Federal Register / Vol. 86, No. 26 / Wednesday, February 10, 2021 / Notices 8937 

14 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. 88987 

(June 2, 2020), 85 FR 34774. Comments on the 

proposed rule change can be found on the 

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

comments/sr-nasdaq-2020-028/srnasdaq

2020028.htm. 

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

Fund’s underlying holdings on an 

intraday basis, which the Exchange 

believes will allow market participants 

to better assess their risk and provide 

additional certainty around intra-day 

price and hedging. The Exchange 

believes that this additional information 

will reduce the risk that market 

participants face intra-day, which will 

encourage tighter spreads and deeper 

liquidity in Shares of the Funds, to the 

benefit of investors. The only change to 

the Funds that the Exchange is 

proposing is to allow the Funds to strike 

multiple Intra-Day NAVs. All other 

material representations contained 

within the Initial Filing remain true and 

will continue to constitute continued 

listing requirements for the Funds. 

For the above reasons, the Exchange 

believes that the proposed rule change 

is consistent with the requirements of 

Section 6(b)(5) of the Act. 

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 purpose of the Act. The Exchange 

notes that the proposed rule change, 

rather, will provide additional 

information to market participants 

thereby reducing market participants 

risk and intra-day price uncertainty 

which will allow the Fund to better 

compete in the marketplace, thus 

enhancing competition among both 

market participants and listing venues, 

to the benefit of investors and the 

marketplace. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

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– 

CboeBZX–2021–014 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–CboeBZX–2021–014. 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–CboeBZX–2021–014 and 

should be submitted on or before March 

3, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–02713 Filed 2–9–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91056; File No. SR– 

NASDAQ–2020–028] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Withdrawal of a Proposed Rule 

Change, as Modified by Amendment 

No. 1, To Amend IM–5101–1 (Use of 

Discretionary Authority) To Apply 

Additional or More Stringent Criteria to 

an Applicant or Listed Company Based 

on Considerations Related to the 

Company’s Auditor or When a 

Company’s Business Is Principally 

Administered in a Jurisdiction That Is 

a Restrictive Market 

February 4, 2021. 

On May 19, 2020, The Nasdaq Stock 

Market LLC (‘‘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 to 

amend IM–5101–1 (Use of Discretionary 

Authority) to deny listing or continued 

listing or to apply additional and more 

stringent criteria to an applicant or 

listed company based on considerations 

related to the company’s auditor or 

when a company’s business is 

principally administered in a 

jurisdiction that has secrecy laws, 

blocking statutes, national security laws, 

or other laws or regulations restricting 

access to information by regulators of 

U.S.-listed companies in such 

jurisdiction. The proposed rule change 

was published for comment in the 

Federal Register on June 8, 2020.3 On 

July 20, 2020, pursuant to Section 

19(b)(2) of the 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 

8938 Federal Register / Vol. 86, No. 26 / Wednesday, February 10, 2021 / Notices 

5See Securities Exchange Act Release No. 89344, 

85 FR 44951 (July 24, 2020). The Commission 

designated September 6, 2020 as the date by which 

the Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

approve or disapprove, the proposed rule change. 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 89739, 

85 FR 55708 (September 9, 2020). 

8Amendment No. 1 is available at https://

www.sec.gov/comments/sr-nasdaq-2020-028/ 

srnasdaq2020028.htm. 

9See Securities Exchange Act Release No. 90549, 

85 FR 79048 (December 8, 2020). 

10 17 CFR 200.30–3(a)(12). 

1The PWG is chaired by the Secretary of the 

Treasury and includes the Chair of the Board of 

Governors of the Federal Reserve System, the Chair 

of the SEC, and the Chair of the Commodity Futures 

Trading Commission. For a detailed discussion of 

the structure and significance of short-term funding 

markets and the effects of the COVID–19 shock, as 

well as the effects of monetary and fiscal measures, 

see SEC staff report, ‘‘U.S. Credit Markets 

Interconnectedness and the Effects of COVID–19 

Economic Shock,’’ (October 2020) (‘‘SEC Staff 

Interconnectedness Report’’), available at https://

www.sec.gov/files/US-Credit-Markets_COVID-19_

Report.pdf. The SEC Staff Interconnectedness 

Report also discusses the effects of the March 2020 

market stress on money market funds, including 

heavy outflows from prime and tax-exempt money 

market funds and significant inflows for 

government money market funds. 

2The Report is also available at https://

home.treasury.gov/system/files/136/PWG-MMFreport-final-Dec-2020.pdf. 

