Federal Register / Vol. 86, No. 154 / Friday, August 13, 2021 / Notices 44759 

1See Docket No. RM2018–3, Order Adopting 

Final Rules Relating to Non-Public Information, 

June 27, 2018, Attachment A at 19–22 (Order No. 

4679). 1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

SUPPLEMENTARY INFORMATION: 

Table of Contents 

I. Introduction 

II. Docketed Proceeding(s) 

I. Introduction 

The Commission gives notice that the 

Postal Service filed request(s) for the 

Commission to consider matters related 

to negotiated service agreement(s). The 

request(s) may propose the addition or 

removal of a negotiated service 

agreement from the market dominant or 

the competitive product list, or the 

modification of an existing product 

currently appearing on the market 

dominant or the competitive product 

list. 

Section II identifies the docket 

number(s) associated with each Postal 

Service request, the title of each Postal 

Service request, the request’s acceptance 

date, and the authority cited by the 

Postal Service for each request. For each 

request, the Commission appoints an 

officer of the Commission to represent 

the interests of the general public in the 

proceeding, pursuant to 39 U.S.C. 505 

(Public Representative). Section II also 

establishes comment deadline(s) 

pertaining to each request. 

The public portions of the Postal 

Service’s request(s) can be accessed via 

the Commission’s website (http://

www.prc.gov). Non-public portions of 

the Postal Service’s request(s), if any, 

can be accessed through compliance 

with the requirements of 39 CFR 

3011.301.1

The Commission invites comments on 

whether the Postal Service’s request(s) 

in the captioned docket(s) are consistent 

with the policies of title 39. For 

request(s) that the Postal Service states 

concern market dominant product(s), 

applicable statutory and regulatory 

requirements include 39 U.S.C. 3622, 39 

U.S.C. 3642, 39 CFR part 3030, and 39 

CFR part 3040, subpart B. For request(s) 

that the Postal Service states concern 

competitive product(s), applicable 

statutory and regulatory requirements 

include 39 U.S.C. 3632, 39 U.S.C. 3633, 

39 U.S.C. 3642, 39 CFR part 3035, and 

39 CFR part 3040, subpart B. Comment 

deadline(s) for each request appear in 

section II. 

II. Docketed Proceeding(s) 

1. Docket No(s).: MC2021–121 and 

CP2021–123; Filing Title: USPS Request 

to Add Priority Mail Contract 717 to 

Competitive Product List and Notice of 

Filing Materials Under Seal; Filing 

Acceptance Date: August 6, 2021; Filing 

Authority: 39 U.S.C. 3642, 39 CFR 

3040.130 through 3040.135, and 39 CFR 

3035.105; Public Representative: 

Kenneth R. Moeller; Comments Due: 

August 16, 2021. 

This Notice will be published in the 

Federal Register. 

Jennie L. Jbara, 

Alternate Certifying Officer. 

[FR Doc. 2021–17296 Filed 8–12–21; 8:45 am] 

BILLING CODE 7710–FW–P 

RAILROAD RETIREMENT BOARD 

Sunshine Act Meetings 

TIME AND DATE: 10:00 a.m., August 25, 

2021. 

PLACE: Members of the public wishing 

to attend the meeting must submit a 

written request at least 24 hours prior to 

the meeting to receive dial-in 

information. All requests must be sent 

to SecretarytotheBoard@rrb.gov. 

STATUS: This meeting will be open to the 

public. 

MATTERS TO BE CONSIDERED: 

(1) Payroll Tax Reimbursement from the 

IRS 

(2) Pay For Time Lost (PFTL) Reporting 

Proposals: 

Proposal for BA–4 revision to identify 

PFTL 

Proposal for agency expansion of 

industry audits to include proper 

reporting of PFTL 

(3) New proposals for improvements in 

communications to the public 

(4) Update on status of appeals 

CONTACT PERSON FOR MORE INFORMATION: 

Stephanie Hillyard, Secretary to the 

Board, (312) 751–4920. 

Authority: 5 U.S.C. 552b. 

Dated: August 11, 2021. 

Stephanie Hillyard, 

Secretary to the Board. 

[FR Doc. 2021–17482 Filed 8–11–21; 11:15 am] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92615; File No. SR–NYSE– 

2021–41] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Its 

Price List 

August 9, 2021. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that, on August 

2, 2021, New York Stock Exchange LLC 

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

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III 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 proposes to amend its 

Price List to eliminate the (1) 

underutilized monthly rebate payable to 

Designated Market Makers (‘‘DMM’’) 

with 30 or fewer assigned securities, 

and (2) expired waivers for equipment 

and related service charges and trading 

license fees for NYSE Trading Floorbased member organizations. The 

Exchange proposes to implement the 

rule change on August 2, 2021. 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. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend its 

Price List to eliminate the (1) 

underutilized monthly rebate payable to 

DMMs with 30 or fewer assigned 

securities, and (2) expired waivers for 

equipment and related service charges 

and trading license fees for NYSE 

Trading Floor-based member 

organizations. 


