Federal Register / Vol. 87, No. 99 / Monday, May 23, 2022 / Notices 31269 

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

2 17 CFR 240.19b–4. 

3See MIAX’s ‘‘The Market at a Glance’’, available 

at https://www.miaxoptions.com/ (last visited April 

27, 2022). 

4The term ‘‘Equity Member’’ is a Member 

authorized by the Exchange to transact business on 

MIAX Pearl Equities. See Exchange Rule 1901. 

Friday, June 3, 2022 

10 a.m. Meeting with Advisory 

Committee on Reactor Safeguards 

(Contact: Larry Burkhart: 301–287– 

3775) 

Additional Information: The meeting 

will be held in the Commissioners’ 

Conference Room, 11555 Rockville Pike, 

Rockville, Maryland. The public is 

invited to attend the Commission’s 

meeting in person or watch live via 

webcast at the Web address—https://

video.nrc.gov/. 

Week of June 6, 2022—Tentative 

There are no meetings scheduled for 

the week of June 6, 2022. 

Week of June 13, 2022 

Tuesday, June 14, 2022 

10 a.m. Briefing on Human Capital and 

Equal Employment Opportunity 

(Contact: Nicole Newton: 301–415– 

8316) 

Additional Information: The meeting 

will be held in the Commissioners’ 

Conference Room, 11555 Rockville Pike, 

Rockville, Maryland. The public is 

invited to attend the Commission’s 

meeting in person or watch live via 

webcast at the Web address—https://

video.nrc.gov/. 

Thursday, June 16, 2022 

10 a.m. Briefing on Results of the 

Agency Action Review Meeting 

(Contact: Nicole Fields: 630–829– 

9570) 

Additional Information: The meeting 

will be held in the Commissioners’ 

Conference Room, 11555 Rockville Pike, 

Rockville, Maryland. The public is 

invited to attend the Commission’s 

meeting in person or watch live via 

webcast at the Web address—https://

video.nrc.gov/. 

Week of June 20, 2022—Tentative 

There are no meetings scheduled for 

the week of June 20, 2022. 

Week of June 27, 2022—Tentative 

There are no meetings scheduled for 

the week of June 27, 2022. 

CONTACT PERSON FOR MORE INFORMATION: 

For more information or to verify the 

status of meetings, contact Wesley Held 

at 301–287–3591 or via email at 

Wesley.Held@nrc.gov. 

The NRC is holding the meetings 

under the authority of the Government 

in the Sunshine Act, 5 U.S.C. 552b. 

Dated: May 19, 2022. 

For the Nuclear Regulatory Commission. 

Wesley W. Held, 

Policy Coordinator, Office of the Secretary. 

[FR Doc. 2022–11129 Filed 5–19–22; 4:15 pm] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94929; File No. SR– 

PEARL–2022–21] 

Self-Regulatory Organizations: MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the MIAX Pearl 

Equities Fee Schedule 

May 17, 2022. 

Pursuant to the provisions of 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 May 12, 2022, MIAX PEARL, LLC 

(‘‘MIAX Pearl’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) a 

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 is filing a proposal to 

amend the fee schedule (the ‘‘Fee 

Schedule’’) applicable to MIAX Pearl 

Equities, an equities trading facility of 

the Exchange. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/pearl at MIAX Pearl’s principal 

office, 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 Fee 

Schedule to adopt a new tiered pricing 

structure, ‘‘Market Quality Tiers’’ or 

‘‘MQ Tiers,’’ designed to improve 

market quality on the Exchange in 

certain specific securities, the ‘‘Market 

Quality Securities’’ or ‘‘MQ Securities,’’ 

and more generally in the form of an 

enhanced rebate for executions of 

displayed orders in securities priced at 

or above $1.00 per share that add 

liquidity to the Exchange (such orders, 

‘‘Added Displayed Volume’’) for 

Members that meet certain minimum 

quoting requirements across a specified 

number of securities, as further 

described below. The Exchange 

originally filed this proposal on April 

29, 2022 (SR–PEARL–2022–17). On May 

12, 2022, the Exchange withdrew SR– 

PEARL–2022–17 and resubmitted this 

proposal. 

The Exchange first notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. More 

specifically, the Exchange is only one of 

16 registered equities exchanges, as well 

as a number of alternative trading 

systems and other off-exchange venues, 

to which market participants may direct 

their order flow. Based on publicly 

available information, no single 

registered equities exchange currently 

has more than approximately 17% of 

the total market share of executed 

volume of equities trading, and the 

Exchange currently represents 

approximately 1% of the overall market 

share.3

Additionally, in response to the 

competitive environment, the Exchange 

also offers tiered pricing, which 

provides Equity Members 4 (‘‘Members’’) 

with opportunities to qualify for higher 

rebates or lower fees when certain 

volume criteria and thresholds are met. 

Tiered pricing provides an incremental 

incentive for Members to strive for 

higher tier levels, which provides 

increasingly higher benefits or discounts 


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31270 Federal Register / Vol. 87, No. 99 / Monday, May 23, 2022 / Notices 

5With respect to the trading of equity securities, 

the term ‘‘NBB’’ shall mean the national best bid, 

the term ‘‘NBO’’ shall mean the national best offer, 

and the term ‘‘NBBO’’ shall mean the national best 

bid and offer. See Exchange Rule 1901. 

6The Exchange notes that it will aggregate each 

Member’s MPIDs and view quotes by Member Firm 

to determine the number of securities in which the 

Member meets the quoting requirements for that 

day. 

