36560 Federal Register / Vol. 87, No. 117 / Friday, June 17, 2022 / Notices 

13 15 U.S.C. 78o–4(b)(2)(I). 

14 15 U.S.C. 78o–4(b)(2)(C). 

15 15 U.S.C. 78o–4(b)(2)(I). 

16 15 U.S.C. 78o–4(b)(2)(C). 

17 Id. 

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

19 17 CFR 240.19b–4(f). 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(4)(ii). 

operation and administration of the 

Board, including the selection of a 

Chairman from among the members of 

the Board, the compensation of the 

members of the Board, and the 

appointment and compensation of such 

employees, attorneys, and consultants 

as may be necessary or appropriate to 

carry out the Board’s functions under 

this section.13 Section 15B(b)(2)(C) of 

the Exchange Act provides that the 

MSRB’s rules be designed to protect 

investors, municipal entities, obligated 

persons, and the public interest.14

The proposed rule change is 

consistent with Section 15B(b)(2)(I) of 

the Exchange Act 15 because the 

amendments relating to the designation 

of officers of the Board, the addition of 

the Vice Chair to the compensation 

listing, the removal of the notice 

provision for the Chair and Vice Chair 

positions, and the election of the Chair 

and Vice Chair and appointment of 

other officers all deal with matters 

relating to the operation and 

administration of the Board. 

The proposed rule change is also 

consistent with Section 15B(b)(2)(C) of 

the Exchange Act 16 because it would 

protect the public interest by 

eliminating the notice period for 

resignations of the Chair and Vice Chair 

so that the Chair or Vice Chair could 

resign on shorter than ten days’ notice, 

or no notice at all, if the circumstances 

would be better addressed by an 

accelerated departure from the Board. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Section 15B(b)(2)(C) of the Exchange 

Act requires that MSRB rules not be 

designed to impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Exchange Act.17 The 

proposed rule change relates only to the 

administration of the Board and would 

not impose requirements on dealers, 

municipal advisors or others. 

Accordingly, the MSRB does not believe 

that the proposed rule change would 

result in any burden on competition. 

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 on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing proposed rule change 

has become effective pursuant to 

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

paragraph (f) of Rule 19b–4 

thereunder.19 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. 

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– 

MSRB–2022–04 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–MSRB–2022–04. 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 MSRB. 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–MSRB–2022–04 and should 

be submitted on or before July 8, 2022. 

For the Commission, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–13041 Filed 6–16–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95090; File No. SR–ICEEU– 

2022–013] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Amendments to Part HH of the ICE 

Clear Europe Delivery Procedures 

June 13, 2022. 

Pursuant to 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 31, 

2022, ICE Clear Europe Limited (‘‘ICE 

Clear Europe’’ or the ‘‘Clearing House’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule changes described in 

Items I, II, and III below, which Items 

have been prepared primarily by ICE 

Clear Europe. ICE Clear Europe filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A) of the Act 3 and Rule 

19b–4(f)(4)(ii) thereunder,4 such that the 

proposed rule change was immediately 

effective upon filing with the 

Commission. 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 

ICE Clear Europe Limited (‘‘ICE Clear 

Europe’’ or the ‘‘Clearing House’’) 

proposes to amend Part HH of its 

Delivery Procedures (‘‘Delivery 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 87, No. 117 / Friday, June 17, 2022 / Notices 36561 

5 15 U.S.C. 78q–1. 

6 15 U.S.C. 78q–1(b)(3)(F). 

7 15 U.S.C. 78q–1(b)(3)(F). 

8 15 U.S.C. 78q–1(b)(3)(F). 

9 17 CFR 240.17Ad–22. 

10 17 CFR 240.17Ad–22(e)(10). 

11 17 CFR 240.17Ad–22(e)(10). 

12 15 U.S.C. 78s(b)(3)(A). 

13 17 CFR 240.19b–4(f). 

