33862 Federal Register / Vol. 87, No. 107 / Friday, June 3, 2022 / Notices 

15 17 CFR 240.17Ad–22(e)(2)(v). 

16 17 CFR 240.17Ad–22(e)(17). 

17 17 CFR 240.17Ad–22(e)(17). 

18 15 U.S.C. 78q–1(b)(3)(F). 

19 17 CFR 240.17Ad–22(e)(2)(v) and (e)(17). 

20 15 U.S.C. 78s(b)(2). 

21 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 

22 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3A market order is an order to buy or sell a stated 

number of option contracts at the best price 

available at the time of execution. See Exchange 

Rule 516(a). 

4The term ‘‘Electronic Exchange Member’’ or 

‘‘EEM’’ means the holder of a Trading Permit who 

is a Member representing as agent Public Customer 

Orders or Non-Customer Orders on the Exchange 

and those non-Market Maker Members conducting 

proprietary trading. Electronic Exchange Members 

are deemed ‘‘members’’ under the Exchange Act. 

See Exchange Rule 100. 

those changes to the Board Risk 

Committee and Board. The Commission 

believes that adding this language to the 

ORMP (it is not stated in the current 

ORMP but is part of the RIF), would 

specify a clear and direct line of 

responsibility for the Executive Risk 

Committee. 

Finally, with respect to the oversight 

of the ORMP itself, currently the policy 

provides that it is subject to the 

oversight of the Audit Committee and 

Risk Oversight Department. The 

proposed rule change would remove the 

Audit Committee, such that the revised 

ORMP would only be subject to the 

oversight of the Risk Oversight 

Department. The Commission believes 

this change would specify a clear and 

direct line of responsibility for the Risk 

Oversight Department, in accordance 

with the appropriate line of risk 

defense, as discussed above. 

Therefore, the Commission finds that 

the proposed rule change is consistent 

with Rule 17Ad–22(e)(2)(v).15

iii. Consistency With Rule 17Ad– 

22(e)(17) 

Rule 17Ad–22(e)(17) requires that ICE 

Clear Europe establish, implement, 

maintain and enforce written policies 

and procedures reasonably designed to 

manage its operational risks by, among 

other things, identifying the plausible 

sources of operational risk, both internal 

and external, and mitigating their 

impact through the use of appropriate 

systems, policies, procedures, and 

controls.16 The Commission believes 

that the revised ORMP should improve 

ICE Clear Europe’s ability to manage 

operational risk by identifying the 

plausible sources of operational risk at 

ICE Clear Europe. For example, the 

revised ORMP would include the Risk 

Dashboard as an appendix, and 

similarly the RIF includes the Risk 

Dashboard as an appendix. Because the 

Risk Dashboard documents all of ICE 

Clear Europe’s identified operational 

risks, the Commission believes that 

adding it formally as an appendix to the 

ORMP would help to ensure that Risk 

Owners focus on identifying new, 

undocumented operational risks by 

delineating those risks that ICE Clear 

Europe already knows of and has 

identified. 

Similarly, the Commission believes 

that the revised ORMP should improve 

ICE Clear Europe’s ability to manage 

operational risk by mitigating the 

impact of operational risk through the 

use of appropriate controls. For 

example, the revised ORMP would 

provide additional detail with respect to 

controls and the assessment of their 

effectiveness, including how Risk 

Owners would rate the effectiveness of 

controls. The Commission believes that 

doing so could help identify and 

improve controls that could mitigate the 

impact of operational risks. 

Therefore, the Commission finds that 

the proposed rule change is consistent 

with Rule 17Ad–22(e)(17).17

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act, and in 

particular, with the requirements of 

Section 17A(b)(3)(F) of the Act 18 and 

Rules 17Ad–22(e)(2)(v) and 17Ad– 

22(e)(17) thereunder.19

It is therefore ordered pursuant to 

Section 19(b)(2) of the Act 20 that the 

proposed rule change (SR–ICEEU–2022– 

008) be, and hereby is, approved.21

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–11879 Filed 6–2–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95000; File No. SR– 

PEARL–2022–22] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Exchange 

Rule 519, MIAX Pearl Order Monitor 

(‘‘MOM’’) 

May 27, 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 13, 2022, MIAX PEARL, LLC 

(‘‘MIAX Pearl’’ or the ‘‘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 proposes to amend 

Exchange 519, MIAX Pearl Order 

Monitor (‘‘MOM’’). 

