Federal Register / Vol. 87, No. 73 / Friday, April 15, 2022 / Notices 22599 

12 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). 

4See Securities Exchange Act Release No. 62885 

(September 10, 2010), 75 FR 56641 (September 16, 

2010) (Order Approving File No. SR–FINRA–2010– 

032). 

5See Securities Exchange Act Release No. 68808 

(February 1, 2013), 78 FR 9083 (February 7, 2013) 

(Notice of Filing and Immediate Effectiveness of 

File No. SR–FINRA–2013–012). 

6See Securities Exchange Act Release No. 72434 

(June 19, 2014), 79 FR 36110 (June 25, 2014) (Order 

Approving File No. SR–FINRA–2014–021). 

7See Securities Exchange Act Release No. 85612 

(April 11, 2019), 84 FR 16107 (April 17, 2019) 

(Notice of Filing and Immediate Effectiveness of 

File No. SR–FINRA–2019–011). 

8See Securities Exchange Act Release No. 87344 

(October 18, 2019), 84 FR 57076 (October 24, 2019) 

(Notice of Filing and Immediate Effectiveness of 

File No. SR–FINRA–2019–025). 

9See Securities Exchange Act Release No. 88495 

(March 27, 2020), 85 FR 18608 (April 2, 2020) 

(Notice of Filing and Immediate Effectiveness of 

File No. SR–FINRA–2020–008). 

10See Securities Exchange Act Release No. 90219 

(October 19, 2020), 85 FR 67574 (October 23, 2020) 

(Notice of Filing and Immediate Effectiveness of 

File No. SR–FINRA–2020–036). 

11See Securities Exchange Act Release No. 91373 

(March 19, 2021), 86 FR 16003 (March 25, 2021) 

(Notice of Filing and Immediate Effectiveness of 

File No. SR–FINRA–2021–004). 

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–CBOE–2022–017 and 

should be submitted on or before May 

6, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08067 Filed 4–14–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94673; File No. SR–FINRA– 

2022–008] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Extend the Current 

Pilot Program Related to FINRA Rule 

11892 (Clearly Erroneous Transactions 

in Exchange-Listed Securities) 

April 11, 2022. 

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 April 6, 

2022, the Financial Industry Regulatory 

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

designated the proposed rule change as 

constituting a ‘‘non-controversial’’ 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 

FINRA is proposing to extend the 

current pilot program related to FINRA 

Rule 11892 (Clearly Erroneous 

Transactions in Exchange-Listed 

Securities) (‘‘Clearly Erroneous 

Transaction Pilot’’ or ‘‘Pilot’’) until July 

20, 2022. 

The text of the proposed rule change 

is available on FINRA’s website at 

http://www.finra.org, at the principal 

office of FINRA 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, 

FINRA 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. FINRA 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 

FINRA is proposing a rule change to 

extend the current pilot program related 

to FINRA Rule 11892 governing clearly 

erroneous transactions in exchangelisted securities until the close of 

business on July 20, 2022. Extending the 

Pilot would provide FINRA and the 

national securities exchanges additional 

time to consider a permanent proposal 

for clearly erroneous transaction 

reviews. 

