24602 Federal Register / Vol. 87, No. 80 / Tuesday, April 26, 2022 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 62886 

(September 10, 2010), 75 FR 56613 (September 16, 

2010) (SR–NASDAQ–2010–076). 

Extension: 

Rule 15b1–1/Form BD 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

provided for in Rule 15b1–1 (17 CFR 

240.15b1–1) and Form BD (17 CFR 

249.501) under the Securities Exchange 

Act of 1934 (17 U.S.C. 78a et seq.). The 

Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

Form BD is the application form used 

by firms to apply to the Commission for 

registration as a broker-dealer, as 

required by Rule 15b1–1. Form BD also 

is used by firms other than banks and 

registered broker-dealers to apply to the 

Commission for registration as a 

municipal securities dealer or a 

government securities broker-dealer. In 

addition, Form BD is used to change 

information contained in a previous 

Form BD filing that becomes inaccurate. 

The total industry-wide annual time 

burden imposed by Form BD is 

approximately 3,703 hours, based on 

approximately 9,842 responses (175 

initial filings + 9,667 amendments). 

Each application filed on Form BD 

requires approximately 2.75 hours to 

complete and each amended Form BD 

requires approximately 20 minutes to 

complete. (175 × 2.75 hours = 481 

hours; 9,667 × 0.33333333 hours = 3,222 

hours; 481 hours + 3,222 hours = 3,703 

hours.) The staff believes that a brokerdealer would have a Compliance 

Manager complete and file both 

applications and amendments on Form 

BD at a cost of approximately $344/ 

hour. Consequently, the staff estimates 

that the total internal cost of compliance 

associated with the annual time burden 

is approximately $1,273,832 per year 

($344 × 3,703). 

The Commission uses the information 

disclosed by applicants in Form BD: (1) 

To determine whether the applicant 

meets the standards for registration set 

forth in the provisions of the Exchange 

Act; (2) to develop a central information 

resource where members of the public 

may obtain relevant, up-to-date 

information about broker-dealers, 

municipal securities dealers, and 

government securities broker-dealers, 

and where the Commission, other 

regulators, and SROs may obtain 

information for investigatory purposes 

in connection with securities litigation; 

and (3) to develop statistical 

information about broker-dealers, 

municipal securities dealers, and 

government securities broker-dealers. 

Without the information disclosed in 

Form BD, the Commission could not 

effectively implement policy objectives 

of the Exchange Act with respect to its 

investor protection function. 

Completing and filing Form BD is 

mandatory in order to engage in brokerdealer activity. Compliance with Rule 

15b1–1 does not involve the collection 

of confidential information. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted by 

June 27, 2022. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: April 20, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08778 Filed 4–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94765; File No. SR–Phlx– 

2022–19] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Extend the Clearly 

Erroneous Pilot Until July 20, 2022 

April 20, 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 18, 

2022, Nasdaq PHLX LLC (‘‘Phlx’’ or 

‘‘Exchange’’) 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 the Exchange. 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 to extend the 

current pilot program related to Phlx 

Equity 4, Rule 3312 (Clearly Erroneous 

Transactions) to the close of business on 

July 20, 2022. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/phlx/rules, 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 

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 purpose of the proposed rule 

change is to extend the current pilot 

program related to Equity 4, Rule 3312, 

Clearly Erroneous Transactions, to the 

close of business on July 20, 2022. The 

pilot program is currently due to expire 

on April 20, 2022. 

On September 10, 2010, the 

Commission approved, on a pilot basis, 

changes to Equity 4, Rule 3312 that, 

among other things: (i) Provided for 

uniform treatment of clearly 

erroneous execution reviews in multistock events involving twenty or more 

securities; and (ii) reduced the ability of 

the Exchange to deviate from the 

objective standards set forth in the rule.3


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 80 / Tuesday, April 26, 2022 / Notices 24603 

4See Securities Exchange Act Release No. 63023 

(September 30, 2010), 75 FR 61802 (October 6, 

2010) (SR–Phlx–2010–125). 

5See Securities Exchange Act Release No. 68820 

(February 1, 2013), 78 FR 9436 (February 8, 2013) 

(SR–Phlx–2013–12). 

