60 Day Notice

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Federal Register / Vol. 87, No. 225 / Wednesday, November 23, 2022 / Notices

or the Agreement State equivalent
forms, are used by low-level radioactive
waste (LLW) collectors and processors
that are shipping LLW attributed to
others for disposal at a licensed land
disposal facility. NRC Form 542/542A,
combined with NRC Forms 540/540A
and 541/541A, are collectively referred
to as the Uniform Low-Level
Radioactive Waste Manifest forms. The
disposal facilities and their Agreement
State regulators, where applicable, use
the information found on the forms to
ensure waste disposal meets the
requirements in part 61 of title 10 of the
Code of Federal Regulations (10 CFR)
for the protection of the public and
environment. The NRC does not collect
or retain data on the forms and the
forms are not sent to or received by the
NRC. NRC Form 541/541A and NRC
Form 542/542A are (1) mailed or
electronically transferred to the
intended consignee prior to the
shipment arriving at the consignee or (2)
delivered with the waste to the
consignee. NRC Form 540 and 540A are
required to be with the shipment
regardless of which of the above
methods is chosen.
6. Who will be required or asked to
respond: NRC Form 542 and
continuation Form 542A are completed
by collectors and processors of LLW
intended for ultimate disposal at a
licensed land disposal facility.
7. The estimated number of annual
responses: 623.
8. The estimated number of annual
respondents: 71.
9. The estimated number of hours
needed annually to comply with the
information collection requirement or
request: 467.
10. Abstract: The NRC Form 542,
completed by LLW collectors and
processors, contains information needed
to satisfy the waste manifesting
requirements of the NRC’s 10 CFR part
20 and information on the attribution of
the waste. Each waste container shipped
from a waste collector or processor may
contain waste from several different
generators. Tracking the identity of the
original waste generator becomes more
complicated when the waste forms,
dimensions, or packaging are changed
by the waste processor. These forms are
used to attribute the waste to the
original generator for regional waste
compact tabulation. The information
provided on the NRC Form 542 permits
the States and Compacts to know the
original generators of LLW, as
authorized by the Low-Level
Radioactive Waste Policy Amendments
Act of 1985, so they can ensure that
waste is disposed of in the appropriate
Compact. NUREG/BR–0204, Rev. 3,

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contains instructions for completing
NRC Forms 540, 540A, 541, 541A, 542,
and 542A. The forms were originally
developed by the NRC at the request of
low-level waste industry groups. The
forms are intended to provide
uniformity and efficiency in the
collection of information contained in
manifests which are required to control
transfers of LLW intended for disposal
at a land disposal facility. However, as
stated in 10 CFR part 20, Appendix G,
‘‘Licensees need not use originals of
these NRC Forms as long as any
substitute forms are equivalent to the
original documentation in respect to
content, clarity, size, and location of
information . . .’’ The NRC previously
noticed the availability of revisions to
the Uniform Low-Level Radioactive
Waste Manifest Forms in the Federal
Register on June 25, 2021 (86 FR 33783).
The information collection contained in
the current extension request does not
include any material changes to the
forms, except for: (1) changes to the
Paperwork Reduction Act statement to
indicate that licensees may use
equivalent forms, and (2) the deletion of
the expiration date.
Dated: November 17, 2022.
For the Nuclear Regulatory Commission.
David C. Cullison,
NRC Clearance Officer, Office of the Chief
Information Officer.
[FR Doc. 2022–25485 Filed 11–22–22; 8:45 am]
BILLING CODE 7590–01–P

OFFICE OF PERSONNEL
MANAGEMENT
Notice of Submission for a New
Information Collection Common Form:
Personnel Vetting Questionnaire
Office of Personnel
Management.
ACTION: 60-Day notice and request for
comments.
AGENCY:

