60 Day Notice

Federal Register / Vol. 86, No. 156 / Tuesday, August 17, 2021 / Notices
securities markets. Specifically, in
Regulation NMS, 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.’’ 20 The
fact that this market is competitive has
also long been recognized by the courts.
In NetCoalition v. Securities and
Exchange Commission, the D.C. Circuit
stated as follows: ‘‘[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’. . . .’’.21 Accordingly, the
Exchange does not believe its proposed
fee change imposes any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.

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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)
of the Act 22 and paragraph (f) of Rule
19b–4 23 thereunder. At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission will institute proceedings
to determine whether the proposed rule
20 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).
21 NetCoalition v. SEC, 615 F.3d 525, 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)).
22 15 U.S.C. 78s(b)(3)(A).
23 17 CFR 240.19b–4(f).

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change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
• 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–
CboeBZX–2021–055 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–CboeBZX–2021–055. 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–CboeBZX–2021–055 and
should be submitted on or before
September 7, 2021.

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For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–17538 Filed 8–16–21; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–560; OMB Control No.
3235–0622]

Electronic Comments

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Proposed Collection; 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:
Interagency Statement on Sound Practices

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’’) is soliciting comments
on the existing collection of information
provided for in the proposed
Interagency Statement on Sound
Practices Concerning Elevated Risk
Complex Structured Finance
Transactions (‘‘Statement’’) under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) (‘‘Exchange Act’’) and
the Investment Advisers Act of 1940 (15
U.S.C. 80b et seq.) (‘‘Advisers Act’’). The
Commission plans to submit this
existing collection of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
The Statement was issued by the
Commission, together with the Office of
the Comptroller of the Currency, the
Board of Governors of the Federal
Reserve System, the Federal Deposit
Insurance Corporation, and the Office of
Thrift Supervision (together, the
‘‘Agencies’’), in May 2006. The
Statement describes the types of internal
controls and risk management
procedures that the Agencies believe are
particularly effective in assisting
financial institutions to identify and
address the reputational, legal, and
other risks associated with elevated risk
complex structured finance
transactions.
The primary purpose of the Statement
is to ensure that these transactions
receive enhanced scrutiny by the
institution and to ensure that the
institution does not participate in illegal
or inappropriate transactions.
24 17

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CFR 200.30–3(a)(12).

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46034

Federal Register / Vol. 86, No. 156 / Tuesday, August 17, 2021 / Notices

The Commission estimates that
approximately 5 registered brokerdealers or investment advisers will
spend an average of approximately 25
hours per year complying with the
Statement. Thus, the total time burden
is estimated to be approximately 125
hours per year.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information collected; and (d)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
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.
Please direct your written comments
to: David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549, or send an email to: PRA_
[email protected].
Dated: August 11, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION

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Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend the MIAX Fee
Schedule To Adopt a Tiered-Pricing
Structure for Certain Connectivity Fees
August 11, 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 July 30,

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The Exchange is filing a proposal to
amend the MIAX Options Fee Schedule
(the ‘‘Fee Schedule’’) to amend certain
connectivity fees.
The text of the proposed rule change
is available on the Exchange’s website at
http://www.miaxoptions.com/rulefilings, at MIAX’s principal office, 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.

1. Purpose

[Release No. 34–92643; File No. SR–MIAX–
2021–35]

U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.

I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change

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

[FR Doc. 2021–17533 Filed 8–16–21; 8:45 am]

1 15

2021, Miami International Securities
Exchange LLC (‘‘MIAX’’ 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.

The Exchange proposes to amend the
Fee Schedule to adopt a tiered-pricing
structure for the 10 gigabit (‘‘Gb’’) ultralow latency (‘‘ULL’’) fiber connection
available to Members 3 and nonMembers. The Exchange believes a
tiered-pricing structure will encourage
Members and non-Members to be more
efficient and economical when
determining how to connect to the
Exchange. This should also enable the
Exchange to better monitor and provide
access to the Exchange’s network to
3 The term ‘‘Member’’ means an individual or
organization approved to exercise the trading rights
associated with a Trading Permit. Members are
deemed ‘‘members’’ under the Exchange Act. See
Exchange Rule 100.

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ensure sufficient capacity and headroom
in the System.4
10Gb ULL Tiered-Pricing Structure
The Exchange proposes to amend
Sections (5)(a)–(b) of the Fee Schedule
to provide for a tiered-pricing structure
for 10Gb ULL connections for Members
and non-Members. Currently, the
Exchange assesses Members and nonMembers a flat monthly fee of $10,000
per 10Gb ULL connection for access to
the Exchange’s primary and secondary
facilities.
The Exchange now proposes to move
from a flat monthly fee per connection
to a tiered-pricing structure per
connection under which the monthly
fee would vary depending on the
number of 10Gb ULL connections each
Member or non-Member elects to
purchase per exchange. Specifically, the
Exchange proposes to decrease the fee
for the first and second 10Gb ULL
connections for each Member and nonMember from the current flat monthly
fee of $10,000 to $9,000 per connection.
To encourage more efficient
connectivity usage, the Exchange
proposes to increase the per connection
fee for Members and non-Members that
purchase more than two 10Gb ULL
connections. Specifically, (i) the third
and fourth 10Gb ULL connections for
each Member or non-Member will
increase from the current flat monthly
fee of $10,000 to $11,000 per
connection; and (ii) for the fifth 10Gb
ULL connection, and for each 10Gb ULL
connection for each Member and nonMember purchased thereafter, the fee
will increase from the flat monthly fee
of $10,000 to $13,000 per connection.
The proposed 10Gb ULL tiered-pricing
structure and fees are collectively
referred to herein as the ‘‘Proposed
Access Fees.’’
The Exchange will continue to assess
monthly Member and non-Member
network connectivity fees for
connectivity to the primary and
secondary facilities in any month the
Member or non-Member is credentialed
to use any of the MIAX APIs or market
data feeds in the production
environment. The Exchange proposes to
pro-rate the fees when a Member or nonMember makes a change to the
connectivity (by adding or deleting
connections) with such pro-rated fees
based on the number of trading days
that the Member or non-Member has
been credentialed to utilize any of the
MIAX APIs or market data feeds in the
production environment through such
4 The term ‘‘System’’ means the automated
trading system used by the Exchange for the trading
of securities. See Exchange Rule 100.

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