Federal Register / Vol. 87, No. 125 / Thursday, June 30, 2022 / Notices 39137 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 95020 

(June 1, 2022), 87 FR 35034 (June 8, 2022) (SR– 

NYSECHX–2022–10) (‘‘Release No. 95020’’). 

the relevant applicant below, or 

personally or by mail, if a physical 

address is listed for the relevant 

applicant below. Hearing requests 

should be received by the SEC by 5:30 

p.m. on July 19, 2022, and should be 

accompanied by proof of service on 

applicants, in the form of an affidavit or, 

for lawyers, a certificate of service. 

Pursuant to Rule 0–5 under the Act, 

hearing requests should state the nature 

of the writer’s interest, any facts bearing 

upon the desirability of a hearing on the 

matter, the reason for the request, and 

the issues contested. Persons who wish 

to be notified of a hearing may request 

notification by writing to the 

Commission’s Secretary at SecretarysOffice@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. 

FOR FURTHER INFORMATION CONTACT: 

Shawn Davis, Assistant Director, at 

(202) 551–6413 or Chief Counsel’s 

Office at (202) 551–6821; SEC, Division 

of Investment Management, Chief 

Counsel’s Office, 100 F Street NE, 

Washington, DC 20549–8010. 

First Trust Senior Floating Rate 2022 

Target Term Fund [File No. 811–23199] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On December 15, 

2021, applicant made liquidating 

distributions to its shareholders based 

on net asset value. Expenses of $4,111 

incurred in connection with the 

liquidation were paid by the applicant. 

Filing Date: The application was filed 

on May 26, 2022. 

Applicant’s Address: roykim@

chapman.com. 

Global High Income Fund Inc. [File No. 

811–07540] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On April 18, 

2016, and December 31, 2019, applicant 

made a liquidating distributions to its 

shareholders based on net asset value. 

Expenses of $83,629 incurred in 

connection with the liquidation were 

paid by the applicant. 

Filing Date: The application was filed 

on January 25, 2021. 

Applicant’s Address: stephen.cohen@

dechert.com. 

State Farm Variable Product Trust [File 

No. 811–08073] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. The applicant has 

transferred its assets to BlackRock 

Variable Series Funds, Inc., and 

BlackRock Variable Series Funds II, Inc., 

and on October 29, 2018 made a final 

distribution to its shareholders based on 

net asset value. Expenses of 

$1,209,961.75 incurred in connection 

with the reorganization were paid by the 

applicant’s investment adviser. 

Filing Date: The application was filed 

on December 21, 2018, and amended on 

May 1, 2019, and March 15, 2022. 

Applicant’s Address: 

david.moore.ct95@statefarm.com. 

For the Commission, by the Division 

of Investment Management, pursuant to 

delegated authority. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–13951 Filed 6–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95157; File No. SR– 

NYSECHX–2022–13] 

Self-Regulatory Organizations; NYSE 

Chicago, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change for Certain NonSubstantive Clarifying Changes to 

Article 7, Rule 12 

June 24, 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 21, 

2022, the NYSE Chicago, Inc. (‘‘NYSE 

Chicago’’ or the ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

organization. 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 certain nonsubstantive clarifying changes to Article 

7, Rule 12. The proposed rule change is 

available on the Exchange’s website at 

www.nyse.com, 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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes certain nonsubstantive clarifying changes to Article 

7, Rule 12 (Failure to Pay Fees). 

The Exchange recently adopted rules 

relating to investigation, discipline, 

sanction, and other procedural rules 

based on the rules based on the text of 

the NYSE Arca Rule 10.8000 and Rule 

10.9000 Series, with certain changes.3 In 

connection with the adoption of these 

new disciplinary rules, the Exchange 

made certain changes to Article 7, Rule 

12, which previously governed the nonpayment of any debt for Trading Permit 

fees, fines, transaction fees, or other 

sums owing the Exchange or its 

subsidiaries, to reflect that failure to pay 

any fine, sanction or cost levied in 

connection with a disciplinary action 

would be governed by Rule 10.8320 

(Payment of Fines, Other Monetary 

Sanctions, or Costs; Summary Action for 

Failure to Pay). Specifically, the 

Exchange added the following text to 

Article 7, Rule 12: 

Notwithstanding the foregoing, any failure 

to pay any fine, sanction or cost levied in 

connection with a disciplinary action shall 

be governed by Rule 10.8320. 