The Office of Personnel
Management (OPM) offers the
opportunity to comment on a new
information collection request (ICR)
titled Personnel Vetting Questionnaire
(PVQ). The proposed information
collection will streamline multiple
existing information collections, as well
as the renewal cycle for them,
commensurate with on-going efforts to
improve personnel vetting processes
and the experience of individuals
undergoing personnel vetting. OPM is
proposing to discontinue the
information collections for OMB control
numbers 3206–0261, 3206–0258, and
3206–0005 as these information

SUMMARY:

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collections will become parts of the new
Personnel Vetting Questionnaire
information collection and assigned a
new OMB control number.
DATES: Comments are encouraged and
will be accepted until January 23, 2023.
ADDRESSES: You may submit comments,
identified by docket number and/or
Regulatory Information Number (RIN)
and title, by the following method:
—Federal Rulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
All submissions received must
include the agency name and docket
number or RIN for this document. The
general policy for comments and other
submissions from members of the public
is to make these submissions available
for public viewing at http://
www.regulations.gov as they are
received without change, including any
personal identifiers or contact
information.
FOR FURTHER INFORMATION CONTACT: A
copy of this ICR, with applicable
supporting documentation, may be
obtained by email to SuitEAforms@
opm.gov, or by contacting Alexys
Stanley, 202–606–1800, or U.S. Office of
Personnel Management, Suitability
Executive Agent Programs, P.O. Box
699, Slippery Rock, PA 16057.
SUPPLEMENTARY INFORMATION: As
required by the Paperwork Reduction
Act of 1995 (Pub. L. 104–13, 44 U.S.C.
chapter 35) as amended by the ClingerCohen Act (Pub. L. 104–106), OPM is
soliciting comments for this collection
(OMB No. 3206–XXXX). OPM is
particularly interested in comments
that:
1. Evaluate whether the proposed
collection of information is necessary
for the proper performance of functions
of the agency, including whether the
information will have practical utility;
2. Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the
methodology and assumptions used;
3. Enhance the quality, utility, and
clarity of the information to be
collected; and
4. Minimize the burden of the
collection of information on those who
are to respond, including through the
use of appropriate automated,
electronic, mechanical, or other
technological collection techniques or
other forms of information technology,
e.g., permitting electronic submissions
of responses.
Background
The PVQ will be a common form and
will consolidate the following ICRs:

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Federal Register / Vol. 87, No. 225 / Wednesday, November 23, 2022 / Notices
Office of Management and Budget
(OMB) No. 3206–0261 Questionnaire for
Non-Sensitive Positions (SF 85), OMB
No. 3206–0258 Questionnaire for Public
Trust Positions and Supplemental
Questionnaire for Selected Positions (SF
85P and SF 85P–S), and OMB No. 3206–
0005 Questionnaire for National
Security Positions (SF 86) into one
comprehensive information collection,
consisting of four parts. As a ‘‘common
form’’ this information collection will
be hosted by the OPM and other
agencies can request authorization to
use the collection from OMB. Individual
respondents will be asked to complete
only the parts that are appropriate to the
risk and sensitivity of their position,
also known as their position
designation, as directed by the federal
agency requesting their background
investigation consistent with guidance
issued by OPM and the Office of the
Director of National Intelligence as the
Suitability and Credentialing Executive
Agent and the Security Executive Agent,
respectively.
As appropriate to the risk and
sensitivity of an individual’s position,
questions contained within the
proposed personnel vetting
questionnaire will be used by the U.S.
Government in conducting personnel
vetting investigations for persons under
consideration for, or retention in, low
risk, public trust, and/or national
security positions as defined in 5 CFR
731 and 5 CFR 1400, including
individuals requiring eligibility for
access to classified information under
Executive Order 12968, as amended.
This questionnaire will also be used
for making trust determinations
associated with an individual’s initial
and ongoing suitability or fitness for
Federal employment, fitness for contract
employment, eligibility to hold a
sensitive position or for access to
classified information, or eligibility for
physical and logical access to federally
controlled facilities or information
systems.