7The Exchange notes that the standard rebate of 

$0.0029 per share for executions of Added 

Displayed Volume in securities priced at or above 

$1.00, applicable to Liquidity Indicator Codes AA, 

AB, and AC, is not changing under this proposal. 

8The incentives provided for in the Market 

Quality Tiers will be applicable to the following 

Liquidity Indicator Codes: AA, AB, and AC. See 

section 1(b) Liquidity Indicator Codes and 

Associated Fees of the Exchange’s Fee Schedule 

available on its public website (available at https:// 

www.miaxoptions.com/sites/default/files/fee_

schedule-files/MIAX_Pearl_Equities_Fee_Schedule_

04012022_b.pdf). 

9As proposed, the term ‘‘Percent Time at NBBO’’ 

means the aggregate of the percentage of time 

during regular trading hours where a Member has 

a displayed order of at least one round lot at the 

national best bid (‘‘NBB’’) or the national best offer 

(‘‘NBO’’). 

10As an example, in a month with 20 trading 

days, if a Member satisfied the quoting requirement 

in 125 securities (of which 25 were MQ Securities) 

for ten of the trading days in the month, and 

satisfied the quoting requirement in 375 securities 

(of which 75 were MQ Securities) for the other ten 

trading days in the month, such Member would 

meet the quoting requirement in an average of 250 

securities (i.e., ((125 × 10) + (375 × 10))/20), 

inclusive of an average of 50 MQ Securities (i.e., 

((25 × 10) + (75 × 10))/20), per trading day during 

the month. Therefore, such Member would meet the 

applicable Securities Requirements during the 

month and would qualify for the Tier 1 incentive 

for that month under this proposal. 

for satisfying increasingly more 

stringent criteria. 

Adoption of Market Quality Tiers 

The Exchange proposes to adopt a 

new tiered pricing incentive, referred to 

by the Exchange as the ‘‘Market Quality 

Tiers’’ (or ‘‘MQ Tiers’’), in the form of 

an enhanced rebate for executions of 

Added Displayed Volume for Members 

that qualify for the incentive by meeting 

certain minimum quoting requirements 

across a specified number of securities, 

as further described below. The 

proposed MQ Tiers are designed to 

encourage Members to improve market 

quality by quoting at the NBBO 5 for a 

significant portion of the day (as defined 

below) on the Exchange in certain 

specific securities, referred to by the 

Exchange as MQ Securities and in all 

securities more generally.6 By analyzing 

volume statistics and time at the NBBO 

the Exchange has identified a number of 

securities for which it intends to 

improve these metrics (the MQ 

Securities). The list of MQ Securities is 

published on the Exchange’s website. 

The Exchange believes the MQ Tiers 

will benefit the Exchange and investors 

by providing improved trading 

conditions for all market participants 

through narrower bid-ask spreads and 

increased depth of liquidity available at 

the NBBO in a broad base of securities, 

including the MQ Securities. 

The Exchange currently provides a 

standard rebate of $0.0029 per share for 

executions of Added Displayed 

Volume.7 The Exchange now proposes 

to introduce a tiered pricing structure in 

which it will provide an enhanced 

rebate for executions of Added 

Displayed Volume to Members that 

meet certain quoting requirements. 

Specifically, the Exchange proposes to 

provide an enhanced rebate of $0.0032 

in Tier 1 of the Market Quality Tiers for 

executions of Added Displayed 

Volume 8 if the Member’s Percent Time 

at NBBO 9 is at least 25% in an average 

of at least 250 securities, at least 50 of 

which must be MQ Securities, per 

trading day during the month. Similarly, 

the Exchange proposes to provide an 

enhanced rebate of $0.0034 in Tier 2 of 

the Market Quality Tiers for executions 

of Added Displayed Volume if the 

Member’s Percent Time at NBBO is at 

least 25% in an average of at least 1,000 

securities, at least 100 of which must be 

MQ Securities, per trading day during 

the month. 

As noted above, to qualify for the 

incentive provided for in Tier 1 of the 

Market Quality Tiers, a Member must 

meet the quoting requirement in an 

average of at least 250 securities traded 

on the Exchange (the ‘‘Tier 1 Securities 

Requirement’’), at least 50 of which 

must be MQ Securities (the ‘‘Tier 1 MQ 

Securities Requirement’’), per trading 

day during the month. To qualify for the 

incentive provided for in Tier 2 of the 

Market Quality Tiers, a Member must 

meet the quoting requirement in an 

average of at least 1,000 securities 

traded on the Exchange (the ‘‘Tier 2 

Securities Requirement’’), at least 100 of 

which must be MQ Securities (the ‘‘Tier 

2 MQ Securities Requirement’’), per 

trading day during the month. The Tier 

1 Securities Requirement and the Tier 2 

Securities Requirement, collectively the 

‘‘Securities Requirement’’ and the Tier 1 

MQ Securities Requirement and Tier 2 

MQ Securities Requirement, collectively 

the ‘‘MQ Securities Requirement’’ is 

referred to under this proposal as the 

‘‘Incentive Criteria.’’ The proposed MQ 

Tiers are designed to enhance market 

quality both in a broad manner with 

respect to all securities traded on the 

Exchange, through the Securities 

Requirement, and in a targeted manner 

with respect to certain designated 

securities in which the Exchange 

specifically seeks to inject additional 

quoting competition (i.e., the MQ 

Securities), through the MQ Securities 

Requirement. The number of MQ 

Securities in which a Member meets the 

quoting requirement will be counted 

toward both the Securities Requirement 

and the MQ Securities Requirement. In 

order to determine whether a Member 

meets the applicable Securities 

Requirements during a month, the 

average number of securities in which 

such a Member meets the quoting 

requirement per trading day during the 

month will be calculated by summing 

the number of securities in which the 

Member met the quoting requirement 

for each trading day during the month 

then dividing the resulting sum by the 

total number of trading days in the 

month.10

In addition, for the purposes of 

determining qualification for the MQ 

Tiers, the Exchange will exclude: (1) 