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44760 Federal Register / Vol. 86, No. 154 / Friday, August 13, 2021 / Notices 

4See Securities Exchange Act Release No. 89050 

(March 25, 2021), 86 FR 16798 (March 31, 2021) 

(SR–NYSE–2021–19). See also Securities Exchange 

Act Release No. 89050 (June 11, 2020), 85 FR 36637 

(June 17, 2020) (SR–NYSE–2020–49); Securities 

Exchange Act Release No. 89324 (July 15, 2020), 85 

FR 44129 (July 21, 2020) (SR–NYSE–2020–59); 

Securities Exchange Act Release No. 89754 

(September 2, 2020), 85 FR 55550 (September 8, 

2020) (SR–NYSE–2020–71); Securities Exchange 

Act Release No. 89798 (September 9, 2020), 85 FR 

57263 (September 15, 2020) (SR–NYSE2020–72); 

Securities Exchange Act Release No. 90161 (October 

13, 2020), 85 FR 66370 (October 19, 2020) (SR– 

NYSE–2020–81); Securities Exchange Act Release 

No. 90391 (November 10, 2020), 85 FR 73326 

(November 17, 2020) (SR–NYSE2020–92); 

Securities Exchange Act Release No. 90744 

(December 21, 2020), 85 FR 85712 (December 29, 

2020) (SR–NYSE–2020–102); Securities Exchange 

Act Release No. 91082 (February 9, 2021), 86 FR 

9546 (February 16, 2021) (SR–NYSE–2021–10). 

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

6 15 U.S.C. 78f(b)(4) & (5). 

The Exchange proposes to implement 

the rule change on August 2, 2021. 

Proposed Rule Change 

The Exchange proposes to eliminate 

an underutilized DMM rebate and 

obsolete waivers, as follows. 

Underutilized DMM Rebate 

The Exchange currently pays a DMM 

with 30 or fewer assigned securities a 

monthly rebate of $1,500 per security, 

up to a maximum of $10,000, for each 

security assigned to such a DMM in the 

previous month (regardless of whether 

the stock price exceeds $1.00) for which 

that DMM provides quotes at the 

National Best Bid (‘‘NBB’’) and National 

Best Offer (‘‘NBO,’’ together the 

‘‘NBBO’’) at least 25% of the time in the 

applicable month. The monthly rebate is 

in addition to the current rate on 

transactions and is prorated to the 

number of trading days in a month that 

an eligible security is assigned to a 

DMM. 

The Exchange proposes to eliminate 

this rebate in its entirety and to remove 

it from the Price List because the rebate 

has been underutilized by member 

organizations insofar as no DMMs with 

30 or fewer assigned securities has 

qualified for the rebate in the past six 

months. As such, Exchange does not 

anticipate any member organization in 

the near future would qualify for the 

rebate that is the subject of this 

proposed rule change. 

Expired Waivers 

In response to the unprecedented 

events surrounding the spread of 

COVID–19 in 2020, the Exchange 

waived certain equipment and related 

service charges and trading license fees 

for NYSE Trading Floor-based member 

organizations beginning in June 2020 

through the earlier of the first full 

month of a full reopening of the Trading 

Floor facilities to Floor personnel or 

June 2021.4

Specifically, the Exchange waived 

50% of the Annual Telephone Line 

Charge of 400 per phone number; the 

$129 fee for a single line phone, jack, 

and data jack; the related service 

charges ($161.25 to install single jack 

(voice or data); $107.50 to relocate a 

jack; $53.75 to remove a jack; $107.50 to 

install voice or data line; $53.75 to 

disconnect data line; $53.75 to change a 

phone line subscriber; and 

miscellaneous telephone charges billed 

at $106 per hour in 15 minute 

increments); and the monthly portion of 

all applicable annual fees for member 

organizations that (1) had at least one 

trading license, a physical trading Floor 

presence and Floor broker executions 

accounting for 40% or more of the 

member organization’s combined 

adding, taking and auction volumes 

during March 1 to March 20, 2020 or, 

if not a member organization during 

March 1 to March 20, 2020, based on the 

member organization’s combined 

adding, taking, and auction volumes 

during its first month as a member 

organization on or after May 26, 2020, 

and (2) were unable to operate at more 

than 50% of their March 2020 on-Floor 

staffing levels or, for member 

organizations that began Floor 

operations after March 2020, are unable 

to operate at more than 50% of their 

Exchange-approved on-Floor staffing 

levels, both excluding part-time Floor 

brokers known as ‘‘flex brokers’’. 

As set forth in footnotes 11 and 15 of 

the Price List, the waivers expired in 

June 2021 and have not been renewed. 

