Federal Register / Vol. 87, No. 126 / Friday, July 1, 2022 / Notices 39569 

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

2 17 CFR 240.19b–4. 

are synergistic with federally funded Big 

Data research? 

Reference: Federal Big Data Research 

and Development Strategic Plan (May 

2016): https://www.nitrd.gov/pubs/ 

bigdatardstrategicplan.pdf. 

Submitted by the National Science 

Foundation in support of the NITRD 

NCO on 06/28/2022. 

Suzanne H. Plimpton, 

Reports Clearance Officer, National Science 

Foundation. 

[FR Doc. 2022–14084 Filed 6–30–22; 8:45 am] 

BILLING CODE 7555–01–P 

NATIONAL SCIENCE FOUNDATION 

Membership of National Science 

Foundation’s Senior Executive Service 

Performance Review Board 

AGENCY: National Science Foundation. 

ACTION: Notice. 

SUMMARY: The National Science 

Foundation is announcing the members 

of the Senior Executive Service 

Performance Review Board. 

ADDRESSES: Comments should be 

addressed to Branch Chief, Executive 

Services, Division of Human Resource 

Management, National Science 

Foundation, Room W15219, 2415 

Eisenhower Avenue, Alexandria, VA 

22314. 

FOR FURTHER INFORMATION CONTACT: Ms. 

Jennifer Munz at the above address or 

(703) 292–2478. 

SUPPLEMENTARY INFORMATION: The 

membership of the National Science 

Foundation’s Senior Executive Service 

Performance Review Board is as follows: 

Karen Marrongelle, Chief Operating 

Officer, Chairperson 

Wonzie Gardner, Jr., Chief Human 

Capital Officer and Office Head, 

Office of Information and Resource 

Management 

Janis Coughlin-Piester, Deputy Office 

Head, Office of Budget, Finance and 

Award Management 

Sean Jones, Assistant Director, 

Directorate for Mathematical and 

Physical Sciences 

Erwin Gianchandani, Assistant Director, 

Directorate for Technology, 

Innovation and Partnerships 

Evan Heit, Division Director, Division of 

Research on Learning in Formal and 

Informal Settings, Directorate for 

Education and Human Resources 

Maren Williams, Division Director, 

Division of Administrative Services, 

Office of Information and Resource 

Management 

William Malyszka, Division Director, 

Division of Human Resource 

Management and PRB Executive 

Secretary 

This announcement of the 

membership of the National Science 

Foundation’s Senior Executive Service 

Performance Review Board is made in 

compliance with 5 U.S.C. 4314(c)(4). 

Dated: June 27, 2022. 

Suzanne H. Plimpton, 

Reports Clearance Officer, National Science 

Foundation. 

[FR Doc. 2022–14083 Filed 6–30–22; 8:45 am] 

BILLING CODE 7555–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34638; File No. 812–15336] 

Goldman Sachs Trust II, et al 

June 27, 2022. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of an application under 

Section 6(c) of the Investment Company 

Act of 1940 (‘‘Act’’) for an exemption 

from Section 15(c) of the Act. 

Summary of Application: The 

requested exemption would permit a 

Trust’s board of trustees (the ‘‘Board’’) 

to approve new sub-advisory 

agreements and material amendments to 

existing sub-advisory agreements 

without complying with the in-person 

meeting requirement of Section 15(c) of 

the Act. 

Applicants: Goldman Sachs Trust II 

(the ‘‘Trust’’), Goldman Sachs Asset 

Management, L.P. (‘‘GSAM’’), and 

Goldman Sachs Asset Management 

International (‘‘GSAMI’’). 

Filing Dates: The application was 

filed on May 13, 2022. 

Hearing or Notification of Hearing: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the relevant applicant with a copy of the 

request by email, if an email address is 

listed for 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 Commission by 5:30 p.m. on July 

22, 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 

emailing the Commission’s Secretary. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

Caroline L. Kraus, Goldman Sachs & 

Co., 200 West Street, 15th Floor, New 

York, New York 10282, Stephen H. Bier, 

Esq., Dechert LLP, 1095 Avenue of the 

Americas, New York, New York 10036, 

and Brenden P. Carroll, Dechert LLP, 

1900 K Street Northwest, Washington, 

DC 20006. 

