Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices 25059 

15, 2022) required by 44 U.S.C. 

3506(c)(2). That request elicited no 

comments. 

Information Collection Request (ICR) 

Title: Application for Spouse Annuity 

Under the Railroad Retirement Act. 

OMB Control Number: 3220–0042. 

Form(s) submitted: AA–3cert and 

AA–3sum. 

Type of request: Extension without 

change of a currently approved 

collection. 

Affected public: Individuals or 

Households. 

Abstract: The Railroad Retirement Act 

provides for the payment of annuities to 

spouses of railroad retirement 

annuitants who meet the requirements 

under the Act. The application obtains 

information supporting the claim for 

benefits based on being a spouse of an 

annuitant. The information is used for 

determining entitlement to and amount 

of the annuity applied for. 

Changes proposed: The RRB proposes 

no changes to Forms AA–3cert and AA– 

3sum. 

The burden estimate for the ICR is as 

follows: 

Form No. Annual 

responses 

Time 

(minutes) 

Burden 

(hours) 

Form AA–3cert (Ink Signature) .................................................................................................... 6,180 30 3,090 

Form AA–3sum (Attestation) ....................................................................................................... 3,520 29 1,701 

Total ...................................................................................................................................... 9,700 ........................ 4,791 

4. Title and Purpose of information 

collection: Statement of Claimant or 

Other Person; OMB 3220–0183. 

To support an application for an 

annuity under Section 2 of the Railroad 

Retirement Act (RRA) (45 U.S.C. 231a) 

or for unemployment benefits under 

Section 2 of the Railroad 

Unemployment Insurance Act (RUIA) 

(45 U.S.C. 352), pertinent information 

and proofs must be furnished for the 

RRB to determine benefit entitlement. 

Circumstances may require an applicant 

or other person(s) having knowledge of 

facts relevant to the applicant’s 

eligibility for an annuity or benefits to 

provide written statements 

supplementing or changing statements 

previously provided by the applicant. 

Under the railroad retirement program 

these statements may relate to a change 

in an annuity beginning date(s), date of 

marriage(s), birth(s), prior railroad or 

non-railroad employment, an 

applicant’s request for reconsideration 

of an unfavorable RRB eligibility 

determination for an annuity or various 

other matters. The statements may also 

be used by the RRB to secure a variety 

of information needed to determine 

eligibility to unemployment and 

sickness benefits. Procedures related to 

providing information needed for RRA 

annuity or RUIA benefit eligibility 

determinations are prescribed in 20 CFR 

217 and 320 respectively. 

The RRB utilizes Form G–93, 

Statement of Claimant or Other Person, 

to obtain from applicants or other 

persons, the supplemental or corrective 

information needed to determine 

applicant eligibility for an RRA annuity 

or RUIA benefits. One response is 

requested of each respondent. 

Completion is voluntary. 

Previous Requests for Comments: The 

RRB has already published the initial 

60-day notice (87 FR 8920 on February 

15, 2022) required by 44 U.S.C. 

3506(c)(2). That request elicited no 

comments. 

Information Collection Request (ICR) 

Title: Statement of Claimant or Other 

Person. 

OMB Control Number: 3220–0183. 

Form(s) submitted: G–93. 

Type of request: Extension without 

change of a currently approved 

collection. 

Affected public: Individuals or 

Households. 

Abstract: Under Section 2 of the 

Railroad Retirement Act and the 

Railroad Unemployment Insurance Act, 

pertinent information and proofs must 

be submitted by an applicant so that the 

Railroad Retirement Board can 

determine his or her entitlement to 

benefits. The collection obtains 

information supplementing or changing 

information previously provided by an 

applicant. 

Changes proposed: The RRB proposes 

no changes to Form G–93. 

The burden estimate for the ICR is as 

follows: 

Form No. Annual 

responses 

Time 

(minutes) 

Burden 

(hours) 

G–93 ............................................................................................................................................ 1,300 15 325 

Additional Information or Comments: 

Copies of the forms and supporting 

documents can be obtained from 

Kennisha Tucker at (312) 469–2591 or 

Kennisha.Tucker@rrb.gov. Comments 

regarding the information collection 

should be addressed to Brian Foster, 

Railroad Retirement Board, 844 North 

Rush Street, Chicago, Illinois, 60611– 

1275 or Brian.Foster@rrb.gov. 

Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days 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. 

Brian Foster, 

Clearance Officer. 

[FR Doc. 2022–08997 Filed 4–26–22; 8:45 am] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94774; File No. SR– 

NASDAQ–2022–032] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Exchange’s Transaction Fees at Equity 

7, Section 118(a) 

April 21, 2022. 