Procedures’’ or ‘‘Procedures’’) to correct 

a drafting inconsistency. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, ICE 

Clear Europe 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. ICE 

Clear Europe has prepared summaries, 

set forth in sections (A), (B), and (C) 

below, of the most significant aspects of 

such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(a) Purpose 

ICE Clear Europe is proposing to 

amend Part HH of the Delivery 

Procedures, which addresses delivery 

under the monthly ICE Endex French 

PEG Natural Gas futures contract 

(‘‘Monthly Contract’’), and daily futures 

contract with respect to the same 

underlying commodity (‘‘Daily 

Contract’’) to correct an inconsistency in 

the delivery timetable for routine 

deliveries of Daily Contracts. Currently, 

the delivery timetable in Section 6.2 

provides that for Daily Contracts 

Exchange for Physicals (‘‘EFPs’’) and 

Exchange for Swaps (‘‘EFSs’’) may be 

posted up to one hour following the 

cessation of trading. This is inconsistent 

with existing Section 3.6, which 

provides that with respect to Daily 

Contracts, EFPs and EFSs may be posted 

up to thirty minutes following the 

cessation of trading. The proposed 

amendment would change the delivery 

timetable to be consistent with Section 

3.6, which sets forth the correct 

deadline. 

(b) Statutory Basis 

ICE Clear Europe believes that the 

proposed amendment to the Delivery 

Procedures is consistent with the 

requirements of Section 17A of the Act 5

and the regulations thereunder 

applicable to it. In particular, Section 

17A(b)(3)(F) of the Act 6 requires, among 

other things, that the rules of a clearing 

agency be designed to promote the 

prompt and accurate clearance and 

settlement of securities transactions 

and, to the extent applicable, derivative 

agreements, contracts, and transactions, 

the safeguarding of securities and funds 

in the custody or control of the clearing 

agency or for which it is responsible, 

and the protection of investors and the 

public interest. 

As discussed above, the amendment 

would modify Part HH of the Delivery 

Procedures in order to correct an 

inconsistency regarding the deadline for 

submission of EFPs and EFSs with 

respect to Daily Contracts. In ICE Clear 

Europe’s view the amendment would 

thus facilitate the clearing membership 

process, and related risk management by 

the Clearing House. The amendments 

would therefore facilitate the prompt 

and accurate clearing of cleared 

contracts and protect investors and the 

public interest in the sound operations 

of the Clearing House, consistent with 

the requirement s of Section 

17A(b)(3)(F).7 Further, the amendment 

will not affect the safeguarding of 

securities and funds in the custody or 

control of the Clearing House or for 

which it is responsible, within the 

meaning Section 17A(b)(3)(F).8

The proposed amendment is also 

consistent with relevant provisions of 

Rule 17Ad–22.9 Rule 17Ad–22(e)(10) 10

provides that, ‘‘[e]ach covered clearing 

agency shall establish, implement, 

maintain and enforce written policies 

and procedures reasonable designed to, 

as applicable [. . .] establish and 

maintain transparent written standards 

that state its obligations with respect to 

the delivery of physical instruments, 

and establish and maintain operational 

practices that identify, monitor and 

manage the risks associated with such 

physical deliveries.’’ The proposed 

amendment, which would correct an 

inconsistency regarding the deadline for 

submission of EFPs and EFSs with 

respect to Daily Contracts, would not 

otherwise change the delivery terms and 

conditions for the Daily Contracts or 

otherwise affect the ICE Clear Europe’s 

existing financial resources, risk 

management, systems and operational 

arrangements supporting delivery. The 

amendment thus appropriately clarifies 

the role and responsibilities of the 

Clearing House and Clearing Members 

with respect to physical delivery. As a 

result, ICE Clear Europe believes the 

amendment is consistent with the 

requirements of Rule 17Ad–22(e)(10).11

(B) Clearing Agency’s Statement on 

Burden on Competition 

ICE Clear Europe does not believe the 

proposed amendment would have any 

impact, or impose any burden, on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. The proposed 

amendment to the Delivery Procedures 

is intended to correct an inconsistency 

in the delivery timetable for routine 

deliveries of Daily Contracts. ICE Clear 

Europe does not believe that the 

amendment would adversely affect 

competition among Clearing Members, 

materially affect the cost of clearing, 

adversely affect access to clearing for 

Clearing Members or their customers, or 

otherwise adversely affect competition 

in clearing services. Accordingly, ICE 

Clear Europe does not believe that the 

amendment would impose any impact 

or burden on competition that is not 

appropriate in furtherance of the 

purpose 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 amendment has not been 

solicited or received by ICE Clear 

Europe. ICE Clear Europe will notify the 

Commission of any comments received 

with respect to the proposed rule 

change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

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

of the Act 12 and paragraph (f) of Rule 

19b–4 13 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. 

