Federal Register / Vol. 87, No. 17 / Wednesday, January 26, 2022 / Notices 4069 

15 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. 93696 

(December 1, 2021), 86 FR 69306. Comments 

received on the proposal are available on the 

Commission’s website at: https://www.sec.gov/ 

comments/sr-cboeedgx-2021-049/ 

srcboeedgx2021049.htm. 

4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3Capitalized terms used but not defined herein 

have the meanings specified in the Rules and 

Exercise Procedures. 

4Self-Regulatory Organizations; ICE Clear Credit 

LLC; Notice of Filing of Proposed Rule Change 

Relating to the ICC Clearing Rules and ICC Exercise 

Procedures; Exchange Act Release No. 34–93690 

(Dec. 1, 2021); 86 FR 69308 (Dec. 7, 2021) (SR–ICC– 

2021–023) (‘‘Notice’’). 

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 LCH SA and on LCH SA’s 

website at: https://www.lch.com/ 

resources/rulebooks/proposed-rulechanges. 

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–LCH SA–2022–001 

and should be submitted on or before 

February 16, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01461 Filed 1–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94008; File No. SR– 

CboeEDGX–2021–049] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To Introduce a New Data 

Product To Be Known as the Short 

Volume Report, Modify the Name of 

Rule 13.8 to ‘‘Data Products’’, and Add 

a Preamble to Rule 13.8 

January 20, 2022. 

On November 17, 2021, Cboe EDGX 

Exchange, Inc. (‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to adopt Exchange Rule 13.8(h) 

to introduce a new data product to be 

known as the Short Volume Report, 

modify the name of Rule 13.8 to ‘‘Data 

Products’’, and add a preamble to Rule 

13.8. The proposed rule change was 

published in the Federal Register on 

December 7, 2021.3

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

the Commission will either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is January 21, 

2022. The Commission is extending this 

45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,5

designates March 7, 2022 as the date by 

which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–CboeEDGX–2021–049). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01469 Filed 1–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94014; File No. SR–ICC– 

2021–023] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Order Approving 

Proposed Rule Change Relating to the 

ICC Clearing Rules and ICC Exercise 

Procedures 

January 20, 2021. 

I. Introduction 

On November 19, 2021, ICE Clear 

Credit LLC (‘‘ICC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (the ‘‘Act’’),1 and Rule 19b–4,2

a proposed rule change to revise Rule 

26R–319 of the ICC Clearing Rules 

(‘‘Rules’’) and the ICC Exercise 

Procedures (‘‘Exercise Procedures’’) 3 in 

connection with the clearing of credit 

default index options (‘‘Index 

Swaptions’’). The proposed rule change 

was published for comment in the 

Federal Register on December 7, 2021.4

The Commission did not receive 

comments regarding the proposed rule 

change. For the reasons discussed 

below, the Commission is approving the 

proposed rule change. 

II. Description of the Proposed Rule 

Change 

A. Background 

Pursuant to an Index Swaption, one 

party (the ‘‘Swaption Buyer’’) has the 

right (but not the obligation) to cause 

the other party (the ‘‘Swaption Seller’’) 

to enter into an index credit default 

swap transaction at a pre-determined 

strike price on a specified expiration 

date on specified terms. In the case of 

Index Swaptions cleared by ICC, the 

underlying index credit default swap is 

limited to certain CDX and iTraxx index 

credit default swaps that are accepted 

for clearing by ICC, and which would be 

automatically cleared by ICC upon 

exercise of the Index Swaption by the 

Swaption Buyer in accordance with its 

terms. 

B. Revisions to Rule 26R–319 

ICC Rule 26R–319 describes what 

happens upon the exercise of an Index 

Swaption. ICC Rule 26R–319 consists of 

three parts: 26R–319(a), 26R–319(b), and 

26R–319(c). 26R–319(a) applies when a 

Swaption Buyer effectively exercises an 

Index Swaption and the underlying 

index is not subject to a restructuring 

due to a credit event, while (b) and (c) 

apply when an Index Swaption is 

effectively exercised and the underlying 

index is subject to a restructuring due to 

a credit event. 

Under 26R–319(a), upon the effective 

exercise of an Index Swaption, a 

contract in the form of the underlying 

index comes into effect between the 

Swaption Buyer and ICC and an exactly 


khammond on DSKJM1Z7X2PROD with NOTICES
4070 Federal Register / Vol. 87, No. 17 / Wednesday, January 26, 2022 / Notices 

5Notice, 86 FR at 69309. 

offsetting contract comes into effect 

between ICC and the Swaption Seller. 