OPM serves as the sponsor for the
common form PVQ, collecting
comments as well as posting the
information collection; however, OPM
works closely with the Office of the
Director of National Intelligence (ODNI),
National Counterintelligence and
Security Center to develop and propose
content, since the information collected
is used for background investigations
that are under the purview of OPM as
the Suitability and Credentialing
Executive Agent and ODNI as the
Security Executive Agent, pursuant to
Executive Order 13467, as amended.
The information collection is used for
background investigations conducted by
the Defense Counterintelligence and
Security Agency (DCSA), the
Government’s primary background
investigations provider and other
authorized investigating agencies. The
information is used by federal agencies
in making trust determinations as
described above.
OPM is requesting clearance of the
comprehensive personnel vetting
questionnaire that contains all of the
potential questions that could be asked
of individuals undergoing personnel
vetting investigations; however, the
respondent completing the form will
only be asked to complete the questions
required for their position risk and
designation. The higher the risk and
sensitivity of the position, the greater
the information collection. Part A of the
PVQ contains a set of core required
questions that will be required of all
individuals undergoing a background
investigation. Part B contains additional
questions that will be required of
individuals in non-sensitive public trust
positions as well as individuals in
sensitive positions, and Part C contains
further questions that will be required
only of individuals in sensitive
positions.
Currently, there are multiple standard
form questionnaires for personnel
vetting investigations:
• The SF 85, Questionnaire for NonSensitive Positions, completed by

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Position designation

Current form

Non-Sensitive Low Risk ..........................................................................
Non-Sensitive Moderate Risk Public Trust .............................................
Non-Sensitive High Risk Public Trust .....................................................
Non-Critical Sensitive Moderate Risk Public Trust .................................
Critical-Sensitive High Risk Public Trust .................................................
Special-Sensitive High Risk Public Trust ................................................
Non-Sensitive Moderate Risk or High Risk Law Enforcement Position
as specified by an agency.

Part A contains questions covering the
following areas:
• Introduction

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individuals in non-sensitive low risk
positions. This will be replaced by Part
A of the PVQ.
• The SF 85P, Questionnaire for
Public Trust Positions, completed by
individuals in non-sensitive moderate
risk and high-risk positions. The SF 85P
will be replaced by Parts A and B of the
PVQ.
• The SF 86, Questionnaire for
National Security Positions, completed
by individuals in national security
positions, as the term is defined at 5
CFR part 1400, including individuals
requiring eligibility for access to
classified information under E.O. 12968.
The SF 86 will be replaced by Parts A,
B, and C of the PVQ.
• Individuals in certain law
enforcement positions may also
complete the supplemental form SF
85P–S, Supplemental Questionnaire for
Selected Positions. The SF 85P–S will
be replaced by Part D of the PVQ.
Questions within the PVQ will be
presented to individuals in the
electronic application system of the
Defense Counterintelligence and
Security Agency (DCSA) that is the
successor to the Electronic
Questionnaires for Investigations
Processing (e-QIP) system. As in e-QIP
today, the questions will branch to
collect additional details as appropriate
to the individual’s response. For
example, if a respondent responds
affirmatively to a question regarding
foreign travel, the question will expand
to ask for the country, dates of travel,
and other details. In this sense, the
information collection is tailored to the
individual’s personal history and the
burden on the individual will vary
depending on the extent to which each
individual has relevant information to
provide.
For further clarity, below is a
comparison, by position designation, of
the current forms required and the parts
of the PVQ that will be required to be
completed.

SF
SF
SF
SF
SF
SF
SF

85 .............................................
85P ...........................................
85P ...........................................
86 .............................................
86 .............................................
86 .............................................
85P and SF 85P–S ..................

