Federal Register / Vol. 87, No. 76 / Wednesday, April 20, 2022 / Notices 23647 

91 15 U.S.C. 78s(b)(3)(C). 92 17 CFR 200.30–3(a)(12), (57) and (58). 

1See rule 22e–3(a)(3). 

2The Commission has not received any notices 

invoking rule 22e–3 to halt redemptions. However, 

for administrative purposes, we are reporting one 

respondent and one annual response. 

3This figure for an Attorney is from SIFMA’s 

Management & Professional Earnings in the 

Securities Industry 2013, modified by Commission 

staff to account for an 1800-hour work-year and 

Continued 

disapproved by May 11, 2022. Any 

person who wishes to file a rebuttal to 

any other person’s submission must file 

that rebuttal by May 25, 2022. 

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 No. SR– 

EMERALD–2022–15 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 No. 

SR–EMERALD–2022–15. 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 publ. All submissions 

should refer to File No. SR–EMERALD– 

2022–15 and should be submitted on or 

before May 11, 2022. 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,91 that File 

No. SR–EMERALD–2022–15 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.92

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08382 Filed 4–19–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–603; OMB Control No. 

3235–0658] 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Rule 22e–3 

Notice is hereby given that, under the 

Paperwork Reduction Act of 1995 (44 

U.S.C. 3501–3520), the Securities and 

Exchange Commission (the 

‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Section 22(e) of the Investment 

Company Act [15 U.S.C. 80a–22(e)] 

(‘‘Act’’) generally prohibits funds, 

including money market funds, from 

suspending the right of redemption, and 

from postponing the payment or 

satisfaction upon redemption of any 

redeemable security for more than seven 

days. The provision was designed to 

prevent funds and their investment 

advisers from interfering with the 

redemption rights of shareholders for 

improper purposes, such as the 

preservation of management fees. 

Although section 22(e) permits funds to 

postpone the date of payment or 

satisfaction upon redemption for up to 

seven days, it does not permit funds to 

suspend the right of redemption for any 

amount of time, absent certain specified 

circumstances or a Commission order. 

Rule 22e–3 under the Act [17 CFR 

270.22e–3] exempts money market 

funds from section 22(e) to permit them 

to suspend redemptions in order to 

facilitate an orderly liquidation of the 

fund. Specifically, rule 22e–3 permits a 

money market fund to suspend 

redemptions and postpone the payment 

of proceeds pending board-approved 

liquidation proceedings if: (i) The fund’s 

board of directors, including a majority 

of disinterested directors, determines 

pursuant to § 270.2a–7(c)(8)(ii)(C) that 

the extent of the deviation between the 

fund’s amortized cost price per share 

and its current net asset value per share 

calculated using available market 

quotations (or an appropriate substitute 

that reflects current market conditions) 

may result in material dilution or other 

unfair results to investors or existing 

shareholders; (ii) the fund’s board of 

directors, including a majority of 

disinterested directors, irrevocably 

approves the liquidation of the fund; 

and (iii) the fund, prior to suspending 

redemptions, notifies the Commission of 

its decision to liquidate and suspend 

redemptions. Rule 22e–3 also provides 

an exemption from section 22(e) for 

registered investment companies that 

own shares of a money market fund 

pursuant to section 12(d)(1)(E) of the 

Act (‘‘conduit funds’’), if the underlying 

money market fund has suspended 

redemptions pursuant to the rule. A 

conduit fund that suspends redemptions 

in reliance on the exemption provided 

by rule 22e–3 is required to provide 

prompt notice of the suspension of 

redemptions to the Commission. Notices 

required by the rule must be provided 

by electronic mail, directed to the 

attention of the Director of the Division 

of Investment Management or the 

Director’s designee.1 Compliance with 

the notification requirement is 

mandatory for money market funds and 

conduit funds that rely on rule 22e–3 to 

suspend redemptions and postpone 

payment of proceeds pending a 

liquidation, and are not kept 

confidential. 

Commission staff estimates that, on 

average, one fund would be required to 

make the required notice every year.2

Commission staff further estimates that 

a money market fund or conduit fund 

would spend approximately one hour of 

an in-house attorney’s time to prepare 

and submit the notice required by the 

rule. Given these estimates, the total 

annual burden of the notification 

requirement of rule 22e–3 for all money 

market funds and conduit funds would 

be approximately one hour at a cost of 

$425.3 The Commission staff estimates 


khammond on DSKJM1Z7X2PROD with NOTICES
23648 Federal Register / Vol. 87, No. 76 / Wednesday, April 20, 2022 / Notices 

inflation, and multiplied by 5.35 to account for 

bonuses, firm size, employee benefits and overhead. 

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

2 17 CFR 240.19b–4. 

3The term ‘‘Member’’ means an individual or 

organization approved to exercise the trading rights 

associated with a Trading Permit. Members are 

deemed ‘‘members’’ under the Exchange Act. See 

Exchange Rule 100. 

4The Exchange’s System Networks consist of the 

Exchange’s extranet, internal network, and external 

network. 