6See Securities Exchange Act Release No. 72434 

(June 19, 2014), 79 FR 36110 (June 25, 2014) (SR– 

Phlx–2014–27). 

7See Securities Exchange Act Release No. 67091 

(May 31, 2012), 77 FR 33498 (June 6, 2012) (the 

‘‘Limit Up-Limit Down Release’’). 

8See Securities Exchange Act Release No. 85623 

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

(approving Eighteenth Amendment to LULD Plan). 

9See Securities Exchange Act Release No. 85632 

(April 11, 2019), 84 FR 16057 (April 17, 2019) (SR– 

Phlx–2019–14). 

10See Securities Exchange Act Release No. 93330 

(October 14, 2021), 86 FR 58128 (October 20, 2021) 

(SR–Phlx–2021–61). 

11See notes 3–6, supra. The prior versions of 

paragraphs (a)(2)(C), (c)(1), (b)(i), and (b)(ii) 

generally provided greater discretion to the 

Exchange with respect to breaking erroneous trades. 

12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(5). 

14 15 U.S.C. 78s(b)(3)(A)(iii). 

15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

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 

Continued 

Following this, on September 30, 2010, 

the Exchange adopted changes to 

conform its Rule 3312 to Nasdaq’s and 

BX’s rules 11890.4 In 2013, the 

Exchange adopted a provision designed 

to address the operation of the Plan.5

Finally, in 2014, the Exchange adopted 

two additional provisions providing 

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 

an Exchange, another SRO, or 

responsible single plan processor in 

connection with the transmittal or 

receipt of a trading halt, an Officer, 

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 trading halt has officially 

ended according to the primary listing 

market.6

These changes were originally 

scheduled to operate for a pilot period 

to coincide with the pilot period for the 

Plan to Address Extraordinary Market 

Volatility (the ‘‘Limit Up-Limit Down 

Plan’’ or ‘‘LULD Plan’’).7 In April 2019, 

the Commission approved an 

amendment to the LULD Plan for it to 

operate on a permanent, rather than 

pilot, basis.8 In light of that change, the 

Exchange amended Equity 4, Rule 3312 

to untie the pilot program’s 

effectiveness from that of the LULD Plan 

and to extend the pilot’s effectiveness to 

the close of business on October 18, 

2019.9 Subsequently, the Exchange 

amended Rule 3312 to extend the pilot’s 

effectiveness to the close of business on 

April 20, 2022.10

The Exchange now proposes to amend 

Equity 4, Rule 3312 to extend the pilot’s 

effectiveness for a further three months 

until the close of business on July 20, 

2022. If the pilot period is not either 

extended, replaced or approved as 

permanent, the prior versions of 

paragraphs (a)(2)(C), (c)(1), (b)(i), and 

(b)(ii) shall be in effect, and the 

provisions of paragraphs (g) through (i) 

shall be null and void.11 In such an 

event, the remaining sections of Rule 

3312 would continue to apply to all 

transactions executed on the Exchange. 

The Exchange understands that the 

other national securities exchanges and 

Financial Industry Regulatory Authority 

(‘‘FINRA’’) will also file similar 

proposals to extend their respective 

clearly erroneous execution pilot 

programs, the substance of which are 

identical to Rule 3312. 

The Exchange does not propose any 

additional changes to Equity 4, Rule 

3312. Extending the effectiveness of 

Rule 3312 for an additional three 

months will provide the Exchange and 

other self-regulatory organizations 

additional time to consider whether 

further amendments to the clearly 

erroneous execution rules are 

appropriate. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

requirements of Section 6(b) of the 

Act,12 in general, and Section 6(b)(5) of 

the Act,13 in particular, in that it is 

designed to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, to promote just and equitable 

principles of trade, and, in general, to 

protect investors and the public interest 

and not to permit unfair discrimination 

between customers, issuers, brokers, or 

dealers. 

