Federal Register / Vol. 87, No. 82 / Thursday, April 28, 2022 / Notices 25327 

14 17 CFR 240.17Ad–22(e)(1). 

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

16 15 U.S.C. 78s(b)(2)(C)(iii). 

17 15 U.S.C. 78s(b)(2)(C)(iii). 

18 15 U.S.C. 78q–1(b)(3)(F). 

19 17 CFR 240.17Ad–22(e)(1). 

20 15 U.S.C. 78s(b)(2). 

21 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 

22 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. 93445 

(Oct. 28, 2021), 86 FR 60695. Comments on the 

proposed rule change can be found at: https://

www.sec.gov/comments/sr-nysearca-2021-89/ 

srnysearca202189.htm. 

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

failure to comply with the Russia 

Additional Provisions could potentially 

result in legal liability and other 

consequences to ICC and could impede 

the enforceability of cleared CDS that 

reference the Russian Federation. For 

example, if there was a credit event that 

triggered credit protection, then the 

Russian Sanctions could disrupt 

settlement of such CDS by prohibiting 

secondary market transactions in 

Restricted Debt. Such disrupted 

settlement could result in CDS buyers 

not receiving any credit protection 

payments, effectively making the CDS 

unenforceable. The Commission 

therefore believes that by assuring 

compliance with the Russian Sanctions, 

the proposed rule change should help 

assure that ICC’s legal basis for clearing 

CDS contracts referencing the Russian 

Federation is well-founded and 

enforceable. 

Therefore, the Commission finds that 

the proposed rule change is with Rule 

17Ad–22(e)(1).14

(C) Accelerated Approval of the 

Proposed Rule Change 

In its filing, ICC requests that the 

Commission grant accelerated approval 

of the proposed rule change pursuant to 

Section 19(b)(2)(C)(iii) of the Act.15

Under Section 19(b)(2)(C)(iii) of the 

Act,16 the Commission may grant 

accelerated approval of a proposed rule 

change if the Commission finds good 

cause for doing so. ICC believes that 

accelerated approval is warranted 

because incorporating the Russia 

Additional Provisions is necessary for 

the maintenance of fair and orderly 

markets in CDS contracts referencing 

the Russian Federation in light of the 

restrictions on Restricted Debt imposed 

under the Russia Sanctions. Moreover, 

ICC believes approving the proposed 

rule change on an accelerated basis is 

needed for ICC to stay consistent with 

the uncleared market, which plans to 

implement the new provisions on or 

around April 25, 2022. Finally, ICC 

represents that the proposed rule change 

will not affect the safeguarding of funds 

or securities in the custody or control of 

ICC or for which it is responsible. 

The Commission finds good cause, 

pursuant to Section 19(b)(2)(C)(iii) of 

the Act,17 for approving the proposed 

rule change on an accelerated basis 

prior to the 30th day after the date of 

publication of notice in the Federal 

Register because the proposed rule 

change is required to implement the 

Russia Additional Provisions on or 

around April 25, 2022. As discussed 

above, the Commission believes that 

implementing the Russia Additional 

Provisions should help assure 

compliance with the Russia Sanctions, 

and therefore help avoid potential legal 

liability and disruptions to ICC’s 

operations. The Commission further 

believes that implementing the Russia 

Additional Provisions on or around 

April 25, 2022 should help assure that 

ICC maintains a well-founded and 

enforceable legal basis for clearing CDS 

contracts that reference the Russian 

Federation. Finally, the Commission 

believes that implementing the Russia 

Additional Provisions on or around 

April 25, 2022 should help assure that 

ICC stays consistent with the uncleared 

market. 

V. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act and in 

particular with the requirements of 

Section 17A(b)(3)(F) of the Act 18 and 

Rule 17Ad–22(e)(1) 19 thereunder. 

It is therefore ordered pursuant to 

Section 19(b)(2) of the Act 20 that the 

proposed rule change (SR–ICC–2022– 

005) be, and hereby is, approved on an 

accelerated basis.21

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–09042 Filed 4–27–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34 94729; File No. SR–BOX– 

2022–08] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Filing of 

Proposed Rule Change To Amend Rule 

12140 (Imposition of Fines for Minor 

Rule Violations), To Expand the List of 

Violations Eligible for Disposition 

Under the Exchange’s Minor Rule 

Violation Plan and Update the Fine 

Schedule Applicable to Certain Minor 

Rule Violations 

Correction 

In notice document 2022–08481 

beginning on page 23893 in the issue of 

Thursday, April 21, 2022, make the 

following correction: 

On page 23903, in the third column, 

in the first paragraph, in the last line 

‘‘April 21, 2022’’ should read ‘‘May 12, 

2022’’. 

[FR Doc. C1–2022–08481 Filed 4–27–22; 8:45 am] 

BILLING CODE 0099–10–D 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94781; File No. SR– 

NYSEArca–2021–89] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on Proceedings To Determine Whether 

To Approve or Disapprove a Proposed 

Rule Change To List and Trade Shares 

of the Bitwise Bitcoin ETP Trust Under 

NYSE Arca Rule 8.201–E 

April 22, 2022. 

On October 14, 2021, NYSE Arca, Inc. 

