Federal Register / Vol. 86, No. 153 / Thursday, August 12, 2021 / Notices 44455 

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

2 17 CFR 240.19b–4. 

3The term ‘‘Options Participant’’ or ‘‘Participant’’ 

mean a firm, or organization that is registered with 

the Exchange pursuant to Options 2A of these Rules 

for purposes of participating in options trading on 

NOM as a ‘‘Nasdaq Options Order Entry Firm’’ or 

‘‘Nasdaq Options Market Maker’’. See Options 1, 

Section 1(a)(39). All NOM Participants must be an 

existing member or become a member of the 

Exchange, pursuant to the 1000 rules series, and 

continue to abide by the requirements of the 1000 

Series with respect to participation in NOM. See 

Options 2A, Section 1(b)(3). 

4Participants must record the appropriate 

account origin code on all orders at the time of 

entry of the order. The Exchange represents that it 

has surveillances in place to verify that Participants 

mark orders with the correct account origin code. 

5The Exchange uses reports from OCC when 

assessing and collecting the ORF. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92600; File No. SR– 

NASDAQ–2021–057] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

NOM’s Options Regulatory Fee 

August 6, 2021. 

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 August 5, 

2021, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I and 

II, 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 

The Exchange proposes to amend The 

Nasdaq Options Market LLC’s (‘‘NOM’’) 

Pricing Schedule at Options 7, Section 

5 related to the Options Regulatory Fee 

or ‘‘ORF’’. 

While the changes proposed herein 

are effective upon filing, the Exchange 

has designated the amendments become 

operative on October 1, 2021. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, 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 

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 

Currently, NOM assesses an ORF of 

$0.0020 per contract side as specified in 

NOM’s Pricing Schedule at Options 7, 

Section 5. The Exchange proposes to 

waive its ORF from October 1, 2021 to 

January 31, 2022, and then recommence 

the ORF on February 1, 2022. 

By way of background, the options 

industry has experienced extremely 

high options trading volumes and 

volatility. This historical anomaly of 

persistent increased options volumes 

has impacted NOM’s ORF collection 

which, in turn, has caused the Exchange 

to continue to revisit its financial 

forecast to reflect the sustained elevated 

options volumes and volatility. As the 

Exchange continues to monitor the 

amount of revenue collected from the 

ORF to ensure that our ORF collection, 

in combination with other regulatory 

fees and fines, does not exceed 

regulatory costs, the Exchange has 

found it difficult to determine when 

volumes will return to more normal 

levels. In order to avoid iterative rule 

changes to amend its ORF, the Exchange 

believes it is prudent to instead waive 

its ORF from October 1, 2021 to January 

31, 2022, to permit the Exchange to plan 

future forecasts without the need to 

account for any ORF collection during 

that timeframe. This proposal would 

ensure that revenue collected from the 

ORF, in combination with other 

regulatory fees and fines, would not 

exceed the Exchange’s total regulatory 

costs. NOM would recommence 

assessing its current ORF rate of $0.0020 

per contract side as of February 1, 2022. 

Furthermore, prior to February 1, 2022, 

NOM will examine its ORF rate to 

determine if the $0.0020 per contract 

side ORF is justified given the current 

volumes in 2022 as well as the current 

Exchange regulatory expenses at that 

time. NOM would file a proposed rule 

change to amend its per contract ORF if 

changes are necessary to ensure an 

equitable allocation of reasonable ORF, 

if e.g., the Exchange believes that the 

volumes NOM experiences in the 

second half of 2021 are likely to persist 

throughout 2022. Of note, NOM 

proposes to continue to operate with the 

ORF fee waived in January 2022 to 

allow its Participants 3 and other broker 

dealers time to align their systems for 

February 1, 2022, allowing for time after 

the holiday period which traditionally 

have year-end code freezes in place. 

Collection of ORF 

Currently, NOM assesses its ORF for 

each customer option transaction that is 

either: (1) Executed by a Participant on 

NOM; or (2) cleared by a NOM 

Participant at The Options Clearing 

Corporation (‘‘OCC’’) in the customer 

range,4 even if the transaction was 

executed by a non-Participant of NOM, 

regardless of the exchange on which the 

transaction occurs.5

ORF Revenue and Monitoring of ORF 

The Exchange monitors the amount of 

revenue collected from the ORF to 

ensure that it, in combination with other 

regulatory fees and fines, does not 

exceed regulatory costs. In determining 

whether an expense is considered a 

regulatory cost, the Exchange reviews 

all costs and makes determinations if 

there is a nexus between the expense 

and a regulatory function. The Exchange 

notes that fines collected by the 

Exchange in connection with a 

disciplinary matter offset ORF. 