The proposed rule change would not 

amend 26R–319(a). 

26R–319(b) describes what happens 

when an Index Swaption is effectively 

exercised and one or more Event 

Determination Dates have occurred with 

respect to the underlying index on or 

prior to the Expiration Date. In that case, 

in addition to the new contracts that 

come into effect under 26R–319(a), 

certain additional settlements may be 

required, as further described in 26R– 

319(b). 

The proposed rule change would 

make two amendments to 26R–319(b). 

The proposed rule change would add a 

parenthetical to clarify that 26R–319(b) 

does not apply to an Event 

Determination Date in respect of an 

M(M)R Restructuring Credit Event 

because 26R–319(c) would apply in that 

case, as described below. The proposed 

rule change would further modify 

subpart (i) of 26R–319(b) by adding a 

note that the settlement contemplated 

by that subsection would be subject to 

any modification with respect to fixed 

rate payments or accrual rebates as 

specified by ICC by Circular. 

26R–319(c) describes what happens 

when an Index Swaption is effectively 

exercised and one or more M(M)R 

Restructuring Credit Events have 

occurred with respect to the underlying 

index on or prior to the Expiration Date. 

26R–319(c) is only applicable to iTraxx 

Index Swaptions. Under 26R–319(c) as 

currently written, upon settlement the 

Swaption Buyer would receive a reversioned underlying index plus a 

single name CDS contract. 

The proposed rule change would 

amend 26R–319(c) so that, in certain 

circumstances, the Swaption Buyer 

would receive a re-versioned underlying 

index plus a single name CDS contract 

and a cash payment. Settlement under 

26R–319(c) as amended therefore could 

result in the re-versioned underlying 

index and a blend of single name 

position and cash. This settlement 

would be similar to what occurs when 

a buyer and seller settle an index 

swaption bilaterally. Thus, the proposed 

amendments would make settlement of 

a cleared Index Swaption at ICC similar 

to the settlement that occurs in the 

bilateral market, outside of the 

clearinghouse.5

26R–319(c) as currently written has 

an introductory sentence and four 

subparts. The proposed rule change first 

would revise the introductory sentence 

of 26R–319(c) to incorporate text 

currently found in subparts (ii) and (iii) 

of 26R–319(c). Specifically, the 

proposed rule change would incorporate 

from subpart (ii) language referring to 

the effective exercise of the Index 

Swaption and rights and obligations 

under 26–319(b). The proposed rule 

change also would incorporate from 

subpart (iii) language regarding the 

Relevant Index Swaption Untranched 

Terms Supplement. 

Subpart (i) of 26R–319(c) as currently 

written is intentionally omitted. The 

proposed rule change would not revise 

subpart (i). 

Under subpart (ii) as currently 

written, if an Index Swaption is 

effectively exercised, then in addition to 

the rights and obligations under 26R– 

319(b), a Contract constituting an 

Underlying New Trade for purposes of 

the Relevant Index Swaption 

Untranched Terms Supplement comes 

into effect between the exercising 

Swaption Buyer and ICC and an exactly 

offsetting Contract constituting an 

Underlying New Trade comes into effect 

between ICC and the assigned Swaption 

Seller. As mentioned above, the 

proposed rule change would move to 

the introductory clause of 26R–319(c) 

language currently found in subpart (ii), 

and therefore, the proposed rule change 

would delete this language from subpart 

(ii). The proposed rule change also 

would add a statement to subpart (ii) 

that it would be subject to a new subpart 

(v), as applicable (discussed below). 

Subpart (iii) as currently written 

applies to two situations. First, it 

applies when the Expiration Date occurs 

prior to the commencement of the CEN 

Triggering Period (as defined in the 

Restructuring Procedures) for Open 

Positions in single-name Contracts 

referencing the relevant Reference 

Entity. Second, it applies when the 

Expiration Date occurs on or following 

the commencement of the CEN 

Triggering Period for Open Positions in 

single-name Contracts referencing the 

relevant Reference Entity. The proposed 

rule change would split current subpart 

(iii) into a revised subpart (iii) and a 

new subpart (iv). 

