31280 Federal Register / Vol. 87, No. 99 / Monday, May 23, 2022 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange originally filed to amend the 

Price List on May 2, 2022 (SR–NYSE–2022–21). On 

May 11, 2002, SR–NYSE–2022–21 was withdrawn 

and replaced by this filing. 

5See Securities Exchange Act Release No. 51808 

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

(S7–10–04) (Final Rule) (‘‘Regulation NMS’’). 

6See Securities Exchange Act Release No. 51808, 

84 FR 5202, 5253 (February 20, 2019) (File No. S7– 

05–18) (Transaction Fee Pilot for NMS Stocks Final 

Rule) (‘‘Transaction Fee Pilot’’). 

7See Cboe Global Markets, U.S. Equities Market 

Volume Summary, available at http://

markets.cboe.com/us/equities/market_share/. See 

generally https://www.sec.gov/fast-answers/ 

divisionsmarketregmrexchangesshtml.html. 

8See FINRA ATS Transparency Data, available at 

https://otctransparency.finra.org/otctransparency/ 

AtsIssueData. A list of alternative trading systems 

registered with the Commission is available at 

https://www.sec.gov/foia/docs/atslist.htm. 

9See Cboe Global Markets U.S. Equities Market 

Volume Summary, available at http://markets.

cboe.com/us/equities/market_share/. 

10See id. 

It is hereby ordered, pursuant to 

section 9(c) of the Act, that: (1) The 

Pleading Entity is granted a temporary 

exemption, limited in all respects to the 

Time-Limited Exemption, including as 

to its time-limited nature, from the 

provisions of section 9(a); and (2) the 

Continuing Fund Servicing Applicants 

and any other Covered Persons are 

granted a temporary exemption from the 

provisions of section 9(a), in each case 

effective as the date of the Guilty Plea, 

and in each case solely with respect to 

the Guilty Plea entered into pursuant to 

the Plea Agreement, subject to the 

representations and conditions in the 

application, until the Commission takes 

final action on their application (or, in 

the case of the Time-Limited 

Exemption, until it expires by its terms, 

if sooner). 

By the Commission. 

J. Matthew DeLesDernier,

Assistant Secretary. 

[FR Doc. 2022–10965 Filed 5–20–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94933; File No. SR–NYSE– 

2022–22] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Its 

Price List 

May 17, 2022. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that, on May 11, 

2022, New York Stock Exchange LLC 

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

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. 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 its 

Price List to introduce a new adding 

credit for providing displayed liquidity 

to the Exchange in Tape B and C 

Securities. The Exchange proposes to 

implement the fee changes effective 

May 11, 2022.4 The proposed rule 

change is available on the Exchange’s 

website at www.nyse.com, 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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s

Statement of the Purpose of, and the

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The Exchange proposes a new adding

credit for providing displayed liquidity 

to the Exchange in Tape B and C 

Securities. 

The proposed changes respond to the 

current competitive environment where 

order flow providers have a choice of 

where to direct liquidity-providing 

orders by offering further incentives for 

member organizations to send 

additional displayed liquidity to the 

Exchange. 

The Exchange proposes to implement 

the fee changes effective May 11, 2022. 

Background 

Current Market and Competitive 

Environment 

The Exchange operates in a highly 

competitive market. The Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. Specifically, in Regulation 

NMS, 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.’’ 5

As the Commission itself has 

recognized, the market for trading 

services in NMS stocks has become 

‘‘more fragmented and competitive.’’ 6

Indeed, equity trading is currently 

dispersed across 16 exchanges,7 31 

alternative trading systems,8 and 

numerous broker-dealer internalizers 

and wholesalers. Based on publiclyavailable information, no single 

exchange has more than 20% of the 

market.9 Therefore, no exchange 

possesses significant pricing power in 

the execution of equity order flow. More 

specifically, the Exchange’s share of 

executed volume of equity trades in 

Tapes A, B and C securities is less than 

12%.10

The Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can move order flow, or discontinue or 

reduce use of certain categories of 

products, in response to fee changes. 

With respect to non-marketable order 

flow that would provide displayed 

liquidity on an Exchange, member 

organizations can choose from any one 

of the 16 currently operating registered 

exchanges to route such order flow. 

Accordingly, competitive forces 

constrain exchange transaction fees that 

relate to orders that would provide 

liquidity on an exchange. 

In response to the competitive 

environment described above, the 

Exchange has established incentives for 

its member organizations who submit 

orders that provide liquidity on the 

Exchange. The proposed fee change is 

designed to attract additional order flow 

to the Exchange by incentivizing 

member organizations to submit 

additional displayed liquidity to the 

Exchange. 