The Exchange accordingly proposes to 

delete footnote 11, which sets forth the 

equipment waivers described above, in 

its entirety, and to delete that portion of 

footnote 15 which addresses the waiver 

of the monthly portion of all applicable 

annual fees for member organizations, 

as obsolete. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,5 in general, and 

furthers the objectives of Sections 

6(b)(4) and 6(b)(5) of the Act,6 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 believes that the 

proposed elimination of the monthly 

rebate of $1,500 per security, up to a 

maximum of $10,000, for DMMs with 30 

or fewer assigned securities is 

reasonable because DMMs have 

underutilized the incentive. No DMM 

has qualified for the rebate in the past 

six months. The Exchange does not 

anticipate any member organization in 

the near future qualifying for the rebate 

that is the subject of this proposed rule 

change. The Exchange believes it is 

reasonable to eliminate requirements 

and credits when such incentives 

become underutilized. The Exchange 

also believes eliminating underutilized 

incentive programs would also simplify 

the Price List. The Exchange further 

believes that removing the optional 

DMM rebate and credit from the Price 

List would also add clarity and 

transparency to the Price List. 

Further, the Exchange believes that it 

is reasonable to delete the expired 

waivers for NYSE Trading Floor-based 

member organizations from the Price 

List because the waivers are no longer 

offered and the fees are currently being 

charged. Deleting obsolete waivers 

would add greater clarity of the 

Exchange’s rules and enable market 

participants to navigate the Exchange’s 

Price List more easily. 

The Proposal Is an Equitable Allocation 

of Fees 

The Exchange believes the proposal 

equitably allocates fees among its 

market participants because elimination 

of underutilized and ineffective DMM 

rebate and credits the Exchange 

proposes to eliminate would be 

eliminated in their entirety, and would 

no longer be available to any member 

organization in any form. Similarly, the 

Exchange believes the proposal 

equitably allocates fees among its 

market participants because elimination 

of obsolete waivers would apply to all 

similarly-situated member organizations 

on an equal basis. All such member 

organizations would continue to be 

subject to the same fee structure, and 

access to the Exchange’s market would 

continue to be offered on fair and 

nondiscriminatory terms. 

The Proposal Is Not Unfairly 

Discriminatory 

The Exchange believes that the 

proposal is not unfairly discriminatory. 

The proposal is not unfairly 

discriminatory because it neither targets 

nor will it have a disparate impact on 

any particular category of market 

participant. The Exchange believes that 

the proposal is not unfairly 

discriminatory because the proposed 

elimination of the optional DMM rebate 

and credits would affect all similarlyVerDate Sep<11>2014 17:06 Aug 12, 2021 Jkt 253001 PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 E:\FR\FM\13AUN1.SGM 13AUN1

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Federal Register / Vol. 86, No. 154 / Friday, August 13, 2021 / Notices 44761 

7 15 U.S.C. 78f(b)(8). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(2). 

10 15 U.S.C. 78s(b)(2)(B). 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

situated market participants on an equal 

and non-discriminatory basis. The 

Exchange believes that eliminating 

optional DMM rebate and credits that 

are underutilized and ineffective would 

no longer be available to any DMM on 

an equal basis. Further, the proposal 

does not permit unfair discrimination 

because elimination of obsolete waivers 

would apply to all similarly situated 

member organizations on an equal basis. 

In addition, the Exchange believes that 

the proposed elimination of obsolete 

waivers would remove impediments to 

and perfect the mechanism of a free and 

open market by eliminating references 

to waivers that are no longer offered, 

thereby improving the clarity of the 

Exchange’s rules and enabling market 

participants to more easily navigate the 

Exchange’s Price List. The Exchange 

also believes that the proposed change 

would protect investors and the public 

interest because the deletion of 

underutilized and obsolete fees would 

make the Price List more accessible and 

transparent and facilitate market 

participants’ understanding of the fees 

charged for services currently offered by 

the Exchange. 

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,7 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 proposal relates 

solely to elimination of an underutilized 

rebate and obsolete waivers and, as 

such, would not have any impact on 

intra- or inter-market competition 

because the proposed change is solely 

designed to accurately reflect the 

services that the Exchange currently 

offers, thereby adding clarity to the 

Price List. 

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) 8 of the Act and 

subparagraph (f)(2) of Rule 19b–4 9

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) 10 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–2021–41 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–2021–41. 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–2021–41 and should 

be submitted on or before September 3, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–17306 Filed 8–12–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92617; File No. SR–FINRA– 

2021–008] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing of 

Amendment No. 1 and Order Instituting 

Proceedings To Determine Whether To 

Approve or Disapprove the Proposed 

Rule Change, as Modified by 

Amendment No. 1, Relating to 

Security-Based Swaps 

August 9, 2021. 

I. Introduction 

On April 26, 2021, the Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change SR–FINRA– 

2021–008 (‘‘Proposed Rule Change’’) 

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

Securities Exchange Act of 1934 

(‘‘Exchange Act’’),1 and Rule 19b–4 2

thereunder, to amend FINRA Rules 

0180, 4120, 4210, 4220, 4240 and 9610 

to clarify the application of FINRA rules 

to security-based swaps (‘‘SBS’’) 

following the SEC’s completion of its 


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