• General Information
• U.S. Passport Information
• U.S. Citizenship Information

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PVQ part

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Part
Part
Part
Part
Part
Part
Part

A.
A and Part B.
A and Part B.
A, Part B, and Part C.
A, Part B and Part C.
A, Part B and Part C.
A, Part B, and Part D.

• Additional Citizenships
• Residences
• Education

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Federal Register / Vol. 87, No. 225 / Wednesday, November 23, 2022 / Notices

• Employment Activities
• Other Federal Employment
• U.S. Military and U.S. Uniform
Service
• People Who Know You Well
• Police Record
• Drug Activity
• Marijuana and Cannabis-Derivative
Use
• U.S. Personnel Vetting Investigations,
Security Clearances, and Federal
Debarments
• Federal Debt
• Information Technology Systems
• Handling Protected Information
• Associations
Part B contains the following
additional areas:
• Continuation Questions for Sections
4,5, 6, 7, and 11
• Use of Alcohol and Rehabilitative
Actions
• Relationship Status
• Relatives
• Foreign Travel
• Financial Record
• Civil Court Actions
Part C contains the following
additional areas:
• Continuation Questions for Section 9
• Foreign Contacts
• Foreign Financial Interest and Foreign
Benefits
• Foreign Business Affairs and Foreign
Government Activities
• Psychological and Emotional Health
• Criminal Convictions Resulting in
Sentences Over One Year
Part D contains the following areas:
• Psychological and Emotional Health
Streamlining the multiple existing
information collections into parts that
build upon one another according to the
risk and sensitivity of the position will
allow for greater efficiency in vetting
processes and reduce the burden on
individuals who move to positions of
greater risk or sensitivity. The PVQ will
introduce the ability to collect the
additional part(s) needed for the
position rather than requiring the
individual to start from scratch with a
different investigative questionnaire.
This practice will align with the
streamlined personnel vetting
investigative requirements for transfer of
trust and upgrades as issued by OPM
and ODNI under the Trusted Workforce
2.0 transformation of personnel vetting.
In addition to enhancing the experience
of individuals undergoing personnel
vetting and providing efficiencies for
federal agencies’ personnel vetting
processes, the PVQ will consolidate the
renewal cycle and process for the
personnel vetting information
collections, thereby reducing the level

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of effort and resources required for
managing multiple renewal cycles.
In comparison to the content of the
current investigative questionnaires, the
content of each part of the PVQ uses
more plain language to collect
information from the respondents and
provides additional explanations to the
respondents regarding the reasons for
the questions. To the extent practicable,
the framing of more complex questions
has been simplified and avoids ‘‘doublebarreled’’ questions. While some
questions in Part A have been expanded
to cover a greater scope of time, the
overall effect of streamlining the
collection into parts that build upon
each other in support of the Trusted
Workforce investigative standards is a
general reduction in the scope of time
covered by the questions.
Other differences between the PVQ
and the current investigative
questionnaires are provided as follows:
Sex and Gender. Unlike the current
investigative questionnaires, the PVQ
does not require the respondent to
indicate ‘‘Male’’ or ‘‘Female.’’ Data
collection on sex has traditionally been
used to assist in identity matching for a
small number of data checks in the
investigative process. However, over
time, the utility of this information for
data matching has been reduced by
changes at the state and municipality
level. At present, approximately 45
states allow an individual to amend
their birth certificate to match their
gender. A subset of 15 states allows an
individual to choose a non-binary
option. The process to change these
records varies from self-certification to
requiring court orders, depending on the
jurisdiction. Similarly, states and
municipalities vary on how they code
certain records checked in
investigations. Given the variables in
data fields used by various records
providers and the possibility that an
individual’s self-identified sex may
differ than what was previously
provided (such as at the time of a past
arrest), the effectiveness of using an
individual’s self-identified sex as a tool
for identity verification/validation has
decreased. While additional fields could
be added to the questionnaire,
workarounds would be required to
accomplish data matching due to the
way vital records and criminal history
repositories maintain the information
and because an individual’s selfidentification may change over time.
Ultimately, OPM and ODNI concluded
that asking the respondent to indicate
‘‘Male’’ or ‘‘Female’’ no longer has
utility in the investigative process to
justify the burden of requiring it from
respondents.

