Federal Register / Vol. 87, No. 73 / Friday, April 15, 2022 / Notices 22601 

23 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). A proposed rule change 

may take effect upon filing with the Commission if 

it is designated by the exchange as ‘‘establishing or 

changing a due, fee, or other charge imposed by the 

self-regulatory organization on any person, whether 

or not the person is a member of the self-regulatory 

organization.’’ 15 U.S.C. 78s(b)(3)(A)(ii). 

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

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

6See Securities Exchange Act Release No. 94260 

(February 15, 2022), 87 FR 9695. 

7 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 No. 90137 

(October 8, 2020), 85 FR 65087 (October 14, 2020) 

(SR–NYSENAT–2020–31) (‘‘SR–NYSENAT–2020– 

31’’). 

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 such 

filing also will be available for 

inspection and copying at the principal 

office of FINRA. 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–FINRA– 

2022–008 and should be submitted on 

or before May 6, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08069 Filed 4–14–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94677; File No. SR– 

EMERALD–2022–05] 

Self-Regulatory Organizations; MIAX 

Emerald, LLC; Notice of Withdrawal of 

Proposed Rule Change To Amend the 

MIAX Emerald Fee Schedule To Adopt 

a Tiered-Pricing Structure for 

Additional Limited Service MIAX 

Emerald Express Interface Ports 

April 11, 2022. 

On February 1, 2022, MIAX Emerald, 

LLC (‘‘MIAX Emerald’’ 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 amend the Exchange’s Fee 

Schedule to adopt a tiered-pricing 

structure for additional limited service 

express interface ports. 

The proposed rule change was 

immediately effective upon filing with 

the Commission pursuant to Section 

19(b)(3)(A) of the Act.3 On February 22, 

2022, the proposed rule change was 

published for comment in the Federal 

Register and, pursuant to Section 

19(b)(3)(C) of the Act,4 the Commission: 

(1) Temporarily suspended the 

proposed rule change; and (2) instituted 

proceedings under Section 19(b)(2)(B) of 

the Act 5 to determine whether to 

approve or disapprove the proposed 

rule change.6 On March 30, 2022, the 

Exchange withdrew the proposed rule 

change (SR–EMERALD–2022–05). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08071 Filed 4–14–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94662; File No. SR– 

NYSENAT–2022–03] 

Self-Regulatory Organizations; NYSE 

National, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Extending the Expiration 

Date of the Temporary Amendments to 

Rules 10.9261 and 10.9830 

April 11, 2022. 

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 March 29, 

2022, NYSE National, Inc. (‘‘NYSE 

National’’ or the ‘‘Exchange’’) 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 self-regulatory 

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 extending the 

expiration date of the temporary 

amendments to Rules 10.9261 and 

10.9830 as set forth in SR–NYSENAT– 

2020–31 from March 31, 2022, to July 

31, 2022, in conformity with recent 

changes by the Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’). 

The proposed rule change would not 

make any changes to the text of NYSE 

National Rules 10.9261 and 10.9830. 

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 extending the 

expiration date of the temporary 

amendments as set forth in SR– 

NYSENAT–2020–31 4 to Rules 10.9261 

(Evidence and Procedure in Hearing) 

and 10.9830 (Hearing) from March 31, 

2022, to July 31, 2022 to harmonize with 

recent changes by FINRA to extend the 

expiration date of the temporary 

amendments to its Rules 9261 and 9830. 

SR–NYSENAT–2020–31 temporarily 

granted to the Chief or Deputy Chief 

Hearing Officer the authority to order 

that hearings be conducted by video 

conference if warranted by public health 

risks posed by in-person hearings 

during the ongoing COVID–19 

pandemic. The proposed rule change 

would not make any changes to the text 


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5The Exchange may submit a separate rule filing 

to extend the expiration date of the proposed 

extension beyond July 31, 2022 if the Exchange 

requires additional temporary relief from the rule 

requirements identified in SR–NYSENAT–2020–31. 

The amended NYSE National rules will revert back 

to their original state at the conclusion of the 

temporary relief period and any extension thereof. 

6See Securities Exchange Act Release No. 83289 

(May 17, 2018), 83 FR 23968, 23976 (May 23, 2018) 

(SR–NYSENAT–2018–02) (‘‘2018 Approval Order’’). 

7See id. 

