532 Federal Register / Vol. 87, No. 3 / Wednesday, January 5, 2022 / Notices 

28 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3As provided in Rule 11.23(a)(23), an NBBO is a 

Valid NBBO where: (i) There is both a NBB and 

NBO for the security; (ii) the NBBO is not crossed; 

and (iii) the midpoint of the NBBO is less than the 

Maximum Percentage away from both the NBB and 

the NBO. See Exchange Rule 11.23(a)(23). 

4The term ‘‘Indicative Price’’ shall mean the price 

at which the most shares from the Auction Book 

and the Continuous Book would match. In the event 

of a volume based tie at multiple price levels, the 

Indicative Price will be the price which results in 

the minimum total imbalance. In the event of a 

volume based tie and a tie in minimum total 

imbalance at multiple price levels, the Indicative 

Price will be the price closest to the Volume Based 

Tie Breaker. See Exchange Rule 11.23(a)(10). 

5See Exchange Rule 11.23(a)(6). 

6See Exchange Rule 11.23(a)(5). 

7See Exchange Rule 11.23(a)(7). 

8See Exchange Rule 11.23(a)(1). 

9The Volume Based Tie Breaker is the midpoint 

of the NBBO for a particular security where the 

NBBO is a Valid NBBO. Where the NBBO is not a 

Valid NBBO, the price of the FLSET is used as the 

Volume Based Tie Breaker, which for the Opening 

Auction process is the previous BZX Official 

Closing Price. See Exchange Rule 11.23(a)(23). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.28

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2021–28569 Filed 1–4–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93888; SR–CboeBZX– 

2021–086] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing of 

a Proposed Rule Change To Amend 

the Opening Auction Process Provided 

Under Rule 11.23(b)(2)(B) 

December 30, 2021. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

21, 2021, Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) 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 Exchange. 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 a rule change 

to amend the Opening Auction process 

provided under Rule 11.23(b)(2)(B) to 

better align the Opening Auction 

Process with current market conditions, 

and, where certain market conditions 

are not optimal, to delay the Opening 

Auction from occurring until those 

market conditions have improved. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

equities/regulation/rule_filings/bzx/), at 

the Exchange’s Office of the Secretary, 

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 

Exchange 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. The 

Exchange 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 

The Exchange proposes to amend 

Rule 11.23(b)(2)(B) to make the Opening 

Auction process more dynamic by, 

under certain circumstances delaying 

the Opening Auction in order to 

incorporate additional information into 

the determination of the Opening 

Auction price. Specifically, as proposed 

the Rule would provide that when there 

is no Valid NBBO 3 in a BZX-listed 

security and there is an Indicative 

Price 4 that is not within the Collar Price 

Range,5 the Opening Auction will be 

delayed until there is a Valid NBBO or 

the delay period has lapsed, as further 

described below. The Exchange believes 

that the proposal will make the Opening 

Auction price in less liquid securities 

more representative of current market 

conditions making the Opening Auction 

process a more meaningful price 

formation event in such BZX-listed 

securities. 

