16502 Federal Register / Vol. 87, No. 56 / Wednesday, March 23, 2022 / Notices 

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

2 17 CFR 240.19b–4. 

3 See Phlx Options 3, Section 20(l). 

4 See Phlx Options 3, Section 20(l) for analogous 

language. 

5 See Securities Exchange Act Release No. 93675 

(November 29, 2021), 86 FR 68714 (December 3, 

2021) (SR–NASDAQ–2021–69) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

To Include Juneteenth National Independence Day 

as a Holiday). Rule 1030 of General 3 memorialized 

all current Exchange holidays and added a 

provision to permit the Exchange the authority to 

halt or suspend trading or close Exchange facilities 

for certain unanticipated closures. 

5. The Secretary shall arrange for 

publication of this order in the Federal 

Register. 

By the Commission. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2022–06145 Filed 3–22–22; 8:45 am] 

BILLING CODE 7710–FW–P 

POSTAL SERVICE 

Product Change—Priority Mail 

Negotiated Service Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a 

domestic shipping services contract to 

the list of Negotiated Service 

Agreements in the Mail Classification 

Schedule’s Competitive Products List. 

DATES: Date of required notice: March 

23, 2022. 

FOR FURTHER INFORMATION CONTACT: 

Sean Robinson, 202–268–8405. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on March 8, 2022, 

it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail Contract 737 to 

Competitive Product List. Documents 

are available at www.prc.gov, Docket 

Nos. MC2022–45, CP2022–51. 

Sean Robinson, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2022–06165 Filed 3–22–22; 8:45 am] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94447; File No. SR– 

NASDAQ–2022–023] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Harmonize 

Various Processes Under Options 3, 

Section 20 Across the Affiliated 

Nasdaq Options Exchanges 

March 17, 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 8, 

2022, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ 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 harmonize 

its processes and procedures under 

Options 3, Section 20 with those of its 

affiliated options exchange. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/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 Exchange proposes to harmonize 

its existing processes for the review of 

decisions on appeal under Options 3, 

Section 20 with those of its affiliate 

Nasdaq Phlx LLC (‘‘Phlx’’). The 

Exchange also proposes several nonsubstantive, conforming changes in 

Options 3, Section 1. 

Appeal 

Today, Options 3, Section 20(k) 

governs the appeal process for 

determinations by Exchange staff made 

under this Rule, including obvious error 

determinations. Specifically, a party to 

a transaction affected by a decision 

made under this section may appeal that 

decision to the Exchange Review 

Council. An appeal must be made in 

writing, and must be received by the 

Exchange within thirty (30) minutes 

after the person making the appeal is 

given the notification of the 

determination being appealed. 

The Exchange proposes generally to 

maintain its current appeal process with 

certain additions to harmonize its 

process with that of its affiliate, Phlx. 

First, while Phlx similarly requires the 

parties to submit a request for review 

within thirty (30) minutes of being 

notified of the determination being 

appealed, Phlx also provides parties 

with additional time to submit their 

request if the notification occurs later in 

the trading day. In particular, if the 

notification is made after 3:30 p.m. 

Eastern Time, either party has until 9:30 

a.m. Eastern Time on the next trading 

day to submit a request for review.3

Similar to Phlx, the Exchange believes 

that this flexibility will be helpful for 

Participants in submitting their appeal 

requests in a timely manner, 

particularly where notification of the 

Official’s decision was received later in 

the trading day, and therefore proposes 

to adopt this provision in Options 3, 

Section 20(k). 

Second, the Exchange proposes to add 

a provision for when the Exchange 

Review Council panel must render a 

decision on requests for appeal to 

harmonize to Phlx’s process. 

Specifically, the Exchange proposes in 

Options 3, Section 20(k) that the 

Exchange Review Council panel shall 

review the facts and render a decision 

on the day of the transaction, or the next 

trade day in the case where a request is 

properly made after 3:30 p.m. on the 

day of the transaction or where the 

request is properly made the next trade 

day.4

Options 3, Section 1 

The Exchange proposes nonsubstantive, conforming amendments to 

Options 3, Section 1 (Days and Hours of 

Business). The Exchange first proposes 

to amend the title from ‘‘Days and Hours 

of Business’’ to ‘‘Hours of Business.’’ 