Revenue generated from ORF, when 

combined with all of the Exchange’s 

other regulatory fees and fines, is 

designed to recover a material portion of 

the regulatory costs to the Exchange of 

the supervision and regulation of 

Participant customer options business 

including performing routine 

surveillances, investigations, 

examinations, financial monitoring, and 

policy, rulemaking, interpretive, and 

enforcement activities. Regulatory costs 

include direct regulatory expenses and 

certain indirect expenses in support of 

the regulatory function. The direct 

expenses include in-house and thirdparty service provider costs to support 

the day-to-day regulatory work such as 

surveillances, investigations and 

examinations. The indirect expenses 

include support from such areas as 

Office of the General Counsel, 

technology, and internal audit. Indirect 

expenses are estimated to be 

approximately 42% of the total 

regulatory costs for 2021. Thus, direct 


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44456 Federal Register / Vol. 86, No. 153 / Thursday, August 12, 2021 / Notices 

6See Options Trader Alert 2021–41. 7See data from OCC at: https://

www.businesswire.com/news/home/ 

20201202005584/en/OCC-November-2020-TotalVolume-Up-71-Percent-From-a-Year-Ago. 

8See data from OCC at: https://www.theocc.com/ 

Market-Data/Market-Data-Reports/Volume-andOpen-Interest/Volume-by-Account-Type. 

9 Id. 

10The Exchange notes that its regulatory 

responsibilities with respect to Participant 

compliance with options sales practice rules have 

largely been allocated to FINRA under a 17d–2 

agreement. The ORF is not designed to cover the 

cost of that options sales practice regulation. 

11The Exchange will provide Participants with 

such notice at least 30 calendar days prior to the 

effective date of the change. 

12The Exchange notes that in connection with 

this proposal, it provided the Commission 

confidential details regarding the Exchange’s 

projected regulatory revenue, including projected 

revenue from ORF, along with a projected 

regulatory expenses. 

13 15 U.S.C. 78f(b). 

14 15 U.S.C. 78f(b)(4). 

expenses are estimated to be 

approximately 58% of total regulatory 

costs for 2021. 

The ORF is designed to recover a 

material portion of the costs to the 

Exchange of the supervision and 

regulation of its members, including 

performing routine surveillances, 

investigations, examinations, financial 

monitoring, and policy, rulemaking, 

interpretive, and enforcement activities. 

Proposal 

Based on the Exchange’s most recent 

review, the Exchange proposes to waive 

ORF from October 1, 2021 to January 31, 

2022, to help ensure that revenue 

collected from the ORF, in combination 

with other regulatory fees and fines, 

does not exceed the Exchange’s total 

regulatory costs. NOM would 

recommence assessing its current ORF 

rate of $0.0020 per contract side as of 

February 1, 2022. The Exchange issued 

an Options Trader Alert on July 2, 2021 

indicating the proposed rate change for 

October 1, 2021.6

The proposed waiver is based on 

recent options volume which has 

remained at abnormally and 

unexpectedly high levels. Options 

volume in 2021 remains significantly 

high when that volume is compared to 

2019 and 2020 options volume. For 

example, total options contract volume 

in November 2020 was 71% higher than 

the total options contract volume in 

November 2019.7 Below is industry data 

from OCC 8 which illustrates the 

significant increase in volume during 

the fourth quarter of 2020. 

Volume October 2020 November 2020 December 2020 Q4 2020 

Total ......................................................................................... 633,365,184 673,660,858 753,568,354 2,060,594,396 

Customer ................................................................................. 587,707,301 630,297,252 708,037,956 1,926,042,509 

Total ADV ................................................................................ 28,789,326.55 33,683,042.90 34,253,107.00 32,196,787.44 

Customer ADV ......................................................................... 26,713,968.23 31,514,862.60 32,183,543.45 30,094,414.20 

Below is industry data from OCC9

which illustrates the significant increase 

in volume from January 2021 through 

March 2021. The options volume in the 

first quarter of 2021 was higher than the 

fourth quarter of 2020. Also, April and 

May 2021 volumes remain significantly 

high as compared to 2020 options 

volume in general. 