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 Exchange proposes to amend 

Exchange Rule 519, MIAX Pearl Order 

Monitor (‘‘MOM’’) to (i) establish an 

Exchange default Threshold Setting for 

market orders 3 to sell an option when 

the national best bid is zero; (ii) provide 

that an Electronic Exchange Member 

(‘‘EEM’’) 4 may supply their own pre-set 

value to be used as the Threshold 

Setting; (iii) reorganize the rule text for 

ease of reference; and (iv) adopt new 

rule text to add additional detail 

regarding the Exchange’s process for 

evaluating and reevaluating market 

orders to sell. 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 107 / Friday, June 3, 2022 / Notices 33863 

5The term ‘‘Book’’ means the electronic book of 

buy and sell orders and quotes maintained by the 

System. See Exchange Rule 100. 

6See Exchange Rule 503. 

7See Exchange Rule 519(a). 

8The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

9See Exchange Rule 510(b). 

10See Exchange Rule 510(a). 

11The term ‘‘Help Desk’’ means the Exchange’s 

control room consisting of Exchange staff 

authorized to make certain determinations on 

behalf of the Exchange. The Help Desk shall report 

to and be supervised by a senior executive of the 

Exchange. See Exchange Rule 100. 

12The Exchange proposes to convert its current 

$0.10 threshold setting to the Exchange default 

Threshold Setting. 

13See Exchange Rule 519(a)(i) and (ii). 

14See Exchange Rule 510, Minimum Price 

Variations and Minimum Trading Increments. 

15A reevaluation of an order occurs when the 

order has been routed to an away exchange and is 

returned to the Exchange partially, or completely, 

unfilled. 

16 Id. 

17See Exchange Rule 519(a)(1)(i). 

Background 

Currently, in order to avoid the 

occurrence of potential obvious or 

catastrophic errors on the Exchange the 

MIAX Pearl Order Monitor will prevent 

certain orders from executing or being 

placed on the Book 5 at prices outside 

pre-set standard limits. Beginning after 

the Opening Process 6 is complete, the 

MIAX Pearl Order Monitor will be 

operational each trading day until the 

close of trading.7 Exchange Rule 

519(a)(1)(i) provides that if the 

Exchange upon initial receipt or 

reevaluation evaluates a market order 

from an EEM to sell an option when the 

national best bid is zero and the 

Exchange’s disseminated offer is equal 

to or less than $0.10, the System 8 will 

convert the market order to sell to a 

limit order to sell with a limit price of 

one Minimum Trading Increment.9 In 

this case, such sell orders will 

automatically be placed on the Book in 

time priority and will be displayed at 

the appropriate Minimum Price 

Variation.10 Exchange Rule 519(a)(1)(ii) 

provides that if the Exchange upon 

initial receipt or reevaluation evaluates 

a market order from an EEM to sell an 

option when the national best bid is 

zero and the national best offer is greater 

than $0.10, the System will cancel the 

market order to sell. 

