30 Day Notice

3235-0206.pdf

Rule 19d-1-SRO disciplinary actions, denial, bar, prohibition, or limitation of membership, summarily suspending a member and delisting a security

30 Day Notice

OMB: 3235-0206

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Federal Register / Vol. 87, No. 117 / Friday, June 17, 2022 / Notices
(B) institute proceedings to determine
whether the proposed rule change
should be 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 [email protected]
sec.gov. Please include File Number SR–
FINRA–2022–015 on the subject line.

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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–FINRA–2022–015. 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 such
filing also will be available for
inspection and copying at the principal
office of FINRA. 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–FINRA–
2022–015 and should be submitted on
or before July 8, 2022.
32 17

CFR 200.30–3(a)(12).

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For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.32
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–13044 Filed 6–16–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–245, OMB Control No.
3235–0204]

Submission for OMB Review;
Comment Request Extension: Rule
19d–3
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘PRA’’), 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
Rule 19d–3 (17 CFR 240.19d–3) under
the Securities Exchange Act of 1934 (17
U.S.C. 78a et seq.).
Rule 19d–3 prescribes the form and
content of applications to the
Commission by persons seeking
Commission review of final disciplinary
actions against them taken by selfregulatory organizations (‘‘SROs’’) for
which the Commission is the
appropriate regulatory agency. The
Commission uses the information
provided in the application filed
pursuant to Rule 19d–3 to review final
actions taken by SROs including: (1)
final disciplinary sanctions; (2) denial
or conditioning of membership,
participation or association; and (3)
prohibitions or limitations of access to
services offered by a SRO or member
thereof.
The staff estimates that 32
respondents will file one application
pursuant to Rule 19b–3 each year. The
staff estimates that the average number
of hours necessary to comply with the
requirements of Rule 19d–3 is
approximately eighteen hours. We
estimate that approximately 16 firms or
natural persons would draft the
applications themselves, and therefore
incur an hour burden of 18 hours each
(a total hour burden of 288), and that 16
would hire outside counsel, and
therefore incur a cost burden of $8,496
each (a total cost burden of $135,936).

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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 by
July 18, 2022 to (i) www.reginfo.gov/
public/do/PRAMain and (ii) David
Bottom, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o John Pezzullo, 100 F
Street NE, Washington, DC 20549, or by
sending an email to: [email protected]
sec.gov.
Dated: June 13, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–13048 Filed 6–16–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–242, OMB Control No.
3235–0206]

Submission for OMB Review;
Comment Request Extension: Rule
19d–1
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street, NE Washington, DC
20549–2736
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘PRA’’), 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
Rule 19d–1 (17 CFR 240.19d–1) under
the Securities Exchange Act of 1934 (17
U.S.C. 78a et seq.) (‘‘Exchange Act’’).
Rule 19d–1 prescribes the form and
content of notices to be filed with the
Commission by self-regulatory
organizations (‘‘SROs’’) for which the
Commission is the appropriate
regulatory agency concerning the
following final SRO actions: (1)
disciplinary actions with respect to any
person; (2) denial, bar, prohibition, or
limitation of membership, participation
or association with a member or of
access to services offered by an SRO or

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Federal Register / Vol. 87, No. 117 / Friday, June 17, 2022 / Notices

member thereof; (3) summarily
suspending a member, participant, or
person associated with a member, or
summarily limiting or prohibiting any
persons with respect to access to or
services offered by the SRO or a member
thereof; and (4) delisting a security.
The Rule enables the Commission to
obtain reports from the SROs containing
information regarding SRO
determinations to delist a security,
discipline members or associated
persons of members, deny membership
or participation or association with a
member, and similar adjudicated
findings. The Rule requires that such
actions be promptly reported to the
Commission. The Rule also requires that
the reports and notices supply sufficient
information regarding the background,
factual basis and issues involved in the
proceeding to enable the Commission:
(1) to determine whether the matter
should be called up for review on the
Commission’s own motion; and (2) to
ascertain generally whether the SRO has
adequately carried out its
responsibilities under the Exchange Act.
It is estimated that approximately 19
respondents will file a total of
approximately 912 submissions per year
(an average of 48 per respondent). The
Commission estimates that the average
number of hours necessary to comply
with the requirements of Rule 19d–1 for
each submission is 1 hour. The total
annual burden for all respondents is
thus 912 hours. The Commission
estimates that the internal compliance
cost per respondent is approximately
$319 per response. The annual internal
cost of compliance for all respondents is
thus approximately $290,928 (19
respondents × 48 responses × $319 per
response).
The filing of notices pursuant to Rule
19d–1 is mandatory for the SROs, but
does not require the collection of
confidential information.
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 by
July 18, 2022 to (i) www.reginfo.gov/
public/do/PRAMain and (ii) David
Bottom, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o John Pezzullo, 100 F

