Federal Register / Vol. 88, No. 178 / Friday, September 15, 2023 / Notices 63633 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

• A request to invoice the filing fee 

required by 10 CFR 50.30(e) and 10 CFR 

170.21. 

The NRC staff determined that the 

application is acceptable for docketing 

under Docket Nos. 50–611 and 50–612. 

The NRC staff provided Kairos notice of 

the acceptance and docketing 

determinations by letter dated 

September 11, 2023 (ADAMS Accession 

No. ML23233A167). 

The NRC staff will perform a detailed 

technical review of the construction 

permit application and document its 

safety findings in a safety evaluation 

report. Also, the NRC staff will perform 

an environmental review and document 

its findings in accordance with 10 CFR 

part 51, ‘‘Environmental Protection 

Regulations for Domestic Licensing and 

Related Regulatory Functions,’’ and the 

National Environmental Policy Act. 

Docketing of the application does not 

preclude the NRC from requesting 

additional information from the 

applicant as the review proceeds, nor 

does it predict whether the Commission 

will grant or deny the application. The 

construction permit application will be 

referred to the Advisory Committee on 

Reactor Safeguards for review and 

report consistent with 10 CFR 50.58, 

‘‘Hearings and report of the Advisory 

Committee on Reactor Safeguards.’’ If, 

after holding an evidentiary hearing, the 

Commission finds that the construction 

permit application meets the applicable 

standards of the Atomic Energy Act and 

the Commission’s regulations, and that 

any required notifications to other 

agencies and bodies have been made, 

the Commission will issue a 

construction permit, in the form and 

containing conditions and limitations 

that the Commission finds appropriate 

and necessary. 

The Commission will announce, in a 

future Federal Register notice, the 

opportunity to petition for leave to 

intervene in a proceeding on the 

construction permit application. 

Dated: September 11, 2023. 

For the Nuclear Regulatory Commission. 

Michael D. Orenak, 

Project Manager, Advanced Reactor Licensing 

Branch 1, Division of Advanced Reactors and 

Non-Power Production and Utilization 

Facilities, Office of Nuclear Reactor 

Regulation. 

[FR Doc. 2023–19935 Filed 9–14–23; 8:45 am] 

BILLING CODE 7590–01–P 

NUCLEAR REGULATORY 

COMMISSION 

[NRC–2023–0001] 

Sunshine Act Meetings 

TIME AND DATE: Weeks of September 18, 

25, October 2, 9, 16, 23, 2023. The 

schedule for Commission meetings is 

subject to change on short notice. The 

NRC Commission Meeting Schedule can 

be found on the internet at: https://

www.nrc.gov/public-involve/publicmeetings/schedule.html. 

PLACE: The NRC provides reasonable 

accommodation to individuals with 

disabilities where appropriate. If you 

need a reasonable accommodation to 

participate in these public meetings or 

need this meeting notice or the 

transcript or other information from the 

public meetings in another format (e.g., 

Braille, large print), please notify Anne 

Silk, NRC Disability Program Specialist, 

at 301–287–0745, by videophone at 

240–428–3217, or by email at 

Anne.Silk@nrc.gov. Determinations on 

requests for reasonable accommodation 

will be made on a case-by-case basis. 

STATUS: Public. 

Members of the public may request to 

receive the information in these notices 

electronically. If you would like to be 

added to the distribution, please contact 

the Nuclear Regulatory Commission, 

Office of the Secretary, Washington, DC 

20555, at 301–415–1969, or by email at 

Wendy.Moore@nrc.gov. 

MATTERS TO BE CONSIDERED: 

Week of September 18, 2023 

There are no meetings scheduled for 

the week of September 18, 2023. 

Week of September 25, 2023—Tentative 

There are no meetings scheduled for 

the week of September 25, 2023. 

Week of October 2, 2023—Tentative 

There are no meetings scheduled for 

the week of October 2, 2023. 

