Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices 25065 

11 15 U.S.C. 78s(b)(3)(A). 

12 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 Exchange 

has satisfied this requirement. 

13 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. 91930 

(May 18, 2021), 86 FR 27907 (May 24, 2021) (SR– 

ISE–2021–09) (Notice of Filing and Immediate 

Effectiveness of Proposed Rule Change To Amend 

Options 4, Section 5, ‘‘Series of Options Contracts 

Open for Trading’’ To Limit Short Term Options 

Series Intervals Between Strikes). 

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 11 and Rule 19b– 

4(f)(6) thereunder.12

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–2022–17 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–2022–17. 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–2022–17 and should 

be submitted on or before May 18, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08913 Filed 4–26–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94773; File No. SR–ISE– 

2022–10] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing of Proposed 

Rule Change To Amend ISE Options 4, 

Section 5, Series of Options Contracts 

Open for Trading 

April 21, 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, Nasdaq ISE, LLC (‘‘ISE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘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 amend 

Options 4, Section 5, ‘‘Series of Options 

Contracts Open for Trading.’’ 

Specifically, this proposal seeks to 

amend Supplementary Material .07 to 

Options 4, Section 5. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/ise/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 Exchange proposes to amend 

Options 4, Section 5, ‘‘Series of Options 

Contracts Open for Trading.’’ 

Specifically, the Exchange proposes to 

amend Supplementary Material .07 to 

Options 4, Section 5 to account for 

conflicts between different provisions 

within the Short Term Options Series 

Rules. 

In 2021, ISE amended Options 4, 

Section 5 to limit the intervals between 

strikes in equity options listed as part of 

the Short Term Option Series Program, 

excluding Exchange-Traded Fund 

Shares and ETNs, that have an 

expiration date more than twenty-one 

days from the listing date (‘‘Strike 

Interval Proposal’’).3 The Strike Interval 

Proposal adopted a new Supplementary 

Material .07 to Options 4, Section 5 

which included a table that intended to 


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25066 Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices 

4Supplementary Material .03(e) of Options 4, 

Section 5 states, ‘‘Strike Interval. During the month 

prior to expiration of an option class that is selected 

for the Short Term Option Series Program pursuant 

to this Rule (‘‘Short Term Option’’), the strike price 

intervals for the related non-Short Term Option 

(‘‘Related non-Short Term Option’’) shall be the 

same as the strike price intervals for the Short Term 

Option. The Exchange may open for trading Short 

Term Option Series on the Short Term Option 

Opening Date that expire on the Short Term Option 

Expiration Date at strike price intervals of (i) $0.50 

or greater where the strike price is less than $100, 

and $1 or greater where the strike price is between 

$100 and $150 for all option classes that participate 

in the Short Term Options Series Program; (ii) $0.50 

for option classes that trade in one dollar 

increments and are in the Short Term Option Series 

Program; or (iii) $2.50 or greater where the strike 

price is above $150.’’ 

5The Share Price would be the closing price on 

the primary market on the last day of the calendar 

quarter and the Average Daily Volume would be the 

total number of options contracts traded in a given 

security for the applicable calendar quarter divided 

by the number of trading days in the applicable 

calendar quarter The Average Daily Volume would 

be the total number of options contracts traded in 

a given security for the applicable calendar quarter 

divided by the number of trading days in the 

applicable calendar quarter. Beginning on the 

second trading day in the first month of each 

calendar quarter, the Average Daily Volume shall be 

calculated by utilizing data from the prior calendar 

quarter based on Customer-cleared volume at The 

Options Clearing Corporation. For options listed on 

the first trading day of a given calendar quarter, the 

Average Daily Volume shall be calculated using the 

quarter prior to the last trading calendar quarter. 

See Supplementary Material .07 to Options 4, 

Section 5. 

6Supplementary Material .03(f) of Options 4, 

Section 5 provides, ‘‘Notwithstanding (e) above, 

when Short Term Options Series in equity options, 

excluding Exchange-Traded Funds (‘‘ETFs’’) and 

ETNs, have an expiration more than twenty-one 

days from the listing date, the strike interval for 

each options class shall be based on the table 

within Supplementary Material .07.’’ 

