Federal Register / Vol. 86, No. 176 / Wednesday, September 15, 2021 / Notices 51393 

9 15 U.S.C. 78q–1(b)(3)(F). 

10 17 CFR 240.17Ad–22(e)(2)(i), (v). 

11 17 CFR 240.17Ad–22(e)(2)(i), (v). 

12 15 U.S.C. 78q–1(b)(3)(F). 

13 17 CFR 240.17Ad–22(e)(2)(i), (v). 

14 15 U.S.C. 78s(b)(2). 

15 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 

16 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5See Securities Exchange Release No. 83214 (May 

11, 2018), 83 FR 22796 (May 16, 2018) (SR–C2– 

2018–005). 

Finally, the Commission believes that 

revising Section III.C to specify that 

ICC’s legal group is responsible for 

reviewing a resignation letter if 

received, rather than obtaining one, 

would clarify the role of ICC’s legal 

group. 

Thus, the Commission believes that 

all of these changes, as discussed above, 

would help to ensure the efficient 

operation of the Board, Operating 

Agreement, and Governance Playbook 

and help to ensure the Operating 

Agreement and Governance Playbook 

are clear, free of errors, understandable, 

and correctly applied. Because ICC 

operates pursuant to Board oversight 

and the governance set forth in the 

Operating Agreement and Governance 

Playbook, the Commission believes that 

these improvements would thereby 

generally help to improve the efficiency 

and consistency of ICC’s operations. The 

Commission also believes that in so 

doing, these improvements would 

thereby help to ensure that ICC is able 

to promptly and accurately clear and 

settle securities transactions and assure 

the safeguarding of securities and funds 

in ICC’s custody or control or for which 

it is responsible. Therefore, the 

Commission finds the proposed rule 

change is consistent with Section 

17A(b)(3)(F) of the Act.9

B. Consistency With Rule 17Ad– 

22(e)(2)(i) and (v) 

Rules 17Ad–22(e)(2)(i) and (v) require 

that ICC establish, implement, maintain 

and enforce written policies and 

procedures reasonably designed to 

provide for governance arrangements 

that are clear and transparent and 

specify clear and direct lines of 

responsibility.10 As discussed above, 

the Commission believes that the 

changes to the Operating Agreement and 

Governance Playbook would help to 

ensure that both documents are clear, 

understandable, and free from error. 

Because ICC’s governance operates 

pursuant to the Operating Agreement 

and Governance Playbook, the 

Commission therefore believes the 

proposed rule change would help to 

ensure that ICC’s governance 

arrangements are clear. Moreover, the 

Commission believes that revising 

Section III.C of the Governance 

Playbook to specify that ICC’s legal 

group is responsible for reviewing a 

resignation letter if received, rather than 

obtaining one, would specify a clear and 

direct responsibility of the legal group. 

Therefore, the Commission finds the 

proposed rule change is consistent with 

Rule 17Ad-22(e)(2)(i) and (v).11

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act, and in 

particular, with the requirements of 

Section 17A(b)(3)(F) of the Act 12 and 

Rules 17Ad–22(e)(2)(i) and (v).13

It is therefore ordered pursuant to 

Section 19(b)(2) of the Act 14 that the 

proposed rule change (SR–ICC–2021– 

017) be, and hereby is, approved.15

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19863 Filed 9–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92916; File No. SR–C2– 

2021–013] 

Self-Regulatory Organizations; Cboe 

C2 Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Make Certain 

Corrections to the Rules 

September 9, 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 

September 7, 2021, Cboe C2 Exchange, 

Inc. (the ‘‘Exchange’’ or ‘‘C2’’) 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 prepared by the Exchange. The 

Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A)(iii) of 

the Act 3 and Rule 19b–4(f)(6) 

thereunder.4 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 

Cboe C2 Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘C2’’) proposes to make 

certain corrections to the Rules. The text 

of the proposed rule change is provided 

in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

options/regulation/rule_filings/ctwo/), 

at the Exchange’s Office of the 

Secretary, 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 

The Exchange proposes to make 

nonsubstantive cleanup changes to its 

Cboe C2 Exchange Rulebook 

(‘‘Rulebook’’) in order to remove 

inapplicable and obsolete terms. 

