22262 Federal Register / Vol. 87, No. 72 / Thursday, April 14, 2022 / Notices 

23 15 U.S.C. 78s(b)(3)(A)(iii). 

24 17 CFR 240.19b–4(f)(6). 

25 17 CFR 240.19b–4(f)(6). 

26 17 CFR 240.19b–4(f)(6)(iii). 

27For 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). 28 17 CFR 200.30–3(a)(12). 

For the foregoing reasons, the 

Exchange believes that the proposed 

change is consistent with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed change is not intended to 

address competition, but rather, makes 

permanent the current MWCB Pilot 

Rules for the protection of the markets. 

The Exchange believes that making the 

current MWCB Pilot Rules permanent 

would have no discernable burden on 

competition at all, since the Pilot Rules 

have already been in effect since 2012 

and would be made permanent without 

any changes. Moreover, because the 

MWCB mechanism contained in the 

Pilot Rules requires all exchanges and 

all market participants to cease trading 

at the same time, making the Pilot Rules 

permanent would not provide a 

competitive advantage to any exchange 

or any class of market participants. 

Further, the Exchange understands 

that the other SROs will submit 

substantively identical proposals to the 

Commission. Thus, the proposed rule 

change will help to ensure consistency 

across SROs without implicating any 

competitive issues. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 23 and Rule 

19b–4(f)(6) thereunder.24 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) 25 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),26 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange 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 allow the Exchange to 

immediately provide the protections 

included in this proposal in the event of 

a MWCB halt, which is consistent with 

the protection of investors and the 

public interest. Therefore, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change as operative upon 

filing.27

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– 

MEMX–2022–08 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–MEMX–2022–08. 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–MEMX–2022–08 

and should be submitted on or before 

May 5, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.28

Jill Peterson, 

Assistant Secretary. 

[FR Doc. 2022–07954 Filed 4–13–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94653; File No. SR–MEMX– 

2022–07] 

Self-Regulatory Organizations; MEMX 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Clarify the Information 

Disseminated in the MEMOIR Top Data 

Feed 

April 8, 2022. 

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

Securities Exchange Act of 1934 (the 


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Federal Register / Vol. 87, No. 72 / Thursday, April 14, 2022 / Notices 22263 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

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

6 15 U.S.C. 78f(b)(5). 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4. 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on April 1, 

2022, MEMX LLC (‘‘MEMX’’ 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 Exchange. The 

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

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

the Act 3 and Rule 19b–4(f)(6) 

thereunder.4 The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing with the 

Commission a proposed rule change to 

amend Rule 13.8(b) to clarify what 

information is disseminated in the 

MEMOIR Top data feed. The text of the 

proposed rule change is provided in 

Exhibit 5. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

Rule 13.8(b) to clarify what information 

is disseminated in the MEMOIR Top 

data feed. The Exchange does not 

propose any changes to the information 

that is disseminated in the MEMOIR 

Top data feed, or any changes to the 

Exchange’s System functionality, order 

handling, or operation, in this filing. 

Instead, this proposed change merely 

corrects an inadvertent drafting error 

contained in the Exchange’s initial 

Rules in order to clarify what 

information is disseminated in the 

MEMOIR Top data feed today. 

Specifically, the Exchange’s Rule 13.8(b) 

currently states that MEMOIR Top is an 

uncompressed data feed that offers top 

of book quotations and execution 

information based on equity orders 

entered into the System, however, the 

information actually published through 

MEMOIR Top is limited to top of book 

quotations. Accordingly, the Exchange 

proposes to eliminate the reference to 

execution information from Rule 

13.8(b). The proposed change is 

therefore intended to add clarity and 

promote transparency around the 

Exchange’s current operation and Rules 

for the benefit of its Users and all 

market participants. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,5 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act,6 in particular, in that 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 

regulating, clearing, settling, processing 

information with respect to, and 

facilitating transactions in securities, to 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. As described above, the 

Exchange simply proposes to eliminate 

the reference to execution information 

from Rule 13.8(b) to correct an 

inadvertent drafting error contained in 

the Exchange’s initial Rules and clarify 

what information is disseminated in the 

MEMOIR Top data feed today. 

Accordingly, the Exchange believes the 

proposed change is consistent with the 

Act because it is intended to add clarity 

and promote transparency around the 

Exchange’s current operation and Rules, 

which would help to avoid confusion 

for the benefit of its Users and all 

market participants. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposal would impose any burden 

on competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. Rather, the 

proposed change would add clarity and 

promote transparency around the 

Exchange’s current operation and its 

Rules for the benefit of its Users and all 

market participants, as described above. 