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The PVQ uses gender inclusive
terminology, such as parent and sibling,
rather than terms that are not gender
inclusive, such as mother, father, sister,
brother. OPM and ODNI considered
whether changes to use gender inclusive
terminology would have any adverse
consequences for effective background
investigation and adjudication
processing. OPM and ODNI concluded
that changing terminology on the forms
to be gender inclusive would not
adversely affect personnel vetting
processes.
The PVQ retains the requirement to
provide ‘‘Other Names Used’’ as OPM
and ODNI considered the necessity of
this collection and determined that this
collection is necessary for properly
conducting background investigations of
individuals. Recognizing that this
collection is particularly sensitive for
transgender and gender non-conforming
and non-binary employees and
applicants, the PVQ includes new
instruction language designed to help
mitigate privacy concerns by clarifying
how the collected information will be
used during the personnel vetting
process.
These aspects of the PVQ are
consistent with Administration
priorities. On June 15, 2021, President
Biden issued Executive Order (E.O.)
14035, on Diversity, Equity, Inclusion,
and Accessibility in the Federal
Workforce, which established DEIA as
priorities for the Administration and
established additional procedures to
advance these priorities across the
Federal workforce. E.O. 14035
reaffirmed support for, and built upon,
the procedures established by E.O.s
13583, 13988, and 14020, the
Presidential Memorandum on
Promoting Diversity and Inclusion in
the National Security Workforce, and
the National Security Memorandum on
Revitalizing America’s Foreign Policy
and National Security Workforce,
Institutions, and Partnerships (NSM–3).
E.O. 14035 directed that the Director
of National Intelligence, in consultation
with the Director of OPM and the heads
of agencies, ‘‘take steps to mitigate any
barriers in security clearance and
background investigation processes for
LGBTQ+ employees and applicants, in
particular transgender and gender nonconforming and non-binary employees
and applicants.’’ Taken together with
the NSM–3 direction to assess
additional reforms to eliminate bias
within personnel vetting processes,
OPM and ODNI have embarked upon
initiatives to improve federal personnel
vetting processes in support of DEIA in
the federal workforce.

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Federal Register / Vol. 87, No. 225 / Wednesday, November 23, 2022 / Notices
Selective Service. Questions regarding
Selective Service registration are no
longer included as employing agencies
collect necessary information regarding
Selective Service registration earlier in
the process using the Declaration for
Federal Employment (OF 306).
Confirmation of registration is available
to agencies as a service during the hiring
and staffing process and is no longer
automatically included as part of the
personnel vetting background
investigation.
Handling Protected Information. The
PVQ includes questions not included in
the existing investigative questionnaires
that inquire as to whether the
respondent has deliberately violated
rules or regulations for safeguarding
protected information. In addition,
questions regarding use of information
technology systems that were previously
asked of public trust positions and
national security positions are now
presented to all respondents in Part A.
These questions are appropriate for all
respondents as they are relevant to
inform decisions regarding eligibility to
be issued a federal personal identity
credential permitting access to federal
facilities and information systems.
OPM’s July 31, 2008, Final
Credentialing Standards for Issuing
Personal Identity Verification Cards
under HSPD–12, require consideration
of whether ‘‘There is reasonable basis to
believe the individual will attempt to
gain unauthorized access to classified
documents, information protected by
the Privacy Act, information that is
proprietary in nature, or other sensitive
or protected information,’’ and whether
‘‘There is a reasonable basis to believe
the individual will use Federallycontrolled information systems
unlawfully, make unauthorized
modifications to such systems, corrupt
or destroy such systems, or engage in
inappropriate uses of such systems.’’
Responses to these questions may also
inform suitability determinations
pursuant to OPM’s regulation at 5 CFR
part 731.202 and national security
determinations pursuant to Security
Executive Agent Directive 4, Guideline
K: Handling Protected Information and
Guideline M: Use of Information
Technology, issued June 8, 2017.
Illegal Use of Drugs and Drug
Activity. Questions regarding illegal
drug use on the PVQ are divided into
separate areas to distinguish between
use of marijuana or cannabis derivatives
containing THC and use of other illegal
drugs or controlled substances, in
recognition of changing societal norms.
In addition, the PVQ has a more limited
scope of questioning regarding past use
of marijuana in comparison to other

