Federal Register / Vol. 87, No. 19 / Friday, January 28, 2022 / Notices 4697 

8 15 U.S.C. 78s(b)(3)(A)(iii). 

9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires the Exchange to give the 

Commission written notice of its intent to file the 

proposed rule change, along with a brief description 

and text of the proposed rule change, at least five 

business days prior to the date of filing of the 

proposed rule change, or such shorter time as 

designated by the Commission. The Exchange has 

satisfied this requirement. 

10 17 CFR 240.19b–4(f)(6). 

11 17 CFR 240.19b–4(f)(6)(iii). 

12For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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 the proposed 

rules would promote competition 

because they would provide for an 

additional order type on the Exchange, 

thereby offering additional trading 

opportunities for market participants. 

The Exchange further believes that the 

proposed rules would not impose any 

burden on competition that is not 

necessary or appropriate because they 

are designed to provide its members 

with consistency across the Affiliated 

Exchanges, thereby enabling the 

Exchange to compete with unaffiliated 

exchange competitors that similarly 

operate multiple exchanges on the same 

trading platforms. 

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 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 8 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.9

A proposed rule change filed under 

Rule 19b–4(f)(6) 10 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),11 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay to allow the Exchange to 

implement the proposal when the 

technology associated with the 

proposed change is available, which is 

anticipated to be less than 30 days from 

the date of this filing. The Exchange 

states that waiver of the operative delay 

would allow the Exchange to provide a 

new order type that would provide 

opportunities for improved executions 

and promote consistency with the rules 

of its Affiliated Exchanges. The 

Commission notes that the operation of 

the proposed order type is substantively 

similar to that of order types offered by 

the Exchange’s affiliates. The 

Commission believes that waiver of the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission waives the 30-day 

operative delay and designates the 

proposal operative upon filing.12

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 

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– 

NYSE–2022–05 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–NYSE–2022–05. 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–NYSE–2022–05, and 

should be submitted on or before 

February 18, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01705 Filed 1–27–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94041; File No. SR–CBOE– 

2022–002] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fees 

Schedule With Respect to Its FINRA 

Non-Member Processing Registration 

Fee 

January 24, 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 January 

11, 2022, Cboe Exchange, Inc. (the 


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4698 Federal Register / Vol. 87, No. 19 / Friday, January 28, 2022 / Notices 

3FINRA operates Web CRD, the central licensing 

and registration system for the U.S. securities 

industry. FINRA uses Web CRD to maintain the 

qualification, employment, and disciplinary 

histories of registered associated persons of brokerdealers. 

4The Exchange initially filed the proposed fee 

changes on January 3, 2022 (SR–CBOE–2022–001). 

On January 11, 2022, the Exchange withdrew that 

filing and submitted this filing. 

5See 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). 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(5). 

8 Id. 

9Supra note 5. 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f). 

‘‘Exchange’’ or ‘‘Cboe Options’’) 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 

Cboe Exchange, Inc. (the ‘‘Exchange’’ 

or ‘‘Cboe Options’’) proposes to amend 

its Fees Schedule with respect to its 

FINRA Non-Member Processing 

registration fee. The text of the proposed 

rule change is provided in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://www.cboe.com/ 

AboutCBOE/CBOELegal

RegulatoryHome.aspx), at the 

Exchange’s Office of the Secretary, 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 