Week of October 9, 2023—Tentative 

There are no meetings scheduled for 

the week of October 9, 2023. 

Week of October 16, 2023—Tentative 

Thursday, October 19, 2023 

9:00 a.m. Hearing on Construction 

Permit for Kairos Hermes NonPower Test Reactor: Section 189a of 

the Atomic Energy Act Proceeding 

(Public Meeting); (Contact: Matthew 

Hiser: 301–415–2454; Tami Dozier: 

301–415–2272) 

Additional Information: The meeting 

will be held in the Commissioners’ 

Conference Room, 11555 Rockville Pike, 

Rockville, Maryland. The public is 

invited to attend the Commission’s 

meeting in person or watch live via 

webcast at the web address—https://

video.nrc.gov/. 

Week of October 23, 2023—Tentative 

There are no meetings scheduled for 

the week of October 23, 2023. 

CONTACT PERSON FOR MORE INFORMATION: 

For more information or to verify the 

status of meetings, contact Wesley Held 

at 301–287–3591 or via email at 

Wesley.Held@nrc.gov. 

The NRC is holding the meetings 

under the authority of the Government 

in the Sunshine Act, 5 U.S.C. 552b. 

Dated: September 13, 2023. 

For the Nuclear Regulatory Commission. 

Wesley W. Held, 

Policy Coordinator, Office of the Secretary. 

[FR Doc. 2023–20164 Filed 9–13–23; 4:15 pm] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98349; File No. SR–FINRA– 

2023–011] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Extend the 

Implementation Date of Certain 

Amendments to FINRA Rule 4210 

Approved Pursuant to SR–FINRA– 

2015–036 

September 11, 2023. 

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 August 

29, 2023, the Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’) 

filed with the Securities and Exchange 

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

the proposed rule change as described 

in Items I and II below, which Items 

have been prepared by FINRA. FINRA 

has designated the proposed rule change 

as constituting a ‘‘non-controversial’’ 

rule change under paragraph (f)(6) of 

Rule 19b–4 under the Act,3 which 

renders the proposal effective upon 

receipt of this filing by the Commission. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 


ddrumheller on DSK120RN23PROD with NOTICES1
63634 Federal Register / Vol. 88, No. 178 / Friday, September 15, 2023 / Notices 

4See Securities Exchange Act Release No. 78081 

(June 15, 2016), 81 FR 40364 (June 21, 2016) (Notice 

of Filing of Amendment No. 3 and Order Granting 

Accelerated Approval to a Proposed Rule Change to 

Amend FINRA Rule 4210 (Margin Requirements) to 

Establish Margin Requirements for the TBA Market, 

as Modified by Amendment Nos. 1, 2, and 3; File 

No. SR–FINRA–2015–036). 

5See Partial Amendment No. 3 to SR–FINRA– 

2015–036 and Regulatory Notice 16–31 (August 

2016), both available at: www.finra.org. 6See Responses to Frequently Asked Questions 

Regarding Covered Agency Transactions Under 

FINRA Rule 4210, at: <https://www.finra.org/rulesguidance/guidance/faqs/responses-frequentlyasked-questions-regarding-covered-agencytransactions-under-finra-rule>. Further, staff of the 

SEC’s Division of Trading and Markets made 

available a set of Frequently Asked Questions 

regarding Exchange Act Rule 15c3–1 and Rule 

15c3–3 in connection with Covered Agency 

Transactions under FINRA Rule 4210, also available 

at: <https://www.finra.org/rules-guidance/

guidance/faqs/responses-frequently-askedquestions-regarding-covered-agency-transactionsunder-finra-rule>. 

7See Securities Exchange Act Release No. 81722 

(September 26, 2017), 82 FR 45915 (October 2, 

2017) (Notice of Filing and Immediate Effectiveness 

of a Proposed Rule Change to Delay the 

Implementation Date of Certain Amendments to 

FINRA Rule 4210 Approved Pursuant to SR– 

FINRA–2015–036; File No. SR–FINRA–2017–029); 

see also Regulatory Notice 17–28 (September 2017). 