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

Securities Exchange Act of 1934 


lotter on DSK11XQN23PROD with NOTICES1
25060 Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 34– 

75987 (September 25, 2015), 80 FR 59210 (October 

1, 2015) (SR–NASDAQ–2015–112). A DRO is an 

agency or riskless principal order that meets the 

criteria of FINRA Rule 5320.03 and that originates 

from a natural person and is submitted to Nasdaq 

by a member that designates it pursuant to this rule, 

provided that no change is made to the terms of the 

order with respect to price or side of market and 

the order does not originate from a trading 

algorithm or any other computerized methodology. 

An order from a ‘‘natural person’’ can include 

orders on behalf of accounts that are held in a 

corporate legal form—such as an Individual 

Retirement Account, Corporation, or a Limited 

Liability Company—that has been established for 

the benefit of an individual or group of related 

family members, provided that the order is 

submitted by an individual. Members must submit 

a signed written attestation, in a form prescribed by 

Nasdaq, that they have implemented policies and 

procedures that are reasonably designed to ensure 

that substantially all orders designated by the 

member as ‘‘Designated Retail Orders’’ comply with 

these requirements. 

4See Securities Exchange Act Release No. 34– 

90164 (October 13, 2020), 85 FR 66379 (October 19, 

2020) (SR–NASDAQ–2020–067). 

5The proposed amendment is applicable both to 

existing RFTY users as well as to new users that 

exceed 4 million shares executed using RFTY 

during regular market hours during a month. Since 

new users would, by definition, lack March 2022 

baseline RFTY volume against which to measure 

subsequent growth, such new users would meet the 

growth requirement through whatever volume of 

RFTY shares they execute during regular market 

hours during the first month of use. 

6The Exchange has yet to propose a date for 

sunsetting this incentive; it will do so in a future 

rule filing. 

7The proposal also corrects typographical errors 

in the Rule whereby the Exchange, in several 

instances, mistakenly refers to RFTY as ‘‘RTFY.’’ 

The Exchange anticipates submitting another rule 

filing in the near future to make the same 

corrections to other instances in typographical error 

in the Rulebook. 

8The Exchange proposes to apply this incentive 

to members with shares executed using RFTY 

during regular market hours, and to members that 

grow shares executed using RFTY during regular 

market hours, because the Exchange believes that 

the full functionality and value of RFTY will be 

most apparent to members during regular market 

hours, when market makers and liquidity providers 

are available to execute orders. The Exchange 

wishes to target use and growth of RFTY during that 

time period. 

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

10 15 U.S.C. 78f(b)(4) and (5). 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on April 12, 

2022, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I, II, 

and III, 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 the 

Exchange’s transaction fees at Equity 7, 

Section 118, as described further below. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/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 amend the Exchange’s 

schedule of fees, at Equity 7, Section 

118(a), to incent members to grow the 

extent to which they participate in 

Nasdaq’s routing strategy for Designated 

Retail Orders (‘‘RFTY’’). 

RFTY is an order routing option 

designed to enhance execution quality 

and benefit retail investors by providing 

price improvement opportunities to 

Designated Retail Orders (‘‘DROs’’).3 As 

set forth in Equity 7, Section 118(a), for 

securities in each Tape, the Exchange 

presently charges a $0.0030 per share 

executed fee to a member for shares 

executed above 4 million shares during 

the month for RFTY orders that remove 

liquidity from the Nasdaq Market Center 

or that execute in a venue with a 

protected quotation under Regulation 

NMS other than the Nasdaq Market 

Center. For purposes of calculating the 

4 million share threshold described 

above and assessing the charge set forth 

herein, the Exchange excludes RFTY 

orders that execute at taker-maker 

venues. The Exchange charges no fee 

per share executed to a member for 

shares executed up to 4 million shares 

during the month for RFTY orders that 

remove liquidity from the Nasdaq 

Market Center or that execute in a venue 

with a protected quotation under 

Regulation NMS. 

In adopting the existing fee structure 

for RFTY, the Exchange intended to 

provide incentives for members to adopt 

RFTY while also allowing the Exchange 

to mitigate the costs it incurs when 

RFTY routes large volumes of orders to 

venues that charge access fees.4

Although the Exchange continues to 

believe that the RFTY fee structure is 

appropriate, it also recognizes that the 

specter of incurring fees inhibits new or 

existing light users of RFTY from 

increasing their use of this strategy, 

even as the Exchange works to augment 

the value that RFTY offers. The 

Exchange now proposes to amend the 

RFTY fee structure to provide a new 

incentive for new or existing light RFTY 

users to grow the extent of their use of 

RFTY during the month.5 The Exchange 

intends for this new incentive to be 

temporary,6 and hopes that even after it 

no longer applies, participants that 

benefited from it will continue to make 

significant use of RFTY, 

notwithstanding the associated fees, in 

recognition of the value it provides to 

them and their customers. 

