30 Day Notice

Federal Register / Vol. 86, No. 161 / Tuesday, August 24, 2021 / Notices
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 15 and Rule 19b–
4(f)(6) thereunder.16
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–
NASDAQ–2021–063 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–2021–063. 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
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15 15

U.S.C. 78s(b)(3)(A).
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, 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.
16 17

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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–NASDAQ–2021–063, and
should be submitted on or before
September 14, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021–18118 Filed 8–23–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–629, OMB Control No.
3235–0719]

Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Exchange Act Rules 13n–1—13n–12; Form
SDR

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rules 13n–1 through 13n–12 (17 CFR
240.13n–1 through 240.13n–12) and
Form SDR (‘‘Rules’’), under the
17 17

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CFR 200.30–3(a)(12).

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47345

Securities Exchange Act of 1934 (15
U.S.C. 78m(n)(3) et seq.).
Under the Rules, security-based swap
data repositories (‘‘SDRs’’) are required
to register with the Commission by
filing a completed Form SDR (the filing
of a completed Form SDR also
constitutes an application for
registration as a securities information
processor (‘‘SIP’’)). SDRs are also
required to abide by certain minimum
standards set out in the Rules, including
a requirement to update Form SDR,
abide by certain duties and core
principles, maintain data in accordance
with the rules, keep systems in
accordance with the Rules, keep
records, provide reports to the
Commission, maintain the privacy of
security-based swaps (‘‘SBSs’’) data,
make certain disclosures, and designate
a Chief Compliance Officer. In addition,
there are a number of collections of
information contained in the Rules. The
information collected pursuant to the
Rules is necessary to carry out the
mandates of the Dodd-Frank Act and
help ensure an orderly and transparent
market for SBSs.
Assuming a maximum of ten SDRs,
the Commission estimates that the total
reporting burden for all of the Rules and
Form SDR for all respondents is 463,493
hours initially, with a total annual
burden thereafter of 270,511.70 hours
totaling approximately 1,275,028 hours.
This equates to approximately
425,009.29 hours per year when
annualized over three years. In addition,
the Commission estimates that the total
cost for all of the Rules and Form SDR
for all respondents is approximately
$103,364,700 initially, with a total
annual cost thereafter of $65,227,720
totaling approximately $299,047,860.
This equates to $99,682,619.90 per year
when annualized over three years. A
detailed break-down of the estimated
burdens and costs is provided in the
supporting statement.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
The public may view background
documentation for this information
collection at the following website:
>www.reginfo.gov<. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to (i) >MBX.OMB.OIRA.SEC_
[email protected]< and (ii)

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47346

Federal Register / Vol. 86, No. 161 / Tuesday, August 24, 2021 / Notices
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 III below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.

David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549, or by sending an email to:
[email protected].
Dated: August 18, 2021.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021–18105 Filed 8–23–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92702; File No. SR–CBOE–
2021–045]

Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Order Granting Accelerated Approval
of a Proposed Rule Change To Amend
Rule 13.15, Which Governs the
Exchange’s Minor Rule Violation Plan
August 18, 2021.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on August 3,
2021, Cboe Exchange, Inc. 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 and approving
the proposal on an accelerated basis.

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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes to amend
Rule 13.15, which governs the
Exchange’s Minor Rule Violation Plan
(‘‘MRVP’’), in connection with certain
minor rule violations, applicable fines,
as well as other clarifying,
nonsubstantive changes. The text of the
proposed rule change is provided in
Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (http://www.cboe.com/
AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
and at the Commission’s Public
Reference Room.
1 15
2 17

U.S.C. 78s(b)(1).
CFR 240.19b–4.