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– 

ICEEU–2022–013 on the subject line. 


lotter on DSK11XQN23PROD with NOTICES1
36562 Federal Register / Vol. 87, No. 117 / Friday, June 17, 2022 / Notices 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 78977 

(September 29, 2016), 81 FR 69140 (October 5, 

2016) (SR–NASDAQ–2016–132). 

4Pursuant to Equity 7, Section 118(a), the term 

‘‘Consolidated Volume’’ shall mean the total 

consolidated volume reported to all consolidated 

transaction reporting plans by all exchanges and 

trade reporting facilities during a month in equity 

securities, excluding executed orders with a size of 

less than one round lot. For purposes of calculating 

Consolidated Volume and the extent of a member’s 

trading activity the date of the annual reconstitution 

of the Russell Investments Indexes shall be 

excluded from both total Consolidated Volume and 

the member’s trading activity. For the purposes of 

calculating the extent of a member’s trading activity 

during the month on Nasdaq and determining the 

charges and credits applicable to such member’s 

activity, all M–ELO Orders that a member executes 

on Nasdaq during the month will count as liquidityadding activity on Nasdaq. 

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–ICEEU–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 

10:00 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 Europe and on ICE 

Clear Europe’s website at https://

www.theice.com/clear-europe/ 

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–ICEEU– 

2022–013 and should be submitted on 

or before July 8, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–13043 Filed 6–16–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95091; File No. SR– 

NASDAQ–2022–036] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Exchange’s Transaction Fees at Equity 

7, Section 118(a) 

June 13, 2022. 

Pursuant to 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 June 1, 

2022, The Nasdaq Stock Market LLC 

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

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the 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 the 

Exchange’s transaction fees at Equity 7, 

Section 118, to: (i) eliminate the Nasdaq 

Growth Program, at Equity 7, Section 

114(j); (ii) adjust or eliminate several of 

the Exchange’s transaction credits, at 

Equity 7, 118(a); (iii) add a new credit 

to Equity 7, Section 118(a); and (iv) reorganize, re-format, and re-state the 

Exchange’s schedule of transaction fees 

and credits at Equity 7, Section 118(a), 

as described further below. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

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 proposed Rule change will (i) 

eliminate the Nasdaq Growth Program, 

at Equity 7, Section 114(j); (ii) adjust or 

eliminate several of the Exchange’s 

transaction credits, at Equity 7, 118(a); 

(iii) add a new credit to Equity 7, 

Section 118(a); and (iv) re-organize, reformat, and re-state the Exchange’s 

schedule of transaction fees and credits 

at Equity 7, Section 118(a). 

Elimination of the Nasdaq Growth 

Program 

The Exchange presently offers the 

‘‘Nasdaq Growth Program,’’ as set forth 

in Equity 7, Section 114(j),3 which 

exists to incentivize members to 

increase the extent to which they add 

liquidity to the Exchange over time. 

Under the Nasdaq Growth Program, the 

Exchange provides a credit of $0.0025 

per share executed (in securities priced 

at $1 or more) to members that provide 

a certain amount of liquidity to the 

Exchange and also grow the extent to 

which they add such liquidity over 

time. Specifically, a member is eligible 

for the credit if it both: (A) adds greater 

than 750,000 shares a day on average 

during the month through one or more 

of its Nasdaq Market Center MPIDs; and 

(B) increases its shares of liquidity 

provided through one or more of its 

Nasdaq Market Center MPIDs as a 

percent of Consolidated Volume 4 by 

20% versus the member’s Growth 

Baseline or (ii) have met the growth 

criteria in Equity 7, Section 114(j)(1)(A) 

and (j)(1)(B)(i) in three separate months 

and maintained or increased its shares 

of liquidity provided through one or 

more of its Nasdaq Market Center MPIDs 

as a percent of Consolidated Volume 

compared to the Growth Baseline 

established when the member met the 


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