Volume January 2021 February 2021 March 2021 April 2021 May 2021 

Total ....................................................... 838,339,790 823,412,827 898,653,388 711,388,828 718,368,993 

Customer ............................................... 784,399,878 782,113,450 837,247,059 667,208,963 659,913,862 

Total ADV .............................................. 44,123,146.84 43,337,517.20 39,071,886.40 33,875,658.50 35,918,449.70 

Customer ADV ....................................... 41,284,204.11 41,163,865.79 36,402,046.04 31,771,855.38 32,995,693.10 

As a result of the historical anomaly 

created by these high options volumes, 

NOM has no assurance that the 

Exchange’s final costs for 2021 will not 

differ materially from these expectations 

and prior practice, nor can the Exchange 

predict with certainty whether options 

volume will remain at the current level 

going forward. The Exchange notes 

however, that when combined with 

regulatory fees and fines, the revenue 

being generated utilizing the current 

ORF rate may result in revenue in 

excess of the Exchange’s estimated 

regulatory costs for the year. 

Particularly, as noted above, the options 

market has seen a substantial increase in 

volume in 2021 as compared to 2020, 

due in large part to the continued 

extreme volatility in the marketplace as 

a result of the COVID–19 pandemic. 

This unprecedented spike in volatility 

resulted in significantly higher volume 

than was originally projected by the 

Exchange (thereby resulting in 

substantially higher ORF revenue than 

projected). The Exchange therefore 

proposes to waive ORF from October 1, 

2021 to January 31, 2022 to ensure it 

does not exceed its regulatory costs for 

2021. Particularly, the Exchange 

believes that waiving ORF from October 

1, 2021 to January 31, 2022 and 

considering all of the Exchange’s other 

regulatory fees and fines would allow 

the Exchange to continue covering a 

material portion of its regulatory costs, 

while lessening the potential for 

generating excess revenue that may 

otherwise occur using the current rate.10

NOM would recommence assessing 

its current ORF rate of $0.0020 per 

contract side as of February 1, 2022. 

Until October 1, 2021, the Exchange will 

continue to monitor the amount of 

revenue collected from the ORF to 

ensure that it, in combination with its 

other regulatory fees and fines, does not 

exceed regulatory costs. The Exchange 

would also continue monitoring the 

amount of revenue collected from the 

ORF when it recommences assessing 

ORF on February 1, 2022. If the 

Exchange determines regulatory 

revenues exceed regulatory costs, the 

Exchange will adjust the ORF by 

submitting a fee change filing to the 

Commission and notifying 11 its 

Participants via an Options Trader 

Alert.12

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act. 13 Specifically, 

the Exchange believes the proposed rule 

change is consistent with Section 6(b)(4) 

of the Act, 14 which provides that 

Exchange rules may provide for the 

equitable allocation of reasonable dues, 


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Federal Register / Vol. 86, No. 153 / Thursday, August 12, 2021 / Notices 44457 

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

16 If the OCC clearing member is a NOM 

Participant, ORF is assessed and collected on all 

cleared customer contracts (after adjustment for 

CMTA); and (2) if the OCC clearing member is not 

a NOM Participant, ORF is collected only on the 

cleared customer contracts executed at NOM, taking 

into account any CMTA instructions which may 

result in collecting the ORF from a non-member. 

17See Securities Exchange Act Release No. 81344 

(August 8, 2017), 82 FR 37955 (August 14, 2017) 

(SR–NASDAQ–2017–068) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

To Revise the NASDAQ Options Market LLC Rules 

Regarding the Options Regulatory Fee). The 

Exchange also noted in this rule change that, ‘‘As 

a result, the costs associated with administering the 

customer component of the Exchange’s overall 

regulatory program are materially higher than the 

costs associated with administering the Customer 

component of the Exchange’s overall regulatory 

program are materially higher than the costs 

associated with administering the non-Customer 

component (e.g. Participant proprietary 

transactions) of its regulatory program.’’ See 82 FR 

37956. Further, the Exchange notes that it has broad 

regulatory responsibilities with respect to activities 

of its Participants, irrespective of where their 

transactions take place. Many of the Exchange’s 

surveillance programs for customer trading activity 

may require the Exchange to look at activity across 

all markets, such as reviews related to position limit 

violations and manipulation. Indeed, the Exchange 

cannot effectively review for such conduct without 

looking at and evaluating activity regardless of 

where it transpires. In addition to its own 

surveillance programs, the Exchange also works 

with other SROs and exchanges on intermarket 

surveillance related issues. Through its 

participation in the Intermarket Surveillance Group 

(‘‘ISG’’) the Exchange shares information and 

coordinates inquiries and investigations with other 

exchanges designed to address potential 

intermarket manipulation and trading abuses. 

