Federal Register / Vol. 87, No. 76 / Wednesday, April 20, 2022 / Notices 23613 

67 15 U.S.C. 78s(b)(3)(C). 

68 17 CFR 200.30–3(a)(12), (57) and (58). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(4). 

5Securities held at DTC are registered in the 

name of DTC’s nominee Cede & Co. DTC does not 

vote securities registered in the name of Cede & Co. 

Instead, DTC provides the Issuer with an omnibus 

proxy, which assigns Cede & Co.’s voting rights to 

those Participants that have position credit to their 

DTC account at the close of business on the record 

date. 

6 In order for Issuers or their third party agents 

(collectively, ‘‘Users’’) to receive listings of 

Participants’ holdings of a security of an Issuer as 

of a specific date (a ‘‘securities position report’’ or 

‘‘SPR’’), Users are required to register for the SPR 

Service with respect to the specific CUSIP. Users 

need access to SPRs to identify Participants holding 

securities in order to conduct functions they 

perform relating to security holders, including but 

not limited to record date functions. All Users must 

be registered and all requests for subscriptions or 

individual copies of SPRs must be made through 

the SPR Service. For further information on the SPR 

Service, see Securities Exchange Act Release No. 

52393 (September 8, 2005), 70 FR 54598 (September 

15, 2005) (SR–DTC–2005–12). 

7Each term not otherwise defined herein has its 

respective meaning as set forth in the Rules, ByLaws and Organization Certificate of DTC (the 

‘‘Rules’’), The Reorganizations Service Guide 

(‘‘Reorganizations Guide’’), and the Operational 

Arrangements (‘‘OA’’), available at http://

www.dtcc.com/legal/rules-and-procedures.aspx. 

8Securities held at DTC are registered in the 

name of DTC’s nominee Cede & Co. DTC does not 

vote securities registered in the name of Cede & Co. 

Instead, DTC provides the Issuer with an omnibus 

proxy, which assigns Cede & Co.’s voting rights to 

those Participants that have position credit to their 

DTC account at the close of business on the record 

date. 

9 In order for Issuers or their third party agents 

(collectively, ‘‘Users’’) to receive listings of 

Participants’ holdings of a security of an Issuer as 

of a specific date (a ‘‘securities position report’’ or 

‘‘SPR’’), Users are required to register for the SPR 

Service with respect to the specific CUSIP. Users 

need access to SPRs to identify Participants holding 

securities in order to conduct functions they 

perform relating to security holders, including but 

not limited to record date functions. All Users must 

be registered and all requests for subscriptions or 

individual copies of SPRs must be made through 

the SPR Service. For further information on the SPR 

Service, see Securities Exchange Act Release No. 

52393 (September 8, 2005), 70 FR 54598 (September 

15, 2005) (SR–DTC–2005–12). 

Rebuttal comments should be submitted 

by May 25, 2022. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(3)(C) of the Act,67 that File 

Number SR–MIAX–2022–14 be, and 

hereby is, temporarily suspended. In 

addition, the Commission is instituting 

proceedings to determine whether the 

proposed rule change should be 

approved or disapproved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.68

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08384 Filed 4–19–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94726; File No. SR–DTC– 

2022–003] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing of and Immediate Effectiveness 

of Proposed Rule Change To Amend 

the Reorganizations Service Guide and 

the Operational Arrangements 

April 14, 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 11, 

2022, The Depository Trust Company 

(‘‘DTC’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change as described 

in Items I, II and III below, which Items 

have been prepared by the clearing 

agency. DTC filed the proposed rule 

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

of the Act 3 and Rule 19b–4(f)(4) 

thereunder.4 The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change is to amend 

the Reorganizations Guide to (i) remove 

the Eurobond Conversions Service, (ii) 