Specifically, the Exchange proposes to 

amend Equity 7, Section 118(a) to state 

that the Exchange will charge no fee per 

share executed during regular market 

hours to a member that executes orders 

using RFTY, when the member exceeds 

the 4 million share executed threshold 

for RFTY orders described above, if the 

member also grows the volume of its 

shares executed using RFTY during 

regular market hours during the month 

by at least 100 percent relative to a 

baseline month of March 2022.7 Again, 

the Exchange intends for this 

amendment to reward RFTY users that 

grow substantially the extent of their 

use of the RFTY strategy during regular 

market hours.8

The Exchange notes that those 

participants that are dissatisfied with 

the proposed amendment to the RFTY 

fee schedule are free to shift their order 

flow to competing venues that offer 

more favorable terms for routing and 

executing retail orders. Such 

participants may also refrain from using 

RFTY or adjust their use of RFTY to 

avoid incurring execution fees. 

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 Sections 6(b)(4) and 6(b)(5) 

of the Act,10 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 


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Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices 25061 

11NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. 

Cir. 2010) (quoting Securities Exchange Act Release 

No. 59039 (December 2, 2008), 73 FR 74770, 74782– 

83 (December 9, 2008) (SR–NYSEArca–2006–21)). 

12Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(‘‘Regulation NMS Adopting Release’’). 

13As noted above, the Exchange believes it is 

reasonable to apply this incentive to members with 

shares executed using RFTY during regular market 

hours, and to members that grow shares executed 

using RFTY during regular market hours, because 

the Exchange believes that the full functionality and 

value of RFTY will be most apparent to members 

during regular market hours, when market makers 

and liquidity providers are available to execute 

orders. The Exchange wishes to target use and 

growth of RFTY during that time period. 

14See, e.g., Equity 4, Section 114(j) (Nasdaq 

Growth program), Equity 7, Section 118(a) 

(providing a credit to members that, among other 

things, increase the extent of their average daily 

volumes of Midpoint Extended Life Orders by 

100% or more during the month relative to June 

2021). 

15As noted above, the proposed incentive 

program is available both to new and existing RFTY 

users, although in practice, the Exchange expects 

that only existing users will qualify for it. 

issuers, brokers, or dealers. The 

proposal is also consistent with Section 

11A of the Act relating to the 

establishment of the national market 

system for securities. 

The Proposal is Reasonable 

The Exchange’s proposal is reasonable 

in several respects. As a threshold 

matter, the Exchange is subject to 

significant competitive forces in the 

market for equity securities transaction 

services that constrain its pricing 

determinations in that market. The fact 

that this market is competitive has long 

been recognized by the courts. In 

NetCoalition v. Securities and Exchange 

Commission, the D.C. Circuit stated as 

follows: ‘‘[n]o one disputes that 

competition for order flow is ‘fierce.’ 

. . . As the SEC explained, ‘[i]n the U.S. 

national market system, buyers and 

sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers’. . . .’’ 11

The Commission and the courts have 

repeatedly expressed their preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. In Regulation NMS, while 

adopting a series of steps to improve the 

current market model, the Commission 

highlighted the importance of market 

forces in determining prices and SRO 

revenues and, also, recognized that 

current regulation of the market system 

‘‘has been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 12

Numerous indicia demonstrate the 

competitive nature of this market. For 

example, clear substitutes to the 

Exchange exist in the market for equity 

security transaction services. The 

Exchange is only one of several equity 

venues to which market participants 

may direct their order flow. Competing 

equity exchanges offer similar tiered 

pricing structures to that of the 

Exchange, including schedules of 

rebates and fees that apply based upon 

members achieving certain volume 

thresholds. The Exchange is also subject 

to intense competition for retail order 

flow with off-exchange competitors, 

including wholesale market makers. 

The Exchange believes its proposed 

amendment to the RFTY fee schedule is 

a reasonable attempt to incent new and 

existing RFTY users to grow the extent 

of their usage substantially. Under the 

proposed rule change, RFTY users that 

grow their volumes of RFTY shares 

executed during regular market hours 

during the month by at least 100 percent 

relative to March 2022 will not incur 

fees for executing their orders using 

RFTY during regular market hoursthat 

[sic] exceed 4 million shares that 

month.13 The Exchange notes that it 

employs similar growth programs in 

other contexts for similar purposes.14

The Exchange notes that those 

participants that are dissatisfied with 

the proposed amendment to the RFTY 

fee schedule are free to shift their order 

flow to competing venues that offer 

more favorable terms for routing and 

executing retail orders. Such 

participants may also refrain from using 

RFTY or adjust their use of RFTY to 

avoid incurring execution fees. 