FINRA Non-Member Processing fee to 

reflect adjustments to the FINRA 

registration fees. The applicable fee is 

collected and retained by FINRA via 

Web CRD 3 for the registration of 

employees of Exchange TPH 

organizations that are not FINRA 

members (‘‘Non-FINRA members’’). The 

Exchange is merely listing these fees on 

its Fees Schedule and does not collect 

or retain this fee.4

Today, under the Regulatory Fees 

section of the Fees Schedule are various 

fees collected and retained by FINRA 

via the Web CRD registration system, 

including certain general registration 

fees, fingerprint processing fees, and 

continuing education fees. Specifically, 

under the general registration fees is the 

FINRA Non-Member Processing Fee of 

$100 for all initial, transfer, relicense, or 

dual registration Form U–4 filings. Now, 

the Exchange proposes to increase the 

$100 fee to $125 for such filings. The 

proposed amendment is made in 

accordance with a recent FINRA rule 

change to adjust its fees.5

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

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

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 7 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) 8 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 U–4 filed for the registration of a 

representative or principal to $125 in 

accordance with an adjustment to 

FINRA’s fees.9 The proposed fees are 

identical to those adopted by FINRA for 

use of Web CRD for disclosure and 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 U–4 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 U–4 filings. 

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. 

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 U–4 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 U–4 filings. 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 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

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) 

of the Act 10 and paragraph (f) of Rule 

19b–4 11 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 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 19 / Friday, January 28, 2022 / Notices 4699 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 93928 

(January 7, 2022) (SR–FINRA–2021–034). 

4FINRA operates Web CRD, the central licensing 

and registration system for the U.S. securities 

industry. FINRA uses Web CRD to maintain the 

qualification, employment and disciplinary 

histories of registered associated persons of brokerdealers. 

5See note 3 above. On September 21, 2021, the 

SEC approved amendments to FINRA Rules 1210 

(Registration Requirements) and 1240 (Continuing 

Education Requirements) to, among other things, 

require registered persons to complete the 

Regulatory Element of CE annually by December 31 

of each year, rather than every three years, and to 

complete Regulatory Element content for each 

representative or principal registration category that 

they hold. See Securities Exchange Act Release No. 

93097 (September 21, 2021), 86 FR 53358 

Continued 

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 will institute proceedings 

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– 

CBOE–2022–002 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–CBOE–2022–002. 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. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–CBOE– 

2022–002 and should be submitted on 

or before February 18, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01701 Filed 1–27–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94043; File No. SR–MRX– 

2022–01] 

Self-Regulatory Organizations; Nasdaq 

MRX, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend References to 

FINRA Continuing Education Fees 

January 24, 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 January 

11, 2022, Nasdaq MRX, LLC (‘‘MRX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘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 amend 

MRX’s Pricing Schedule at Options 7, 

Section 5, Other Options Fees and 

Rebates, to reflect adjustments to FINRA 

Continuing Education Fees. 

While the changes proposed herein 

are effective upon filing, the Exchange 

has designated the new Maintaining 

Qualifications Program (‘‘MQP’’) Fee, 

elimination of the $100 Continuing 

Education Session Fee, and technical 

amendments to become operative on 

January 31, 2022. Additionally, the 

Exchange designates an $18 Continuing 

Education Regulatory Element Session 

Fee to become operative on January 1, 

2023.3

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/mrx/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 

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 

This proposal amends MRX’s Pricing 

Schedule at Options 7, Section 5, Other 

Options Fees and Rebates, to reflect 

adjustments to FINRA Continuing 

Education Fees.4 The FINRA fees are 

collected and retained by FINRA via 

Web CRD for the registration of 

employees of MRX Members that are not 

FINRA members (‘‘Non-FINRA 

members’’). The Exchange is merely 

listing these fees on its Pricing 

Schedule. The Exchange does not 

collect or retain these fees. 

Today, MRX Options 7, Section 5D, 

provides a list of FINRA Web CRD Fees, 

Fingerprint Processing Fees, and 

Continuing Education Fees. The 

Exchange proposes to amend the 

Continuing Education Fees within 

Options 7, Section 5D on behalf of the 

Exchange. The fees listed within 

Options 7, Section 5D reflect fees set by 

FINRA. 

Specifically, the Exchange proposes to 

decrease the $55 Continuing Education 

Web-based Fee to $18. This amendment 

is made in accordance with a recent 

FINRA rule change to adjust to its fees.5


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