8See Securities Exchange Act Release No. 89737 

(September 2, 2020), 85 FR 55712 (September 9, 

2020) (SR–FINRA–2020–027) (‘‘SR–FINRA–2020– 

027’’). 

9See note 4, supra. 

10See Securities Exchange Act Release No. 90619 

(December 9, 2020), 85 FR 81250 (December 15, 

2020) (SR–FINRA–2020–042). 

11See Securities Exchange Act Release No. 90822 

(December 30, 2020), 86 FR 627 (January 6, 2021) 

(SR–NYSENAT–2020–39). 

12See Securities Exchange Act Release No. 91495 

(April 7, 2021), 86 FR 19306 (April 13, 2021) (SR– 

FINRA–2021–006). 

13See Securities Exchange Act Release No. 91634 

(April 22, 2021), 86 FR 22477 (April 28, 2021) (SR– 

NYSENAT–2021–11). 

14See Securities Exchange Act Release No. 92685 

(August 17, 2021), 86 FR 47169 (August 23, 2021) 

(SR–FINRA–2021–019). 

15See Securities Exchange Act Release No. 92908 

(September 9, 2021), 86 FR 51424 (September 15, 

2021) (SR–NYSENAT–2021–16). 

16See Securities Exchange Act Release No. 93758 

(December 13, 2021), 86 FR 71695 (December 17, 

2021) (SR–FINRA–2021–31). 

17See Securities Exchange Act Release No. 93919 

(January 6, 2022), 87 FR 1804 (January 12, 2022) 

(SR–NYSENAT–2021–25). 

18See Securities Exchange Act Release No. 94430 

(March 16, 2022), 87 FR 16262 (March 22, 2022) 

(SR–FINRA–2022–004) (‘‘SR–FINRA–2022–004’’). 

FINRA noted that, for example, on February 18, 

2022, President Joe Biden continued the national 

emergency concerning COVID–19 beyond March 1, 

2022, because COVID–19 ‘‘continues to cause 

significant risk to the public health and safety’’ of 

the United States. See Continuation of the National 

Emergency Concerning the Coronavirus Disease 

2019 (COVID–19) Pandemic, 87 FR 10289 (February 

23, 2022). See SR–FINRA–2022–004, 87 FR at 

16262, n. 6. 

19For instance, FINRA noted that the Centers for 

Disease Control and Prevention (‘‘CDC’’) 

recommends that people wear a mask in public 

indoor settings in areas with a high COVID–19 

community level regardless of vaccination status or 

individual risk. See https://www.cdc.gov/ 

coronavirus/2019-ncov/prevent-getting-sick/aboutface-coverings.html. Furthermore, numerous states 

currently have COVID–19 restrictions in place. 

Hawaii requires most people to wear masks in 

indoor public places regardless of vaccination 

status and several other states have mask mandates 

in certain settings, such as healthcare and 

correctional facilities. See SR–FINRA–2022–004, 87 

FR at 16262, n. 7. 

20See SR–FINRA–2022–004, 87 FR at 16263. 

21See SR–FINRA–2022–004, 87 FR at 16263–4. 

As a further basis for extending the expiration date 

to July 31, 2022, FINRA noted that its Board has 

approved the submission of a rule proposal to the 

Commission to make permanent the temporary 

service and filing rules originally set forth in SR– 

FINRA–2020–015. See https://www.finra.org/about/ 

governance/finra-board-governors/meetings/ 

update-finra-board-governors-meeting-december2021. FINRA represented that it is contemplating 

filing the rule proposal with the Commission in the 

near future and the extension of the temporary rule 

amendments would help to avoid the rules 

reverting to their original form before the 

permanent rules, if approved by the Commission, 

become effective. FINRA further noted that the 

proposal approved by its Board does not include 

the temporary rule amendments pertaining to video 

conference hearings originally set forth in SR– 

FINRA–2020–027. 

