7See, e.g., Securities Exchange Act Release No. 

56041 (July 11, 2007), 72 FR 39114 (July 17, 2007) 

(SR–NYSEArca–2007–43) (approving the listing and 

trading of shares of the iShares COMEX Gold Trust) 

(‘‘NYSE Arca Gold Order’’); Securities Exchange 

Act Release No. 90547 (December 2, 2020), 85 FR 

79060 (December 8, 2020) (SR–NYSEArca–2020–99) 

(notice of certain changes regarding the availability 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act,35 and Rule 

19b–4(f)(2) 36 thereunder. 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– 

EMERALD–2021–03 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–EMERALD–2021–03. 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–EMERALD–2021–03 and 

should be submitted on or before 

February 26, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.37

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–02405 Filed 2–4–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91031; File No. SR– 

NYSEArca–2020–98] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Approving a 

Proposed Rule Change, as Modified by 

Amendment No. 1, Regarding the 

Availability of Information for the 

iShares Gold Trust, the iShares Silver 

Trust, and the iShares S&P GSCI 

Commodity-Indexed Trust 

February 1, 2021. 

I. Introduction 

On November 12, 2020, NYSE Arca, 

Inc. (‘‘NYSE Arca’’ or ‘‘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 regarding the availability of 

information for the iShares Gold Trust, 

the iShares Silver Trust, and the iShares 

S&P GSCI Commodity-Indexed Trust 

(each, ‘‘Trust’’ and collectively, 

‘‘Trusts’’). The proposed rule change 

was published for comment in the 

Federal Register on November 23, 

2020.3 On January 8, 2021, NYSE Arca 

filed Amendment No. 1 to the proposed 

rule change, which replaced the 

proposed rule change in its entirety.4

On December 29, 2020, pursuant to 

Section 19(b)(2) of the Exchange Act,5

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.6

The Commission has received no 

comments on the proposal. This order 

approves the proposed rule change, as 

modified by Amendment No. 1. 

II. The Exchange’s Description of the 

Proposal, as Modified by Amendment 

No. 1 

The Exchange lists shares 

(collectively, ‘‘Shares’’) of the iShares 

Gold Trust (formerly the iShares 

COMEX Gold Trust), the iShares Silver 

Trust, and the iShares S&P GSCI 

Commodity-Indexed Trust. The listing 

and trading of shares of the iShares Gold 

Trust and the iShares Silver Trust are 

subject to NYSE Arca Rule 8.201–E, 

which governs the listing and trading of 

Commodity-Based Trust Shares on the 

Exchange; the listing and trading of 

shares of the iShares S&P GSCI 

Commodity-Indexed Trust are subject to 

NYSE Arca Rule 8.203–E, which 

governs the listing and trading of 

Commodity Index Trust Shares on the 

Exchange. The listing and trading of the 

Shares by the Exchange also are subject 

to Exchange representations referenced 

in various Commission releases.7 As 


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Federal Register / Vol. 86, No. 23 / Friday, February 5, 2021 / Notices 8465 

of certain information on the websites of the Trusts) 

(‘‘NYSE Arca Notice’’); Securities Exchange Act 

Release No. 58956 (November 14, 2008), 73 FR 

71074 (November 24, 2008) (SR–NYSEArca–2008– 

124) (Notice of Filing and Order Granting 

Accelerated Approval of Proposed Rule Change to 

List Shares of iShares Silver Trust) (‘‘NYSE Arca 

Silver Order’’); and Securities Exchange Act Release 

No. 56932 (December 7, 2007), 72 FR 71178 

(December 14, 2007) (SR–NYSEArca–2007–112) 

(approving the listing and trading of shares of the 

iShares S&P GSCI Commodity-Indexed Trust) 

(‘‘GSCI Order’’). The NYSE Arca Gold Order, the 

Amex Silver Order, the GSCI Order, and the NYSE 

Arca Notice are referred to collectively as the ‘‘Prior 

Releases.’’ 

8The term ‘‘Official Closing Price’’ is defined in 

NYSE Arca Rule 1.1(ll) as the reference price to 

determine the closing price in a security for 

purposes of Rule 7–E Equities Trading, and the 

procedures for determining the Official Closing 

Price are set forth in that rule. 

9 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

formation. See 15 U.S.C. 78c(f). 

10 15 U.S.C. 78f(b)(5). 

11 15 U.S.C. 78f(b)(5). 

12This approval order is based on all of the 

Exchange’s statements and representations set forth 

above and in Amendment No. 1 to the proposed 

rule change. 

