29776 Federal Register / Vol. 87, No. 94 / Monday, May 16, 2022 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 94144 

(February 3, 2022), 87 FR 7519 (‘‘Notice’’). 

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

5See Securities Exchange Act Release No. 94496, 

87 FR 18410 (March 30, 2022). The Commission 

designated May 10, 2022 as the date by which the 

Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

disapprove, the proposed rule change. 

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

7 ‘‘System’’ means the electronic communications 

and trading facility designated by the Board through 

which securities orders of Users are consolidated 

for ranking, execution and, when applicable, 

routing away. See Exchange Rule 1.5(cc). 

8See Notice, supra note 3, at 7519. 

9 ‘‘Member’’ means a registered broker or dealer 

that has been admitted to membership in the 

Exchange. A Member will have the status of a 

‘‘member’’ of the Exchange as that term is defined 

in Section 3(a)(3) of the Act. Membership may be 

granted to a sole proprietor, partnership, 

corporation, limited liability company or other 

organization which is a registered broker or dealer 

pursuant to Section 15 of the Act, and which has 

been approved by the Exchange. See Exchange Rule 

1.5(n). 

10See Notice, supra note 3, at 7519. 

11See id. See also Cboe FIX Specifications at p. 

72, available at: https://cdn.cboe.com/resources/ 

membership/Cboe_US_Equities_FIX_

Specification.pdf; and Cboe BOE Specifications, 

available at: https://cdn.cboe.com/resources/ 

membership/Cboe_US_Equities_BOE_

Specification.pdf. 

12See id. According to the Exchange, when the 

first non-administrative message is received, a one 

second window begins. During the second no more 

than 9,999 additional non-administrative messages 

will be allowed within that one second window. If 

the rate is exceeded, all new orders in the time 

window are rejected, modifies are treated as 

cancels, and cancels are processed. See Notice, 

supra note 3, at 7519 n. 6. 

13See Notice, supra note 3, at 7519. 

14See Notice, supra note 3, at 7519–20. 

15 Id. 

16 Id. 

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

18 Id. 

19See supra note 12. 

20 15 U.S.C. 78f(b)(5). 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Authority: 5 U.S.C. 552b. 

Dated: May 12, 2022. 

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2022–10571 Filed 5–12–22; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94883; File No. SR– 

CboeEDGX–2022–004] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Order Instituting 

Proceedings To Determine Whether To 

Approve or Disapprove a Proposed 

Rule Change To Codify Certain 

Practices and Requirements Related to 

the Exchange’s Port Message Rate 

Thresholds 

May 10, 2022. 

I. Introduction 

On January 21, 2022, Cboe EDGX 

Exchange, Inc. (‘‘Exchange’’) 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 codify certain practices and 

requirements related to the Exchange’s 

port message rate thresholds. The 

proposed rule change was published for 

comment in the Federal Register on 

February 9, 2022.3 On March 23, 2022, 

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

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.5

The Commission has received no 

comment letters on the proposed rule 

change. This order institutes 

proceedings pursuant to Section 

19(b)(2)(B) of the Act 6 to determine 

whether to approve or disapprove the 

proposed rule change. 

II. Description of the Proposed Rule 

Change 

The Exchange states that its System 7

does not have unlimited port capacity to 

consistently support an unlimited 

number of messages throughout the 

trading day.8 The Exchange states that 

for this reason, the Exchange limits each 

Member 9 to a maximum number of 

messages over a set amount of time, per 

port (‘‘Port Order Rate Threshold’’).10

The Exchange states that historically, it 

has provided Members with the Port 

Order Rate Threshold through its 

publicly available technical 

specifications.11 The Exchange’s current 

Port Order Rate Threshold is 10,000 

messages per second.12 The Exchange 

further states that while Members may 

elect to establish a lower Port Order 

Rate Threshold, each Member is subject 

to the same maximum Port Order Rate 

Threshold.13

The Exchange now proposes to 

establish Rule 11.23, entitled Port Order 

Rate Threshold, to state that all 

Members shall be subject to a Port Order 

Rate Threshold, as determined by the 

Exchange in its discretion. In support of 

its proposal, the Exchange cites to rules 

that historically existed in the Cboe 

Options Exchange (‘‘C1’’) and the Cboe 

C2 Options Exchange (‘‘C2’’) 

rulebooks.14 The Exchange further states 

that proposed Rule 11.23 is based on 

MIAX and MIAX Emerald Rule 502.15

The Exchange states that the proposed 

amendment will promote transparency 

and maintain clarity in its rules and 

help preserve its operational 

resiliency.16

III. Proceedings To Determine Whether 

To Approve or Disapprove SR– 

CboeEDGX–2022–004 and Grounds for 

Disapproval Under Consideration 

The Commission is instituting 

proceedings pursuant to Section 

19(b)(2)(B) of the Act 17 to determine 

whether the proposed rule change 

should be approved or disapproved. 

Institution of proceedings is appropriate 

at this time in view of the legal and 

policy issues raised by the proposal. 

Institution of proceedings does not 

indicate that the Commission has 

reached any conclusions with respect to 

any of the issues involved. Rather, as 

described below, the Commission seeks 

and encourages interested persons to 

provide comments on the proposed rule 

change. 

Pursuant to Section 19(b)(2)(B) of the 

Act,18 the Commission is providing 

notice of the grounds for disapproval 

under consideration. As described 

above, the Exchange’s proposed rule 

states that each Member shall be subject 

to a maximum Port Order Rate 

Threshold, as determined by the 

Exchange. As proposed, the rule 

provides the Exchange with discretion 

to set the maximum Port Order Rate 

Threshold and does not include a set 

maximum or range within which the 

maximum threshold would be set. 