Any trading day that the Exchange’s 

system experiences a disruption that 

lasts for more than 60 minutes during 

Regular Trading Hours; (2) any day with 

a scheduled early market close; and (3) 

the ‘‘Russell Reconstitution Day’’ 

(typically the last Friday in June). The 

Exchange will exclude any trading day 

that the Exchange’s system experiences 

a disruption that lasts for more than 60 

minutes during Regular Trading Hours, 

any day with a scheduled early market 

close, and the Russell Reconstitution 

Day when determining both the 

numerator (i.e., the number of securities 

in which a Member has met the quoting 

requirement for each trading day during 

the month) and the denominator (i.e., 

the total number of trading days in the 

month) for purposes of calculating the 

average number of securities in which 

such Member meets the quoting 

requirement per trading day during the 

month. 

As further detail regarding such 

proposed exclusions, an Exchange 

system disruption may occur, for 

example, where a certain group of 

securities traded on the Exchange is 

unavailable for trading due to an 

Exchange system issue. Similarly, the 

Exchange may be able to perform certain 

functions with respect to accepting and 

processing orders, but may have a 

failure to another significant process, 

such as routing to other market centers, 

that would lead Members that rely on 

such process to avoid utilizing the 

Exchange until the Exchange’s entire 

system was operational. The Exchange 

believes that these types of Exchange 

system disruptions could preclude 

Members from participating on the 

Exchange to the extent that they might 

have otherwise participated on such 

days, and thus, the Exchange believes it 


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Federal Register / Vol. 87, No. 99 / Monday, May 23, 2022 / Notices 31271 

11See e.g., the CBOE BZX Exchange, Inc. (‘‘Cboe 

BZX’’) equities trading fee schedule on its public 

website (available at https://www.cboe.com/us/ 

equities/membership/fee_schedule/bzx/); the Cboe 

EDGX Exchange, Inc. (‘‘Cboe EDGX’’) equities 

trading fee schedule available on its public website 

(available at https://www.cboe.com/us/equities/ 

membership/fee_schedule/edgx/); and the MEMX 

LLC, (‘‘MEMX’’) equities trading fee schedule on its 

public website (available at https:// 

info.memxtrading.com/fee-schedule/). 

12The Exchange currently provides on its Fee 

Schedule that, ‘‘to the extent a Pearl Equity Member 

qualifies for higher rebates and/or lower fees than 

those provided by a tier for which such a Member 

qualifies, the higher rebate and/or lower fees shall 

apply.’’ See the Exchange’s Fee Schedule, General 

Notes section, on its public website (available at 

https://www.miaxoptions.com/sites/default/files/ 

fee_schedule-files/MIAX_Pearl_Equities_Fee_

Schedule_04012022_b.pdf). 

13See e.g., the Nasdaq equities trading fee 

schedule on its public website, (available at http:// 

www.nasdaqtrader.com/trader.aspx?id=

pricelisttrading2) and Nasdaq Rule Equity 7, 

Section 114(d) describing Nasdaq’s Qualified 

Market Maker Program, which provides for an 

additional rebate (ranging from $0.0001 to $0.0002 

per share) for executions of liquidity-providing 

displayed orders (other than designated retail 

orders) in securities across all tapes priced at or 

above $1.00 per share for members that, in addition 

to executing transactions that represent a specified 

percentage of consolidated volume and avoiding 

inefficient order entry practices that place excessive 

burdens on Nasdaq’s systems, quote at the NBBO 

at least 25% of the time during regular market hours 

in an average of at least 1,000 securities per day 

during the month; see also the Cboe BZX equities 

trading fee schedule on its public website, 

(available at https://www.cboe.com/us/equities/ 

membership/fee_schedule/bzx/), which provides for 

an additional rebate (ranging from $0.0001 to 

$0.0002 per share) under Cboe BZX’s Liquidity 

Management Program for executions of liquidityproviding displayed orders in Tape B securities 

priced at or above $1.00 per share for members that, 

in addition to adding a specified percentage of total 

consolidated volume in Tape B securities and 

meeting certain other quoting requirements with 

respect to a specified number of securities 

designated as ‘‘LMP Securities’’ on a list 

determined by Cboe BZX, quote at the NBBO at 

least 15% of the time during regular trading hours 

in a specified number of such designated LMP 

Securities (or achieve an alternative NBBO quoting 

standard involving a size-setting element with 

respect to such designated LMP Securities.); see 

also MEMX equities trading fee schedule on its 

public website, (available at https:// 

info.memxtrading.com/fee-schedule/), which 

provides for a rebate of $0.0033 per share in Tier 

1 under MEMX’s Displayed Liquidity Incentive 

(DLI) Tiers for executions of liquidity providing 

displayed orders in securities priced at or above 

$1.00 per share for members that have an NBBO 

Time of at least 25% in an average of at least 1,000 

securities, at least 125 must be DLI Target 

Securities, per trading day during the month, and 

a rebate of $0.0031 per share in Tier 2 for 

executions of liquidity providing displayed orders 

in securities priced at or above $1.00 per share for 

members that have an NBBO Time of at least 25% 

in an average of at least 250 securities, at least 75 

of which must be DLI Target Securities, per trading 

day during the month. 

