36908 Federal Register / Vol. 87, No. 118 / Tuesday, June 21, 2022 / Notices 

7 15 U.S.C. 78s(b)(3)(A)(ii). 8 17 CFR 200.30–3(a)(12). 

the qualifying criteria for such credits is 

too stringent. As one can observe by 

looking at any market share chart, price 

competition between exchanges is 

fierce, with liquidity and market share 

moving freely between exchanges in 

reaction to fee and credit changes. 

Intermarket Competition 

The Exchange believes that the 

proposed changes to its schedule of 

credits for non-displayed orders with 

midpoint pegging will not impose a 

burden on competition because the 

Exchange’s execution services are 

completely voluntary and subject to 

extensive competition both from the 

other live exchanges and from offexchange venues, which include 

alternative trading systems that trade 

national market system stock. The 

Exchange notes that it operates in a 

highly competitive market in which 

market participants can readily favor 

competing venues if they deem fee 

levels at a particular venue to be 

excessive, or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

credits to remain competitive with other 

exchanges and with alternative trading 

systems that have been exempted from 

compliance with the statutory standards 

applicable to exchanges. Because 

competitors are free to modify their own 

credits and fees in response, and 

because market participants may readily 

adjust their order routing practices, the 

Exchange believes that the degree to 

which credit changes in this market may 

impose any burden on competition is 

extremely limited. 

The proposed changes to the 

Exchange’s credits for non-displayed 

orders with midpoint pegging are 

reflective of this competition because, as 

a threshold issue, the Exchange is a 

relatively small market so its ability to 

burden intermarket competition is 

limited. In this regard, even the largest 

U.S. equities exchange by volume only 

has 17–18% market share, which in 

most markets could hardly be 

categorized as having enough market 

power to burden competition. Moreover, 

as noted above, price competition 

between exchanges is fierce, with 

liquidity and market share moving 

freely between exchanges in reaction to 

fee and credit changes. This is in 

addition to free flow of order flow to 

and among off-exchange venues which 

comprises more than 40% of industry 

volume in recent months. 

In sum, the Exchange intends for the 

proposed changes to credits for nondisplayed orders with midpoint pegging 

to incent member organizations to add 

liquidity to the Exchange and to thereby 

contribute to market quality, which is 

reflective of fierce competition for order 

flow noted above; however, if the 

change proposed herein is unattractive 

to market participants, it is likely that 

the Exchange will either fail to increase 

its market share or even lose market 

share as a result. Accordingly, the 

Exchange does not believe that the 

proposed change will impair the ability 

of member organizations or competing 

order execution venues to maintain 

their competitive standing in the 

financial markets. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or 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 

19(b)(3)(A)(ii) of the Act.7

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: (i) necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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– 

Phlx–2022–24 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–Phlx–2022–24. 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–Phlx–2022–24 and should 

be submitted on or before July 12, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–13151 Filed 6–17–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–255, OMB Control 

No.3235–0305] 

Proposed Collection; Comment 

Request: Extension; Rule 13e–1 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 118 / Tuesday, June 21, 2022 / Notices 36909 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

Rule 13e–1 (17 CFR 240.13e–1) under 

the Securities Exchange Act of 1934 (15 

U.S.C. 78 et seq.) makes it unlawful for 

an issuer who has received notice that 

it is the subject of a tender offer made 

under Section 14(d)(1) of the Exchange 

Act to purchase any of its equity 

securities during the tender offer, unless 

it first files a statement with the 

Commission containing information 

required by the rule. This rule is in 

keeping with the Commission’s 

statutory responsibility to prescribe 

rules and regulations that are necessary 

for the protection of investors. The 

information filed under Rule 13e–1 

must be filed with the Commission and 

is publicly available. We estimate that it 

takes approximately 10 burden hours 

per response to provide the information 

required under Rule 13e–1 and that the 

information is filed by approximately 10 

respondents. We estimate that 25% of 

the 10 hours per response (2.5 hours) is 

prepared by the company for a total 

annual reporting burden of 25 hours (2.5 

hours per response × 10 responses). 

Written comments are invited on: (a) 

whether this proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden imposed by the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

in writing within 60 days of this 

publication by August 22, 2022. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

Please direct your written comment to 

David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: June 14, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–13159 Filed 6–17–22; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Generic Clearance for Formative Data 

Collections for Evaluation, Research, 

and Evidence-Building 

ACTION: 30-Day notice. 