Proposal 

The Exchange now proposes to allow 

an Electronic Exchange Member to 

determine their own pre-set value to be 

used as the threshold setting 

(‘‘Threshold Setting’’) that the Exchange 

will use when evaluating market orders 

to sell when the national best bid is zero 

and the national best offer is less than, 

equal to, or greater than, the Threshold 

Setting. EEM Members are not 

constrained by the Exchange in 

determining their Threshold Setting and 

may set the threshold at any value in 

accordance to their business and risk 

tolerances. EEM Members will 

communicate their desired threshold 

value to the Exchange’s Help Desk 11 in 

a form and manner to be determined by 

the Exchange and communicated to 

Members via Regulatory Circular. The 

Exchange will establish a default 

Threshold Setting of $0.10 (the current 

setting) and communicate its value to 

Members via Regulatory Circular.12

The Exchange proposes to adopt new 

subparagraph (i) to paragraph (a)(1) of 

Rule 519 to provide that, for the 

purposes of this Rule an EEM may 

establish a pre-set value to be used as 

the Threshold Setting by 

communicating its value to the 

Exchange’s Help Desk in a form and 

manner to be determined by the 

Exchange and communicated via 

Regulatory Circular. The Exchange will 

establish a default Threshold Setting of 

$0.10 and communicate its value to 

Members via Regulatory Circular. If an 

EEM does not establish a Threshold 

Setting the Exchange default value will 

be used. Currently, the Exchange uses a 

value of $0.10 as its threshold value for 

purposes of evaluating or reevaluating 

market orders to sell when the national 

best bid is zero.13

The Exchange proposes to adopt new 

subparagraph (ii) to paragraph (a)(1) of 

Rule 519 to provide that, if the 

Exchange receives a market order from 

an EEM to sell an option when the 

national best bid is zero and the 

national best offer is less than or equal 

to the Threshold Setting, the System 

will convert the market order to sell, to 

a limit order to sell, with a limit price 

of one Minimum Trading Increment.14

The Exchange proposes to use the 

national best offer as the reference price 

in determining how to handle a market 

order to sell when the national best bid 

is zero as the national best offer better 

represents the current market 

conditions. This provision is consistent 

with the operation of the current rule, 

however the Threshold Setting used for 

evaluation purposes under the 

Exchange’s proposal may now be either 

the Exchange’s default setting of $0.10 

or the Member’s Threshold Setting. 

The Exchange proposes to adopt new 

subparagraph (iii) to paragraph (a)(1) of 

Rule 519 to provide that, if the 

Exchange reevaluates 15 a market order 

from an EEM to sell an option when the 

resulting national best bid is zero and 

either the trade price, route price, or 

national best offer is less than or equal 

to the Threshold Setting, the System 

will convert the market order to sell, to 

a limit order to sell, with a limit price 

of one Minimum Trading Increment. In 

the event the Exchange receives a 

market order to sell and the Exchange is 

zero bid but an away market is not, the 

Exchange will route the order to that 

away exchange at the away market 

price, the ‘‘route price.’’ For the 

purposes of this rule, the execution 

price of a trade in the subject series is 

considered the ‘‘trade price.’’ The 

Exchange uses the route price, trade 

price, or national best offer to determine 

the proper disposition of a market order 

to sell when the national best bid 

becomes zero. 

Current paragraph (i) describes the 

initial evaluation and reevaluation 

process of a market order to sell whereas 

each process is given separate treatment 

under this proposal. Specifically, new 

proposed paragraph (ii) describes the 

initial evaluation process of a market 

order to sell when the national best bid 

is zero and new proposed paragraph (iii) 

describes the reevaluation process of a 

market order to sell when the national 

best bid becomes zero. The Exchange 

believes this format provides additional 

clarity to the Exchange’s rules regarding 

its order handling process when the 

Exchange reevaluates a market order to 

sell when the national best bid becomes 

zero. 

The Exchange proposes to adopt new 

subparagraph (iv) to paragraph (a)(1) of 

Rule 519 to provide that, in either case 

of (ii) or (iii) above, such sell orders will 

automatically be placed on the Book in 

time priority and will be displayed at 

the appropriate Minimum Price 

Variation.16 The Exchange notes that 

this language is identical to the current 

rule text.17

The Exchange proposes to adopt new 

subparagraph (v) to paragraph (a)(1) of 

Rule 519 to provide that, if the 

Exchange receives a market order from 

an EEM to sell an option when the 

national best bid is zero and the 

national best offer is greater than the 

Threshold Setting, the System will 

reject the order. This provision is 

consistent with the operation of the 

current rule, however under the 

Exchange’s proposal the Threshold 

Setting used for evaluation purposes 

may now be either the Exchange default 

setting of $0.10 or the Member’s 

Threshold Setting. 

The Exchange proposes to adopt new 

subparagraph (vi) to paragraph (a)(1) of 

Rule 519 to provide that, if the 

Exchange reevaluates a market order 


khammond on DSKJM1Z7X2PROD with NOTICES
33864 Federal Register / Vol. 87, No. 107 / Friday, June 3, 2022 / Notices 

18The term ‘‘PBBO’’ means the best bid or offer 

on MIAX Pearl. See Exchange Rule 100. 

19The term ‘‘ABBO’’ or ‘‘Away Best Bid or Offer’’ 

means the best bid(s) or offer(s) disseminated by 

other Eligible Exchanges (defined in Rule 1400(g)) 

and calculated by the Exchange based on market 

information received by the Exchange from OPRA. 

See Exchange Rule 100. 

20The term ‘‘NBBO’’ means the national best bid 

or offer as calculated by the Exchange based on 

market information received by the Exchange from 

OPRA. See Exchange Rule 100. 