Like the current subpart (iii), revised 

subpart (iii) would apply when the 

Expiration Date occurs prior to the 

commencement of the CEN Triggering 

Period (as defined in the Restructuring 

Procedures) for Open Positions in 

single-name Contracts referencing the 

relevant Reference Entity. Under 

subpart (iii) as revised, the Underlying 

New Trade described in subpart (ii) 

would be subject to the provisions of the 

CDS Restructuring Rules (and may 

become a Triggered Restructuring CDS 

Transaction thereunder) in the same 

manner as other Open Positions in 

single-name Contracts referencing the 

relevant Reference Entity. This would 

be the same as currently found in 

subpart (iii). Moreover, the proposed 

rule change would delete from subpart 

(iii) language regarding the Relevant 

Index Swaption Untranched Terms 

Supplement, which would be moved to 

the introductory sentence of 26R–319(c), 

as described above. The proposed rule 

change also would add a reference to 

the Existing Restructuring (a termed 

defined in the introductory sentence of 

26R–319(c)) and a reference to subpart 

(ii) of 26R–319(c). 

New subpart (iv) generally would 

apply to the second situation described 

in current subpart (iii)—when the 

Expiration Date occurs on or following 

the commencement of the CEN 

Triggering Period. The proposed rule 

change would specify further that 

subpart (iv) only applies when the 

Expiration Date occurs on or following 

the commencement of the CEN 

Triggering Period and prior to the 

Auction Settlement Date. Under new 

subpart (iv), with respect to the 

Underlying New Trade described in 

subpart (ii), neither party would be 

permitted to deliver an MP Notice in 

respect of the Existing Restructuring for 

such Underlying New Trade, such 

Underlying New Trade could not 

become a Triggered Restructuring CDS 

Transaction with respect to the Existing 

Restructuring, and no Event 

Determination Date or settlement would 

occur in respect of the Existing 

Restructuring for purposes of the 

Underlying New Trade. This language 

generally would be the same as 

currently found in subpart (iii). 

New subpart (v) would apply in the 

situation not covered by subpart (iii) or 

subpart (iv)—if the Expiration Date 

occurs on or following the Auction 

Settlement Date. In that situation, ICC 

would: (a) determine the extent to 

which positions in relevant single-name 

CDS contracts of the relevant tenor 

referencing the Reference Entity subject 

to the Existing Restructuring are settled 

based on CDS auctions for particular 

maturity categories and (b) determine, if 

applicable, a cash settlement amount 

payable from one party to the other with 

respect to the corresponding portion of 

the notional amount of the Index 

Swaption applicable to such Reference 

Entity, with such settlement to be based 

on the applicable final settlement prices 

under such auctions. Moreover, with 

respect to the remaining portion of such 

notional amount, an Underlying New 

Trade would come into effect, provided 

that neither party would be permitted to 

deliver an MP Notice in respect of the 

Existing Restructuring for such 


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Federal Register / Vol. 87, No. 17 / Wednesday, January 26, 2022 / Notices 4071 

6 15 U.S.C. 78s(b)(2)(C). 

7 15 U.S.C. 78q–1(b)(3)(F). 

8 17 CFR 240.17Ad–22(e)(1). 

9 15 U.S.C. 78q–1(b)(3)(F). 

10 15 U.S.C. 78q–1(b)(3)(F). 

11 17 CFR 240.17Ad–22(e)(1). 

Underlying New Trade, such 

Underlying New Trade could not 

become a Triggered Restructuring CDS 

Transaction with respect to the Existing 

Restructuring, and no Event 

Determination Date or settlement would 

occur in respect of the Existing 

Restructuring for purposes of the 

Underlying New Trade, as set forth in 

further detail in the ICC Exercise 

Procedures or other applicable ICC 

Procedures. Thus, this new subpart (v) 

would set out the framework for the 

blend of deliverables described above 

and would be applicable if the 

expiration date occurs on or following 

the Auction Settlement Date. 

C. Revisions to the Exercise Procedures 

The Exercise Procedures supplement 

the provisions of Subchapter 26R of the 

Rules with respect to Index Swaptions. 

The proposed rule change would amend 

the Exercise Procedures in connection 

with amended 26R–319 discussed 

above, as well as to incorporate a new 

defined term, ‘‘Minimum Intrinsic 

Value’’. 

With respect to amended 26R–319, 

the proposed rule change would add a 

new paragraph 3 (Restructuring 

Settlement) to the Exercise Procedures. 

New paragraph 3 would apply in 

connection with 26R–319(c)(v), 

discussed above. Under new paragraph 

3.1, however, ICC could modify or 

supplement these provisions pursuant 

to an ICC Circular. 