8See Securities Exchange Act Release No. 97062 

(March 7, 2023), 88 FR 15473 (March 13, 2023) 

(Notice of Filing and Immediate Effectiveness of a 

Proposed Rule Change to Extend the 

Implementation Date of Certain Amendments to 

FINRA Rule 4210 Approved Pursuant to SR– 

FINRA–2015–036; File No. SR–FINRA–2023–002). 

9See Securities Exchange Act Release No. 91937 

(May 19, 2021), 86 FR 28161 (May 25, 2021) (Notice 

of Filing of a Proposed Rule Change to Amend the 

Requirements for Covered Agency Transactions 

Under FINRA Rule 4210 (Margin Requirements) as 

Approved Pursuant to SR–FINRA–2015–036; File 

No. SR–FINRA–2021–010). See also Partial 

Amendment No. 1 to SR–FINRA–2021–010, and 

Letter from Adam Arkel, Associate General 

Counsel, Office of General Counsel, FINRA, to 

Vanessa Countryman, Secretary, SEC, dated 

September 16, 2021, both available at: 

<www.finra.org>. 

10See Securities Exchange Act Release No. 98003 

(July 27, 2023), 88 FR 50205 (August 1, 2023) 

(Order Setting Aside Action by Delegated Authority 

and Granting Approval of a Proposed Rule Change, 

as Modified by Amendment No. 1, to Amend the 

Requirements for Covered Agency Transactions 

under FINRA Rule 4210 (Margin Requirements) as 

Approved Pursuant to SR–FINRA–2015–036; File 

No. SR–FINRA–2021–010) (the ‘‘SEC Approval 

Order’’); see also Securities Exchange Act Release 

No. 94013 (January 20, 2022), 87 FR 4076 (January 

26, 2022) (Order Granting Approval of a Proposed 

Rule Change, as Modified by Amendment No. 1, to 

Amend the Requirements for Covered Agency 

Transactions under FINRA Rule 4210 (Margin 

Requirements) as Approved Pursuant to SR– 

FINRA–2015–036; File No. SR–FINRA–2021–010). 

11FINRA stated, and the SEC noted, that the 

amendments would become effective between nine 

and ten months following the SEC’s approval. See 

Partial Amendment No. 1; see also SEC Approval 

Order, supra note 10, 88 FR 50205, 50229. 

12Regulatory Notice 23–14 (August 2023), 

available at: <www.finra.org>. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

FINRA is proposing to extend, to May 

22, 2024, the implementation date of the 

amendments to FINRA Rule 4210 

(Margin Requirements) pursuant to SR– 

FINRA2015–036, other than the 

amendments pursuant to SR–FINRA– 

2015–036 that were implemented on 

December 15, 2016. The proposed rule 

change would not make any changes to 

the text of FINRA rules. 

The text of the proposed rule change 

is available on FINRA’s website at 

http://www.finra.org, at the principal 

office of FINRA 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, 

FINRA 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 these statements 

may be examined at the places specified 

in Item IV below. FINRA has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On October 6, 2015, FINRA filed with 