FOR FURTHER INFORMATION CONTACT: Lisa 

Reid Ragen, Branch Chief, at (202) 551– 

6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ application, dated May 13, 

2022, which may be obtained via the 

Commission’s website by searching for 

the file number at the top of this 

document, or for an Applicant using the 

Company name search field on the 

SEC’s EDGAR system. The SEC’s 

EDGAR system may be searched at 

https://www.sec.gov/edgar/searchedgar/ 

legacy/companysearch.html. You may 

also call the SEC’s Public Reference 

Room at (202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–14077 Filed 6–30–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95164; File No. SR– 

NASDAQ–2022–037] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Exchange’s Fees Concerning 

Enterprise Licenses at Equity 7, 

Section 123(c) 

June 27, 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 14, 

2022, The Nasdaq Stock Market LLC 

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

Securities and Exchange Commission 


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3See infra note 17. 

4See Equity 7, Section 123 (a)(1)(B) (‘‘Nasdaq 

TotalView means, with respect to stocks listed on 

Nasdaq and on an exchange other than Nasdaq, all 

orders and quotes from all Nasdaq members 

displayed in the Nasdaq Market Center as well as 

the aggregate size of such orders and quotes at each 

price level in the execution functionality of the 

Nasdaq Market Center.’’). Nasdaq TotalView is one 

of two Depth-of-Book feeds. The other is Nasdaq 

Level 2. See Section 123(a)(1) (defining Depth-ofBook as ‘‘data feeds containing price quotations at 

more than one price level,’’ and identifying the two 

Depth-of-Book fees as Nasdaq Level 2 and Nasdaq 

TotalView); see also Nasdaq TotalView (product 

description), available at https://www.nasdaq.com/ 

solutions/nasdaq-totalview. 

5See Securities Exchange Act Release No. 79863 

(January 23, 2017), 82 FR 8632 (January 27, 2017) 

(SR–NASDAQ–2017–004). 

6See Equity 7, Section 123 (c)(1) (‘‘A Distributor 

that is also a broker-dealer pays a monthly fee of 

$25,000 for the right to provide Nasdaq TotalView 

for Display Usage for Internal Distribution, or for 

External Distribution to Non-Professional 

Subscribers with whom the firm has a brokerage 

relationship. This Enterprise License fee shall be in 

addition to a monthly fee of $9 for each NonProfessional Subscriber and a monthly fee of $60 for 

each Professional Subscriber for Display Usage 

based upon Direct or Indirect Access.’’). 

7See Equity 7, Section 123 (c)(2) (‘‘A Distributor 

that is also a broker-dealer pays a monthly fee of 

$100,000 for the right to provide Nasdaq TotalView 

for Display Usage for Internal Distribution, or for 

External Distribution to both Professional and NonProfessional Subscribers with whom the firm has a 

brokerage relationship. This Enterprise License fee 

shall be in addition to a monthly fee of $9 for each 

Non-Professional Subscriber and a monthly fee of 

$60 for each Professional Subscriber for Display 

Usage based upon Direct or Indirect Access.’’). 

8See Section 123 (c)(3) (‘‘As an alternative to 

subsections (1) and (2) above, a Distributor that is 

also a broker-dealer may pay a monthly fee of 

$500,000 to provide Nasdaq Level 2 or Nasdaq 

TotalView for Display Usage by Professional or 

(‘‘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 fees to add two new features 

to the enterprise licenses at Equity 7, 

Section 123(c). First, the Exchange 

proposes to expand the enterprise 

license at Section 123(c)(1), which 

currently allows External Distribution of 

TotalView only to Non-Professional 

Subscribers with whom the firm has a 

brokerage relationship, to also include 

distribution of data externally to 

Professionals for no additional fees 

beyond the per Subscriber charges 

already set forth in that section. Second, 

the Exchange proposes to allow a 

purchaser of any of the TotalView 

enterprise license options listed at 

Section 123(c) to deliver TotalView 

using an Enhanced Display Solution for 

the same per Subscriber fees paid by 

any other purchaser of the Section 

123(c) enterprise licenses. The Proposal 

also includes a number of technical and 

conforming changes, described in 

further detail 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 

As explained above, the Exchange 

proposes to add two new features to the 

enterprise licenses at Equity 7, Section 

123(c). 