On September 10, 2010, the 

Commission approved, on a pilot basis, 

changes to FINRA Rule 11892 that, 

among other things: (i) Provided for 

uniform treatment of clearly 

erroneous transaction reviews in multistock events involving twenty or more 

securities; and (ii) reduced the ability of 

FINRA to deviate from the objective 

standards set forth in the rule.4 In 2013, 

FINRA adopted a provision designed to 

address the operation of the Plan to 

Address Extraordinary Market Volatility 

Pursuant to Rule 608 of Regulation NMS 

(‘‘Plan’’).5 Finally, in 2014, FINRA 

adopted two additional provisions 

addressing (i) erroneous transactions 

that occur over one or more trading days 

that were based on the same 

fundamentally incorrect or grossly 

misinterpreted information resulting in 

a severe valuation error; and (ii) a 

disruption or malfunction in the 

operation of the facilities of a selfregulatory organization or responsible 

single plan processor in connection 

with the transmittal or receipt of a 

trading halt.6

On April 9, 2019, FINRA filed a 

proposed rule change to untie the 

effectiveness of the Clearly Erroneous 

Transaction Pilot from the effectiveness 

of the Plan, and to extend the Pilot’s 

effectiveness to the close of business on 

October 18, 2019.7 On October 10, 2019, 

FINRA filed a proposed rule change to 

extend the Pilot’s effectiveness until 

April 20, 2020.8 On March 18, 2020, 

FINRA filed a proposed rule change to 

extend the pilot’s effectiveness until 

October 20, 2020.9 On October 16, 2020, 

FINRA filed a proposed rule change to 

extend the Pilot’s effectiveness until 

April 20, 2021.10 On March 15, 2021, 

FINRA filed a proposed rule change to 

extend the Pilot’s effectiveness until 

October 20, 2021.11 On October 5, 2021, 

FINRA filed a proposed rule change to 

extend the Pilot’s effectiveness until 


jspears on DSK121TN23PROD with NOTICES1
22600 Federal Register / Vol. 87, No. 73 / Friday, April 15, 2022 / Notices 

12See Securities Exchange Act Release No. 93355 

(October 15, 2021), 86 FR 58374 (October 21, 2021) 

(Notice of Filing and Immediate Effectiveness of 

File No. SR–FINRA–2021–026). 

13 If the pilot period is not either extended or 

approved as permanent, the version of Rule 11892 

prior to SR–FINRA–2010–032 shall be in effect, and 

the amendments set forth in SR–FINRA–2014–021 

and the provisions of Supplementary Material .03 

of the rule shall be null and void. 

14See Securities Exchange Act Release No. 85623 

(April 11, 2019), 84 FR 16086 (April 17, 2019) 

(Order Approving the Eighteenth Amendment to 

the National Market System Plan to Address 

Extraordinary Market Volatility). 

15 15 U.S.C. 78o–3(b)(6). 

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

17 17 CFR 240.19b–4(f)(6). 

18 15 U.S.C. 78s(b)(3)(A)(iii). 

19 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 Commission 

has waived the five-day prefiling requirement in 

this case. 

20 17 CFR 240.19b–4(f)(6). 

21 17 CFR 240.19b–4(f)(6)(iii). 

22For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

April 20, 2022.12 FINRA now is 

proposing to further extend the Pilot 

until July 20, 2022, so that market 

participants can continue to benefit 

from the more objective clearly 

erroneous transaction standards under 

the Pilot.13 Extending the Pilot also 

would provide more time to permit 

FINRA and the other self-regulatory 

organizations to consider what changes, 

if any, to the clearly erroneous 

transaction rules are appropriate.14

FINRA 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 FINRA can 

implement the proposed rule change 

immediately. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,15 which 

requires, among other things, that 

FINRA rules must be designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade and, in 

general, to protect investors and the 

public interest. FINRA believes that the 

proposed rule change promotes just and 

equitable principles of trade in that it 

promotes transparency and uniformity 

across markets concerning the review of 

transactions as clearly erroneous. 

FINRA believes that extending the Pilot 

under FINRA Rule 11892, until July 20, 

2022, would help assure consistent 

results in handling erroneous trades 

across the U.S. equities markets, thus 

furthering fair and orderly markets, the 

protection of investors and the public 

interest. Based on the foregoing, FINRA 

believes the Clearly Erroneous 

Transaction Pilot should continue to be 

in effect while FINRA and the national 

securities exchanges consider a 

permanent proposal for clearly 

erroneous transaction reviews. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA does not believe that the 

proposed rule change will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The proposal 

would ensure the continued, 

uninterrupted operation of harmonized 

clearly erroneous transaction rules 

across the U.S. equities markets while 

FINRA and the national securities 

exchanges consider further amendments 

to these rules. FINRA understands that 

the national securities exchanges also 

will file similar proposals to extend 

their clearly erroneous execution pilot 

programs, as applicable. Thus, the 

proposed rule change will help to 

ensure consistency across market 

centers without implicating any 

competitive issues. 

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. 

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 16 and Rule 

19b–4(f)(6) thereunder.17 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)(iii) of the Act 18 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.19

A proposed rule change filed under 

Rule 19b–4(f)(6) 20 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),21 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. FINRA asked that the 

Commission waive the 30 day operative 

delay so that the proposal may become 

operative immediately upon filing. 

Waiver of the 30-day operative delay 

would extend the protections provided 

by the current pilot program, without 

any changes, while FINRA and other 

self-regulatory organizations consider 

whether further amendments to these 

rules are appropriate. Therefore, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change as operative upon 

filing.22

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– 

FINRA–2022–008 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–FINRA–2022–008. 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 


jspears on DSK121TN23PROD with NOTICES1
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 


jspears on DSK121TN23PROD with NOTICES1