clarify and streamline language relating 

to omnibus proxies 5 and proxy letters, 

and (iii) make conforming and clarifying 

changes. DTC is also proposing to 

amend the Reorganizations Guide and 

the Operational Arrangements to reflect 

that an issuer or trustee (each, an 

‘‘Issuer’’) would only be able to access 

an omnibus proxy through the SPR 

Service,6 as described in greater detail 

below.7

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, the 

clearing agency 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 

clearing agency has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

The purpose of the proposed rule 

change is to amend the Reorganizations 

Guide to (i) remove the Eurobond 

Conversions Service, (ii) clarify and 

streamline language relating to omnibus 

proxies 8 and proxy letters, and (iii) 

make conforming and clarifying 

changes. DTC is also proposing to 

amend the Reorganizations Guide and 

the Operational Arrangements to reflect 

that an issuer or trustee (each, an 

‘‘Issuer’’) would only be able to access 

an omnibus proxy through the SPR 

Service,9 as discussed more fully below. 

(i) Remove Eurobond Conversions 

Service 

A. Background 

Pursuant to the proposed rule change, 

DTC would amend the Reorganization 

Guide to remove the Eurobond 

Conversions Service. The Eurobond 

Conversions Service allowed 

Participants to convert convertible 

Eurobonds into the underlying 

securities. The Eurobond Conversions 

Service began in the early 1980s. The 

service was a manual process whereby 

DTC received a hardcopy conversion 

instruction from the conversion agent 

that identified the applicable Participant 

and included the physical certificate for 

conversion. DTC then manually credited 

the Participant’s account with the 

shares. 

The Eurobond Conversions Services 

was never widely used, and there has 

not been any demand for the service for 

many years. As the industry moved 

away from physical certificates and 

physical processing, the Eurobond 

Conversions Service became 

unnecessary. Today, a Participant can 

convert its Eurobond position at the 

agent, which then adds the underlying 

equity to the Participant’s DTC account 

via a Deposit and Withdrawal at 

Custodian (DWAC) request. 

Accordingly, DTC is proposing to 

amend the Reorganizations Guide to 

remove the Eurobond Conversions 

Service. 

B. Proposed Rule Change 

Pursuant to the proposed rule change 

with respect to the Eurobond 

Conversions Service, DTC is proposing 

to amend the Reorganizations Guide as 

follows: 

1. In the ‘‘About the Service’’ 

subsection of the ‘‘Conversions’’ section, 

delete the third bullet, ‘‘Process 


khammond on DSKJM1Z7X2PROD with NOTICES
23614 Federal Register / Vol. 87, No. 76 / Wednesday, April 20, 2022 / Notices 

10See Reorganizations Service Guide, supra note 

7, at 20. 

11See id. 

12See Security Position Report Pricing, available 

at https://www.dtcc.com/settlement-and-assetservices/issuer-services/spr-pricing, which does not 

list any fees for SPR Service registration or omnibus 

proxy access. 

13Previously, Participants submitted the 

documents through the DTC Web Inquiry 

Notification System (‘‘WINS’’), which was 

decommissioned on March 30, 2020. See Securities 

Exchange Act Release No. 88050 (January 27, 2020), 

85 FR 5728 (January 31, 2020) (SR–DTC–2020–002). 

instructions from U.S. agents to convert 

Eurobonds into DTC-eligible securities,’’ 

because the Eurobond Conversions 

Service would no longer be offered. 

2. Delete the ‘‘Eurobond Conversions’’ 

section in its entirety. 

3. In the ‘‘Forms for Instructions 

Outside PTS/PBS’’ table, delete the row 

for Eurobond Conversions. 

(ii) Hardcopy Omnibus Proxy 

A. Background 

Pursuant to the proposed rule change, 

DTC would amend the Reorganizations 

Guide and the Operational 

Arrangements to reflect that an Issuer 

would only be able to access an 

omnibus proxy through the SPR Service 

and would no longer be able to receive 

a physical copy directly from DTC. 

