33392 Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 

12 Id. 

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 240.19b–4(f)(2). 

15 15 U.S.C. 78s(b)(2)(B). 16 17 CFR 200.30–3(a)(12). 

purposes of the Act because the 

proposed rule change will apply to all 

Members and non-Members who have 

never made an ad-hoc request to 

purchase Intraday Open-Close historical 

data. Moreover, purchase of Intraday 

Open-Close historical files is 

discretionary and not compulsory. 

The Exchange also does not believe 

that the proposed rule change will 

impose any burden on intermarket 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act because the 

proposed change applies only to the 

Exchange. Furthermore, another 

exchange currently offers similar 

historical data to academic users at a 

discounted price as well as a similar 

free-trial period for similar data.12

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has neither solicited 

nor received written comments on the 

proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 13 of the Act and 

subparagraph (f)(2) of Rule 19b–4 14

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

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) 15 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– 

CboeBZX–2021–043 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–2021–043. 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–2021–043 and 

should be submitted on or before July 

15, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–13282 Filed 6–23–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92179; File No. 265–33] 

Asset Management Advisory 

Committee; Meeting 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Notice of meeting. 

SUMMARY: Notice is being provided that 

the Securities and Exchange 

Commission Asset Management 

Advisory Committee (‘‘AMAC’’) will 

hold a public meeting on July 7, 2021, 

by remote means. The meeting will 

begin at 11:00 a.m. (ET) and will be 

open to the public via webcast on the 

Commission’s website at www.sec.gov. 

Persons needing special 

accommodations to take part because of 

a disability should notify the contact 

person listed below. The public is 

invited to submit written statements to 

the Committee. The meeting will 

include a discussion of matters in the 

asset management industry relating to: 

(1) The ESG, Diversity & Inclusion, and 

Private Investments Subcommittees, 

including potential recommendations 

from those Subcommittees; and (2) the 

Evolution of Advice Subcommittee, 

including a panel discussion. 

DATES: The public meeting will be held 

on July 7, 2021. Written statements 

should be received on or before July 6, 

2021. 

ADDRESSES: The meeting will be held by 

remote means and webcast on 

www.sec.gov. Written statements may be 

submitted by any of the following 

methods. To help us process and review 

your statement more efficiently, please 

use only one method. At this time, 

electronic statements are preferred. 

Electronic Statements 

• Use the Commission’s internet 

submission form (http://www.sec.gov/ 

rules/other.shtml); or 

• Send an email message to rulecomments@sec.gov. Please include File 

Number 265–33 on the subject line; or 

Paper Statements 

• Send paper statements to Vanessa 

Countryman, Federal Advisory 

Committee Management Officer, 

Securities and Exchange Commission, 

100 F Street NE, Washington, DC 

20549–1090. All submissions should 

refer to File No. 265–33. This file 

number should be included on the 

subject line if email is used. The 

Commission will post all statements on 

the Commission’s website at (http://

www.sec.gov/comments/265-33/265- 

33.htm). 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 119 / Thursday, June 24, 2021 / Notices 33393 

1This notice was issued on June 15, 2021. Due 

to unexpected publication schedule changes, earlier 

advance publication was not possible. 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange initially filed the proposed fee 

changes June 1, 2021 (SRCboeBZX–2021–044). On 

June 9, 2021, the Exchange withdrew that filing and 

submitted this proposal. 

5See Cboe Global Markets, U.S. Equities Market 

Volume Summary, Month-to-Date (May 26, 2021), 

available at https://markets.cboe.com/us/equities/ 

market_statistics/. 

6 ADV means average daily volume calculated as 

the number of shares added or removed, combined, 

per day. ADV is calculated on a monthly basis. 

7 Fee code B is appended to displayed orders 

adding liquidity to BZX (Tape B). 

8 Fee code V is appended to displayed orders 

adding liquidity to BZX (Tape A). 