7Supplementary Material .03(e) of Options 4, 

Section 5, provides, ‘‘Strike Interval. During the 

month prior to expiration of an option class that is 

selected for the Short Term Option Series Program 

pursuant to this Rule (‘‘Short Term Option’’), the 

strike price intervals for the related non-Short Term 

Option (‘‘Related non-Short Term Option’’) shall be 

the same as the strike price intervals for the Short 

Term Option. The Exchange may open for trading 

Short Term Option Series on the Short Term Option 

Opening Date that expire on the Short Term Option 

Expiration Date at strike price intervals of (i) $0.50 

or greater where the strike price is less than $100, 

and $1 or greater where the strike price is between 

$100 and $150 for all option classes that participate 

in the Short Term Options Series Program; (ii) $0.50 

for option classes that trade in one dollar 

increments and are in the Short Term Option Series 

Program; or (iii) $2.50 or greater where the strike 

price is above $150.’’ 

specify the applicable strike intervals 

that would supersede Supplementary 

Material .03(e) 4 for Short Term Option 

Series in equity options, excluding 

Exchange-Traded Fund Shares and 

ETNs, which have an expiration date 

more than twenty-one days from the 

listing date. The Strike Interval Proposal 

was designed to reduce the density of 

strike intervals that would be listed in 

later weeks, within the Short Term 

Options Series Program, by utilizing 

limitations for intervals between strikes 

which have an expiration date more 

than twenty-one days from the listing 

date. 

At this time, the Exchange proposes to 

amend the rule text within 

Supplementary Material .07 to Options 

4, Section 5 to clarify the current rule 

text and amend the application of the 

table to account for potential conflicts 

within the Short Term Options Series 

Rules. Currently, the table within 

Supplementary Material .07 to Options 

4, Section 5 is as follows: 5

Tier 

Share price 

Average daily volume Less than $25 $25 to less 

than $75 

$75 to less 

than $150 

$150 to less 

than $500 

$500 or 

greater 

1 ........................... Greater than 5,000 ............................ $0.50 $1.00 $1.00 $5.00 $5.00 

2 ........................... Greater than 1,000 to 5,000 .............. 1.00 1.00 1.00 5.00 10.00 

3 ........................... 0 to 1,000 .......................................... 2.50 5.00 5.00 5.00 10.00 

The first sentence of Supplementary 

Material .07 to Options 4, Section 5 

provides, ‘‘With respect to listing Short 

Term Option Series in equity options, 

excluding Exchange-Traded Fund 

Shares and ETNs, which have an 

expiration date more than twenty-one 

days from the listing date, the following 

table will apply as noted within 

Supplementary Material .03(e).’’ 

First, the Exchange proposes to 

amend the first sentence of 

Supplementary Material .07 to instead 

provide, ‘‘With respect to listing Short 

Term Option Series in equity options, 

excluding Exchange-Traded Fund 

Shares and ETNs, which have an 

expiration date more than twenty-one 

days from the listing date, the following 

table, which specifies the applicable 

interval for listing, will apply as noted 

within Supplementary Material .03(f).’’ 

The table within Supplementary 

Material .07 provides for the listing of 

intervals based on certain parameters 

(average daily volume and share price). 

The Exchange proposes to add the 

phrase ‘‘which specifies the applicable 

interval for listing’’ to make clear that 

the only permitted intervals are as 

specified in the table within 

Supplementary Material .07, except in 

the case where Supplementary Material 

.03(e) provides for a greater interval as 

described in more detail below. 

Second, the Exchange proposes to 

amend the first sentence of 

Supplementary Material .07 to cite to 

Supplementary Material .03(f) 6 instead 

of .03(e) 7 as paragraph (f) indicates 

when the table within Supplementary 

Material .07 applies. 