For proxy solicitations where a record 

date has been established, DTC assigns 

the voting rights of Cede & Co. to the 

Participants which, on the record date, 

have the security credited to their 

account at DTC.10 Shortly after record 

date, DTC generates an omnibus proxy, 

which includes an SPR of Participant 

positions in the security on the record 

date, and then makes the omnibus proxy 

available for download by the Issuer 

through the SPR Service.11

However, from time to time there is a 

record date proxy solicitation where the 

Issuer had not registered for the SPR 

Service. In these cases, DTC printed out 

a copy of the omnibus proxy and mailed 

the physical copy of the omnibus proxy 

to the address of the Issuer on DTC’s 

records. 

DTC is proposing to eliminate the 

delivery of a hardcopy omnibus proxy 

and to require that Issuers access the 

omnibus proxy electronically through 

the SPR Service. First, doing so would 

improve efficiency and security of the 

omnibus proxy process by replacing the 

manually intensive physical mailing 

with a secure method of electronic 

access by an authorized person. Second, 

the elimination of the hardcopy delivery 

method should not have a significant 

impact on Issuers because the 

percentage of Issuers that send meeting 

notices to DTC but are not registered for 

the SPR Service is less than five percent. 

Further, DTC has been performing 

outreach to facilitate Issuer registration 

for the SPR Service. When an Issuer 

sends in a meeting notice for a CUSIP 

and the Issuer is not registered, DTC 

obtains a contact of an authorized party 

for a related CUSIP or of the Issuer’s 

investor relations group. DTC sends an 

email informing the Issuer that it needs 

to register for the SPR Service to obtain 

the omnibus proxy. The email contains 

directions on how to register. To date, 

those Issuers that received the email 

have registered for the SPR Service. 

Finally, the SPR Service does not 

require special connectivity because it 

can be accessed through the web. 

Registration in the SPR Service is free 

and an Issuer’s access to the omnibus 

proxy is free as well.12 Accordingly, the 

proposed rule change would not impose 

additional costs on Issuers. 

B. Proposed Rule Change 

Pursuant to the proposed rule change 

with respect to the delivery of a 

hardcopy omnibus proxy, DTC is 

proposing to amend Section VI(E)(3) 

(Shareholder Meetings) of the 

Operational Arrangements by (i) 

replacing the first sentence of the 

second paragraph with ‘‘Soon after the 

record date for the meeting, DTC will 

make an omnibus proxy available to the 

Issuer, trustee, or authorized third-party 

agent through the Securities Position 

Report (SPR) Service,’’ and (ii) adding 

‘‘For information about registering for 

the SPR Service, refer to http://

www.dtcc.com/spr,’’ before the last 

sentence in the second paragraph. In 

addition, DTC is proposing to replace 

the term ‘‘are to’’ in the second sentence 

of the first paragraph with ‘‘must,’’ to 

reinforce the requirement that the 

meeting announcement must be emailed 

to DTC at the designated email address. 

In addition, DTC is proposing to 

amend the Reorganizations Guide by 

removing the sentence ‘‘Issuers and 

trustees who do not register for this 

service will receive an omnibus proxy 

and Security Position Report via hard 

copy mail,’’ from the ‘‘Omnibus Proxy’’ 

subsection of the ‘‘Proxy 

Announcements’’ section. 

(iii) Other Proposed Rule Changes 

DTC is proposing to amend the 

Reorganizations Guide as follows: 

1. On the ‘‘Important Legal 

Information’’ page, change the copyright 

date from 2021 to 2022. 

2. In the ‘‘Omnibus Proxy’’ subsection 

of the ‘‘Proxy Announcements’’ section 

replace ‘‘SPR’’ with ‘‘Security Position 

Reports (SPR).’’ 