of Exchange Rules 10.9261 and 

10.9830.5

Background 

In 2018, NYSE National adopted 

disciplinary rules that are, with certain 

exceptions, substantially the same as the 

disciplinary rules of its affiliate NYSE 

American LLC, which are in turn 

substantially similar to the FINRA Rule 

8000 Series and Rule 9000 Series, and 

which set forth rules for conducting 

investigations and enforcement actions.6

In adopting disciplinary rules 

modeled on FINRA’s rules, NYSE 

National adopted the hearing and 

evidentiary processes set forth in Rule 

10.9261 and in Rule 10.9830 for 

hearings in matters involving temporary 

and permanent cease and desist orders 

under the Rule 10.9800 Series. As 

adopted, the text of Rule 10.9261 and 

Rule 10.9830 are substantially the same 

as the FINRA rules with certain 

modifications.7

In response to the COVID–19 global 

health crisis and the corresponding 

need to restrict in-person activities, on 

August 31, 2020, FINRA filed with the 

Commission a proposed rule change for 

immediate effectiveness, SR–FINRA– 

2020–027, which allowed FINRA’s 

Office of Hearing Officers (‘‘OHO’’) 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. 

Among the rules FINRA amended were 

Rules 9261 and 9830.8

Given that FINRA and OHO 

administers disciplinary hearings on the 

Exchange’s behalf, and that the public 

health concerns addressed by FINRA’s 

amendments apply equally to Exchange 

disciplinary hearings, on September 29, 

2020, the Exchange filed to temporarily 

amend Rule 10.9261 and Rule 10.9830 

to permit FINRA to conduct virtual 

hearings on its behalf.9 In December 

2020, FINRA filed a proposed rule 

change, SR–FINRA–2020–042, to extend 

the expiration date of the temporary 

amendments in SR–FINRA–2020–027 

from December 31, 2020, to April 30, 

2021.10 On December 22, 2020, the 

Exchange similarly filed to extend the 

temporary amendments to Rule 10.9261 

and Rule 10.9830 to April 30, 2021.11

On April 1, 2021, FINRA filed a 

proposed rule change, SR–FINRA– 

2021–006, to extend the expiration date 

of the temporary rule amendments to, 

among other rules, FINRA Rule 9261 

and 9830 from April 30, 2021, to August 

31, 2021.12 On April 20, 2021, the 

Exchange filed to extend the temporary 

amendments to Rule 10.9261 and Rule 

10.9830 to August 31, 2021.13 On 

August 13, 2021, FINRA filed a 

proposed rule change, SR–FINRA– 

2021–019, to extend the expiration date 

of the temporary amendments to, among 

other rules, FINRA Rule 9261 and 9830 

from August 31, 2021, to December 31, 

2021.14 On August 27, 2021, the 

Exchange filed to extend the temporary 

amendments to Rule 10.9261 and Rule 

10.9830 to December 31, 2021.15 On 

December 7, 2021, FINRA filed a 

proposed rule change, SR–FINRA– 

2021–031, to extend the expiration date 

of the temporary amendments in both 

SR–FINRA–2020–015 and SR–FINRA– 

2020–027 from December 31, 2021, to 

March 31, 2022.16 On December 27, 

2021, the Exchange filed to extend the 

temporary amendments to Rule 10.9261 

and Rule 10.9830 to March 31, 2022, 

after which the temporary amendments 

will expire absent another proposed rule 

change filing by the Exchange.17

While there are material signs of 

improvement, FINRA has determined 

that uncertainty still remains for the 

coming months. The continued 

presence of COVID–19 variants, 

dissimilar vaccination rates throughout 

the United States, and the current 

medium to high COVID–19 community 

levels in many states indicate that 

COVID–19 remains an active and real 

public health concern.18 Due to the 

uncertainty and the lack of a clear 

timeframe for a sustained and 

widespread abatement of COVID–19- 

related health concerns and 

corresponding restrictions,19 FINRA 

believes that there is a continued need 

for temporary relief beyond March 31, 

2022.20 On March 7, 2022, FINRA 

accordingly filed to extend the 

expiration date of the temporary rule 

amendments to, among other rules, 

FINRA Rule 9261 and 9830 from March 

31, 2022, to July 31, 2022.21

Proposed Rule Change 

Consistent with FINRA’s recent 

proposal, the Exchange proposes to 

extend the expiration date of the 

temporary rule amendments to NYSE 

National Rules 10.9261 and 10.9830 as 

set forth in SR–NYSENAT–2020–31 

from March 31, 2022, to July 31, 2022. 

As set forth in SR–FINRA–2022–004, 

while there are material signs of 

improvement, uncertainty still remains 

for the coming months. The continued 

presence of COVID–19 variants, 


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22See note 18, supra. 

