16816 Federal Register / Vol. 87, No. 57 / Thursday, March 24, 2022 / Notices 

34 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 ‘‘Select Symbols’’ are options overlying all 

symbols listed on the Exchange that are in the 

Penny Interval Program. 

4 ‘‘Non-Select Symbols’’ are options overlying all 

symbols excluding Select Symbols. 

5The term ‘‘Market Makers’’ refers to Competitive 

Market Makers and Primary Market Makers, 

collectively. 

should be submitted on or before April 

14, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.34

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06187 Filed 3–23–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94468; File No. SR–ISE– 

2022–07] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the 

Qualifications for the Market Maker 

Plus Program in Options 7, Section 3 

March 18, 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 March 4, 

2022, Nasdaq ISE, LLC (‘‘ISE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

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 the 

qualifications for the Exchange’s Market 

Maker Plus program in its Pricing 

Schedule at Options 7, Section 3. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/ise/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 

The purpose of the proposed rule 

change is to amend the qualifications for 

the Exchange’s Market Maker Plus 

program in its Pricing Schedule at 

Options 7, Section 3. The Exchange 

initially filed the proposed pricing 

changes on February 23, 2022 (SR–ISE– 

2022–05). On March 4, 2022, the 

Exchange withdrew that filing and 

submitted this filing. 

Today, the Exchange operates a 

Market Maker Plus program for regular 

orders in Select Symbols 3 and NonSelect Symbols 4 that provides the 

below tiered incentives to Market 

Makers 5 based on time spent quoting at 

the National Best Bid or National Best 

Offer (‘‘NBBO’’). This program is 

designed to reward Market Makers that 

contribute to market quality by 

maintaining tight markets in Select and 

Non-Select Symbols. 

SELECT SYMBOLS OTHER THAN SPY, QQQ, IWM, AMZN, FB, AND NVDA 

Market Maker Plus tier 

(specified percentage) Maker rebate 

Tier 1 (80% to less than 85%) ............................................................................................................................................................ ($0.15) 

Tier 2 (85% to less than 95%) ............................................................................................................................................................ (0.18) 

Tier 3 (95% or greater) ........................................................................................................................................................................ (0.22) 

SPY, QQQ, AND IWM 

Market Maker Plus tier 

(specified percentage) 

Regular Maker 

rebate 

Linked Maker 

rebate 

Tier 1a (50% to less than 65%) .............................................................................................................................. ($0.00) N/A 

Tier 1b (65% to less than 80%) or (over 50% and adds liquidity in the qualifying symbol that is executed at a 

volume of greater than 0.10% of Customer Total Consolidated Volume) .......................................................... (0.05) N/A 

Tier 2 (80% to less than 85%) or (over 50% and adds liquidity in the qualifying symbol that is executed at a 

volume of greater than 0.20% of Customer Total Consolidated Volume) .......................................................... (0.18) ($0.15) 

Tier 3 (85% to less than 90%) or (over 50% and adds liquidity in the qualifying symbol that is executed at a 

volume of greater than 0.25% of Customer Total Consolidated Volume) .......................................................... (0.22) (0.19) 

Tier 4 (90% or greater) or (over 50% and adds liquidity in the qualifying symbol that is executed at a volume 

of greater than 0.50% of Customer Total Consolidated Volume) ....................................................................... (0.26) (0.23) 

AMZN, FB, AND NVDA 

Market Maker Plus tier 

(specified percentage) Maker rebate 

Tier 1 (70% to less than 85%) ............................................................................................................................................................ ($0.15) 

Tier 2 (85% to less than 95%) ............................................................................................................................................................ (0.18) 


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Federal Register / Vol. 87, No. 57 / Thursday, March 24, 2022 / Notices 16817 

6Qualifying series are series trading between 

$0.03 and $3.00 (for options whose underlying 

stock’s previous trading day’s last sale price was 

less than or equal to $100) and between $0.10 and 

$3.00 (for options whose underlying stock’s 

previous trading day’s last sale price was greater 

than $100) in premium. 