SUMMARY: The Small Business 

Administration (SBA) is seeking 

approval from the Office of Management 

and Budget (OMB) for the information 

collection described below. In 

accordance with the Paperwork 

Reduction Act and OMB procedures, 

SBA is publishing this notice to allow 

all interested members of the public an 

additional 30 days to provide comments 

on the proposed collection of 

information. 

DATES: Submit comments on or before 

July 21, 2022. 

ADDRESSES: Submit comments by the 

deadline stated in the DATES section 

above using any of the following 

methods: 

• Federal eRulemaking Portal: 

https://www.regulations.gov. Follow the 

instructions for submitting comments. 

Comments submitted electronically, 

including attachments to https://

www.regulations.gov, will be posted to 

the docket unchanged. 

• Office of Information and 

Regulatory Affairs. www.reginfo.gov/ 

public/do/PRAMain. You can find this 

information collection by selecting 

‘‘Currently under Review—Open for 

Public Comments’’ and searching by 

title, ‘‘Generic Clearance for Formative 

Data Collections for Evaluation, 

Research, and Evidence-Building’’. 

• Small Business Administration. 

Curtis Rich, Agency Clearance Officer, 

curtis.rich@sba.gov; (202) 205–7030. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information 

should be directed to Shay Meinzer, 

Lead Program Evaluator, shay.meinzer@

sba.gov, (202) 539–1429 Curtis Rich, 

Agency Clearance Officer, curtis.rich@

sba.gov, (202) 205–7030, or the SBA 

Desk Officer, Office of Information and 

Regulatory Affairs, Office of 

Management and Budget, New 

Executive Office Building, Washington, 

DC 20503. 

SUPPLEMENTARY INFORMATION: 

Title: Generic Clearance for Formative 

Data Collections for Evaluation, 

Research, and Evidence-Building. 

OMB Control Number: 3245–XXXX. 

Abstract: This Information Collection 

Request establishes a new generic 

clearance to conduct formative studies 

that inform the U.S. Small Business 

Administration’s (SBA) evaluation, 

research, and evidence-building 

activities. Under this generic clearance, 

the SBA plans to engage in a variety of 

formative and exploratory data 

collections with SBA grantees, program 

and potential program providers and 

participants, researchers, practitioners, 

and other stakeholders to fulfill the 

following goals: 

• maintain a rigorous and relevant 

evaluation and research agenda, 

• inform the development of SBA’s 

future evidence-building activities, 

• inform the delivery of targeted 

assistance and workflows related to 

program and grantee processes, 

• inform the development and 

refinement of recordkeeping and 

communication systems, 

• plan for the provision of 

programmatic or evidence-capacityrelated training or technical assistance, 

• obtain grantee or stakeholder input 

on the development or refinement of 

program logic models, evaluations, and 

performance measures, and 

• test activities to strengthen 

programs in preparation for summative 

evaluations. 

The SBA’s formative studies will 

collect data using well-established 

methodologies, including but not 

limited to questionnaires and surveys, 

semi-structured small group discussions 

or focus groups, observation, interviews, 

cognitive interviews and user testing. To 

minimize the burden of information 

collections approved under this 

clearance, the SBA will collect 

information electronically and/or use 

online collaboration tools, as 

appropriate, ask for readily available 

information, and use short, easy-tocomplete information collection 

instruments when possible. 

Conducting formative evaluation, 

research, and evidence-building 

activities will help the SBA better 

understand emerging needs and issues, 

identify evidence gaps, and ensure that 

SBA leadership and program offices 

have current data and information to 

implement SBA programs and 

initiatives successfully. The data from 

formative studies will be used to 

improve internal decision-making and 

inform future studies but will not be 

highly systematic nor intended to be 

statistically representative. Findings 

from these formative studies will not be 

generalized to the broader population 

and are not intended to produce 

influential information that is expected 

to have a genuinely clear and 

substantial impact on major policy 

decisions. Information gathered may 

inform future evaluation, research, and 

evidence-building, which could inform 

future influential public policy 

decisions. 


jspears on DSK121TN23PROD with NOTICES1