Federal Register / Vol. 87, No. 11 / Tuesday, January 18, 2022 / Notices 2653 

43 Id. 

44 Id. 

45 15 U.S.C. 78q–1. 

46 15 U.S.C. 78s(b)(2). 

47 In approving the proposed rule change, the 

Commission considered the proposals’ impact on 

efficiency, competition, and capital formation. 15 

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

48 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Fee Schedule, Section 2)c). 

4See Securities Exchange Act Release No. 90176 

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

(SR–FINRA–2020–032) (Notice of Filing and 

Immediate Effectiveness of a Proposed Rule Change 

to Adjust FINRA Fees to Provide Sustainable 

Funding for FINRA’s Regulatory Mission). 

5 Id. 

6 ‘‘Electronic Exchange Member’’ means the 

holder of a Trading Permit who is a Member 

representing as agent Public Customer Orders or 

Non-Customer Orders on the Exchange and those 

non-Market Maker Members conducting proprietary 

trading. Electronic Exchange Members are deemed 

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

Rule 100. 

7 ‘‘Market Makers’’ means a Member registered 

with the Exchange for the purpose of making 

markets in options contracts traded on the 

Exchange and that is vested with the rights and 

responsibilities specified in Chapter VI of these 

Rules. See Exchange Rule 100. 

8See Securities Exchange Act Release No. 80061 

(February 17, 2017), 82 FR 11676 (February 24, 

2017) (SR–PEARL–2017–10). 

9See id. 

10 Id. 

11 Id. 

12 Id. FINRA operates Web CRD, the central 

licensing and registration system for the U.S. 

securities industry. FINRA uses Web CRD to 

Continued 

to submit the NSS file without the 

settling bank’s balance and thus 

complete EOD Settlement or AIP 

Settlement, as applicable, for all other 

settling banks. Therefore, the 

Commission believes the changes are 

designed to promote the prompt and 

accurate clearance and settlement of 

securities transactions, consistent with 

Section 17A(b)(3)(F) of the Act.43

Further, as discussed throughout 

Section II.B (Proposed Rule Change) 

above, the proposal to amend the 

definition of AIP Settling Bank and 

remove AIP Settling Bank Only 

Members as a membership category, 

codify certain existing AIP settlement 

processes, and make certain technical 

and conforming changes should ensure 

that the Rules are clear and accurate to 

NSCC’s members. Having clear and 

accurate Rules should facilitate NSCC 

members’ understanding of those rules 

and provide members with increased 

predictability and certainty regarding 

their obligations. Therefore, the 

Commission believes the proposed 

changes would also promote the prompt 

and accurate clearance and settlement of 

securities, consistent with Section 

17A(b)(3)(F) of the Act.44

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act and, in 

particular, with the requirements of 

Section 17A of the Act 45 and the rules 

and regulations promulgated 

thereunder. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act 46 that 

proposed rule change SR–NSCC–2021– 

013, be, and hereby is, approved.47

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.48

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–00774 Filed 1–14–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93951; File No. SR– 

PEARL–2021–60] 

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 

January 11, 2022. 

Pursuant to the provisions of 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 29, 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 reflect 

adjustments to the Financial Industry 

Regulatory Authority (‘‘FINRA’’) 

Registration Fees.3

While the changes proposed herein 

are effective upon filing, the Exchange 

has designated the amendments to 

become operative on January 2, 2022.4

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 

Section 2)c) of the Fee Schedule, Web 

CRD Fees, to reflect adjustments to the 

FINRA Registration Fees.5 The FINRA 

fees are collected and retained by 

FINRA via Web Central Registration 

Depository (‘‘CRD’’) for the registration 

of associated persons of MIAX Pearl 

Electronic Exchange Member 6 and 

Market Maker 7 organizations that are 

not also FINRA members (‘‘Non-FINRA 

members’’).8 The Exchange merely lists 

these fees in its Fee Schedule. The 

Exchange does not collect or retain 

these fees. 

Since February 13, 2017, FINRA has 

assessed, and the Exchange has listed in 

its Fee Schedule, a $100 fee for the 

FINRA CRD processing fee.9 This fee is 

for all initial, transfer, relicense, and 

dual registration Form U4 filings.10 This 

fee is assessed when a non-FINRA firm 

(i.e., a firm that is not a member of 

FINRA) submits its first initial, transfer, 

relicense, or dual registration Form U4 

filing on behalf of a registered person.11

The Exchange now proposes to 

amend, under the General Registration 

Fees in Section 2)c) of the Fee Schedule, 

the FINRA CRD Processing Fee from 

$100 to $125 for each initial Form U4 

filed for the registration of a 

representative or principal. This 

amendment is made in accordance with 

a recent FINRA rule change to adjust its 

fees.12


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2654 Federal Register / Vol. 87, No. 11 / Tuesday, January 18, 2022 / Notices 

maintain the qualification, employment and 

disciplinary histories of registered associated 

persons of broker-dealers. FINRA noted in its rule 

change that it was adjusting its fees to provide 

sustainable funding for FINRA’s regulatory mission. 

13 15 U.S.C. 78f(b). 

14 15 U.S.C. 78f(b)(5). 

15 Id. 

16See supra note 4. 

17 15 U.S.C. 78s(b)(3)(A)(ii). 

18 17 CFR 240.19b–4(f)(2). 

The FINRA fees are collected and 

retained by FINRA via Web CRD for the 

registration of employees of the 

Exchange who are Non-FINRA 

members. The FINRA Web CRD Fees are 

user-based, and there is no distinction 

in the cost incurred by FINRA if the 

user is a FINRA member or a NonFINRA member. Accordingly, the 

proposed fees mirror those currently 

assessed by FINRA. The Exchange 

merely lists these fees in its Fee 

Schedule. The Exchange does not 

collect or retain these fees. 

