Federal Register / Vol. 87, No. 11 / Tuesday, January 18, 2022 / Notices 2643 

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

2 17 CFR 240.19b–4. 

laboratories. From the integrated waste 

management system R&D program, 

speakers from the national laboratories 

will describe the Hanford Lead Canister 

project and updated waste management 

system analysis tool requirements and 

enhancements. A speaker from DOE–NE 

will present the current functions and 

capabilities of DOE’s Stakeholder Tool 

for Assessing Radioactive 

Transportation (START). The final 

speaker, from DOE–NE, will provide an 

update on consent-based siting. A 

detailed meeting agenda will be 

available on the Board’s website at 

www.nwtrb.gov approximately one week 

before the meeting. 

The meeting will be open to the 

public, and opportunities for public 

comment will be provided at the end of 

each day of the meeting. Details for 

viewing the meeting will be provided on 

the Board’s website. Public comments 

may be submitted during the meeting 

via the online meeting viewing 

platform, using the ‘‘Comment for the 

Record’’ form. Comments submitted 

during each day of the meeting will be 

read into the record by Board staff 

during the public comment period just 

prior to adjournment. A limit may be set 

on the time allowed for the presentation 

of individual remarks. However, written 

comments of any length may be 

submitted to the Board staff by mail or 

electronic mail. All comments received 

in writing will be included in the 

meeting record, which will be posted on 

the Board’s website after the meeting. 

An archived recording of the meeting 

will be available on the Board’s website 

following the meeting. The transcript of 

the meeting will be available on the 

Board’s website by May 3, 2022. 

The Board was established in the 

Nuclear Waste Policy Amendments Act 

of 1987 as an independent federal 

agency in the Executive Branch to 

evaluate the technical and scientific 

validity of DOE activities related to the 

management and disposal of SNF and 

HLW, and to provide objective expert 

advice to Congress and the Secretary of 

Energy on these issues. Board members 

are experts in their fields and are 

appointed to the Board by the President 

from a list of candidates submitted by 

the National Academy of Sciences. The 

Board reports its findings, conclusions, 

and recommendations to Congress and 

the Secretary of Energy. All Board 

reports, correspondence, congressional 

testimony, and meeting transcripts and 

related materials are posted on the 

Board’s website. 

For information on the meeting 

agenda, contact Bret Leslie at leslie@

nwtrb.gov or Hundal Jung at jung@

nwtrb.gov. For information on logistics, 

or to request copies of the meeting 

agenda or transcript, contact Davonya 

Barnes at barnes@nwtrb.gov. All three 

may be reached by mail at 2300 

Clarendon Boulevard, Suite 1300, 

Arlington, VA 22201–3367; by 

telephone at 703–235–4473; or by fax at 

703–235–4495. 

Dated: January 11, 2022. 

Daniel G. Ogg, 

Acting Executive Director, U.S. Nuclear Waste 

Technical Review Board. 

[FR Doc. 2022–00740 Filed 1–14–22; 8:45 am] 

BILLING CODE 6820–AM–P 

OFFICE OF SCIENCE AND 

TECHNOLOGY POLICY 

Performance Review Board 

Membership 

AGENCY: Office of Science and 

Technology Policy. 

ACTION: Notice. 

SUMMARY: The Office of Science and 

Technology Policy publishes the names 

of the members selected to serve on its 

SES Performance Review Board (PRB). 

DATES: Membership is effective on the 

date of this notice to January 2024. 

FOR FURTHER INFORMATION CONTACT: Ms. 

Stacy L. Murphy, Operations Manager, 

Office of Science and Technology 

Policy, 1650 Pennsylvania Ave. NW, 

Washington, DC 20504. Telephone 202– 

456–6123. 