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illegal drugs. Currently, use of
marijuana by federal employees is
prohibited, while past use of marijuana
by applicants is evaluated on a case-bycase basis when agencies make trust
determinations. Given the legal
landscape at the state level regarding
use of marijuana, distinguishing
between past marijuana use and use of
other illegal drugs on the PVQ may
improve the pool of applicants for
federal employee and federal contractor
positions.
Association Record. OPM and ODNI
conducted a careful review of the
questions regarding association record
on the existing investigative
questionnaires. The PVQ contains some
new questions as well as some updated
questions that have been modified to
reduce complexity and further compel
candid responses. As with all aspects of
PVQ, the information collection serves
to inform investigations that are the
basis for personnel vetting
determinations, consistent with OPM’s
guidance for credentialing, suitability,
and fitness determinations and ODNI’s
guidance for national security positions,
as applicable.
The Association Record aspects of the
PVQ are also consistent with
Administration priorities. On his first
full day in office, President Biden
directed his national security team to
lead a 100-day comprehensive review of
U.S. Government efforts to address
domestic terrorism. As part of that
review, interagency experts identified
the possibility that domestic terrorists
could attempt to exploit or abuse
authoritative positions or sensitive
access and recommended potential
modifications for consideration as part
of the periodic update of the SF 85, 85P
and 86.
As noted in the Administration’s June
2021 National Strategy for Countering
Domestic Terrorism, ‘‘Pre-employment
background checks and re-investigations
for government employees are a critical
screening process that must account for
all possible terrorist threats.’’ Strategic
Goal 3.3 of the Strategy, ‘‘Ensure that
screening and vetting processes
consider the full range of terrorism
threats’’ recommended augmenting
personnel vetting screening processes
by considering changes to the
investigative questionnaires, as
recommended by the interagency
experts. The objectives of the changes
are to ensure new applicants and
employees undergoing vetting abide by
legal obligations, including in providing
candid and forthright representations
and to prevent individuals who pose
domestic terrorism threats from being
placed in positions of trust.

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71703

Psychological and Emotional Health.
Questions regarding psychological and
emotional health are presented only in
Parts C and D of the PVQ, consistent
with the existing questioning in this
area that is limited to the Questionnaire
for National Security Positions (SF 86)
and the Supplemental Questionnaire for
Selected Positions (SF 85P–S).
The language in the current SF 86 has
been in place since 2016 and was the
outcome of a protracted effort to shift
the focus away from questions about
seeking mental health treatment while
allowing for the collection of
information regarding potentially
serious or uncontrolled conditions that
could substantially affect judgment or
reliability. While the intent this area of
questioning has always been to surface
any concerns regarding the individual’s
judgment or reliability, the approach
has shifted from asking about all mental
health treatment or counseling to a more
tailored set of questions regarding
hospitalization and specific diagnoses.
The PVQ seeks to further reduce
perceived stigma associated with
seeking mental health treatment or
counseling by further limiting the scope
of questioning.
ODNI, as the Security Executive
Agent, convened a working group
through the ODNI National Security
Psychology Leadership Council
(NSPLC) consisting of clinical and
research psychologists with subject
matter expertise in personnel security,
to examine the utility of the
psychological and emotional health
questions on the SF 86. The NSPLC
provided recommendations to improve
the efficacy of the questions while
targeting issues of concern for national
security, addressing perceived stigma,
and protecting privacy.
The resulting questioning in the PVQ
focuses on serious mental health
illnesses that have very low base rates
in the general population. Respondents
receiving treatment or counseling for the
most common mental health issues,
such as depression and anxiety, as well
as those seeking treatment or counseling
after experiencing trauma or other
stressful events, are unlikely to answer
affirmatively to any of the items in the
PVQ. By focusing on the most serious
mental health illness, the PVQ will
assist in enabling security professionals
to screen for significant psychological
and emotional health concerns with the
intent to decrease the risk from insiders
with significant mental illness,
including risk of violence at federal
installations.
Analysis: The following analysis of
the burden associated with this
information collection is specific to