14 Id. 

is appropriate to exclude such days 

when determining whether a Member 

meets the applicable Securities 

Requirements during a month to avoid 

penalizing Members that might 

otherwise have met such requirements. 

Additionally, the Exchange believes that 

scheduled early market closures, which 

typically are the day before, or the day 

after, a holiday, may preclude some 

Members from participating on the 

Exchange at the same level that they 

might otherwise. For similar reasons, 

the Exchange believes it is appropriate 

to exclude the Russell Reconstitution 

Day in the same manner, as the 

Exchange believes that the Russell 

Reconstitution Day typically has 

extraordinarily high, and abnormally 

distributed, trading volumes and the 

Exchange believes this change to normal 

activity may affect a Member’s ability to 

meet the quoting requirement across 

various securities on that day. The 

Exchange notes that the exclusion of 

any day during which the Exchange’s 

system experiences a disruption that 

lasts for more than 60 minutes during 

Regular Trading Hours, any day with a 

scheduled early market close, and the 

Russell Reconstitution Day is consistent 

with the methodologies used by other 

exchanges when calculating certain 

Member trading and other volume 

metrics for purposes of determining 

whether Members qualify for certain 

pricing incentives, and the Exchange 

believes application of this methodology 

is similarly appropriate for the proposed 

MQ Tiers pricing incentive.11

A Member that qualifies for the 

enhanced rebate under MQ Tier 1 by 

meeting the requirements described 

above during a particular month will 

receive an enhanced rebate of $0.0032 

per share for all executions of Added 

Displayed Volume (unless a higher 

rebate applies) 12 during that month. 

This proposed rebate is $0.0003 higher 

than the standard rebate ($0.0029) that 

would otherwise be applicable to such 

executions. Similarly, a Member that 

qualifies for the enhanced rebate under 

MQ Tier 2 by meeting the requirements 

described above during a particular 

month will receive an enhanced rebate 

of $0.0034 per share for all executions 

of Added Displayed Volume (unless a 

higher rebate applies) during that 

month. This proposed rebate is $0.0005 

higher than the standard rebate 

($0.0029) that would otherwise be 

applicable to such executions. The 

Exchange notes that the proposed 

enhanced rebate will only apply to 

executions in securities priced at or 

above $1.00 per share; executions of a 

qualifying Member’s displayed orders 

that add liquidity to the Exchange in 

securities priced below $1.00 per share 

will continue to receive the standard 

rebate applicable to executions of such 

orders on the Exchange (i.e., 0.05% of 

the total value of the transaction). 

The Exchange is proposing to provide 

the enhanced rebate for executions of 

Added Displayed Volume for qualifying 

Members as a means of recognizing the 

value of market participants that 

consistently quote at the NBBO in a 

large number of securities generally, and 

in the MQ Securities in particular. 

Given the proposed Incentive Criteria 

for the Market Quality Tiers a Member 

must make a significant contribution to 

market quality by providing liquidity at 

the NBBO in a large number of 

securities, including certain designated 

securities in which the Exchange 

specifically seeks to inject additional 

quoting competition (i.e., the MQ 

Securities), for a significant portion of 

the day. Through the proposed 

enhanced rebate for qualifying 

Members, the Exchange hopes to 

provide improved trading conditions for 

all market participants through 

narrower bid-ask spreads and increased 

depth of liquidity available at the NBBO 

for a large number of securities 

generally, including the MQ Securities 

in particular. 

The Exchange notes that the proposed 

MQ Tiers are similar in structure and 

purpose to pricing programs at other 

exchanges that are designed to enhance 

market quality by incentivizing 

Members to achieve minimum quoting 

standards, including minimum quoting 

at the NBBO in a large number of 

securities generally, or certain 

designated securities in particular.13

The Exchange further notes that, like the 

proposed MQ Tiers, these programs 

include as an incentive the provision of 

an enhanced rebate for executions of 

liquidity-adding displayed orders for 

Members that meet the quoting and 

other requirements of those programs.14

In addition to the foregoing changes, 

the Exchange proposes to add to the Fee 

Schedule definitions of the terms, 

‘‘Market Quality Securities,’’ and 

‘‘Percent Time at NBBO,’’ that are 

consistent with the descriptions of those 

terms as set forth above, as such terms 

are used above describing the 

calculation methodology and criteria for 

determining whether a Members 

qualifies for a rebate under the MQ Tiers 

that the Exchange is proposing to add to 

the Fee Schedule, as described above. 

The Exchange also proposes to make a 

minor non-substantive edit to the 

definition of ADAV to remove the 

parenthetical ‘‘Exchange System 

Disruption’’ to avoid confusion as the 

Exchange has a pre-existing definition 

of Exchange System Disruption. The 

Exchange also proposes to adopt a new 

paragraph to the General Notes section 


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31272 Federal Register / Vol. 87, No. 99 / Monday, May 23, 2022 / Notices 

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

16 15 U.S.C. 78f(b)(4). 

17 15 U.S.C 78f(b)(5). 

18See supra note 3. 