7The Exchange has found an instance where a 

Market Maker fell into this category. 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(4) and (5). 

10NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. 

Cir. 2010) (quoting Securities Exchange Act Release 

No. 59039 (December 2, 2008), 73 FR 74770, 74782– 

83 (December 9, 2008) (SR–NYSEArca–2006–21)). 

AMZN, FB, AND NVDA—Continued 

Market Maker Plus tier 

(specified percentage) Maker rebate 

Tier 3 (95% or greater) ........................................................................................................................................................................ (0.22) 

NON-SELECT SYMBOLS (EXCLUDING INDEX OPTIONS) 

Market Maker Plus tier 

(specified percentage) 

Maker fee/ 

rebate 

Tier 1 (80% to less than 90%) ............................................................................................................................................................ $0.50 

Tier 2 (90% to less than 98%) ............................................................................................................................................................ 0.30 

Tier 3 (98% or greater) ........................................................................................................................................................................ (0.40) 

Market Makers are evaluated each 

trading day for the percentage of time 

spent on the NBBO for qualifying series 

that expire in two successive thirty 

calendar day periods beginning on that 

trading day. A Market Maker Plus is a 

Market Maker who is on the NBBO a 

specified percentage of the time on 

average for the month based on daily 

performance in the qualifying series for 

each of the two successive periods 

described above.6 A Market Maker’s 

worst quoting day each month for each 

of the two successive periods described 

above, on a per symbol basis, is 

excluded in calculating whether a 

Market Maker qualifies for this fee or 

rebate. In addition, a Market Maker who 

qualifies for Market Maker Plus Tiers 2 

or higher in at least four of the previous 

six months are eligible to receive a 

reduced Tier 2 incentive in a given 

month where the Market Maker does not 

qualify for any Market Maker Plus tiers. 

For Select Symbols, this rebate is the 

applicable Tier 2 rebate reduced by 

$0.08 per contract. For Non-Select 

Symbols, this fee is the Tier 2 fee 

increased by $0.08 per contract. 

The Exchange now proposes to amend 

existing language around the reduced 

Tier 2 incentive to provide that a Market 

Maker who qualifies for Market Maker 

Plus Tier 2 or higher in at least four of 

the previous six months will be eligible 

to receive a reduced Tier 2 incentive in 

a given month where the Market Maker 

does not qualify for Market Maker Plus 

Tier 2 or higher. The Exchange also 

proposes to add that for the avoidance 

of doubt, if a Market Maker has 

achieved Tier 2 or higher in at least four 

of the previous six months, but does not 

achieve Tier 2 or higher in the current 

month, that Market Maker will receive 

the better of the reduced Tier 2 

incentive or any applicable Tier 1 

incentive the Market Maker qualified for 

in the current month. The Exchange is 

proposing this language to avoid 

inadvertently penalizing Market Makers 

that qualify for a Market Maker Plus 

Tier 1 incentive in a given month, yet 

receive a lower incentive than if that 

Market Maker achieved no Market 

Maker Plus tier in the same time frame. 

Specifically, a Market Maker that 

qualifies for the SPY, QQQ, and IWM 

Market Maker Plus Tier 1b incentive in 

a given month would receive a rebate of 

$0.05 per contract today. If that Market 

Maker did not qualify for any tier in the 

same month, but had qualified for SPY, 

QQQ, and IWM Market Maker Plus 

Tiers 2 or higher in four of the prior six 

months, the Market Maker would 

receive a reduced Tier 2 incentive of 

$0.10 (i.e., $0.18 Tier 2 rebate minus 

$0.08).7 The Exchange believes that 

providing a lower rebate in such 

instances where the Market Maker had 

better performance by percentage of 

time spent at the NBBO versus paying 

a higher rebate solely due to the four 

month lookback protection is contrary 

to the intent of the Market Maker Plus 

program, which is to reward Market 

Makers that contribute to market quality 

by maintaining tight markets in symbols 

traded on the Exchange. The proposed 

language will therefore make clear that 

in the foregoing instance, the Exchange 

would provide the qualifying Market 

Maker with the higher incentive of 

$0.10 versus the $0.05 incentive. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,8 in general, and furthers the 

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

of the Act,9 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. 

