51696 Federal Register / Vol. 86, No. 177 / Thursday, September 16, 2021 / Notices 

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. 37 17 CFR 240.19b–4(f)(6). 38 17 CFR 240.19b–4(f)(6)(iii). 

39For purposed only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 40 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The term ‘‘municipal advisor principal’’ is 

defined in MSRB Rule G–3(e)(i) to mean a natural 

person associated with a municipal advisor who is 

qualified as a municipal advisor representative and 

is directly engaged in the management, direction or 

supervision of the municipal advisory activities of 

the municipal advisor and its associated persons. 

would not significantly affect the 

protection of investors or the public 

interest because it seeks to delete the 

Exchange’s OATS rules to be consistent 

with FINRA’s retirement of its OATS 

rules. The Exchange further believes 

that the proposed rule change would not 

impose any significant burden on 

competition because the proposed rule 

change is not designed to address any 

competitive issue but rather implements 

provisions of the CAT NMS Plan, and is 

designed to assist the Exchange in 

meeting its regulatory obligations 

pursuant to the Plan. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 37 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),38 the 

Commission may 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 so that the proposal may 

become operative immediately upon 

filing. As noted above, the Exchange 

believes that the OATS reporting 

requirements of the Equity 5 Series are 

duplicative of information available in 

the CAT and thus will no longer be 

necessary now that the CAT is 

operational. The Commission believes 

that it is consistent with the protection 

of investors and the public interest for 

the Exchange to delete its OATS 

reporting because FINRA has retired 

OATS. Accordingly, the Commission 

hereby waives the 30-day operative 

delay and designates the proposal 

operative upon filing.39

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 

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– 

NASDAQ–2021–071 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–NASDAQ–2021–071. 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–NASDAQ–2021–071, and 

should be submitted on or before 

October 7, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.40

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19972 Filed 9–15–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92938; File No. SR–MSRB– 

2021–05] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Provide a Further 

Extension of Time To Become 

Appropriately Qualified by Passing the 

Municipal Advisor Principal 

Qualification Examination (Series 54) 

Pursuant to MSRB Rule G–3, on 

Professional Qualification 

Requirements 

September 10, 2021. 

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

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on September 2, 2021 the Municipal 

Securities Rulemaking Board (‘‘MSRB’’) 

filed with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change as described 

in Items I, II, and III below, which Items 

have been prepared by the MSRB. 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 MSRB filed with the Commission 

a proposed rule change to amend 

Supplementary Material .09, Temporary 

Relief for Municipal Advisor Principal, 

of MSRB Rule G–3, on professional 

qualification requirements, to provide a 

further extension of time for those 

individuals who meet the definition of 

a municipal advisor principal 3 to 

become appropriately qualified by 

passing the Municipal Advisor Principal 

Qualification Examination (‘‘Series 54 

examination’’). The MSRB has 

designated the proposed rule change as 

constituting a ‘‘noncontroversial’’ rule 

Federal Register / Vol. 86, No. 177 / Thursday, September 16, 2021 / Notices 51697 

4 15 U.S.C. 78s(b)(3)(A). 

5 17 CFR 240.19b–4(f)(6). 

6See Exchange Act Release No. 88694 (April 20, 

2020), 85 FR 23088 (April 24, 2020) (File No. SR– 

MSRB–2020–01). See Exchange Act Release No. 

90621 (December 9, 2020), 85 FR 81254 (December 

15, 2020) (File No. SR–MSRB–2020–09). 

7FINRA uses Prometric as its single vendor for 

the delivery of professional qualification 

examinations, including MSRB-owned professional 

qualification examinations. 

8The April and December relief extended the 

initial one-year grace-period, previously set to 

expire on November 12, 2020, to allow individuals 

functioning as municipal advisor principals to 

continue to engage in the management, direction or 

supervision of the municipal advisory activities of 

the municipal advisor and its associated persons, so 

long as such persons are qualified with the 

Municipal Advisor Representative Qualification 

Examination (‘‘Series 50’’). 

9The launch of the Series 54 examination online 

took approximately 12 days from the date the MSRB 

announced the exam would be made available 

online. The MSRB is proposing to extend the 

compliance date by 18 days taking into 

consideration the Thanksgiving holiday. 