Background 

Rule 11.23(b)(2)(B) sets forth the 

process by which the BZX Official 

Opening Price 6 is determined for BZXlisted securities during the Opening 

Auction Process. Specifically, as 

provided in Rule 11.23(b)(2)(B), the 

Opening Auction price will be the price 

level within the Collar Price Range that 

maximizes the number of shares 

executed between the Continuous 

Book 7 and Auction Book 8 in the 

Opening Auction. In the event of a 

volume based tie at multiple price 

levels, the Opening Auction price will 

be the price which results in the 

minimum total imbalance. In the event 

of a volume based tie and a tie in 

minimum total imbalance at multiple 

price levels, the Opening Auction price 

will be the price closest to the Volume 

Based Tie Breaker.9

The Volume Based Tie Breaker for an 

Opening Auction will be the midpoint 

of the NBBO where there is a Valid 

NBBO. Where there is no Valid NBBO, 

the FLSET will be used as the Volume 

Based Tie Breaker. Because the FLSET 

is typically based on the most recent 

execution in a security during Regular 

Trading Hours, its value may be 

significantly away from the Indicative 

Price at the time of the Opening Auction 

process, especially in more thinly 

traded securities. As a result, the 

Exchange has observed instances where 

auction eligible orders priced in-line 

with the Indicative Price were not 

executed in the Opening Auction 

because they were outside the Collar 

Price Range established using the 

FLSET. Based on analysis by the 

Exchange and feedback from market 

participants, certain of these instances 

resulted in orders not receiving 

executions in the Opening Auction that 

would have otherwise occurred at prices 

that would have been acceptable to both 

parties to the execution. To illustrate 

this point, the Exchange presents the 

following example: Consider a security 

with a prevailing NBBO at 9:30:00 a.m. 

of $27.10 × $29.54 and an Indicative 

Price of $27.90. Because the midpoint of 

the NBBO (i.e., $28.32) is more than the 

Maximum Percentage away from both 

the NBB and NBO, the NBBO is not a 

Valid NBBO. Accordingly, the FLSET 

would be used as the Volume Based Tie 

Breaker, which would by definition be 

the BZX Official Closing Price from the 

previous business day. For purposes of 

this example, that price is $26.52. Using 

the FLSET as the Collar Midpoint, the 

Collar Price Range would be $25.19 × 

$27.85. Because the Indicative Price is 

outside of the Collar Price Range, the 

auction would occur at the upper most 

price that is included in the Collar Price 

Range (i.e., $27.85) even though more 

shares could have executed at $27.90. 

Because the Opening Auction was 

forced into the Collar Price Range and 

occurred at $27.85, a contingent of 

auction eligible orders that would have 

executed at $27.90 that were priced 


TKELLEY on DSK125TN23PROD with NOTICE 
Federal Register / Vol. 87, No. 3 / Wednesday, January 5, 2022 / Notices 533 

10See Exchange Rule 11.23(b)(3)(C). 

11See Exchange Rule 11.23(a)(8). 

12See Exchange Rule 11.9(b)(7). 

13See Exchange Rule 11.23(a)(12). 

equally to or more aggressive than the 

Indicative Price and within the NBBO 

(i.e., sell orders priced between $27.86 

and $27.90) would be canceled without 

execution.10

Proposal 

Based on the scenario described 

above, the Exchange is proposing to 

amend its Opening Auction process 

such that rather than immediately 

forcing the Opening Auction to occur at 

either the lowest or highest end of the 

Collar Price Range and cancelling 

auction eligible orders that were willing 

to execute at the Indicative Price but 

outside of the Collar Price Range, the 

System would instead wait for the first 

of a Valid NBBO, the Indicative Price to 

be within the Collar Price Range, or the 

passage of a certain amount of time 

before initiating the Opening Auction 

process, as described in additional 

detail below. Proposed Rule 

11.23(b)(2)(B)(i) would set forth the 

‘‘Standard Opening Process’’, which 

mirrors the current process described in 

Rule 11.23(b)(2)(B). Proposed Rule 

11.23(b)(2)(B)(ii) would provide that if 

there is no Valid NBBO and the 

Indicative Price is within the Collar 

Price Range, the Opening Auction price 

will be established pursuant to the 

Standard Opening Process. Proposed 

Rule 11.23(b)(2)(B)(iii) would delay and 

set forth an alternative Opening Auction 

Process in the event there is no Valid 

NBBO and the Indicative Price is not 

within the Collar Price Range. The 

proposal is designed to prevent the 

cancellation of auction eligible orders 

priced equally or more aggressively than 

the Indicative Price which the Exchange 

believes will facilitate the presence of 

sufficient liquidity and information to 

make the Opening Auction a meaningful 

price formation event in BZX-listed 

securities. 

