Federal Register / Vol. 87, No. 107 / Friday, June 3, 2022 / Notices 33851 

38 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

or (ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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– 

FINRA–2022–013 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–FINRA–2022–013. 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 

a.m. and 3 p.m. Copies of such filing 

also will be available for inspection and 

copying at the principal office of 

FINRA. 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–FINRA– 

2022–013 and should be submitted on 

or before June 24, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.38

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–11878 Filed 6–2–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95002; File No. SR–ICC– 

2022–006] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing of 

Proposed Rule Change Relating to the 

ICC Model Validation Framework 

May 27, 2022. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on May 17, 

2022, ICE Clear Credit LLC (‘‘ICC’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared primarily by ICC. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The principal purpose of the 

proposed rule change is to revise the 

ICC Model Validation Framework (the 

‘‘Model Validation Framework’’ or 

‘‘Framework’’). These revisions do not 

require any changes to the ICC Clearing 

Rules (the ‘‘Rules’’). 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, ICC 

included statements concerning the 

purpose of and basis for the proposed 

rule change, security-based swap 

submission, or advance notice and 

discussed any comments it received on 

the proposed rule change, securitybased swap submission, or advance 

notice. The text of these statements may 

be examined at the places specified in 

Item IV below. ICC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(a) Purpose 

ICC proposes revisions to the Model 

Validation Framework, which provides 

assurances that ICC models are 

performing as expected. The proposed 

amendments include clarifications on 

the scope and applicability of the 

Framework, responsibilities of relevant 

stakeholders, and other validation 

elements. Additional proposed changes 

reorganize certain portions of the 

Framework and make language 

clarifications to promote readability. 

ICC believes the proposed changes will 

facilitate the prompt and accurate 

clearance and settlement of securities 

transactions and derivative agreements, 

contracts, and transactions for which it 

is responsible. ICC proposes to make 

such changes following Commission 

approval of the proposed rule change. 

The proposed rule change is described 

in detail as follows. 

ICC proposes amendments to Section 

1 containing the introduction. To 

introduce the purpose of the Framework 

more clearly, ICC proposes to begin the 

document with an overview in 

Subsection 1.1. The revision history of 

the Framework would be moved to the 

end of the document. Proposed new 

language in Subsection 1.1 describes 

ICC’s clearing approach that utilizes 

various models as part of its risk 

processes. For clarity, the definition of 

a model and the purpose of validation 

is included. Relevant language from 

current Subsection 1.1 is accordingly 

moved to Subsection 1.2 and certain 

other language is removed as described 

below. 

Amended Subsection 1.2 applies the 

Framework to clearing house models, 

rather than risk management system 

models. ICC proposes these revisions to 

expand the scope of the Framework. 

The current language directly applies 

the Framework to ICC’s risk 

management system models (i.e., those 

relating to financial resources and 

liquidity resources). The proposed 

revisions clarify that the Framework 

applies to all ICC models, which would 

include an additional model relating to 

counterparty credit. Accordingly, the 

changes frame the components that 

make up a model (‘‘model 

components’’) in terms of ICC’s models 

rather than its risk management system. 

Information in current Subsection 1.1 

regarding risk drivers would be removed 

to avoid confusion as it is specific to 

risk management system models and not 

relevant elsewhere in the document. 

Detailed information regarding risk 


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33852 Federal Register / Vol. 87, No. 107 / Friday, June 3, 2022 / Notices 

3 15 U.S.C. 78q–1. 

4 17 CFR 240.17Ad–22. 

5 15 U.S.C. 78q–1(b)(3)(F). 

drivers and ICC’s risk management 

system is more appropriate in ICC’s risk 

policies. ICC would continue to 

distinguish between new, enhanced, 

and retired model components 

(collectively, ‘‘model change’’). 

References to the risk management 

system are replaced with references to 

models in Section 1 and throughout the 

document. ICC’s Model Inventory, 

which lists ICC models, is introduced in 

this subsection instead of later in the 

document. Additional procedures are 

incorporated for consulting with the 

Risk Committee regarding adding, 

enhancing, or retiring models or model 

components. 