New paragraph 3.3 (Settlement with 

respect to Existing Restructuring under 

Exercised Index Swaption) would 

describe how ICC would determine the 

amount of the cash settlement and the 

notional amount of the Underlying New 

Trade contemplated under new 26R– 

319(c)(v). ICC would determine these 

amounts using the Triggered Portion 

and Untriggered Portion of the aggregate 

notional amount of Relevant CDS 

Transaction. New paragraph 3.2 

(Determination of Settled Portions) 

would describe how ICC would 

determine such Triggered Portion and 

Untriggered Portion. 

With respect to the new defined term 

Minimum Intrinsic Value, the proposed 

rule change would define it as a 

minimum intrinsic value below which 

an Index Swaption position would not 

be identified as ‘‘in the money’’ for 

paragraph 2.2(e)(ii) or 2.8. ICC could 

establish a Minimum Intrinsic Value 

and/or permit an exercising party to 

specify a Minimum Intrinsic Value for 

its Index Swaptions for a relevant preexercise notification period or exercise 

period. 

The proposed rule change would 

incorporate this new term into the 

existing fallback provisions described in 

paragraphs 2.2(e)(ii) and 2.8 of the 

Exercise Procedures. Specifically, ICC 

would take into account any applicable 

Minimum Intrinsic Value as part of its 

procedures for submitting preliminary 

exercise notices on behalf of the 

Exercising Party during the pre-exercise 

notification period (during which 

preliminary exercise notices can be 

submitted, modified, and/or withdrawn) 

in paragraph 2.2(e)(ii). ICC also would 

take into account any applicable 

Minimum Intrinsic Value in 

determining whether an Index Swaption 

is ‘‘in the money’’ for automatic exercise 

during an Exercise System Failure in 

paragraph 2.8. 

III. Discussion and Commission 

Findings 

Section 19(b)(2)(C) of the Act directs 

the Commission to approve a proposed 

rule change of a self-regulatory 

organization if it finds that such 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to such organization.6 For the 

reasons discussed below, the 

Commission finds that the proposed 

rule change is consistent with Section 

17A(b)(3)(F) of the Act 7 and Rule 

17Ad–22(e)(1).8

A. Consistency with Section 17A(b)(3)(F) 

of the Act 

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

requires, among other things, that the 

rules of ICC be designed to promote the 

prompt and accurate clearance and 

settlement of securities transactions 

and, to the extent applicable, derivative 

agreements, contracts, and 

transactions.9

As discussed above, the proposed rule 

change would revise Rule 26R–319 and 

the Exercise Procedures to allow for a 

settlement consisting of the re-versioned 

underlying index and a blend of single 

name position and cash, similar to 

settlement in the bilateral market 

outside of the clearinghouse. The 

Commission believes that increasing 

consistency between cleared and noncleared transactions should in general 

encourage market participants to clear 

transactions in Index Swaptions. The 

Commission therefore believes these 

changes would promote the prompt and 

accurate clearance and settlement of 

such transactions. 

Similarly, the Commission believes 

that amending the Exercise Procedures 

to incorporate the new defined term 

Minimum Intrinsic Value should 

encourage market participants to clear 

transactions in Index Swaptions. As 

discussed above, Minimum Intrinsic 

Value would be a value below which an 

Index Swaption position would not be 

identified as ‘‘in the money,’’ and 

therefore would not be exercised by ICC 

under paragraphs 2.2(e)(ii) and 2.8 of 

the Exercise Procedures. The 

Commission therefore believes that 

incorporating this new defined term 

could help establish a threshold below 

which ICC would not exercise Index 

Swaptions, thereby allowing Clearing 

Participants to better understand and 

anticipate when ICC would exercise 

their Index Swaption positions. The 

Commission believes that this change 

should in general encourage market 

participants to clear transactions in 

Index Swaptions, thereby promoting the 

prompt and accurate clearance and 

settlement of such transactions. 

Moreover, the Commission believes 

that both sets of changes would 

establish clear and predictable 

procedures for settlement and exercise 

of Index Swaptions by ICC, thereby 

promoting ICC’s prompt and accurate 

clearance and settlement of such 

transactions. Specifically, the 

Commission believes the amendments 

to Rule 26R–319 and the Exercise 

Procedures would establish clear and 

effective procedures for ICC to use in 

effecting settlement with a re-versioned 

underlying index and a blend of single 

name position and cash. Similarly, the 

Commission believes that incorporating 

a Minimum Intrinsic Value below 

which ICC would not exercise Index 

Swaptions positions, in the 

circumstances contemplated by 

paragraphs 2.2(e)(ii) and 2.8 of the 

Exercise Procedures, would make ICC’s 

exercise of Index Swaptions in such 

situations more predictable and reliable. 