SUPPLEMENTARY INFORMATION: Section 

4314(c) of Title 5, U.S.C. requires each 

agency to establish, in accordance with 

regulations prescribed by the Office of 

Personnel Management, one or more 

PRBs. The purpose of this PRB is to 

review and make recommendations 

concerning proposed performance 

appraisals, ratings, bonuses, pay 

adjustments, and other appropriate 

personnel actions for incumbents of the 

SES positions. The Board shall consist 

of at least three members and more than 

half of the members shall consist of 

career appointees. The names and titles 

of the PRB members are as follows: 

Fred L. Ames, Assistant United States 

Trade Representative for 

Administration, United States Trade 

Representative; 

Martha M. Gagne, Assistant Director, 

Operations, Office of National Drug 

Council Policy; 

Michele C. Marx, Deputy Assistant 

Director, Office of Performance and 

Budget, Office of National Drug Council 

Policy; 

Barbara A. Menard, Branch Chief, 

Health, Education, VA, and Social 

Programs (HEVS) Branch, Office of 

Management and Budget. 

Applicable Date: Membership is 

effective on the date of this notice. 

Stacy Murphy, 

Operations Manager. 

[FR Doc. 2022–00802 Filed 1–14–22; 8:45 am] 

BILLING CODE 3270–F9–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93950; File No. SR– 

NASDAQ–2021–107] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify 

Certain Exchange Traded Product 

Listing Fees 

January 11, 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 

30, 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, 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 to modify 

certain exchange traded product listing 

fees. While changes proposed herein are 

effective upon filing, the Exchange has 

designated the proposed amendments to 

be operative on January 1, 2022. 

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 


khammond on DSKJM1Z7X2PROD with NOTICES
2644 Federal Register / Vol. 87, No. 11 / Tuesday, January 18, 2022 / Notices 

3Exchange Traded Fund Shares, CommodityBased Trust Shares, Currency Trust Shares, 

Commodity Index Trust Shares, Commodity 

Futures Trust Shares, Partnership Units, Trust 

Units, and Managed Trust Shares are already 

subject to the fees in Listing Rule 5940(a)(1) and 

this change is simply being made to increase the 

clarity of the rule. 

4Per existing Listing Rule 5940 the fees in Listing 

Rule 5940 will also apply to securities listed under 

the Rule 5700 Series where no other fee schedule 

is specifically applicable and that provision of the 

rule is not being modified. 

5This includes securities listed under the Rule 

5700 Series where no other fee schedule is 

specifically applicable. 

6Exchange Traded Fund Shares, CommodityBased Trust Shares, Currency Trust Shares, 

Commodity Index Trust Shares, Commodity 

Futures Trust Shares, Partnership Units, Trust 

Units, and Managed Trust Shares are already 

subject to the fees in Listing Rule 5940(b)(1) and 

this change is simply being made to increase the 

clarity of the rule. 

7For the avoidance of doubt, in this filing $4,000 

per product means $4,000 for each symbol listed on 

the Exchange. 

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 purpose of the proposed rule 

change is to modify certain of the 

Exchange’s listing fees for exchange 

traded products (‘‘ETPs’’) covered by 

Listing Rules 5930 and 5940, as well as 

to modify the Preamble to Company 

Listing Fees in Listing Rule 5901. 

Currently, Listing Rule 5930 

addresses listing fees for Linked 

Securities, SEEDS, and Other Securities. 

The proposed rule change relocates the 

references to the fees for Linked 

Securities from Listing Rule 5930 

(Linked Securities, SEEDS, and Other 

Securities) to Listing Rule 5940 

(Exchange Traded Products) such that 

Linked Securities will no longer be 

subject to the fees in Listing Rule 5930 

and will instead be subject to the fees 

in Listing Rule 5940. The modified fees 

for Linked Securities will mirror the 

fees for many of the ETPs that are 

covered by Listing Rule 5940, which are 

detailed herein. For consistency and 

clarification, all references to Linked 

Securities and related Rule 5710 cites 

are also being deleted from the Preamble 

to Company Listing Fees in Listing Rule 

5901. Also, a clarification is being made 

in the Preamble of changing the term 

‘‘Exchange Listed Products’’ to 

‘‘Exchange Traded Products’’ for 

consistency and clarification. 