Specifically, the proposed rule change 

deletes the definition of ‘‘L’’ Capacity 

code from Rule 1.1, which currently 

provides that L Capacity code applies to 

the account of non-Trading Permit 

Holder affiliate. The Exchange notes 

that this Capacity code is not applicable 

to trading on C2 and only applicable to 

trading on the Exchange’s affiliated 

options exchange, Cboe Exchange, Inc. 

(‘‘Cboe Options’’), from which the 

Exchange’s current definition of ‘‘L’’ 

Capacity code was inadvertently 

copied.5 Further, the proposed rule 

change deletes the term ‘‘Voluntary 

Professional Customer’’ from Rule 6.5. 

As of 2019, that Capacity designation is 

no longer available on C2 Exchange and 

the Exchange removed the term from its 

Rulebook. The proposed rule change 

merely removes the term from Rule 6.5, 


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51394 Federal Register / Vol. 86, No. 176 / Wednesday, September 15, 2021 / Notices 

6See.id. 

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

8 15 U.S.C. 78f(b)(5). 

9 Id. 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

12 17 CFR 240.19b–4(f)(6). 

13 17 CFR 240.19b–4(f)(6)(iii). 

14For purposes only of waiving the 30-day 

operative delay, the Commission also has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

which was inadvertently left in the 

Rulebook.6

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.7 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 8 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 9 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange believes 

the proposed rule change will remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general, will protect investors and the 

public interest by removing inapplicable 

and obsolete terms within the Rules. 

Specifically, by removing terms that 

reference Capacities that are not 

available on the Exchange, the proposed 

rule change is designed to protect 

investors by making the Rules more 

accurate, thereby mitigating any 

potential investor confusion. The 

proposed rule change will have no 

impact on trading on the Exchange, as 

the proposed rule change is 

nonsubstantive in nature. 

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change is not intended as 

a competitive filing, but rather simply 

updates the Rules to remove 

inapplicable and obsolete terms that 

inadvertently remain in the Rulebook. 

The proposed rule change makes no 

substantive changes to the Rules, and 

thus will have no impact on trading on 

the Exchange. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 10 and Rule 19b– 

4(f)(6) thereunder.11

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 12 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 13

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has asked 

the Commission to waive the 30-day 

operative delay. The Exchange believes 

that waiver of the operative delay is 

consistent with the protection of 

investors and the public interest 

because the proposed rule change will 

remove inapplicable and obsolete terms 

within the Rules. The Exchange notes 

that by removing terms that reference 

Capacities that are not available on the 

Exchange, the proposed rule change is 

designed to protect investors by making 

the Rules more accurate, thereby 

mitigating any potential investor 

confusion. The Commission believes 

that waiver of the 30-day operative 

delay is consistent with the protection 

of investors and the public interest 

because the proposed rule change is 

nonsubstantive in nature and makes the 

Exchange’s rules accurate by removing 

inapplicable and obsolete terms. 

Therefore, the Commission hereby 

waives the operative delay and 

designates the proposal as operative 

upon filing.14

At any time within 60 days of the 

filing of the 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 

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–C2–2021–013 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–C2–2021–013. 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 


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Federal Register / Vol. 86, No. 176 / Wednesday, September 15, 2021 / Notices 51395 

15 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

4 If the Exchange seeks to provide additional 

temporary relief from the rule requirements 

identified in this proposed rule change beyond 

December 31, 2021, the Exchange will submit a 

separate rule filing to further extend the temporary 

extension of time. The amended Exchange rules 

will revert to their original form at the conclusion 

of the temporary relief period and any extension 

thereof. 

5See Securities Exchange Act Release No. 91763 

(May 4, 2021), 86 FR 25055 (May 10, 2021) (Notice 

of Filing and Immediate Effectiveness of File No. 

SR–NASDAQ–2021–033). 6For example, President Joe Biden on July 29, 

2021, announced several measures to increase the 

number of people vaccinated against COVID–19 and 

to slow the spread of the Delta variant, including 

strengthening safety protocols for federal 

government employees and contractors. See https:// 

www.whitehouse.gov/briefing-room/statementsreleases/2021/07/29/fact-sheet-president-biden-toannounce-new-actions-to-get-more-americansvaccinated-and-slow-the-spread-of-the-deltavariant/. 

