Federal Register / Vol. 87, No. 3 / Wednesday, January 5, 2022 / Notices 507 

21 15 U.S.C. 78s(b)(2). 

22 17 CFR 240.19d–1(c)(2). 

23 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 92068 

(May 28, 2021), 86 FR 29864 (June 3, 2021) (SR– 

NASDAQ–2021–009). 

4 Id. 

5See Securities Exchange Act Release No. 93250 

(October 4, 2021), 86 FR 56307 (October 8, 2021) 

(SR–NASDAQ–2021–077). 

6The Exchange will submit a separate rule filing 

to address these changes. See SR–NASDAQ–2021– 

101 (not yet published). 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). 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. The Exchange 

has satisfied this requirement. 

appropriate discipline for, violations of 

Exchange rules. Accordingly, the 

Commission believes that a full noticeand-comment period is not necessary 

before approving the proposal. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act 21 and Rule 

19d–1(c)(2) thereunder,22 that the 

proposed rule change (SR–C2–2021– 

019) be, and hereby is, approved on an 

accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2021–28571 Filed 1–4–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93886; File No. SR– 

NASDAQ–2021–105] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Delay 

Implementation of SR–NASDAQ–2021– 

009 

December 30, 2021. 

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 December 

23, 2021, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

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 to delay 

implementation of SR–NASDAQ–2021– 

009. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, 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 

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 

On February 11, 2021, the Exchange 

filed a proposed rule change to make 

certain changes to the Exchange’s Limit 

Up-Limit Down (‘‘LULD’’) closing cross, 

including the timing of the LULD 

closing cross, the process for 

determining the LULD closing cross 

price, establishing price protections for 

the LULD closing cross, the handling of 

on-close orders, and the imbalance 

information disseminated for the LULD 

closing cross.3 The Exchange originally 

intended to implement the new 

functionalities in Q3 2021,4 and 

subsequently extended the 

implementation to Q4 2021 to allow the 

Exchange additional time to test and 

implement these functionalities.5

During the testing conducted to date, 

the Exchange has identified some 

changes that it wishes to make to the 

approved rule, which relate to the 

handling of certain Limit on Close 

orders during the LULD closing cross 

(‘‘Proposed Amendments’’).6

Accordingly, the Exchange proposes to 

delay implementation of SR–NASDAQ– 

2021–009 until April 2022 so as to allow 

additional time for the Commission to 

consider the Proposed Amendments. If 

the Proposed Amendments are 

approved by the Commission, the 

Exchange will issue an Equity Trader 

Alert notifying market participants prior 

to implementing these functionalities. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,7 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,8

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and, in general to protect 

investors and the public interest, by 

allowing the Exchange additional time 

to test and implement the LULD closing 

cross changes, pending any Commission 

action on the Proposed Amendments. 

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. The 

Exchange’s proposal to delay the 

implementation of SR–NASDAQ–2021– 

009 does not impose an undue burden 

on competition. Delaying the 

implementation will simply allow the 

Exchange additional time to properly 

implement SR–NASDAQ–2021–009, 

pending any Commission action on the 

Proposed Amendments. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or 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 9 and Rule 19b– 

4(f)(6) thereunder.10


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

11 17 CFR 240.19b–4(f)(6). 

12 17 CFR 240.19b–4(f)(6)(iii). 

13For purposes only of waiving the 30-day 

operative delay, the Commission also has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

4 17 CFR 240.19b–4(f)(2) and (f)(4). 

5Capitalized terms used herein and not otherwise 

defined shall have the meaning assigned to such 

terms in the Rules, available at http://dtcc.com/∼/ 

media/Files/Downloads/legal/rules/nscc_rules.pdf. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 11 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),12 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay. Waiver of the operative 

delay would allow the Exchange to 

immediately delay the implementation 

of SR–NASDAQ–2021–009 and provide 

the Exchange additional time to test and 

implement new LULD closing cross 

functionalities. The Commission 

believes that waiving the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest. Accordingly, the Commission 

hereby waives the operative delay and 

designates the proposed rule change 

operative upon filing.13

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 

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NASDAQ–2021–105 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–NASDAQ–2021–105. 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 

10:00 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–NASDAQ–2021–105 and 

should be submitted on or before 

January 26, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2021–28570 Filed 1–4–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93873; File No. SR–NSCC– 

2021–017] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Add Fees for NSCC’s 

MF Info Xchange Service, Modify Fees 

for NSCC’s Alternative Investment 

Product Service and Make Certain 

Other Clarification Changes to 

Addendum A of the NSCC Rules 

December 29, 2021. 

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 December 

27, 2021, National Securities Clearing 

Corporation (‘‘NSCC’’) 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 

primarily by the clearing agency. NSCC 

filed the proposed rule change pursuant 

to Section 19(b)(3)(A) 3 of the Act and 

subparagraphs (f)(2) and (f)(4) 4 of Rule 

19b–4 thereunder. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

(a) The proposed rule change of 

National Securities Clearing Corporation 

(‘‘NSCC’’) is annexed hereto as Exhibit 

5 and consists of modifications to 

Addendum A (Fee Structure) 

(‘‘Addendum A’’) of NSCC’s Rules & 

Procedures (‘‘Rules’’) in order to (i) add 

fees for NSCC’s MF Info Xchange 

service, (ii) make certain adjustments in 

the fees for NSCC’s Alternative 

Investment Product service (‘‘AIP’’) and 

(iii) make certain other clarification 

changes to Addendum A, as described 

below.5

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, the 

clearing agency included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 


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