Federal Register / Vol. 87, No. 6 / Monday, January 10, 2022 / Notices 1201 

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

2 17 CFR 240.19b–4. 

3Exchange Act Release No. 93215 (September 30, 

2021), 86 FR 55641 (October 6, 2021) (File No. SR– 

FINRA–2021–024) (‘‘Notice’’). 

4See supra note 3. 

5See letter from Sarah Kwak, Associate General 

Counsel, Office of General Counsel, FINRA, to 

Daniel Fisher, Branch Chief, Office of Chief 

Counsel, Division of Trading and Markets, 

Commission, dated November 9, 2021. 

6See letter from Sarak Kwak, Associate General 

Counsel, Office of General Counsel, FINRA, to 

Vanessa Countryman, Secretary, Commission, dated 

January 4, 2022 (‘‘FINRA Response’’). 

7 15 U.S.C. 78s(b)(2)(B). 

PENSION BENEFIT GUARANTY 

CORPORATION 

Performance Review Board Members 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Notice. 

SUMMARY: The Pension Benefit Guaranty 

Corporation (PBGC) announces the 

appointment of members of the PBGC 

Performance Review Board. 

SUPPLEMENTARY INFORMATION: In 

accordance with 5 U.S.C. 4314(c)(4), 

made applicable by PBGC’s Senior Level 

Performance Management System, 

PBGC announces the appointment of 

those individuals who have been 

selected to serve as members of PBGC’s 

Performance Review Board. The 

Performance Review Board is 

responsible for making 

recommendations on each senior level 

(SL) professional’s annual summary 

rating, performance-based adjustment, 

and performance award to the 

appointing authority. 

The following individuals have been 

designated as members of PBGC’s 2021 

Performance Review Board: 

1. Gordon Hartogensis, Director 

2. Kristin Chapman, Chief of Staff 

3. David Foley, Chief of Benefits 

Administration 

4. Patricia Kelly, Chief Financial Officer 

5. Alice Maroni, Chief Management Officer 

Issued in Washington, DC. 

Gordon Hartogensis, 

Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2022–00233 Filed 1–7–22; 8:45 am] 

BILLING CODE 7709–02–P 

POSTAL SERVICE 

International Product Change—Priority 

Mail Express International, Priority Mail 

International, First-Class Package 

International Service & Commercial 

ePacket Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a Priority 

Mail Express International, Priority Mail 

International, First-Class Package 

International Service & Commercial 

ePacket contract to the list of Negotiated 

Service Agreements in the Competitive 

Product List in the Mail Classification 

Schedule. 

DATES: Date of notice: January 10, 2022. 

FOR FURTHER INFORMATION CONTACT: 

Christopher C. Meyerson, (202) 268– 

7820. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on December 15, 

2021, it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail Express International, 

Priority Mail International, First-Class 

Package International Service & 

Commercial ePacket Contract 11 to 

Competitive Product List. Documents 

are available at www.prc.gov, Docket 

Nos. MC2022–31 and CP2022–38. 

Joshua Hofer, 

Attorney, Ethics and Legal Compliance. 

[FR Doc. 2022–00210 Filed 1–7–22; 8:45 am] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93897; File No. SR–FINRA– 

2021–024] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing of 

Amendment No. 1 and Order Instituting 

Proceedings To Determine Whether To 

Approve or Disapprove the Proposed 

Rule Change To Amend FINRA Rule 

2231 (Customer Account Statements) 

January 4, 2022. 

I. Introduction 

On September 29, 2021, the Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change SR–FINRA– 

2021–024 pursuant to Section 19(b)(1) 

of the Securities Exchange Act of 1934 

(‘‘Exchange Act’’) 1 and Rule 19b–4 2

thereunder to amend FINRA Rule 2231 

(Customer Account Statements) to add 

new supplementary materials, 

incorporate specified provisions from 

dual FINRA–NYSE temporary rules, and 

delete those temporary rules.3 The 

proposed rule change was published for 

public comment in the Federal Register 

on September 30, 2021.4 On November 

9, 2021, FINRA consented to an 

extension of the time period in which 

the Commission must approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether to 

approve or disapprove the proposed 

rule change to January 4, 2022.5 On 

January 4, 2022, FINRA responded to 

the comment letters received in 

response to the Notice and filed an 

amendment to modify the proposed rule 

change (‘‘Amendment No. 1’’).6

The Commission is publishing this 

order pursuant to Section 19(b)(2)(B) of 

the Exchange Act 7 to solicit comments 

on the proposed rule change, as 

modified by Amendment No. 1, from 

interested persons and to institute 

proceedings to determine whether to 

approve or disapprove the proposed 

rule change, as modified by Amendment 

No. 1. 