19Securities Exchange Act Release No. 51808 

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

to state that, ‘‘[f]or the purpose of 

determining qualification for the Market 

Quality Tiers the Exchange will exclude 

from its calculation: (1) Any trading day 

that the Exchange’s system experiences 

a disruption that lasts for more than 60 

minutes during regular trading hours; 

(2) any day with a scheduled early 

market close; and (3) the ‘‘Russell 

Reconstitution Day’’ (typically the last 

Friday in June).’’ The Exchange believes 

this adds additional clarity regarding 

the methodology used to determine 

qualification for the Market Quality 

Tiers. 

Implementation 

The proposed changes are 

immediately effective. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Fee Schedule is 

consistent with Section 6(b) of the Act 15

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 16 in 

particular, in that it provides for the 

equitable allocation of reasonable dues, 

fees and other charges among its 

Members and issuers and other persons 

using its facilities. The Exchange also 

believes that the proposed rule change 

is consistent with the objectives of 

Section 6(b)(5) 17 requirements that the 

rules of an exchange be designed to 

prevent fraudulent and manipulative 

acts and practices, and to promote just 

and equitable principles of trade, to 

foster cooperation and coordination 

with persons engaged in regulating, 

clearing, settling, processing 

information with respect to, and 

facilitating transactions in securities, 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, and, particularly, is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Exchange operates in a highly 

fragmented and competitive market in 

which market participants can readily 

direct their order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. More 

specifically, the Exchange is only one of 

sixteen registered equities exchanges, 

and there are a number of alternative 

trading systems and other off-exchange 

venues, to which market participants 

may direct their order flow. Based on 

publicly available information, no single 

registered equities exchange currently 

has more than approximately 17% of 

the total market share of executed 

volume of equities trading.18 Thus, in 

such a low-concentrated and highly 

competitive market, no single equities 

exchange possesses significant pricing 

power in the execution of order flow, 

and the Exchange currently represents 

less than 1% of the overall market share. 

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, 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.’’ 19

The Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow or discontinue to 

reduce use of certain categories of 

products, in response to new or 

different pricing structures being 

introduced into the market. 

Accordingly, competitive forces 

constrain the Exchange’s transaction 

fees and rebates, and market 

participants can readily trade on 

competing venues if they deem pricing 

levels at those other venues to be more 

favorable. The Exchange believes the 

proposal reflects a reasonable and 

competitive pricing structure designed 

to incentivize market participants to 

direct their order flow to the Exchange, 

which the Exchange believes would 

enhance liquidity and market quality in 

both a broad manner and in a targeted 

manner with respect to the MQ 

Securities. 

Market Quality Tiers 

The proposed Market Quality Tiers 

are intended to encourage Members to 

promote price discovery and market 

quality by quoting at the NBBO for a 

significant portion of each day in a large 

number of securities generally, and in 

MQ Securities in particular, thereby 

benefiting the Exchange and other 

investors by providing improved trading 

conditions for all market participants 

through narrower bid-ask spreads and 

increasing the depth of liquidity 

available at the NBBO in a broad base 

of securities, including the MQ 

Securities. Additionally, the Exchange 

believes the proposed enhanced rebates 

for all executions of a qualifying 

Member’s Added Displayed Volume 

will simultaneously incentivize such 

Member to direct additional displayed 

liquidity-providing orders to the 

Exchange in a more general manner to 

receive such enhanced rebate. Thus, the 

Exchange believes that the proposed 

Market Quality Tiers will promote price 

discovery and market quality in the MQ 

Securities and more generally on the 

Exchange, and, further, that the 

resulting tightened spreads and 

increased displayed liquidity will 

benefit all investors by deepening the 

Exchange’s liquidity pool, supporting 

the quality of price discovery, 

enhancing quoting competition across 

all exchanges, and promoting market 

transparency. 

The Exchange believes the proposed 

enhanced rebate of $0.0032 per share 

provided to Members that qualify for 

Market Quality Tier 1 executions of 

Added Displayed Volume is reasonable, 

in that it does not reflect a 

disproportionate increase above the 

standard rebate of $0.0029 per share 

provided to all Members with respect to 

the provision of Added Displayed 

Volume. Similarly, the Exchange 

believes the proposed enhanced rebate 

of $0.0034 per share provided to 

Members that qualify for Market Quality 

Tier 2 executions of Added Displayed 

Volume is reasonable, in that it does not 

reflect a disproportionate increase above 

the enhanced rebate of $.0.0032 per 

share provided to qualifying Members 

in Tier 1 with respect to the provision 

of Added Displayed Volume. Moreover, 

the Exchange believes the proposed 

enhanced rebate associated with Market 

Quality Tier 2 is a reasonable means to 

incentivize Members to increase their 

participation on the Exchange as it 

provides Members with an additional 

opportunity to qualify for an enhanced 

rebate for executions of Added 

Displayed Volume by satisfying more 

stringent criteria than Tier 1. 

The Exchange further believes that the 

proposed criteria for Tier 1 and Tier 2 

of the Market Quality Tiers, and the 

associated enhanced rebate for each is 

reasonable, in that the proposed criteria 

for Tier 2 is incrementally more difficult 

to achieve than that of Tier 1, and thus 

Tier 2 appropriately offers a higher 

rebate commensurate with the 

corresponding higher volume threshold. 

Therefore, the Exchange believes that 

the Market Quality Tiers, as proposed, 

are consistent with an equitable 

allocation of fees and rebates, as the 

more stringent criteria correlates with 

the corresponding tier’s higher rebate. 


