34080 Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices 

33 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange originally filed to amend the 

Price List on May 28, 2021 (SR–NYSE–2021–34). 

SR–NYSE–2021–34 was subsequently withdrawn 

and replaced by this filing. 

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– 

MRX–2021–07 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–MRX–2021–07. 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–MRX–2021–07 and should 

be submitted on or before July 19, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.33

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–13656 Filed 6–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2:00 p.m. on Thursday, 

July 1, 2021. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

The subject matter of the closed 

meeting will consist of the following 

topics: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; and 

Other matters relating to examinations 

and enforcement proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting agenda items that 

may consist of adjudicatory, 

examination, litigation, or regulatory 

matters. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information, please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Dated: June 24, 2021. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2021–13845 Filed 6–24–21; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92234; File No. SR–NYSE– 

2021–36] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Its 

Price List Regarding Ports 

June 22, 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 10, 

2021, New York Stock Exchange LLC 

(‘‘NYSE’’ or the ‘‘Exchange’’) 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 selfregulatory 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 proposes to amend its 

Price List to extend the end of the 

Decommission Period from June 2021 to 

August 2021. The Exchange proposes to 

implement these changes to its Price 

List effective June 10, 2021.4 The 

proposed rule change is available on the 

Exchange’s website at www.nyse.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 those 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 parts of such 

statements. 


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Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices 34081 

5See Securities Exchange Act Release No. 86360 

(July 11, 2019), 84 FR 34210 (July 17, 2019) (SR– 

NYSE–2019–39). 

6See Securities Exchange Act Release No. 88373 

(March 12, 2020), 85 FR 15533 (March 18, 2020) 

(SR–NYSE–2020–14). 

7See Securities Exchange Act Release No. 89591 

(August 18, 2020), 85 FR 52159 (August 24, 2020) 

(SR–NYSE–2020–14). 

8See Securities Exchange Act Release No. 90180 

(October 14, 2020), 85 FR 66612 (October 20, 2020) 

(SR–NYSE–2020–82). 

9See Securities Exchange Act Release No. 90661 

(December 14, 2020), 85 FR 82532 (December 18, 

2020) (SR–NYSE–2020–99). 

10See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37495, 37499 (June 29, 2005) 

(S7–10–04) (Final Rule) (‘‘Regulation NMS’’). 

11See Securities Exchange Act Release No. 61358, 

75 FR 3594, 3597 (January 21, 2010) (File No. S7– 

02–10) (Concept Release on Equity Market 

Structure). 

12See Cboe Global Markets, U.S. Equities Market 

Volume Summary, available at http://

markets.cboe.com/us/equities/market_share/. See 

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

divisionsmarketregmrexchangesshtml.html. 

13See FINRA ATS Transparency Data, available 

at https://otctransparency.finra.org/ 

otctransparency/AtsIssueData. A list of alternative 

trading systems registered with the Commission is 

available at https://www.sec.gov/foia/docs/ 

atslist.htm. 

14See Cboe Global Markets U.S. Equities Market 

Volume Summary, available at http://

markets.cboe.com/us/equities/market_share/. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this filing is to 

provide additional time for member 

organizations to finalize their transition 

from older to newer and more efficient 

Pillar technology. The Exchange is not 

proposing to adjust the amount of the 

port fees or the fees charged to offset the 

Exchange’s continuing costs of 

supporting legacy ports, which will 

remain at the current level for all market 

participants. 

Effective July 3, 2019, the Exchange 

introduced transition pricing designed 

to provide member organizations an 

extended transition period to connect to 

the Exchange using Pillar technology 

with no fee increase. Specifically, the 

Exchange (1) adopted a cap on monthly 

fees for the use of certain ports 

connecting to the Exchange for the 

billing months July 2019 through March 

2020 (the ‘‘Transition Period’’); (2) 

adopted a Decommission Extension Fee 

applicable for the billing months April 

2020 through September 2020 (the 

‘‘Decommission Period’’) for legacy port 

connections; and (3) prorated the 

monthly fee for certain ports activated 

after July 1, 2019, effective April 1, 

2020.5

Effective March 2, 2020, the Exchange 

(1) extended the end of the Transition 

Period from March 2020 to August 2020 

for member organizations to transition 

to the utilization of ports that connect 

to the Exchange using Pillar technology; 