II. Description of the Proposed Rule 

Change, as Modified by Amendment 

No. 1 

FINRA is proposing to amend Rule 

2231 (Customer Account Statements) to 

add new supplementary materials, 

incorporate specified provisions from 

dual FINRA–NYSE temporary rules, and 

delete those temporary rules. The 

proposed rule change would amend 

Rule 2231 to add new supplementary 

materials pertaining to compliance with 

FINRA Rule 4311 (Carrying 

Agreements), the transmission of 

customer account statements to other 

persons or entities, the use of electronic 

media to satisfy delivery obligations, 

and compliance with FINRA Rule 3150 

(Holding of Customer Mail). 

Specifically, proposed new 

Supplementary Material .01 to Rule 

2231 would remind firms of their 

obligations under Rule 4311, including 

specifically the rights and obligations of 

carrying firms under Rule 4311(c)(2) 

that generally require each carrying 

agreement in which accounts are to be 

carried on a fully disclosed basis to 

expressly allocate to the carrying firm 

the responsibility for the safeguarding of 

funds and securities for the purposes of 

Exchange Act Rule 15c3–3 and for 

preparing and transmitting statements of 

account to customers. 

Proposed new Supplementary 

Material .02 to Rule 2231 would 

prohibit member firms from sending 

customer account statements to third 

parties unless: (1) The customer 

provided written instructions to the 


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1202 Federal Register / Vol. 87, No. 6 / Monday, January 10, 2022 / Notices 

8See FINRA Response. 

9 15 U.S.C. 78s(b)(2)(B). 

10 Id. 

11Section 19(b)(2) of the Exchange Act, as 

amended by the Securities Acts Amendments of 

1975, Public Law 94–29, 89 Stat. 97 (1975), grants 

the Commission flexibility to determine what type 

of proceeding—either oral or notice and 

opportunity for written comments—is appropriate 

for consideration of a particular proposal by a selfregulatory organization. See Securities Acts 

Amendments of 1975, Report of the Senate 

Committee on Banking, Housing and Urban Affairs 

to Accompany S. 249, S. Rep. No. 75, 94th Cong., 

1st Sess. 30 (1975). 

member to send statements to such third 

parties; and (2) the member sends 

duplicate account statements directly to 

the customer either in paper format or 

electronically. The proposed 

Supplementary Material .02 would add 

that a member firm may cease sending 

duplicate account statements to a 

customer where a court of competent 

jurisdiction has appointed a guardian, 

conservator, trustee, personal 

representative or other person with legal 

authority to act on a customer’s behalf, 

and such court-appointed fiduciary 

provides written instructions to the 

member and furnishes to the member an 

official copy of the court appointment 

that establishes authority over the 

customer’s accounts. 

Proposed new Supplementary 

Material .03 to Rule 2231 would allow 

member firms to satisfy their delivery 

obligations under the rule by using 

electronic media, subject to compliance 

with standards established by the 

Commission on the use of electronic 

media for delivery purposes. 

Proposed new Supplementary 

Material .04 to Rule 2231 would permit 

member firms to hold customer mail, 

including customer account statements 

or other communications relating to a 

customer’s account, subject to the 

requirements of Rule 3150. 

Proposed new Supplementary 

Material .05 to Rule 2231 would 

incorporate without substantive changes 

NYSE Rule Interpretation 409T(a)/02 by 

requiring the following information to 

be clearly and prominently disclosed on 

the front of a customer account 

statement: (1) The identity of the 

introducing and clearing firm, if 

different, and their respective contact 

information for customer service 

(although the proposed rule change 

would permit the identity of the 

clearing firm and its contact information 

to appear on the back of the statement 

provided such information is in ‘‘bold’’ 

or ‘‘highlighted’’ letters); (2) that the 

clearing firm is a member of SIPC; and 

(3) the opening and closing balances for 

the account. 

