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
Federal Register / Vol. 88, No. 178 / Friday, September 15, 2023 / Notices 63637 

13 15 U.S.C. 78f(b)(8). 14 15 U.S.C. 78s(b)(3)(A). 

discriminate between customers, 

issuers, brokers or dealers. 

The Exchange believes it is reasonable 

to eliminate credits and fees associated 

with the Retail Liquidity Program when 

such fees and credits become obsolete. 

In particular, the Exchange believes that 

the proposed rule change to eliminate 

the fees and credits associated with the 

Retail Liquidity Program is reasonable 

because the Exchange intends to no 

longer operate this activity thus 

rendering the financial incentives 

associated with the Retail Liquidity 

Program as unnecessary. The Exchange 

believes that amending the Fee 

Schedule to remove fees and credits 

associated with the Retail Liquidity 

Program would promote the protection 

of investors and the public interest 

because it would promote clarity and 

transparency in the Fee Schedule. 

The Exchange believes that the 

proposed rule change is reasonable 

because it would also streamline the Fee 

Schedule by deleting obsolete rule text. 

The Exchange believes deleting obsolete 

rule text would promote clarity to the 

Fee Schedule and reduce confusion to 

ETP Holders as to which fees and 

credits are applicable to their trading 

activity on the Exchange. The Exchange 

believes it is reasonable to delete the 

obsolete fees and credits from the Fee 

Schedule and thereby, streamline the 

Fee Schedule, to promote clarity and 

reduce confusion as to the applicability 

of fees and credits that ETP Holders 

would be subject to. The Exchange 

believes deleting obsolete fees and 

credits would also simplify the Fee 

Schedule. 

The Exchange believes that deleting 

obsolete fees and credits from the Fee 

Schedule is equitable and not unfairly 

discriminatory because the resulting 

streamlined Fee Schedule would 

continue to apply to ETP Holders as it 

does currently because the Exchange is 

not adopting any new fees or credits or 

removing any current fees or credits 

from the Fee Schedule that impact ETP 

Holders. All ETP Holders would 

continue to be subject to the same fees 

and credits that currently apply to them. 

For the foregoing reasons, the 

Exchange believes that the proposal is 

consistent with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

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

the Act,13 the Exchange believes that the 

proposed rule change would not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intramarket Competition. The 

Exchange’s proposal to delete obsolete 

fees and credits from the Fee Schedule 

will not place any undue burden on 

intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act because all 

ETP Holders would continue to be 

subject to the same fees and credits that 

currently apply to them. To the extent 

the proposed rule change places a 

burden on competition, any such 

burden would be outweighed by the fact 

that a streamlined Fee Schedule would 

promote clarity and reduce confusion 

with respect to the fees and credits that 

ETP Holders would be subject to. 

Intermarket Competition. The 

Exchange believes the proposed rule 

change does not impose any burden on 

intermarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange operates in a highly 

competitive market in which market 

participants can readily choose to send 

their orders to other exchanges and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. Market share statistics 

provide ample evidence that price 

competition between exchanges is 

fierce, with liquidity and market share 

moving freely from one execution venue 

to another in reaction to pricing 

changes. 

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 has become 

effective upon filing pursuant to Section 

19(b)(3)(A) 14 of the Act and paragraph 

(f) 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. 

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 (https://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NYSEARCA–2023–59 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–NYSEARCA–2023–59. 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 (https://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 the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

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–NYSEARCA–2023–59 and should be 

submitted on or before October 6, 2023. 


ddrumheller on DSK120RN23PROD with NOTICES1
63638 Federal Register / Vol. 88, No. 178 / Friday, September 15, 2023 / Notices 

15 17 CFR 200.30–3(a)(12). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–19949 Filed 9–14–23; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #18020 and #18021; 

Minnesota Disaster Number MN–00107] 

Presidential Declaration Amendment of 

a Major Disaster for Public Assistance 

Only for the State of Minnesota 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 1. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Minnesota (FEMA–4722– 

DR), dated 07/19/2023. 