The Exchange recently filed to establish 

General 3, Section 1030, which governs 

the days the Exchange will be open for 

business.5 At this time, the Exchange 

also proposes to amend Options 3, 

Section 1(c) which provides, ‘‘NOM 

shall not be open for business on any 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 56 / Wednesday, March 23, 2022 / Notices 16503 

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

7 15 U.S.C. 78f(b)(5). 8See supra note 5. 

9 15 U.S.C. 78s(b)(3)(A)(iii). 

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

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. 

holiday observed by The Nasdaq Stock 

Market, LLC.’’ The Exchange proposes 

to instead provide, ‘‘NOM shall not be 

open for business as provided within 

General 3, Section 1030.’’ This proposed 

text will make clear that while General 

3, Section 1030 governs the days the 

Exchange will be open for business, the 

remainder of the rule addresses the 

hours of operation of the System and 

specific products. Finally, the Exchange 

proposes to update citations to the 

Options 4 rules related to ExchangeTraded Fund Shares and Index-Linked 

Securities. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,6 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,7

in particular, in that it is designed to 

promote just and equitable principles of 

trade, 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 and 

because it is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange believes that its 

proposal to amend the current appeal 

process to harmonize with Phlx’s appeal 

process is consistent with the Act 

because it will continue to afford 

Participants with due process in 

connection with decisions made by 

Officials under Options 3, Section 20 

that the Participant may feel warrants 

review. As discussed above, the 

proposal would allow either party until 

9:30 a.m. the next trading to submit a 

request for review if notification is made 

after 3:30 p.m., which the Exchange 

believes will be helpful for Participants 

in submitting their appeal requests in a 

timely manner. Furthermore, the 

proposal provides the Exchange Review 

Council panel additional time and 

flexibility to render decisions on 

requests for appeal in cases where a 

request is properly made after 3:30 p.m. 

on the day of the transaction or where 

the request is properly made the next 

trade day, and is designed to reduce 

administrative burden on the Exchange. 

Ultimately, the proposed changes to 

the appeal process are intended to align 

certain time frames with those of its 

affiliate in order to provide more 

consistent rules and procedures across 

the affiliated options exchanges owned 

by Nasdaq, Inc. Consistent rules and 

procedures, in turn, would simplify and 

streamline the regulatory requirements 

and increase the understanding of the 

Exchange’s operations for Participants 

of the Exchange that are also members 

on the Exchange’s affiliated options 

exchanges. Greater harmonization 

across the affiliated options exchanges 

will result in greater uniformity, rules 

that are easier to follow and understand, 

and more efficient regulatory 

compliance, thereby contributing to the 

protection of investors and the public 

interest. As such, the proposed rule 

change would foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities and 

would remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system. 

Lastly, the Exchange’s proposal to 

amend Options 3, Section 1 (Days and 

Hours of Business) as described above 

will bring greater clarity, and ensure 

that this Rule conforms to the changes 

made in the recent filing to establish 

General 3, Section 1030, which governs 

the days the Exchange will be open for 

business.8 The Exchange believes that 

market participants would benefit from 

the increased clarity, thereby reducing 

potential confusion, and ensuring that 

market participants and investors can 

more easily navigate and understand the 

Exchange’s rules. 

For these reasons, the Exchange 

believes that the proposal is consistent 

with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. As it relates 

to the proposed changes to the appeal 

process under Options 3, Section 20(k), 

the changes are designed to provide 

greater harmonization among similar 

rules and processes across the 

Exchange’s affiliated options exchanges, 

resulting in more efficient regulatory 

compliance for common members. For 

these reasons, the Exchange believes 

that the proposed rule change reflects 

this competitive environment and does 

not impose any undue burden on 

intermarket competition. 

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 

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 9 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.10

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NASDAQ–2022–023 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–NASDAQ–2022–023. 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 (https://www.sec.gov/ 


jspears on DSK121TN23PROD with NOTICES1
16504 Federal Register / Vol. 87, No. 56 / Wednesday, March 23, 2022 / Notices 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5 See Securities Exchange Act Release No. 67090 

(May 31, 2012), 77 FR 33531 (June 6, 2012) (SR– 

BATS–2011–038; SR–BYX–2011–025; SR–BX– 

2011–068; SR–CBOE–2011–087; SR–C2–2011–024; 

SR–CHX–2011–30; SR–EDGA–2011–31; SR–EDGX– 

2011–30; SR–FINRA–2011–054; SR–ISE–2011–61; 

SR–NASDAQ–2011–131; SR–NSX–2011–11; SR– 

NYSE–2011–48; SRNYSEAmex–2011–73; SR– 

NYSEArca–2011–68; SR–Phlx–2011–129) (‘‘Pilot 

Rules Approval Order’’). 