21 15 U.S.C. 78f(b). 

22 15 U.S.C. 78f(b)(5). 

23The Exchange notes that the Nasdaq Phlx does 

not have a threshold evaluation and, in the case 

where the bid price for any options series is $0.00, 

a Market Order accepted into the System to sell that 

series shall be considered a Limit Order to sell at 

a price equal to the minimum trading increment as 

defined in Nasdaq Phlx Options 3, Section 3. 

Orders will be placed on the Limit Order book in 

the order in which they were received by the 

System. With respect to Market Orders to sell which 

are submitted prior to the Opening Process and 

persist after the Opening Process, those orders are 

posted at a price equal to the minimum trading 

increment as defined in Options 3, Section 3. See 

Nasdaq Phlx Options 3, Section 10(b). 

24See Exchange Rule 519(b). 

25See Exchange Rule 515(c). 

from an EEM to sell an option when the 

resulting national best bid is zero and 

both (A) the trade price or route price, 

and (B) the national best offer are greater 

than the Threshold Setting, the System 

will reject the order or cancel any 

unexecuted balance of the order. The 

Exchange uses the route price or trade 

price, in conjunction with the national 

best offer to determine the proper 

disposition of a market order to sell 

when the national best bid becomes 

zero. The Exchange believes considering 

both the route price or trade price, and 

the national best offer, provides a clear 

indication of the current market 

conditions when either the route price 

or trade price and the national best offer 

is greater than the Threshold Setting 

and allows the Exchange to make the 

proper determination regarding the 

disposition of the order. 

The proposed rule text provides 

additional detail regarding the System’s 

behavior when the Exchange reevaluates 

a market order from an EEM to sell and 

the national best bid is zero. Example 1 

below describes the System processing 

when the national best bid is below the 

Threshold Setting, and Example 2 

describes the System processing when 

the national best bid is above the 

Threshold Setting. 

Example 1 

MPV: $0.05 

Exchange default Threshold Setting: 

$0.10 

EEM selected Threshold Setting: $0.25 

PBBO 18 (0) 0.00 × 5.00 (10) 

ABBO 19 (10) 0.10 × 0.15 (10) 

NBBO 20 (10) 0.10 × 0.15 (10) 

Market order to sell 20 contracts is 

received by the Exchange. 

The Exchange routes the order to the 

0.10 bid on the away exchange by 

sending a limit order to sell 10 at $0.10 

(the route price). 

The order is executed on the away 

exchange, sell 10 at $0.10, and the away 

market becomes zero bid. 

PBBO: (0) 0.00 × 5.00 (10) 

ABBO: (0) 0.00 × 0.15 (10) 

NBBO: (0) 0.00 × 0.15 (10) 

Using the EEM selected Threshold 

Setting of $0.25 to reevaluate the order, 

the remainder of the order (10 contracts) 

would be converted to a limit order to 

sell and placed on the Exchange as the 

national best offer (0.15) (and the route 

price of $0.10) is less than or equal to 

the EEM selected Threshold Setting of 

$0.25. The 10 contracts would then be 

displayed on the Exchange at an offer 

price of one minimum trading 

increment or $0.05. 

PBBO: (0) 0.00 × 0.05 (10) 

ABBO: (0) 0.00 × 0.15 (10) 

NBBO: (0) 0.00 × 0.05 (10) 

If the Exchange default Threshold 

Setting was used for the evaluation, the 

remainder of the order would be 

cancelled as the national best offer 

(0.15) is greater than the Exchange 

default Threshold Setting of $0.10. 

Example 2 

MPV: $0.05 

Exchange default Threshold Setting: 

$0.10 

Member selected Threshold Setting: 

$0.25 

PBBO (0) 0.00 × 5.00 (10) 

ABBO (10) 0.40 × 0.50 (10) 

NBBO (10) 0.40 × 0.50 (10) 

Market order to sell 20 contracts is 

received by the Exchange. The Exchange 

is zero bid for that series and routes the 

order to the away exchange by sending 

a limit order to sell 10 at $0.40 (the 

route price). 

The order is executed on the away 

exchange, sell 10 at $0.40, and the away 

market becomes zero bid. 