Third, the Exchange proposes to add 

a new sentence within Supplementary 

Material .07 to Options 4, Section 5 

which states, ‘‘To the extent there is a 

conflict between applying 

Supplementary Material .03(e) and the 

below table, the greater interval would 

apply.’’ Today, there are instances 

where a conflict is presented as between 

the application of the table within 

Supplementary Material .07 and the rule 

text within Supplementary Material 

.03(e) with respect to the correct 

interval. Adding the proposed sentence 

would make clear to Members the 

applicable intervals where there is a 

conflict between the rule text within 

Supplementary Material .07 and the rule 

text within Supplementary Material 

.03(e), thereby providing certainty as to 

the outcome. The Exchange proposes to 

insert the words ‘‘greater than’’ because 

it proposes to permit Supplementary 

Material .03(e) of Options 4, Section 5 

to govern only in the event that the 

interval would be greater. The same 

analysis would not be conducted where 

the result would be a lesser interval. By 

way of example, 

Example 1: Assume a Tier 1 stock that 

closed on the last day of Q1 with a 

quarterly share price less than $150. 

Next, assume during Q2 the share price 

rose above $150. Utilizing the table 

within Supplementary Material .07, the 

interval would be $1.00 even though the 

price rose above $150 because the Share 

Price was calculated utilizing data from 

the prior calendar quarter. Utilizing 

Supplementary Material .03(e), the 

interval would be $2.50 if the price rose 

above $150. The greater interval would 

then be $2.50 as per Supplementary 

Material .03(e) in this scenario. 

Therefore, the following strikes would 


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Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices 25067 

8Supplementary Material .03(d) of Options 5, 

Section 4 provides, ‘‘Additional Series. If the 

Exchange opens less than thirty (30) Short Term 

Option Series for a Short Term Option Expiration 

Date, additional series may be opened for trading 

on the Exchange when the Exchange deems it 

necessary to maintain an orderly market, to meet 

customer demand or when the market price of the 

underlying security moves substantially from the 

exercise price or prices of the series already 

opened.’’ 

9 15 U.S.C. 78f(b). 

10 15 U.S.C. 78f(b)(5). 

be eligible to list: $152.5 and $157.5. For 

strikes less than $150, the following 

strikes would be eligible to list: $149 

and $148 because Short Term Options 

Series with expiration dates more than 

21 days from the listing date as well as 

Short Term Options Series with 

expiration dates less than 21 days from 

the listing date would both be eligible 

to list $1 intervals pursuant to 

Supplementary Material .07 and 

Supplementary Material .03(e) of 

Options 5, Section 4. 

Example 2: Assume a Tier 2 stock that 

closed on the last day of Q1 with a 

quarterly share price less than $25. 

Next, assume during Q2 the share price 

rose above $100. Utilizing the table 

within Supplementary Material .07 the 

interval would be $1.00 even though the 

price rose above $100 because the Share 

Price was calculated utilizing data from 

the prior calendar quarter. Utilizing 

Supplementary Material .03(e), the 

interval would be $1.00 if the price rose 

above $100. The $1 interval is the same 

in both cases in this scenario and 

therefore there is no conflict. Now 

assume during the quarter the price rose 

above $150. Utilizing the table within 

Supplementary Material .07, the interval 

would continue to be $1.00 because the 

Share Price relied on data from the prior 

calendar quarter, however, pursuant to 

Supplementary Material .03(e), the 

interval would be $2.50. The greater 

interval would then be $2.50 as per 

Supplementary Material .03(e) in this 

scenario. 

Example 3: Assume a Tier 3 stock that 

closed on the last day of Q1 with a 

quarterly share price less than $25. 

Next, assume during Q2 the share price 

rose above $100. Utilizing the table 

within Supplementary Material .07 the 

interval would be $2.50 even though the 

price rose above $100 because the Share 

Price relied on data from the prior 

calendar quarter. Utilizing 

Supplementary Material .03(e), the 

interval would be $1.00 if the price rose 

above $100. The greater interval would 

then be $2.50 as per the table in 

Supplementary Material .07 in this 

scenario. 