the Commission proposed rule change 

SR–FINRA–2015–036, which proposed 

to amend FINRA Rule 4210 to establish 

margin requirements for (1) To Be 

Announced (‘‘TBA’’) transactions, 

inclusive of adjustable rate mortgage 

(‘‘ARM’’) transactions; (2) Specified 

Pool Transactions; and (3) transactions 

in Collateralized Mortgage Obligations 

(‘‘CMOs’’), issued in conformity with a 

program of an agency or GovernmentSponsored Enterprise (‘‘GSE’’), with 

forward settlement dates, as defined 

more fully in the filing (collectively, 

‘‘Covered Agency Transactions’’). The 

Commission approved SR–FINRA– 

2015–036 on June 15, 2016 (the 

‘‘Approval Date’’).4

Pursuant to Partial Amendment No. 3 

to SR–FINRA–2015–036, FINRA 

announced in Regulatory Notice 16–31 

that the rule change would become 

effective on December 15, 2017, 18 

months from the Approval Date, except 

that the risk limit determination 

requirements as set forth in paragraphs 

(e)(2)(F), (e)(2)(G) and (e)(2)(H) of Rule 

4210 and in new Supplementary 

Material .05, each as respectively 

amended or established by SR–FINRA– 

2015–036 (collectively, the ‘‘risk limit 

determination requirements’’), would 

become effective on December 15, 2016, 

six months from the Approval Date.5

Industry participants sought 

clarification regarding the 

implementation of the requirements 

pursuant to SR–FINRA–2015–036. 

Industry participants also requested 

additional time to make system changes 

necessary to comply with the 

requirements, including time to test the 

system changes, and requested 

additional time to update or amend 

margining agreements and related 

documentation. In response, FINRA 

made available a set of Frequently 

Asked Questions & Guidance 6 and, 

pursuant to SR–FINRA–2017–029,7

extended the implementation date of the 

requirements of SR–FINRA–2015–036 to 

June 25, 2018, except for the risk limit 

determination requirements, which, as 

announced in Regulatory Notice 16–31, 

became effective on December 15, 2016. 

Industry participants requested that 

FINRA reconsider the potential impact 

of certain requirements pursuant to SR– 

FINRA–2015–036 on smaller and midsized firms. Industry participants also 

requested that FINRA extend the 

implementation date pending such 

reconsideration. In response to these 

concerns, FINRA further extended the 

implementation date of the 

requirements of SR–FINRA–2015–036, 

other than the risk limit determination 

requirements, most recently to October 

25, 2023 (the ‘‘October 25, 2023 

implementation date’’),8 and, informed 

by extensive dialogue, both with 

industry participants and other 

regulators, including the staff of the SEC 

and the Federal Reserve System, FINRA 

proposed amendments to the 

requirements of SR–FINRA–2015–036 

(the ‘‘Proposed Amendments’’).9

The SEC approved the Proposed 

Amendments on July 27, 2023.10 As 

FINRA stated in Partial Amendment No. 

1 to SR–FINRA–2021–010, and 

consistent with the SEC Approval 

Order,11 FINRA has issued Regulatory 

Notice 23–14 12 announcing May 22, 

2024, as the implementation date of the 

Proposed Amendments (the 

‘‘Amendments Implementation Date’’). 

FINRA believes it is appropriate, in the 

interest of regulatory clarity, to adjust 

the implementation date of the 

requirements pursuant to SR–FINRA– 

2015–036 in alignment with the 

Amendments Implementation Date. To 

that end, FINRA is proposing to extend 

the October 25, 2023 implementation 

date to May 22, 2024. FINRA notes that 

the risk limit determination 

requirements pursuant to SR–FINRA– 

2015–036 became effective on December 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 178 / Friday, September 15, 2023 / Notices 63635 

13The Proposed Amendments make certain 

revisions to the risk limit determination 

requirements as originally approved pursuant to 

SR–FINRA–2015–036. As announced in Regulatory 

Notice 23–14, these revisions will become effective 

on May 22, 2024, as with all the other amendments 

approved pursuant to the SEC Approval Order. 

14 15 U.S.C. 78o–3(b)(6). 

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

16 17 CFR 240.19b–4(f)(6). 

17 17 CFR 240.19b–4(f)(6). 

18 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 

19b–4(f)(6)(iii) requires a self-regulatory 

organization to give the Commission written notice 

of its intent to file the proposed rule change, along 

with a brief description and text of the proposed 

rule change, at least five business days prior to the 

date of filing of the proposed rule change, or such 

shorter time as designated by the Commission. 

FINRA has satisfied this requirement. 