PBBO: (0) 0.00 × 5.00 (10) 

ABBO: (0) 0.00 × 0.50 (10) 

NBBO: (0) 0.00 × 0.50 (10) 

Using the Member selected Threshold 

Setting of $0.25 to reevaluate the order, 

the remainder of the order (10 contracts) 

would be cancelled as both (i) the route 

price ($0.40) and (ii) the national best 

offer ($0.50) are greater than the 

Threshold Setting ($0.25). 

2. Statutory Basis 

The Exchange believes that its 

proposed rule change is consistent with 

Section 6(b) of the Act 21 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act 22 in particular, in that it is 

designed to prevent fraudulent and 

manipulative acts and practices, 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 

mechanisms of a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest. 

The Exchange believes its proposal 

promotes just and equitable principles 

of trade, removes impediments to and 

perfects the mechanisms of a free and 

open market and a national market 

system, and in general, protects 

investors and the public interest by 

allowing EEMs to establish the 

threshold setting for the evaluation of 

market orders to sell when the national 

best bid is zero. The Exchange believes 

that allowing EEMs to determine the 

threshold setting provides greater 

flexibility and allows the EEM to tailor 

the threshold setting to the business and 

risk tolerances of the Member. 

The Exchange believes its proposal to 

allow EEMs the flexibility to establish 

their own pre-set value to be used for 

evaluation purposes of market orders to 

sell when the national best bid is zero 

allows EEMs to align their risk 

protections with their risk tolerance. 

EEMs have the discretion to set their 

pre-set value to whatever value best 

aligns to their risk profile, which may be 

as low as $0.00.23 The Exchange 

provides EEMs the ability to tailor risk 

protection functionality to the risk 

profile of the EEM, and has allowed 

EEMs to customize their risk protection 

setting for other risk protections offered 

on the Exchange. Specifically, the 

Exchange allows EEMs to set the 

maximum size of an order for the 

purposes of the MIAX Pearl Order 

Monitor Size Protection, and if the EMM 

does not designate the maximum size, 

the Exchange provides a default value.24

Additionally, the Exchange provides 

Members the option to set a price 

protection limit on a per order basis, 

and orders received without a price 

protection limit receive the Exchange 

defined default value.25 The current 

proposal to allow EEMs to determine a 

pre-set value to be used as the 

Threshold Setting continues the 

Exchange’s approach of allowing a 

Member to customize its risk 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 107 / Friday, June 3, 2022 / Notices 33865 

26See Cboe Rule 5.34(a)(1)(A) which provides 

that if the System receives a sell market order in 

a series after it is open for trading with an NBB of 

zero: (i) If the NBO in the series is less than or equal 

to $0.50, then the System converts the market order 

to a limit order with a limit price equal to the 

minimum trading increment applicable to the series 

and enters the order into the Book with a timestamp 

based on the time it enters the Book. If the order 

has a Time-in-Force of GTC or GTD that expires on 

a subsequent day, the order remains on the Book 

as a limit order until it executes, expires, or the 

User cancels it. (ii) if the NBO in the series is greater 

than $0.50, then the System cancels or rejects the 

market order, or routes the market order to PAR for 

manual handling, subject to a User’s instructions. 

27 15 U.S.C. 78s(b)(3)(A). 

28 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

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. 

protections to better align to the risk 

tolerance of the Member. 

The Exchange believes its proposal to 

reorganize the current rule text to 

describe each scenario separately (i.e., 

evaluation of a market order to sell 

when the national best bid is zero and 

the national best offer is less than or 

equal to the Threshold Setting 

(proposed paragraph (ii)); reevaluation 

of a market order to sell when the 

national best bid becomes zero and the 

national best offer is less than or equal 

to the Threshold Setting (proposed 

paragraph (iii)); initial evaluation of a 

market order to sell when the national 

best bid is zero and the national best 

offer is greater than the Threshold 

Setting (proposed paragraph (v)); and 

reevaluation of a market order to sell 

when the national best bid becomes zero 

and the national best offer is greater 

than the Threshold Setting (proposed 

paragraph vi))) better organizes the rule 

text. The Exchange believes discussing 

each scenario separately and describing 

the evaluations that are performed by 

the System to determine the proper 

disposition of the order provides 

transparency and clarity in the 

Exchange’s rules. 

