60 Day Notice

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Federal Register / Vol. 87, No. 71 / Wednesday, April 13, 2022 / 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)(iii) of the Act 9 and
subparagraph (f)(6) of Rule 19b–4
thereunder.10
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 shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.

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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:

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–ISE–2022–09, and should
be submitted on or before May 4, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–07855 Filed 4–12–22; 8:45 am]

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–
ISE–2022–09 on the subject line.

BILLING CODE 8011–01–P

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–ISE–2022–09. 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/

Proposed Collection; Comment
Request

9 15

U.S.C. 78s(b)(3)(A)(iii).
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.
10 17

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

Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 19d–3

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’’) is soliciting comments
on the existing 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.) (‘‘Exchange Act’’). The
Commission plans to submit this
11 17

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CFR 200.30–3(a)(12).

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existing collection of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
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 hours), and
that 16 would hire outside counsel, and
therefore incur a cost burden of $8,496
each (a total cost burden of $135,936).
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 by
June 13, 2022.
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, Chief Information
Officer, Securities and Exchange
Commission, c/o John Pezzullo, 100 F
Street NE, Washington, DC 20549 or
send an email to: PRA_Mailbox@
sec.gov.

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Federal Register / Vol. 87, No. 71 / Wednesday, April 13, 2022 / Notices
Dated: April 7, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.

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

[FR Doc. 2022–07835 Filed 4–12–22; 8:45 am]
BILLING CODE P

1. Purpose

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94641; File No. SR–
NYSEAMER–2022–18]

Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Extend the Current Pilot
Program Related to Rule 7.10E
April 7, 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 April 5,
2022, NYSE American LLC (‘‘NYSE
American’’ 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 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 extend the
current pilot program related to Rule
7.10E (Clearly Erroneous Executions) to
the close of business on July 20, 2022.
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.

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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,
of the most significant parts of such
statements.
1 15

U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
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The purpose of the proposed rule
change is to extend the current pilot
program related to Rule 7.10E (Clearly
Erroneous Executions) to the close of
business on July 20, 2022. The pilot
program is currently due to expire on
April 20, 2022.
On September 10, 2010, the
Commission approved, on a pilot basis,
changes to Rule 7.10E that, among other
things: (i) Provided for uniform
treatment of clearly erroneous execution
reviews in multi-stock events involving
twenty or more securities; and (ii)
reduced the ability of the Exchange to
deviate from the objective standards set
forth in the rule.4 In 2013, the Exchange
adopted a provision designed to address
the operation of the Plan.5 Finally, in
2014, the Exchange adopted two
additional provisions providing that: (i)
A series of transactions in a particular
security on one or more trading days
may be viewed as one event if all such
transactions were effected based on the
same fundamentally incorrect or grossly
misinterpreted issuance information
resulting in a severe valuation error for
all such transactions; and (ii) in the
event of any disruption or malfunction
in the operation of the electronic
communications and trading facilities of
an Exchange, another SRO, or
responsible single plan processor in
connection with the transmittal or
receipt of a trading halt, an Officer,
acting on his or her own motion, shall
nullify any transaction that occurs after
a trading halt has been declared by the
primary listing market for a security and
before such trading halt has officially
ended according to the primary listing
market.6
These changes were originally
scheduled to operate for a pilot period
to coincide with the pilot period for the
Plan to Address Extraordinary Market
Volatility (the ‘‘Limit Up-Limit Down
Plan’’ or ‘‘LULD Plan’’),7 including any
extensions to the pilot period for the
4 See Securities Exchange Act Release No. 62886
(Sept. 10, 2010), 75 FR 56613 (Sept. 16, 2010) (SR–
NYSEAmer–2010–60).
5 See Securities Exchange Act Release No. 68801
(Feb. 1, 2013), 78 FR 8630 (Feb. 6, 2013) (SR–
NYSEMKT–2013–11).
6 See Securities Exchange Act Release No. 72434
(June 19, 2014), 79 FR 36110 (June 25, 2014) (SR–
NYSEMKT–2014–37).
7 See Securities Exchange Act Release No. 67091
(May 31, 2012), 77 FR 33498 (June 6, 2012) (the
‘‘Limit Up-Limit Down Release’’).

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21943

LULD Plan.8 In April 2019, the
Commission approved an amendment to
the LULD Plan for it to operate on a
permanent, rather than pilot, basis.9 In
light of that change, the Exchange
amended Rule 7.10E to untie the pilot’s
effectiveness from that of the LULD Plan
and to extend the pilot’s effectiveness to
the close of business on October 18,
2019.10 The Exchange later amended
Rule 7.10E to extend the pilot’s
effectiveness to the close of business on
April 20, 2020,11 October 20, 2020,12
April 20, 2021,13 October 20, 2021,14
and April 20, 2022.15
The Exchange now proposes to amend
Rule 7.10E to extend the pilot’s
effectiveness for a further three months
until the close of business on July 20,
2022. If the pilot period is not either
extended, replaced or approved as
permanent, the prior versions of
paragraphs (c), (e)(2), (f), and (g) shall be
in effect, and the provisions of
paragraphs (i) through (k) shall be null
and void.16 In such an event, the
remaining sections of Rule 7.10E would
continue to apply to all transactions
executed on the Exchange. The
Exchange understands that the other
national securities exchanges and
Financial Industry Regulatory Authority
(‘‘FINRA’’) will also file similar
proposals to extend their respective
clearly erroneous execution pilot
programs, the substance of which are
identical to Rule 7.10E.
The Exchange does not propose any
additional changes to Rule 7.10E.
Extending the effectiveness of Rule
7.10E for an additional three months
will provide the Exchange and other
self-regulatory organizations additional
time to consider whether further
8 See Securities Exchange Act Release No. 71820
(March 27, 2014), 79 FR 18595 (April 2, 2014) (SR–
NYSEMKT–2014–28).
9 See Securities Exchange Act Release No. 85623
(April 11, 2019), 84 FR 16086 (April 17, 2019)
(approving Eighteenth Amendment to LULD Plan).
10 See Securities Exchange Act Release No. 85563
(April 9, 2019), 84 FR 15241 (April 15, 2019) (SR–
NYSEAMER–2019–11).
11 See Securities Exchange Act Release No. 87354
(October 18, 2019), 84 FR 57139 (October 24, 2019)
(SR–NYSEAMER–2019–44).
12 See Securities Exchange Act Release No. 88589
(April 8, 2020), 85 FR 20769 (April 14, 2020) (SR–
NYSEAMER–2020–22).
13 See Securities Exchange Act Release No. 90154
(October 13, 2020), 85 FR 66376 (October 19, 2020)
(SR–NYSEAMER–2020–73).
14 See Securities Exchange Act Release No. 91552
(April 14, 2021), 86 FR 20583 (April 20, 2021) (SR–
NYSEAMER–2021–19).
15 See Securities Exchange Act Release No. 93356
(October 15, 2021), 86 FR 58345 (October 21, 2021)
(SR–NYSEAMER–2021–41).
16 See supra notes 4–6. The prior versions of
paragraphs (c), (e)(2), (f), and (g) generally provided
greater discretion to the Exchange with respect to
breaking erroneous trades.

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