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Federal Register / Vol. 87, No. 99 / Monday, May 23, 2022 / Notices 31273 

20See supra note 11. 21 Id. 22See, e.g., the Cboe BZX equities trading fee 

schedule on its public website (available at https:// 

markets.cboe.com/us/equities/membership/fee_

schedule/bzx/); the Cboe EDGX equities trading fee 

schedule on its public website (available at https:// 

markets.cboe.com/us/equities/membership/fee_

schedule/edgx/); and the MEMX equities trading fee 

schedule on its public website (available at https:// 

info.memxtrading.com/fee-schedule/). 

23 15 U.S.C. 78f(b)(4) and (5). 

24See supra note 13. 

In addition the Exchange believes that 

it is reasonable and consistent with an 

equitable allocation of fees to pay a 

higher rebate for executions of Added 

Displayed Volume to Members that 

qualify for one of the Market Quality 

Tiers with respect to the MQ Securities 

because of the additional commitment 

to market quality reflected in the 

associated quoting requirements. Such 

Members benefit all investors by 

promoting price discovery and 

increasing the depth of liquidity 

available at the NBBO and benefit the 

Exchange itself by enhancing its 

competitiveness as a market center that 

attracts actionable orders. Further, the 

Exchange notes that the proposed 

Market Quality Tiers offers a new 

incentive on the Exchange that would 

apply uniformly to all Members, and 

any Member may choose to qualify for 

one of the Market Quality Tiers by 

meeting the associated requirements in 

any month, regardless of the volume of 

transactions that it executes on the 

Exchange. The Exchange acknowledges 

that firms that do not post displayed 

liquidity on the Exchange or do so on 

a smaller scale may not have the level 

of capital necessary to support meeting 

the proposed Incentive Criteria, 

however, the Exchange believes that the 

requirements are attainable for many 

market participants who do actively 

quote on the Exchange and are 

reasonably related to the enhanced 

market quality that the Market Quality 

Tiers are designed to promote. 

Additionally, the Exchange notes that 

Members that do not meet the proposed 

Incentive Criteria may still qualify for a 

rebate that is higher than the standard 

rebate for executions of Added 

Displayed Volume through the Add 

Volume Tiers Incentive, which does not 

require a Member to consistently quote 

at the NBBO across a broad range of 

securities. Accordingly, the Exchange 

believes that it is consistent with an 

equitable allocation of fees and is not 

unfairly discriminatory to pay a higher 

rebate in comparison with the rebate 

paid to other Members for executions of 

displayed liquidity providing orders in 

recognition of the benefits to the 

Exchange and market participants, 

particularly as the magnitude of the 

additional rebate is not unreasonably 

high, and is instead, reasonably related 

to such enhanced market quality. 

The Exchange also believes that 

including in the proposed Market 

Quality Tiers criteria a quoting 

requirement for certain specified 

securities (i.e., the MQ Securities), in 

addition to the more general 

requirements of 250 securities in Tier 1 

and 1,000 securities in Tier 2, is 

equitable and not unfairly 

discriminatory because the Exchange 

has identified the MQ Securities as 

securities in which it would like to 

inject additional quoting competition, 

which the Exchange believes will 

generally act to narrow spreads, increase 

size at the NBBO, and increase liquidity 

depth in such securities, thereby 

increasing the attractiveness of the 

Exchange as a destination venue with 

respect to such securities. Accordingly, 

the Exchange believes that this aspect of 

the proposal is reasonable, equitably 

allocated, and not unfairly 

discriminatory because it is consistent 

with the overall goals of enhancing 

market quality. 

Furthermore, as noted above, the 

proposed Market Quality Tiers are 

similar in structure and purpose to 

pricing programs in place at other 

exchanges that are designed to enhance 

market quality.20 Specifically, these 

programs, like the proposed Market 

Quality Tiers, provide a higher rebate 

for executions of liquidity-adding 

displayed orders for members that 

achieve minimum quoting standards, 

including minimum quoting at the 

NBBO in a large number of securities 

generally, or certain designated 

securities in particular.21 The Exchange 

also notes that the proposed Market 

Quality Tiers are not dissimilar from 

volume-based rebates and fees which 

have been widely adopted by 

exchanges 22 and are equitable and not 

unfairly discriminatory because they are 

generally open to all members on an 

equal basis and provide higher rebates 

and/or lower fees that are reasonably 

related to the value of an exchange’s 

market quality. Much like volume-based 

tiers are designed to incentivize higher 

levels of liquidity provision, the 

proposed Market Quality Tiers are 

designed to incentivize enhanced 

market quality on the Exchange through 

tighter spreads, greater size at the 

NBBO, and greater quoting depth in a 

large number of securities generally, and 

in MQ Securities specifically, through 

the provision of an enhanced rebate for 

all executions of a qualifying Member’s 

Added Displayed Volume, where such 

rebate will in turn incentivize higher 

levels of displayed liquidity provision 

in a general manner. Accordingly, the 

Exchange believes that the proposed 

Market Quality Tiers would act to 

enhance liquidity and competition 

across exchanges in the Market Quality 

Tiers and enhance liquidity provision in 

all securities on the Exchange more 

generally by providing a rebate 

reasonably related to such enhanced 

market quality to the benefit of all 

investors, thereby promoting the 

principles discussed in Sections 6(b)(4) 

and 6(b)(5) of the Act.23

The Exchange also believes that the 

calculation methodology and criteria for 

determining whether a Member satisfies 

the requirements to qualify for the 

Market Quality Tiers, as well as the 

definitions of terms that are used, is 

reasonable, equitable, and nondiscriminatory because the definitions 

are designed to ensure that the Fee 

Schedule is clear and as easily 

understandable as possible with respect 

to the requirements of the proposed 

Market Quality Tiers. Additionally, the 

Exchange believes that excluding (1) 