The Exchange believes its proposal 

promotes just and equitable principles 

of trade, removes impediments to and 

perfects the mechanisms of a free and 

open market and a national market 

system, and in general, protects 

investors and the public interest by 

providing additional detail regarding 

the Exchange’s process for reevaluating 

market orders from an EEM to sell when 

the national best bid becomes zero. The 

Exchange believes it is in the best 

interest of investors and the public to 

accurately describe the behavior of the 

Exchange’s System in its rules as this 

information may be used by investors to 

make decisions concerning the 

submission of their orders. 

Transparency and clarity are consistent 

with the Act because it removes 

impediments to and perfects the 

mechanism of a free and open market 

and a national market system, and, in 

general, protects investors and the 

public interest by accurately describing 

how market orders to sell in zero bid 

series are handled on the Exchange. It 

is in the public interest for rules to be 

accurate and concise so as to eliminate 

the potential for confusion. 

Additionally, the Exchange believes 

its proposal promotes just and equitable 

principles of trade, removes 

impediments to and perfects the 

mechanisms of a free and open market 

and a national market system, and in 

general, protects investors and the 

public interest by re-organizing the rule 

text for ease of reference. The Exchange 

believes that Exchange rules should be 

clear and transparent so as to avoid the 

potential for confusion. 

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 its 

proposal will impose any burden on 

intra-market competition as all EEMs 

that submit market orders to the 

Exchange will be treated equally and the 

Rules of the Exchange apply equally to 

all Exchange Members. Additionally, 

the proposal allows each EEM to 

determine the pre-set value to be used 

as the Threshold Setting and allows 

each EEM to align their Threshold 

Setting to their risk tolerance. 

The Exchange does not believe that its 

proposal will impose any burden on 

inter-market competition as the 

Exchange’s proposal is not a 

competitive filing but one that provides 

additional detail regarding the 

Exchange’s process for reevaluating 

market orders from an EEM to sell when 

the national bid becomes zero. 

Additionally, the Exchange’s proposal is 

similar to the rules of at least one other 

options exchange.26

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 after the date of 

the filing, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to 19(b)(3)(A) 

of the Act 27 and Rule 19b–4(f)(6) 28

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–2022–22 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–PEARL–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 


khammond on DSKJM1Z7X2PROD with NOTICES
33866 Federal Register / Vol. 87, No. 107 / Friday, June 3, 2022 / Notices 

29 17 CFR 200.30–3(a)(12). 

1Aff’d sub nom. CSX Transp., Inc. v. STB, 568 

F.3d 236 (D.C. Cir. 2009), vacated in part on reh’g, 

584 F.3d 1076 (D.C. Cir. 2009). 

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–2022–22, and 

should be submitted on or before June 

24, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.29

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–11875 Filed 6–2–22; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice: 11755] 

Notice of Determinations; Culturally 

Significant Objects Being Imported for 

Exhibition—Determinations: 

‘‘Wolfgang Tillmans: To Look Without 

Fear’’ Exhibition 

SUMMARY: Notice is hereby given of the 

following determinations: I hereby 

determine that certain objects being 

imported from abroad pursuant to 

agreements with their foreign owners or 

custodians for temporary display in the 

exhibition ‘‘Wolfgang Tillmans: To Look 

Without Fear’’ at The Museum of 

Modern Art, New York, New York, and 

at possible additional exhibitions or 

venues yet to be determined, are of 

cultural significance, and, further, that 

their temporary exhibition or display 

within the United States as 

aforementioned is in the national 

interest. I have ordered that Public 

Notice of these determinations be 

published in the Federal Register. 

FOR FURTHER INFORMATION CONTACT: Chi 

D. Tran, Program Administrator, Office 

of the Legal Adviser, U.S. Department of 

State (telephone: 202–632–6471; email: 

section2459@state.gov). The mailing 

address is U.S. Department of State, L/ 

PD, 2200 C Street NW (SA–5), Suite 

5H03, Washington, DC 20522–0505. 

SUPPLEMENTARY INFORMATION: The 

foregoing determinations were made 

pursuant to the authority vested in me 

by the Act of October 19, 1965 (79 Stat. 

985; 22 U.S.C. 2459), E.O. 12047 of 

March 27, 1978, the Foreign Affairs 

Reform and Restructuring Act of 1998 

(112 Stat. 2681, et seq.; 22 U.S.C. 6501 

note, et seq.), Delegation of Authority 

No. 234 of October 1, 1999, Delegation 

of Authority No. 236–3 of August 28, 

2000, and Delegation of Authority No. 

