Federal Register / Vol. 86, No. 105 / Thursday, June 3, 2021 / Notices 29817 

27 15 U.S.C. 78s(b)(3)(A). 28 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

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. 

29 17 CFR 240.19b–4(f)(6)(iii). 

30See supra note. 

31See Securities Exchange Act Release No. 90686 

(December 16, 2020), 85 FR 83657 (December 22, 

2020) (SR–CboeBZX–2020–090) (Notice of Filing 

and Immediate Effectiveness of a Proposed Rule to 

List and Trade Shares of the Invesco Real Assets 

ESG ETF and the Invesco US Large Cap Core ESG 

ETF, Each a Series of the Invesco Actively Managed 

Exchange-Traded Fund Trust, under Rule 14.11(m) 

(Tracking Fund Shares)). 

32For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

33 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. 90536 

(November 30, 2020), 85 FR 78381 (‘‘Notice’’). 

Comments received on the proposed rule change 

are available on the Commission’s website at: 

https://www.sec.gov/comments/sr-cboe-2020-106/ 

srcboe2020106.htm. 

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

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

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 27 and Rule 19b– 

4(f)(6) thereunder.28

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act normally does not become operative 

for 30 days after the date of its filing. 

However, Rule 19b–4(f)(6)(iii) 29 permits 

the Commission to designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has requested 

that the Commission waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Exchange states that the 

Commission has previously approved 

proposed rule changes to permit listing 

and trading on the Exchange of Active 

Proxy Portfolio Shares similar to the 

Fund.30 The Exchange also states that 

the Commission has previously issued a 

notice of filing and immediate 

effectiveness for a proposed rule change 

relating to the proposed listing on a 

national securities exchange of other 

issues of Active Proxy Portfolio Shares 

similar to the Fund.31 For these reasons, 

the Commission believes that waiver of 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change operative upon 

filing.32

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– 

NYSEArca–2021–44 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–NYSEArca–2021–44. 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–NYSEArca–2021–44 and 

should be submitted on or before June 

24, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.33

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–11610 Filed 6–2–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92040; File No. SR–CBOE– 

2020–106] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Designation 

of a Longer Period for Commission 

Action on Proceedings To Determine 

Whether To Approve or Disapprove a 

Proposed Rule Change, as Modified by 

Amendment No. 1, To Amend Its Rules 

Regarding the Minimum Increments for 

Electronic Bids and Offers and 

Exercise Prices of Certain FLEX 

Options and Clarify in the Rules How 

the System Ranks FLEX Option Bids 

and Offers for Allocation Purposes 

May 27, 2021. 

On November 16, 2020, Cboe 

Exchange, Inc. filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

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

of 1934 (‘‘Exchange Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to amend its rules regarding the 

minimum increments for electronic bids 

and offers and exercise prices of certain 

FLEX options and clarify how the 

system ranks FLEX option bids and 

offers for allocation purposes. On 

November 30, 2020, the Exchange filed 

Amendment No. 1 to the proposed rule 

change, which amended and replaced 

the proposed rule change in its entirety. 

The Commission published notice of the 

proposed rule change, as modified by 

Amendment No. 1, in the Federal 

Register on December 4, 2020.3 On 

January 14, 2021, pursuant to Section 

19(b)(2) of the Exchange Act,4 the 

Commission designated a longer period 

within which to approve the proposed 

rule change, disapprove the proposed 


khammond on DSKJM1Z7X2PROD with NOTICES
29818 Federal Register / Vol. 86, No. 105 / Thursday, June 3, 2021 / Notices 

5See Securities Exchange Act Release No. 90926, 

86 FR 6710 (January 22, 2021). The Commission 

designated March 4, 2021, as the date by which the 

Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

disapprove, the proposed rule change. 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 91257, 

86 FR 13769 (March 10, 2021). 

8 15 U.S.C. 78s(b)(2). 

9See supra note 3. 

10 15 U.S.C. 78s(b)(2). 

11 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

3The Exchange originally filed to establish a fee 

schedule of listing fees for issuers of primary equity 

securities on January 22, 2020 (SR–LTSE–2020–02). 

On January 30, 2020, SR–LTSE–2020–02 was 

withdrawn and replaced by SR–LTSE–2020–03. See 

Securities Exchange Act Release No. 88133 

(February 6, 2020), 85 FR 8048 (February 12, 2020). 