Proposed Rule 11.23(b)(2)(B)(iii) 

would provide that the Opening 

Auction price will be delayed as set 

forth in subparagraphs (a) and (b) as 

follows: 

(a) If after the one-second delay there 

is a Valid NBBO or the Indicative Price 

is within the Collar Price Range, the 

Opening Auction price will be 

established pursuant to the Standard 

Opening Auction Process. If there is no 

Valid NBBO and the Indicative Price is 

not within the Collar Price Range after 

the one-second delay, the Opening 

Auction will be delayed by one 

additional second, at which point if 

there is a Valid NBBO or the Indicative 

Price is within the Collar Price Range, 

the Opening Auction price will be 

established pursuant to the Standard 

Opening Process. If after the additional 

one-second delay there is a Valid NBBO 

or the Indicative Price is not within the 

Collar Price Range, the process 

described in this paragraph (a) will 

continue to be applied in one-second 

increments until either the Opening 

Auction occurs or until five seconds has 

lapsed (i.e., 9:30:05 a.m.). 

(b) If the Opening Auction has not 

occurred by 9:30:05, the System will 

widen the Collar Price Range in the 

direction of the auction imbalance by 

5% of the Final Last Sale Eligible Trade 

as of 9:30:05 a.m. (the ‘‘Widening 

Amount’’). If the Indicative Price is 

within the widened Collar Price Range, 

the Opening Auction price will be 

established pursuant to the Standard 

Opening Auction Process. If the 

Indicative Price is not within the 

widened Collar Price Range, the 

Opening Auction will be further 

delayed, as discussed below. 

Proposed Rules 

11.23(b)(2)(B)(iii)(b)(1) through (4) 

would set forth the delay of the Opening 

Auction if no auction has occurred 

between 9:30:05 and 9:34:30. 

Specifically, the proposed Rules would 

provide: 

(1) The System will check to see 

whether the Indicative Price is inside 

the widened Collar Price Range every 

second between 9:30:05 and 9:30:30 

a.m. If an Indicative Price is inside the 

widened Collar Price Range during a 

check, the Opening Auction price will 

be established pursuant to the Standard 

Opening Auction Process. 

(2) If by 9:30:30 a.m. the Indicative 

Price is not within the widened Collar 

Price Range, the Collar Price Range will 

again widen by the Widening Amount. 

The System will check to see whether 

the Indicative Price is inside the 

widened Collar Price Range every 

second between 9:30:30 and 9:31:30 

a.m. If an Indicative Price is inside the 

widened Collar Price Range during a 

check, the Opening Auction price will 

be established pursuant to the Standard 

Opening Auction Process. 

(3) If by 9:31:30 a.m. the Indicative 

Price is not within the widened Collar 

Price Range, the System will check to 

see whether the Indicative Price is 

inside the widened Collar Price Range 

every second between 9:31:30 and 

9:34:30 a.m. If an Indicative Price is 

inside the widened Collar Price Range 

during a check, the Opening Auction 

price will be established pursuant to the 

Standard Opening Auction Process. 

Unless the Opening Auction has 

occurred, the Collar Price Range will 

widen in the direction of the auction 

imbalance by the Widening Amount 

each minute from 9:31:30 to 9:34:30. 

(4) If no Opening Auction has 

occurred by 9:34:30 a.m., the Opening 

Auction will occur pursuant to the 

Standard Opening Auction Process 

using the expanded Collar Price Range 

as of 9:34:30. 

The Exchange also proposes to move 

the last two sentences of existing Rule 

11.23(b)(2)(B) to proposed Rules 

11.23(b)(2)(B)(iv) and (v), respectively. 

Specifically, proposed Rule 

11.23(b)(2)(B)(iv) would provide that the 

Opening Auction Price will be the BZX 

Official Opening Price. Proposed Rule 

11.23(b)(2)(B)(v) would provide that in 

the event that there is no Opening 

Auction for an issue, the BZX Official 

Opening Price will be the price of the 

FLSET. 

Based on the above proposed 

amendments, the Exchange proposes to 

amend Rules 11.23(b)(1)(A) and (B) to 

reflect that the Opening Auction may 

occur at a time other than 9:30 a.m. 