23See note 19, supra. 

24See SR–FINRA–2022–004, 87 FR at 16263. 

25See SR–FINRA–2022–004, 87 FR at 16263, n. 

15. 

26 15 U.S.C. 78f(b). 

27 15 U.S.C. 78f(b)(5). 

28 15 U.S.C. 78f(b)(7) & 78f(d). 29 15 U.S.C. 78f(b)(7) & 78f(d). 

dissimilar vaccination rates throughout 

the United States, and the current 

medium to high COVID–19 community 

levels in many states indicate that 

COVID–19 remains an active and real 

public health concern.22 Due to the 

uncertainty and the lack of a clear 

timeframe for a sustained and 

widespread abatement of COVID–19– 

related health concerns and 

corresponding restrictions,23 FINRA 

believes that there is a continued need 

for temporary relief beyond March 31, 

2022.24 FINRA accordingly proposed to 

extend the expiration date of the 

temporary rule amendments from March 

31, 2022, to July 31, 2022. 

The Exchange proposes to similarly 

extend the expiration date of the 

temporary rule amendments to NYSE 

National Rules 10.9261 and 10.9830 as 

set forth in SR–NYSENAT–2020–31 

from March 31, 2022, to July 31, 2022. 

The Exchange agrees with FINRA that, 

while there are material signs of 

improvement, uncertainty still remains 

for the coming months. The Exchange 

also agrees that, due to the uncertainty 

and the lack of a clear timeframe for a 

sustained and widespread abatement of 

COVID–19-related health concerns and 

corresponding restrictions, for the 

reasons set forth in SR–FINRA–2022– 

004, there is a continued need for this 

temporary relief beyond March 31, 

2022. The proposed change would 

permit OHO to continue to assess, based 

on critical COVID–19 data and criteria 

and the guidance of health and security 

consultants, whether an in-person 

hearing would compromise the health 

and safety of the hearing participants 

such that the hearing should proceed by 

video conference. As noted in SR– 

FINRA–2022–004, in deciding whether 

to schedule a hearing by video 

conference, OHO may consider a variety 

of other factors in addition to COVID– 

19 trends. Similarly, as noted in SR– 

FINRA–2022–004, in SR–FINRA–2020– 

027, FINRA provided a non-exhaustive 

list of other factors OHO may take into 

consideration, including a hearing 

participant’s individual health concerns 

and access to the connectivity and 

technology necessary to participate in a 

video conference hearing.25 The 

Exchange believes that this is a 

reasonable procedure to continue to 

follow for hearings under Rules 10.9261 

and 10.9830 chaired by a FINRA 

employee. 

As noted below, the Exchange has 

filed the proposed rule change for 

immediate effectiveness and has 

requested that the SEC waive the 

requirement that the proposed rule 

change not become operative for 30 days 

after the date of the filing, so the 

Exchange can implement the proposed 

rule change immediately. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the 

Act,26 in general, and furthers the 

objectives of Section 6(b)(5),27 in 

particular, because it is 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 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 designed to provide a fair 

procedure for the disciplining of 

members and persons associated with 

members, consistent with Sections 

6(b)(7) and 6(d) of the Act.28

The Exchange believes that the 

proposed rule change supports the 

objectives of the Act by providing 

greater harmonization between 

Exchange rules and FINRA rules of 

similar purpose, resulting in less 

burdensome and more efficient 

regulatory compliance. As such, the 

proposed rule change will foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities and will 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system. 

The proposed rule change, which 

extends the expiration date of the 

temporary amendments to Exchange 

rules consistent with FINRA’s extension 

to its Rules 9261 and 9830 as set forth 

in SR–FINRA–2022–004, will permit the 

Exchange to continue to effectively 

conduct hearings during the COVID–19 

pandemic. Given the current and 

frequently changing COVID–19 

conditions and the uncertainty around 

when those conditions will see 

meaningful, widespread and sustained 

improvement, without this relief 

allowing OHO to proceed by video 

conference, some or all hearings may 

have to be postponed. The ability to 

conduct hearings by video conference 

will permit the adjudicatory functions 

of the Exchange’s disciplinary rules to 

continue unabated, thereby avoiding 

protracted delays. The Exchange 

believes that this is especially important 

in matters where temporary and 

permanent cease and desist orders are 

sought because the proposed rule 

change would enable those hearings to 

continue to proceed without delay, 

thereby enabling the Exchange to 

continue to take immediate action to 

stop significant, ongoing customer 

harm, to the benefit of the investing 

public. 