(2) shortened the Decommission Period 

from six months (April 2020–September 

2020) to four months (September– 

December 2020); (3) extended the 

effective date that the Exchange would 

prorate the monthly fee for certain ports 

activated on or after July 1, 2019 from 

April 1, 2020 to September 1, 2020; and 

(4) revised the fees charged for legacy 

port connections during the 

Decommission Period.6

Effective August 1, 2020, the 

Exchange (1) extended the end of the 

Transition Period from August 2020 to 

October 2020; (2) extended the 

beginning of the Decommission Period 

from September 2020 to November 2020 

and the end of the Decommission Period 

from December 2020 to February 2021; 

and (3) extended the effective date that 

the Exchange would prorate the 

monthly fee for ports activated on or 

after July 1, 2019 from September 1, 

2020 to November 1, 2020.7

Effective October 1, 2020, the 

Exchange (1) extended the end of the 

Transition Period from October 2020 to 

December 2020; (2) extended the 

beginning of the Decommission Period 

from November 2020 to January 2021 

and the end of the Decommission Period 

from February 2021 to April 2021; and 

(3) extended the effective date that the 

Exchange would prorate the monthly fee 

for ports activated on or after July 1, 

2019 from November 1, 2020 to January 

1, 2021.8

Effective December 1, 2020, the 

Exchange (1) extended the end of the 

Transition Period from December 2020 

to February 2021; (2) extended the 

beginning of the Decommission Period 

from January 2021 to March 2021 and 

the end of the Decommission Period 

from April 2021 to June 2021; and (3) 

extended the effective date that the 

Exchange would prorate the monthly fee 

for ports activated on or after July 1, 

2019 from January 1, 2021 to March 1, 

2021.9

The Exchange proposes to extend the 

end of the Decommission Period two 

months from June 2021 to August 2021 

in order to allow member organizations 

that did not complete the transition 

during the Transition Period the ability 

to choose to continue using Phase I 

ports until August 2021. 

The Exchange proposes to implement 

these changes to its Price List effective 

June 1, 2021. 

Competitive Environment 

The Exchange operates in a highly 

competitive market. The Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. 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.’’ 10

While Regulation NMS has enhanced 

competition, it has also fostered a 

‘‘fragmented’’ market structure where 

trading in a single stock can occur 

across multiple trading centers. When 

multiple trading centers compete for 

order flow in the same stock, the 

Commission has recognized that ‘‘such 

competition can lead to the 

fragmentation of order flow in that 

stock.’’ 11 Indeed, equity trading is 

currently dispersed across 16 

exchanges,12 31 alternative trading 

systems,13 and numerous broker-dealer 

internalizers and wholesalers, all 

competing for order flow. Based on 

publicly available information, no single 

exchange has more than 16% market 

share.14 The Exchange believes that the 

ever-shifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow, or discontinue or 

reduce use of certain categories of 

products, including ports, in response to 

fee changes. Accordingly, the 

Exchange’s fees, including port fees, are 

reasonably constrained by competitive 

alternatives and market participants can 

readily trade on competing venues if 

they deem pricing levels at those other 

venues to be more favorable. 

The Exchange is proposing these 

changes in the context of a competitive 

environment in which market 

participants can and do shift order flow, 

or discontinue or reduce use of certain 

categories of products, in response to fee 

changes. Because ports are used by 

member organizations to trade 

electronically on the Exchange, fees 

associated with ports are subject to 

these same competitive forces. The 

Exchange believes that the proposal 

represents a reasonable attempt to 

provide member organizations with 

additional time to finalize an orderly 

transition to upgraded technology. 

Proposed Rule Change 

Member organizations enter orders 

and order instructions, and receive 

information from the Exchange, by 


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34082 Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices 

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

16 15 U.S.C. 78f(b)(4) & (5). 

17See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37495, 37499 (June 29, 2005) 

(S7–10–04) (Final Rule) (‘‘Regulation NMS’’). 

18See Securities Exchange Act Release No. 61358, 

75 FR 3594, 3597 (January 21, 2010) (File No. S7– 

02–10) (Concept Release on Equity Market 

Structure). 

19See Cboe Global Markets, U.S. Equities Market 

Volume Summary, available at http://

markets.cboe.com/us/equities/market_share/. See 

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

divisionsmarketregmrexchangesshtml.html. 

20See FINRA ATS Transparency Data, available 

at https://otctransparency.finra.org/ 

otctransparency/AtsIssueData. A list of alternative 

trading systems registered with the Commission is 

available at https://www.sec.gov/foia/docs/ 

atslist.htm. 