First, the Exchange proposes to 

expand the enterprise license at Section 

123(c)(1), which currently allows 

External Distribution of TotalView only 

to Non-Professional Subscribers with 

whom the firm has a brokerage 

relationship, to also include distribution 

of data externally to Professionals for no 

additional fees beyond the per 

Subscriber charges already set forth in 

that section. 

Second, the Exchange proposes to 

allow a purchaser of any of the 

TotalView enterprise license options 

listed at Section 123(c) to deliver 

TotalView using an Enhanced Display 

Solution for the same per Subscriber 

fees paid by any other purchaser of the 

Section 123(c) enterprise licenses. 

The Exchange also proposes two sets 

of conforming changes. First, Nasdaq 

proposes to remove the $100,000 

enterprise license at Section 123(c)(2) as 

redundant. The newly-modified $25,000 

enterprise license at Section 123(c)(1) 

will have exactly the same features as 

the current $100,000 at Section 

123(c)(2), rendering the latter 

unnecessary. Second, the Exchange 

proposes a few conforming changes 

related to paragraph numbering and 

presentation, discussed in detail below.3

Products and Current Fees 

Nasdaq TotalView 

Nasdaq TotalView provides customers 

with all orders and quotes from Nasdaq 

members displayed in the Nasdaq 

Market Center, as well as the aggregate 

size of such orders and quotes at each 

price level executed at the Nasdaq 

Market Center, with respect to stocks 

listed on Nasdaq and those listed on 

NYSE, NYSE American, and regional 

exchanges.4 Customers that purchase 

TotalView also receive the Net Order 

Imbalance Indicator (‘‘NOII’’), a supply 

and demand monitor that provides 

information leading up to key liquidity 

events such as the Open, Close, Halt 

Resumptions, and Initial Public 

Offerings (‘‘IPOs’’).5 For IPOs, NOII 

shows the details of all orders during 

the pre-IPO quoting period and the 

number of shares and orders that would 

execute if the cross were to occur at an 

indicative price and time. 

Customers that purchase Nasdaq 

TotalView pay per Subscriber fees as set 

forth at Equity 7, Section 123(b)(2). In 

the alternative, Nasdaq offers customers 

the option of lowering their costs by 

purchasing one of three different 

enterprise licenses. 

The first of these three, set forth in 

Section 123(c)(1), permits the 

dissemination of Nasdaq TotalView for 

Display Usage for Internal Distribution, 

or for External Distribution to NonProfessional Subscribers with whom the 

firm has a brokerage relationship, for a 

monthly fee of $25,000, plus 

Professional and Non-Professional 

Subscriber fees.6

The second, at Section 123(c)(2), 

permits dissemination of Nasdaq 

TotalView for Display Usage for Internal 

Distribution, as well as External 

Distribution to both Professional and 

Non-Professional Subscribers with 

whom the firm has a brokerage 

relationship.7 The monthly fee for this 

license is $100,000, plus Professional 

and Non-Professional Subscriber fees. 

The key difference between the first and 

second licenses is the latter allows 

External Distribution to Professionals. 

The third, at Section 123(c)(3), 

permits Internal and External 

Distribution to both Professional and 

Non-Professional Subscribers with 

whom the firm has a brokerage 

relationship for a monthly fee of 

$500,000.8 The key difference between 


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Federal Register / Vol. 87, No. 126 / Friday, July 1, 2022 / Notices 39571 

Non-Professional Subscribers with whom the firm 

has a brokerage relationship. This Enterprise 

License shall not apply to relevant Level 1 or Depth 

Distributor fees.’’). 

9See Securities Exchange Act Release No. 80015 

(February 10, 2017), 82 FR 10944 (February 16, 

2017) (SR–NASDAQ–2017–007). 

10See Equity 7, Section 123(a)(2)(A) (‘‘Display 

Usage means any method of accessing Depth-ofBook data that involves the display of such data on 

a screen or other visualization mechanism for 

access or use by a natural person or 

persons . . . ’’). 