Amended Subsection 1.3 includes 

language from current Subsection 2.2 

pertaining to materiality classifications 

of model changes. The language remains 

mostly the same with a small update to 

spell out an abbreviated term. Such 

language is more fitting in the 

introductory section, as it provides the 

foundation of how ICC views model 

changes in terms of materiality. 

New Subsection 1.4 contains language 

from current Subsection 1.2 with certain 

clarifications. Specifically, Subsection 

1.4 applies the development process set 

out in the document to new model and 

model change development rather than 

just model change development. This is 

intended to be a clarification and would 

not change how ICC develops new 

models. The development process 

continues to include design, 

implementation, user-acceptance 

testing, and deployment phases. 

ICC also proposes revisions to Section 

2 containing information on Framework 

oversight. The Risk Oversight Officer 

(‘‘ROO’’) continues to be responsible for 

the operation and maintenance of the 

Framework under Subsection 2.1. Since 

language from Subsection 2.2 is moved, 

the following subsections are 

renumbered accordingly. Amended 

Subsection 2.2 details how a team of 

independent validators meets the 

criteria for independence and technical 

expertise. Minor changes pertaining to 

the ROO’s responsibilities are also 

included. In Subsection 2.3, a 

redundant statement is removed and 

minor language clarifications are made. 

In Subsection 2.4, ICC would specify 

that the Model Inventory holds key 

information about all ICC models, 

model components, and model changes. 

The Model Inventory is maintained by 

the ROO, who would review it with the 

ICC Risk Department. 

ICC further proposes amending 

Section 3 describing the Framework 

controls. Subsection 3.1 takes language 

(including Figure 1) from current 

Subsection 1.3, which provides an 

overview of the Framework controls. 

This information is more appropriate in 

Section 3, which covers Framework 

controls. The following subsections are 

renumbered accordingly and continue 

to describe the same four controls. 

Revisions regarding initial validations 

are made in Subsection 3.2. Subsection 

3.2.2 specifies that an independent 

initial validation is required for all new 

models. Updates to part (a) and 

throughout the subsection clarify that 

the validation may consider new models 

or model change. Proposed language in 

part (b) describes the validation report 

deliverable in more detail, noting 

certain information the report should 

include. This is not a new requirement 

and is intended to reflect and 

memorialize current and good practices 

to ensure reports are effective. Amended 

part (c) includes minor changes 

regarding the presentation of the report 

to the Risk Committee, including the 

role of the ROO and the presentation 

scope, which are not new requirements 

and are intended to reflect current 

practices. 

Minor updates are included in 

Subsection 3.3. ICC proposes to more 

generally refer to certain policies in 

Subsection 3.3.1 and to remove 

references to specific policies in 

Subsection 3.3.3. ICC considers such 

references unnecessary, as the 

Framework is not intended to introduce 

other policies. ICC also proposes a 

clarification in Subsection 3.3.3 that it 

performs several types of outcome 

analyses comparing model results to 

corresponding actual or hypothetical 

outcomes (e.g., stress testing and back 

testing). 

ICC proposes amending Subsection 

3.5 related to independent periodic 

reviews. ICC proposes to begin by 

referencing applicable regulations on its 

requirement to perform independent 

periodic reviews. Information on the 

Chief Risk Officer’s responsibilities is 

moved to the end. ICC continues to 

ensure that not more than twelve 

months passes between each 

independent periodic review. 