10See MSRB Notice 2021–10 (August 11, 2021), 

‘‘MSRB Provides Interim Accommodation for 

Municipal Advisor Principal Qualification 

Examination (Series 54 Exam),’’ available at https:// 

www.msrb.org/-/media/Files/Regulatory-Notices/ 

Announcements/2021-10.ashx??n=1. 

11See, e.g., Exchange Act Release No. 75714 

(August 17, 2015), 80 FR 50883 (August 21, 2015) 

(Designation of the Financial Industry Regulatory 

Authority to Administer Professional Qualification 

Tests for Associated Persons of Registered 

Municipal Advisors). Individuals who wish to take 

the Series 54 examination online must first 

complete ‘‘FINRA Online Exam Administration 

Request Form,’’ available at https://www.finra.org/ 

registration-exams-ce/qualification-exams/onlineexam-administration. 12 15 U.S.C. 78o–4(b)(2)(A). 

change under Section 19(b)(3)(A) 4 of 

the Act and Rule 19b–4(f)(6) 5

thereunder, which renders the proposal 

effective upon receipt of this filing by 

the Commission. 

The text of the proposed rule change 

is available on the MSRB’s website at 

www.msrb.org/Rules-andInterpretations/SEC-Filings/2021- 

Filings.aspx, at the MSRB’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 

MSRB 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 MSRB 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 

In April 2020, and again in December 

2020, the MSRB filed proposed rule 

changes for immediate effectiveness 

with the SEC that provided regulatory 

relief on a temporary basis to municipal 

advisors and dealers in response to the 

operational challenges and disruptions 

to normal business functions as a result 

of the coronavirus disease (‘‘COVID– 

19’’) pandemic (‘‘April relief’’ and 

‘‘December relief’’).6 In connection with 

the MSRB’s April relief, due to the 

uncertainty regarding ongoing stay-athome orders and social distance 

restrictions that impacted capacity at 

Prometric testing centers,7 the MSRB 

adopted Supplementary Material .09 of 

MSRB Rule G–3 to extend the date by 

which individuals were required to 

become qualified with the Series 54 

examination from November 12, 2020 to 

March 31, 2021. In its December relief, 

due to the protracted nature of the 

pandemic, the MSRB amended 

Supplementary Material .09 of MSRB 

Rule G–3 a second time to extend the 

time period further from March 31, 2021 

to November 12, 2021, for individuals to 

become qualified with the Series 54 

examination.8

The proposed amendment to 

Supplementary Material .09 of MSRB 

Rule G–3 would further extend the time 

period from November 12, 2021 to 

November 30, 2021, for individuals to 

become qualified with the Series 54 

examination. This time extension is 

being proposed in connection with the 

MSRB’s efforts to facilitate the remote 

proctoring of the Series 54 examination; 

and notably, the proposed extension of 

time roughly coincides with the number 

of days taken to launch the Series 54 

examination online.9 On August 11, 

2021, the MSRB announced, given the 

quickly approaching compliance date by 

which individuals have to take and pass 

the Series 54 examination and in 

recognition of pandemic-related 

challenges, the MSRB would provide an 

interim accommodation to allow 

individuals to take the Series 54 

examination online. Specifically, the 

Series 54 examination was made 

available to take online beginning on 

August 23, 2021 and will be available to 

take online until November 30, 2021.10

The Financial Industry Regulatory 

Authority (‘‘FINRA’’), as designated by 

the Commission, provides test 

administration services to the MSRB for 

the delivery of MSRB-owned 

professional qualification examinations 

and is facilitating the delivery of the 

Series 54 examination online.11 The 

MSRB believes that the extension of 

time is appropriate given the quick 

nature in which the Series 54 

examination was launched online, on 

account of exigent circumstances, and 

that the extension affords individuals 

time to engage in informed decision 

making regarding how to test. Relatedly, 

permitting the remote proctoring of the 

Series 54 examination, on a temporary 

basis, as well as ongoing in-person 

testing at Prometric testing centers, will 

facilitate compliance with MSRB Rule 

G–3(e)(ii) during the pandemic. 

The MSRB proposes this interim 

accommodation in recognition of the 

approaching compliance date for 

municipal advisors to have at least one 

person appropriately qualified as a 

municipal advisor principal; and 

therefore, the accommodation is offered 

only with respect to the Series 54 

examination. 