Therefore, the Commission finds that 

the proposed rule change is consistent 

with Section 17A(b)(3)(F) of the Act.10

B. Consistency With Rule 17Ad–22(e)(1) 

Under the Act 

Rule 17Ad–22(e)(1) requires that ICC 

establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to provide for a 

well-founded, clear, transparent, and 

enforceable legal basis for each aspect of 

its activities in all relevant 

jurisdictions.11 As discussed above, the 

Commission believes that the 

amendments to Rule 26R–319 and the 

Exercise Procedures would establish 


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4072 Federal Register / Vol. 87, No. 17 / Wednesday, January 26, 2022 / Notices 

12 17 CFR 240.17Ad–22(e)(1). 

13 15 U.S.C. 78q–1(b)(3)(F). 

14 17 CFR 240.17Ad–22(e)(1). 

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

16 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition, and capital formation. 15 

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

17 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. 93694 

(December 1, 2021), 86 FR 69299. Comments 

received on the proposal are available on the 

Commission’s website at: https://www.sec.gov/ 

comments/sr-cboeedga-2021-025/ 

srcboeedga2021025.htm. 

4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

4The proposed rule text changes to Rule 3110.17 

are applied to the version that becomes operative 

on January 1, 2022 and automatically sunsets on 

June 30, 2022. 

clear and effective procedures for ICC to 

use in effecting settlement with a reversioned underlying index and a blend 

of single name position and cash, and 

therefore would provide a clear and 

transparent basis for ICC’s settlement of 

Index Swaptions. Moreover, the 

Commission believes that incorporating 

Minimum Intrinsic Value into 

paragraphs 2.2(e)(ii) and 2.8 of the 

Exercise Procedures would make ICC’s 

exercise of Index Swaptions in such 

circumstances more predictable and 

reliable, and therefore well-founded and 

clear. 

Therefore, the Commission finds that 

the proposed rule change is consistent 

with Rule 17Ad-22(e)(1).12

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(b)(3)(F) of the Act 13 and 

Rule 17Ad–22(e)(1).14

It is therefore ordered pursuant to 

Section 19(b)(2) of the Act 15 that the 

proposed rule change (SR–ICC–2021– 

023), be, and hereby is, approved.16

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01463 Filed 1–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34 94007; File No. SR– 

CboeEDGA–2021–025] 

Self-Regulatory Organizations; Cboe 

EDGA Exchange, Inc.; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To Introduce a New Data 

Product To Be Known as the Short 

Volume Report, Modify the Name of 

Rule 13.8 to ‘‘Data Products’’, and Add 

a Preamble to Rule 13.8 

January 20, 2022. 

On November 17, 2021, Cboe EDGA 

Exchange, Inc. (‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to adopt Exchange Rule 13.8(h) 

to introduce a new data product to be 

known as the Short Volume Report, 

modify the name of Rule 13.8 to ‘‘Data 

Products’’, and add a preamble to Rule 

13.8. The proposed rule change was 

published in the Federal Register on 

December 7, 2021.3

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

the Commission will either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is January 21, 

2022. The Commission is extending this 

45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,5

designates March 7, 2022 as the date by 

which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–CboeEDGA–2021–025). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01462 Filed 1–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94018; File No. SR–FINRA– 

2022–001] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Extend the 

Effectiveness of Temporary 

Supplementary Material .17 

(Temporary Relief To Allow Remote 

Inspections for Calendar Years 2020 

and 2021, and Through June 30 of 

Calendar Year 2022) Under FINRA Rule 

3110 (Supervision) 

January 20, 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 

10, 2022, the Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’) 

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 FINRA. FINRA 

has designated the proposed rule change 

as constituting a ‘‘non-controversial’’ 

rule change under paragraph (f)(6) of 

Rule 19b–4 under the Act,3 which 

renders the proposal effective upon 

receipt of this filing by the Commission. 

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 

FINRA is proposing to extend 

temporary Supplementary Material .17 

(Temporary Relief to Allow Remote 

Inspections for Calendar Years 2020 and 

2021, and Through June 30 of Calendar 

Year 2022) under FINRA Rule 3110 

(Supervision) to include calendar year 

2022 inspection obligations through 

December 31, 2022 within the scope of 

the supplementary material.4 The 

proposed additional six-month 

extension of Rule 3110.17 is necessary 

to address the operational challenges 

resulting from the COVID–19 pandemic 

that many member firms continue to 

face in planning for and timely 

conducting, during the second half of 

calendar year 2022, the on-site 


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