Statements also will be available for 

website viewing and printing in the 

Commission’s Public Reference Room, 

100 F Street NE, Room 1580, 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. For up-to-date 

information on the availability of the 

Public Reference Room, please refer to 

https://www.sec.gov/fast-answers/ 

answerspublicdocshtm.html or call 

(202) 551–5450. 

All statements received will be posted 

without change. Persons submitting 

comments are cautioned that we do not 

redact or edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. 

FOR FURTHER INFORMATION CONTACT: 

Christian Broadbent, Senior Special 

Counsel, or Jay Williamson, Branch 

Chief, at (202) 551–6720, Division of 

Investment Management, Securities and 

Exchange Commission, 100 F Street NE, 

Washington, DC 20549–3628. 

SUPPLEMENTARY INFORMATION: In 

accordance with Section 10(a) of the 

Federal Advisory Committee Act, 5 

U.S.C.–App. 1, and the regulations 

thereunder, Sarah ten Siethoff, 

Designated Federal Officer of the 

Committee, has ordered publication of 

this notice.1

Dated: June 15, 2021. 

Vanessa A. Countryman, 

Committee Management Officer. 

[FR Doc. 2021–13206 Filed 6–23–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92201; File No. SR– 

CboeBZX–2021–045] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fee Schedule 

June 17, 2021. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on June 9, 

2021, Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) 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 BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’ or ‘‘BZX 

Equities’’) is filing with the Securities 

and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

to amend its fee 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/ 

equities/regulation/rule_filings/bzx/), 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 

fee schedule to define the term ‘‘StepUp ADV’’ and introduce a new Single 

Market Participant Identifier (‘‘MPID’’) 

Investor Tier.4

The Exchange first notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. More 

specifically, the Exchange is only one of 

16 registered equities exchanges, as well 

as a number of alternative trading 

systems and other off-exchange venues 

that do not have similar self-regulatory 

responsibilities under the Exchange Act, 

to which market participants may direct 

their order flow. Based on publicly 

available information,5 no single 

registered equities exchange has more 

than 15% of the market share. Thus, in 

such a low-concentrated and highly 

competitive market, no single equities 

exchange possesses significant pricing 

power in the execution of order flow. 

The Exchange in particular operates a 

‘‘Maker-Taker’’ model whereby it pays 

credits to Members that add liquidity 

and assesses fees to those that remove 

liquidity. The Exchange’s fee schedule 

sets forth the standard rebates and rates 

applied per share for orders that provide 

and remove liquidity, respectively. 

Particularly, for securities at or above 

$1.00, the Exchange provides a standard 

rebate of $0.0018 per share for orders 

that add liquidity and assesses a fee of 

$0.0030 per share for orders that remove 

liquidity. Additionally, in response to 

the competitive environment, the 

Exchange also offers tiered pricing 

which provides Members opportunities 

to qualify for higher rebates or reduced 

fees where certain volume criteria and 

thresholds are met. Tiered pricing 

provides an incremental incentive for 

Members to strive for higher tier levels, 

which provides increasingly higher 

benefits or discounts for satisfying 

increasingly more stringent criteria. 

The ‘‘definitions’’ section of the 

Exchange’s fee schedule defines various 

terms used throughout the fee schedule. 

The Exchange proposes to adopt a new 

definition for the term ‘‘Step-Up ADV’’. 

Specifically, as proposed ‘‘Step-up 

ADV’’ means ADV 6 in the relevant 

baseline month subtracted from current 

day ADV. Such definition would be 

referenced in Tiers designed to 

incentivize Members to grow their ADV 

from the baseline month, such as the 

proposed Single MPID Investor Tier, as 

discussed below. 

Pursuant to footnote 4 of the fee 

schedule, the Exchange currently offers 

the Single MPID Investor Tiers that 

provide Members an opportunity to 

receive an enhanced rebate from the 

standard rebate for liquidity adding 

orders that yield fee codes B,7 V,8 and 


khammond on DSKJM1Z7X2PROD with NOTICES