Federal Register / Vol. 87, No. 7 / Tuesday, January 11, 2022 / Notices 1455 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The CRD system is the central licensing and 

registration system for the U.S. securities industry. 

The CRD system enables individuals and firms 

seeking registration with multiple states and selfregulatory organizations to do so by submitting a 

single form, fingerprint card, and a combined 

payment of fees to FINRA. Through the CRD 

system, FINRA maintains the qualification, 

employment, and disciplinary histories of 

registered associated persons of broker-dealers. 

5The Exchange originally adopted fees for use of 

the CRD system in 2005 and amended those fees in 

2013. See Securities Exchange Act Release Nos. 

51641 (May 2, 2005), 70 FR 24155 (May 6, 2005) 

(SR–PCX–2005–49); 68590 (January 4, 2013), 78 FR 

2470 (January 11, 2013) (SR–NYSEArca–2012–145). 

While the Exchange lists these fees in its Fee 

Schedule, it does not collect or retain these fees. 

6See Securities Exchange Act Release No. 90176 

(October 14, 2020), 85 FR 66592 (October 20, 2020) 

(SR–FINRA–2020–032). 

7The Exchange notes that it has only adopted the 

CRD system fees charged by FINRA to Non-FINRA 

OTP Holders when such fees are applicable. In this 

regard, certain FINRA CRD system fees and 

requirements are specific to FINRA members, but 

do not apply to NYSE Arca-only OTP Holders. NonFINRA OTP Holders have been charged CRD system 

fees since 2005. See note 5, supra. OTP Holders that 

are also FINRA members are charged CRD system 

fees according to Section 4 of Schedule A to the 

FINRA By-Laws. 

8See Section 4(b)(1) of Schedule A to the FINRA 

By-Laws effective on January 2, 2022. This fee is 

assessed when a Non-FINRA OTP Holder submits 

an initial Uniform Application for Securities 

Industry Regulation or Transfer (known as a ‘‘Form 

U4’’) filed by a member in the CRD system to 

register an individual. 

9 15 U.S.C. 78f(b). 

10 15 U.S.C. 78f(b)(4) & (5). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93899; File No. SR– 

NYSEARCA–2021–106] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the NYSE Arca 

Options Fees and Charges With 

Respect to a Regulatory Fee Related to 

the Central Registration Depository 

January 5, 2022. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on December 

22, 2021, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or the ‘‘Exchange’’) 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 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 Options Fees and Charges 

(the ‘‘Fee Schedule’’) with respect to a 

regulatory fee related to the Central 

Registration Depository (‘‘CRD system’’), 

which is collected by the Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’). The Exchange proposes to 

implement the fee change on January 2, 

2022. 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 with respect to a 

regulatory fee collected by FINRA for 

use of the CRD system.4 The Exchange 

proposes to implement the fee change 

on January 2, 2022. 

FINRA collects and retains certain 

regulatory fees via the CRD system for 

the registration of associated persons of 

OTP Holders and OTP Firms that are 

not FINRA members (collectively, 

‘‘Non-FINRA OTP Holders’’).5 The CRD 

system fees are user-based, and there is 

no distinction in the cost incurred by 

FINRA if the user is a FINRA member 

or a Non-FINRA OTP Holder. 

FINRA recently amended one of the 

fees assessed for use of the CRD 

system.6 Accordingly, the Exchange 

proposes to amend the Fee Schedule to 

mirror the fee assessed by FINRA, 

which will be implemented 

concurrently with the amended FINRA 

fee on January 2, 2022.7 Specifically, the 

Exchange proposes to amend the Fee 

Schedule to modify the fee charged to 

Non-FINRA OTP Holders for each initial 

Form U4 filed for the registration of a 

representative or principal from $100 to 

$125.8

The Exchange notes that the proposed 

change is not otherwise intended to 

address any other issues surrounding 

regulatory fees, and the Exchange is not 

aware of any problems that OTP Holders 

would have in complying with the 

proposed change. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,9 in general, and 

furthers the objectives of Sections 

6(b)(4) and 6(b)(5),10 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 

discriminate between customers, 

issuers, brokers, or dealers. 

The Exchange believes that the 

proposed fee change is reasonable 

because the fee will be identical to that 

adopted by FINRA as of January 2, 2022 

for use of the CRD system to submit a 

Form U4. The costs of operating and 

improving the CRD system are similarly 

borne by FINRA when a Non-FINRA 

OTP Holder uses the CRD system; 

accordingly, the fees collected for such 

use should, as proposed by the 

Exchange, mirror the fees assessed to 

FINRA members. In addition, as FINRA 

noted in amending its fees, it believes 

that its proposed pricing structure is 

reasonable and correlates fees with the 

components that drive its regulatory 

costs to the extent feasible. 