For the avoidance of doubt, and to 

clarify the application of Article 7, Rule 

12 and Rule 10.8320, the Exchange 

proposes to amend the above sentence 

in Article 7, Rule 12 as follows 

(proposed changes are italicized): 

Notwithstanding the foregoing, any failure 

to pay any fine, sanction or cost levied in 

connection with a disciplinary action 

initiated under Article 12 for which a 

decision was issued on or after [insert date] 

shall be governed by Rule 10.8320. For 


jspears on DSK121TN23PROD with NOTICES1
39138 Federal Register / Vol. 87, No. 125 / Thursday, June 30, 2022 / Notices 

4On June 3, 2022, the Exchange announced that 

the new disciplinary rules will be effective on July 

5, 2022. See Release No. 95020, 87 FR at 35041; 

NYSE Chicago RM–22–02 (June 3, 2022). Once the 

new disciplinary rules are effective, the Exchange 

will replace ‘‘insert date’’ where it appears in the 

new disciplinary rules, including as proposed in 

Article 7, Rule 12, with that date. 

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

6 15 U.S.C. 78f(b)(5). 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4(f)(6). 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change, along with a brief 

description and text of 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. 

11 17 CFR 240.19b–4(f)(6). 

12 17 CFR 240.19b–4(f)(6). 

13See supra note 4 and accompanying text. 

14For purposes only of waiving the 30-day 

operative delay, the Commission also has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

disciplinary decisions issued prior to such 

date, Article 7, Rule 12 shall apply.4

The proposed change is consistent 

with Rule 10.8320(d), which provides 

that the Exchange may exercise the 

summary authority set forth in Rules 

10.8320(b) and (c) with respect to nonpayment of a fine, monetary sanction, or 

cost assessed in a disciplinary action 

initiated under Article 12 for which a 

decision was issued on or after the 

effective date of the new disciplinary 

rules. 

The Exchange believes that the 

proposed change would add clarity, 

transparency and consistency to the 

Exchange’s rules. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the Act,5

in general, and furthers the objectives of 

Section 6(b)(5) of the Act,6 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 facilitating transactions in securities, 

to remove impediments to, and perfect 

the mechanism of, a free and open 

market and a national market system 

and, in general, to protect investors and 

the public interest. 

In particular, the Exchange believes 

that the proposed non-substantive 

clarifying changes would remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system and, in 

general, protect investors and the public 

interest because the proposed nonsubstantive changes would add clarity, 

transparency and consistency to the 

Exchange’s rules. The Exchange believes 

that market participants would benefit 

from the increased clarity, thereby 

reducing potential confusion and 

ensuring that persons subject to the 

Exchange’s jurisdiction, regulators, and 

the investing public can more easily 

navigate and understand the Exchange’s 

rules. 

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 

proposed rule change is not intended to 

address competitive issues but is rather 

concerned with making non-substantive 

clarifying changes to the Exchange 

rules. Since the proposal does not 

substantively modify system 

functionality or processes on the 

Exchange, the proposed changes will 

not impose any burden on competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A) of the Act 7 and Rule 19b– 

4(f)(6) 8 thereunder. 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 from the date on which it 

was filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 9 and Rule 19b– 

4(f)(6) 10 thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 11 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),12 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay to allow the proposed 

changes to be effective at the same time 

as the announced date of the new 

disciplinary rules. The Commission 

notes that the proposed changes to 

Article 12, Rule 7, clarify and make the 

rule consistent with the transition from 

the old to the new disciplinary rules 

recently adopted by the Exchange and 

do not raise any new or novel issues.13

Therefore, the Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. 

Accordingly, the Commission 

designates the proposed rule change to 

be operative upon filing.14

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 will institute proceedings 

to determine whether the proposed rule 

change 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– 

NYSECHX–2022–13 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–NYSECHX–2022–13. 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 


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Federal Register / Vol. 87, No. 125 / Thursday, June 30, 2022 / Notices 39139 

15 17 CFR 200.30–3(a)(12), (59). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 94487 

(Mar. 22, 2022), 87 FR 17349 (Mar. 28, 2022) 

(‘‘Notice’’). The Commission has received one 

comment letter, which does not relate to the 

substance of the proposed rule change. The 

comment letter is available at https://www.sec.gov/ 

comments/sr-nyseamer-2022-15/srnyseamer202215-

20123731-279990.htm. 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 94865 

(May 6, 2022), 87 FR 29192 (May 12, 2022). The 

Commission designated June 26, 2022, as the date 

by which the Commission shall approve or 

disapprove, or institute proceedings to determine 

whether to disapprove, the proposed rule change. 