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Federal Register / Vol. 87, No. 99 / Monday, May 23, 2022 / Notices 31281 

11The terms ‘‘ADV’’ and ‘‘CADV’’ are defined in 

footnote * of the Price List. 

12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(4) & (5). 

14See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37495, 37499 (June 29, 2005) 

(S7–10–04) (Final Rule) (‘‘Regulation NMS’’). 

15See Securities Exchange Act Release No. 61358, 

75 FR 3594, 3597 (January 21, 2010) (File No. S7– 

02–10) (Concept Release on Equity Market 

Structure). 

Proposed Rule Change 

The Exchange proposes a new adding 

credit in Tape B and C securities for the 

market participant identifier (‘‘MPID’’) 

or mnemonic of member organizations 

that meet the current requirements for 

Step Up Adding Tier 5 as well as certain 

additional proposed requirements, as 

follows. 

The current Step Up Tier 5 Adding 

Credit offers incremental credits for 

providing displayed liquidity to the 

Exchange in Tape A securities for all 

orders, other than MPL and NonDisplayed Limit Orders, from a 

qualifying member organization’s MPID 

or mnemonic if the member 

organization has Adding ADV, 

excluding any liquidity added by a 

Designated Market Maker (‘‘DMM’’), 

that is at least 1.00% of Tape A CADV,11

and if the MPID or mnemonic has an 

Adding ADV as a percentage of Tape A 

CADV, excluding any liquidity added 

by a DMM, that is: 

• At least two times more than that 

MPID’s or mnemonic’s Adding ADV in 

January 2021 (‘‘Baseline Month’’) as a 

percentage of Tape A CADV, and 

• at least 0.10% of Tape A CADV over 

that MPID’s or mnemonic’s Adding 

ADV in in the Baseline Month as a 

percentage of Tape A CADV. 

A member organizations meeting the 

above requirements receives a $0.0001 

incremental credit for an increase of at 

least 0.10% and less than 0.175% of 

Tape A CADV over the Baseline Month. 

Member organizations receive a $0.0002 

incremental credit for an increase of at 

least 0.175% of Tape A CADV over the 

Baseline Month. 

The Exchange proposes a new 

$0.0029 credit for providing displayed 

liquidity in Tape B and C Securities 

based on similar requirements to the 

Step Up Tier 5 Adding Credit. 

Specifically, the proposed credit would 

be available for providing displayed 

liquidity in Tape B and C Securities for 

a qualifying member organization’s 

MPID or mnemonic that has providing 

volume in Tape A Securities of at least 

1.0% of Tape A CADV, and the MPID 

or mnemonic has providing volume in 

Tape A Securities that is: 

• At least two times more than that 

MPID’s or mnemonic’s baseline in 

January 2021 as a percentage of Tape A 

CADV, and 

• at least 0.10% of Tape A CADV over 

that MPID’s or mnemonic’s Adding 

ADV in January 2021 baseline as a 

percentage of Tape A CADV, and 

• at least 0.25% of Tape A CADV over 

that MPID’s or mnemonic’s Adding 

ADV in January 2021 as a percentage of 

Tape A CADV. 

To effectuate this change, the 

Exchange would amend the chart setting 

forth the Adding Tiers for transaction 

fees and credits for Tape B and C 

Securities to add a new column titled 

‘‘Step Up Tier’’ and set forth the 

proposed requirements and proposed 

credit. 

For example, assume Member 

Organization A has an Adding ADV as 

a percentage of Tape A CADV of 1.10%, 

and adding ADV of Tape B and C of 

CADV 0.075% each, in the billing 

month. Member Organization A would 

currently qualify for Tape B and C Tier 

2 credits of $0.0023 per share each 

based on the current Tape B and C Tier 

2 requirement of 0.05% for each tape. 

Further assume that one of Member 

Organization A’s MPIDs, MPID1, has an 

Adding ADV of 0.30% of Tape A CADV 

and that MPID1 has an Adding ADV of 

0.10% in the Baseline Month and, as 

such, MPID1’s Adding ADV is 2.5 times 

its Baseline Month with a step up of 

0.20% and qualifies for Step Up Tier 5. 

If instead MPID1 had a Tape A Adding 

ADV of 0.40% of CADV, for step up of 

Tape A Adding ADV of 0.30% CADV, 

MPID 1 would qualify for the proposed 

Tape B and C credit of $0.0029 for 

adding displayed liquidity. 