21See Cboe Global Markets U.S. Equities Market 

Volume Summary, available at http://

markets.cboe.com/us/equities/market_share/. 

establishing a connection to a gateway 

that uses communication protocols that 

map to the order types and modifiers 

described in Exchange rules. These 

gateway connections, also known as 

logical port connections, are referred to 

as ‘‘ports’’ on the Exchange’s Price List. 

Legacy ports connect with the Exchange 

via a Common Customer Gateway 

(known as ‘‘CCG’’) that accesses its 

equity trading systems (‘‘Phase I ports’’). 

Beginning July 1, 2019, the Exchange 

began making available ports using 

Pillar gateways to its member 

organizations (‘‘Phase II ports’’). 

Currently, member organizations that 

have not transitioned to Phase II ports 

and are still utilizing Phase I ports 

during the billing months of March 2021 

through June 2021 (i.e., the 

Decommission Period), would, in 

addition to the current port fees, be 

charged a Decommission Extension Fee 

of $1,000 per port per month, increasing 

by $1,000 per port for each month for 

any ports that communicate using Pillar 

phase I protocols. As per the Price List, 

ports using Pillar phase I protocols 

would no longer be available beginning 

July 1, 2021. 

The Exchange proposes that the 

Decommission Period would end two 

months later, in August 2021. As 

proposed, the Price List would also be 

amended to provide that ports using 

Pillar phase I protocols would no longer 

be available beginning September 1, 

2021. 

As noted above, the Exchange 

believes that, to the extent that member 

organizations do not complete the 

transition during the Transition Period, 

the proposed rule change will offer 

member organizations the ability to 

choose to continue using Phase I ports 

until August 2021. 

The proposed changes are not 

otherwise intended to address any other 

issues, and the Exchange is not aware of 

any problems that member 

organizations would have in complying 

with the proposed change. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,15 in general, and 

furthers the objectives of Sections 

6(b)(4) and 6(b)(5) of the Act,16 in 

particular, because it provides for the 

equitable allocation of reasonable dues, 

fees, and other charges among its 

members, issuers and other persons 

using its facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

The Proposed Change Is Reasonable 

The Exchange operates in a highly 

competitive market. The Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. 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.’’ 17

While Regulation NMS has enhanced 

competition, it has also fostered a 

‘‘fragmented’’ market structure where 

trading in a single stock can occur 

across multiple trading centers. When 

multiple trading centers compete for 

order flow in the same stock, the 

Commission has recognized that ‘‘such 

competition can lead to the 

fragmentation of order flow in that 

stock.’’ 18 Indeed, equity trading is 

currently dispersed across 16 

exchanges,19 31 alternative trading 

systems,20 and numerous broker-dealer 

internalizers and wholesalers, all 

competing for order flow. Based on 

publicly available information, no single 

exchange has more than 16% market 

share.21 The Exchange believes that the 

ever-shifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow, or discontinue or 

reduce use of certain categories of 

products, including ports, in response to 

fee changes. Accordingly, the 

Exchange’s fees, including port fees, are 

reasonably constrained by competitive 

alternatives and market participants can 

readily trade on competing venues if 

they deem pricing levels at those other 

venues to be more favorable. 

The Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow, or discontinue or 

reduce use of certain categories of 

products, including ports, in response to 

fee changes. Accordingly, the 

Exchange’s fees, including port fees, are 

reasonably constrained by competitive 

alternatives and market participants can 

readily trade on competing venues if 

they deem pricing levels at those other 

venues to be more favorable. 

If a particular exchange charges 

excessive fees for connectivity, 

impacted members and non-members 

may opt to terminate their connectivity 

arrangements with that exchange, and 

adopt a possible range of alternative 

strategies, including routing to the 

applicable exchange through another 

participant or market center or taking 

that exchange’s data indirectly. 

Accordingly, if the Exchange charges 

excessive fees, it would stand to lose not 

only connectivity revenues but also 

revenues associated with the execution 

of orders routed to it, and, to the extent 

applicable, market data revenues. The 

Exchange believes that this competitive 

dynamic imposes powerful restraints on 

the ability of any exchange to charge 

unreasonable fees for connectivity. 

