23006 Federal Register / Vol. 87, No. 74 / Monday, April 18, 2022 / Notices 

22 15 U.S.C. 78s(b)(3)(A). 

23 17 CFR 240.19b–4(f)(6). 

24 17 CFR 240.19b–4(f)(6). 

25 17 CFR 240.19b–4(f)(6)(iii). 

26For 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). 

27 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)(iii). 

4 17 CFR 240.19b–4(f)(6). 

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 

Because the foregoing proposed rule 

change does not: 

A. Significantly affect the protection 

of investors or the public interest; 

B. impose any significant burden on 

competition; and 

C. 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 22 and Rule 19b–4(f)(6) 23

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 24 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),25 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.26

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– 

CboeBZX–2022–027 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–CboeBZX–2022–027. 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–CboeBZX–2022–027 

and should be submitted on or before 

May 9, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08177 Filed 4–15–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94684; File No. SR–MEMX– 

2022–09] 

Self-Regulatory Organizations; MEMX 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Extend the Pilot Related to 

Clearly Erroneous Transactions Until 

July 20, 2022 

April 12, 2022. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on April 11, 

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 and II 

below, which Items have been prepared 

by the Exchange. The Exchange filed the 

proposal as a ‘‘non-controversial’’ 

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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 74 / Monday, April 18, 2022 / Notices 23007 

5See MEMX Rule 11.15. 

6See Securities Exchange Release No. 88806 (May 

4, 2020), 85 FR 27451 (May 8, 2020). 

7See MEMX Rule 11.15. 

8See Securities Exchange Act Release No. 85623 

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

No. 4–631). 

9See, e.g., Securities Exchange Act Release No. 

85542 (April 8, 2019), 84 FR 15009 (April 12, 2019) 

(SR–CboeBYX–2019–003). 

10See Securities Exchange Act Release No. 91457 

(April 1, 2021), 86 FR 18082 (April 7, 2021) (SR– 

MEMX–2021–05). 

11See Securities Exchange Act Release No. 93358 

(October 15, 2021), 86 FR 58319 (October 21, 2021) 

(SR–MEMX–2021–13). 

12See Securities Exchange Act Release No. 94374 

(March 7, 2022), 87 FR 14062 (March 11, 2022) (SR– 

CboeBZX–2022–017). 

13 15 U.S.C. 78f(b). 

14 15 U.S.C. 78f(b)(5). 

extend the current pilot program related 

to MEMX Rule 11.15, ‘‘Clearly 

Erroneous Executions,’’ to the close of 

business on July 20, 2022. 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 extend the 