6 See Securities Exchange Act Release No. 67091 

(May 31, 2012), 77 FR 33498 (June 6, 2012). The 

LULD Plan provides a mechanism to address 

extraordinary market volatility in individual 

securities. 

7 See Securities Exchange Act Release Nos. 68769 

(January 30, 2013), 78 FR 8213 (February 5, 2013) 

(SR–C2–2013–006) (amending Rule 6.32.03, which 

was later renumbered to Rule 5.20.01, to delay the 

operative date of the pilot to coincide with the 

initial date of operations of the Plan); and 85624 

(April 11, 2019), 84 FR 16130 (April 17, 2019) (SR– 

C2–2019–008) (proposal to extend the pilot for 

certain options pilots, including Rule 5.20.01). 

8 See Securities Exchange Act Release No. 85623 

(April 11, 2019), 84 FR 16086 (April 17, 2019) 

(Order Approving Amendment No. 18). 

9 See Securities Exchange Act Release No. 85624 

(April 11, 2019), 84 FR 16130 (April 17, 2019) (SR– 

C2–2019–008) (proposal to extend the pilot for 

certain options pilots, including Rule 5.20.01). 

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–NASDAQ–2022–023 

and should be submitted on or before 

April 13, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06088 Filed 3–22–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94455; File No. SR–C2– 

2022–008] 

Self-Regulatory Organizations; Cboe 

C2 Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Extend the Pilot 

Period Related to the Market-Wide 

Circuit Breaker in Rule 5.20.01 to April 

18, 2022 

March 17, 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 March 17, 

2022, Cboe C2 Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘C2’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange filed the 

proposal as a ‘‘non-controversial’’ 

proposed rule change pursuant to 

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

Rule 19b–4(f)(6) thereunder.4 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 C2 Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘C2’’) proposes to extend 

the pilot period related to the marketwide circuit breaker in Rule 5.20.01 to 

April 18, 2022. The text of the proposed 

rule change is provided in Exhibit 5. 

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://markets.cboe.com/us/ 

options/regulation/rule_filings/ctwo/), 

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 extend the 

pilot related to the market-wide circuit 

breaker in Rule 5.20.01 to the close of 

business on April 18, 2022. 

Background 

The Market-Wide Circuit Breaker 

(‘‘MWCB’’) rules, including the 

Exchange’s Rule 5.20.01, provide an 

important, automatic mechanism that is 

invoked to promote stability and 

investor confidence during periods of 

significant stress when cash equities 

securities experience extreme marketwide declines. The MWCB rules are 

designed to slow the effects of extreme 

price declines through coordinated 

trading halts across both cash equity 

and equity options securities markets. 

The cash equities rules governing 

MWCBs were first adopted in 1988 and, 

in 2012, all U.S. cash equity exchanges 

and FINRA amended their cash equities 

uniform rules on a pilot basis (the ‘‘Pilot 

Rules’’, including Exchange Rule 

5.20.01).5 The Securities and Exchange 

Commission (the ‘‘Commission’’) 

approved the Pilot Rules, the term of 

which was to coincide with the pilot 

period for the Plan to Address 

Extraordinary Market Volatility 

Pursuant to Rule 608 of Regulation NMS 

(the ‘‘LULD Plan’’),6 including any 

extensions to the pilot period for the 

LULD Plan. Though the LULD Plan was 

primarily designed for equity markets, 

the Exchange believed it would, 

indirectly, potentially impact the 

options markets as well. Thus, the 

Exchange has previously adopted and 

amended Rule 5.20.01 (as well as other 

options pilot rules) to ensure the option 

markets were not harmed as a result of 

the Plan’s implementation and 

implemented such rule on a pilot basis 

that has coincided with the pilot period 

for the Plan.7 In April 2019, the 

Commission approved an amendment to 

the LULD Plan for it to operate on a 

permanent, rather than pilot, basis.8 In 

light of the proposal to make the LULD 

Plan permanent, the Exchange amended 

Rule 5.20.01 to untie the pilot’s 

effectiveness from that of the LULD Plan 

and to extend the pilot’s effectiveness to 

the close of business on October 18, 

2019.9 The Exchange subsequently 

amended Rule 5.20.01 to extend the 


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