2. Statutory Basis 

Section 15B(b)(2)(A) of the Act 12

authorizes the MSRB to prescribe: 

. . . standards of training, experience, 

competence, and such other qualifications as 

the Board finds necessary or appropriate in 

the public interest or for the protection of 

investors and municipal entities or obligated 

persons. 

The MSRB believes that the proposed 

rule change is consistent with this 

provision as those acting in the capacity 

of a municipal advisor principal would 

still be subject to the regulatory 

requirements under MSRB Rule G–3, 

including the requirement to be 

qualified with the Series 50 

examination, which is a prerequisite to 

taking and passing the Series 54 

examination in order to become 

qualified as a municipal advisor 

principal. Accordingly, the proposed 

amendments do not relieve municipal 

advisors from compliance with 

underlying obligations that directly 

serve to protect investors, municipal 

entities, obligated persons and the 

public interest. The extension of time 

will provide an opportunity for 

individuals to review the information 

provided by the MSRB on remote 

proctoring of exams; make an informed 

decision regarding how to test; complete 

the relevant FINRA form, as necessary; 

and take the exam in furtherance of 

MSRB Rule G–3, which was 

promulgated in furtherance of the 

Exchange Act. The extension provides a 

reasonable amount of time to facilitate 

remote proctoring and enhances 

compliance by providing greater 

opportunities for individuals to take the 

Series 54 examination. 

51698 Federal Register / Vol. 86, No. 177 / Thursday, September 16, 2021 / Notices 

13 15 U.S.C. 78o–4(b)(2)(C). 

14 15 U.S.C. 78o–4(b)(2)(L)(iv). 

15 Id. 

16 15 U.S.C. 78s(b)(3)(A). 

17 17 CFR 240.19b–4(f)(6). 

18 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. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Section 15B(b)(2)(C) of the Act 

requires that MSRB rules be designed 

not to impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act.13 The MSRB 

believes that the proposed rule change 

will not impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

Exchange Act. The goal of the proposed 

rule change is to provide temporary 

relief to grant additional time for 

municipal advisors to meet certain 

obligations under MSRB rules during 

the exigent circumstances of the 

COVID–19 pandemic but would not 

alter their underlying obligations under 

MSRB rules. Not only does the proposed 

rule change not burden competition, but 

as set forth below, it may result in a 

benefit to competition. 

Additionally, Section 15B(b)(2)(L)(iv) 

of the Exchange Act, requires that MSRB 

rules not impose a regulatory burden on 

small municipal advisors that is not 

necessary or appropriate in the public 

interest and for the protection of 

investors, municipal entities, and 

obligated persons, provided that there is 

robust protection of investors against 

fraud.14 The MSRB believes that the 

proposed rule change is consistent with 

Section 15B(b)(2)(L)(iv) of the Exchange 

Act 15 in that, while the proposed rule 

change to extend the date by which 

individuals have to pass the Series 54 

examination will affect all municipal 

advisors, including small municipal 

advisors, there is no new regulatory 

burden that results. Small municipal 

advisors typically have fewer associated 

persons and, as a result, their resources 

may be more limited during the 

pandemic and the benefits of the 

proposed rule change may provide 

smaller municipal advisors a greater 

benefit given their limited resources. In 

addition, the MSRB believes that 

extending the compliance date by 

approximately 21⁄2 weeks may serve to 

benefit small municipal advisors by 

providing greater opportunity for 

individuals to prepare for, take and pass 

the Series 54 examination and for 

municipal advisors to meet their 

compliance obligation to have at least 

one person properly qualified by 

passing the Series 54 examination by 

the compliance date. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received 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 16 and Rule 19b– 

4(f)(6) 17 thereunder. 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. 

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– 

MSRB–2021–05 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–MSRB–2021–05. 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 MSRB. 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–MSRB–2021–05 and should 

be submitted on or before October 7, 

2021. 

For the Commission, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19973 Filed 9–15–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92936; File No. 

SR–NYSEArca–2021–78] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the NYSE Arca 

Equities Fees and Charges 

September 10, 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 

September 1, 2021, NYSE Arca, Inc. 

(‘‘NYSE Arca’’ 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.