Additionally, a typographical error in 

the heading of Listing Rule 5930(b) is 

proposed to be corrected by changing 

‘‘Lisitng’’ to ‘‘Listing’’ for clarification. 

The introduction to Listing Rule 5940 

is being expanded for the sake of 

clarification to say that the securities 

covered by this rule includes not only 

Portfolio Depository Receipts, Index 

Fund Shares, Managed Fund Shares, 

and NextShares, but also includes 

Exchange Traded Fund Shares, 

Commodity-Based Trust Shares, 

Currency Trust Shares, Commodity 

Index Trust Shares, Commodity Futures 

Trust Shares, Partnership Units, Trust 

Units, Managed Trust Shares 3 and 

Linked Securities.4

The Entry Fee under Listing Rule 

5940(a)(1) is being modified to include 

all of the securities listed above,5 with 

the exception of NextShares (which are 

subject to the Entry Fee in Listing Rule 

5940(a)(2)) and to eliminate the listing 

fee of $5,000, which currently includes 

a $1,000 non-refundable application fee. 

Both the elimination of the listing and 

application fees reflect that the market 

for listing ETPs is extremely competitive 

and ETPs may freely choose alternative 

listing venues. The Exchange has 

determined that these proposed fee 

changes, coupled with the fee changes 

discussed below, will positively impact 

the competition in the ETP listing space. 

The All-Inclusive Annual Listing Fee 

under Listing Rule 5940(b) is being 

modified. First, the list of securities in 

Listing Rule 5940(b)(1) will be 

expanded to not only include, in 

addition to any other security under the 

Rule 5700 Series where no other fee 

schedule is specifically applicable listed 

on The Nasdaq Global Market, Portfolio 

Depository Receipts, Index Fund Shares, 

and Managed Fund Shares, but also 

Exchange Traded Fund Shares, 

Commodity-Based Trust Shares, 

Currency Trust Shares, Commodity 

Index Trust Shares, Commodity Futures 

Trust Shares, Partnership Units, Trust 

Units, Managed Trust Shares 6 and 

Linked Securities. 

Second, the current fee schedule that 

is calculated on total shares outstanding 

that ranges from up to 1 million shares 

to 250+ million shares with fees that 

range from $6,000 to $50,000 is being 

replaced by a single fee of $4,000 per 

product.7 Nasdaq is simplifying the fee 

structure (and related rule language) of 

the All-Inclusive Annual Listing Fee 

under Listing Rule 5940(b) to create a 

single fee that the Exchange believes is 

more reasonable and equitable because 

the proposed per product fee structure 

will be the same for all products 

regardless of the product’s total shares 

outstanding. Assessing the fee on a per 

product basis rather than on total shares 

outstanding, the Exchange believes 

more accurately reflects the level of 

support required. The level of support 

the Exchange provides does not increase 

significantly as the ETP’s shares 

outstanding grows. It is more closely 

correlated to the number of ETPs listed 

and thus warrants a separate fee per 

product. This means that an issuer with 

more ETPs listed on Nasdaq will have 

a higher total annual listing fee under 

the proposed changes than an issuer 

with fewer ETPs listed on Nasdaq even 

if the issuer with fewer ETPs has more 

total shares outstanding. 

Listing Rule 5940(b)(3) is being 

eliminated because the new fee 

structure of Listing Rule 5940(b) renders 

it irrelevant. 

Listing Rule 5940(b)(5) is being 

renumbered as Listing Rule 5940(b)(8) 

and will otherwise remain unchanged 

and still say that except as otherwise set 

forth in Rule 5940(b), the All-Inclusive 

Annual Listing Fee described will be 

assessed as described in Rule 5910(b)(3). 

Proposed Listing Rule 5940(b)(5) says 

that in the first calendar year of listing, 

a product’s All-Inclusive Annual Listing 

Fee will be prorated based on the 

number of months listed. Proposed 

Listing Rule 5940(b)(5) and Rule 

5910(b)(3)(A), both say that in the first 

calendar year of listing, a product’s or 

Company’s All-Inclusive Annual Listing 

Fee, respectively, will be prorated based 

on the number of months listed. The 

difference, as discussed above, is that 

proposed Listing Rule 5940(b)(5) will 

look to prorate the single fee of $4,000 

per product while current Rule 

5910(b)(3)(A) is based on the total 

shares outstanding as of the date of the 

Company’s listing. This proposed 

change is made for clarity and 

consistency with the All-Inclusive 

Annual Listing Fee change described 

above. 

