43700 Federal Register / Vol. 86, No. 151 / Tuesday, August 10, 2021 / Notices 

19See Regulatory Notice 18–02 (January 2018) 

(Liquidity Reporting and Notification). See also 

Notice, 86 FR at 27006. 

20See Notice, 86 FR at 27005. 

21 15 U.S.C. 78s(b)(2). 

22 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. 

4See Securities Exchange Act Release Nos. 88595 

(April 8, 2020), 85 FR 20737 (April 14, 2020) (SR– 

NYSEAMER–2020–25) (waiving Floor-based fixed 

fees); 88840 (May 8, 2020), 85 FR 28992 (May 14, 

2020) (SR–NYSEAMER–2020–37) (extending April 

2020 fee changes through May 2020); and 89049 

(June 11, 2020), 85 FR 36649 (June 17, 2020) (SR– 

NYSEAMER–2020–44) (extending April and May 

fee changes through June 2020). 

a minimum of $1 billion in repurchase 

agreements, bank loans or securities 

loans outstanding. Therefore, the 

Commission believes that the proposed 

Form SLS is reasonably designed to 

apply only to those broker-dealers that 

have the highest potential to adversely 

affect investors and the public interest 

in a liquidity stress event. 

Finally, the Commission believes that 

FINRA has reasonably addressed the 

concerns raised by SIFMA’s comment 

letter. Specifically, the Commission 

agrees that the SLS would serve an 

important regulatory purpose by 

providing FINRA and the Commission 

with information useful in evaluating a 

member firm’s liquidity risk profile. 

While the Commission recognizes that 

there is the potential for burdens on 

certain member firms that are subject to 

the regulatory reporting requirements of 

other regulators, the Commission 

believes that the important regulatory 

purpose served by the SLS justifies the 

potential burdens. The Commission 

believes that absent the SLS, FINRA and 

the Commission would be required to 

request the information supplied in the 

SLS repeatedly and on a firm-by-firm 

basis in order to obtain the information 

necessary to monitor member firms for 

potential liquidity concerns. Such an 

approach would not only create 

regulatory inefficiency, but could also 

result in similar or potentially larger 

costs for firms, as FINRA noted. 

Moreover, in light of the prior 

outreach that FINRA has conducted 

including publishing an earlier version 

of SLS in January 2018 and revising it 

in response to feedback from industry 

participants,19 the Commission believes 

that FINRA’s proposed approach to 

revisit the reporting categories in the 

SLS with a view to potential alignments 

of such categories with other reporting 

requirements depending on how they 

evolve would have the effect of further 

minimizing the regulatory burdens on 

member firms subject to the SLS. 

Consequently, the Commission believes 

that FINRA has appropriately addressed 

concerns raised in the comment letter 

concerning reducing the reporting costs 

imposed by the SLS. 

Finally, the Commission agrees with 

FINRA that it is not appropriate to delay 

implementation of the SLS beyond the 

timeframe set forth in the Notice. 

Because FINRA previously published a 

version of the SLS in 2018, and will 

announce an effective date that will be 

180 days following the publication of a 

Regulatory Notice published no later 

than 30 days after Commission 

approval, the Commission believes that 

member firms will have sufficient time 

to prepare to implement the SLS. 

Furthermore, in light of recent events 

connected to market volatility, which 

were discussed in the Notice,20 the 

Commission believes that further 

delaying implementation of the SLS will 

undermine the regulatory interest that 

the Commission and FINRA have in 

monitoring member firms’ liquidity risk 

profiles. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,21 that the 

proposed rule change (SR–FINRA– 

2021–009) be, and hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–16965 Filed 8–9–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92559; File No. SR– 

NYSEAMER–2021–34] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the NYSE 

American Options Fee Schedule 

August 4, 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 July 28, 

2021, NYSE American LLC (‘‘NYSE 

American’’ 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 the 

NYSE American Options Fee Schedule 

(‘‘Fee Schedule’’). The Exchange 

proposes to implement the fee change 

effective July 28, 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 purpose of this filing is to amend 

the Fee Schedule to remove language 

associated with fee waivers that expired 

at the close of business on June 30, 

2021. 

On March 18, 2020, the Exchange 

announced that it would temporarily 

close the Trading Floor, effective 

Monday, March 23, 2020, as a 

precautionary measure to prevent the 

potential spread of COVID–19. 

Following the temporary closure of the 

Trading Floor, the Exchange waived 

certain Floor-based fixed fees for April, 

May, and June 2020.4 Although the 

Trading Floor partially reopened on 

May 26, 2020 and Floor-based open 

outcry activity was supported, certain 

participants were unable to resume preFloor closure levels of operations. As a 

result, the Exchange extended the fee 

waiver through June 2021, but only for 

Floor Broker firms that were unable to 

operate at more than 50% of their March 

2020 on-Floor staffing levels and for 

Market Maker firms that had vacant or 

‘‘unmanned’’ Podia for the entire month 


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Federal Register / Vol. 86, No. 151 / Tuesday, August 10, 2021 / Notices 43701 

5See Securities Exchange Act Release Nos. 89241 

(July 7, 2020), 85 FR 42034 (July 13, 2020) (SR– 

NYSEAMER–2020–47); 89482 (August 5, 2020), 85 

FR 48577 (August 11, 2020) (SR–NYSEAMER– 

2020–55); 89692 (August 27, 2020), 85 FR 54611 

(September 2, 2020) (SR–NYSEAMER–2020–65); 

90193 (October 15, 2020), 85 FR 67069 (October 21, 

2020) (SR–NYSEAMER–2020–76); 90833 (December 

30, 2020), 86 FR 641 (January 6, 2021) (SR– 

NYSEAMER–2020–87), 91366 (March 19, 2021) 86 

FR 15987 (March 25, 2021) (SR–NYSEAMER–2021– 

14). 

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

7 15 U.S.C. 78f(b)(4) and (5). 

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. 

due to COVID–19 related considerations 

(the ‘‘Qualifying Firms’’).5

Because the Trading Floor continued 

to operate with reduced capacity, the 

Exchange extended the fee waivers for 

Qualifying Firms through ‘‘the earlier of 

the first full month of a full reopening 

of the Trading Floor facilities to Floor 

personnel or June 2021’’. 

As the Trading Floor re-opened 

without social distancing requirements 

for vaccinated personnel on June 25, 

2021 and the expiration date has passed, 

the Exchange is submitting this 

proposed rule change to remove the 

language related to the fee waivers from 

the Fee Schedule. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

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

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,7 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 Exchange believes that the 

proposed modifications to the Fee 

Schedule to remove expired fee waivers 

that the Exchange no longer offers are 

reasonable, equitable, and not unfairly 

discriminatory because the changes 

would provide clarity to the Fee 

Schedule, and do not affect any current 

activity by any ATP Holder. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

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

the Act, the Exchange does not believe 

that the proposed rule change would 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

Instead, the proposed change is meant 

to add clarity and transparency to the 

Fee Schedule to the benefit of all market 

participants that trade on the Exchange. 

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– 

NYSEAMER–2021–34 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–NYSEAMER–2021–34. 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–NYSEAMER–2021–34, and 

should be submitted on or before 

August 31, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–16964 Filed 8–9–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92562; File No. SR–CBOE– 

2021–043] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Rules 3.31, 

3.33 and 3.34 

August 4, 2021. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on July 22, 

2021, Cboe Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘Cboe Options’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been substantially prepared by the 


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