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Federal Register / Vol. 87, No. 225 / Wednesday, November 23, 2022 / Notices

OPM as the agency sponsoring the
common form. Other agencies will be
required to seek expedited approval to
use the common form by submitting
their agency-specific burden analyses to
OMB.
Agency: Office of Personnel
Management.
Title: Personnel Vetting
Questionnaire.
OMB Number: 3206–XXXX.
Frequency: On occasion.
Affected Public: Individuals or
Households.
Number of Respondents: 319.
Estimated Time per Respondent: 140
minutes.
Total Burden Hours: 780 hours.
Office of Personnel Management.
Kellie Cosgrove Riley,
Director, Office of Privacy and Information
Management.
[FR Doc. 2022–25566 Filed 11–21–22; 8:45 am]
BILLING CODE 6325–66–P

Self-Regulatory Organizations; MIAX
PEARL, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Trading Permit
Fees for Market Makers in the MIAX
PEARL Options Fee Schedule
November 17, 2022.

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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 November
15, 2022, MIAX PEARL, LLC (‘‘MIAX
Pearl’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a 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 is filing a proposal to
amend the MIAX Pearl Options Fee
Schedule (the ‘‘Fee Schedule’’) to
amend its monthly Trading Permit 3 fees
for Market Makers.4
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The term ‘‘Trading Permit’’ means a permit
issued by the Exchange that confers the ability to
transact on the Exchange. See Exchange Rule 100.
4 The term ‘‘Market Maker’’ or ‘‘MM’’ means a
Member registered with the Exchange for the

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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.

1. Purpose

[Release No. 34–96338; File No. SR–
PEARL–2022–51]

2 17

II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change

A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change

SECURITIES AND EXCHANGE
COMMISSION

1 15

The text of the proposed rule change
is available on the Exchange’s website at
http://www.miaxoptions.com/rulefilings/pearl at MIAX Pearl’s principal
office, and at the Commission’s Public
Reference Room.

The Exchange proposes to amend the
Fee Schedule to amend the amount and
calculation of the monthly Trading
Permit fees for Market Makers.
Currently, the Exchange assesses
Trading Permit fees based upon the
monthly total volume executed by the
Member 5 and its Affiliates 6 on the
purpose of making markets in options contracts
traded on the Exchange and that is vested with the
rights and responsibilities specified in Chapter VI
of the Exchange Rules. See the Definitions Section
of the Fee Schedule and Exchange Rule 100.
5 The term ‘‘Member’’ means an individual or
organization that is registered with the Exchange
pursuant to Chapter II of Exchange Rules for
purposes of trading on the Exchange as an
‘‘Electronic Exchange Member’’ or ‘‘Market Maker.’’
Members are deemed ‘‘members’’ under the
Exchange Act. See Exchange Rule 100 and the
Definitions Section of the Fee Schedule.
6 ‘‘Affiliate’’ means (i) an affiliate of a Member of
at least 75% common ownership between the firms
as reflected on each firm’s Form BD, Schedule A,
or (ii) the Appointed Market Maker of an Appointed
EEM (or, conversely, the Appointed EEM of an
Appointed Market Maker). An ‘‘Appointed Market
Maker’’ is a MIAX Pearl Market Maker (who does
not otherwise have a corporate affiliation based
upon common ownership with an EEM) that has
been appointed by an EEM and an ‘‘Appointed
EEM’’ is an EEM (who does not otherwise have a
corporate affiliation based upon common
ownership with a MIAX Pearl Market Maker) that
has been appointed by a MIAX Pearl Market Maker,
pursuant to the following process. A MIAX Pearl
Market Maker appoints an EEM and an EEM
appoints a MIAX Pearl Market Maker, for the
purposes of the Fee Schedule, by each completing
and sending an executed Volume Aggregation
Request Form by email to membership@
miaxoptions.com no later than 2 business days
prior to the first business day of the month in which
the designation is to become effective. Transmittal
of a validly completed and executed form to the