Accordingly, there is a strong nexus between the 

ORF and the Exchange’s regulatory activities with 

respect to customer trading activity of its 

Participants. 

18See Securities Exchange Act Release Nos. 

81344 (August 8, 2017), 82 FR 37955 (August 14, 

2017) (SR–NASDAQ–2017–068); 78360 (July 19, 

2016), 81 FR 48475 (July 25, 2016) (SR–NASDAQ– 

2016–096); and 76950 (January 21, 2016), 81 FR 

4687 (January 27, 2016) (SR–NASDAQ–2016–003). 

19 Id. 

fees, and other charges among its 

members, and other persons using its 

facilities. Additionally, the Exchange 

believes the proposed rule change is 

consistent with the Section 6(b)(5) 15

requirement that the rules of an 

exchange not be designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange believes the proposed 

fee waiver is reasonable because 

customer transactions will be subject to 

no ORF from October 1, 2021 to January 

31, 2022. Moreover, the proposed 

waiver is necessary, so the Exchange 

does not collect revenue in excess of its 

anticipated regulatory costs, in 

combination with other regulatory fees 

and fines, which is consistent with the 

Exchange’s practices. 

The Exchange designed the ORF to 

generate revenues that would be less 

than the amount of the Exchange’s 

regulatory costs to ensure that it, in 

combination with its other regulatory 

fees and fines, does not exceed 

regulatory costs, which is consistent 

with the view of the Commission that 

regulatory fees be used for regulatory 

purposes and not to support the 

Exchange’s business operations. As 

discussed above, however, after review 

of its regulatory costs and regulatory 

revenues, which includes revenues from 

ORF and other regulatory fees and fines, 

the Exchange determined that absent a 

reduction in ORF, it may be collecting 

revenue in excess of its regulatory costs. 

Indeed, the Exchange notes that when 

considering the recent options volume, 

which included an increase in customer 

options transactions, it estimates the 

ORF may generate revenues that may 

cover more than the approximated 

Exchange’s projected regulatory costs. 

As such, the Exchange believes it’s 

reasonable and appropriate to waive 

ORF from October 1, 2021 to January 31, 

2022 and recommence assessing ORF on 

February 1, 2022. 

The Exchange also believes the 

proposed fee change is equitable and 

not unfairly discriminatory as no 

Participant would be assessed an ORF 

from October 1, 2021 to January 31, 

2022. While the Exchange has assessed 

and collected ORF from January through 

September, 2021, but will not collect 

ORF, with this proposal, from October 

2021 through January 2022, the 

Exchange does not believe that it is 

unfairly discriminatory to not assess the 

ORF from October 2021 through January 

2022 because the ORF is designed and 

intended to recover a portion of the 

Exchange’s regulatory costs without 

collecting in excess of those costs. 

Unexpectedly high and sustained 

customer volume has resulted in higher 

revenues from the ORF that, if not 

suspended, will likely result in overcollection of ORF, which would be 

inconsistent with the Exchange’s prior 

representations and undertaking to not 

collect ORF in excess of regulatory 

expenses. The Exchange did not 

decrease the amount of the ORF earlier 

in 2021 because it did not expect, based 

on its prior experience, that customer 

volume would remain abnormally high. 