The purpose of this proposed change 

is to incentivize member organizations 

to increase the liquidity-providing 

orders in the Tape B and C securities 

they send to the Exchange, which would 

support the quality of price discovery 

on the Exchange and provide additional 

liquidity for incoming orders. As noted 

above, the Exchange operates in a 

competitive environment, particularly 

as it relates to attracting non-marketable 

orders, which add liquidity to the 

Exchange. Because the proposed tier 

requires a member organization’s MPID 

or mnemonic to increase the volume of 

its trades in orders that add liquidity 

over that MPID or mnemonic’s January 

2021 Adding ADV baseline, the 

Exchange believes that the proposed 

credit would provide an incentive for all 

member organizations to send 

additional liquidity to the Exchange in 

order to qualify for it. The Exchange 

does not know how much order flow 

member organizations choose to route to 

other exchanges or to off-exchange 

venues. Based on the profile of 

liquidity-adding firms generally, the 

Exchange believes that additional 

member organizations could qualify for 

the proposed credit if they choose to 

direct order flow to, and increase 

quoting on, the Exchange. However, 

without having a view of member 

organization’s activity on other 

exchanges and off-exchange venues, the 

Exchange has no way of knowing 

whether this proposed rule change 

would result in any member 

organization directing orders to the 

Exchange in order to qualify for the new 

tier. 

The proposed change is not otherwise 

intended to address other issues, and 

the Exchange is not aware of any 

significant problems that market 

participants would have in complying 

with the proposed changes. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,12 in general, and 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,13 in particular, 

because it provides for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members, 

issuers and other persons using its 

facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

The Proposed Change Is Reasonable 

As discussed above, the Exchange 

operates in a highly competitive market. 

The Commission has repeatedly 

expressed its preference for competition 

over regulatory intervention in 

determining prices, products, and 

services in the securities markets. In 

Regulation NMS, 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.’’ 14

While Regulation NMS has enhanced 

competition, it has also fostered a 

‘‘fragmented’’ market structure where 

trading in a single stock can occur 

across multiple trading centers. When 

multiple trading centers compete for 

order flow in the same stock, the 

Commission has recognized that ‘‘such 

competition can lead to the 

fragmentation of order flow in that 

stock.’’ 15

The new proposed adding credit in 

Tape B and C credit is reasonable. 

Specifically, the Exchange believes that 

the proposed credit would provide an 


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31282 Federal Register / Vol. 87, No. 99 / Monday, May 23, 2022 / Notices 

16 15 U.S.C. 78f(b)(8). 

17Regulation NMS, 70 FR at 37498–99. 

incentive for member organizations to 

send additional liquidity providing 

orders to the Exchange in Tape B and 

C securities. As noted above, the 

Exchange operates in a highly 

competitive environment, particularly 

for attracting non-marketable order flow 

that provides liquidity on an exchange. 

The Exchange believes that it’s 

reasonable to provide a $0.0029 credit 

in Tape B and C Securities to the 

qualifying MPID or mnemonic based on 

the proposed increased adding 

requirements because this would 

encourage individual MPIDs or 

mnemonics of a member organization to 

send orders that provide liquidity to the 

Exchange, thereby contributing to robust 

levels of liquidity, which benefits all 

market participants, and promoting 

price discovery and transparency. As 

previously noted, without a view of 

member organization activity on other 

exchanges and off-exchange venues, the 

Exchange has no way of knowing 

whether the proposed rule change 

would result in any member 

organization’s MPID or mnemonic 

qualifying for the tier. Based on the 

profile of liquidity-adding firms 

generally, the Exchange believes that 

additional member organizations could 

qualify for the proposed credit if they 

choose to direct order flow to, and 

increase quoting on, the Exchange. The 

Exchange believes the proposed credit is 

reasonable as it would provide an 

additional incentive for member 

organization’s MPID or mnemonic to 

direct their order flow to the Exchange 

and provide meaningful added levels of 

liquidity in order to qualify for the 

credit, thereby contributing to depth 

and market quality on the Exchange. 

The Proposal Is an Equitable Allocation 

of Fees 

The Exchange believes that the 

proposed credit is equitable because the 

proposed rule change would improve 

market quality for all market 

participants on the Exchange and, as a 

consequence, attract more liquidity to 

the Exchange, thereby improving market 

wide quality and price discovery. As 

noted, without a view of member 

organization activity on other exchanges 

and off-exchange venues, the Exchange 

has no way of knowing whether this 

proposed rule change would result in 

any member organization’s MPID or 

mnemonic qualifying for the tier. Based 

on the profile of liquidity-adding firms 

generally, the Exchange believes that 

additional member organizations could 

qualify for the proposed credit if they 

choose to direct order flow to, and 

increase quoting on, the Exchange. The 

Exchange believes the proposed credit is 

equitable as it would provide an 

additional incentive for member 

organization’s MPID or mnemonic to 

direct their order flow to the Exchange 

and provide meaningful added levels of 

liquidity in order to qualify for the 

credit, thereby contributing to depth 

and market quality on the Exchange. 