4 ‘‘Primary Equity Security’’ means a Company’s 

first class of Common Stock, Ordinary Shares, 

Shares or Certificates of Beneficial Interest of Trust, 

Limited Partnership Interests or American 

Depositary Receipts (‘‘ADRs’’) or Shares (‘‘ADSs’’). 

See Rule 14.002(a)(24). 

5See supra note 3. 

6See LTSE Rule 14.601(a)(1)(iv). 

7The Annual Listing Fee, which would be 

assessed for calendar year 2022 for a Company 

listing on LTSE in 2021, is not affected by the 

proposed rule change. 

8May 31, 2021 is the 150th trading day out of a 

total of 252 trading days in calendar year 2021. 

9See supra note 3. 

rule change, or institute proceedings to 

determine whether to disapprove the 

proposed rule change.5 On March 4, 

2021, the Commission instituted 

proceedings under Section 19(b)(2)(B) of 

the Exchange Act 6 to determine 

whether to approve or disapprove the 

proposed rule change.7

Section 19(b)(2) of the Act 8 provides 

that, after initiating proceedings, the 

Commission shall issue an order 

approving or disapproving the proposed 

rule change not later than 180 days after 

the date of publication of notice of filing 

of the proposed rule change. The 

Commission may extend the period for 

issuing an order approving or 

disapproving the proposed rule change, 

however, by not more than 60 days if 

the Commission determines that a 

longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for comment in 

the Federal Register on December 4, 

2020.9 The 180th day after publication 

of the Notice is June 2, 2021. The 

Commission is extending the time 

period for approving or disapproving 

the proposal for an additional 60 days. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to issue an order 

approving or disapproving the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change, as 

modified by Amendment No. 1. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,10

designates August 1, 2021, as the date 

by which the Commission shall either 

approve or disapprove or the proposed 

rule change (File Number SR–CBOE– 

2020–106), as modified by Amendment 

No. 1. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–11607 Filed 6–2–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92055; File No. SR–LTSE– 

2021–03] 

Self-Regulatory Organizations; LongTerm Stock Exchange; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Relating to a 

Temporary Reduction in the Initial 

Listing Fee 

May 27, 2021. 

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 18, 

2021, Long-Term Stock Exchange 

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

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II, 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 

LTSE proposes a rule change to 

temporarily reduce by half the schedule 

of Initial Listing Fees for issuers’ 

Primary Equity Securities on LTSE in 

light of the competitive market for 

listings and the ongoing disruptions 

caused by the global COVID–19 

pandemic.3 The Initial Listing fees 

would revert to their prior levels 

beginning on January 1, 2022. 

The text of the proposed rule change 

is available at the Exchange’s website at 

https://longtermstockexchange.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 these statements may be examined at 

the places specified in Item IV below. 

The self-regulatory organization 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 on the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange is filing this proposed 

rule change to amend Rule 14.601 to 

temporarily reduce by half the schedule 

of Initial Listing Fees for issuers’ 

Primary Equity Securities on LTSE in 

light of the competitive market for 

listings and the ongoing disruptions 

caused by the global COVID–19 

pandemic.4 The Initial Listing fees 

would revert to their prior levels 

beginning on January 1, 2022. 

1. Initial Listing Fee 

The Initial Listing Fee in LTSE Rule 

14.601(a)(1) is determined based on the 

market capitalization of the Company 

when it lists on the Exchange.5

The amount of such fee is set forth in 

the fee table LTSE Rule 14.601(a)(3). 

The Initial Listing Fee is prorated based 

on the number of trading days in the 

year remaining at the time of a 

Company’s initial listing.6 The proposed 

rule change would reduce the Initial 

Listing Fee in each listing tier for the 

remainder of 2021 by 50% while also 

retaining the proration calculation as set 

forth in the Rule.7 Thus, for example, a 

Company with market capitalization up 

to $1 billion listing on LTSE on May 31, 

2021, would have an Initial Listing Fee 

of $44,642.50 ($75,000 × 150/252).8

Prior to the proposed rule change, the 

Initial Listing Fee would have been 

$89,285.00 ($150,000 × 150/252). 

Beginning January 1, 2022, the Initial 

Listing Fees and Annual Listing Fees 

would revert to the levels as originally 

adopted in Rule 14.601.9

The Exchange believes that it is 

appropriate to temporarily reduce the 

listing fees amount by half for the 

remainder of 2021. The market for 

listings is highly competitive and the 

Exchange believes that a temporary 


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