Given this competitive environment, 

the proposal represents a fair and 

reasonable attempt to provide member 

organizations with additional time to 

finalize an orderly transition to 

upgraded technology. As of April 2021, 

16.2% of legacy ports have not been 

cancelled. The pricing is designed so 

that these few remaining member 

organizations utilizing legacy ports 

would pay for the Exchange to continue 

to support their Phase I ports through 

August 2021. 

The Proposal Is an Equitable Allocation 

of Fees 

The Exchange believes its proposal 

equitably allocates its fees among its 

market participants. The Exchange is 

not proposing to adjust the amount of 

the port fees or the fees charged fees to 

offset the Exchange’s continuing costs of 

supporting legacy ports, which will 

remain at the current level for all market 

participants. Rather, the proposal would 

provide additional time for member 

organizations to transition from older to 

newer and more efficient Pillar 

technology and would charge the same 

fee for those few member organizations 

that choose not to transition to Phase II 

ports during the extended Transition 

Period. 


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22 15 U.S.C. 78f(b)(8). 

23See Cboe Global Markets U.S. Equities Market 

Volume Summary, available at http://

markets.cboe.com/us/equities/market_share/. 

24 15 U.S.C. 78s(b)(3)(A). 

25 17 CFR 240.19b–4(f)(2). 

The proposal constitutes an equitable 

allocation of fees because all similarly 

situated member organizations and 

other market participants that, following 

the transition period, choose to connect 

to the Exchange through the use of 

Phase I ports during the Decommission 

Period would continue to be charged the 

same, unchanged Decommission 

Extension Fee. 

The Proposal Is Not Unfairly 

Discriminatory 

The Exchange believes that the 

proposal is not unfairly discriminatory. 

In the prevailing competitive 

environment, member organizations are 

free to disfavor the Exchange’s pricing if 

they believe that alternatives offer them 

better value, and are free to discontinue 

to connect to the Exchange through its 

ports. As noted, the Exchange is offering 

upgraded connections in an effort to 

keep pace with changes in the industry 

and evolving customer needs as new 

technologies emerge and products 

continue to develop and change. 

The proposal neither targets nor will 

it have a disparate impact on any 

particular category of market 

participant. The Exchange believes that 

the proposal does not permit unfair 

discrimination because the proposal 

would be applied to all similarly 

situated member organizations and 

other market participants would be 

charged the same rates, which will 

remain unchanged. 

The Exchange believes that the 

proposal does not permit unfair 

discrimination because the 

Decommission Extension Fee would 

apply equally to all member 

organizations that require additional 

time to complete their transition to the 

Phase II ports. At any point during the 

Decommission Period, a member 

organization could cease to be subject to 

the Decommission Fee by expediting its 

transition to the new ports. The 

Decommission Fee would thus apply 

equally to all member organizations 

during the proposed extended 

Decommission Period that choose to 

continue to connect to the Exchange 

through the use of legacy ports. As 

noted, to the extent a member 

organization continues to use ports 

activated before July 1, 2019 to connect 

to the Exchange during the proposed 

extended Decommission Period, the 

Exchange believes it is fair, equitable 

and not unfairly discriminatory to 

continue to charge flat fees for such 

ports until such time that connection to 

the Exchange through the use of old 

ports is no longer available beginning, 

as proposed, on September 1, 2021. 

Finally, the Exchange believes that it 

is subject to significant competitive 

forces, as described below in the 

Exchange’s statement regarding the 

burden on competition. 

For the foregoing reasons, the 

Exchange believes that the proposal is 

consistent with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,22 the Exchange believes that the 

proposed rule change would not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Instead, as 

discussed above, the Exchange believes 

that the proposed changes would 

provide additional time for member 

organizations to finalize the transition 

from older to newer and more efficient 

Pillar technology with no fee increase 

and offset the Exchange’s continuing 

costs of supporting the Phase I ports for 

the few firms that do not transition to 

the new ports during the longer 

transition period without any change to 

the fees currently charged by the 

Exchange for the use of ports to connect 

to the Exchange’s trading systems. 

Intramarket Competition. The 

Exchange does not believe the proposed 

rule change would impose any burden 

on intramarket competition that is not 

necessary or appropriate because it 

would apply to all member 

organizations equally that connect to the 

Exchange. All member organizations, 

regardless of size, that did not complete 

the transition to Phase II ports by the 

end of February 2021 date are subject to 

the Decommission Fee on an equal basis 

and would continue to be subject to the 

fee on an equal basis for the proposed 

additional two months if they do not 

complete the transition to Phase II ports. 