Fourth, the Exchange proposes to 

delete the last sentence of the first 

paragraph of Supplementary Material 

.07 to Options 4, Section 5 which states, 

‘‘The below table indicates the 

applicable strike intervals and 

supersedes Supplementary Material 

.03(d) which permits additional series to 

be opened for trading on the Exchange 

when the Exchange deems it necessary 

to maintain an orderly market, to meet 

customer demand or when the market 

price of the underlying security moves 

substantially from the exercise price or 

prices of the series already opened.’’ 

The table within Supplementary 

Material .07 impacts strike intervals, 

while Supplementary Material .03(d) 8

describes adding series of options. The 

table within Supplementary Material .07 

supersedes other rules pertaining to 

strike intervals, but the table does not 

supersede rules governing the addition 

of options series. Therefore, the table 

within Supplementary Material .07 and 

Supplementary Material .03(d) do not 

conflict with each other. Deleting the 

reference to Supplementary Material 

.03(d) will avoid confusion. 

Fifth, and finally, the Exchange 

provides within the last sentence of 

Supplementary Material .07 to Options 

4, Section 5 that, ‘‘Notwithstanding the 

limitations imposed by Supplementary 

Material .07, this proposal does not 

amend the range of strikes that may be 

listed pursuant to Supplementary 

Material .03, regarding the Short Term 

Option Series Program.’’ The Exchange 

proposes to remove this rule text. While 

the range limitations continue to be 

applicable to the table within 

Supplementary Material .07, the strike 

ranges do not conflict with strike 

intervals and therefore the sentence is 

not necessary. Removing the last 

sentence of Supplementary Material .07 

to Options 4, Section 5 will avoid 

confusion. Also, the rule text within 

Supplementary Material .03(f) of 

Options 5, Section 4 otherwise indicates 

when Supplementary Material .07 

would apply. 

Implementation 

The Exchange proposes to implement 

this rule change on August 1, 2022. The 

Exchange will issue an Options Trader 

Alert to notify Members of the 

implementation date. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,9 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,10

in particular, in that it is designed to 

promote just and equitable principles of 

trade, 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. The 

Strike Proposal continues to limit the 

intervals between strikes listed in the 

Short Term Options Series Program that 

have an expiration date more than 

twenty-one days. 

The Exchange’s proposal to add 

clarifying language to the first sentence 

of Supplementary Material .07 of 

Options 4, Section 5, is consistent with 

the Act because it will make clear that 

the only permitted intervals are as 

specified in the table within 

Supplementary Material .07, except in 

the case where Supplementary Material 

.03(e) provides for a greater interval. 

This amendment will bring greater 

transparency to the rule. 

Amending the first sentence of 

Supplementary Material .07 to cite to 

Supplementary Material .03(f) instead of 

.03(e) is consistent with the Act because 

paragraph (f) indicates when the table 

within Supplementary Material .07 

applies. 

Adopting a new sentence within 

Supplementary Material .07 of Options 

4, Section 5 to address a potential 

conflict between the Short Term 

Options Series Program rules, 

specifically as between the application 

of the table within Supplementary 

Material .07 and the rule text within 

Supplementary Material .03(e), with 

respect to the correct interval is 

consistent with the Act. The table 

within Supplementary Material .07 

supersedes other strike interval rules, 

but does not supersede the addition of 

option series. Therefore, these rules do 

not conflict with the table. Deleting the 

reference to Supplementary Material 

.03(d) will avoid confusion. This new 

rule text will make clear to Members the 

applicable intervals when there is a 

conflict between the rule text within 

Supplementary Material .07 and the rule 

text within Supplementary Material 

.03(e), thereby providing certainty as to 

the outcome. The proposed new rule 

text promotes just and equitable 

principles of trade by adding 

transparency to the manner in which 

ISE implements its listing rules, and 

protects investors and the general public 

by removing uncertainty. 

Removing the last sentence of the first 

paragraph of Supplementary Material 

.07 to Options 4, Section 5 is consistent 

with the Act because the table within 

Supplementary Material .07 impacts 

strike intervals, while Supplementary 

Material .03(d) describes the addition of 

options series. The table within 

Supplementary Material .07 supersedes 

other rules pertaining to strike intervals, 

but the table does not supersede rules 

governing the addition of options series. 