Additional references to the twelvemonth period are referred to generally 

as the review cycle. For models that are 

not subject to the annual requirement, 

proposed language directs the ROO, in 

consultation with the Risk Committee, 

to set an established periodicity for 

independent periodic review. Currently, 

the ROO as the individual responsible 

for the operation and maintenance of 

the Framework determines the 

appropriate periodicity of review for 

models, in consultation with the Risk 

Committee. Such language is intended 

to memorialize current practices and 

formalize the requirement in the 

Framework. In Subsection 3.5.1, ICC 

proposes updates to an independent 

periodic review component, including 

when it is not applicable, to ensure that 

ICC adequately addresses any open 

items. In Subsection 3.5.2, ICC proposes 

to describe the independent periodic 

review report deliverable in more detail, 

noting certain information the report 

should include, to reflect and 

memorialize current and good practices 

to ensure reports are effective. ICC also 

proposes minor changes regarding the 

presentation of the report to the Risk 

Committee, including the role of the 

ROO and the presentation scope, which 

are not new requirements and are 

intended to reflect current practices. 

Additional information regarding 

remediation of items in the reports is 

proposed, including required 

consultations with the Risk Committee 

on remedial actions and timelines. Such 

updates ensure that ICC remediates high 

priority items as soon as possible and 

considers any applicable governance or 

regulatory actions or technology 

implementations in timelines for 

remedial actions. Currently, ICC 

consults with the Risk Committee on 

remedial action timelines and closure of 

items. The proposed language is 

intended to memorialize current 

practices and formalize the requirement 

in the Framework. New Subsection 3.5.3 

proposes procedures for ad hoc reviews 

of methodologies that are not 

considered models under the 

Framework. Finally, ICC proposes an 

appendix that clearly sets out the 

current ICC models. 

(b) Statutory Basis 

ICC believes that the proposed rule 

change is consistent with the 

requirements of Section 17A of the Act 3

and the regulations thereunder 

applicable to it, including the applicable 

standards under Rule 17Ad–22.4 In 

particular, Section 17A(b)(3)(F) of the 

Act 5 requires that the rule change be 

consistent with the prompt and accurate 

clearance and settlement of securities 

transactions and derivative agreements, 

contracts and transactions cleared by 

ICC, the safeguarding of securities and 

funds in the custody or control of ICC 

or for which it is responsible, and the 

protection of investors and the public 

interest. 

The proposed rule change is generally 

designed to enhance, clarify, and more 

clearly document ICC’s model 

validation processes and procedures. 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 107 / Friday, June 3, 2022 / Notices 33853 

6 Id. 

7 17 CFR 240.17Ad–22. 

8 17 CFR 240.17Ad–22(b)(4). 

9 17 CFR 240.17Ad–22(e)(4)(vii). 

10 17 CFR 240.17Ad–22(e)(6)(vii). 

11 17 CFR 240.17Ad–22(e)(7)(vii). 

12 17 CFR 240.17Ad–22(b)(4), (e)(4)(vii), (e)(6)(vii) 

and (e)(7)(vii). 

13 17 CFR 240.17Ad–22(e)(2)(i) and (v). 

14 Id. 

15 17 CFR 240.17Ad–22(e)(4)(ii). 

The changes clarify that the Framework 

applies to all ICC models, which would 

expand the scope of the Framework. 

Additional stakeholder responsibilities 

are included pertaining to the ROO, 

Risk Department, and Risk Committee. 