No changes to the Exchange’s System 

functionality, order handling, or 

operation are contemplated by these 

proposed changes, which would merely 

clarify the Exchange’s current operation 

and its Rules. As such, the proposal 

does not address competitive issues but 

is concerned solely with the 

administration of the Exchange and its 

Rules. Accordingly, as the Exchange is 

not proposing any changes to the 

Exchange’s System functionality, order 

handling, or operation, the Exchange 

does not believe the proposed rule 

change could have any impact on 

competition (intermarket or 

intramarket). 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 7 and Rule 19b– 

4(f)(6) 8 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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 


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22264 Federal Register / Vol. 87, No. 72 / Thursday, April 14, 2022 / Notices 

9 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. 88917 

(May 20, 2020), 85 FR 31832 (May 27, 2020) (Notice 

of Filing and Immediate Effectiveness of File No. 

SR–FINRA–2020–015); Securities Exchange Act 

Release No. 89055 (June 12, 2020), 85 FR 36928 

(June 18, 2020) (Notice of Filing and Immediate 

Effectiveness of File No. SR–FINRA–2020–017); 

Securities Exchange Act Release No. 89423 (July 29, 

2020), 85 FR 47278 (August 4, 2020) (Notice of 

Filing and Immediate Effectiveness of File No. SR– 

FINRA–2020–022); Securities Exchange Act Release 

No. 90619 (December 9, 2020), 85 FR 81250 

(December 15, 2020) (Notice of Filing and 

Immediate Effectiveness of File No. SR–FINRA– 

2020–042); Securities Exchange Act Release No. 

91495 (April 7, 2021), 86 FR 19306 (April 13, 2021) 

(Notice of Filing and Immediate Effectiveness of 

File No. SR–FINRA–2021–006); Securities 

Exchange Act Release No. 93758 (December 13, 

2021), 86 FR 71695 (December 17, 2021) (Notice of 

Filing and Immediate Effectiveness of File No. SR– 

FINRA–2021–031); Securities Exchange Act Release 

No. 94430 (March 16, 2022), 87 FR 16262 (March 

22, 2022) (Notice of Filing and Immediate 

Effectiveness of File No. SR–FINRA–2022–004). 

4The filings to establish and extend the 

temporary amendments involving electronic service 

and filing also included additional temporary 

amendments to provide extensions of time to 

FINRA staff, respondents and other parties in 

connection with certain adjudicatory and review 

processes. See Securities Exchange Act Release No. 

88917 (May 20, 2020), 85 FR 31832 (May 27, 2020) 

(Notice of Filing and Immediate Effectiveness of 

File No. SR–FINRA–2020–015). For example, under 

original Rule 6490(e), the time to appeal was seven 

calendar days, and a subcommittee was required to 

convene once each calendar month to consider all 

appeals received during the prior month. Under the 

temporary amendments to Rule 6490(e), the time to 

appeal was extended to 30 calendar days, and the 

time for the subcommittee to convene was extended 

to once every 90 days. The time frames under the 

proposed rule change are reverting back to their 

original form, so the timing requirements under the 

proposed rule change are the same as they were 

under the original rule. 

5See 85 FR 31832, supra note 3. 

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– 

MEMX–2022–07 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–MEMX–2022–07. 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–MEMX–2022–07 and 

should be submitted on or before May 

5, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–07953 Filed 4–13–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94654; File No. SR–FINRA– 

2022–009] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing of a 

Proposed Rule Change To Amend 

Certain FINRA Rules To Permit, and in 

Some Instances Require, Electronic 

Service and Filing of Documents in 

Disciplinary and Other Proceedings 

and Appeals 

April 8, 2022. 

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 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, II, and III below, which Items 

have been prepared by FINRA. 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 amend FINRA 

Rules 1012, 1015, 6490, 9132, 9133, 

9135, 9146, 9321, 9341, 9349, 9351, 

9522, 9524, 9525, 9559 and 9630 to 

permit, and in some instances require, 

electronic service and filing of 

documents in disciplinary and other 

proceedings and appeals. 

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 

Several of FINRA’s rules regarding 

method of service and filing have been 

amended temporarily to permit, and in 

some instances require, electronic filing 

and service during the period in which 

FINRA’s operations have been impacted 

by the COVID–19 pandemic.3 These 

temporary amendments pertain to 

disciplinary proceedings before the 

Office of Hearing Officers (OHO), and to 

appeals before the National 

Adjudicatory Council (NAC), among 

other types of administrative 

proceedings.4 However, the temporary 

amendments do not permit electronic 

service of an initial complaint on a 

respondent. FINRA did not temporarily 

change the method of serving the initial 

complaint due to heightened fair 

process concerns.5 Likewise, the 

proposed rule change would not change 

how initial complaints are served. The 

only permissible methods of serving the 


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