Proposed Listing Rule 5940(b)(6) is 

being added to modify how listing ETP 

transfers from another national 

securities exchange to Nasdaq will be 

handled regarding the All-Inclusive 

Annual Listing Fee. Current Listing Rule 

5940(b)(5) says that except as otherwise 

set forth in Rule 5940(b), the AllInclusive Annual Listing Fee described 

will be assessed as described in Rule 

5910(b)(3). Proposed Listing Rule 

5940(b)(6) says that for the year in 

which a product listing transfers to 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 11 / Tuesday, January 18, 2022 / Notices 2645 

8See IM–5900–4. 

9See e.g., NYSE Arca Equities: Listing Fees as of 

June 30, 2021, footnote 8 (‘‘The Annual Fees 

applicable to Exchange Traded Products that have 

liquidated and as a result are delisted from the 

Exchange will be prorated for the portion of the 

calendar year that such issue was listed on the 

Exchange, based on days listed that calendar year, 

and refunded.’’). https://www.nyse.com/publicdocs/ 

nyse/markets/nyse-arca/NYSE_Arca_Listing_Fee_

Schedule.pdf. 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(4) and (5). 12See 17 CFR 270.6c–11. 13See supra note 4. 

Nasdaq, as well as for the first full 

calendar year of its listing, a product 

will not be charged the All-Inclusive 

Annual Listing Fee. Currently, for the 

year in which a Company transfers its 

listing to Nasdaq, it will not be charged 

the All-Inclusive Annual Listing Fee.8

Nasdaq believes that modifying the fee 

waiver to extend the first full calendar 

year following a product’s listing will 

further incentivize issuers to transfer 

ETPs to Nasdaq and, thereby, promote 

greater competition among ETP listing 

exchanges, which will be to the benefit 

of issuers, ETPs, and ETP investors. 

Proposed Listing Rule 5940(b)(7) is 

being added to say that liquidations will 

be refunded a portion of the AllInclusive Annual Listing Fee on a 

prorated basis based on the number of 

months listed during the calendar year 

of liquidation. Currently Nasdaq does 

not provide for such liquidation 

refunds. The Exchange is proposing this 

change as another way to make its fee 

schedule more competitive with the 

other exchanges, who also provide for 

refunds on a prorated basis.9

As described below, Nasdaq proposes 

to make the aforementioned fee changes 

to better reflect the Exchange’s costs 

related to listing ETPs and would 

promote competition for ETP listings. 

While these changes are effective 

upon filing, Nasdaq has designated the 

proposed amendments to be operative 

on January 1, 2022. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,10 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,11 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

Nasdaq believes that it is not unfairly 

discriminatory and represents an 

equitable allocation of reasonable fees to 

amend Listing Rules 5901, 5930 and 

5940 to modify the listing fees for 

Linked Securities, to eliminate the Entry 

and Application Fees for certain ETPs, 

as well as to modify the All-Inclusive 

Annual Listing Fee for certain ETPs. 

Specifically, the Exchange believes 

that modifying the fees and relocating 

references to Linked Securities from 

Listing Rule 5930 to Listing Rule 5940 

is not unfairly discriminatory and 

represents an equitable allocation of 

reasonable fees since it aligns the fees 

for Linked Securities with the proposed 

fees for a broad range of ETPs discussed 

above, which the Exchange believes are 

more similar to Linked Securities than 

its existing location within Listing Rule 

5930 that includes SEEDS and Other 

Securities. This also includes the 

proposed changes to the Preamble to 

Company Listing Fees in Listing Rule 

5901 and references to Linked Securities 

and related Rule 5710 cites throughout 

Listing Rule 5930, as well as a 

clarification being made in the Preamble 

of changing the term ‘‘Exchange Listed 

Products’’ to ‘‘Exchange Traded 

Products’’ for consistency and 

clarification and to the benefit of market 

participants. Additionally, a 

typographical error in the heading of 

Listing Rule 5930(b) is proposed to be 

corrected by changing ‘‘Lisitng’’ to 

‘‘Listing’’ for clarification and to the 

benefit of market participants. 