Proposed new Supplementary 

Material .06 to Rule 2231 would 

incorporate without substantive changes 

NYSE Rule Interpretation 409T(a)/04 

which provides that where a customer 

account statement includes assets the 

member firm does not carry on behalf of 

a customer and are not included on the 

member’s books and records, such 

assets must be clearly and 

distinguishably separated on the 

account statement. The proposed rule 

change would also require the account 

statement to: (1) Clearly indicate that 

such externally held assets are included 

on the statement solely as a courtesy to 

the customer; (2) disclose that 

information (including valuation) for 

such externally held assets included on 

the statement is derived from the 

customer or other external source for 

which the member is not responsible; 

and (3) identify that such externally 

held assets may not be covered by SIPC. 

Proposed new Supplementary 

Material .07 to Rule 2231 would 

incorporate without substantive changes 

NYSE Rule Interpretation 409T(a)/05, 

which provides that where the logo, 

trademark or other identification of a 

person (other than the introducing firm 

or clearing firm) appears on a customer 

account statement, then the identity of 

such person and the relationship to the 

introducing, clearing, or other firm 

included on the statement must be 

provided and may not be used in a 

manner that is misleading or causes 

customer confusion. 

Proposed new Supplementary 

Material .08 to Rule 2231 would 

incorporate without substantive changes 

NYSE Rule Interpretation 409T(a)/06 by 

establishing a member firm’s obligations 

where the member holding a customer’s 

account and another person who 

separately offers financial related 

products or services to the same 

customer jointly provide their 

respective customer account statements 

together with a statement summarizing 

or combining assets held in different 

accounts. 

Finally, FINRA is proposing to delete 

NYSE Rule 409T and NYSE Rule 

Interpretation 409T in their entirety on 

the basis that the underlying concepts in 

these provisions will have been 

included in Rule 2231, are duplicative 

of other rules, or are outdated. 

Amendment No. 1 would modify the 

proposed rule change by changing the 

term ‘‘clearing firm’’ to ‘‘carrying firm’’ 

in the following places: (1) Proposed 

Rule 2231(a); (2) proposed Rule 

2231.05(a) and (b); (3) proposed Rule 

2231.07; and (4) proposed Rule 

2231.08(d). FINRA stated that changing 

the term ‘‘clearing firm’’ to ‘‘carrying 

firm’’ would maintain consistency given 

the proposed supplementary materials 

are derived largely from their 

corresponding NYSE provisions, which 

use the term ‘‘carrying organization.’’ 8

III. Proceedings To Determine Whether 

To Approve or Disapprove File No. SR– 

FINRA–2021–024 and Grounds for 

Disapproval Under Consideration 

The Commission is instituting 

proceedings pursuant to Section 

19(b)(2)(B) of the Exchange Act to 

determine whether the proposed rule 

change, as modified by Amendment No. 

1, should be approved or disapproved.9

Institution of proceedings is appropriate 

at this time in view of the legal and 

policy issues raised by the proposed 

rule change. Institution of proceedings 

does not indicate that the Commission 

has reached any conclusions with 

respect to the proposed rule change, as 

modified by Amendment No. 1. 

Pursuant to Section 19(b)(2)(B) of the 

Exchange Act,10 the Commission is 

providing notice of the grounds for 

disapproval under consideration. The 

Commission is instituting proceedings 

to allow for additional analysis and 

input concerning whether the proposed 

rule change, as modified by Amendment 

No. 1, is consistent with the Exchange 

Act and the rules thereunder. 

IV. Request for Written Comments 

The Commission requests that 

interested persons provide written 

submissions of their views, data, and 

arguments with respect to the issues 

identified above, as well as any other 

concerns they may have with the 

proposed rule change, as modified by 

Amendment No. 1. In particular, the 

Commission invites the written views of 

interested persons concerning whether 

the proposed rule change, as modified 

by Amendment No. 1, is consistent with 

the Exchange Act and the rules 

thereunder. 

Although there do not appear to be 

any issues relevant to approval or 

disapproval that would be facilitated by 

an oral presentation of views, data, and 

arguments, the Commission will 

consider, pursuant to Rule 19b–4, any 

request for an opportunity to make an 

oral presentation.11

Interested persons are invited to 

submit written data, views, and 

arguments regarding whether the 

proposed rule change, as modified by 

Amendment No. 1, should be approved 

or disapproved by January 31, 2022. 

Any person who wishes to file a rebuttal 

to any other person’s submission must 

file that rebuttal by February 14, 2022. 

