13592 Federal Register / Vol. 86, No. 44 / Tuesday, March 9, 2021 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4Unless otherwise specified, the term ‘‘Market 

Makers’’ as used herein includes Specialists and eSpecialists. 

5Specialists and e-Specialists already pay a rate 

of $0.18 per contract on Manual volume. 

6See Securities Exchange Act Release No. 87404 

(October 28, 2019), 84 FR 58772 (November 1, 2019) 

(SR–NYSEAMER–2019–43) (notice regarding 

adoption of the Step-Up Program). 

7See proposed Fee Schedule, Section I.A. 

(reflecting deletion of footnote 8 relating to the 

Step-Up Program). 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(4) and (5). 

PBGC is soliciting public comments 

to— 

• Evaluate whether the collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

• Evaluate the accuracy of the 

agency’s estimate of the burden of the 

collection of information, including the 

validity of the methodology and 

assumptions used; 

• Enhance the quality, utility, and 

clarity of the information to be 

collected; and 

• Minimize the burden of the 

collection of information on those who 

are to respond, including the use of 

appropriate automated, electronic, 

mechanical, or other technological 

collection techniques or other forms of 

information technology, e.g., permitting 

electronic submission of responses. 

Issued in Washington, DC, by 

Stephanie Cibinic, 

Deputy Assistant General Counsel for 

Regulatory Affairs, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2021–04831 Filed 3–8–21; 8:45 am] 

BILLING CODE 7709–02–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91248; File No. SR– 

NYSEAMER–2021–12] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the NYSE 

American Options Fee Schedule 

March 3, 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 March 1, 

2021, NYSE American LLC (‘‘NYSE 

American’’ 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 selfregulatory 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 the 

NYSE American Options Fee Schedule 

(‘‘Fee Schedule’’) regarding an incentive 

program for Market Makers. The 

Exchange proposes to implement the fee 

change effective March 1, 2021. 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 purpose of this filing is to modify 

the Fee Schedule to eliminate an 

incentive program that was designed to 

encourage Market Makers 4 to increase 

their Manual volume above a base rate 

(the ‘‘Step-Up Program’’). The Exchange 

proposes to implement the rule change 

on March 1, 2021. 

Currently, the Exchange offers 

discounts on the standard $0.25 per 

contract fee on Manual volume to 

Market Makers that increase their 

Manual volume by a specified 

percentage of TCADV over their August 

2019 volume or, for new Market Makers, 

that increase Manual volume by a 

specified percentage of TCADV above a 

base level of 15,000 ADV (‘‘Increased 

Manual Volume’’). Specifically, the 

Exchange provides an $0.18 per contract 

charge on Increased Manual Volume to 

Market Makers (excluding Specialists 

and e-Specialists) 5 with Increased 

Manual Volume of at least 0.15% 

TCADV and a $0.12 per contract charge 

on Increased Manual Volume to Market 

Makers with Increased Manual Volume 

of at least 0.30% TCADV. 

The Exchange adopted the Step-Up 

Program—a voluntary program—in 

October of 2019 to encourage Market 

Makers to increase Manual volume on 

the Exchange.6 However, because the 

Step-Up Program has not been utilized 

(and therefore did not achieve its 

intended effect), the Exchange proposes 

to eliminate the Step-Up Program from 

the Fee Schedule.7

The Exchange believes that the 

elimination of the Step-Up Program 

would not impact any Market Makers, 

given that no Market Makers ever 

achieved the Increased Manual Volume 

necessary to qualify for the discounted 

rates. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,8 in general, and 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,9 in particular, 

because it provides for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members, 

issuers and other persons using its 

facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

The Exchange believes that the 

proposed rule change to eliminate the 

Step-Up Program from the Fee Schedule 

is reasonable because this program has 

not been utilized and thus has not 

effectively incented Market Makers to 

increase participation in manual 

executions on the Exchange. The 

Exchange believes eliminating an 

unutilized incentive program would 

simplify the Fee Schedule. The 

Exchange believes that eliminating the 

Step-Up Program from the Fee Schedule 

is equitable and not unfairly 

discriminatory because the program 

would be eliminated in its entirety and 

would no longer be available to any 

Market Maker. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act, the Exchange does not believe 

that the proposed rule change would 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

Instead, the Exchange believes that the 

proposed elimination of the Step-Up 

Program from the Fee Schedule would 

not affect intramarket or intermarket 

competition because, as discussed 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 44 / Tuesday, March 9, 2021 / Notices 13593 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(2). 

12 15 U.S.C. 78s(b)(2)(B). 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 

above, the program has not incented 

Market Makers to increase participation 

in manual executions on the Exchange. 

In addition, because only those Market 

Makers that increased their Manual 

volume by specified amounts were 

eligible for discounted rates under the 

Step-Up Program, the proposed 

elimination of the program would 

remove a potential burden on 

competition in that it would level the 

playing field for all Market Makers 

operating on the Exchange. 

The Exchange operates in a highly 

competitive market in which market 

participants can readily favor one of the 

16 competing option exchanges. In such 

an environment, the Exchange must 

continually adjust its fees and rebates to 

remain competitive with other 

exchanges and to attract order flow to 

the Exchange. The Exchange believes 

that the proposed rule change reflects 

this competitive environment because it 

removes an unutilized program that did 

not achieve its intended purpose of 

attracting order flow. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 10 of the Act and 

subparagraph (f)(2) of Rule 19b–4 11

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) 12 of the Act to 

determine whether the proposed rule 

change 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– 

NYSEAMER–2021–12 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–NYSEAMER–2021–12. 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–NYSEAMER–2021–12, and 

should be submitted on or before March 

30, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–04792 Filed 3–8–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91247; File No. SR–MSRB– 

2021–02] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Reduce the Rates of 

Assessment for Certain Underwriting, 

Transaction, and Technology Fees 

Under MSRB Rule A–13 

March 3, 2021. 

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 March 1, 2021 the Municipal 

Securities Rulemaking Board (‘‘MSRB’’) 

filed with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change as described 

in Items I, II, and III below, which Items 

have been prepared by the MSRB. 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 MSRB filed with the Commission 

a proposed rule change to amend MSRB 

Rule A–13, on underwriting and 

transaction assessments for brokers, 

dealers, and municipal securities 

dealers (collectively, ‘‘dealers’’), to 

temporarily reduce the rate of 

assessment for certain underwriting, 

transaction, and technology fees 

(collectively, ‘‘market activity fees’’) on 

dealers with respect to assessable 

activity that occurs on April 1, 2021 

through September 30, 2022 (the 

‘‘proposed rule change’’). The MSRB has 

designated the proposed rule change as 

‘‘establishing or changing a due, fee, or 

other charge’’ under Section 

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

4(f)(2) 4 thereunder, which renders the 

proposed rule change effective upon 

filing with the Commission. The 


khammond on DSKJM1Z7X2PROD with NOTICES