effectiveness of the Exchange’s current 

rule applicable to Clearly Erroneous 

Executions to the close of business on 

July 20, 2022. Portions of Rule 11.15, 

explained in further detail below, are 

currently operating as a pilot program 

which is set to expire on April 20, 

2022.5

On May 4, 2020, the Commission 

approved MEMX’s Form 1 Application 

to register as a national securities 

exchange with rules including, on a 

pilot basis, MEMX Rule 11.15.6 Rule 

11.15, among other things (i) provides 

for uniform treatment of clearly 

erroneous execution reviews in multistock events involving twenty or more 

securities; and (ii) reduces the ability of 

the Exchange to deviate from objective 

standards set forth in the rule. The rule 

further provides that: (i) A series of 

transactions in a particular security on 

one or more trading days may be viewed 

as one event if all such transactions 

were effected based on the same 

fundamentally incorrect or grossly 

misinterpreted issuance information 

resulting in a severe valuation error for 

all such transactions; and (ii) in the 

event of any disruption or malfunction 

in the operation of the electronic 

communications and trading facilities of 

the Exchange, another SRO, or 

responsible single plan processor in 

connection with the transmittal or 

receipt of a trading halt, an Officer of 

the Exchange or senior level employee 

designee, acting on his or her own 

motion, shall nullify any transaction 

that occurs after a trading halt has been 

declared by the primary listing market 

for a security, and before such a trading 

halt has officially ended according to 

the primary listing market.7

Previously, the clearly erroneous pilot 

programs adopted by the national 

securities exchanges and the current 

Plan to Address Extraordinary Market 

Volatility Pursuant to Rule 608 of 

Regulation NMS under the Act (the 

‘‘Limit Up-Limit Down Plan’’ or the 

‘‘LULD Plan’’) were a single pilot 

program. On April 17, 2019, the 

Commission approved the Eighteenth 

Amendment to the LULD Plan, allowing 

the LULD Plan to operate on a 

permanent, rather than pilot, basis.8

Accordingly, national securities 

exchanges filed with the Commission 

amendments to exchange rules to untie 

the pilot program’s effectiveness from 

that of the LULD Plan in order to 

provide such exchanges additional time 

to consider further amendments, if any, 

to the clearly erroneous execution rules 

in light of the proposed Eighteenth 

Amendment to the LULD Plan.9

More recently, the Exchange amended 

MEMX Rule 11.15 to extend the pilot’s 

effectiveness to the close of business on 

October 20, 2021.10 The Exchange 

subsequently amended MEMX Rule 

11.15 to extend the pilot’s effectiveness 

to the close of business on April 20, 

2022.11

On March, 7, 2022, Cboe BZX 

Exchange, Inc. proposed a rule change 

to make the pilot program permanent 

with certain amendments.12 The 

Exchange now proposes to amend 

MEMX Rule 11.15 to extend the pilot’s 

effectiveness to the close of business on 

July 20, 2022, while the Commission 

considers whether the BZX proposal 

should be approved or disapproved. 

MEMX understands that certain other 

national securities exchanges and the 

Financial Industry Regulatory Authority 

(‘‘FINRA’’) also intend to file similar 

proposals to extend their respective 

clearly erroneous execution pilot 

programs, the substance of which are 

identical to MEMX Rule 11.15. 

The Exchange does not propose any 

additional changes to MEMX Rule 

11.15. By proposing to extend the pilot, 

the Exchange will avoid any 

discrepancy between its clearly 

erroneous pilot program and the pilot 

programs of other exchanges and 

FINRA, as the language of such rules are 

identical to MEMX Rule 11.15 and, as 

noted above, other exchanges and 

FINRA also intend to file proposals to 

extend their respective clearly 

erroneous execution pilot programs. The 

Exchange believes the benefits to market 

participants from the more objective 

clearly erroneous executions rule 

should continue on a limited three 

month pilot basis. As the LULD Plan 

was approved by the Commission to 

operate on a permanent, rather than 

pilot, basis the Exchange intends to 

assess whether additional changes 

should also be made to the operation of 

the clearly erroneous execution rules. 

Extending the effectiveness of MEMX 

Rule 11.15 for an additional three 

months should provide the Commission 

additional time to consider the recent 

proposal to make the pilot program 

permanent and any further amendments 

to the clearly erroneous execution rules. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,13 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,14

in particular, in that it is designed to 

prevent fraudulent and manipulative 

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. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) requirement that the 

rules of an exchange not be designed to 

permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange believes 

that extending the clearly erroneous 

execution pilot under MEMX Rule 11.15 

for an additional three months would 

help assure that the determination of 

whether a clearly erroneous trade has 


khammond on DSKJM1Z7X2PROD with NOTICES
23008 Federal Register / Vol. 87, No. 74 / Monday, April 18, 2022 / Notices 

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

16 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. 

17 17 CFR 240.19b–4(f)(6). 

18 17 CFR 240.19b–4(f)(6)(iii). 

19For 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). 20 17 CFR 200.30–3(a)(12). 

occurred will be based on clear and 

objective criteria, and that the resolution 

of the incident will occur promptly 

through a transparent process. The 

proposed extension would also 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, the Exchange believes the 

clearly erroneous executions rule 

should continue to be in effect on a pilot 

basis while the Commission considers 

the pending proposal to make 

permanent the rules related to clearly 

erroneous executions reviews. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange believes its proposed 

rule change would not impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. To the 

contrary, the Exchange understands that 

FINRA and certain other national 

securities exchanges will also file 

similar proposals to extend their 

respective clearly erroneous execution 

pilot programs. 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 

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 15 and Rule 19b– 

4(f)(6) thereunder.16

A proposed rule change filed under 

Rule 19b–4(f)(6) 17 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),18 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 extend the protections provided 

by the current pilot program, without 

any changes, while the Exchange 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.19

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: 

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–2022–09 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–2022–09. 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–2022–09 

and should be submitted on or before 

May 9, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08164 Filed 4–15–22; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice: 11714] 

Notice of Renewal of the Advisory 

Committee on International Law 

Charter 

The Department of State has renewed 

the charter of the Advisory Committee 

on International Law. The Committee is 

composed of former Legal Advisers of 

the Department of State and up to 30 

individuals appointed by the Legal 

Adviser or a Deputy Legal Adviser. 

Through the Committee, the Department 

of State will continue to obtain the 

views and advice of outstanding 

members drawn from a cross section of 


khammond on DSKJM1Z7X2PROD with NOTICES