Comments may be submitted by any 

of the following methods: 


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Federal Register / Vol. 87, No. 6 / Monday, January 10, 2022 / Notices 1203 

12 17 CFR 200.30–3(a)(12); 17 CFR 200.30– 

3(a)(57). 

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

2 17 CFR 240.19b–4. 

3 ‘‘MEO Interface’’ or ‘‘MEO’’ means a binary 

order interface for certain order types as set forth 

in Rule 516 into the MIAX Pearl System. See the 

Definitions Section of the Fee Schedule and 

Exchange Rule 100. 

4 ‘‘Member’’ means an individual or organization 

that is registered with the Exchange pursuant to 

Chapter II of Exchange Rules for purposes of trading 

on the Exchange as an ‘‘Electronic Exchange 

Member’’ or ‘‘Market Maker.’’ Members are deemed 

‘‘members’’ under the Exchange Act. See the 

Definitions Section of the Fee Schedule and 

Exchange Rule 100. 

5See Securities Exchange Act Release No. 92365 

(July 9, 2021), 86 FR 37347 (July 15, 2021) (SR– 

PEARL–2021–33). 

6See id. 

7See Letter from Richard J. McDonald, 

Susquehanna International Group, LLC (‘‘SIG’’), to 

Vanessa Countryman, Secretary, Commission, dated 

September 7, 2021 (‘‘SIG Letter’’). 

8See Securities Exchange Act Release No. 92798 

(August 27, 2021), 86 FR 49360 (September 2, 

2021). 

9See Securities Exchange Act Release No. 93556 

(November 10, 2021), 86 FR 64235 (November 17, 

2021) (SR–PEARL–2021–53). 

10See id. 

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 No. SR– 

FINRA–2021–024 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 No. 

SR–FINRA–2021–024. 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 such 

filing also will be available for 

inspection and copying at the principal 

office of FINRA. 

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 

No. SR–FINRA–2021–024 and should be 

submitted on or before January 31, 2022. 

If comments are received, any rebuttal 

comments should be submitted on or 

before February 14, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–00157 Filed 1–7–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93894; File No. SR– 

PEARL–2021–58] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the MIAX Pearl 

Options Fee Schedule To Increase the 

Monthly Fees for MIAX Express 

Network Full Service Port 

January 4, 2022. 

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 

21, 2021, MIAX PEARL, LLC (‘‘MIAX 

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

Securities and Exchange Commission 

(‘‘Commission’’) a 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 is filing a proposal to 

amend the MIAX Pearl Options Fee 

Schedule (the ‘‘Fee Schedule’’) to 

amend the fees for the Exchange’s MIAX 

Express Network Full Service (‘‘MEO’’) 3

Ports. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/pearl at MIAX Pearl’s principal 

office, 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 the 

Fee Schedule to increase the fees for its 

Full Service MEO Ports, Bulk and Single 

(the ‘‘Proposed Access Fees’’), which 

allow Members 4 to submit electronic 

orders in all products to the Exchange. 

The Exchange initially filed this 

proposal on July 1, 2021, with the 

proposed fee changes being immediately 

effective (‘‘First Proposed Rule 

Change’’).5 The First Proposed Rule 

Change was published for comment in 

the Federal Register on July 15, 2021.6

The Commission received one comment 

letter on the First Proposed Rule 

Change 7 and subsequently suspended 

the Frist Proposed Rule Change on 

August 27, 2021.8 The Exchange 

withdrew First Proposed Rule Change 

on October 12, 2021 and re-submitted 

the proposal on November 1, 2021, with 

the proposed fee changes being 

immediately effective (‘‘Second 

Proposed Rule Change’’).9 The Second 

Proposed Rule Change provided 

additional justification for the proposed 

fee changes and addressed certain 

points raised in the single comment 

letter that was submitted on the First 

Proposed Rule Change. The Second 

Proposed Rule Change was published 

for comment in the Federal Register on 

November 17, 2021.10 The Commission 

received no comment letters on the 

Second Proposed Rule Change. 

Nonetheless, the Exchange withdrew 

the Second Proposed Rule Change on 

December 20, 2021 and now submits 

this proposal for immediate 

effectiveness (‘‘Third Proposed Rule 

Change’’). This Third Proposed Rule 

Change meaningfully attempts to 

provide additional justification and 


khammond on DSKJM1Z7X2PROD with NOTICES