The Exchange’s proposed changes to 

its Pricing Schedule are reasonable in 

several respects. As a threshold matter, 

the Exchange is subject to significant 

competitive forces in the market for 

options securities transaction services 

that constrain its pricing determinations 

in that market. The fact that this market 

is competitive has long been recognized 

by the courts. In NetCoalition v. 

Securities and Exchange Commission, 

the D.C. Circuit stated as follows: ‘‘[n]o 

one disputes that competition for order 

flow is ‘fierce.’ . . . As the SEC 

explained, ‘[i]n the U.S. national market 

system, buyers and sellers of securities, 

and the broker-dealers that act as their 

order-routing agents, have a wide range 

of choices of where to route orders for 

execution’; [and] ‘no exchange can 

afford to take its market share 

percentages for granted’ because ‘no 

exchange possesses a monopoly, 

regulatory or otherwise, in the execution 

of order flow from broker 

dealers’. . . .’’ 10

The Commission and the courts have 

repeatedly expressed their preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. In Regulation NMS, while 

adopting a series of steps to improve the 

current market model, the Commission 

highlighted the importance of market 

forces in determining prices and SRO 

revenues and, also, recognized that 

current regulation of the market system 

‘‘has been remarkably successful in 

promoting market competition in its 


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16818 Federal Register / Vol. 87, No. 57 / Thursday, March 24, 2022 / Notices 

11Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(‘‘Regulation NMS Adopting Release’’). 

12 15 U.S.C. 78s(b)(3)(A)(ii). 

13 17 CFR 240.19b–4(f)(2). 

broader forms that are most important to 

investors and listed companies.’’ 11

Numerous indicia demonstrate the 

competitive nature of this market. For 

example, clear substitutes to the 

Exchange exist in the market for options 

security transaction services. The 

Exchange is only one of sixteen options 

exchanges to which market participants 

may direct their order flow. Within this 

environment, market participants can 

freely and often do shift their order flow 

among the Exchange and competing 

venues in response to changes in their 

respective pricing schedules. As such, 

the proposal represents a reasonable 

attempt by the Exchange to increase its 

liquidity and market share relative to its 

competitors. 

As discussed above, the Exchange’s 

proposal is intended to avoid 

inadvertently penalizing Market Makers 

that qualify for the SPY, QQQ, and IWM 

Market Maker Plus Tier 1b incentive in 

a given month, yet receive a lower 

incentive than if that Market Maker 

achieved no Market Maker Plus tier in 

the same time frame (i.e., $0.05 versus 

$0.10 per contract rebate). The Exchange 

believes that providing a lower rebate in 

such instances where the Market Maker 

had better performance by percentage of 

time spent at the NBBO versus paying 

a higher rebate solely due to the four 

month lookback protection is contrary 

to the intent of the Market Maker Plus 

program to reward Market Makers that 

maintain tight markets in symbols 

traded on the Exchange. The Exchange 

believes that the proposed language 

reasonably addresses this unintended 

gap and will continue to encourage 

Market Makers to post tight markets by 

rewarding Market Makers with higher 

incentives to achieve better 

performance. 

