Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 18419 

9 17 CFR 240.17Ad–22(e)(1). 

10 15 U.S.C. 78q–1(b)(3)(F). 

11 17 CFR 240.17Ad–22(e)(17). 

12 17 CFR 240.17Ad–22(e)(1). 

13 15 U.S.C. 78q–1(b)(3)(I). 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

the restructuring notification process. 

Specifically, the current bilateral 

notification process creates plausible 

operational and legal risks if LCH SA is 

not provided in due time by its Clearing 

Member with the relevant restructuring 

notice sent by the client. To remove any 

unnecessary dependency on the 

bilateral notification process and duties 

between the Clearing Members(s) and 

client(s) in the context of a restructuring 

event for swaptions, the Proposed Rule 

Change is designed to implement a 

delegation mechanism whereby clients 

of Clearing Members shall be appointed 

as their Restructuring Delegation 

Beneficiaries for the purposes of 

sending and receiving the relevant 

notices to the other Clearing Member(s) 

or Client(s) in the event of a 

restructuring affecting the swaptions 

registered in their relevant Client 

Account Structure. 

By implementing a relevant and 

consistent delegation legal mechanism, 

the Proposed Rule Change is reducing 

potential legal risk at LCH SA and is 

therefore consistent with the 

requirements of a well-founded, clear, 

transparent, and enforceable legal 

framework of Exchange Act Rule 17Ad– 

22(e)(1).9

For the reasons stated above, LCH SA 

believes that the Proposed Rule Change 

with respect to the Supplement and 

Procedures in connection with the 

implementation of the delegation 

mechanism for the restructuring 

notification process for swaptions are 

consistent with the requirements of 

prompt and accurate clearance and 

settlement of securities transactions in 

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

the requirements of operational risk 

management in Rule 17Ad–22(e)(17) 11

and of a well-founded legal framework 

in Rule 17Ad–22(e)(1).12

B. Clearing Agency’s Statement on 

Burden on Competition 

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

requires that the rules of a clearing 

agency not impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act.13 LCH SA does not 

believe that the proposed rule change 

would impose burdens on competition 

that are not necessary or appropriate in 

furtherance of the purposes of the Act. 

Specifically, the proposed changes to 

the Supplement and Procedures would 

apply equally to all Clearing Members 

and their Clients. This would remove 

the burden on clearing brokers from 

needing the operational capacity to 

intermediate the sending and receiving 

of notices from clients, thereby 

improving the competitive landscape for 

clearing brokers wishing to support the 

clearing of options. Therefore, LCH SA 

does not believe that the proposed rule 

change would impose a burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

C. Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants or Others 

Written comments relating to the 

proposed rule change have not been 

solicited or received. LCH SA will 

notify the Commission of any written 

comments received by LCH SA. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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– 

LCH SA–2022–003 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–LCH SA–2022–003. 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 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–2022–003 

and should be submitted on or before 

April 20, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06628 Filed 3–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94515; File No. SR–LTSE– 

2022–02] 

Self-Regulatory Organizations; LongTerm Stock Exchange, Inc.; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Related to 

Continuing Education Requirements 

March 24, 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 15, 

2022, Long-Term Stock Exchange, Inc. 


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18420 Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 

3See Securities Exchange Act Rel. No. 93097 

(September 21, 2021), 86 FR 53358 (September 27, 

2021) (Order Approving File No. SR–FINRA–2021– 

015) (the ‘‘Approval Order’’). 

4 Id. 

5 Id. 

6See FINRA Rules 1210 and 1240. In FINRA 

Regulatory Notice 21–41 (November 17, 2021), 

FINRA announced the amendment of Rules 1210 

and 1240, noting effective dates, March 15, 2022 

(with respect to paragraph (c) of Rule 1240 and 

Supplementary Material .09 to Rule 1210)); January 

1, 2023 (all other rule changes). 

7See Approval Order, supra note 3 at 53360 (The 

‘‘two-year qualification period’’ is defined as, 

‘‘Currently, individuals whose registrations as 

representatives or principals have been terminated 

for two or more years may reregister as 

representatives or principals only if they requalify 

by retaking and passing the applicable 

representative- or principal-level examination or if 

they obtain a waiver of such examination(s).’’). 