Incident: Severe Storms and Flooding. 

Incident Period: 04/11/2023 through 

04/30/2023. 

DATES: Issued on 09/07/2023. 

Physical Loan Application Deadline 

Date: 09/18/2023. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 04/19/2024. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Recovery & 

Resilience, U.S. Small Business 

Administration, 409 3rd Street SW, 

Suite 6050, Washington, DC 20416, 

(202) 205–6734. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for Private Non-Profit 

organizations in the State of Minnesota, 

dated 07/19/2023, is hereby amended to 

include the following areas as adversely 

affected by the disaster. 

Primary Counties: Mille Lacs, Wabasha. 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Francisco Sa ́nchez, Jr., 

Associate Administrator, Office of Disaster 

Recovery & Resilience. 

[FR Doc. 2023–19973 Filed 9–14–23; 8:45 am] 

BILLING CODE 8026–09–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #18147 and #18148; 

Georgia Disaster Number GA–00161] 

Presidential Declaration of a Major 

Disaster for Public Assistance Only for 

the State of Georgia 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Georgia (FEMA–4738–DR), 

dated 09/09/2023. 

Incident: Hurricane Idalia. 

Incident Period: 08/30/2023. 

DATES: Issued on 09/09/2023. 

Physical Loan Application Deadline 

Date: 11/08/2023. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 06/10/2024. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Recovery & 

Resilience, U.S. Small Business 

Administration, 409 3rd Street SW, 

Suite 6050, Washington, DC 20416, 

(202) 205–6734. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

09/09/2023, Private Non-Profit 

organizations that provide essential 

services of a governmental nature may 

file disaster loan applications at the 

address listed above or other locally 

announced locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: Appling, Atkinson, 

Bacon, Berrien, Brantley, Brooks, 

Bulloch, Camden, Candler, 

Charlton, Clinch, Coffee, Colquitt, 

Cook, Echols, Emanuel, Glynn, Jeff 

Davis, Jenkins, Lanier, Lowndes, 

Pierce, Screven, Tattnall, Thomas, 

Tift, Ware, Wayne. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Non-Profit Organizations with 

Credit Available Elsewhere ... 2.375 

Non-Profit Organizations without Credit Available Elsewhere ..................................... 2.375 

For Economic Injury: 

Non-Profit Organizations without Credit Available Elsewhere ..................................... 2.375 

The number assigned to this disaster 

for physical damage is 18147 8 and for 

economic injury is 18148 0. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Francisco Sa ́nchez, Jr., 

Associate Administrator, Office of Disaster 

Recovery & Resilience. 

[FR Doc. 2023–19978 Filed 9–14–23; 8:45 am] 

BILLING CODE 8026–09–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #18026 and #18027; 

Vermont Disaster Number VT–00047] 

Presidential Declaration Amendment of 

a Major Disaster for Public Assistance 

Only for the State of Vermont 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 3. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Vermont (FEMA–4720–DR), 

dated 07/14/2023. 

Incident: Severe Storms, Flooding, 

Landslides, and Mudslides. 

Incident Period: 07/07/2023 through 

07/17/2023. 

DATES: Issued on 09/06/2023. 

Physical Loan Application Deadline 

Date: 09/12/2023. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 04/15/2024. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Recovery & 

Resilience, U.S. Small Business 

Administration, 409 3rd Street SW, 

Suite 6050, Washington, DC 20416, 

(202) 205–6734. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for Private Non-Profit 

organizations in the State of Vermont, 

dated 07/14/2023, is hereby amended to 

include the following areas as adversely 

affected by the disaster. 

Primary Counties: Essex. 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Francisco Sa ́nchez, Jr., 

Associate Administrator, Office of Disaster 

Recovery & Resilience. 

[FR Doc. 2023–19981 Filed 9–14–23; 8:45 am] 

BILLING CODE 8026–09–P 


ddrumheller on DSK120RN23PROD with NOTICES1