Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 18413 

18See Securities Exchange Act Release No. 51808 

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

19NetCoalition 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)). 

20 15 U.S.C. 78s(b)(3)(A). 

21 17 CFR 240.19b–4(f). 

22 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. 92839 

(Sep. 1, 2021), 86 FR 50408. Comments received on 

the proposal are available on the Commission’s 

website at: https://www.sec.gov/comments/sr-nyse2021-42/srnyse202142.htm. 

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

available for trading. Indeed, 

participants can readily choose to send 

their orders to other exchange, and, 

additionally off-exchange venues, if 

they deem overall fee levels at those 

other venues to be more favorable. 

Moreover, the Commission has 

repeatedly expressed its preference for 

competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. Specifically, in Regulation 

NMS, 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 

broader forms that are most important to 

investors and listed companies.’’ 18 The 

fact that this market is competitive has 

also 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 brokerdealers 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’. . . .’’.19 Accordingly, the 

Exchange does not believe its proposed 

fee change imposes any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

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 20 and paragraph (f) of Rule 

19b–4 21 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 

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– 

CboeBZX–2022–021 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–CboeBZX–2022–021. 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–CboeBZX–2022–021 and 

should be submitted on or before April 

20, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06633 Filed 3–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94516; File No. SR–NYSE– 

2021–42] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Withdrawal of Proposed Rule Change 

To Amend the Requirements of 

Section 102.06 of the NYSE Listed 

Company Manual To Allow an 

Acquisition Company To Contribute a 

Portion of Its Trust Account to a New 

Acquisition Company and Spin-Off the 

New Acquisition Company to Its 

Shareholders 

March 24, 2022. 

On August 23, 2021, the New York 

Stock Exchange LLC (‘‘NYSE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

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

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

Rule 19b–4 thereunder,2 a proposed rule 

change to amend the requirements of 

Section 102.06 of the NYSE Listed 

Company Manual to allow an 

acquisition company to contribute a 

portion of the amount held in its trust 

account to a trust account of a new 

acquisition company and spin off the 

new acquisition company to its 

shareholders in certain situations. The 

proposed rule change was published for 

comment in the Federal Register on 

September 8, 2021.3

On September 30, 2021, pursuant to 

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

Commission designated a longer period 

within which to approve the proposed 

rule change, disapprove the proposed 

rule change, or institute proceedings to 


khammond on DSKJM1Z7X2PROD with NOTICES
18414 Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 

5See Securities Exchange Act Release No. 93222, 

86 FR 55671 (Oct. 6, 2021). The Commission 

designated December 7, 2021 as the date by which 

the Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

approve or disapprove, the proposed rule change. 

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

7See Securities Exchange Act Release No. 93714, 

86 FR 70150 (Dec. 9, 2021). 

8See Securities Exchange Act Release No. 94362, 

87 FR 13780 (Mar. 10, 2022). 

9 17 CFR 200.30–3(a)(12). 

1 12 U.S.C. 5465(e)(1). 

2 17 CFR 240.19b–4(n)(1)(i). 

3 15 U.S.C. 78a et seq. 

4See Notice of Filing infra note 5, at 87 FR 8063. 

5Securities Exchange Act Release No. 94166 (Feb. 

7, 2022), 87 FR 8063 (Feb. 11, 2022) (File No. SR– 

OCC–2022–801) (‘‘Notice of Filing’’). On January 

24, 2022, OCC also filed a related proposed rule 

change (SR–OCC–2022–001) with the Commission 

pursuant to Section 19(b)(1) of the Exchange Act 

and Rule 19b–4 thereunder (‘‘Proposed Rule 

Change’’). 15 U.S.C. 78s(b)(1) and 17 CFR 240.19b– 

4, respectively. In the Proposed Rule Change, which 

was published in the Federal Register on February 

11, 2022, OCC seeks approval of proposed changes 

to its rules necessary to implement the Advance 

Notice. Securities Exchange Act Release No. 94165 

(Feb. 7, 2022), 87 FR 8072 (Feb. 11, 2022) (File No. 

SR–OCC–2022–001). The comment period for the 

related Proposed Rule Change filing closed on 

March 4, 2022. 

6Since the proposal contained in the Advance 

Notice was also filed as a proposed rule change, all 

public comments received on the proposal are 

considered regardless of whether the comments are 

submitted on the Proposed Rule Change or the 

Advance Notice. Comments on the Proposed Rule 

Change are available at https://www.sec.gov/ 

comments/sr-occ-2022-001/srocc2022001.htm. 

7 12 U.S.C. 5465(e)(1)(G). 

8 12 U.S.C. 5465(e)(1)(H). 

9See Notice of Filing, 87 FR 8063. 

10 12 U.S.C. 5465(e)(1)(H). 

11 Id. 

12 17 CFR 200.30–3(a)(94). 

1 15 U.S.C. 80a–1 et seq. 

2 15 U.S.C. 80a–29(b). 

3 17 CFR 270.2a–7. 

4 17 CFR 274.201. 

5 17 CFR 270.30b1–7. 

determine whether to disapprove the 

proposed rule change.5 On December 3, 

2021, the Commission instituted 

proceedings under Section 19(b)(2)(B) of 

the Exchange Act 6 to determine 

whether to approve or disapprove the 

proposed rule change.7 On March 4, 

2022, the Commission extended the 

period for consideration of the proposed 

rule change to May 6, 2022.8 On March 

21, 2022, the Exchange withdrew the 

proposed rule change (SR–NYSE–2021– 

42). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06638 Filed 3–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94504; File No. SR–OCC– 

2022–801] 

Self-Regulatory Organizations; the 

Options Clearing Corporation; Notice 

of Extension of Review Period of 

Advance Notice Concerning the 

Options Clearing Corporation’s Margin 

Methodology for Incorporating 

Variations in Implied Volatility 

March 24, 2022. 

On January 24, 2022, the Options 

Clearing Corporation (‘‘OCC’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) advance 

notice SR–OCC–2022–801 (‘‘Advance 

Notice’’) pursuant to Section 806(e)(1) of 

Title VIII of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act, 

entitled Payment, Clearing and 

Settlement Supervision Act of 2010 

(‘‘Clearing Supervision Act’’) 1 and Rule 

19b–4(n)(1)(i) 2 under the Securities 

Exchange Act of 1934 (‘‘Exchange 

Act’’) 3 to change quantitative models 

related to certain volatility products.4

The Advance Notice was published for 

public comment in the Federal Register 

on February 11, 2022.5 The Commission 

received a comment regarding the 

changes proposed in the Advance 

Notice.6

Section 806(e)(1)(G) of the Clearing 

Supervision Act provides that OCC may 

implement the changes if it has not 

received an objection to the proposed 

changes within 60 days of the later of (i) 

the date that the Commission receives 

the Advance Notice or (ii) the date that 

any additional information requested by 

the Commission is received,7 unless 

extended as described below. 

Pursuant to Section 806(e)(1)(H) of the 

Clearing Supervision Act, the 

Commission may extend the review 

period of an advance notice for an 

additional 60 days, if the changes 

proposed in the advance notice raise 

novel or complex issues, subject to the 

Commission providing the clearing 

agency with prompt written notice of 

the extension.8

Here, as the Commission has not 

requested any additional information, 

the date that is 60 days after OCC filed 

the Advance Notice with the 

Commission is March 25, 2022. 

However, the Commission finds the 

issues raised by the Advance Notice 

complex because OCC proposes to 

change three models within its margin 

methodology, in part, to build the 

foundation for a single, consistent 

framework to model equity volatility 

products in margin and stress testing.9

Therefore, the Commission finds it 

appropriate to extend the review period 

of the Advance Notice for an additional 

60 days under Section 806(e)(1)(H) of 

the Clearing Supervision Act.10

Accordingly, the Commission, 

pursuant to Section 806(e)(1)(H) of the 

Clearing Supervision Act,11 extends the 

review period for an additional 60 days 

so that the Commission shall have until 

May 24, 2022 to issue an objection or 

non-objection to advance notice SR– 

OCC–2022–801. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06627 Filed 3–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–604, OMB Control No. 

3235–0657] 

Proposed Collection; Comment 

Request; Extension: Form N–MFP and 

Rule 30b1–7 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

Section 30(b) of the Investment 

Company Act of 1940 (‘‘Investment 

Company Act’’) 1 provides that ‘‘[e]very 

registered investment company shall file 

with the Commission . . . such 

information, documents, and reports 

(other than financial statements), as the 

Commission may require to keep 

reasonably current the information and 

documents contained in the registration 

statement of such company. . . .’’ 2

Rule 30b1–7 under the Investment 

Company Act, entitled ‘‘Monthly Report 

for Money Market Funds,’’ provides that 

every registered investment company, or 

series thereof, that is regulated as a 

money market funds under rule 2a–7 3

must file with the Commission a 

monthly report of portfolio holdings on 

Form N–MFP 4 no later than the fifth 

business day of each month.5 Form N– 


khammond on DSKJM1Z7X2PROD with NOTICES