The Exchange believes that the 

proposed language is equitable and not 

unfairly discriminatory as all Market 

Makers are subject to the same 

qualification criteria for Market Maker 

Plus. The Exchange also believes that it 

is not unfairly discriminatory to offer 

this program’s incentives to Market 

Makers only. Market Makers, and in 

particular, those Market Makers that 

participate in and qualify for the Market 

Maker Plus program, add value through 

continuous quoting, and are subject to 

additional requirements and obligations 

(such as quoting obligations) that other 

market participants are not. Lastly, the 

proposed language will continue to 

encourage Market Makers to post tight 

markets in symbols traded on the 

Exchange, thereby increasing liquidity 

and attracting additional order flow to 

the Exchange, which benefits all market 

participants in the quality of order 

interaction. 

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. 

In terms of intra-market competition, 

while the proposed language would 

apply directly to Market Makers that 

participate in the Market Maker Plus 

program, the Exchange believes that the 

proposed changes will continue to 

fortify participation in the program, 

ultimately to the benefit of all market 

participants. As discussed above, 

continuing to encourage participation in 

the Market Maker Plus program will 

improve market quality by incentivizing 

Market Makers to provide significant 

quoting at the NBBO. This, in turn, 

improves trading conditions for all 

market participants through narrower 

bid-ask spreads and increased depth of 

liquidity available at the inside market, 

thereby attracting additional order flow 

to the Exchange. 

In terms of inter-market competition, 

the Exchange notes that it operates in a 

highly competitive market in which 

market participants can readily favor 

competing venues if they deem fee 

levels at a particular venue to be 

excessive, or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

fees and rebates to remain competitive 

with other exchanges. Because 

competitors are free to modify their own 

fees in response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

believes that the degree to which fee 

changes in this market may impose any 

burden on competition is extremely 

limited. 

In sum, if the changes proposed 

herein are unattractive to market 

participants, it is likely that the 

Exchange will lose market share as a 

result. Accordingly, the Exchange does 

not believe that the proposed changes 

will impair the ability of members or 

competing order execution venues to 

maintain their competitive standing in 

the financial markets. 

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 12 and Rule 

19b–4(f)(2) 13 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: (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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

ISE–2022–07 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–ISE–2022–07. 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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 57 / Thursday, March 24, 2022 / Notices 16819 

14 17 CFR 200.30–3(a)(12). 

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–ISE–2022–07 and should be 

submitted on or before April 14, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06189 Filed 3–23–22; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[License No. 06/06–0349] 

Main Street Capital III, L.P.; Notice 

Seeking Exemption Under Section 312 

of the Small Business Investment Act, 

Conflicts of Interest 

Notice is hereby given that Main 

Street Capital III, L.P., 1300 Post Oak 

Blvd., Suite 800, Houston, TX 77056, a 

Federal Licensee under the Small 

Business Investment Act of 1958, as 

amended (the ‘‘Act’’), in connection 

with a financing involving small 

concern Charps, LLC located at 453 

Tower St. NW, Clearbrook, MN 56634, 

provided notice of this transaction to 

the Small Business Administration 

(‘‘SBA’’) pursuant to the Regulations 

found at 13 CFR 107.730–13 CFR 

107.730—Financings which constitute 

conflicts of interests. Charps, LLC is an 

Associate of Main Street Capital III, L.P. 

because Associate Main Street Equity 

Investment, Inc. owns a greater than ten 

percent interest in the Charps, LLC. 

This financing is pursuant to 

§ 107.730(f) of the Regulations because 

Main Street Capital III, L.P.’s parent 

corporation, Main Street Capital 

Corporation, is registered under the 

Investment Company Act of 1940 and 

received an exemption from the 

Securities and Exchange Commission 

for the transaction and fulfilled its 

requirement to notify SBA. 

Notice is hereby given that any 

interested person may submit written 

comments on the transaction within 

fifteen days of the date of this 

publication, to the Associate 

Administrator, Office of Investment and 

Innovation, U.S. Small Business 

Administration, 409 Third Street SW, 

Washington, DC 20416. 

U.S. Small Business Administration. 

Bailey DeVries, 

Associate Administrator, Office of Investment 

and Innovation. 