Nasdaq believes that it is not unfairly 

discriminatory and represents an 

equitable allocation of reasonable fees to 

amend Listing Rule 5940 to eliminate 

the Entry and Application Fees for the 

specified ETPs, as well as to modify the 

All-Inclusive Annual Listing Fee for the 

specified ETPs. Nasdaq believes these 

changes promote competition for the 

listing of ETPs. Additionally, Nasdaq 

also believes these changes are not 

unfairly discriminatory and represent an 

equitable allocation of reasonable fees 

because following the adoption of SEC 

Rule 6c–11 12 the majority of ETPs are 

now listed under the generic listing 

standards of Nasdaq Rule 5704 

(Exchange Traded Fund Shares) and 

thus no longer require as much in the 

way of both legal and business resources 

during the initial application process. 

Moreover, the Exchange believes that 

the proposed $4,000 flat fee per product 

rather than the current fee based on the 

total shares outstanding, more 

accurately reflects and is more closely 

correlated to the level of Exchange 

support required, and that the level of 

support Nasdaq provides does not 

increase significantly as the ETP’s 

shares outstanding grows. This means 

that an issuer with more ETPs listed on 

Nasdaq will have a higher total annual 

listing fee under the proposed changes 

than an issuer with fewer ETPs listed on 

Nasdaq even if the issuer with fewer 

ETPs has more total shares outstanding. 

Specifically, the Exchange believes 

that amending the All-Inclusive Annual 

Listing Fee under Listing Rule 

5940(b)(1) (and related rule language) 

from the current fee schedule that is 

calculated on total shares outstanding 

that ranges from up to 1 million shares 

to 250+ million shares with fees that 

range from $6,000 to $50,000 to being 

replaced by a single fee of $4,000 per 

product is not unfairly discriminatory 

and represents an equitable allocation of 

reasonable fees because it simplifies the 

fee schedule and promotes greater 

competition with the other exchange 

listing venues. Also, a single fee per 

product creates a fee schedule that is 

more reasonable and equitable for 

products and issuers of all sizes for 

these ETPs with issuers gaining 

certainty as the number of their ETPs 

grow. The total annual listing fee for an 

issuer increases as the number of ETPs 

that an issuer has on Nasdaq grows, and 

the necessary support for the additional 

listings increases as well. In accordance 

with these proposed changes, Listing 

Rule 5940(b)(3) will be eliminated 

because the new fee structure of the rule 

renders it irrelevant and unnecessary, 

and its elimination will be to the benefit 

of market participants. 

The Exchange also believes it is not 

unfairly discriminatory and represents 

an equitable allocation of reasonable 

fees to amend the introduction to 

Listing Rule 5940 to say that the 

securities covered by this rule includes 

not only Portfolio Depository Receipts, 

Index Fund Shares, Managed Fund 

Shares, and NextShares, but also 

includes Exchange Traded Fund Shares, 

Commodity-Based Trust Shares, 

Currency Trust Shares, Commodity 

Index Trust Shares, Commodity Futures 

Trust Shares, Partnership Units, Trust 

Units and Managed Trust Shares 13

because it clarifies that these additional 

ETPs are already subject to the fees in 

this rule and that this change is simply 

being made to increase the clarity of the 

rule. 