19For purposes of waiving the 30-day operative 

delay, the Commission has also considered the 

proposed rule’s impact on efficiency, competition, 

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

15, 2016, and, as such, are not affected 

by the proposed rule change.13

FINRA has filed the proposed rule 

change for immediate effectiveness and 

has requested that the Commission 

waive the requirement that the proposed 

rule change not become operative for 30 

days after the date of the filing. The 

operative date will be the date of filing 

of the proposed rule change. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,14 which 

requires, among other things, that 

FINRA rules must be designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, and, in 

general, to protect investors and the 

public interest. FINRA believes that the 

proposed rule change serves the interest 

of regulatory clarity in the Covered 

Agency Transaction market by aligning 

the implementation of the requirements 

pursuant to SR–FINRA–2015–036, other 

than the risk limit determination 

requirements, with the Amendments 

Implementation Date. FINRA believes 

that this will thereby protect investors 

and the public interest by helping to 

promote stability in the Covered Agency 

Transaction market. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA does not believe that the 

proposed rule change will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. FINRA 

believes that aligning the 

implementation date of the 

requirements pursuant to SR–FINRA– 

2015–036, other than the risk limit 

determination requirements, with the 

Amendments Implementation Date will 

help to provide clarity to industry 

participants and to promote stability in 

the Covered Agency Transaction market, 

thereby benefiting all parties. 

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 

Because the foregoing proposed rule 

change does not: (i) significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 15 and Rule 19b– 

4(f)(6) thereunder.16

A proposed rule change filed under 

Rule 19b–4(f)(6) 17 normally does not 

become operative for 30 days after the 

date of filing. However, pursuant to 

Rule 19b–(f)(6)(iii),18 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. 

FINRA has requested that the 

Commission waive the 30-day operative 

delay so that the proposal may become 

operative upon filing. FINRA has stated 

it believes that immediate operation of 

the proposed rule change is appropriate 

because alignment of the 

implementation date of the 

requirements pursuant to SR–FINRA– 

2015–036, other than the risk limit 

determination requirements, with the 

Amendments Implementation Date will 

help to promote stability in the Covered 

Agency Transaction market. 

The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest 

because the proposal to align the 

implementation date of the amendments 

to Rule 4210 pursuant to SR–FINRA– 

2015–036, other than the risk limit 

determination requirements, with the 

Amendments Implementation Date does 

not raise any new or novel issues and 

will reduce any potential uncertainty in 

the Covered Agency Transaction market. 

Therefore, the Commission hereby 

waives the 30-day operative delay 

requirement and designates the 

proposed rule change as operative upon 

filing.19

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– 

FINRA–2023–011 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–FINRA–2023–011. 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 

a.m. and 3 p.m. Copies of such filing 

also will be available for inspection and 

copying at the principal office of 

FINRA. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 


ddrumheller on DSK120RN23PROD with NOTICES1
63636 Federal Register / Vol. 88, No. 178 / Friday, September 15, 2023 / Notices 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Retail Liquidity Program was established on 

a pilot basis in 2013 and was approved by the 

Commission to operate on a permanent basis in 

2019. See Securities Exchange Act Release No. 

87350 (October 18, 2019), 84 FR 57106 (October 24, 

2019) (SR–NYSEArca–2019–63). 

4See Rules 7.44–E(a)(1) (defining an RLP) and 

7.44–E(a)(4) (defining RPI Order). 

5See Rule 7.44–E(j). 

6See Rule 7.44–E(a)(2) (defining RMO); Rules 

7.44–E(a)(3) and 7.44–E(k) (describing Retail 

Orders). 

7See Securities Exchange Act Release No. 71722 

(March 13, 2014), 79 FR 15376 (March 19, 2014) 

(NYSEARCA–2014–22); See also Securities 

Exchange Act Release No. 73013 (September 5, 

2014), 79 FR 54322 (September 11, 2014) 

(NYSEARCA–2014–95). 

8As is currently the case, applicable charges are 

based on an ETP Holder’s qualifying levels, and if 

an ETP Holder qualifies for more than one tier in 

the Fee Schedule, the Exchange applies the most 

favorable rate available under such tiers. 