The Exchange also believes that the 

proposed fee change provides for the 

equitable allocation of reasonable fees 

and other charges, and does not unfairly 

discriminate between customers, 

issuers, brokers, and dealers. The fee 

applies equally to all individuals and 

firms required to report information to 

the CRD system, and the proposed 

change will result in the same 

regulatory fee being charged to all OTP 

Holders required to report information 

to the CRD system and for services 

performed by FINRA regardless of 

whether such OTP Holders are FINRA 

members. Accordingly, the Exchange 

believes that the fee collected for such 

use should increase in lockstep with the 

fee adopted by FINRA as of January 2, 

2022, as is proposed by the Exchange. 

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 that is not 

necessary or appropriate in furtherance 


khammond on DSKJM1Z7X2PROD with NOTICES
1456 Federal Register / Vol. 87, No. 7 / Tuesday, January 11, 2022 / Notices 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f)(2). 

13 15 U.S.C. 78s(b)(2)(B). 14 17 CFR 200.30–3(a)(12). 

of the purposes of the Act. Specifically, 

the Exchange believes that the proposed 

change will reflect the fee that will be 

assessed by FINRA for Form U4 filings 

as of January 2, 2022 and will thus 

result in the same regulatory fees being 

charged to all OTP Holders required to 

report information to the CRD system 

and for services performed by FINRA, 

regardless of whether or not such OTP 

Holders are FINRA members. 

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 is effective 

upon filing pursuant to Section 

19(b)(3)(A) 11 of the Act and 

subparagraph (f)(2) of Rule 19b–4 12

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) 13 of the Act 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEARCA–2021–106 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–2021–106. 

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–NYSEARCA–2021–106 and 

should be submitted on or before 

February 1, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–00261 Filed 1–10–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34463; 812–15217] 

ETF Opportunities Trust and Applied 

Finance Advisors, LLC; Notice of 

Application 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (‘‘Act’’) for an exemption from 

section 15(a) of the Act and rule 18f–2 

under the Act, as well as from certain 

disclosure requirements in rule 20a–1 

under the Act, Item 19(a)(3) of Form N– 

1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 

22(c)(8) and 22(c)(9) of Schedule 14A 

under the Securities Exchange Act of 

1934, and sections 6–07(2)(a), (b), and 

(c) of Regulation S–X (‘‘Disclosure 

Requirements’’). The requested 

exemption would permit an investment 

adviser to hire and replace certain subadvisers without shareholder approval 

and grant relief from the Disclosure 

Requirements as they relate to fees paid 

to the sub-advisers. 

APPLICANTS: ETF Opportunities Trust 

(the ‘‘Trust’’), a Delaware statutory trust 

registered under the Act as an open-end 

management investment company that 

offers the Applied Finance Valuation 

Large Cap ETF (the ‘‘Existing Fund’’), 

and Applied Finance Advisors, LLC (the 

‘‘Adviser’’), a Delaware limited liability 

company that is registered as an 

investment adviser under the 

Investment Advisers Act of 1940 

(collectively with the Trust, the 

‘‘Applicants’’). 

FILING DATES: The application was filed 

on April 6, 2021, and amended on July 

29, 2021 and November 10, 2021. 

HEARING OR NOTIFICATION OF HEARING: 

An order granting the application will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing by emailing the 

Commission’s Secretary at SecretarysOffice@sec.gov and serving applicants 

with a copy of the request by email. 

Hearing requests should be received by 

the Commission by 5:30 p.m. on January 

31, 2022, and should be accompanied 

by proof of service on the applicants, in 

the form of an affidavit or, for lawyers, 

a certificate of service. Pursuant to rule 

0–5 under the Act, hearing requests 

should state the nature of the writer’s 

interest, any facts bearing upon the 

desirability of a hearing on the matter, 

the reason for the request, and the issues 

contested. Persons who wish to be 

notified of a hearing may request 

notification by emailing the 

Commission’s Secretary at SecretarysOffice@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

kshupe@ccofva.com. 

FOR FURTHER INFORMATION CONTACT: Erin 

Loomis Moore, Senior Counsel, at (202) 

551–6721, or Joseph Toner, Acting 

Branch Chief, at (202) 551–6825 


khammond on DSKJM1Z7X2PROD with NOTICES