any trading day that the Exchange’s 

system experiences a disruption that 

lasts for more than 60 minutes during 

Regular Trading Hours; (2) any day with 

a scheduled early market close; and (3) 

the Russell Reconstitution Day, when 

determining whether a Member 

qualifies for a proposed Market Tier 

during a month is reasonable, equitable, 

and non-discriminatory because, as 

explained above, the Exchange believes 

doing so would help to avoid penalizing 

Members that might otherwise have met 

the requirements to qualify for a 

proposed Market Quality Tier due to 

Exchange system disruptions, 

abbreviated trading days, and/or 

abnormal market conditions. For similar 

reasons, the Exchange believes it is 

appropriate to exclude the Russell 

Reconstitution Day, as the Exchange 

believes the change to normal trading 

activity as a result of the Russell 

Reconstitution may affect a Member’s 

ability to meet the quoting requirement 

across various securities on that day. 

The Exchange notes that its proposed 

calculation methodology is consistent 

with the methodologies used by other 

exchanges when calculating certain 

member trading and other volume 

metrics for purposes of determining 

whether members qualify for certain 

pricing incentives.24

For the reasons discussed above, the 

Exchange submits that the proposal 

satisfies the requirements of Sections 

6(b)(4) and 6(b)(5) of the Act in that it 

provides for the equitable allocation of 


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31274 Federal Register / Vol. 87, No. 99 / Monday, May 23, 2022 / Notices 

25See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 47396 (June 29, 2005). 26See supra note 3. 

27See supra note 13. 

28See Securities Exchange Act Release No. 51808 

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

29NetCoalition 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–NYSE–2006–21)). 

reasonable dues, fees and other charges 

among its Members and other persons 

using its facilities and is not designed to 

unfairly discriminate between 

customers, issuers, brokers, or dealers. 

As described more fully below in the 

Exchange’s statement regarding the 

burden on competition, the Exchange 

believes that its transaction pricing is 

subject to significant competitive forces, 

and that the proposed fees and rebates 

described herein are appropriate to 

address such forces. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed change will impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. Instead, as 

discussed above, the proposal is 

intended to enhance market quality on 

the Exchange in a large number of 

securities generally, and in the MQ 

Securities specifically, and to encourage 

Members to maintain or increase their 

order flow on the Exchange, thereby 

promoting price discovery and 

contributing to a deeper and more liquid 

market to the benefit of all market 

participants. As a result, the Exchange 

believes the proposal would enhance its 

competitiveness as a market that attracts 

actionable orders, thereby making it a 

more desirable destination venue for its 

customers. For these reasons, the 

Exchange believes that the proposal 

furthers the Commission’s goal in 

adopting Regulation NMS of fostering 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 25

Intramarket Competition 

The Exchange believes that the 

proposal would incentivize Members to 

promote price discovery and market 

quality by quoting at the NBBO for a 

significant portion of each day in a large 

number of securities, including the MQ 

Securities, to maintain or increase their 

order flow on the Exchange, thereby 

contributing to a deeper and more liquid 

market to the benefit of all market 

participants and enhancing the 

attractiveness of the Exchange as a 

trading venue, which the Exchange 

believes, in turn, would continue to 

encourage market participants to direct 

additional order flow to the Exchange. 

Greater liquidity benefits all Members 

by providing more trading opportunities 

and encourages Members to send 

additional orders to the Exchange, 

thereby contributing to robust levels of 

liquidity, which benefits all market 

participants. The opportunity to qualify 

for one of the Market Quality Tiers and 

thus receive the corresponding 

enhanced rebate for executions of 

Added Displayed Volume would be 

available to all Members that meet the 

associated requirements in any month. 

Further, as noted above, the Exchange 

believes that the proposed criteria for 

Tier 1 and Tier 2 (which has slightly 

more stringent criteria than Tier 1) of 

the Market Quality Tiers, are attainable 

for Members and that the respective 

enhanced rebates provided under each 

tier are reasonably related to the 

enhanced market quality that each tier 

is designed to promote. As such, the 

Exchange believes the proposed changes 

would not impose any burden on 

intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intermarket Competition 

The Exchange believes its proposal 

will benefit competition, and the 

Exchange notes that it operates in a 

highly competitive market. Members 

have numerous alternative venues they 

may participate on and direct their 

order flow to, including fifteen other 

equities exchanges and numerous 

alternative trading systems and other 

off-exchange venues. As noted above, no 

single registered equities exchange 

currently has more than 17% of the total 

market share of executed volume of 

equities trading.26 Thus, in such a lowconcentrated and highly competitive 

market, no single equities exchange 

possesses significant pricing power in 

the execution of order flow. Moreover, 

the Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can shift order flow in response to new 

or different pricing structures being 

introduced to the market. Accordingly, 

competitive forces constrain the 

Exchange’s transaction fees and rebates 

generally, including with respect to 

executions of Added Displayed Volume, 

and market participants can readily 

choose to send their orders to other 

exchanges and off-exchange venues if 

they deem fee levels at those other 

venues to be more favorable. 