13 15 U.S.C. 78s(b)(2). 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The term ‘‘Member’’ means an individual or 

organization approved to exercise the trading rights 

associated with a Trading Permit. Members are 

deemed ‘‘members’’ under the Exchange Act. See 

Exchange Rule 100 and the Definitions section of 

the Fee Schedule. 

discussed further below, the Exchange 

proposes to amend the requirements to 

disclose certain information on the 

Trusts’ websites as required by the Prior 

Releases. 

Under the Prior Releases, each of the 

Trusts is required to disseminate on its 

respective website a calculation of the 

premium or discount of the midpoint of 

the respective bid-ask price against NAV 

and data in chart form displaying the 

frequency distribution of discounts and 

premiums of such price against the 

NAV, within appropriate ranges for each 

of the four previous calendar quarters. 

The Exchange proposes to instead 

require each Trust to disseminate via its 

website the premium or discount of the 

Official Closing Price (rather than the 

midpoint of the respective bid-ask price) 

against the NAV as of the prior business 

day, expressed as a percentage of such 

NAV.8 Additionally, each Trust would 

be required to disseminate a table 

showing the number of days its shares 

traded at a premium or discount during 

the most recently completed calendar 

year and the most recently completed 

calendar quarters since that year, as well 

as a line graph showing the shares’ 

premiums or discounts for the most 

recently completed calendar year and 

the most recently completed calendar 

quarters since that year. Other than 

these changes to the information 

disclosed on the Trusts’ websites, each 

of the Trusts would continue to comply 

with all other representations referenced 

in the Prior Releases (including the 

website dissemination of other 

information) and in NYSE Arca Rules 

8.201–E or 8.203–E (as applicable). 

III. Discussion and Commission 

Findings 

After careful review, the Commission 

finds that the proposed rule change, as 

modified by Amendment No. 1, is 

consistent with the Act and the rules 

and regulations thereunder applicable to 

a national securities exchange.9 In 

particular, the Commission finds that 

the proposed rule change, as modified 

by Amendment No. 1, is consistent with 

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

requires, among other things, that the 

Exchange’s rules be designed to prevent 

fraudulent and manipulative acts and 

practices, 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 Exchange states that the proposed 

alternative disclosures would be both 

more specific and more comprehensive 

than the manner by which premium or 

discount information is currently 

disseminated by the Trusts. By 

providing the premium and discount 

information in a table and line graph as 

opposed to only in chart form, and for 

the previous calendar year and the most 

recently completed quarters following 

such calendar year as opposed to only 

for the four previous quarters, the Trusts 

would provide market participants with 

additional information to assess market 

pricing of the Shares against their 

respective NAVs. Additionally, the 

Exchange states that, by disseminating 

the premium or discount of the Official 

Closing Price (rather than the midpoint 

of the respective bid-ask price) against 

the NAV as of the prior business day, 

the Trusts would utilize more up-to-date 

and reliable pricing information 

available for the Shares compared to 

midpoints of the bid-ask prices. 

The Commission believes that the 

proposed alternative disclosures will be 

at least as useful to market participants 

as the currently disclosed data with 

respect to the Shares. Correspondingly, 

the Commission believes that the 

proposed alternative disclosures will 

not negatively impact arbitrage 

opportunities in the Shares that align 

the market prices of the Shares with 

their NAVs. For the foregoing reasons, 

the Commission finds that the proposed 

rule change, as modified by Amendment 

No. 1, is consistent with Section 6(b)(5) 

of the Act 11 and the rules and 

regulations thereunder applicable to a 

national securities exchange.12

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,13 that the 

proposed rule change (SR–NYSEArca– 

2020–98), as modified by Amendment 

No. 1, be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–02403 Filed 2–4–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91030; File No. SR– 

EMERALD–2021–01] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fee 

Schedule To Adopt a One-Time 

Membership Application Fee, 

Application Programming Interface 

(‘‘API’’) Testing and Certification Fees, 

and Network Connectivity Testing and 

Certification Fees 

February 1, 2021. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on January 

21, 2021, MIAX Emerald, LLC (‘‘MIAX 

Emerald’’ or ‘‘Exchange’’), filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

as described in Items I, II, and III 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 is filing a proposal to 

amend the MIAX Emerald Fee Schedule 

(the ‘‘Fee Schedule’’) to establish: (1) 

One-time membership application fees 

for new MIAX Emerald Members; 3 and 

(2) per-instance Application 

Programming Interface (‘‘API’’) Testing 

and Certification fees and Network 


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