8See FINRA Rule 1240(c)(1). 

9See FINRA Rule 1240(c)(2). 

10See FINRA Rule 1240(c). 

11See FINRA Rules 1240(c)(4) and (c)(5). 

12See FINRA Rules 1240(c)(1) and (c)(6). 

13See Supplementary Material .09 to FINRA Rule 

1210. 

(‘‘LTSE’’ or the ‘‘Exchange’’) 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 self-regulatory 

organization. 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 is filing with the 

Commission a proposed rule change to 

adopt new LTSE Rule 2.154 and amend 

LTSE Rule 2.160. The proposed rule 

change is based on recent changes made 

by the Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) to its 

Continuing Education Program 3 (the 

‘‘CE Transformation Initiative’’), which 

includes a change to provide a path 

through continuing education for 

individuals to maintain their 

qualification following the termination 

of a registration. 

The text of the proposed rule change 

is available at the Exchange’s website at 

https://longtermstockexchange.com/, 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 

self-regulatory organization 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 self-regulatory organization 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 sets forth certain 

continuing education requirements for 

persons associated with a Member 

which are based on certain FINRA 

rules.4 The proposed rule change seeks 

to amend certain LTSE rules to more 

closely mirror FINRA rules, as amended 

as part of the CE Transformation 

Initiative. 

Specifically, the proposed rule change 

would (i) adopt new LTSE Rule 2.154 to 

incorporate by reference FINRA Rule 

1240(c) and Supplementary Material .01 

and .02, which addresses how an 

associated person of a member can 

maintain their qualifications following 

the termination of a registration 

category, (ii) delete LTSE Rule 2.160(o) 

(Lapse of Registration and Expiration of 

SIE) because its substance is being 

replaced by new Rule 2.154, and (iii) 

amend Supplementary Material .01 to 

LTSE Rule 2.160(g) to state that effective 

March 15, 2022, LTSE will not accept 

any new initial designations for waiver 

for persons working for a financial 

services industry affiliate of a Member 

as specified therein. Each of these 

proposed changes align with changes to 

FINRA’s Continuing Education 

Program,5 which are scheduled to 

become effective on March 15, 2022.6

The proposed rule change is part of a 

larger initiative in which LTSE intends 

to align the structure of its registration, 

continuing education and supervision 

rules with those of FINRA. As noted 

above, however, the proposed rule 

change addresses only those changes 

that become effective on March 15, 

2022. 

(i) Maintenance of Qualification After 

Termination of Registration 

Effective March 15, 2022, FINRA has 

established a program providing eligible 

individuals who terminate any of their 

representative or principal registrations 

with the option of maintaining their 

qualification for certain terminated 

registrations by completing annual 

continuing education (‘‘Maintaining 

Qualifications Program’’ or ‘‘MQP’’). 

The rule change provides individuals 

who elect this option a maximum of five 

years in which to re-register with a 

member firm without having to 

requalify by exam or having to obtain an 

exam waiver by adopting paragraph (c) 

under FINRA Rule 1240 and related 

Supplementary Material .01 and .02.The 

amended FINRA rule did not eliminate 

the two-year qualification period.7

Rather, it provides such individuals an 

alternative means of staying current on 

their regulatory and securities 

knowledge following the termination of 

a registration(s). Eligible individuals 

who elect not to participate in the 

proposed continuing education program 

will continue to be subject to the current 

two-year qualification period. This rule 

change is generally aligned with other 

professional continuing education 

programs that allow individuals to 

maintain their qualification to work in 

their respective fields during a period of 

absence from their careers (including an 

absence of more than two years) by 

satisfying continuing education 

requirements for their credentials. 