As noted, as of April 2021, 16.2% of 

legacy ports have not been cancelled. 

The pricing is designed so that these 

few remaining member organizations 

utilizing legacy ports would pay for the 

Exchange to continue to support their 

Phase I ports through August 2021. 

Intermarket Competition. The 

Exchange does not believe the proposed 

rule change would impose any burden 

on intermarket competition that is not 

necessary or appropriate because the 

Exchange operates in a highly 

competitive market in which market 

participants can readily choose to send 

their orders to other exchange and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. The Exchange believes that 

fees for connectivity are constrained by 

the robust competition for order flow 

among exchanges and non-exchange 

markets. 

As noted, the no single exchange has 

more than 16% of the market share of 

executed volume of equity trades 

(whether excluding or including auction 

volume).23 The Exchange believes that 

the ever-shifting market share among 

the exchanges from month to month 

demonstrates that market participants 

can shift order flow, or discontinue or 

reduce use of certain categories of 

products, including ports, in response to 

fee changes. Accordingly, the 

Exchange’s fees, including port fees, are 

reasonably constrained by competitive 

alternatives and market participants can 

readily trade on competing venues if 

they deem pricing levels at those other 

venues to be more favorable. 

The Exchange is proposing these 

changes in the context of a competitive 

environment in which market 

participants can and do shift order flow, 

or discontinue or reduce use of certain 

categories of products, in response to fee 

changes. Because ports are used by 

member organizations to trade 

electronically on the Exchange, fees 

associated with ports are subject to 

these same competitive forces. The 

Exchange therefore believes that the 

proposal would not impose an undue 

burden on intermarket competition 

because the purpose of this filing is not 

to change the rates charged for ports or 

to offset the Exchange’s continuing costs 

of supporting legacy ports but rather to 

provide member organizations with 

more time to effect an orderly transition 

to upgraded technology without needing 

to incur any additional costs. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to 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) 24 of the Act and 

subparagraph (f)(2) of Rule 19b–4 25

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 


khammond on DSKJM1Z7X2PROD with NOTICES
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26 15 U.S.C. 78s(b)(2)(B). 

27 17 CFR 200.30–3(a)(12), (59). 

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

2 17 CFR 240.19b–4. 

3See 2019 Risk Monitoring and Examination 

Priorities Letter (January 2019) available at https:// 

www.finra.org/industry/2019-annual-riskmonitoring-and-examination-priorities-letter. 

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) 26 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– 

NYSE–2021–36 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–NYSE–2021–36. 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–NYSE–2021–36, and 

should be submitted on or before July 

19, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–13660 Filed 6–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting; Cancellation 

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENT: 86 FR 32993, June 23, 

2021. 

PREVIOUSLY ANNOUNCED TIME AND DATE OF

THE MEETING: Thursday, June 24, 2021 at 

2:00 p.m. 

CHANGES IN THE MEETING: The Closed 

Meeting scheduled for Thursday, June 

24, 2021 at 2:00 p.m., has been 

cancelled. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Dated: June 24, 2021. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2021–13813 Filed 6–24–21; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92225; File No. SR–FINRA– 

2021–016] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing of a 

Proposed Rule Change To Amend Rule 

2165 (Financial Exploitation of 

Specified Adults) 

June 22, 2021. 

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

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on June 9, 2021, the Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’) 

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 FINRA. 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 

FINRA is proposing to amend Rule 

2165 (Financial Exploitation of 

Specified Adults) to permit member 

firms to: (1) Extend a temporary hold on 

a disbursement of funds or securities or 

a transaction in securities for an 

additional 30-business days if the 

member firm has reported the matter to 

a state regulator or agency or a court of 

competent jurisdiction; and (2) place a 

temporary hold on a securities 

transactions where there is a reasonable 

belief of financial exploitation. 

The text of the proposed rule change 

is available on FINRA’s website at 

http://www.finra.org, at the principal 

office of FINRA 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, 

FINRA 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. FINRA 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 

Protection of Senior Investors 

The protection of senior investors is a 

top priority for FINRA. FINRA has 

prioritized protecting senior investors 

and addressed financial exploitation of 

senior investors in numerous ways, 

including: 

• Identifying senior investor issues as 

an examination priority; 3

• Launching the dedicated FINRA 

Securities Helpline for Seniors®— 

available at 844–57–HELPS—to provide 


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