11See Equity 7, Section 123(a)(2)(B) (‘‘NonDisplay Usage means any method of accessing 

Depth-of-Book data that involves access or use by 

a machine or automated device without access or 

use of a display by a natural person or persons.’’). 

12See Securities Exchange Act Release No. 73807 

(December 10, 2014), 79 FR 74784 (December 16, 

2014) (SR–NASDAQ–2014–117) (‘‘While 

Distributors are not required to technically control 

against non-display usage (due to the difficulty of 

achieving such control), the Distributor is required 

to restrict non-display usage contractually by 

including such restrictions in any agreements with 

recipients of the Information.’’); see also Nasdaq, 

US Equities and Options Data Policies at 20–21, 

available at http://www.nasdaqtrader.com/content/ 

AdministrationSupport/Policy/USEquities

andOptionsDataPolicies.pdf. 

13See Equity 7, Section 126(a)(1). The Distributor 

fee is based on the number of users, as follows: 

$4,000/month for 1–399 users; $7,500/month for 

400–999 users; $15,000/month for 1,000 users. 

14The per Subscriber fee is $80 per month for 

Professionals, and the underlying rate for Nasdaq 

Level 2 or TotalView for Non-Professionals. See 

Equity 7, Section 126(a)(1)(B). 

15See Equity 7, Section 126(a)(1)(C) (‘‘EDS 

Distributors may elect to purchase an Enterprise 

License for $33,500 per month. Such Enterprise 

License shall entitle the EDS Distributor to 

distribute to an unlimited number of Professional 

EDS Subscribers for a monthly fee of $76 for 

TotalView and/or Level 2, notwithstanding the fees 

set forth in subsection (B) above.’’). 

16See Equity 7, Section 126(a)(1)(A). 

17The Exchange proposes the following 

additional conforming changes: (i) change the 

numbering of current subparagraph 123(c)(3) to 

123(c)(2) to reflect removal of the current $100,000 

enterprise license and to remove references to the 

former paragraph; (ii) substitute the word ‘‘license’’ 

for ‘‘depth’’ at Section 126(a)(1)(A) as a more 

accurate description of the license at Section 123(c); 

and (iii) remove the asterisk from Section 123(c), 

given that the modified subsection no longer 

applies solely to Distributor fees. 

18See 15 U.S.C. 78f(b). 

19See 15 U.S.C. 78f(b)(4) and (5). 

20See NetCoalition, 615 F.3d at 539 (D.C. Cir. 

2010) (quoting Securities Exchange Act Release No. 

59039 (December 2, 2008), 73 FR 74770, 74782–83 

(December 9, 2008) (SR–NYSEArca–2006–21)). 

21See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005). 

22See NetCoalition, 615 F.3d at 534–35; see also 

H.R. Rep. No. 94–229 at 92 (1975) (‘‘[I]t is the intent 

of the conferees that the national market system 

evolve through the interplay of competitive forces 

as unnecessary regulatory restrictions are 

removed.’’). 

the third enterprise license and the first 

two is that the third has no Professional 

or Non-Professional Subscriber fees. 

Enhanced Display Solution 

An Enhanced Display Solution 

(‘‘EDS’’) allows the purchaser to display 

Depth-of-Book data and connect to an 

Application Programming Interface 

(‘‘API’’) that allows users to export data 

to a display application of their 

choosing.9 EDS is available for Display 

Usage 10 only, and may not be used for 

Non-Display 11 purposes.12

Customers that wish to purchase EDS 

pay a Distributor fee 13 and a per 

Subscriber fee.14 EDS may also be 

purchased through an enterprise license 

for $33,500 per month.15

Proposed Changes 

As explained above, the Exchange 

proposes to add two features to the 

enterprise licenses at Equity 7, Section 

123(c). 

First, the Exchange proposes to 

expand the enterprise license at Section 

123(c)(1), which currently allows 

External Distribution of TotalView only 

to Non-Professional Subscribers with 

whom the firm has a brokerage 

relationship, to allow distribution of 

data externally to Professionals as well 

as Non-Professionals. The Exchange will 

charge no additional fees for this 

external distribution beyond the per 

Subscriber charges already set forth in 

that section. To accomplish this, the 

Exchange proposes to add Professional 

Subscribers to the list of users eligible 

for External Distribution in that 

subsection. 