3See Money Market Fund Reform, Investment 

Company Act Release No. 29132 (Feb. 23, 2010) [75 

FR 10060 (Mar. 4, 2010)] (amending rule 2a–7 

under the Investment Company Act of 1940 (the 

‘‘Act’’) to, among other things, enhance 

transparency and reduce credit, liquidity, and 

interest rate risks of money market fund portfolios); 

Money Market Fund Reform; Amendments to Form 

PF, Investment Company Act Release No. 31166 

(July 23, 2014) [79 FR 47736 (Aug. 14, 2014)] 

(amending rule 2a–7 under the Act to address risks 

stemming from investor runs, including a floating 

NAV requirement for all prime and tax-exempt 

money market funds sold to institutional investors 

and the provision of new gate and fee tools for all 

prime and tax-exempt money market funds, 

including retail funds). 

rule change.5 On September 2, 2020, the 

Commission instituted proceedings 

under Section 19(b)(2)(B) of the Act 6 to 

determine whether to approve or 

disapprove the proposed rule change.7

On November 6, 2020, the Exchange 

filed Amendment No. 1 to the proposed 

rule change, which replaced and 

superseded the proposed rule change as 

originally filed.8 On December 2, 2020, 

the Commission extended the period for 

consideration of the proposed rule 

change to February 3, 2021.9 On 

February 1, 2021, the Exchange 

withdrew the proposed rule change 

(SR–NASDAQ–2020–028). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–02707 Filed 2–9–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IC–34188; File No. S7–01–21] 

Request for Comment on Potential 

Money Market Fund Reform Measures 

in President’s Working Group Report 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Request for comment. 

SUMMARY: The Securities and Exchange 

Commission (the ‘‘SEC’’ or the 

‘‘Commission’’) is seeking comment on 

potential reform measures for money 

market funds, as highlighted in a recent 

report of the President’s Working Group 

on Financial Markets (‘‘PWG’’). Public 

comments on the potential policy 

measures will help inform consideration 

of reforms to improve the resilience of 

money market funds and broader shortterm funding markets. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/submitcomments.htm); or 

• Send an email to rule-comments@

sec.gov. Please include File No. S7–01– 

21 on the subject line. 

Paper Comments 

• Send paper comments to Secretary, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 

20549–1090. 

All submissions should refer to File 

Number S7–01–21. 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 of submission. The 

Commission will post all comments on 

the Commission’s website (http://

www.sec.gov). Typically, comments are 

also 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 

a.m. and 3 p.m. Due to pandemic 

conditions, however, access to the 

Commission’s public reference room is 

not permitted at this time. 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 publicly 

available. 

Studies, memoranda, or other 

substantive items may be added by the 

Commission or staff to the comment file 

during this request for comment. A 

notification of the inclusion in the 

comment file of any such materials will 

be made available on the Commission’s 

website. To ensure direct electronic 

receipt of such notifications, sign up 

through the ‘‘Stay Connected’’ option at 

www.sec.gov to receive notifications by 

email. 

DATES: Comments should be received on 

or before April 12, 2021. 

FOR FURTHER INFORMATION CONTACT: 

Adam Lovell or Elizabeth Miller, Senior 

Counsels; Angela Mokodean, Branch 

Chief; Thoreau Bartmann, Senior 

Special Counsel; Viktoria Baklanova, 

Senior Financial Analyst; or Brian 

Johnson, Assistant Director, at (202) 

551–6792, Division of Investment 

Management, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–8549. 

SUPPLEMENTARY INFORMATION: 

I. The President’s Working Group 

Report 

The PWG has studied the effects of 

the growing economic concerns related 

to the COVID–19 pandemic in March 

2020 on short-term funding markets 

and, in particular, on money market 

funds.1 The results of this study are 

included in the report issued on 

December 22, 2020 and attached to this 

release as an Appendix (the ‘‘Report’’).2

The Report provides an overview of 

prior money market fund reforms in 

2010 and 2014, as well as how different 

types of money market funds have 

evolved since the 2008 financial crisis.3

The Report then discusses events in 

certain short-term funding markets in 

March 2020, focusing on money market 

funds. In reviewing the events of March 

2020, the Report discusses significant 

outflows from prime and tax-exempt 

money market funds that occurred and 

how these funds experienced, and began 

to contribute to, general stress in shortterm funding markets before the Federal 

Reserve, with the approval of the 

Department of the Treasury, established 

facilities to support short-term funding 

markets, including money market funds. 

The Report observes that these events 

occurred despite prior reform efforts to 

make money market funds more 

resilient to credit and liquidity stresses 

and, as a result, less susceptible to 

redemption-driven runs. Accordingly,