Specifically, the Exchange proposes to 

amend paragraph (A) to provide the 

following: Users may submit orders to 

the Exchange as set forth in Rule 11.1. 

Any Eligible Auction Orders 11

designated for the Opening Auction will 

be queued for participation in the 

Opening Auction. Users may submit 

limit-on-open (‘‘LOO’’) and market-onopen (‘‘MOO’’) orders until 9:28 a.m., at 

which point any additional LOO and 

MOO orders submitted to the Exchange 

will be rejected. Regular Hours Only 12

(‘‘RHO’’) market orders will also be 

rejected from 9:28 a.m. until the 

Opening Auction has concluded. Users 

may submit late-limit-on-open 13

(‘‘LLOO’’) orders from 9:28 a.m. until 

the Opening Auction has concluded. 

Any LLOO orders submitted before 9:28 

a.m. or after the Opening Auction has 

concluded will be rejected. RHO limit 

orders submitted from 9:28 a.m. until 

the Opening Auction has concluded 

will be treated as LLOO orders. 

The Exchange proposes to amend 

Rule 11.23(b)(1)(B) to provide that 

Eligible Auction Orders designated for 

the Opening Auction may not be 

cancelled or modified from 9:28 a.m. 

until the Opening Auction has 

concluded except that RHO limit orders 

designated for the Opening Auction may 

be modified, but not cancelled, from 

9:28 a.m. until the time the Opening 

Auction has concluded. Any such RHO 

limit orders modified from 9:28 a.m. 

until the Opening Auction has 


TKELLEY on DSK125TN23PROD with NOTICE 
534 Federal Register / Vol. 87, No. 3 / Wednesday, January 5, 2022 / Notices 

14 15 U.S.C. 78f(b). 

15 15 U.S.C. 78f(b)(5). 

16See Securities and Exchange Act no. 79410 

(November 28, 2016) 81 FR 87114 (December 2, 

2016) (Notice of Filing of the Twelfth Amendment 

to the National Market System Plan To Address 

Extraordinary Market Volatility (‘‘Amendment 

12’’)). 

17A ‘‘trading pause’’ refers to a function of the 

Limit Up-Limit Down (‘‘LULD’’) mechanism 

provided under the Plan. Specifically, the Plan sets 

for procedures that provide for market-wide LULD 

requirements that prevent trades in individual NMS 

stocks from occurring outside of the specified price 

bands and provides for trading pauses to 

accommodate more fundamental price moves. 

concluded will be treated as LLOO 

orders. 

Applying the example discussed 

above, the Opening Auction would be 

delayed at 9:30:00 as there was no Valid 

NBBO and the Indicative Price was 

outside of the Collar Price Range. Under 

the proposal, the Opening Auction 

would be delayed until either (1) the 

NBBO becomes a Valid NBBO, (2) the 

Indicative Price is within the Collar 

Price Range (i.e., if the Opening Auction 

occurred between 9:30:01 and 9:30:05) 

or within the widened Collar Price 

Range (i.e., if the Opening Auction 

occurred between 9:30:06 and 9:34:30), 

or (3) the delay period of four minutes 

and 30 seconds lapsed. While the 

proposal does not guarantee that certain 

order priced equally or more aggressive 

to the Indicative Price will execute in 

the Opening Auction, it provides for 

additional time for the market to 

develop at the beginning of the trading 

day before conducting the Opening 

Auction. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act.14 Specifically, 

the proposed change is consistent with 

Section 6(b)(5) of the Act,15 because it 

would promote just and equitable 

principles of trade, remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general, protect investors and the public 

interest. Generally, the Exchange 

believes that the proposed changes will 

improve the price discovery process in 

the Opening Auction for securities 

listed on the Exchange along with 

additional benefits set forth below. 