As described above, the proposal is 

designed to enhance market quality on 

the Exchange and to encourage 

additional order flow and quoting 

activity on the Exchange and to promote 

market quality through pricing 

incentives that are comparable to, and 

competitive with, pricing programs in 

place at other exchanges with respect to 

executions of Added Displayed 

Volume.27 Accordingly, the Exchange 

believes the proposal would not be a 

burden on, but rather promote, 

intermarket competition by enabling the 

Exchange to better compete with other 

exchanges that offer similar incentives 

to market participants that enhance 

market quality and/or achieve certain 

volume criteria and thresholds. 

Additionally, 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.’’ 28 The 

fact that this market is competitive has 

also long been recognized by the courts. 

In NetCoalition v. Securities and 

Exchange Commission, the D.C. circuit 

stated: ‘‘[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 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 possess a monopoly, 

regulatory or otherwise, in the execution 

of order flow from broker dealers’ 

. . .’’.29 Accordingly, the Exchange does 

not believe its proposed pricing changes 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

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 

The foregoing rule change has become 

effective pursuant to Section 


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Federal Register / Vol. 87, No. 99 / Monday, May 23, 2022 / Notices 31275 

30 15 U.S.C. 78s(b)(3)(A)(ii). 

31 17 CFR 240.19b–4(f)(2). 32 17 CFR 200.30–3(a)(12). 

1 If the Time-Limited Exemption expires by its 

terms prior to the issuance of the permanent order, 

the Time-Limited Exemption will be omitted from 

the permanent order. 

19(b)(3)(A)(ii) of the Act,30 and Rule 

19b–4(f)(2) 31 thereunder. 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 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– 

PEARL–2022–21 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–PEARL–2022–21. 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–PEARL–2022–21 and 

should be submitted on or before June 

13, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.32

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10962 Filed 5–20–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IC–34587; File No. 812–15337] 

Allianz Global Investors U.S. LLC, et 

al.; Notice of Application and 

Temporary Order 

May 17, 2022. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Temporary order and notice of 

application for a permanent order under 

section 9(c) of the Investment Company 

Act of 1940 (‘‘Act’’). 

SUMMARY OF APPLICATION: Applicants 

have applied for an order exempting 

them from section 9(a) of the Act with 

respect to a guilty plea entered on May 

17, 2022 (‘‘Guilty Plea’’) by Allianz 

Global Investors U.S. LLC (the 

‘‘Pleading Entity’’) in the United States 

District Court for the Southern District 

of New York (the ‘‘District Court’’) in 

connection with a plea agreement (‘‘Plea 

Agreement’’) between the Pleading 

Entity and the United States Department 

of Justice (‘‘DOJ’’). The Pleading Entity 

has requested a time-limited exemption 

for the sole purpose of providing the 

Pleading Entity with adequate time to 

transition certain U.S. registered fund 

advisory relationships to other service 

providers (the ‘‘Time-Limited 

Exemption’’). Upon the expiration of the 

Time-Limited Exemption, the Pleading 

Entity will be disqualified from 

engaging in the fund servicing activities 

identified in section 9(a) of the Act in 

accordance with the terms thereof. The 

PIMCO Applicants and the Allianz Life 

Applicants (each as defined below and, 

collectively, the ‘‘Continuing Fund 

Servicing Applicants’’) have requested a 

temporary exemption from section 9(a) 

until the Commission takes final action 

on an application for a permanent order 

(the ‘‘Permanent Order’’). The 

temporary order (as set forth herein, the 

‘‘Temporary Order’’ and, together with 

the Permanent Order, the ‘‘Orders’’) 

provides a Time-Limited Exemption to 

the Pleading Entity and a temporary 

exemption to the Continuing Fund 

Servicing Applicants and other Covered 

Persons (defined below) pending 

Commission action on the Permanent 

Order. The Permanent Order, if granted, 

would: (1) If the order is issued prior to 

the date that the Time-Limited 

Exemption would expire by its terms, 

reference the Time-Limited Exemption, 

subject to expiration at the end of its 

term,1 and (2) provide a permanent 

exemption to the Continuing Fund 

Servicing Applicants and other Covered 

Persons. 

APPLICANTS: The Pleading Entity, 

Allianz Investment Management LLC 

(‘‘AIM’’), Allianz Life Financial 

Services, LLC (‘‘ALFS’’), Allianz Life 

Insurance Company of North America 

(‘‘ALICONA’’), Allianz Life Insurance 

Company of New York (‘‘ALICONY’’), 

Pacific Investment Management 

Company LLC (‘‘PIMCO LLC’’), PIMCO 

Investments LLC (‘‘PIMCO Investments’’ 

and, collectively with the Pleading 

Entity, AIM, ALFS, ALICONA, 

ALICONY and PIMCO, the ‘‘Fund 

Servicing Providers’’), and, solely for 

the purposes of making certain 

representations and committing to 

certain undertakings as set forth in the 

application, Allianz SE (‘‘Allianz SE’’ 

and together with its wholly owned 

subsidiaries and affiliated entities, 

‘‘Allianz’’). The term ‘‘Continuing Fund 

Service Applicants’’ refers to, 

collectively, AIM, ALFS, ALICONA, 

ALICONY, PIMCO and PIMCO 

Investments. The term ‘‘Applicants’’ 

refers to, collectively, Allianz SE, the 

Pleading Entity, and the Continuing 

Fund Servicing Applicants. 

FILING DATE: The application was filed 

on May 17, 2022. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing by emailing the 

Commission’s Secretary at SecretarysOffice@sec.gov and serving applicants 

with a copy of the request, by email. 

Hearing requests should be received by 

the Commission by 5:30 p.m. on June 


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