Further information regarding 

validation elements is proposed, such as 

applicable regulations, remedial actions 

and timelines, and procedures for ad 

hoc reviews of methodologies. Proposed 

language specifies that ICC remediate 

high priority items as soon as possible 

and consider applicable governance or 

regulatory actions or technology 

implementations in remedial action 

timelines. These amendments would 

strengthen the Framework to ensure that 

it appropriately provide assurances that 

all ICC models are performing as 

expected and that ICC remediates report 

items in an appropriate and timely 

manner. The proposed revisions also 

provide clarity, reflect current practices, 

and formalize certain requirements in 

the documentation to ensure that the 

Framework remains up-to-date, 

transparent, and effective. Furthermore, 

other proposed changes promote 

readability and understanding, 

including beginning the document with 

an overview, reorganizing text to follow 

section headings more closely, and 

making minor language clarifications, 

and will promote the successful 

maintenance and operation of the 

Framework. ICC believes that the 

proposed rule change would facilitate 

and enhance its ability to carry out its 

model validation procedures and fulfill 

its model validation requirements in 

respect of the models utilized as part of 

ICC’s risk processes and thus promote 

overall risk management and stability of 

ICC. Accordingly, in ICC’s view, the 

proposed rule change is consistent with 

the prompt and accurate clearance and 

settlement of securities transactions, 

derivatives agreements, contracts, and 

transactions, the safeguarding of 

securities and funds in the custody or 

control of ICC or for which it is 

responsible, and the protection of 

investors and the public interest, within 

the meaning of Section 17A(b)(3)(F) of 

the Act.6

The amendments would also satisfy 

relevant requirements of Rule 17Ad– 

22.7 Rule 17Ad–22(b)(4) 8 requires ICC 

to establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to provide for an 

annual model validation consisting of 

evaluating the performance of its margin 

models and the related parameters and 

assumptions associated with such 

models by a qualified person who is free 

from influence from the persons 

responsible for the development or 

operation of the models being validated. 

Rule 17Ad–22(e)(4)(vii) 9 requires ICC to 

establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to effectively 

identify, measure, monitor, and manage 

its credit exposures to participants and 

those arising from its payment, clearing, 

and settlement processes, including by 

performing a model validation for its 

credit risk models not less than 

annually or more frequently as may be 

contemplated by its risk management 

framework. Rule 17Ad–22(e)(6)(vii) 10

requires ICC to establish, implement, 

maintain, and enforce written policies 

and procedures reasonably designed to 

cover its credit exposures to its 

participants by establishing a risk-based 

margin system that, among other things, 

requires a model validation for its 

margin system and related models to be 

performed not less than annually, or 

more frequently as may be contemplated 

by its risk management framework. Rule 

17Ad–22(e)(7)(vii) 11 requires ICC to 

establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to effectively 

measure, monitor, and manage the 

liquidity risk that arises in or is borne 

by ICC, including measuring, 

monitoring, and managing its settlement 

and funding flows on an ongoing and 

timely basis, and its use of intraday 

liquidity by, among other things, 

performing a model validation of its 

liquidity risk models not less than 

annually or more frequently as may be 

contemplated by its risk management 

framework. As described above, the 

amendments clarify that the Framework 

applies to all ICC models, including an 

appendix to clearly set out current 

models. The amendments propose 

updates and specificity regarding the 

report deliverable and presentation as 

well as how a team of validators meets 

independence and technical expertise 

requirements. The amendments 

incorporate applicable regulatory 

requirements and procedures related to 

annual validation cycles and periodic 

reviews. ICC believes that such changes 

continue to ensure that ICC receives 

independent and effective model 

validations and that ICC continues to 

perform model validations in 

accordance with applicable regulations. 

Therefore, ICC believes the proposed 

rule change is consistent with the 

requirements of Rule 17ad–22(b)(4), 

(e)(4)(vii), (e)(6)(vii) and (e)(7)(vii).12

Rule 17Ad–22(e)(2)(i) and (v) 13

requires ICC to establish, implement, 

maintain, and enforce written policies 

and procedures reasonably designed to 

provide for governance arrangements 

that are clear and transparent and 

specify clear and direct lines of 

responsibility. The Framework 

continues to describe the personnel 

responsible for, and the governance 

procedures associated with, the 

successful operation and maintenance 

of the Framework. Additional 

responsibilities of relevant stakeholders 

are included in the Framework. For 

instance, updates and procedures are 

incorporated for presenting reports to 

the Risk Committee and consulting with 

the Risk Committee to add, enhance, or 

retire models or model components and 

regarding remedial actions and 

timelines. The amendments more 

clearly set out the role of the ROO in the 

operation and maintenance of the 

Framework and the role of the Risk 

Department in reviewing the Model 

Inventory. Moreover, for models that are 

not subject to the annual requirement, 

proposed language directs the ROO, in 

consultation with the Risk Committee, 

to set an established periodicity for 

review. Memorializing additional detail 

and responsibilities, including to reflect 

current practices, would strengthen the 

Framework to ensure that responsible 

parties effectively carry out ICC’s model 

validation procedures. As such, ICC 

believes that the proposed rule change 

ensures that ICC maintains policies and 

procedures that are reasonably designed 

to provide for clear and transparent 

governance arrangements and specify 

clear and direct lines of responsibility, 

consistent with Rule 17Ad–22(e)(2)(i) 

