29774 Federal Register / Vol. 87, No. 94 / Monday, May 16, 2022 / Notices 

72 15 U.S.C. 78s(b)(3)(A). 

73 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. 74 17 CFR 200.30–3(a)(12). 

proposal raises any new or novel issues 

that have not already been considered 

by the Commission. 

Finally, IEX believes that the 

proposed conforming changes and 

typographical corrections further the 

purposes of the Act because they 

provide greater clarity and consistency 

to the IEX Rule Book thereby reducing 

the potential for confusion by market 

participants. 

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 Exchange does not believe that 

the proposed rule change will impose 

any burden on intermarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act. 

To the contrary, the proposal is 

designed to enhance IEX’s 

competitiveness with other markets by 

adopting rules providing for more prices 

at which non-displayed limit orders can 

execute or rest on the exchange and 

allowing for more circumstances in 

which orders eligible for Recheck or 

Retail orders will be able to interact 

with these aggressively priced nondisplayed limit orders to the benefit of 

all market participants. 

The Exchange also does not believe 

that the proposed rule change will 

impose any burden on intramarket 

competition because it will apply to all 

Members in the same manner. All 

Members are eligible to enter nondisplayed limit orders and, as discussed 

in the Purpose section, all Members 

seeking a Midpoint Price may continue 

to use Discretionary Peg and Midpoint 

Peg orders which will not execute at a 

price more aggressive than the Midpoint 

Price. Moreover, the proposal would 

provide potential benefits to all 

Members to the extent that there is more 

liquidity available on IEX as a result of 

the ability to book non-displayed limit 

orders at more aggressive prices. The 

proposal is intended to incentivize the 

entry of more orders on the Exchange 

and thereby increase the likelihood of 

executions on the Exchange, which 

would benefit all market participants. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) 72 of the Act and Rule 19b– 

4(f)(6) thereunder.73

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 

change 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– 

IEX–2022–04 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–IEX–2022–04. This file 

number should be included in 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 will also 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–IEX–2022–04 and should 

be submitted on or before June 6, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.74

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10415 Filed 5–13–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–0088, OMB Control No. 

3235–0083] 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Rule 15Ba2–1 and Form MSD 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

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

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 15Ba2–1 (17 CFR 

240.15Ba2–1) and Form MSD (17 CFR 

249.1100), under the Securities and 

Exchange Act of 1934 (15 U.S.C. 78a et 


JSPEARS on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 94 / Monday, May 16, 2022 / Notices 29775 

1The estimate of $406 per hour is for a 

compliance attorney, based on the Securities 

Industry and Financial Markets Association’s 

Management & Professional Earnings in the 

Securities Industry 2013, modified by Commission 

staff to account for an 1,800-hour work-year and 

inflation, and multiplied by 5.35 to account for 

bonuses, firm size, employee benefits and overhead. 

seq.) (‘‘Exchange Act’’). The 

Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget 

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

Rule 15Ba2–1 provides that an 

application for registration with the 

Commission by a bank municipal 

securities dealer must be filed on Form 

MSD. The Commission uses the 

information obtained from Form MSD 

filings to determine whether bank 

municipal securities dealers meet the 

standards for registration set forth in the 

Act, to maintain a central registry where 

members of the public may obtain 

information about particular bank 

municipal securities dealers, and to 

develop risk assessment information 

about bank municipal securities dealers. 

Form MSD is a one-time registration 

form that must be amended only if it 

becomes inaccurate. Based upon past 

submissions of zero initial filings and 14 

amendments in 2019, zero initial filings 

and three amendments in 2020, zero 

initial filings and one amendment in 

2021, and zero initial filings and zero 

amendments so far in 2022, the 

Commission estimates that on an annual 

basis approximately one respondent 

will use Form MSD for an initial 

registration application, and that 

approximately six respondents will 

utilize Form MSD for an amendment, 

for a total of seven respondents per year. 

The time required to complete Form 

MSD varies with the size and 

complexity of the bank municipal 

securities dealer’s proposed operations. 

Bank personnel that prepare Form MSD 

filings previously indicated that it can 

take up to 15 hours for a bank with a 

large operation and many employees to 

complete the form, but that smaller 

banks with fewer personnel can 

complete the form in one to two hours. 

We believe that most recent applications 

have come from smaller banks. Also, 

amendments to form MSD are likely to 

require significantly less time. We 

estimate that the total annual burden is 

currently approximately 11 hours at an 

average of 1.5 hours per respondent. (7 

respondents/year × 1.5 hours/ 

respondent = 10.5 hours/year rounded 

up to 11). The staff estimates that the 

average internal compliance cost per 

hour is approximately $406.1 Therefore, 

the estimated total annual internal cost 

of compliance is approximately $4,263 

per year (10.5 hours/year × $406/hour = 

$4,263/year). 

Rule 15Ba2–1 does not contain an 

explicit recordkeeping requirement, but 

the rule does require the prompt 

correction of any information on Form 

MSD that becomes inaccurate, meaning 

that bank municipal securities dealers 

need to maintain a current copy of Form 

MSD indefinitely. In addition, the 

instructions for filing Form MSD state 

that an exact copy should be retained by 

the registrant. Providing the information 

on the application is mandatory in order 

to register with the Commission as a 

bank municipal securities dealer. The 

information contained in the 

application will not be kept 

confidential. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted by 

July 15, 2022. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: May 10, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10418 Filed 5–13–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENT: 87 FR 27669, May 9, 

2022. 

PREVIOUSLY ANNOUNCED TIME AND DATE OF

THE MEETING: Thursday, May 12, 2022 

at 2 p.m. 

CHANGES IN THE MEETING: The Closed 

Meeting scheduled for Thursday, May 

12, 2022 at 2:00 p.m., has been 

cancelled. 

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. 2022–10569 Filed 5–12–22; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2 p.m. on Thursday, May 

19, 2022. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

The subject matter of the closed 

meeting will consist of the following 

topics: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; and 

Other matters relating to examinations 

and enforcement proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting agenda items that 

may consist of adjudicatory, 

examination, litigation, or regulatory 

matters. 


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