12066 Federal Register / Vol. 86, No. 38 / Monday, March 1, 2021 / Notices 

16See id. 

17See id. at 3. 

18See id. 

19See id. 

20See, e.g., Securities Exchange Act Release Nos. 

83296 (May 21, 2018), 83 FR 24362 (May 25, 2018) 

(order granting NYSE National, Inc.’s exemptive 

request relating to rules of FINRA incorporated by 

reference); 83040 (April 12, 2018), 83 FR 17198 

(April 18, 2018) (order granting MIAX PEARL’s 

exemptive request relating to rules of MIAX 

incorporated by reference); 78101 (June 17, 2016), 

81 FR 41141, 41165 (June 23, 2016) (order granting 

application for registration as a national securities 

exchange of Investors’ Exchange, LLC and 

exemptive request relating to rules of FINRA 

incorporated by reference); 76998 (January 29, 

2016), 81 FR 6066, 6083–84 (February 4, 2016) 

(order granting application for registration as a 

national securities exchange of ISE Mercury, LLC 

(now known as Nasdaq MRX, LLC) and exemptive 

request relating to rules of the International 

Securities Exchange, LLC (now known as Nasdaq 

ISE, LLC) (‘‘ISE’’) incorporated by reference, 

including index options rules); 70050 (July 26, 

2013), 78 FR 46622, 46642 (August 1, 2013) (order 

granting application for registration as a national 

securities exchange of Topaz Exchange, LLC (now 

known as Nasdaq GEMX, LLC) and exemptive 

request relating to rules of ISE incorporated by 

reference, including index options rules); 61152 

(December 10, 2009), 74 FR 66699, 66709–10 

(December 16, 2009) (order granting application for 

registration as a national securities exchange of C2 

Options Exchange, Incorporated and exemptive 

request relating to rules of CBOE incorporated by 

reference, including index options rules). See also, 

e.g., Securities Exchange Act Release No. 61534 

(February 18, 2010), 75 FR 8760 (February 25, 2010) 

(order granting BATS Exchange, Inc.’s exemptive 

request relating to rules incorporated by reference 

by the BATS Exchange Options Market rules) 

(‘‘BATS Options Market Order’’). 

21See 17 CFR 240.0–12; Securities Exchange Act 

Release No. 39624 (February 5, 1998), 63 FR 8101 

(February 18, 1998) (Commission Procedures for 

Filing Applications for Orders for Exemptive Relief 

Pursuant to Section 36 of the Exchange Act). 

22See BATS Options Market Order, supra note 20 

(citing Securities Exchange Act Release No. 49260 

(February 17, 2004), 69 FR 8500 (February 24, 2004) 

(order granting exemptive request relating to rules 

incorporated by reference by several SROs) (‘‘2004 

Order’’)). 

23See id. at 8761. See also 2004 Order, supra note 

22, at 8502. 

24 15 U.S.C. 78mm. 

25 17 CFR 200.30–3(a)(76). 

writing when the Commission approves 

any such proposed rule changes.16

According to the Exchange, this 

exemption is necessary and appropriate 

because it would result in the MIAX 

PEARL Equities Rules being consistent 

with the relevant cross-referenced 

FINRA and MIAX rules at all times, thus 

ensuring identical regulation of joint 

members of the Exchange, FINRA, and/ 

or MIAX with respect to such rules.17

Without such an exemption, joint 

members of the Exchange, FINRA, and/ 

or MIAX could be subject to two 

different standards.18 In addition, the 

Exchange believes that the exemption 

would ensure consistency between 

certain MIAX PEARL Equities Rules and 

FINRA rules that are covered by the 

Exchange’s regulatory services 

agreement (‘‘RSA’’) with FINRA, which 

would facilitate FINRA’s provision of 

services to the Exchange under the RSA 

within the scope of those MIAX PEARL 

Equities Rules.19

The Commission has issued 

exemptions similar to the Exchange’s 

request.20 In granting one such 

exemption in 2010, the Commission 

repeated a prior, 2004 Commission 

statement that it would consider similar 

future exemption requests from other 

SROs, provided that: 

• An SRO wishing to incorporate 

rules of another SRO by reference has 

submitted a written request for an order 

exempting it from the requirement in 

Section 19(b) of the Exchange Act to file 

proposed rule changes relating to the 

rules incorporated by reference, has 

identified the applicable originating 

SRO(s), together with the rules it wants 

to incorporate by reference, and 

otherwise has complied with the 

procedural requirements set forth in the 

Commission’s release governing 

procedures for requesting exemptive 

orders pursuant to Rule 0–12 under the 

Exchange Act; 21

• The incorporating SRO has 

requested incorporation of categories of 

rules (rather than individual rules 

within a category) that are not trading 

rules (e.g., the SRO has requested 

incorporation of rules such as margin, 

suitability, or arbitration); and 

• The incorporating SRO has 

reasonable procedures in place to 

provide written notice to its members 

each time a change is proposed to the 

incorporated rules of another SRO.22

The Commission believes that the 

Exchange has satisfied each of these 

conditions. The Commission also 

believes that granting the Exchange an 

exemption from the rule filing 

requirements under Section 19(b) of the 

Exchange Act will promote efficient use 

of Commission and Exchange resources 

by avoiding duplicative rule filings 

based on simultaneous changes to 

identical rule text sought by more than 

one SRO.23 The Commission therefore 

finds it appropriate in the public 

interest and consistent with the 

protection of investors to exempt the 

Exchange from the rule filing 

requirements under Section 19(b) of the 

Exchange Act with respect to the abovedescribed rules it has incorporated by 

reference. This exemption is 

conditioned upon the Exchange 

promptly providing written notice to its 

members whenever FINRA or MIAX 

changes a rule that the Exchange has 

incorporated by reference. 

Accordingly, it is ordered, pursuant to 

Section 36 of the Exchange Act,24 that 

the Exchange is exempt from the rule 

filing requirements of Section 19(b) of 

the Exchange Act solely with respect to 

changes to the MIAX PEARL Equities 

Rules identified in its request that 

incorporate by reference certain FINRA 

and MIAX rules that are the result of 

changes to such FINRA or MIAX rules, 

provided that the Exchange promptly 

provides written notice to its members 

whenever FINRA or MIAX proposes to 

change a rule that the Exchange has 

incorporated by reference. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–04091 Filed 2–26–21; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[License No. 05/05–0295] 

Northcreek Mezzanine Fund I, L.P.; 

Surrender of License of Small 

Business Investment Company 

Pursuant to the authority granted to 

the United States Small Business 

Administration under the Small 

Business Investment Act of 1958, as 

amended, under Section 309 of the Act 

and Section 107.1900 of the Small 

Business Administration Rules and 

Regulations (13 CFR 107.1900) to 

function as a small business investment 

company under the Small Business 

Investment Company License No. 05/ 

05–0295 issued to Northcreek 

Mezzanine Fund I, L.P., said license is 

hereby declared null and void. 

United States Small Business 

Administration. 

Thomas G. Morris, 

Acting Associate Administrator, Director, 

Office of SBIC Liquidation, Office of 

Investment and Innovation. 

[FR Doc. 2021–04138 Filed 2–26–21; 8:45 am] 

BILLING CODE P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #16876 and #16877; 

TEXAS Disaster Number TX–00591] 

Presidential Declaration of a Major 

Disaster for the State of Texas 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice.