16538 Federal Register / Vol. 87, No. 56 / Wednesday, March 23, 2022 / Notices 

28For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

29 15 U.S.C. 78s(b)(2)(B). 30 17 CFR 200.30–3(a)(12). 

1 (200 hours × 11 firms) = 2200. 

2 ((2,000 hours/3 years) × 5 firms) = 3,333. 

3 (200 hours × 5 firms) = 1000. 

proposed rule change to make the Pilot 

Rules permanent. Therefore, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change as operative upon 

filing.28

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 29 of the Act 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– 

MEMX–2022–04 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–MEMX–2022–04. 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–MEMX–2022–04 and 

should be submitted on or before April 

13, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06090 Filed 3–22–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–441, OMB Control No. 

3235–0497] 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Rule 15c3–4 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.) (‘‘PRA’’), the 

Securities and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of 

extension of the previously approved 

collection of information provided for in 

Rule 15c3–4 (17 CFR. 240.15c3–4) (the 

‘‘Rule’’) under the Securities Exchange 

Act of 1934 (15 U.S.C. 78a et seq.). 

Rule 15c3–4 requires certain brokerdealers that are registered with the 

Commission as OTC derivatives dealers, 

or who compute their net capital 

charges under Appendix E to Rule 

15c3–1 (17 CFR 240.15c3–1) (‘‘ANC 

firms’’), to establish, document, and 

maintain a system of internal risk 

management controls. In addition, 

security-based swap dealers (‘‘SBSDs’’) 

that are subject to Rule 18a–1 (17 CFR 

240.18a–1) must comply with Rule 

15c3–4 as if they were OTC derivatives 

dealers. The Rule sets forth the basic 

elements for an OTC derivatives dealer, 

an ANC firm, or an SBSD to consider 

and include when establishing, 

documenting, and reviewing its internal 

risk management control system, which 

is designed to, among other things, 

ensure the integrity of an OTC 

derivatives dealer’s, an ANC firm’s or an 

SBSD’s risk measurement, monitoring, 

and management process, to clarify 

accountability at the appropriate 

organizational level, and to define the 

permitted scope of the firm’s activities 

and level of risk. The Rule also requires 

that management of an OTC derivatives 

dealer, an ANC firm, or an SBSD must 

periodically review, in accordance with 

written procedures, the firm’s business 

activities for consistency with its risk 

management guidelines. 

The staff estimates that the average 

amount of time a new firm subject to 

Rule 15c3–4 will spend establishing and 

documenting its risk management 

control system is approximately 2,000 

hours (666.666667 hours per year when 

annualized over three years) and that, 

on average, an existing firm subject to 

Rule 15c3–4 will spend approximately 

200 hours each year to maintain (e.g., 

reviewing and updating) its risk 

management control system. Currently, 

five firms are registered with the 

Commission as OTC derivatives dealers, 

five as ANC firms, and one as an SBSD. 

The staff estimates that approximately 

two new additional entities may register 

as OTC derivatives dealers, one new 

entity may register as an ANC firm, and 

two new entities may register as SBSDs 

subject to the requirements of Rule 

15c3–4 within the next three years. 

Thus, the estimated annual burden 

would be 2,200 hours for the eleven 

existing firms (five OTC derivatives 

dealers, five ANC firms, and one SBSD) 

currently required to comply with Rule 

15c3–4 to maintain their risk 

management control systems,1 3,333 

hours for the five new firms (two new 

OTC derivatives dealers, one new ANC 

firm, and two new SBSDs) to establish 

and document their risk management 

control systems,2 and 1,000 hours for 

the five new firms (two new OTC 

derivatives dealers, one new ANC firm, 

and two new SBSDs) to maintain their 

risk management control systems.3

Accordingly, the staff estimates the total 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 56 / Wednesday, March 23, 2022 / Notices 16539 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 93037 

(Sept. 16, 2021), 86 FR 52719 (Sept. 22, 2021) (SR– 

NYSE–2021–44) (‘‘Notice’’). 

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

5See Securities Exchange Act Release No. 93488 

(Nov. 1, 2021), 86 FR 61352 (Nov. 5, 2021). 

6See Anonymous Letter (Sept. 27, 2021); Letter 

to J. Matthew DeLesDernier, Assistant Secretary, 

Commission, from Richard Grant, General Counsel, 

GTS Securities, LLC (Mar. 16, 2022). 

7 15 U.S.C. 78s(b)(2)(B). 

8See Securities Exchange Act Release No. 93809 

(Dec. 17, 2021), 86 FR 73060 (Dec. 23, 2021). 

9 15 U.S.C. 78s(b)(2). 

10See Notice, supra note 3. 

11 15 U.S.C. 78s(b)(2). 

12 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

annual burden associated with Rule 

15c3–4 for the 16 respondents (nine 

OTC derivatives dealers, six ANC firms, 

and five SBSDs) will be approximately 

6,533 hours per year. 

The records required to be made 

pursuant to the Rule and the results of 

the periodic reviews conducted under 

paragraph (d) of Rule 15c3–4 must be 

preserved under Rule 17a–4 of the 

Exchange Act (17 CFR 240.17a–4) for a 

period of not less than three years, the 

first two years in an easily accessible 

place. The Commission will not 

generally publish or make available to 

any person notices or reports received 

pursuant to the Rule. The statutory basis 

for the Commission’s refusal to disclose 

such information to the public is the 

exemption contained in section (b)(4) of 

the Freedom of Information Act (5 

U.S.C. 552), which essentially provides 

that the requirement of public 

dissemination does not apply to 

commercial or financial information 

which is privileged or confidential. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to (i) www.reginfo.gov/public/do/ 

PRAMain and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, 

c/o John Pezzullo, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: March 18, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06151 Filed 3–22–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94457; File No. SR–NYSE– 

2021–44] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Designation of a Longer Period for 

Commission Action on Proceedings To 

Determine Whether To Approve or 

Disapprove a Proposed Rule Change 

To Amend Rules 7.31, 7.35, 7.35B, 

7.35C, 98, and 104 Relating to the 

Closing Auction 

March 17, 2022. 

On September 3, 2021, 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’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend Rules 7.31 (Orders and 

Modifiers), 7.35 (General), 7.35B (DMMFacilitated Closing Auctions), 7.35C 

(Exchange-Facilitated Auctions), 98 

(Operation of a DMM Unit), and 104 

(Dealings and Responsibilities of 

DMMs) relating to the Closing Auction. 

The proposed rule change was 

published for comment in the Federal 

Register on September 22, 2021.3 On 

November 1, 2021, pursuant to Section 

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

extended the time period within which 

to approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether to approve or disapprove the 

proposed rule change to December 21, 

2021.5 The Commission has received 

two comment letters on the proposal.6

On December 17, 2021, the Commission 

instituted proceedings under Section 

19(b)(2)(B) of the Act 7 to determine 

whether to approve or disapprove the 

proposed rule change.8

Section 19(b)(2) of the Act 9 provides 

that, after initiating proceedings, the 

Commission shall issue an order 

approving or disapproving the proposed 

rule change not later than 180 days after 

the date of publication of notice of filing 

of the proposed rule change. The 

Commission may, however, extend the 

period for issuing an order approving or 

disapproving the proposed rule change 

by not more than 60 days if the 

Commission determines that a longer 

period is appropriate and publishes the 

reasons for such determination. The 

proposed rule change was published for 

comment in the Federal Register on 

September 22, 2021.10 The 180th day 

after publication of the proposed rule 

change is March 21, 2022. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to issue an order 

approving or disapproving the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

The Commission is extending the time 

period for approving or disapproving 

the proposed rule change for an 

additional 60 days. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the 

Act,11 designates May 20, 2022, as the 

date by which the Commission shall 

either approve or disapprove the 

proposed rule change (File Number SR– 

NYSE–2021–44). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06105 Filed 3–22–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94445; File No. SR–ISE– 

2022–08] 

Self-Regulatory Organizations; Nasdaq 

ISE, 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, 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, II, and 


jspears on DSK121TN23PROD with NOTICES1