3. In the ‘‘Other Securityholder or 

Bondholder Services’’ subsection of the 

‘‘Proxy Announcements’’ section, 

update the Guide to reflect that (i) a 

Participant must submit its instruction 

letter and Cede & Co. securityholder 

letter through the MyDTCC portal, (ii) 

the instruction letter must identify the 

subject securities, the quantity of the 

securities involved, the beneficial 

owner, and the nature of the request, 

and must include the exact form of the 

requested securityholder letter, (iii) a 

user guide for MyDTCC portal is 

available on the DTCC website, and (iv) 

DTC will not accept any request from (x) 

any party other than a Participant or (y) 

outside of the MyDTCC portal.13 In 

addition, DTC is proposing to make 

changes to clarify that the sample letters 

on the DTCC website are for illustrative 

purposes only, and that (i) DTC makes 

no determination as to whether a letter 

is sufficient, legally or otherwise, for a 

Participant’s or beneficial owner’s 

intended purpose, and (ii) Participants 

and beneficial owners must consult 

with their own counsel to make such 

determination. 

DTC is also proposing to add the 

following paragraph to remind 

Participants to timely submit their 

instructions and form of securityholder 

letter and to anticipate a DTC processing 

time of approximately six business days: 

‘‘To help ensure timely processing of a 

Participant’s request for a Cede & Co. 

securityholder letter, a Participant 

should anticipate a DTC processing time 

of approximately six business days. 

Processing time may increase if, for 

example, a Participant requests 

notarization of the Cede & Co. letter, or 

if, once a request is submitted to DTC, 

DTC needs to return the request to the 

Participant for technical revisions. In 

addition, Participants should anticipate 

longer processing times during periods 

of high volumes and plan accordingly. 

DTC is not responsible for a 

Participant’s failure to meet any 

deadline or cut-off in connection with 

its request.’’ Finally, DTC is also 

proposing to make minor changes to this 

subsection for conformity and 

readability. 

4. In the ‘‘Dissenters’ Rights/Appraisal 

Rights’’ subsection of the ‘‘Proxy 

Announcements’’ section, DTC is 

proposing to replace the existing Note 

and Warning sections, with a Note that 

conforms to the proposed changes to the 

‘‘Other Shareholder or Bondholder 

Services’’ subsection. Specifically, DTC 

would insert the following: 

‘‘There are examples of instruction 

letters and Assertion Letter on the DTCC 

website at http://www.dtcc.com/ 

settlement-and-asset-services/issuerVerDate Sep<11>2014 19:01 Apr 19, 2022 Jkt 256001 PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 E:\FR\FM\20APN1.SGM 20APN1

khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 76 / Wednesday, April 20, 2022 / Notices 23615 

14 15 U.S.C. 78q–1(b)(3)(F). 15 15 U.S.C. 78q–1(b)(3)(I). 

services/proxy-services. Please note that 

these example letters are for illustrative 

purposes only, and DTC makes no 

determination as to whether a letter is 

sufficient, legally or otherwise, for a 

Participant’s or beneficial owner’s 

intended purpose. Participants and 

beneficial owners must consult with 

their own counsel to make such 

determination. 

Completed forms must be submitted 

by a Participant via the MyDTCC portal. 

DTC will not accept the request from 

any other party or outside of the 

MyDTCC portal. 

A user guide is available at https://

www.dtcc.com/-/media/Files/ 

Downloads/Settlement-Asset-Services/ 

Issuer-Services/Shareholder-DemandDissent-MyDTCC-CAWeb.pdf.’’ 

In addition, to conform with the 

‘‘Other Shareholder or Bondholder 

Services’’ subsection. DTC is proposing 

to add a paragraph to remind 

Participants to timely submit their 

dissent/appraisal letter instructions and 

to anticipate a DTC processing time of 

approximately six business days. 

Specifically, DTC is proposing to add 

the following: ‘‘To help ensure timely 

processing of a Participant’s request for 

an Assertion Letter, a Participant should 

anticipate a DTC processing time of 

approximately six business days. 

Processing time may increase if, for 

example, a Participant requests 

notarization of the Assertion Letter, or 

if, once a request is submitted to DTC, 

DTC needs to return the request to the 

Participant for technical revisions. In 

addition, Participants should anticipate 

longer processing times during periods 

of high volumes and plan accordingly. 