6Amendment No. 1 is available on the 

Commission’s website at https://www.sec.gov/ 

comments/sr-nyseamer-2022-15/srnyseamer202215- 

20128710-294076.pdf. 

7As defined in NYSE American Rule 1.1E(dd), 

‘‘PBBO’’ means the Best Protected Bid and the Best 

Protected Offer. Rule 1.1E(dd) also defines ‘‘PBB’’ 

as the highest Protected Bid and ‘‘PBO’’ as the 

lowest Protected Offer. 

8A Pegged Order is a Limit Order that does not 

route with a working price that is pegged to a 

dynamic reference price. If the designated reference 

price is higher (lower) than the limit price of a 

Pegged Order to buy (sell), the working price will 

be the limit price of the order. See Rule 7.31E(h). 

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–NYSECHX–2022–13 and 

should be submitted on or before July 

21, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–13963 Filed 6–29–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95153; File No. SR– 

NYSEAMER–2022–15] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing of 

Amendment No. 2 and Order Granting 

Accelerated Approval of a Proposed 

Rule Change, as Modified by 

Amendment No. 2, To Amend Rule 

7.31–E(h)(3) Relating to Discretionary 

Pegged Orders 

June 24, 2022. 

I. Introduction 

On March 9, 2022, NYSE American 

LLC (‘‘NYSE American’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend NYSE American Rule 7.31– 

E(h)(3) to modify certain factors relevant 

to the quote instability calculation for 

Discretionary Pegged Orders. The 

proposed rule change was published for 

comment in the Federal Register on 

March 28, 2022.3 On May 6, 2022, 

pursuant to Section 19(b)(2) of the Act,4

the Commission designated a longer 

period within which to approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change.5

On May 13, 2022, the Exchange filed 

Amendment No. 1 to the proposed rule 

change,6 and on June 15, 2022, the 

Exchange filed Amendment No. 2 to the 

proposed rule change, which replaced 

and superseded in their entirety both 

the original filing and Amendment No. 

1. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change, as modified by 

Amendment No. 2, from interested 

persons and is approving the proposed 

rule change, as modified by Amendment 

No. 2, on an accelerated basis. 

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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

Rule 7.31E(h)(3) to modify certain 

factors relevant to the quote instability 

calculation for Discretionary Pegged 

Orders. The Discretionary Pegged Order 

is a non-displayed order type that is 

pegged to same side of the PBBO.7 The 

price of a Discretionary Pegged Order 

automatically adjusts as the PBBO 

moves, and a Discretionary Pegged 

Order will exercise the least amount of 

discretion necessary to trade with 

contra-side interest. A Discretionary 

Pegged Order will not exercise 

discretion if the PBBO is determined to 

be unstable via a quote instability 

calculation that assesses the probability 

of a change to the PBB or PBO (as 

described in further detail below), 

thereby offering protection against 

unfavorable executions during periods 

of quote instability. 

Specifically, the Exchange proposes to 

amend Rule 7.31E(h)(3)(D)(i)(D)(1)(a), 

which sets forth the quote stability 

coefficients. Under Rule 

7.31E(h)(3)(D)(i)(D)(3), the Exchange 

may modify the quote stability 

coefficients at any time, subject to a 

filing of a proposed rule change. The 

Exchange proposes such changes in this 

rule filing. 

Discretionary Pegged Orders 

Rule 7.31E(h)(3) provides for 

Discretionary Pegged Orders, which are 

Pegged Orders 8 that may exercise price 

discretion from their working price to a 

discretionary price in order to trade 

with contra-side orders on the Exchange 

Book, except during periods of quote 

instability as defined in Rule 

7.31E(h)(3)(D). 

Rule 7.31E(h)(3)(D) provides that the 

Exchange uses a quote instability 

calculation to assess a security’s ‘‘quote 

instability factor,’’ or the probability of 

an imminent change to the current PBB 

to a lower price or PBO to a higher 

price. When quoting activity in a 

security meets predefined criteria and 

the quote instability factor calculated is 

greater than the Exchange’s defined 

‘‘quote instability threshold,’’ the 

Exchange treats the quote as unstable 

(‘‘quote instability’’ or a ‘‘crumbling 

quote’’). 

Rule 7.31E(h)(3)(D)(i) provides that 

the Exchange determines a quote to be 

unstable when, among other factors, the 

quote instability factor result from the 

quote stability calculation is greater 

than the quote instability threshold. To 

perform the quote stability calculation 

and determine the quote instability 


jspears on DSK121TN23PROD with NOTICES1