48268 Federal Register / Vol. 86, No. 164 / Friday, August 27, 2021 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 92395 

(July 13, 2021), 86 FR 38129 (July 19, 2021). 

4Comments received on the proposed rule change 

are available at: https://www.sec.gov/comments/srnysearca-2021-57/srnysearca202157.htm. 

5 15 U.S.C. 78s(b)(2). 

6 Id. 

7 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 85251 

(March 6, 2019), 84 FR 8931 (March 12, 2019) (SR– 

EMERALD–2019–01). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92722; File No. SR– 

NYSEArca–2021–57] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on a Proposed Rule Change To List 

and Trade Shares of the NYDIG Bitcoin 

ETF Under NYSE Arca Rule 8.201–E 

August 23, 2021. 

On June 30, 2021, NYSE Arca, Inc. 

(‘‘NYSE Arca’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

list and trade shares of the NYDIG 

Bitcoin ETF under NYSE Arca Rule 

8.201–E. The proposed rule change was 

published for comment in the Federal 

Register on July 19, 2021.3 The 

Commission has received comments on 

the proposed rule change.4

Section 19(b)(2) of the Act 5 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission shall either 

approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether the proposed rule change 

should be disapproved. The 45th day 

after publication of the notice for this 

proposed rule change is September 2, 

2021. The Commission is extending this 

45-day time period. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to take action on the 

proposed rule change so that it has 

sufficient time to consider the proposed 

rule change and the comments received. 

Accordingly, pursuant to Section 

19(b)(2) of the Act,6 the Commission 

designates October 17, 2021, as the date 

by which the Commission shall either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–NYSEArca–2021–57). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2021–18458 Filed 8–26–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92726; File No. SR– 

EMERALD–2021–27] 

Self-Regulatory Organizations: MIAX 

Emerald, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fee 

Schedule To Adjust the Options 

Regulatory Fee 

August 23, 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 August 

12, 2021, MIAX Emerald, LLC (‘‘MIAX 

Emerald’’ or ‘‘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 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 is filing a proposal to 

amend the Exchange’s Fee Schedule 

(‘‘Fee Schedule’’) to adjust the Options 

Regulatory Fee (‘‘ORF’’). 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/emerald, at MIAX’s principal 

office, 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, the Exchange assesses ORF 

in the amount of $0.00060 per contract 

side. The Exchange proposes to increase 

the amount of ORF from $0.00060 per 

contract side to $0.0016 per contract 

side. The Exchange initially filed this 

proposal on July 30, 2021 (SR– 

EMERALD–2021–24) and withdrew 

such filing on August 12, 2021. The 

Exchange proposes to implement the fee 

change effective August 12, 2021. 

In light of historical and projected 

volume changes and shifts in the 

industry and on the Exchange, as well 

as changes to the Exchange’s regulatory 

cost structure, the Exchange proposes to 

change the amount of ORF that will be 

collected by the Exchange. The 

Exchange’s proposed change to the ORF 

should balance the Exchange’s 

regulatory revenue against the 

anticipated regulatory costs. The 

Exchange will continue to monitor ORF 

to ensure that revenue collected from 

the ORF, in combination with other 

regulatory fees and fines, does not 

exceed the Exchange’s total regulatory 

costs. 

The Exchange notes it originally 

adopted the current ORF amount at a 

significantly lower rate as the Exchange 

had just begun operations and that the 

amount of ORF it collects has remain 

unchanged since it was first adopted in 

2019.3 When the Exchange set the 

amount of its current ORF (almost 21⁄2

years ago), it was a brand new 

marketplace, and the amount was based 

on cost and revenue projections that 

were applicable to a new market. As 

such, the Exchange’s cost structure, 

including regulatory costs and 

projections, were significantly lower. 

The Exchange’s regulatory cost structure 

has since significantly increased since 

that time, as the Exchange has had to 

deploy significant resources and capital 

as the Exchange’s membership base, 

volume, and market share have grown. 

The increase in cost structure has 

outgrown any revenue increase as a 

result of higher volumes. Therefore, the 

Exchange believes it is reasonable to 

increase the amount of ORF assessed to 

Members, notwithstanding the fact that 


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