(‘‘NYSE Arca’’) 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 

list and trade shares of the Bitwise 

Bitcoin ETP Trust under NYSE Arca 

Rule 8.201–E (Commodity-Based Trust 

Shares). The proposed rule change was 

published for comment in the Federal 

Register on November 3, 2021.3

On December 15, 2021, pursuant to 

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

Commission designated a longer period 


jspears on DSK121TN23PROD with NOTICES1
25328 Federal Register / Vol. 87, No. 82 / Thursday, April 28, 2022 / Notices 

5See Securities Exchange Act Release No. 93790, 

86 FR 72300 (Dec. 21, 2021). 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 94126, 

87 FR 6903 (Feb. 7, 2022). 

8 15 U.S.C. 78s(b)(2). 

9See supra note 3. 

10 15 U.S.C. 78s(b)(2). 

11 17 CFR 200.30–3(a)(57). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 93688 

(December 1, 2021), 86 FR 69319. The comment 

letters received on the proposed rule change are 

available on the Commission’s website at: https:// 

www.sec.gov/comments/sr-cboebzx-2021-078/ 

srcboebzx2021078.htm. 

5 15 U.S.C. 78s(b)(2). 

6See Securities Exchange Act Release No. 94010, 

87 FR 4075 (January 26, 2022). The Commission 

designated March 7, 2022, as the date by which it 

should approve, disapprove, or institute 

proceedings to determine whether to disapprove the 

proposed rule change. 

7 15 U.S.C. 78s(b)(2)(B). 

8See Securities Exchange Act Release No. 94372, 

87 FR 14053 (March 11, 2022). 9See Rule 1.5(n). 

within which to approve the proposed 

rule change, disapprove the proposed 

rule change, or institute proceedings to 

determine whether to disapprove the 

proposed rule change.5 On February 1, 

2022, the Commission instituted 

proceedings under Section 19(b)(2)(B) of 

the Act 6 to determine whether to 

approve or disapprove the proposed 

rule change.7

Section 19(b)(2) of the Act 8 provides 

that, after initiating proceedings, the 

Commission shall issue an order 

approving or disapproving the proposed 

rule change not later than 180 days after 

the date of publication of notice of filing 

of the proposed rule change. The 

Commission may extend the period for 

issuing an order approving or 

disapproving the proposed rule change, 

however, by not more than 60 days if 

the Commission determines that a 

longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for comment in 

the Federal Register on November 3, 

2021.9 The 180th day after publication 

of the proposed rule change is May 2, 

2022. The Commission is extending the 

time period for approving or 

disapproving the proposed rule change 

for an additional 60 days. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to issue an order 

approving or disapproving the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change 

and the issues raised in the comments 

that have been submitted in connection 

therewith. Accordingly, the 

Commission, pursuant to Section 

19(b)(2) of the Act,10 designates July 1, 

2022, as the date by which the 

Commission shall either approve or 

disapprove the proposed rule change 

(File No. SR–NYSEArca–2021–89). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–09047 Filed 4–27–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94788; File No. SR– 

CboeBZX–2021–078] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing of 

a Proposed Rule Change, as Modified 

by Amendment No. 1, To Introduce a 

New Data Product To Be Known as the 

Short Volume Report 

April 22, 2022. 

On November 17, 2021, Cboe BZX 

Exchange, Inc. (the ‘‘Exchange’’ or 

‘‘BZX’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3 a 

proposed rule change to amend 

Exchange Rule 11.22(f) to introduce a 

new data product to be known as the 

Short Volume Report. The proposed 

rule change was published for comment 

in the Federal Register on December 7, 

2021.4 On January 20, 2022, pursuant to 

Section 19(b)(2) of the Act,5 the 

Commission designated a longer period 

within which to approve the proposed 

rule change, disapprove the proposed 

rule change, or institute proceedings to 

determine whether to disapprove the 

proposed rule change.6 On March 7, 

2022, the Commission instituted 

proceedings under Section 19(b)(2)(B) of 

the Act 7 to determine whether to 

approve or disapprove the proposed 

rule change.8

On March 30, 2022, the Exchange 

filed Amendment No. 1 to the proposed 

rule change, which superseded the 

proposed rule change as originally filed. 

Amendment No. 1 to the proposed rule 

change is 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, 

as modified by Amendment No. 1, from 

interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) is filing with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

to Exchange Rule 11.22(f) to introduce 

a new data product to be known as the 

Short Volume Report. The text of the 

proposed rule change is provided in 

Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

equities/regulation/rule_filings/bzx/), at 

the Exchange’s Office of the Secretary, 

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 

This Amendment No. 1 to SR–BZX– 

2021–078 amends and replaces in its 

entirety the proposal as originally 

submitted on November 17, 2021. The 

Exchange submits this Amendment No. 

1 in order to clarify certain points and 

add additional details to the proposal. 

The Exchange proposes to amend 

Rule 11.22(f) to provide for a new data 

product to be known as the Short 

Volume Report. The proposal 

introduces the Short Volume Report 

which will be available for purchase to 

BZX Members (‘‘Members’’) 9 and nonMembers. The Exchange notes that the 

proposed Short Volume Report 

generally consists of information similar 

to that included in various data 

products offered by the Nasdaq Stock 

Market LLC (‘‘Nasdaq’’) and the New 

York Stock Exchange LLC (‘‘NYSE’’), 

and/or information that is currently 

available or determinable from other 

publicly available sources such as Cboe 


jspears on DSK121TN23PROD with NOTICES1