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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
MRVP in Rule 13.15 in connection with
certain minor rule violations, applicable
fines, as well as other clarifying,
nonsubstantive changes. Rule 13.15
provides for disposition of specific
violations through assessment of fines
in lieu of conducting a formal
disciplinary proceeding. Rule 13.15(g)
sets forth the list of specific Exchange
Rules under which a Trading Permit
Holder (‘‘TPH’’) or person associated
with or employed by a TPH may be
subject to a fine for violations of such
Rules and the applicable fines that may
be imposed by the Exchange.
Specifically, the proposed rule change
amends Rule 13.15(g) by: (1)
Eliminating certain rule violations that
the Exchange no longer believes to be
minor in nature; (2) updating the fine
schedule applicable to minor rule
violations related to a Market-Maker’s
failure to meet Exchange quoting
obligations; and (3) making other
nonsubstantive changes.
First, the proposed rule change
removes the following rule violations
and applicable fines from Rule
13.15(g): 3
• Rule 13.15(g)(4), which currently
imposes certain fines for failure to
submit trade information on time and
failure to submit trade information to
the Price Reporter pursuant to Rule 6.1
(Report Transactions to the Exchange); 4
3 As a result of the proposed elimination of
certain rule violations listed under Rule 13.15(g),
the proposed rule change subsequently renumbers
current Rules 13.15(g)(6), (8), (9), (11), (13), (14),
(15), (16), (17), (18), (19) and (20), to Rules
13.15(g)(4), (5), (6), (7), (8), (9), (10), (11), (12), (13),
(14) and (15), respectively.
4 See Rule 6.1(a), which provides that a
participant in each transaction to be designated by
the Exchange must report or ensure the transaction
is reported to the Exchange within 90 seconds of

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• Rule 13.15(g)(5), which currently
imposes certain fines for failure to
honor the firm quote requirements of
Rules 5.52 (Market-Maker Quotes) 5 and
5.59 (Firm Disseminated Market
Quotes), to honor the priority of
marketable priority customer orders
pursuant to Rules 5.32 and 5.85 (which
among other things, govern customer
priority on the Exchange’s trading
floor),6, and to use due diligence in the
execution of orders for which the floor
Trading Permit Holder maintains an
agency obligation pursuant to Rule 5.91
(Floor Broker Responsibilities); 7
• Rule 13.15(g)(7), which currently
imposes certain fines for any individual
Trading Permit Holder who fails for
more than 5% of the Trading Permit
Holder’s transactions in any month to
submit on the date that a transaction is
the execution in a form and manner prescribed by
the Exchange so that the trade information may be
reported to time and sales reports; and Rule 6.1(c),
which provides the Exchange-established procedure
for reporting transactions pursuant to Rule 6.1(a).
5 See Rule 5.52(a), which provides, in relevant
part, that Market-Maker bids and offers are firm for
all orders under this Rule and Rule 602 of
Regulation NMS under the Exchange Act (‘‘Rule
602’’) for the number of contracts specified in the
bid or offer, except if: (1) A system malfunction or
other circumstance impairs the Exchange’s ability
to disseminate or update market bids and offers in
a timely and accurate manner; (2) the level of
trading activities or the existence of unusual market
conditions is such that the Exchange is incapable
of collecting, processing, and making available to
quotation vendors the data for the option in a
manner that accurately reflects the current state of
the market on the Exchange; (3) prior to the
conclusion of the Opening Auction Process; or (4)
any of the circumstances provided in Rule 602(c)(4)
exist.
6 Rule 5.85(a)(2)(A), which provides that Priority
Customer orders in the Book have first priority. If
there are two or more Priority Customer orders in
the Book at the same price, the System prioritizes
them in the order in which the System received
them (i.e., in time priority). The Exchange notes that
customer priority for electronic executions is
systematically enforced. See Rule 5.32(a)(2)(A).
7 See Rule 5.91(a), which provides that a Floor
Broker handling an order must use due diligence to
execute the order at the best price or prices
available to him or, in accordance with the Rules.
Use of due diligence in handling and executing an
order includes: (1) Announcing to the trading
crowd a request for quotes; (2) taking the necessary
measures to ensure the proper execution of an order
in accordance with firm quote obligations in Rule
5.52, including the executable quantity of a quote
from the trading crowd; (3) the immediate and
continuous representation at the trading station
where the applicable class trades of the following
types of orders: (A) Market orders; (B) limit orders
to sell where the specified price is at or below the
current offer or; and (C) limit orders to buy where
the specified price is at or above the current bid;
(4) subject to the requirement to systematize orders
prior to representation pursuant to Rule 5.7(f),
electronically recording the time via a PAR
workstation at which the Floor Broker initially
represents the order to the trading crowd; and (5)
prioritizing the Floor Broker’s agency business over
the Floor Broker’s liquidation orders (which
liquidation orders are described in Rule 5.91(d)).

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