Federal Register / Vol. 86, No. 175 / Tuesday, September 14, 2021 / Notices 51201 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

POLICIES AND PRACTICES FOR RETENTION AND

DISPOSAL OF RECORDS: 

Under Records Disposition Schedule 

N1–455–90–1, paper case files may be 

destroyed 20 years after a case closes. 

Under Records Disposition Schedule 

N1–455–11–2, electronic records 

pertaining to those paper case files may 

be deleted when no longer needed for 

the conduct of current business. 

ADMINISTRATIVE, TECHNICAL, AND PHYSICAL

SAFEGUARDS: 

Electronic records contained in the efiling/case management system are 

safeguarded as follows. Data going 

across the internet is encrypted using 

SSL encryption. Every system is 

password protected. Tyler Federal, LLC, 

which stores the data in a governmentonly cloud within an Oracle Database, 

operates its own equipment that is 

protected by physical security measures. 

Only authorized employees of Tyler 

Federal, LLC, who have both biometric 

and PIN access to the datacenter cage 

utilized by Tyler Federal, LLC, can 

physically access the sites where data is 

stored. Only authorized and vetted 

employees of Tyler Federal, LLC, have 

access to the servers containing any PII. 

The access of parties and their 

representatives to electronic records in 

the system is limited to active files 

pertaining to cases in which the parties 

are named, or the representatives have 

entered appearances. The access of 

OSHRC employees is limited to 

personnel having a need for access to 

perform their official functions and is 

additionally restricted through 

password identification procedures. 

Paper records are maintained in a 

records room that can only be accessed 

using a smartcard or a key. Some paper 

records are also maintained in file 

cabinets. During duty hours, these 

records are under surveillance of 

personnel charged with their custody, 

and after duty hours, the records are 

secured behind locked doors. Access to 

the cabinets is limited to personnel 

having a need for access to perform their 

official functions. 

RECORD ACCESS PROCEDURES: 

Individuals who wish to gain access 

to their records should notify: Privacy 

Officer, OSHRC, 1120 20th Street NW, 

Ninth Floor, Washington, DC 20036– 

3457. For an explanation on how such 

requests should be drafted, refer to 29 

CFR 2400.4 (procedures for requesting 

notification of and access to personal 

records). 

CONTESTING RECORD PROCEDURES: 

Individuals who wish to contest their 

records should notify: Privacy Officer, 

OSHRC, 1120 20th Street NW, Ninth 

Floor, Washington, DC 20036–3457. For 

an explanation on the specific 

procedures for contesting the content of 

a record, refer to 29 CFR 2400.6 

(procedures for amending personal 

records), and 29 CFR 2400.7 (procedures 

for appealing). 

NOTIFICATION PROCEDURES: 

Individuals interested in inquiring 

about their records should notify: 

Privacy Officer, OSHRC, 1120 20th 

Street NW, Ninth Floor, Washington, DC 

20036–3457. For an explanation on how 

such requests should be drafted, refer to 

29 CFR 2400.4 (procedures for 

requesting notification of and access to 

personal records). 

EXEMPTIONS PROMULGATED FOR THE SYSTEM: 

None. 

HISTORY: 

July 7, 2016, 81 FR 44335; September 

28, 2017, 82 FR 45324; and August 30, 

2018, 83 FR 44309. 

Nadine N. Mancini, 

General Counsel, Senior Agency Official for 

Privacy. 

[FR Doc. 2021–19774 Filed 9–13–21; 8:45 am] 

BILLING CODE 7600–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92898; File No. SR–NYSE– 

2021–49] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend its 

Price List 

September 8, 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 August 

31, 2021, New York Stock Exchange 

LLC (‘‘NYSE’’ 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 its 

Price List to eliminate the (1) 

underutilized monthly rebate payable to 

Designated Market Makers (‘‘DMM’’) 

with 750 or fewer assigned securities in 

the previous month, and (2) 

underutilized Supplemental Liquidity 

Provider (‘‘SLP’’) Tier 5. The Exchange 

proposes to implement the rule change 

on September 1, 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 

Designated Market Makers (‘‘DMM’’) 

with 750 or fewer assigned securities in 

the previous month, and (2) 

underutilized SLP Tier 5. 