Further, although the Exchange 

describes how the current maximum 

Port Order Rate Threshold is applied to 

new non-administrative messages 

received once the threshold is 

reached,19 the Exchange does not 

specify its application under the 

proposed rule change. The Commission 

is instituting proceedings to allow for 

additional analysis of the proposal’s 

consistency with Section 6(b)(5) of the 

Act, which requires that the rules of a 

national securities exchange be 

designed, among other things, 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.20

Under the Commission’s Rules of 

Practice, the ‘‘burden to demonstrate 

that a proposed rule change is 

consistent with the Exchange Act and 


JSPEARS on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 94 / Monday, May 16, 2022 / Notices 29777 

21 17 CFR 201.700(b)(3). 

22See id. 

23See id. 

24 17 CFR 240.19b–4. 

25Section 19(b)(2) of the Act, as amended by the 

Securities Acts Amendments of 1975, Public Law 

94–29 (June 4, 1975), grants to the Commission 

flexibility to determine what type of proceeding— 

either oral or notice and opportunity for written 

comments—is appropriate for consideration of a 

particular proposal by a self-regulatory 

organization. See Securities Acts Amendments of 

1975, Senate Comm. on Banking, Housing & Urban 

Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 

(1975). 26 17 CFR 200.30–3(a)(57). 

the rules and regulations issued 

thereunder . . . is on the [SRO] that 

proposed the rule change.’’ 21 The 

description of a proposed rule change, 

its purpose and operation, its effect, and 

a legal analysis of its consistency with 

applicable requirements must all be 

sufficiently detailed and specific to 

support an affirmative Commission 

finding,22 and any failure of an SRO to 

provide this information may result in 

the Commission not having a sufficient 

basis to make an affirmative finding that 

a proposed rule change is consistent 

with the Act and the applicable rules 

and regulations.23

The Commission is instituting 

proceedings to allow for additional 

consideration and comment on the 

issues raised herein, including as to 

whether the proposal is consistent with 

the Act. 

IV. Procedure: Request for Written 

Comments 

The Commission requests that 

interested persons provide written 

submissions of their data, views, and 

arguments with respect to the issues 

identified above, as well as any other 

concerns they may have with the 

proposal. In particular, the Commission 

invites the written views of interested 

persons concerning whether the 

proposed rule change is consistent with 

Section 6(b)(5) or any other provision of 

the Act, or the rules and regulations 

thereunder. Although there do not 

appear to be any issues relevant to 

approval or disapproval that would be 

facilitated by an oral presentation of 

data, views, and arguments, the 

Commission will consider, pursuant to 

Rule 19b–4 under the Act,24 any request 

for an opportunity to make an oral 

presentation.25

Interested persons are invited to 

submit written data, views, and 

arguments regarding whether the 

proposed rule change should be 

approved or disapproved by June 6, 

2022. Any person who wishes to file a 

rebuttal to any other person’s 

submission must file that rebuttal by 

June 21, 2022. 

Comments may be submitted by any 

of the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File No. SR– 

CboeEDGX–2022–004 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File No. 

SR–CboeEDGX–2022–004. The 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 No. 

SR–CboeEDGX–2022–004 and should be 

submitted by June 6, 2022. Rebuttal 

comments should be submitted by June 

21, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.26

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10417 Filed 5–13–22; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Meeting of the Interagency Task Force 

on Veterans Small Business 

Development 

AGENCY: Small Business Administration 

(SBA). 

ACTION: Notice of open Federal advisory 

committee meeting. 

SUMMARY: The SBA is issuing this notice 

to announce the date, time, and agenda 

for the next meeting of the Interagency 

Task Force on Veterans Small Business 

Development (IATF). 

DATES: Wednesday, June 1, 2022, from 

1:00 p.m. to 3:30 p.m. EST. 

ADDRESSES: Due to the coronavirus 

pandemic, the meeting will be held via 

Microsoft Teams. 

FOR FURTHER INFORMATION CONTACT: The 

meeting is open to the public; however 

advance notice of attendance is strongly 

encouraged. To RSVP and confirm 

attendance, the public should email 

veteransbusiness@sba.gov with subject 

line—‘‘RSVP for June 1, 2022, IATF 

Public Meeting.’’ To submit a written 

comment, individuals should email 

veteransbusiness@sba.gov with subject 

line—‘‘Response for June 1, 2022, IATF 

Public Meeting’’ no later than May 26, 

2022, or contact Timothy Green, Deputy 

Associate Administrator, Office of 

Veterans Business Development (OVBD) 

at (202) 205–6773. Comments received 

in advanced will be addressed as time 

allows during the public comment 

period. All other submitted comments 

will be included in the meeting record. 

During the live meeting, those who wish 

to comment will be able to do so during 

the public comment period. 

Participants can join the meeting via 

computer https://bit.ly/JuneIATF or 

phone. Call in (audio only): Dial: 202– 

765–1264: Phone Conference ID: 162 

086 940# 

Special accommodation requests 

should be directed to OVBD at (202) 

205–6773 or veteransbusiness@sba.gov. 

All applicable documents will be posted 

on the IATF website prior to the 

meeting: https://www.sba.gov/page/ 

interagency-task-force-veterans-smallbusiness-development. For more 

information on veteran-owned small 

business programs, please visit 

www.sba.gov/ovbd. 

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 Interagency Task Force 

on Veterans Small Business 

Development (IAFT). The IATF is 

established pursuant to Executive Order 


JSPEARS on DSK121TN23PROD with NOTICES1