FINRA’s rule change would impose the 

following conditions and limitations: 

• Individuals would be required to be 

registered in the terminated registration 

category for at least one year 

immediately prior to the termination of 

that category; 8

• individuals could elect to 

participate when they terminate a 

registration or within two years from the 

termination of a registration; 9

• individuals would be required to 

complete annually all prescribed 

continuing education; 

• individuals would have a maximum 

of five years in which to re-register; 10

• individuals who have been CE 

inactive for two consecutive years, or 

who become CE inactive for two 

consecutive years during their 

participation, would not be eligible to 

participate or continue; 11 and 

• individuals who are subject to a 

statutory disqualification, or who 

become subject to a statutory 

disqualification following the 

termination of their registration or 

during their participation, would not be 

eligible to participate or continue.12

FINRA has included a look-back 

provision in the amended rules that 

would, subject to specified conditions, 

extend the proposed option to 

individuals who have been registered as 

a representative or principal within two 

years immediately prior to the 

implementation date of the rule change 

and individuals who have been 

Financial Services Affiliate Waiver 

Program (‘‘FSAWP’’) participants 13


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Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 18421 

14See Supplementary Material .01 to FINRA Rule 

1240. 

15See Supplementary Material .02 to FINRA Rule 

1240. 

16 15 U.S.C. 78f. 

17 15 U.S.C. 78f(b)(6). 

18See Approval Order, supra note 3. 

19 15 U.S.C. 78f(b)(5). 

20 15 U.S.C. 78f(c)(3). 

21See Approval Order, supra note 3. 

22 Id. 

23 15 U.S.C. 78s(b)(3). 

24 17 CFR 240.19b–4(f)(6). 

25 17 CFR 240.19b–4(f)(6)(iii). 

immediately prior to the 

implementation date of the proposed 

rule change.14

In addition, the amended 

Supplementary Material .02 to FINRA 

Rule 1240 includes a re-eligibility 

provision that would allow individuals 

to regain eligibility to participate each 

time they re-register with a firm for a 

period of at least one year and 

subsequently terminate their 

registration, provided that they satisfy 

the other participation conditions and 

limitations.15 Eligible participating 

individuals would be eligible to 

maintain their qualifications for up to 

five years. 

To align with the changes discussed 

above, proposed new LTSE Rule 2.154 

would state that LTSE Members and 

associated persons of a Member shall 

comply with FINRA Rule 1240(c) and 

Supplementary Material .01 and .02, as 

if such Rule were part of the Exchange’s 

Rules. Additionally, for the purpose of 

LTSE Rule 2.154, cross-references in 

incorporated FINRA Rule 1240(c) to 

FINRA Rule 1240(a)(2) shall refer to 

LTSE Rule 2.160(p)(1) (Regulatory 

Element). The proposed rule change 

would delete LTSE Rule 2.160(o) as the 

approach to a lapse in registration 

would be covered by new LTSE Rule 

2.154. 

(ii) Waiver of Examinations for 

Individuals Working for a Financial 

Services Industry Affiliate of a Member 

In connection with this new 

continuing education regime, FINRA 

amended Supplementary Material .09 to 

its Rule 1210 to state that it will not 

accept any new participants for the 

FSAWP beginning on March 15, 2022. 

To mirror changes to its FSAWP, LTSE 

has added new language to 

Supplementary Material .01 in LTSE 

Rule 2.160(g) to note that effective 

March 15, 2022, LTSE will not accept 

any new initial designations for 

individuals under its identical FSAWP. 

2. Statutory Basis 

LTSE believes that its proposal is 

consistent with Section 6(b) of the Act 16

in general, and furthers the objectives of 

Section 6(b)(5) of the Act,17 in 

particular, in that it is designed to 

prevent fraudulent and manipulative 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, 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. 

As noted above, the proposed rule 

change seeks to align the Exchange’s 

Rules with certain recent changes to 

FINRA rules which have been approved 

by the Commission.18 The Exchange 

believes the proposed rule change is 

consistent with the provisions of 

Section 6(b)(5) of the Act,19 which 

requires, among other things, that 

Exchange Rules must be designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, and, in 

general, to protect investors and the 

public interest, and Section 6(c)(3) of 

the Act,20 which authorizes the 

Exchange to prescribe standards of 

training, experience and competence for 

persons associated with the Exchange. 

The proposed changes are based on the 

changes approved by the Commission in 

the Approval Order,21 and the Exchange 

is proposing to adopt such changes 

substantially in the same form proposed 

by FINRA with respect to the MQP and 

FSAWP provisions. The Exchange 

believes the proposal is consistent with 

the Act for the reasons described above 

and for those reasons cited in the 

Approval Order.22

The Exchange believes that 

establishing a path for individuals to 

maintain their qualification following 

the termination of a registration will 

reduce unnecessary impediments to 

requalification and promote greater 

diversity and inclusion in the securities 

industry without diminishing investor 

protection. 