As set forth in detail in SR– 

NYSENAT–2020–31, the temporary 

relief to permit hearings to be conducted 

via video conference maintains fair 

process and will continue to provide 

fair process consistent with Sections 

6(b)(7) and 6(d) of the Act 29 while 

striking an appropriate balance between 

providing fair process and enabling the 

Exchange to fulfill its statutory 

obligations to protect investors and 

maintain fair and orderly markets while 

avoiding the COVID–19-related public 

health risks for hearing participants. 

The Exchange notes that this proposal, 

like SR–NYSENAT–2020–31, provides 

only temporary relief. As proposed, the 

changes would be in place through July 

31, 2022. As noted in SR–NYSENAT– 

2020–31 and above, the amended rules 

will revert back to their original state at 

the conclusion of the temporary relief 

period and, if applicable, any extension 

thereof. 

Accordingly, the proposed rule 

change extending this temporary relief 

is in the public interest and consistent 

with the Act’s purpose. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed temporary 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 to address competitive issues 

but is rather intended solely to provide 

continued temporary relief given the 

impacts of the COVID–19 pandemic and 

the related health and safety risks of 

conducting in-person activities. The 

Exchange believes that the proposed 

rule change will prevent unnecessary 

impediments to critical adjudicatory 

processes and its ability to fulfill its 

statutory obligations to protect investors 

and maintain fair and orderly markets 

that would otherwise result if the 


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30 15 U.S.C. 78s(b)(3)(A)(iii). 

31 17 CFR 240.19b–4(f)(6). 

32 17 CFR 240.19b–4(f)(6). 

33 17 CFR 240.19b–4(f)(6)(iii). 

34See supra Item II. 

35See SR–FINRA–2022–004, 87 FR at 16264 

(noting the same with respect to FINRA employees 

in granting FINRA’s request to waive the 30-day 

operative delay so that SR–FINRA–2022–004 would 

become operative immediately upon filing). 

36See supra note 4. 

37See supra note 5. As noted above, the Exchange 

states that if it requires temporary relief from the 

rule requirements identified in this proposal 

beyond July 31, 2022 it may submit a separate rule 

filing to extend the effectiveness of the temporary 

relief under these rules. 

38For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule change’s impact on efficiency, 

competition, and capital formation. See 15 U.S.C. 

78c(f). 

39 15 U.S.C. 78s(b)(2)(B). 40 17 CFR 200.30–3(a)(12). 

temporary amendments were to expire 

on March 31, 2022. 

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 Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 30 and Rule 

19b–4(f)(6) thereunder.31 Because the 

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 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act and Rule 19b–4(f)(6)(iii) 

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 32 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),33 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. The Exchange has indicated that 

the proposed rule change to extend the 

expiration date will continue to prevent 

unnecessary impediments to its critical 

adjudicatory processes, and its ability to 

fulfill its statutory obligations to protect 

investors and maintain fair and orderly 

markets, that would otherwise result if 

the temporary amendments were to 

expire on March 31, 2022.34

Importantly, the Exchange has also 

stated that further extending the relief 

provided initially in SR–NYSENAT– 

2020–31 immediately upon filing and 

without a 30-day operative delay will 

allow the Exchange to continue critical 

adjudicatory and review processes in a 

reasonable and fair manner and meet its 

critical investor protection goals, while 

also following best practices with 

respect to the health and safety of 

hearing participants.35 The Commission 

also notes that this proposal extends 

without change the temporary relief 

previously provided by SR–NYSENAT– 

2020–31.36 As proposed, the changes 

would be in place through July 31, 2022 

and the amended rules will revert back 

to their original state at the conclusion 

of the temporary relief period and, if 

applicable, any extension thereof.37 For 

these reasons, the Commission believes 

that waiver of the 30-day operative 

delay for this proposal is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.38

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) 39 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– 

NYSENAT–2022–03 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–NYSENAT–2022–03. 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–NYSENAT–2022–03 and 

should be submitted on or before May 

6, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.40

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08062 Filed 4–14–22; 8:45 am] 

BILLING CODE 8011–01–P 


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