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18:38 Jun 16, 2022

Jkt 256001

Street NE, Washington, DC 20549, or by
sending an email to: [email protected]
sec.gov.
Dated: June 13, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–13049 Filed 6–16–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–95088; File No. SR–
NYSEArca–2022–34]

Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Rules 6.40P–
O and 6.41P–O
June 13, 2022.

Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on June 3,
2022, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the self-regulatory
organization. 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
Rules 6.40P–O (Pre-Trade and ActivityBased Risk Controls) and 6.41P–O (Price
Reasonability Checks—Orders and
Quotes). The proposed rule change is
available on the Exchange’s website at
www.nyse.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 those 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,
1 15

U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15

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of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to modify
Rules 6.40P–O (Pre-Trade and ActivityBased Risk Controls) and 6.41P–O (Price
Reasonability Checks—Orders and
Quotes) to clarify the application of
certain risk checks on Pillar as set forth
below.4
First, the Exchange proposes a
clarifying change to Rule 6.40P–O
regarding the reference to ‘‘AuctionOnly Orders’’ as described below. Rule
6.40P–O describes Activity-Based Risk
Controls that are available to Entering
Firms.5 Each Entering Firm may apply
one of three activity-based risk limits to
its orders and quotes in an options class
based on specified thresholds measured
over the course of a specified time
period or Interval.6 Rule 6.40P–O(c)(2)
sets forth the potential automated
breach action for the Activity-Based
Risk Controls that the Exchange may
take should an Entering Firm exceed its
established risk limit. Rule 6.40P–O(d)
describes how an Entering Firm’s ability
to enter orders, quotes, and related
instructions would be reinstated after
certain automated breach actions have
been triggered.7 And, Rule 6.40P–O(e)
sets forth Kill Switch Action
functionality that allows an Entering
Firm to expressly direct the Exchange to
take certain bulk cancel or block actions
with respect to orders and quotes in the
event of a breach. The Exchange applies
the aforementioned actions to the quotes
and orders submitted by an Entering
4 Rules 6.40P–O and 6.41P–O describe certain
risk checks available for orders and Market Maker
quotes on Pillar. The Exchange notes that because
it has not yet migrated to the Pillar platform, Rules
6.40–O (Risk Limitation Mechanism), 6.60–O (Price
Protection—Orders) and 6.61–O (Price Protection—
Quotes) set forth the applicable risk checks that
continue to apply to orders and Market Maker
quotes, which rules are not being modified by this
filing. The Exchange has announced July 11, 2022
as the planned migration date for Pillar, as
announced here: https://www.nyse.com/traderupdate/history#110000421498.
5 See Rule 6.40P–O(a)(1) (defining Entering Firms
as all OTP Holders and OTP Firms (including those
acting as Market Makers)).
6 See Rule 6.40P–O(a)(3) (defining Activity-Based
Risk Controls, which controls are not applied to
interest represented in open outcry except for CTB
Orders) and Rule 6.40P–O(a)(5) (defining Interval as
the configurable time period during which the
Exchange would determine if an Activity-Based
Risk Control is breached).
7 See Rule 6.40P–O(c)(2) (applies in the
reinstatement of an Entering Firm in the event that
a ‘‘Block Only’’ or ‘‘Cancel and Block’’ Automated
Breach Action is triggered).

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