Additionally, Nasdaq believes it is not 

unfairly discriminatory and represents 

an equitable allocation of reasonable 

fees to amend Listing Rule 5940(a)(1) 

and (b)(1) to include Exchange Traded 

Fund Shares, Commodity-Based Trust 

Shares, Currency Trust Shares, 

Commodity Index Trust Shares, 

Commodity Futures Trust Shares, 

Partnership Units, Trust Units, and 

Managed Trust Shares because it 

clarifies that these additional ETPs are 


khammond on DSKJM1Z7X2PROD with NOTICES
2646 Federal Register / Vol. 87, No. 11 / Tuesday, January 18, 2022 / Notices 

14See supra footnote 9. 

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

already subject to the fees in Listing 

Rule 5940(a)(1) and (b)(1) and that this 

change is simply being made to increase 

the clarity of the rule. 

The Exchange also believes it is not 

unfairly discriminatory and represents 

an equitable allocation of reasonable 

fees to add proposed Listing Rule 

5940(b)(5) to clarify that in the first 

calendar year of listing, a product’s AllInclusive Annual Listing Fee will be 

prorated based on the number of months 

listed. Current Listing Rule 5940(b)(5) 

says that except as otherwise set forth in 

Rule 5940(b), the All-Inclusive Annual 

Listing Fee described will be assessed as 

described in Rule 5910(b)(3)— 

specifically it is covered by Rule 

5910(b)(3)(A). Proposed Listing Rule 

5940(b)(5) and Rule 5910(b)(3)(A) both 

say that in the first calendar year of 

listing, a product’s or Company’s AllInclusive Annual Listing Fee, 

respectively, will be prorated based on 

the number of months listed. The 

difference, as discussed above, is that 

proposed Listing Rule 5940(b)(5) will 

look to prorate the single fee of $4,000 

per product while current Rule 

5910(b)(3)(A) is based on the total 

shares outstanding as of the date of the 

Company’s listing. As a result of the 

proposed changes, current Listing Rule 

5940(b)(5) is being renumbered as 

Listing Rule 5940(b)(8). 

Nasdaq believes it is not unfairly 

discriminatory and represents an 

equitable allocation of reasonable fees to 

add proposed Listing Rule 5940(b)(6) to 

modify how listing transfers from 

another national securities exchange to 

Nasdaq will be handled regarding the 

All-Inclusive Annual Listing Fee. 

Currently, Listing Rule 5940(b)(5) says 

that except as otherwise set forth in 

Rule 5940(b), the All-Inclusive Annual 

Listing Fee described will be assessed as 

described in Rule 5910(b)(3). Proposed 

Listing Rule 5940(b)(6) says that for the 

year in which a product listing transfers 

to Nasdaq, as well as for the first full 

calendar year of its listing, a product 

will not be charged the All-Inclusive 

Annual Listing Fee. Nasdaq believes 

this proposed rule change is not unfairly 

discriminatory and represents an 

equitable allocation of reasonable fees 

and will further incentivize issuers to 

transfer ETPs to Nasdaq and promote 

greater competition among the ETP 

listing exchanges, which will be to the 

benefit of issuers, ETPs, and ETP 

investors. 

Additionally, Nasdaq believes it is not 

unfairly discriminatory and represents 

an equitable allocation of reasonable 

fees to add proposed Listing Rule 

5940(b)(7) to provide that liquidations 

will be refunded a portion of the AllInclusive Annual Listing Fee on a 

prorated basis based on the number of 

months listed during the calendar year 

of liquidation. Currently the Exchange 

does not provide for such liquidation 

refunds. The Exchange is proposing this 

change as another way to make its fee 

schedule more competitive with the 

other exchanges, who also provide for 

refunds on a prorated basis.14

Finally, Nasdaq notes that it operates 

in a highly competitive market in which 

market participants can readily switch 

exchanges if they deem the listing fees 

excessive. In such an environment, 

Nasdaq must continually review its fees 

to assure that they remain competitive. 

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, as amended. 

The market for listing ETPs is extremely 

competitive and ETPs may freely choose 

alternative listing venues. Nasdaq must 

continually review its fees to assure that 

they remain competitive. Also, a single 

$4,000 fee per product creates a fee 

schedule that is more reasonable and 

equitable for products and issuers of all 

sizes for these ETPs with issuers gaining 

certainty as to listing fees as the number 

of their ETPs grow. For these reasons, 

Nasdaq does not believe that the 

proposed rule change will result in any 

burden on competition for ETP listings. 