523 of December 22, 2021. 

Stacy E. White, 

Deputy Assistant Secretary for Professional 

and Cultural Exchanges, Bureau of 

Educational and Cultural Affairs, Department 

of State. 

[FR Doc. 2022–11949 Filed 6–2–22; 8:45 am] 

BILLING CODE 4710–05–P 

DEPARTMENT OF STATE 

[Public Notice: 11754] 

Notice of the Program for the Study of 

Eastern Europe and Eurasia (Title VIII) 

Advisory Committee Open Virtual 

Meeting 

ACTION: Notice of an advisory committee 

open meeting. 

SUMMARY: Pursuant to section 10 of the 

Federal Advisory Committee Act 

(FACA), notice is hereby given to 

announce a public virtual meeting of the 

Title VIII Advisory Committee on 

Thursday, June 30, 2022. 

DATES: The meeting will begin at 

approximately 1:30 p.m. Eastern 

Daylight Time (EDT) on Thursday, June 

30, 2022, via Google Meets and adjourn 

at approximately 4:00 p.m. EDT. 

FOR FURTHER INFORMATION CONTACT: 

Designated Federal Officer, Ms. Sidni 

Dechaine, Title VIII Program Officer, 

Department of State, Bureau of 

Intelligence and Research, TitleVIII@

state.gov. 

SUPPLEMENTARY INFORMATION: All 

meeting participants are being asked to 

RSVP by Tuesday, June 28, 2022 via 

email to TitleVIII@state.gov, subject line 

‘‘Title VIII Advisory Committee Public 

Meeting 2022.’’ Members of the public 

requesting reasonable accommodation 

should make such requests when they 

register. Upon receipt of the RSVP, 

attendees will be registered, and will 

receive the meeting number and 

password. Members of the public who 

will participate are encouraged to dial 

into the meeting 10 minutes prior to the 

start of the meeting. 

Purpose of Meeting and Topics To Be 

Discussed: The Advisory Committee 

will announce its recommendations for 

grant recipients for the 2022 funding 

opportunity for the Program for the 

Study of Eastern Europe and the 

Independent States of the Former Soviet 

Union, in accordance with the Research 

and Training for Eastern Europe and the 

Independent States of the Former Soviet 

Union Act of 1983, Public Law 98–164, 

as amended. The agenda will include 

opening statements by the Committee 

chair and Committee members. The 

Committee will provide an overview 

and discussion of eligible grant 

proposals submitted from U.S 

organizations with an interest and 

expertise in conducting research and 

foreign language training concerning the 

countries and languages of Eastern 

Europe and the Independent States of 

the Former Soviet Union, based on the 

guidelines set forth in the March 25, 

2022 request for proposals published on 

Grants.gov and SAMS Domestic 

(mygrants.service-now.com). Following 

Committee deliberation, interested 

members of the public may make oral 

statements concerning the Title VIII 

program. This meeting will be open to 

the public; however, attendees must 

register in advance. 

Sidni J. Dechaine, 

Designated Federal Officer, Advisory 

Committee for the Program for the Study of 

Eastern Europe and the Independent States 

of the Former Soviet Union, Department of 

State. 

[FR Doc. 2022–11947 Filed 6–2–22; 8:45 am] 

BILLING CODE 4710–32–P 

SURFACE TRANSPORTATION BOARD 

[Docket No. EP 682 (Sub–No. 13)] 

2021 Tax Information for Use in the 

Revenue Shortfall Allocation Method 

The Board is publishing, and 

providing the public an opportunity to 

comment on, the 2021 weighted average 

state tax rates for each Class I railroad, 

as calculated by the Association of 

American Railroads (AAR), for use in 

the Revenue Shortfall Allocation 

Method (RSAM). 

The RSAM figure is one of three 

benchmarks that together are used to 

determine the reasonableness of a 

challenged rate under the Board’s 

Simplified Standards for Rail Rate 

Cases, EP 646 (Sub–No. 1), slip op. at 

10 (STB served Sept. 5, 2007),1 as 

further revised in Simplified Standards 

for Rail Rate Cases—Taxes in Revenue 

Shortfall Allocation Method (Simplified 

Standards—Taxes in RSAM), EP 646 

(Sub–No. 2) (STB served Nov. 21, 2008). 

RSAM is intended to measure the 


khammond on DSKJM1Z7X2PROD with NOTICES