Second, the Exchange proposes to 

allow a purchaser of any of the 

TotalView enterprise license options 

listed at Section 123(c) to deliver 

TotalView using EDS for the same per 

Subscriber fee paid by a purchaser of 

any of the Section 123(c) enterprise 

licenses. Under the current rule, 

Distributors that subscribe to the 

enterprise depth fees at Section 123(c) 

are exempt from paying EDS Distributor 

fees.16 The proposed change is to add a 

clause exempting such purchasers from 

the EDS per Subscriber fees as well. 

Such customers would pay only the 

applicable per Subscriber fees set forth 

in Section 123(c). 

As a conforming change, the 

Exchange proposes to remove the 

$100,000 enterprise license at Section 

123(c)(2) as redundant. As explained 

above, the newly modified $25,000 

enterprise license at Section 123(c)(1) 

will have exactly the same features that 

the $100,000 at Section 123(c)(2) has 

currently, rendering the latter 

unnecessary. The Proposal also includes 

a number of other minor conforming 

changes to paragraph numbering and 

presentation.17

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,18 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,19 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees, and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The proposed changes are reasonable 

in several respects. As a threshold 

matter, the Exchange is subject to 

significant competitive forces in the 

market for order flow, which constrains 

its pricing determinations. The fact that 

the market for order flow is competitive 

has long been recognized by the courts. 

In NetCoalition v. Securities and 

Exchange Commission, the D.C. Circuit 

stated, ‘‘[n]o one disputes that 

competition for order flow is ‘fierce.’ 

. . . As the SEC explained, ‘[i]n the U.S. 

national market system, buyers and 

sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers’ . . . . ’’ 20 Market data, often 

mistakenly characterized as the 

‘‘exhaust’’ of an exchange, is related to 

order flow because it advertises 

liquidity available on the exchange, 

which encourages firms to send more 

order flow to the exchange. 

The Commission and the courts have 

repeatedly expressed their preference 

for competition over regulatory 

intervention to determine prices, 

products, and services in the securities 

markets. In Regulation NMS, while 

adopting a series of steps to improve the 

current market model, the Commission 

highlighted the importance of market 

forces in determining prices and SRO 

revenues, and also recognized that 

current regulation of the market system 

‘‘has been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 21

Congress directed the Commission to 

‘‘rely on ‘competition, whenever 

possible, in meeting its regulatory 

responsibilities for overseeing the SROs 

and the national market system.’ ’’ 22 As 

a result, the Commission has 

historically relied on competitive forces 

to determine whether a fee proposal is 

equitable, fair, reasonable, and not 

unreasonably or unfairly discriminatory. 


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23See Securities Exchange Act Release No. 59039 

(December 2, 2008), 73 FR 74,770 (December 9, 

2008) (SR–NYSEArca–2006–21). 

24See id. 

25See U.S. Securities and Exchange Commission, 

‘‘Staff Guidance on SRO Rule filings Relating to 

Fees’’ (May 21, 2019), available at https://

www.sec.gov/tm/staff-guidance-sro-rule-filings-fees. 26 15 U.S.C. 78s(b)(3)(A)(ii). 

‘‘If competitive forces are operative, the 

self-interest of the exchanges themselves 

will work powerfully to constrain 

unreasonable or unfair behavior.’’ 23

Accordingly, ‘‘the existence of 

significant competition provides a 

substantial basis for finding that the 

terms of an exchange’s fee proposal are 

equitable, fair, reasonable, and not 

unreasonably or unfairly 

discriminatory.’’ 24 In its 2019 guidance 

on fee proposals, Commission staff 

indicated that they would look at factors 

beyond the competitive environment, 

such as cost, only if a ‘‘proposal lacks 

persuasive evidence that the proposed 

fee is constrained by significant 

competitive forces.’’ 25

This specific Proposal will support 

and expand competition by providing 

customers with more options for 

lowering fees or enhancing services. The 

options available to a particular 

customer depends on that customer’s 

use cases. The Proposal will enable a 

customer that currently purchases the 

$25,000 enterprise license at Section 

123(c)(1) to distribute information 

externally to Professional Subscribers, 

enhancing the value of that license. A 

customer that would otherwise 

purchase the $100,000 enterprise 

license at Section 123(c)(2) would be 

able to obtain the same service for the 

lower monthly fee of $25,000 under the 

proposed modifications. A customer 

that currently purchases the $25,000 

license at proposed Section 123(c)(1) 