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange believes that the proposed 

rule change, which harmonizes its rules 

with recent rule changes adopted by 

FINRA, will reduce the regulatory 

burden placed on market participants 

engaged in trading activities across 

different markets. 

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 

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) of the Act 23 and Rule 19b– 

4(f)(6) 24 thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative for 30 days after the 

date of filing. However, pursuant to 

Rule 19b–4(f)(6)(iii), the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

this proposed rule change may become 

operative immediately upon filing. Rule 

19b–4(f)(6)(iii) 25 requires a selfregulatory organization to give the 

Commission written notice of its intent 

to file a proposed rule change under that 

subsection at least five business days 

prior to the date of filing, or such 

shorter time as designated by the 

Commission. The Exchange has 

provided such notice. 

Waiver of the 30-day operative delay 

would allow the Exchange to implement 

proposed changes to the Maintaining 

Qualifications Program by March 15, 

2022 to coincide with FINRA’s 

announced implementation date, 

thereby eliminating the possibility of a 

significant regulatory gap between the 

FINRA and LTSE rules, providing more 

uniform standards across the securities 

industry, and helping to avoid 

confusion for registered persons of the 

Exchange that are also FINRA members. 

For these reasons, the Commission 

believes that waiver of the 30-day 

operative delay for this proposal is 

consistent with the protection of 

investors and the public interest. 

Accordingly, the Commission hereby 

waives the 30-day operative delay and 


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18422 Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices 

26For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule change’s impact on efficiency, 

competition, and capital formation. See 15 U.S.C. 

78c(f). 

27 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed fee 

changes on March 1, 2022 (SR–C2–2022–006). On 

March 14, 2022, the Exchange withdrew that filing 

and submitted this proposal. 

4BOE or FIX Logical Ports provide users the 

ability to enter order/quotes. 

5BOE Bulk Ports provide users with the ability 

to submit single and bulk order messages to enter, 

modify, or cancel orders designated as Post Only 

Orders with a Time-in-Force of Day or GTD with 

an expiration time on that trading day. 

6 Drop Logical Ports grants users the ability to 

receive and/or send drop copies. 

7Purge Ports allow users to submit a cancelation 

for all open orders, or a subset thereof, across 

multiple sessions under the same Executing Firm ID 

(‘‘EFID’’). 

8Spin Ports and GRP Ports are used to request 

and receive a retransmission of data from the 

Exchange’s Multicast PITCH/Top data feeds. 

designates the proposal operative upon 

filing.26

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

LTSE–2022–02 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–LTSE–2022–02. 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 LTSE and on its internet 

website at https://longterm

stockexchange.com/. 

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–LTSE–2022–02 and 

should be submitted on or before April 

20, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06637 Filed 3–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94514; File No. SR–C2– 

2022–007] 

Self-Regulatory Organizations; Cboe 

C2 Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fees 

Schedule 

March 24, 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 14, 

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, 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 

Cboe C2 Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘C2 Options’’) proposes 

to amend its Fees Schedule. 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 amend its 

Fees Schedule to adopt fees for 

Certification Logical Port fees, effective 

March 1, 2022.3

By way of background, the Exchange 

offers a variety of logical ports, which 

provide users with the ability within the 

Exchange’s System to accomplish a 

specific function through a connection, 

such as order entry, data receipt or 

access to information. Specifically, the 

Exchange offers BOE and FIX Logical 

Ports, 4 BOE Bulk Logical Ports, 5 Drop 

Logical Ports, 6 Purge Ports, 7 GRP Ports 

and Multicast PITCH/Top Spin Server 

Ports.8 For each type of the 

aforementioned logical ports that is 

used in the production environment, the 

Exchange also offers corresponding 

ports which provide Trading Permit 

Holders (‘‘TPHs’’) and non-TPHs access 

to the Exchange’s certification 

environment to test proprietary systems 

and applications (i.e., ‘‘Certification 

Logical Ports’’). The certification 


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