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25068 Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices 

11For example, two strikes that are densely 

clustered may have the same risk properties and 

may also be the same percentage out-of-the money. 

Therefore, the table within 

Supplementary Material .07 and 

Supplementary Material .03(d) do not 

conflict with each other. Deleting the 

reference to Supplementary Material 

.03(d) will avoid confusion. 

Removing the last sentence of 

Supplementary Material .07 to Options 

4, Section 5 is consistent with the Act 

because while the range limitations 

continue to be applicable, the strike 

ranges do not conflict with strike 

intervals, rendering the sentence 

unnecessary. Removing the last 

sentence of Supplementary Material .07 

to Options 4, Section 5 will avoid 

confusion. Also, the rule text within 

Supplementary Material .03(f) of 

Options 5, Section 4 otherwise indicates 

when Supplementary Material .07 

would apply. 

The Strike Interval Proposal was 

designed to reduce the density of strike 

intervals that would be listed in later 

weeks, within the Short Term Options 

Series Program, by utilizing limitations 

for intervals between strikes which have 

an expiration date more than twentyone days from the listing date. The 

Exchange’s proposal intends to continue 

to remove certain strike intervals where 

there exist clusters of strikes whose 

characteristics closely resemble one 

another and, therefore, do not serve 

different trading needs,11 rendering 

these strikes less useful. Also, the Strike 

Interval Proposal continues to reduce 

the number of strikes listed on ISE, 

allowing Lead Market Makers and 

Market Makers to expend their capital 

in the options market in a more efficient 

manner, thereby improving overall 

market quality on ISE. 

Additionally, by making clear that the 

greater interval would control as 

between the rule text within 

Supplementary Material .07 and the rule 

text within Supplementary Material 

.03(e), the Exchange is reducing the 

number of strikes listed in a manner 

consistent with the intent of the Strike 

Interval Proposal, which was to reduce 

strikes which were farther out in time. 

The result of this clarification is to 

select wider strike intervals for Short 

Term Option Series in equity options 

which have an expiration date more 

than twenty-one days from the listing 

date. This rule change would harmonize 

strike intervals as between inner 

weeklies (those having less than twentyone days from the listing date) and outer 

weeklies (those having more than 

twenty-one days from the listing date) 

so that strike intervals are not widening 

as the listing date approaches. 

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The Strike 

Interval Proposal continues to limit the 

number of Short Term Options Series 

Program strike intervals available for 

quoting and trading on ISE for all ISE 

Participants. 

Adding clarifying language to the first 

sentence of Supplementary Material .07 

of Options 4, Section 5 to make clear 

which parameter the table within 

Supplementary Material .07 of Options 

4, Section 5 amends within the Short 

Term Options Series Program will bring 

greater transparency to the rules. 

Amending the first sentence of 

Supplementary Material .07 to cite to 

Supplementary Material .03(f) instead of 

.03(e) does not impose an undue burden 

on competition because paragraph (f) 

indicates when the table within 

Supplementary Material .07 applies. 

Adopting a new sentence to address 

potential conflicts as between the rule 

text within Supplementary Material .07 

and the rule text within Supplementary 

Material .03(e) of Options 4, Section 5, 

within the Short Term Options Series 

Program, will bring greater transparency 

to the manner in which ISE implements 

its listing rules. The table within 

Supplementary Material .07 impacts 

strike intervals, while Supplementary 

Material .03(d) describes adding series 

of options. The table within 

Supplementary Material .07 supersedes 

other strike interval rules, but does not 

supersede the addition of series. 

Removing the last sentence of the first 

paragraph of Supplementary Material 

.07 to Options 4, Section 5 does not 

impose an undue burden on 

competition because the table within 

Supplementary Material .07 supersedes 

other rules pertaining to strike intervals, 

but the table does not supersede rules 

governing the addition of options series. 

Also, deleting the reference to 

Supplementary Material .03(d) will 

avoid confusion. Finally, removing the 

last sentence of Supplementary Material 

.07 to Options 4, Section 5 will remove 

any potential confusion. While the 

range limitations continue to be 

applicable, the strike ranges do not 

conflict with strike intervals and are not 

necessary. 