First, the Exchange believes proposed 

Rules 11.23(b)(2)(B)(i) and (ii) will 

contribute to the protection of investors 

and the public interest by 

memorializing the circumstances under 

which the Exchange will continue to 

operate the Opening Auction in the 

same way that it does today. Second, the 

Exchange believes proposed Rule 

11.23(b)(2)(B)(iii) would promote just 

and equitable principles of trade, 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system and, in 

general, protect investors and the public 

interest. The proposal is designed to 

increase the likelihood that auction 

eligible orders that are priced equally or 

more aggressive than the Indicative 

Value of the security are able to 

participate in the Opening Auction 

instead of being canceled because they 

are priced outside the Collar Price 

Range established using the FLSET. As 

stated above, current Rule 11.23(b)(2)(B) 

provides that in the event there is no 

Valid NBBO, the FLSET will be used as 

the Volume Based Tie Breaker and basis 

for calculating the Collar Price Range. 

Because the current Opening Auction 

process occurs at 9:30:00 a.m., such a 

Collar Price Range is based on an FLSET 

that may not have occurred recently or 

may not otherwise be reflective of 

current market conditions. As a result, 

the Exchange has observed instances 

where auction eligible orders priced 

equally or more aggressive than the 

Indicative Price were canceled without 

execution because they were outside the 

Collar Price Range established using the 

FLSET. The Exchange believes that the 

proposed approach would maximize the 

execution of auction eligible orders 

priced equally or more aggressive than 

the Indicative Price of the security while 

still [sic]. As such, the Exchange 

believes that the proposal would 

promote just and equitable principles of 

trade, remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system and, in general, protect investors 

and the public interest by allowing the 

execution of orders in the Opening 

Auction with limit prices reflect current 

market conditions. 

The Exchange notes that the concept 

of delaying an auction and widening the 

Collar Price Range is similar to the 

Twelfth Amendment of the Plan to 

Address Extraordinary Market 

Volatility 16 (the ‘‘Plan’’). Specifically, 

Amendment 12 was created to improve 

re-openings following a trading pause,17

with an eye towards carefully balancing 

halt auction price quality and the speed 

with which continuous trading can be 

resumed. Amendment 12 provided that 

auction halt periods would be extended 

if either the auction price at which the 

most shares would be traded is outside 

the range of the pre-defined price 

threshold collars (the ‘‘price threshold 

collars’’) or there is a market order share 

imbalance. Further, Amendment 12 

provided that the price threshold collars 

would be widened in the event that the 

auction’s halt period is extended. In its 

approval of Amendment 12, the 

Commission stated that it is appropriate 

in the public interest, for the protection 

of investors and the maintenance of a 

fair and orderly market to provide that 

a trading pause continue until the 

primary listing exchange has reopened 

trading using its established reopening 

procedures, even if such reopening is 

more than 10 minutes after the 

beginning of a trading pause, and to 

require that trading centers may not 

resume trading in an NMS Stock 

following a trading pause without Price 

Bands in such NMS Stock. The 

Commission believes that these two 

provisions together support a more 

standardized process for reopening 

trading after a trading pause has been 

declared. Further, these provisions 

ensure that trading would not resume 

after a trading pause without Price 

Bands. Given the similarity of the 

proposal to Amendment 12, the 

Exchange believes the proposal is 

appropriate, in the public interest, for 

the protection of investors and the 

maintenance of a fair and orderly 

market. 

Finally, the Exchange believes its 

proposed clarifications to Rules 

11.23(b)(1)(A) and (B) to reflect that the 

Opening Auction may occur at a time 

other than 9:30 a.m. will contribute to 

the protection of investors and the 

public interest. Specifically, the 

Exchange believes the proposed 

amendments to Rules 11.23(b)(1)(A) and 

(B) will add clarity, transparency and 

internal consistency to Exchange rules 

making them easier to navigate, in light 

of the other proposed Rule changes 

described herein. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. To the 

contrary, allowing the Exchange to make 

the above proposed modifications will 

allow the Exchange to better compete 

with other exchanges as a listing venue 

by improving the Exchange’s auction 

process by allowing more executions to 

occur at more reasonable prices that are 

based on the current value of the 

security. As mentioned above, the 

Exchange has received feedback from 

market participants regarding the issue 

under the current process, and the 

proposed amendments will both address 

this feedback and improve the 

Exchange’s auction process, allowing it 


TKELLEY on DSK125TN23PROD with NOTICE 
Federal Register / Vol. 87, No. 3 / Wednesday, January 5, 2022 / Notices 535 

18 17 CFR 200.30–3(a)(12). 

to better compete as both a listing and 

execution venue. 