and also uses EDS as a delivery method 

would be able to pay the relatively 

lower per Subscriber fees at the 

proposed Section 123(c)(1). A customer 

that pays for the $500,000 enterprise 

license at proposed Section 123(c)(2) 

and uses EDS would be required to pay 

no additional per Subscriber fees at all. 

All of these proposed modifications 

enhance customer choice. If the total 

cost of service based on the underlying 

fees exceeds the cost of the enterprise 

license, the customer will purchase the 

enterprise license to reduce cost; 

otherwise, the customer will not. 

Customer choice—the customer’s ability 

to choose whether or not to purchase an 

enterprise license depending on 

whether the purchase is economically 

advantageous—is a competitive force 

that constrains the ability of the 

Exchange to charge excessive fees for 

enterprise licenses. 

The proposed changes are not unfairly 

discriminatory. As explained above, a 

customer chooses whether to purchase 

an enterprise license based on its 

economic benefits. Customers that 

choose to avail themselves of the 

additional features will benefit. 

Customers that do not choose to 

purchase any of these licenses, or which 

choose not to avail themselves of the 

additional features, will remain 

unaffected. 

The enterprise licenses subject to the 

Proposal are available to all potential 

customers on a non-discriminatory 

basis. They are entirely optional in that 

Nasdaq is not required to offer them and 

customers are not required to purchase 

them. Customers can discontinue their 

use at any time and for any reason, 

including an assessment of the fees 

charged. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange 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. 

Because competitors are free to modify 

their own fees in response to proposed 

changes, the Exchange believes that the 

degree to which fee changes in this 

market may impose any burden on 

competition is extremely limited. 

As explained above, the Proposal will 

support and expand competition by 

providing customers with more options 

for lowering fees or enhancing services. 

Customers that choose to purchase the 

enterprise licenses will benefit from 

lower fees and enhanced features. 

Customers that elect not to purchase the 

enterprise licenses, or not to avail 

themselves of the additional services, 

will remain unaffected. 

Nothing in the Proposal burdens 

inter-market competition (the 

competition among self-regulatory 

organizations) because all selfregulatory organization will have the 

option of proposing changes to their 

own fee schedules. 

Nothing in the Proposal burdens 

intra-market competition (the 

competition among consumers of 

exchange data) because each customer 

will be able to decide whether or not to 

purchase an enterprise license 

depending on whether it is 

economically advantageous for it to do 

so. 

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.26

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– 

NASDAQ–2022–037 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–NASDAQ–2022–037. 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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 126 / Friday, July 1, 2022 / Notices 39573 

27 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Regulatory Notice 16–39 (October 2016) 

(SEC Approves Rule Change to Require Reporting 

of Transactions in U.S. Treasury Securities to the 

Trade Reporting and Compliance Engine (TRACE)); 

see also Securities Exchange Act Release No. 79116 

(October 18, 2016), 81 FR 73167 (October 24, 2016) 

(Order Granting Accelerated Approval of File No. 

SR–FINRA–2016–027). 

4Under Rule 6710(p), a ‘‘U.S. Treasury Security’’ 

means a security, other than a savings bond, issued 

by the U.S. Department of the Treasury (the 

‘‘Treasury Department’’) to fund the operations of 

the federal government or to retire such outstanding 

securities. The term ‘‘U.S. Treasury Security’’ also 

includes separate principal and interest 

components of a U.S. Treasury Security that has 

been separated pursuant to the Separate Trading of 

Registered Interest and Principal of Securities 

(STRIPS) program operated by the Treasury 

Department. 

5FINRA’s TRACE rules apply only to FINRA 

members. However, FINRA notes that certain banks 

that are not FINRA members will begin reporting 

information on transactions in specified fixed 

income securities to TRACE starting on September 

1, 2022 pursuant to requirements adopted by the 

Board of Governors of the Federal Reserve System. 