The Exchange proposes to implement 

the rule change on September 1, 2021. 

Proposed Rule Change 

The Exchange proposes to eliminate 

an underutilized DMM rebate and an 

underutilized adding tier for SLPs, as 

follows. 

Underutilized DMM Rebate 

Currently, the Exchange offers an 

additional per share credit to DMMs in 

each eligible assigned More Active 

Security with a stock price of at least 

$1.00 on current rebates of $0.0034 or 

less, i.e., adding credits of $0.0015, 

$0.0027, $0.0031, and $0.0034 per 

share. Specifically, DMMs are eligible 

for an incremental rebate $0.0002 per 

share in each eligible assigned More 


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51202 Federal Register / Vol. 86, No. 175 / Tuesday, September 14, 2021 / Notices 

4The terms ‘‘ADV’’ and ‘‘CADV’’ are defined in 

footnote * of the Price List. 

5Footnote 2 to the Price List defines ‘‘Adding 

ADV’’ as ADV that adds liquidity to the Exchange 

during the billing month. 

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

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

Active Security with a stock price of at 

least $1.00 where NYSE CADV is equal 

to or greater than 4.0 billion shares, 

when adding liquidity with orders, 

other than Mid-Point Liquidity (‘‘MPL’’) 

Orders, in such securities and the DMM 

either: 

1. Has providing liquidity in all 

assigned securities as a percentage of 

NYSE CADV that is an increase of 

0.30% more than the DMM’s April 2020 

providing liquidity in all assigned 

securities as a percentage of NYSE 

CADV, or 

2. has providing liquidity in all 

assigned securities as a percentage of 

NYSE CADV that is an increase of at 

least 40% more than the DMM’s April 

2020 providing liquidity in all assigned 

securities as a percentage of NYSE 

CADV for DMMs with 750 or fewer 

assigned securities in the previous 

month. 

The Exchange proposes to eliminate 

the second alternative way to qualify for 

the incremental rebate in its entirety 

and to remove it from the Price List. The 

second qualification method has been 

underutilized by member organizations 

insofar as no DMMs with 750 or fewer 

assigned securities has qualified for the 

incremental 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. 

Underutilized SLP Tier 5 

Under current SLP Tier 5, an SLP 

adding liquidity in securities with a per 

share price of $1.00 or more with orders, 

other than MPL Orders, is eligible for a 

per share credit of $0.0031 (or $0.0012 

if a Non-Displayed Reserve Order) if the 

SLP: (1) Meets the 10% average or more 

quoting requirement in an assigned 

security pursuant to Rule 107B; (2) adds 

liquidity for all assigned SLP securities 

in the aggregate (including shares of 

both an SLP-Prop and an SLMM of the 

same or an affiliated member 

organization) of an average daily volume 

(‘‘ADV’’) of more than 0.60%% of Tape 

A consolidated ADV (‘‘CADV’’) 4 (for 

SLPs that are also DMMs and subject to 

Rule 107B(i)(2)(A), more than 0.60% 

after a discount of the percentage for the 

prior quarter of Tape A CADV in DMM 

assigned securities as of the last 

business day of the prior month); (3) has 

Adding ADV,5 including non-SLP 

Adding ADV but excluding any 

liquidity added by a DMM, that is at 

least 0.80% of Tape A CADV; and (4) 

executes an ADV, including non-SLP 

Adding ADV but excluding any 

liquidity added by a DMM, of at least 

250,000 shares in Retail Price 

Improvements Orders. 

The Exchange proposes to eliminate 

SLP Tier 5 in its entirety and to remove 

it from the Price List. The tier has been 

underutilized by member organizations 

insofar as no SLP has qualified for the 

tiered display or tiered non-display 

credit in the past two 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. As 

a result of the deletion of SLP Tier 5, the 

Exchange would renumber the 

remaining SLP tiers as follows. Current 

SLP Tier 1A would become new SLP 

Tier 2. Current SLP Tier 2 would 

become new SLP Tier 3. Current SLP 

Tier 3 would become new SLP Tier 4. 