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Exchange across all origin types, not
including Excluded Contracts,7 as
compared to the Total Consolidated
Volume (‘‘TCV’’) 8 in all MIAX Pearllisted options. This Trading Permit fee
structure has been in place since 2018.9
The Exchange adopted a tier-based fee
structure based upon the volume-based
tiers detailed in the definition of ‘‘NonTransaction Fees Volume-Based
Tiers’’ 10 in the Definitions section of the
Fee Schedule. The Exchange also
assesses Trading Permit fees based upon
the type of interface used by the
Member to connect to the Exchange—
the FIX Interface 11 and/or the MEO
Interface.12
The Exchange now proposes to amend
the calculation and amount of Trading
Permit fees for Market Makers by
moving away from the above-described
volume tier-based fee structure to
harmonize the Trading Permit fee
structure for Market Makers with that of
the Exchange’s affiliates, Miami
International Securities Exchange, LLC
(‘‘MIAX’’) and MIAX Emerald, LLC
(‘‘MIAX Emerald’’).13 The Exchange also
notes that this proposal is substantially
Exchange along with the Exchange’s
acknowledgement of the effective designation to
each of the Market Maker and EEM will be viewed
as acceptance of the appointment. The Exchange
will only recognize one designation per Member. A
Member may make a designation not more than
once every 12 months (from the date of its most
recent designation), which designation shall remain
in effect unless or until the Exchange receives
written notice submitted 2 business days prior to
the first business day of the month from either
Member indicating that the appointment has been
terminated. Designations will become operative on
the first business day of the effective month and
may not be terminated prior to the end of the
month. Execution data and reports will be provided
to both parties. See the Definitions Section of the
Fee Schedule.
7 ‘‘Excluded Contracts’’ means any contracts
routed to an away market for execution. See the
Definitions Section of the Fee Schedule.
8 ‘‘TCV’’ means total consolidated volume
calculated as the total national volume in those
classes listed on MIAX Pearl for the month for
which the fees apply, excluding consolidated
volume executed during the period of time in
which the Exchange experiences an Exchange
System Disruption (solely in the option classes of
the affected Matching Engine). See the Definitions
Section of the Fee Schedule.
9 See Securities Exchange Act Release No. 82867
(March 13, 2018), 83 FR 12044 (March 19, 2018)
(SR–PEARL–2018–07).
10 See the Definitions Section of the Fee Schedule
for the monthly volume thresholds associated with
each Tier.
11 ‘‘FIX Interface’’ means the Financial
Information Exchange interface for certain order
types as set forth in Exchange Rule 516. See the
Definitions Section of the Fee Schedule and
Exchange Rule 100.
12 ‘‘MEO Interface’’ or ‘‘MEO’’ means a binary
order interface for certain order types as set forth
in Rule 516 into the MIAX Pearl System. See the
Definitions Section of the Fee Schedule and
Exchange Rule 100.
13 See MIAX Fee Schedule, Section 3)b) and
MIAX Emerald Fee Schedule, Section 3)b).

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