See Agency Information Collection Activities: 

Announcement of Board Approval Under Delegated 

Authority and Submission to OMB, 86 FR 59716 

(October 28, 2021) (Federal Reserve approval to 

implement the Treasury Securities and Agency Debt 

and Mortgage-Backed Securities Reporting 

Requirements (FR 2956; OMB No. 7100–NEW)). 

6Rule 6750(c)(5) provides that FINRA will not 

disseminate information on U.S. Treasury 

Securities. 

7See Securities Exchange Act Release No. 87837 

(December 20, 2019), 84 FR 71986 (December 30, 

2019) (Order Approving File No. SR–FINRA–2019– 

028). 

8See FINRA Press Release, FINRA Launches New 

Data on Treasury Securities Trading Volume, 

available at https://www.finra.org/media-center/ 

newsreleases/2020/finra-launches-new-datatreasury-securities-trading-volume. 

9As it has done previously, FINRA may also 

continue to modify and enhance the format and 

content of the aggregate U.S. Treasury Security data 

(e.g., by adding aggregate trade count and pricing 

information). For example, in 2021, FINRA 

enhanced the format of the weekly aggregate data 

to include a new maturity category for nominal 

coupons: ‘‘Greater than 10 years and less than or 

equal to 20 years.’’ This category was intended to 

highlight the on-the-run 20-year bond and provide 

volume information for off-the-run Treasury bonds 

whose remaining maturity fall within the maturity 

band. See Technical Notice (April 29, 2021) 

(Enhancements to Weekly Aggregated Reports and 

Statistics for U.S. Treasury Securities). 

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–NASDAQ–2022–037 and 

should be submitted on or before July 

22, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–14064 Filed 6–30–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95165; File No. SR–FINRA– 

2022–017] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing of a 

Proposed Rule Change To Amend 

FINRA Rule 6750 Regarding the 

Publication of Aggregated Transaction 

Information on U.S. Treasury 

Securities 

June 27, 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 23, 

2022, the Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) 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 FINRA. 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 

FINRA is proposing to amend FINRA 

Rule 6750 to provide that FINRA may 

publish or distribute aggregated 

transaction information and statistics on 

U.S. Treasury Securities on a more 

frequent basis. 

The text of the proposed rule change 

is available on FINRA’s website at 

http://www.finra.org, at the principal 

office of FINRA 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, 

FINRA 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. FINRA 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 

On July 10, 2017,3 FINRA members 

began reporting information on 

transactions in U.S. Treasury 

Securities 4 to the Trade Reporting And 

Compliance Engine (TRACE).5

Information reported to TRACE 

regarding individual transactions in 

U.S. Treasury Securities is used for 

regulatory and other official sector 

purposes and is not published or 

disseminated.6 On December 20, 2019, 

the SEC approved amendments to Rule 

6750 (Dissemination of Transaction 

Information) to allow FINRA to publish 

weekly aggregated transaction 

information and statistics on U.S. 

Treasury Securities at no charge (unless 

FINRA submits a rule filing imposing a 

fee for such data).7 Pursuant to amended 

Rule 6750.01(b), on March 10, 2020 

FINRA began posting on its website 

weekly, aggregate data on the trading 

volume of U.S. Treasury Securities 

reported to TRACE.8

FINRA has received favorable 

feedback on the weekly aggregated 

trading volume data for U.S. Treasury 

Securities that is currently made 

available on its website and, in 

consultation with the Treasury 

Department, now believes it would be 

appropriate to increase the cadence of 

this aggregated data. Accordingly, 

FINRA is proposing to amend paragraph 

(b) of Supplementary Material .01 to 

Rule 6750 to delete the word ‘‘weekly’’ 

so as to permit more frequent 

publication of aggregated U.S. Treasury 

Security transaction information and 

statistics, such as on a daily basis.9

FINRA notes that the more frequent 

aggregated U.S. Treasury Security data 

would continue to not identify 

individual market participants or 

transactions, and FINRA would 

continue to not publish aggregated 

transaction information and statistics by 

individual U.S. Treasury Security 

(except for the category of on-the-run 


khammond on DSKJM1Z7X2PROD with NOTICES