7For instance, the Centers for Disease Control and 

Prevention on July 27, 2021, began recommending 

that fully vaccinated people wear a mask in public 

indoor settings in areas of substantial or high 

transmission and noted that fully vaccinated people 

might choose to wear a mask regardless of the level 

of transmission, particularly if they are 

immunocompromised or at increased risk for severe 

disease from COVID–19. See https://www.cdc.gov/ 

coronavirus/2019-ncov/vaccines/fully-vaccinatedguidance.html. Also, several cities, including 

Atlanta, Baltimore, Los Angeles, New Haven and 

San Francisco, have recently reinstated their mask 

mandates. 

8For OHO hearings under Exchange Rules 9261 

and 9830, the proposed rule change temporarily 

grants authority to the Chief or Deputy Chief 

Hearing Officer to order that a hearing be conducted 

by video conference. For ERC hearings under 

Exchange Rules 1015 and 9524, this temporary 

authority is granted to the ERC or relevant 

Subcommittee. 

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–C2–2021–013 and should 

be submitted on or before October 6, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19861 Filed 9–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92911; File No. SR– 

NASDAQ–2021–067] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change to Extend the 

Expiration Date of the Temporary 

Amendments Concerning Video 

Conference Hearings 

September 9, 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 

30, 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 

Exchange has designated the proposed 

rule change as constituting a ‘‘noncontroversial’’ rule change under 

paragraph (f)(6) of Rule 19b–4 under the 

Act,3 which renders the proposal 

effective upon receipt of this filing by 

the Commission. 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 extend the 

expiration date of the temporary 

amendments in SR–NASDAQ–2020–076 

from August 31, 2021, to December 31, 

2021.4 The proposed rule change would 

not make any changes to the text of the 

Exchange rules. 

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 

The Exchange proposes to continue to 

harmonize Exchange Rules 1015, 9261, 

9524 and 9830 with recent changes by 

the Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) to its Rules 

1015, 9261, 9524 and 9830 in response 

to the COVID–19 global health crisis 

and the corresponding need to restrict 

in-person activities. The Exchange 

originally filed proposed rule change 

SR–NASDAQ–2020–076, which allows 

the Exchange’s Office of Hearing 

Officers (‘‘OHO’’) and the Exchange 

Review Council (‘‘ERC’’) to conduct 

hearings, on a temporary basis, by video 

conference, if warranted by the current 

COVID–19-related public health risks 

posed by an in-person hearing. In April 

2021, the Exchange filed a proposed 

rule change, SR–NASDAQ–2021–033, to 

extend the expiration date of the 

temporary amendments in SR– 

NASDAQ–2020–076 from April 30, 

2021, to August 31, 2021.5 While there 

are signs of improvement, much 

uncertainty remains for the coming 

months. The emergence of the Delta 

variant, dissimilar vaccination rates 

throughout the United States, and the 

uptick in transmissions in many 

locations indicate that COVID–19 

remains an active and real public health 

concern.6 Based on its assessment of 

current COVID–19 conditions and the 

lack of a clear timeframe for a sustained 

and widespread abatement of COVID– 

19-related health concerns and 

corresponding restrictions,7 the 

Exchange has determined that there is a 

continued need for temporary relief for 

several months beyond August 31, 2021. 

Accordingly, the Exchange proposes to 

extend the expiration date of the 

temporary rule amendments in SR– 

NASDAQ–2020–076 from August 31, 

2021, to December 31, 2021. 

On November 5, 2020, the Exchange 

filed, and subsequently extended to 

August 31, 2021, SR–NASDAQ–2020– 

076, to temporarily amend Exchange 

Rules 1015, 9261, 9524 and 9830 to 

grant OHO and the ERC authority 8 to 

conduct hearings in connection with 

appeals of Membership Application 

Program decisions, disciplinary actions, 

eligibility proceedings and temporary 


khammond on DSKJM1Z7X2PROD with NOTICES