The Proposal Is an Equitable Allocation 

of Fees and Is Not Unfairly 

Discriminatory 

The Exchange believes its proposal 

will allocate its charges fairly among its 

market participants and is not unfairly 

discriminatory. 

The Exchange believes that it is an 

equitable allocation and not unfairly 

discriminatory to continue to charge a 

transaction fee to certain participants 

that execute more than 4 million shares 

using RFTY during regular market hours 

during the month, while charging no 

fees to other participants that execute 

similar volumes using RFTY, because in 

the latter case, the Exchange’s decision 

to charge no fees during regular market 

hours is a reward to participants that 

double the extent of the share volume 

they execute using RFTY during regular 

market hours during the month, relative 

to a baseline month of March 2022.15 As 

noted above, the Exchange expects this 

incentive to be a temporary measure to 

boost usage in RFTY and to compete for 

retail order flow. As also discussed 

earlier, the Exchange employs similar 

growth programs in other contexts for 

similar purposes. 

The Exchange notes that those 

participants that are dissatisfied with 

the proposed amendment to the RFTY 

fee schedule are free to shift their order 

flow to competing venues that offer 

more favorable terms for routing and 

executing retail orders. Such 

participants may also refrain from using 

RFTY or adjust their use of RFTY to 

avoid incurring execution fees. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intramarket Competition 

The Exchange does not believe that its 

proposal will inappropriately burden 

any category of market participant. 

Although under the proposal, the 

Exchange will charge a transaction fee 

to certain participants that execute more 

than 4 million shares using RFTY 

during regular market hours during the 

month, and charge no fees to other 

participants that execute similar 

volumes using RFTY, the Exchange 

believes this is appropriate because in 

the latter case, the Exchange’s decision 

to charge no fees is a reward to 

participants that double the extent of 

the share volume they execute using 

RFTY during regular market hours 

during the month, relative a baseline 

month of March 2022. As noted above, 

the Exchange expects this incentive to 

be a temporary measure to boost usage 

in RFTY and to compete for retail order 

flow. As also discussed earlier, the 

Exchange employs similar growth 

programs in other contexts for similar 

purposes. 

Those participants that are 

dissatisfied with the proposed 

amendment to the RFTY fee schedule 

are free to shift their order flow to 

competing venues that offer more 

favorable terms for routing and 

executing retail orders. Such 

participants may also refrain from using 

RFTY or adjust their use of RFTY to 

avoid incurring execution fees. 


lotter on DSK11XQN23PROD with NOTICES1
25062 Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices 

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

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

Intermarket Competition 

In terms of inter-market competition, 

the Exchange notes that it operates in a 

highly competitive market in which 

market participants can readily favor 

competing venues if they deem fee 

levels at a particular venue to be 

excessive, or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

credits and fees to remain competitive 

with other exchanges and with 

alternative trading systems that have 

been exempted from compliance with 

the statutory standards applicable to 

exchanges. Because competitors are free 

to modify their own credits and fees in 

response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

believes that the degree to which credit 

or fee changes in this market may 

impose any burden on competition is 

extremely limited. The proposal is 

reflective of this competition. 

Even as one of the largest U.S. 

equities exchanges by volume, the 

Exchange has less than 20% market 

share, which in most markets could 

hardly be categorized as having enough 

market power to burden competition. 

Moreover, as noted above, price 

competition between exchanges is 

fierce, with liquidity and market share 

moving freely between exchanges in 

reaction to fee and credit changes. This 

is in addition to free flow of order flow 

to and among off-exchange venues, 

which comprises upwards of 50% of 

industry volume. 

In sum, if the change proposed herein 

is unattractive to market participants, it 

is likely that the Exchange will lose 

market share as a result. Accordingly, 

the Exchange does not believe that the 

proposed change will impair the ability 

of members or competing order 

execution venues to maintain their 

competitive standing in the financial 

markets. 

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 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.16

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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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– 

NASDAQ–2022–032 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–NASDAQ–2022–032. 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–NASDAQ–2022–032 and 

should be submitted on or before May 

18, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–08912 Filed 4–26–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94775; File No. SR–Phlx– 

2022–17] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Equity 4, Rule 

3306(a)(3), in Light of Planned 

Changes to the System as Well as To 

Address Existing Issues 

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 PHLX LLC (‘‘Phlx’’ 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 

Rule 3306(a)(3), in light of planned 

changes to the System as well as to 

address existing issues, as described 

further below. 

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 


lotter on DSK11XQN23PROD with NOTICES1