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 Exchange consents, the Commission 

will: 

A. By order approve or disapprove 

such 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–2021–086 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–2021–086. 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–2021–086 and 

should be submitted on or before 

January 26, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2021–28572 Filed 1–4–22; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

SBA Council on Underserved 

Communities Meeting 

AGENCY: Small Business Administration 

(SBA). 

ACTION: Notice of Federal advisory 

committee meeting. 

SUMMARY: The SBA is issuing this notice 

to announce the location, date, time, 

and agenda for the first meeting of the 

SBA Council on Underserved 

Communities. The meeting will be 

virtual and streamed live to the public. 

DATES: The meeting will be held on 

Tuesday, January 11th, 2022, from 9:00 

a.m. to 1:00 p.m. Eastern Standard 

Time. 

ADDRESSES: The meeting will be live 

streamed on Zoom. To Register sign up 

here: https://www.zoomgov.com/ 

webinar/register/WN_

v29I1eLlT22orc7Yi0opkQ. 

FOR FURTHER INFORMATION CONTACT: The 

meeting will be live streamed and open 

to the public, and anyone wishing to 

submit questions to the SBA Council on 

Underserved Communities can do so by 

submitting them via email to 

underservedcouncil@sba.gov. 

Additionally, if you need 

accommodations because of a disability 

or require additional information, please 

contact Bajeyah Eaddy, SBA, Office of 

the Administrator, 409 Third Street SW, 

Washington, DC 20416, 202–941–5997 

or Bajeyah.Eaddy@sba.gov. 

SUPPLEMENTARY INFORMATION: Pursuant 

to section 10(a)(2) of the Federal 

Advisory Committee Act (5 U.S.C., 

appendix 2), SBA announces the 

meeting of the SBA Council on 

Underserved Communities (the 

‘‘Council’’). The Council is tasked with 

providing advice, ideas and opinions on 

SBA programs and services and issues 

of interest to small businesses in 

underserved communities. For more 

information, please visit http://

www.sba.gov/cuc. 

The purpose of the meeting is to 

provide the Council with information 

on SBA’s efforts to support small 

businesses in underserved communities, 

as well as provide an opportunity for 

the Council to discuss its goals for the 

coming months. The Council will 

provide insights based on information 

they’ve heard from their communities 

and discuss areas of interest for further 

research and recommendation 

development. 

Dated: December 29, 2021. 

Andrienne Johnson, 

SBA Committee Management Officer. 

[FR Doc. 2021–28501 Filed 1–4–22; 8:45 am] 

BILLING CODE P 

DEPARTMENT OF STATE 

[Public Notice: 11616] 

Notice of Determinations; Culturally 

Significant Objects Being Imported for 

Conservation and Exhibition— 

Determinations: ‘‘Henri Matisse: The 

Red Studio’’ Exhibition 

SUMMARY: Notice is hereby given of the 

following determinations: I hereby 

determine that certain objects being 

imported from abroad pursuant to 

agreements with their foreign owners or 

custodians for temporary conservation 

and display in the exhibition ‘‘Henri 

Matisse: The Red Studio’’ at The 

Museum of Modern Art, New York, New 

York, and at possible additional 

exhibitions or venues yet to be 

determined, are of cultural significance, 

and, further, that their temporary 

conservation and exhibition or display 

within the United States as 

aforementioned are in the national 

interest. I have ordered that Public 

Notice of these determinations be 

published in the Federal Register. 

FOR FURTHER INFORMATION CONTACT: Chi 

D. Tran, Program Administrator, Office 

of the Legal Adviser, U.S. Department of 


TKELLEY on DSK125TN23PROD with NOTICE