Finally, current SLP Tier 4 would 

become new SLP Tier 5. 

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 6(b)(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 Proposed Change Is Reasonable 

The Exchange believes that the 

proposed elimination of the incremental 

rebate for DMMs with 750 or fewer 

assigned securities is reasonable 

because DMMs have underutilized the 

alternative qualification for this 

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. 

Similarly, the Exchange believes that 

the proposed elimination of SLP Tier 5 

is reasonable. No SLP has qualified for 

the rebate in the past two months, and 

the Exchange does not anticipate any 

member organization in the near future 

qualifying for SLP Tier 5. The Exchange 

believes it is reasonable to eliminate 

rebates 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 alternative qualification for the 

incremental DMM rebate and SLP Tier 

5 from the Price List, as well as 

renumbering the remaining SLP tiers, 

would add clarity and transparency to 

the Price List. 

The Proposal Is an Equitable Allocation 

of Fees 

The Exchange believes the proposal 

equitably allocates fees among its 

market participants because the 

underutilized alternative qualification 

for a DMM rebate and SLP tier 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 the underutilized rebate 

and credits would apply to all similarlysituated 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 alternative 

qualification for the incremental DMM 

rebate and SLP Tier 5 credits would 

affect all similarly-situated market 

participants on an equal and nondiscriminatory basis. The Exchange 

believes that eliminating rebates and 

credits that are underutilized and 

ineffective would no longer be available 

to any DMM or SLP, respectively, on an 

equal basis. The Exchange also believes 

that the proposed change would protect 

investors and the public interest 

because the deletion of underutilized 

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. 


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Federal Register / Vol. 86, No. 175 / Tuesday, September 14, 2021 / Notices 51203 

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

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(2). 11 15 U.S.C. 78s(b)(2)(B). 12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 91326 

(March 15, 2021), 86 FR 14987 (March 19, 2021). 

Comments on the proposed rule change can be 

found at: https://www.sec.gov/comments/srcboebzx-2021-019/srcboebzx2021019.htm. 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 91695 

(April 28, 2021), 86 FR 24066 (May 5, 2021). The 

Commission designated June 17, 2021, as the date 

by which it should approve, disapprove, or institute 

proceedings to determine whether to disapprove the 

proposed rule change. 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 92196 

(June 16, 2021), 86 FR 32985 (June 23, 2021). 

8 15 U.S.C. 78s(b)(2). 

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,8 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 

DMM rebate and SLP tiered credits 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) 9 of the Act and 

subparagraph (f)(2) of Rule 19b–4 10

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) 11 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–2021–49 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–2021–49. 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–2021–49 and should 

be submitted on or before October 5, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19730 Filed 9–13–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92894; File No. SR– 

CboeBZX–2021–019] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of 

Designation of a Longer Period for 

Commission Action on Proceedings To 

Determine Whether To Approve or 

Disapprove a Proposed Rule Change 

To List and Trade Shares of the 

VanEck Bitcoin Trust Under BZX Rule 

14.11(e)(4), Commodity-Based Trust 

Shares 

September 8, 2021. 

On March 1, 2021, Cboe BZX 

Exchange, Inc. (‘‘BZX’’ or ‘‘Exchange’’) 

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 

VanEck Bitcoin Trust under BZX Rule 

14.11(e)(4), Commodity-Based Trust 

Shares. The proposed rule change was 

published for comment in the Federal 

Register on March 19, 2021.3 On April 

28, 2021, pursuant to Section 19(b)(2) of 

the Act,4 the Commission designated a 

longer period within which to approve 

the proposed rule change, disapprove 

the proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change.5

On June 16, 2021, the Commission 

instituted proceedings under Section 

19(b)(2)(B) of the Act 6 to determine 

whether to approve or disapprove the 

proposed rule change.7

Section 19(b)(2) of the Act 8 provides 

that, after initiating proceedings, the 

Commission shall issue an order 

approving or disapproving the proposed 

rule change not later than 180 days after 

the date of publication of notice of filing 

of the proposed rule change. The 

Commission may extend the period for 

issuing an order approving or 

disapproving the proposed rule change, 


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