9See Securities Exchange Act Release No. 98168 

(August 18, 2023) (SR–NYSEARCA–2023–55). 

10See https://www.nyse.com/publicdocs/nyse/ 

notifications/trader-update/110000633192/

NYSE_National_Retail_Liquidity_Program_August_

2023.pdf. 

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

12 15 U.S.C. 78f(b)(4) and (5). 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to File 

Number SR–FINRA–2023–011 and 

should be submitted on or before 

October 6, 2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–19948 Filed 9–14–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98347; File No. SR– 

NYSEARCA–2023–59] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the NYSE Arca 

Equities Fees and Charges 

September 11, 2023. 

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 August 

28, 2023, NYSE Arca, Inc. (‘‘NYSE 

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

Securities and Exchange Commission 

(‘‘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 the 

NYSE Arca Equities Fees and Charges 

(‘‘Fee Schedule’’) to eliminate the fees 

and credits applicable to the Retail 

Liquidity Program. The Exchange 

proposes to implement the fee change 

effective August 28, 2023. 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 the 

Fee Schedule to eliminate the fees and 

credits applicable to the Retail Liquidity 

Program. The Exchange proposes to 

implement the fee change effective 

August 28, 2023. 

The Retail Liquidity Program 

(‘‘Program’’) is designed to attract retail 

order flow in NYSE Arca-listed 

securities and securities traded pursuant 

to unlisted trading privileges while also 

providing the potential for price 

improvement to this order flow.3 Under 

the Program, a class of market 

participant called Retail Liquidity 

Providers (‘‘RLPs’’) are able to provide 

potential price improvement to retail 

investor orders in the form of a nondisplayed order that is priced better 

than the best protected bid or offer, 

called a Retail Price Improvement Order 

(‘‘RPI Order’’).4 When there is an RPI 

Order in a particular security, the 

Exchange disseminates an indicator, 

known as the Retail Liquidity Identifier, 

that such interest exists.5 Retail Member 

Organizations (‘‘RMOs’’) can submit a 

Retail Order to the Exchange, which 

interacts, to the extent possible, with 

available contra-side RPI Orders and 

then may interact with other liquidity 

on the Exchange or elsewhere, 

depending on the Retail Order’s 

instructions.6 The segmentation in the 

Program is intended to allow retail order 

flow to receive potential price 

improvement as a result of their order 

flow being deemed more desirable by 

liquidity providers. ETP Holders other 

than RLPs are also permitted, but not 

required, to submit RPIs. 

The Exchange currently provides RLP 

executions of RPIs against Retail Orders 

with a credit of $0.0003 per share.7 An 

RMO Retail Order that executes outside 

of the Retail Liquidity Program is 

considered just a Retail Order (not an 

‘‘RMO’’ Retail Order) and receives 

pricing applicable to Tiered or Standard 

Rates in the Fee Schedule.8 In addition, 

RMOs are not currently charged a fee or 

provided with a credit for executions of 

Retail Orders if executed against RPIs 

and other price-improving interest. 

The Exchange recently filed a 

proposed rule change to discontinue the 

Retail Liquidity Program on the 

Exchange,9 effective August 28, 2023.10

As a result, the Retail Liquidity Program 

has become obsolete. Therefore, the 

Exchange proposes to eliminate the 

Retail Liquidity Program and remove it, 

along with references to RPI and RMO 

in footnote 2, from the Fee Schedule. 

The proposed rule changes are 

intended to streamline the Fee Schedule 

by eliminating credits and fees that have 

become obsolete. 

The proposed changes are not 

otherwise intended to address any other 

issues, and the Exchange is not aware of 

any significant problems that market 

participants would have in complying 

with the proposed changes. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,11 in general, and 

furthers the objectives of Sections 

6(b)(4) and(5) of the Act,12 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 


ddrumheller on DSK120RN23PROD with NOTICES1