DTC is not responsible for a 

Participant’s failure to meet any 

deadline or cut-off in connection with 

its request.’’ Further, DTC is proposing 

to amend the Reorganizations Guide to 

expressly state that, upon receipt of an 

appropriate request for a dissenter/ 

appraisal rights letter involving 

securities that are participating in the 

Direct Registration Service (DRS), DTC 

will deliver a DRS Statement—instead 

of a physical certificate—to the 

Participant. Finally, DTC is also 

proposing to make minor changes to this 

subsection for conformity and 

readability. 

In the ‘‘Important Considerations’’ 

subsection of the ‘‘Instructions/ 

Expirations’’ section: (i) In the fourth 

bullet, delete ‘‘either return the 

instructions form to you with a 

Rejection Notice attached, detailing the 

reason for the rejection, or,’’ because the 

bullet refers to hardcopy instructions, 

which are not accepted, (ii) delete the 

fifth bullet in its entirety, because DTC 

does not notify Participants of a 

rejection by phone, and (iii) in the 

eighth bullet, for clarity, delete ‘‘If you 

wish to put a unit comprised of a bond 

and a certificate evidencing a put option 

right, and you hold the securities in the 

form of the individual components, you 

must combine the components into a 

unit in order to effect the put,’’ because 

this statement only applies to a specific 

put bond type and any specific 

requirement appears in the applicable 

announcement for such event. 

2. Statutory Basis 

Section 17A(b)(3)(F) of the Act 14

requires that the rules of the clearing 

agency be designed, inter alia, to 

promote the prompt and accurate 

clearance and settlement of securities 

transactions, and, in general, to protect 

investors and the public interest. 

DTC believes that by deleting an 

obsolete service that is not being used, 

the proposed rule change to amend the 

Reorganizations Guide to remove the 

Eurobond Conversions Service would 

clarify the scope of reorganizations 

services offered by the DTC, thereby 

promoting the prompt and accurate 

clearance and settlement of securities 

transactions relating to reorganizations 

consistent with Section 17A(b)(3)(F) of 

the Act. 

By eliminating the manually intensive 

physical mailing of an omnibus proxy in 

favor of a secure method of electronic 

access by an authorized person, the 

proposed rule change would enhance 

the efficiency and security of the 

omnibus proxy process and facilitate 

record date shareholder identification 

and voting. Therefore, DTC believes that 

the proposed rule change is designed to 

protect investors and the public interest, 

particularly with respect to 

securityholder rights, consistent with 

Section 17A(b)(3)(F) of the Act. 

DTC believes that the proposed 

changes to (i) clarify and streamline 

language relating to omnibus proxies 

and proxy letters, and (ii) make 

conforming and clarifying changes in 

the Reorganizations Guide would 

enhance the clarity and transparency of 

the Reorganizations Guide. By 

enhancing the clarity and transparency 

of the Reorganizations Guide, the 

proposed rule change would allow 

Participants to more efficiently and 

effectively conduct their business in 

accordance with the Reorganizations 

Guide. Therefore, DTC believes that the 

proposed rule change is designed to 

promote the prompt and accurate 

clearance and settlement of securities 

transactions relating to reorganizations 

consistent with Section 17A(b)(3)(F) of 

the Act, cited above. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

DTC believes that the proposed rule 

change to amend the Reorganizations 

Guide to remove the Eurobond 

Conversions Service would not have 

any impact or impose any burden on 

competition because it would remove an 

outdated service that has not been 

utilized by Participants for several 

years. 

DTC believes that the proposed rule 

change to require Issuers to access the 

omnibus proxy electronically through 

the SPR Service would not have any 

impact or impose any burden on 

competition because an Issuer can 

register for the SPR Service and access 

the omnibus proxy without charge. In 

addition, Issuers can download and 

print their own hardcopies through the 

SPR Service. 

DTC believes that the proposed 

changes to (i) clarify and streamline 

language relating to omnibus proxies 

and proxy letters, and (ii) make 

conforming and clarifying changes in 

the Reorganizations Guide would not 

have any impact on competition 

because it would enhance the clarity 

and transparency of the Reorganizations 

Guide and therefore would not affect the 

rights or obligations of any party. 