The Exchange believes that the 

proposed rule change promotes just and 

equitable principles of trade in that it 

promotes transparency and uniformity 

across markets concerning review of 

transactions as clearly erroneous. The 

Exchange believes that extending the 

clearly erroneous execution pilot under 

Equity 4, Rule 3312 for an additional 

three months would help assure that the 

determination of whether a clearly 

erroneous trade has 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 rule 

change 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 amended 

clearly erroneous executions rule 

should continue to be in effect on a pilot 

basis while the Exchange and other selfregulatory organizations consider 

whether further amendments to these 

rules are appropriate. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change would impose 

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 execution rules across 

the U.S. equities markets while the 

Exchange and other self-regulatory 

organizations consider whether further 

amendments to these rules are 

appropriate. The Exchange understands 

that the other national securities 

exchanges and FINRA 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 

No written comments were either 

solicited or received. 

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)(iii) of the Act 14 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.15


jspears on DSK121TN23PROD with NOTICES1
24604 Federal Register / Vol. 87, No. 80 / Tuesday, April 26, 2022 / Notices 

Commission. The Exchange has satisfied this 

requirement. 

16 17 CFR 240.19b–4(f)(6). 

17 17 CFR 240.19b–4(f)(6)(iii). 

18For 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). 19 17 CFR 200.30–3(a)(12). 

A proposed rule change filed under 

Rule 19b–4(f)(6) 16 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),17 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.18

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– 

Phlx–2022–19 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–Phlx–2022–19. 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–Phlx–2022–19 and 

should be submitted on or before May 

17, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08802 Filed 4–25–22; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

SBA Council on Underserved 

Communities Meeting 

AGENCY: Small Business Administration 

(SBA). 

ACTION: Notice of Federal Advisory 

Committee meeting. 

SUMMARY: The SBA is issuing this notice 

to announce the location, date, time, 

and agenda for the second meeting of 

the SBA Council on Underserved 

Communities. The meeting will be in 

person for Council members and 

streamed live to the public. 

DATES: The meeting will be held on 

Wednesday, May 4th, 2022, from 10:00 

a.m. to 12:30 p.m. Eastern Standard 

Time. 

ADDRESSES: The Council on 

Underserved Communities will meet at 

The U.S. Small Business 

Administration, 409 3rd Street SW, 

Washington DC and live streamed on 

Zoom for the public. To Register sign up 

here: https://www.zoomgov.com/ 

webinar/register/WN_VA0osYARxe08i0i2gC_ZA. 

SUPPLEMENTARY INFORMATION: Pursuant 

to section 10(a)(2) of the Federal 

Advisory Committee Act (5 U.S.C., 

appendix 2), SBA announces the 

meeting of the SBA Council on 

Underserved Communities (the 

‘‘Council’’). The Council is tasked with 

providing advice, ideas and opinions on 

SBA programs and services and issues 

of interest to small businesses in 

underserved communities. For more 

information, please visit http://

www.sba.gov/cuc. 

The purpose of the meeting is to 

provide the Council with information 

on SBA’s efforts to support small 

businesses in underserved communities, 

as well as provide an opportunity for 

the Council to discuss its goals for the 

coming months. The Council will 

provide insights based on information 

they have heard from their communities 

and discuss areas of interest for further 

research and recommendation 

development. 

FOR FURTHER INFORMATION CONTACT: The 

meeting will be live streamed to the 

public, and anyone wishing to submit 

questions to the SBA Council on 

Underserved Communities can do so by 

submitting them via email to 

underservedcouncil@sba.gov, 

Additionally, if you need 

accommodations because of a disability 

or require additional information, please 

contact Bajeyah Eaddy, SBA, Office of 

the Administrator, 409 Third Street SW, 

Washington, DC 20416, 202–941–5997 

or Bajeyah.Eaddy@sba.gov. 

Dated: April 20, 2022. 

Andrienne Johnson, 

Committee Management Officer. 

[FR Doc. 2022–08807 Filed 4–25–22; 8:45 am] 

BILLING CODE P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #17406 and #17407; 

ARKANSAS Disaster Number AR–00121] 

Administrative Declaration of a 

Disaster for the State of Arkansas 

AGENCY: Small Business Administration. 


jspears on DSK121TN23PROD with NOTICES1