Implementation 

The proposed rule change will 

become operative on January 2, 2022. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the Act 

and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.13 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 14 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, 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. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 15 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange believes it is reasonable 

to increase the $100 fee for each initial 

Form U4 filed for the registration of a 

representative or principal to $125 in 

accordance with an adjustment to 

FINRA’s fees. The Exchange’s rule text 

will reflect the current registration rate 

that will be assessed by FINRA as of 

January 2, 2022. The proposed fee 

change is identical to that adopted by 

FINRA for use of Web CRD for the 

registration of FINRA members and 

their associated persons. These costs are 

borne by FINRA when a Non-FINRA 

member uses Web CRD. 

The Exchange believes that its 

proposal to increase the $100 fee for 

each initial Form U4 filed for the 

registration of a representative or 

principal to $125 is equitable and not 

unfairly discriminatory as the 

amendment will reflect the current fee 

that will be assessed by FINRA to all 

members who require Form U4 filings 

as of January 2, 2022. Further, the 

proposal is also equitable and not 

unfairly discriminatory because the 

Exchange will not be collecting or 

retaining these fees; therefore, the 

Exchange will not be in a position to 

apply them in an inequitable or unfairly 

discriminatory manner. The proposed 

rule change was based on recent fee 

adjustments currently assessed by 

FINRA.16 Thus, the proposed change 

does not raise any new or novel issues. 

For these reasons, the Exchange believes 

that the proposal is consistent with the 

Act. 

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 

of the purposes of the Act. The 

Exchange believes that its proposal to 

increase the $100 fee for each initial 

Form U4 filed for the registration of a 

representative or principal to $125 does 

not impose an undue burden on 

competition as the amendment will 

reflect the current fee that will be 

assessed by FINRA to all members who 

require Form U4 filings as of January 2, 

2022. Further, the proposal does not 

impose an undue burden on 

competition because the Exchange will 

not be collecting or retaining these fees; 

therefore, the Exchange will not be in a 

position to apply them in an inequitable 

or unfairly discriminatory manner. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor 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,17 and Rule 

19b–4(f)(2) 18 thereunder. 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 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– 

PEARL–2021–60 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Vanessa Countryman, Secretary, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–PEARL–2021–60. 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; 

the Commission does not edit personal 


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Federal Register / Vol. 87, No. 11 / Tuesday, January 18, 2022 / Notices 2655 

19 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Exchange Rule 1.5(p). 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

PEARL–2021–60 and should be 

submitted on or before February 8, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–00773 Filed 1–14–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2:00 p.m. on Thursday, 

January 20, 2021. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

The subject matter of the closed 

meeting will consist of the following 

topics: 

Institution and settlement of injunctive 

actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; and 

Other matters relating to examinations 

and enforcement proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting agenda items that 

may consist of adjudicatory, 

examination, litigation, or regulatory 

matters. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Authority: 5 U.S.C. 552b. 

Dated: January 13, 2022. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2022–00920 Filed 1–13–22; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93949; File No. SR–MEMX– 

2021–21] 

Self-Regulatory Organizations; MEMX 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend the Exchange’s Fee 

Schedule 

January 11, 2022. 

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 

30, 2021, MEMX LLC (‘‘MEMX’’ 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 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 with the 

Commission a proposed rule change to 

amend the Exchange’s fee schedule 

applicable to Members 3 (the ‘‘Fee 

Schedule’’) pursuant to Exchange Rules 

15.1(a) and (c). The Exchange proposes 

to implement the changes to the Fee 

Schedule pursuant to this proposal on 

January 3, 2022. The text of the 

proposed rule change is provided in 

Exhibit 5. 

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 purpose of the proposed rule 

change is to amend the Fee Schedule to: 

(i) Reduce the standard rebate for 

executions of orders in securities priced 

at or above $1.00 per share that add 

displayed liquidity to the Exchange 

(such orders, ‘‘Added Displayed 

Volume’’); (ii) modify the Liquidity 

Provision Tiers by reducing the rebate 

for executions of Added Displayed 

Volume and modifying the required 

criteria under Liquidity Provision Tier 

1, modifying the required criteria under 

Liquidity Provision Tier 2, and adopting 

a new Liquidity Provision Tier 3; (iii) 

modify Liquidity Removal Tier 1 by 

increasing the fee for executions of 

orders in securities priced at or above 

$1.00 per share that remove liquidity 

from the Exchange (such orders, 

‘‘Removed Volume’’) and modifying the 

required criteria under such tier; (iv) 

modify the Displayed Liquidity 

Incentive (‘‘DLI’’) Tiers by reducing the 

rebates for executions of Added 

Displayed Volume under DLI Tiers 1 

and 2 and adopting a new additive 

rebate for executions of Added 

Displayed Volume applicable to DLI 

Tiers 1 and 2; and (v) modify the 

Exchange’s pricing for executions of 

orders in securities priced below $1.00 

per share that remove liquidity from the 

Exchange (such orders, ‘‘Removed SubDollar Volume’’) and orders in securities 

priced below $1.00 per share that add 

non-displayed liquidity to the Exchange 

(such orders, ‘‘Added Non-Displayed 

Sub-Dollar Volume’’). 

The Exchange first notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. More 

specifically, the Exchange is only one of 

16 registered equities exchanges, as well 

as a number of alternative trading 

systems and other off-exchange venues, 

to which market participants may direct 

their order flow. Based on publicly 

available information, no single 

registered equities exchange currently 


khammond on DSKJM1Z7X2PROD with NOTICES