In light of the foregoing, DTC does not 

believe that the proposed rule change 

would have any impact or impose any 

burden on competition.15

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

DTC has not received or solicited any 

written comments relating to this 

proposal. If any written comments are 

received, they would be publicly filed 

as an Exhibit 2 to this filing, as required 

by Form 19b–4 and the General 

Instructions thereto. 

Persons submitting comments are 

cautioned that, according to Section IV 

(Solicitation of Comments) of the 

Exhibit 1A in the General Instructions to 

Form 19b–4, the Commission does not 

edit personal identifying information 

from comment submissions. 

Commenters should submit only 

information that they wish to make 

available publicly, including their 

name, email address, and any other 

identifying information. 

All prospective commenters should 

follow the Commission’s instructions on 

how to submit comments, available at 


khammond on DSKJM1Z7X2PROD with NOTICES
23616 Federal Register / Vol. 87, No. 76 / Wednesday, April 20, 2022 / Notices 

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

17 17 CFR 240.19b–4(f). 

18 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)(ii). 

4 17 CFR 240.19b–4(f)(2). 

5See Securities Exchange Act Release No. 92359 

(July 9, 2021), 86 FR 37393 (July 15, 2021) (SR– 

MIAX–2021–28). 

6 Id. 

https://www.sec.gov/regulatory-actions/ 

how-to-submit-comments. General 

questions regarding the rule filing 

process or logistical questions regarding 

this filing should be directed to the 

Main Office of the Commission’s 

Division of Trading and Markets at 

tradingandmarkets@sec.gov or 202– 

551–5777. 

DTC reserves the right to not respond 

to any comments received. 

III. Date of Effectiveness of the 

Proposed Rule Change, and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A) 16 of the Act and paragraph 

(f) 17 of Rule 19b–4 thereunder. At any 

time within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

DTC–2022–003 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–DTC–2022–003. 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 DTC and on DTCC’s website 

(http://dtcc.com/legal/sec-rulefilings.aspx). 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–DTC– 

2022–003 and should be submitted on 

or before May 11, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08389 Filed 4–19–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94716; File No. SR–MIAX– 

2022–15] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing of a Proposed 

Rule Change To Establish Fees for the 

Exchange’s cToM Market Data 

Product; Suspension of and Order 

Instituting Proceedings To Determine 

Whether To Approve or Disapprove the 

Proposed Rule Change 

April 14, 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 1, 

2022, Miami International Securities 

Exchange, LLC (‘‘MIAX’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change as described in 

Item II below, which Item has been 

prepared by the Exchange. The 

Exchange filed the proposed rule change 

pursuant to Section 19(b)(3)(A)(ii) of the 

Act,3 and Rule 19b–4(f)(2) thereunder.4

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons and is, pursuant to Section 

19(b)(3)(C) of the Act, hereby: (i) 

Temporarily suspending the proposed 

rule change; and (ii) instituting 

proceedings to determine whether to 

approve or disapprove the proposed 

rule change. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend the MIAX Options Fee Schedule 

(the ‘‘Fee Schedule’’) to establish fees 

for the market data product known as 

MIAX Complex Top of Market 

(‘‘cToM’’). The fees became operative on 

April 1, 2022. The text of the proposed 

rule change is available on the 

Exchange’s website at http://

www.miaxoptions.com/rule-filings, at 

MIAX’s principal office, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Description of 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 [sic] 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 

Section 6)a) of the Fee Schedule to 

establish fees for the cToM data 

product. The Exchange initially filed 

this proposal on June 30, 2021 with the 

proposed fees to be effective beginning 

July 1, 2021 (‘‘First Proposed Rule 

Change’’).5 The First Proposed Rule 

Change was published for comment in 

the Federal Register on July 15, 2021.6

Although no comment letters were 

submitted, the Commission suspended 

the First Proposed Rule Change on 


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