While this proposal continues to limit 

the intervals of strikes listed on ISE, the 

Exchange continues to balance the 

needs of market participants by 

continuing to offer a number of strikes 

to meet a market participant’s 

investment objective. The Exchange’s 

Strike Interval Proposal does not impose 

an undue burden on inter-market 

competition as this Strike Interval 

Proposal does not impact the listings 

available at another self-regulatory 

organization. 

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 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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– 

ISE–2022–10 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–ISE–2022–10. 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 


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Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices 25069 

12 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. 94370 

(March 7, 2022), 87 FR 14071. 

4 15 U.S.C. 78s(b)(2). 

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–ISE–2022–10, and should 

be submitted on or before May 18, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08911 Filed 4–26–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34569; File No. 812–15312] 

Churchill Asset Management LLC and 

Nuveen Churchill Private Capital 

Income Fund 

April 21, 2022. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (the ‘‘Act’’) for an exemption from 

sections 18(a)(2), 18(c) and 18(i) and 

section 61(a) of the Act. 

Summary of Application: Applicants 

request an order to permit certain 

closed-end management investment 

companies that have elected to be 

regulated as business development 

companies (‘‘BDCs’’) to issue multiple 

classes of shares with varying sales 

loads and asset-based service and/or 

distribution fees. 

Applicants: Churchill Asset 

Management LLC and Nuveen Churchill 

Private Capital Income Fund. 

Filing Dates: The application was 

filed on March 3, 2022 and amended on 

April 11, 2022. 

Hearing or Notification of Hearing: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing on any application by 

emailing the Commission’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on May 16, 2022, and 

should be accompanied by proof of 

service on the Applicants, in the form 

of an affidavit or, for lawyers, a 

certificate of service. Pursuant to rule 0– 

5 under the Act, hearing requests should 

state the nature of the writer’s interest, 

any facts bearing upon the desirability 

of a hearing on the matter, the reason for 

the request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary at 

Secretarys-Office@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

John McCally, Churchill Asset 

Management LLC, 8500 Andrew 

Carnegie Blvd., Charlotte, NC 28262; 

Steven B. Boehm, Esq., Payam 

Siadatpour, Esq., Anne G. Oberndorf, 

Esq., Eversheds Sutherland (US) LLP, 

700 Sixth Street NW, Suite 700, 

Washington, DC 20001. 

FOR FURTHER INFORMATION CONTACT: 

Deepak T. Pai, Senior Counsel, or Terri 

G. Jordan, Branch Chief, at (202) 551– 

6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ first amended and restated 

application, dated April 11, 2022, which 

may be obtained via the Commission’s 

website by searching for the file number 

at the top of this document, or for an 

Applicant using the Company name 

search field, on the SEC’s EDGAR 

system. The SEC’s EDGAR system may 

be searched at https://www.sec.gov/ 

edgar/searchedgar/legacy/ 

companysearch.html. You may also call 

the SEC’s Public Reference Room at 

(202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08902 Filed 4–26–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34 94778; File No. SR– 

NASDAQ–2022–017] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To Modify Equity 4, 

Section 4120 To Add Categories of 

Regulatory and Operational Halts, To 

Reorganize the Remaining Text of the 

Rule, and To Make Conforming 

Changes to Related Rules 

April 21, 2022. 

On February 22, 2022, The Nasdaq 

Stock Market LLC filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

modify Equity 4, Section 4120 to add 

categories of regulatory and operational 

halts, to reorganize the remaining text of 

the rule, and to make conforming 

changes to related rules. The proposed 

rule change was published for comment 

in the Federal Register on March 11, 

2022.3

Section 19(b)(2) of the Act 4 provides 

that, within 45 days of the publication 

of notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is April 25, 2022. 

The Commission is extending this 45- 

day time period. The Commission finds 

that it is appropriate to designate a 

longer period within which to take 

action on the proposed rule change so 


lotter on DSK11XQN23PROD with NOTICES1