1466 Federal Register / Vol. 87, No. 7 / Tuesday, January 11, 2022 / Notices 

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 2018. See Securities Exchange 

Act Release No. 83867 (July 23, 2018), 83 FR 35696 

(July 27, 2018) (SR–NYSENAT–2018–16). While the 

Exchange lists these fees in its Price List, 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 

ETP 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 American-only[sic] ETP 

Holders. Non-FINRA ETP Holders have been 

charged CRD system fees since 2018. See note 5, 

supra. ETP 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 ETP 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. 

transfer agents for six consecutive 

months. 

ARAs use the information contained 

in the notices required by Rules 17Ad– 

4(b) and 17Ad–4(c) to determine 

whether a registered transfer agent 

qualifies for the exemption, to 

determine when a registered transfer 

agent no longer qualifies for the 

exemption, and to determine the extent 

to which that transfer agent is subject to 

regulation. 

The Commission estimates that 

approximately 10 registered transfer 

agents each year prepare or file notices 

in compliance with Rules 17Ad–4(b) 

and 17Ad–4(c). The Commission 

estimates that each such registered 

transfer agent spends approximately 1.5 

hours to prepare or file such notices for 

an aggregate total annual burden of 15 

hours (1.5 hours times 10 transfer 

agents). The Commission staff estimates 

that compliance staff work at registered 

transfer agents results in an internal cost 

of compliance, at an estimated hourly 

wage of $283, of $424.5 per year per 

transfer agent (1.5 hours × $283 per hour 

= $424.5 per year). Therefore, the 

aggregate annual internal cost of 

compliance for the approximate 10 

transfer agents annually preparing or 

filing notices pursuant to Rules 17Ad– 

4(b) and 17Ad–4(c) is approximately 

$4,245 ($424.5 × 10 = $4,245). 

This rule does not involve the 

collection of confidential information. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to (i) www.reginfo.gov/public/do/ 

PRAMain and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, 

c/o John R. Pezzullo, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: January 5, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–00256 Filed 1–10–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93903; File No. SR– 

NYSENAT–2021–24] 

Self-Regulatory Organizations; NYSE 

National, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Its Schedule of 

Fees and Rebates 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 National, Inc. (‘‘NYSE 

National’’ 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 selfregulatory 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 its 

Schedule of Fees and Rebates (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 

Price List 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 

ETP Holders that are not FINRA 

members (‘‘Non-FINRA ETP 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 ETP 

Holder. 

FINRA recently amended one of the 

fees assessed for use of the CRD 

system.6 Accordingly, the Exchange 

proposes to amend the Price List 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 Price 

List to modify the fee charged to NonFINRA ETP 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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 7 / Tuesday, January 11, 2022 / Notices 1467 

14 17 CFR 200.30–3(a)(12). 

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

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

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

12 17 CFR 240.19b–4(f)(2). 14 17 CFR 200.30–3(a)(12). 

address any other issues surrounding 

regulatory fees, and the Exchange is not 

aware of any problems that ETP 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 

ETP 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 ETP 

Holders required to report information 

to the CRD system and for services 

performed by FINRA regardless of 

whether such ETP 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 

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 ETP Holders required to 

report information to the CRD system 

and for services performed by FINRA, 

regardless of whether or not such ETP 

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– 

NYSENAT–2021–24 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–NYSENAT–2021–24. 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 

identifying information from 

submissions. 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–NYSENAT–2021–24 

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. 2022–00265 Filed 1–10–22; 8:45 am] 

BILLING CODE 8011–01–P 


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