[FR Doc. 2022–06218 Filed 3–23–22; 8:45 am] 

BILLING CODE P 

SMALL BUSINESS ADMINISTRATION 

[License No. 04/04–0308] 

Plexus Fund II, L.P.; Surrender of 

License of Small Business Investment 

Company 

Pursuant to the authority granted to 

the United States Small Business 

Administration under the Small 

Business Investment Act of 1958, as 

amended, under Section 309 of the Act 

and Section 107.1900 of the Small 

Business Administration Rules and 

Regulations (13 CFR 107.1900) to 

function as a small business investment 

company under the Small Business 

Investment Company License No. 04/ 

04–0308 issued to Plexus Fund II, L.P. 

said license is hereby declared null and 

void. 

United States Small Business 

Administration. 

Bailey DeVries, 

Associate Administrator, Office of Investment 

and Innovation. 

[FR Doc. 2022–06216 Filed 3–23–22; 8:45 am] 

BILLING CODE P 

SMALL BUSINESS ADMINISTRATION 

[License No. 06/06–0349] 

Main Street Capital III, L.P.; Notice 

Seeking Exemption Under Section 312 

of the Small Business Investment Act, 

Conflicts of Interest 

Notice is hereby given that Main 

Street Capital III, L.P., 1300 Post Oak 

Blvd., Suite 800, Houston, TX 77056, a 

Federal Licensee under the Small 

Business Investment Act of 1958, as 

amended (the ‘‘Act’’), in connection 

with a financing involving small 

concern NuStep, LLC located at 511 

Venture Drive, Ann Arbor, MI 48108, 

provided notice of this transaction to 

the Small Business Administration 

(‘‘SBA’’) pursuant to the Regulations 

found at 13 CFR 107.730—13 CFR 

107.730—Financings which constitute 

conflicts of interests. NuStep, LLC is an 

Associate of Main Street Capital III, L.P. 

because Associate Main Street Equity 

Investment, Inc. owns a greater than ten 

percent interest in the NuStep, LLC. 

This financing is pursuant to 

§ 107.730(f) of the Regulations because 

Main Street Capital III, L.P.’s parent 

corporation, Main Street Capital 

Corporation, is registered under the 

Investment Company Act of 1940 and 

received an exemption from the 

Securities and Exchange Commission 

for the transaction and fulfilled its 

requirement to notify SBA. 

Notice is hereby given that any 

interested person may submit written 

comments on the transaction within 

fifteen days of the date of this 

publication, to the Associate 

Administrator, Office of Investment and 

Innovation, U.S. Small Business 

Administration, 409 Third Street SW, 

Washington, DC 20416. 

U.S. Small Business Administration. 

Bailey DeVries, 

Associate Administrator, Office of Investment 

and Innovation. 

[FR Doc. 2022–06219 Filed 3–23–22; 8:45 am] 

BILLING CODE P 

DEPARTMENT OF STATE 

[Public Notice: 11689] 

Imposition of Nonproliferation 

Measures Against Foreign Persons, 

Including a Ban on U.S. Government 

Procurement 

AGENCY: Bureau of International 

Security and Nonproliferation, State 

Department. 

ACTION: Notice. 

SUMMARY: A determination has been 

made that a number of foreign persons 

have engaged in activities that warrant 

the imposition of measures pursuant to 

Section 3 of the Iran, North Korea, and 

Syria Nonproliferation Act. The Act 

provides for sanctions on foreign 

entities and individuals for the transfer 

to or acquisition from Iran since January 

1, 1999; the transfer to or acquisition 

from Syria since January 1, 2005; or the 

transfer to or acquisition from the DPRK 

since January 1, 2006, of goods, services, 

or technology controlled under 

multilateral control lists (Missile 

Technology Control Regime, Australia 

Group, Chemical Weapons Convention, 

Nuclear Suppliers Group, Wassenaar 


khammond on DSKJM1Z7X2PROD with NOTICES