The proposal neither targets nor will it 

have a disparate impact on any 

particular category of market 

participant. All member organization’s 

MPIDs or mnemonics that provide 

liquidity could be eligible to qualify for 

the proposed credit if they increase their 

Adding ADV over their own baseline of 

order flow and the member organization 

meets the 0.25% increase in Adding 

ADV of Tape CADV requirement. The 

Exchange believes that offering a step 

up credit for providing liquidity if the 

step up requirements for Tape B and C 

securities are met will continue to 

attract order flow and liquidity to the 

Exchange, thereby providing additional 

price improvement opportunities on the 

Exchange and benefiting investors 

generally. As to those market 

participants that do not presently 

qualify for the adding liquidity credits 

in Tape A Securities, the proposal will 

not adversely impact their existing 

pricing or their ability to qualify for 

other credits provided by the Exchange. 

The Proposal Is Not Unfairly 

Discriminatory 

The Exchange believes it is not 

unfairly discriminatory to provide an 

additional per share step up credit in 

Tape B and C Securities, as the 

proposed credit would be provided on 

an equal basis to all member 

organizations and their MPIDs or 

mnemonics that add liquidity by 

meeting the new proposed requirements 

and would equally encourage all 

member organizations and their MPIDs 

or mnemonics to provide additional 

displayed liquidity on the Exchange. As 

noted, the Exchange believes that the 

proposed credit would provide an 

incentive for member organizations and 

their MPIDs or mnemonics to send 

additional liquidity to the Exchange in 

order to qualify for the additional credit. 

The Exchange also believes that the 

proposed change is not unfairly 

discriminatory because it is reasonably 

related to the value to the Exchange’s 

market quality associated with higher 

volume. Finally, the submission of 

orders to the Exchange is optional for 

member organizations and their MPIDs 

or mnemonics in that they could choose 

whether to submit orders to the 

Exchange and, if they do, the extent of 

its activity in this regard. 

For the foregoing reasons, the 

Exchange believes that the proposal is 

consistent with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,16 the Exchange believes that the 

proposed rule change would not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Instead, as 

discussed above, the Exchange believes 

that the proposed changes would 

encourage the submission of additional 

liquidity to a public exchange, thereby 

promoting market depth, price 

discovery and transparency and 

enhancing order execution 

opportunities for member organizations. 

As a result, the Exchange believes that 

the proposed change furthers the 

Commission’s goal in adopting 

Regulation NMS of fostering integrated 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 17

Intramarket Competition. The 

proposed changes are designed to attract 

additional order flow to the Exchange. 

The Exchange believes that the 

proposed changes would continue to 

incentivize market participants to direct 

displayed order flow to the Exchange. 

Greater liquidity benefits all market 

participants on the Exchange by 

providing more trading opportunities 

and encourages member organizations 

to send orders, thereby contributing to 

robust levels of liquidity, which benefits 

all market participants on the Exchange. 

The current credits would be available 

to all similarly-situated market 

participants, and, as such, the proposed 

change would not impose a disparate 

burden on competition among market 

participants on the Exchange. As noted, 

the proposal would apply to all 

similarly situated member organizations 

on the same and equal terms, who 

would benefit from the change on the 

same basis. Accordingly, the proposed 

change would not impose a disparate 

burden on competition among market 

participants on the Exchange. 

Intermarket Competition. The 

Exchange operates in a highly 

competitive market in which market 

participants can readily choose to send 

their orders to other exchange and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

fees and rebates to remain competitive 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 87, No. 99 / Monday, May 23, 2022 / Notices 31283 

18 15 U.S.C. 78s(b)(3)(A). 

19 17 CFR 240.19b–4(f)(2). 

20 15 U.S.C. 78s(b)(2)(B). 21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

with other exchanges and with offexchange venues. Because competitors 

are free to modify their own fees and 

credits in response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

does not believe its proposed fee change 

can impose any burden on intermarket 

competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 18 of the Act and 

subparagraph (f)(2) of Rule 19b–4 19

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) 20 of the Act 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– 

NYSE–2022–22 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–NYSE–2022–22. 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–NYSE–2022–22 and should 

be submitted on or before June 13, 2022. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.21

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10959 Filed 5–20–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

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

26, 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. 

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 19, 2022. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2022–11177 Filed 5–19–22; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94936; File No. SR–BX– 

2022–009] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the Nasdaq 

Amended and Restated Certificate of 

Incorporation 

May 17, 2022. 

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

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’),1 and Rule 19b–4 

thereunder,2 notice is hereby given that 


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