Also, it is equitable and not unfairly 

discriminatory to recommence the 

assessment of the ORF on February 1, 

2022 because assessing the ORF to each 

Participant for options transactions 

cleared by OCC in the customer range 

where the execution occurs on another 

exchange and is cleared by aa NOM 

Participant is an equitable allocation of 

reasonable dues, fees, and other charges 

among its members and issuers and 

other persons using its facilities.16

The Exchange believes recommencing 

the ORF on February 1, 2022 at the same 

rate, unless options volumes at that time 

warrant a proposed rule change, 

continues to ensure fairness by 

assessing higher fees to those 

Participants that require more Exchange 

regulatory services based on the amount 

of customer options business they 

conduct. As noted in prior ORF rule 

changes which set the current ORF rate 

of $0.0020 per contract side, regulating 

customer trading activity is much more 

labor intensive and requires greater 

expenditure of human and technical 

resources than regulating non-customer 

trading activity, which tends to be more 

automated and less labor-intensive. For 

example, there are costs associated with 

main office and branch office 

examinations (e.g., staff expenses), as 

well as investigations into customer 

complaints and the terminations of 

registered persons.17

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that this 

proposal creates an unnecessary or 

inappropriate intra-market or intermarket burden on competition for 

several reasons. First, ORF has been 

amended several times since its 

inception in 2011.18 For example, NOM 

amended its ORF rate from $0.0021 to 

$0.0027 per contract side as of August 

1, 2017. Participants who either 

executed a transaction on NOM or 

cleared a transaction at OCC in the 

customer range would have been 

assessed a higher ORF for a transaction 

executed on NOM on August 1, 2017 

($0.0027 per contract side) as compared 

to July 31, 2017 ($0.0021 per contract 

side). There have been ORF 

amendments which have caused NOM 

to assess different ORF rates to 

Participants for different time periods 

causing Participants to have paid 

different ORFs since 2011. For example, 

if NOM received payment of a fine from 

a disciplinary action, that fine would 

offset regulatory costs and would cause 

NOM to require less regulatory revenue 

for a particular period. The changing 

regulatory costs would impact the ORF 

assessed by NOM to Participants. In the 

past, the Exchange has amended ORF to 

be higher or lower,19 thereby impacting 

the amount paid by Participants in a 

calendar year. Third, options markets 

assess ORF at different rates. For 


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44458 Federal Register / Vol. 86, No. 153 / Thursday, August 12, 2021 / Notices 

20See Securities Exchange Act Release Nos. 

85127 (February 13, 2019), 84 FR 5173 (February 

20, 2019) (SR–MRX–2019–03). 

21Of note, prior to February 1, 2019, MRX 

assessed no ORF thereby creating a calendar year 

where Participants were assessed no ORF for a 

period similar to what is proposed. 

22 15 U.S.C. 78s(b)(3)(A). 

23 17 CFR 240.19b–4(f)(2). 

24 15 U.S.C. 78s(b)(2)(B). 25 17 CFR 200.30–3(a)(12). 

instance, today, Nasdaq MRX, LLC 

(‘‘MRX’’) assesses a lower ORF of 

$0.0004 per contract side.20 MRX has 

assessed this rate since February 1, 

2019.21 Depending on where a customer 

order is executed, a Participant could be 

assessed a much different ORF. For 

example, in the case where a customer 

order is sent to NOM and routed to 

MRX, and a non-Participant cleared that 

transaction, the NOM ORF of $0.0020 

would not be assessed to the Participant 

who executed the transaction or cleared 

the transaction, rather the MRX rate of 

$0.0004 per contract side would be 

assessed. In that same scenario 

presuming a non-Participant cleared the 

transaction, if the customer order could 

have executed on NOM instead of 

routing away the Participant would 

have been assessed the NOM ORF of 

$0.0020 per contract side. The customer, 

in that instance, would have no 

knowledge of where the order could be 

executed, as the liquidity profile of each 

exchange may differ at that exact 

moment. Therefore, Participants could 

be assessed a different ORF on the same 

day on the same transaction based on 

routing decisions, and in those cases the 

Participant would continue to benefit 

from the regulatory program available 

on each market and discover where the 

liquidity is available, irrespective of any 

ORF rate differentials across markets. 

The Exchange believes recommencing 

the ORF on February 1, 2022 at the same 

rate, unless options volumes or the 

Exchange’s regulatory expenses at that 

time warrant a proposed rule change, 

does not create an undue burden on 

competition because the ORF applies to 

all customer activity, thereby raising 

regulatory revenue to offset regulatory 

expenses. It also supplements the 

regulatory revenue derived from noncustomer activity. Recommencing the 

assessment of the current ORF does not 

create an unnecessary or inappropriate 

inter-market burden on competition 

because it is a regulatory fee that 

supports regulation in furtherance of the 

purposes of the Act. The Exchange is 

obligated to ensure that the amount of 

regulatory revenue collected from the 

ORF, in combination with its other 

regulatory fees and fines, does not 

exceed regulatory costs. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

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) 22 of the Act and 

subparagraph (f)(2) of Rule 19b–4 23

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) 24 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 No. SR– 

NASDAQ–2021–057 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 No. 

SR–NASDAQ–2021–057. 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 No. 

SR–NASDAQ–2021–057, and should be 

submitted on or before September 2, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–17177 Filed 8–11–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–433, OMB Control No. 

3235–0489] 

Proposed Collection; 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 17a–6 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

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

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

provided for in Rule 17a–6 (17 CFR 

240.17a–6) under the Securities 

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

seq.). The Commission plans to submit 

this existing collection of information to 


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