5The Exchange initially filed a proposal on July 

30, 2021 to adopt a tiered-pricing structure for the 

10Gb ULL fiber connections. The proposal to adopt 

a tiered pricing structure was withdrawn and 

refiled several times, each time providing more 

detail and additional justification in response to 

questions raised by the Commission in its 

Suspension Orders and in response to comments 

received. Ultimately, in response to questions 

raised by the Commission in its Suspension Orders 

and comment letters submitted by SIG on the 

proposed tiered pricing structure, the Exchange 

reluctantly withdrew that proposal on March 30, 

2022, despite the fact that the proposed a tieredpricing structure reduced the monthly 10Gb ULL 

connectivity fees for approximately 60% of the 

Exchange’s subscribers. See Securities Exchange 

Act Release Nos. 92645 (August 11, 2021), 86 FR 

46048 (August 17, 2021) (SR–EMERALD–2021–23); 

93166 (September 28, 2021), 86 FR 54760 (October 

4, 2021) (SR–EMERALD–2021–29); 93644 

(November 22, 2021), 86 FR 67750 (November 29, 

2021); 93776 (December 14, 2021), 86 FR 71983 

(December 20, 2021) (SR–EMERALD–2021–42); 

94089 (January 27, 2022); 94257 (February 15, 

2022), 87 FR 9678 (February 22, 2022) (SR– 

EMERALD–2022–04). See also letters from Richard 

J. McDonald, Susquehanna International Group, 

LLC (‘‘SIG’’), to Vanessa Countryman, Secretary, 

Commission, dated September 7, 2021, October 1, 

2021, October 26, 2021, and March 15, 2022. See 

letters from Richard J. McDonald, SIG, to Vanessa 

Countryman, Secretary, Commission, dated October 

1, 2021 (‘‘SIG Letter 2’’) and October 26, 2021 (‘‘SIG 

Letter 3’’). See also letter from Tyler Gellasch, 

Executive Director, Healthy Markets Association 

(‘‘HMA’’), to Hon. Gary Gensler, Chair, 

Commission, dated October 29, 2021 (commenting 

on SR–CboeEDGA–2021–017, SR–CboeBYX–2021– 

020, SR–Cboe–BZX–2021–047, SR–CboeEDGX– 

2021–030, SR–MIAX–2021–41, SR–PEARL–2021– 

45, and SR–EMERALD–2021–29 and stating that 

‘‘MIAX has repeatedly filed to change its 

connectivity fees in a way that will materially lower 

costs for many users, while increasing the costs for 

some of its heaviest of users. These filings have 

been withdrawn and repeatedly refiled. Each time, 

however, the filings contain significantly greater 

information about who is impacted and how than 

other filings that have been permitted to take effect 

without suspension’’) (emphasis added) (‘‘HMA 

Letter’’); and Ellen Green, Managing Director, 

Equity and Options Market Structure, Securities 

Industry and Financial Markets Association 

(‘‘SIFMA’’), to Vanessa Countryman, Secretary, 

Commission, dated November 26, 2021 (‘‘SIFMA 

Letter’’). 

that there is no cost burden associated 

with the information collection 

requirement of rule 22e–3 other than 

this cost. 

The estimate of average burden hours 

is made solely for the purposes of the 

Paperwork Reduction Act, and is not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules and forms. 

Compliance with the collection of 

information requirements of the rule is 

necessary to obtain the benefit of relying 

on the rule. An agency may not conduct 

or sponsor, and a person is not required 

to respond to, a collection of 

information unless it displays a 

currently valid control number. 

The public may view the background 

documentation for this information 

collection at the following website, 

www.reginfo.gov. Comments should be 

directed to: (i) Desk Officer for the 

Securities and Exchange Commission, 

Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, Room 10102, New Executive 

Office Building, Washington, DC 20503, 

or by sending an email to: 

Lindsay.M.Abate@omb.eop.gov; and (ii) 

David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Cynthia 

Roscoe, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. Written comments 

and recommendations for the proposed 

information collection should be sent 

within 30 days May 20, 2022 of 

publication of this notice to 

www.reginfo.gov/public/do/PRAMain. 

Find this particular information 

collection by selecting ‘‘Currently under 

30-day Review—Open for Public 

Comments’’ or by using the search 

function. 

Dated: April 14, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08402 Filed 4–19–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94717; File No. SR– 

EMERALD–2022–13] 

Self-Regulatory Organizations; MIAX 

Emerald LLC; Notice of Filing of a 

Proposed Rule Change To Amend the 

MIAX Emerald Fee Schedule To 

Increase Certain Connectivity Fees; 

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, MIAX Emerald, LLC (‘‘MIAX 

Emerald’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

as described in Items I and II below, 

which Items have been prepared by the 

Exchange. 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 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 Emerald Options Fee 

Schedule (the ‘‘Fee Schedule’’) to 

amend certain connectivity fees. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/emerald, at MIAX’s principal 

office, 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 

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 the 

Fee Schedule to increase the fees for 

Members 3 and non-Members to access 

the Exchange’s System Networks 4 via a 

10 gigabit (‘‘Gb’’) ultra-low latency 

(‘‘ULL’’) fiber connection.5 Specifically, 

the Exchange proposes to amend 

Sections 5(a)–(b) of the Fee Schedule to 

increase the 10Gb ULL fee for Members 


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