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 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.15

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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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 

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–2021–107 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–2021–107. 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–NASDAQ–2021–107 and 

should be submitted on or before 

February 8, 2022. 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 11 / Tuesday, January 18, 2022 / Notices 2647 

16 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). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–00752 Filed 1–14–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93952; File No. SR–LCH 

SA–2021–004] 

Self-Regulatory Organizations; LCH 

SA; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating to 2022 CDSClear Fee 

Grid 

January 11, 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 

28, 2021, Banque Centrale de 

Compensation, which conducts 

business under the name LCH SA (‘‘LCH 

SA’’), filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change (‘‘Proposed 

Rule Change’’) described in Items I, II 

and III below, which Items have been 

prepared primarily by LCH SA. LCH SA 

filed the proposed rule change pursuant 

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

Rule 19b–4(f)(2) 4 thereunder, so that the 

proposed rule change was effective 

upon filing with the Commission. 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) Banque Centrale de Compensation, 

which conducts business under the 

name LCH SA, is proposing to update 

the current CDSClear fee grid to be 

effective early January 2022 (the 

‘‘Proposed Rule Change’’). The text of 

the proposed rule change has been 

annexed [sic] as Exhibit 5. 

The text of the Proposed Rule Change 

has been annexed [sic] hereto as Exhibit 

5. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, 

LCH SA 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. LCH 

SA has prepared summaries, set forth in 

sections A, B, and C below, of the most 

significant aspects of such statements. 

A. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

LCH SA is currently applying the 

below fee grid for CDSClear members: 

SELF-CLEARING TARIFF FOR CORPORATES AND FINANCIALS INDEX AND SINGLE NAME CDS 

Membership Annual fixed fee 

Self-clearing/variable fees 

EUR 

indices 

EUR 

single names 

USD 

indices 

USD 

single names 

General Member—Unlimited 

Tariff.

Ö1,350,000 ............................. No Variable Fee. Covers all self-clearing Corporate and Financials Index 

and Single Name activity 

for a Financial Group of a 

Clearing Member. 

General Member—Introductory 

Tariff.

Ö200,000 if the total annual 

gross notional cleared is 

under Ö10 billion.

Ö3.5 Per million gross 

notional 

cleared.

Ö10 Per million 

gross notional 

cleared.

$4.5 Per million gross 

notional 

cleared.

$13 Per million 

gross notional 

cleared.

Ö400,000 if the total annual 

gross notional cleared is 

over Ö10 billion.

Ö3.5 Per million gross 

notional 

cleared.

Ö10 Per million 

gross notional 

cleared.

$4.5 Per million gross 

notional 

cleared.

$13 Per million 

gross notional 

cleared.

Select Member ......................... Ö250,000 if the total annual 

gross notional cleared is 

under Ö20 billion.

Ö4 Per million 

gross notional 

cleared.

Ö10 Per million 

gross notional 

cleared.

$5 Per million 

gross notional 

cleared.

$13 Per million 

gross notional 

cleared.

Ö450,000 if the total annual 

gross notional cleared is 

over Ö20 billion.

OPTIONS TARIFF INCLUDING FEE REBATE

General Member 

Introductory Tariff ....................................................................... Can cover either one or multiple legal entities under conditions below (no Affiliate coverage). In-year 

switches are not permitted. No EEP usage fees in 2021. 

Clearing Fees ...................................................................... $8 per million of option notional on US Indices. 

Ö8 per million of option notional on European Indices. 

Floor on clearing fees .................................................. Ö115k Per calendar year (no pro-rating) for 1 entity. 

Ö150k Per calendar year (no pro-rating) for 2 entities of the same Financial Group of a 

Clearing Member. 

Ö190k Per calendar year (no pro-rating) for 3 or more entities of the same Financial 

Group of a Clearing Member. 


khammond on DSKJM1Z7X2PROD with NOTICES