and (v).14

Rule 17Ad–22(e)(4)(ii) 15 requires ICC 

to establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to effectively 

identify, measure, monitor, and manage 

its credit exposures to participants and 

those arising from its payment, clearing, 

and settlement processes, including by 

maintaining additional financial 

resources at the minimum to enable it 

to cover a wide range of foreseeable 

stress scenarios that include, but are not 

limited to, the default of the two 

participant families that would 

potentially cause the largest aggregate 

credit exposure for the covered clearing 


khammond on DSKJM1Z7X2PROD with NOTICES
33854 Federal Register / Vol. 87, No. 107 / Friday, June 3, 2022 / Notices 

16 Id. 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

agency in extreme but plausible market 

conditions. The Framework supports 

ICC’s ability to maintain sufficient risk 

requirements and enhances ICC’s 

approach to identifying potential 

weaknesses in the risk management 

system through the use of independent 

validations and periodic reviews. The 

amended Framework continues to 

provide a process for reviewing and 

enhancing the models that ICC utilizes 

as part of its risk processes. The changes 

strengthen the Framework and ensure 

completeness by expanding the scope to 

clearing house models, including 

procedures regarding ad hoc reviews of 

methodologies to ensure objective and 

effective review, and including 

procedures regarding remedial actions 

and timelines to ensure remediation of 

report items in an appropriate and 

timely manner. Additional changes 

ensure the Framework remains up-todate, transparent, and focused on clearly 

articulating the policies and procedures 

used to support ICC’s model validation 

efforts, including by reorganizing text, 

removing unnecessary references to 

policies, and specifying when an 

independent periodic review 

component is not applicable. In ICC’s 

view, the proposed rule change would 

facilitate and enhance its ability to carry 

out its validation processes and 

procedures in respect of the models 

utilized as part of ICC’s risk processes 

or other methodologies. As such, the 

proposed amendments would 

strengthen ICC’s ability to maintain its 

financial resources and withstand the 

pressures of defaults, consistent with 

the requirements of Rule 17Ad– 

22(e)(4)(ii).16

(B) Clearing Agency’s Statement on 

Burden on Competition 

ICC does not believe the proposed 

rule change would have any impact, or 

impose any burden, on competition. 

The proposed changes to the Framework 

will apply uniformly across all market 

participants. They are generally 

designed to enhance, clarify, and more 

clearly document ICC’s model 

validation processes and procedures 

and include clarifications on the scope 

and applicability of the Framework, 

responsibilities of relevant stakeholders, 

and other validation elements. ICC does 

not believe these amendments would 

affect the costs of clearing or the ability 

of market participants to access clearing. 

Therefore, ICC does not believe the 

proposed rule change would impose any 

burden on competition that is 

inappropriate in furtherance of the 

purposes of the Act. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants or Others 

Written comments relating to the 

proposed rule change have not been 

solicited or received. ICC will notify the 

Commission of any written comments 

received by ICC. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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– 

ICC–2022–006 on the subject line. 

Paper Comments 

Send paper comments in triplicate to 

Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–ICC–2022–006. 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 such 

filings will also be available for 

inspection and copying at the principal 

office of ICE Clear Credit and on ICE 

Clear Credit’s website at https://

www.theice.com/clear-credit/regulation. 

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–ICC–2022–006 and 

should be submitted on or before June 

24, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–11877 Filed 6–2–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95001; File No. SR–MIAX– 

2022–22] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Exchange Rule 519, 

MIAX Order Monitor 

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, Miami International 

Securities Exchange, LLC (‘‘MIAX 

Options’’ 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. 


khammond on DSKJM1Z7X2PROD with NOTICES