Rule 13e-1 60 Day Federal Register Notice

36908

Federal Register / Vol. 87, No. 118 / Tuesday, June 21, 2022 / Notices

jspears on DSK121TN23PROD with NOTICES1

the qualifying criteria for such credits is
too stringent. As one can observe by
looking at any market share chart, price
competition between exchanges is
fierce, with liquidity and market share
moving freely between exchanges in
reaction to fee and credit changes.
Intermarket Competition
The Exchange believes that the
proposed changes to its schedule of
credits for non-displayed orders with
midpoint pegging will not impose a
burden on competition because the
Exchange’s execution services are
completely voluntary and subject to
extensive competition both from the
other live exchanges and from offexchange venues, which include
alternative trading systems that trade
national market system stock. The
Exchange notes that it operates in a
highly competitive market in which
market participants can readily favor
competing venues if they deem fee
levels at a particular venue to be
excessive, or rebate opportunities
available at other venues to be more
favorable. In such an environment, the
Exchange must continually adjust its
credits to remain competitive with other
exchanges and with alternative trading
systems that have been exempted from
compliance with the statutory standards
applicable to exchanges. Because
competitors are free to modify their own
credits and fees in response, and
because market participants may readily
adjust their order routing practices, the
Exchange believes that the degree to
which credit changes in this market may
impose any burden on competition is
extremely limited.
The proposed changes to the
Exchange’s credits for non-displayed
orders with midpoint pegging are
reflective of this competition because, as
a threshold issue, the Exchange is a
relatively small market so its ability to
burden intermarket competition is
limited. In this regard, even the largest
U.S. equities exchange by volume only
has 17–18% market share, which in
most markets could hardly be
categorized as having enough market
power to burden competition. Moreover,
as noted above, price competition
between exchanges is fierce, with
liquidity and market share moving
freely between exchanges in reaction to
fee and credit changes. This is in
addition to free flow of order flow to
and among off-exchange venues which
comprises more than 40% of industry
volume in recent months.
In sum, the Exchange intends for the
proposed changes to credits for nondisplayed orders with midpoint pegging
to incent member organizations to add

VerDate Sep<11>2014

17:10 Jun 17, 2022

Jkt 256001

liquidity to the Exchange and to thereby
contribute to market quality, which is
reflective of fierce competition for order
flow noted above; however, if the
change proposed herein is unattractive
to market participants, it is likely that
the Exchange will either fail to increase
its market share or even lose market
share as a result. Accordingly, the
Exchange does not believe that the
proposed change will impair the ability
of member organizations or competing
order execution venues to maintain
their competitive standing in the
financial markets.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
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)(ii) of the Act.7
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: (i) necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) 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.
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–
Phlx–2022–24 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–Phlx–2022–24. This file
7 15

PO 00000

U.S.C. 78s(b)(3)(A)(ii).

Frm 00093

Fmt 4703

Sfmt 4703

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–Phlx–2022–24 and should
be submitted on or before July 12, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–13151 Filed 6–17–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–255, OMB Control
No.3235–0305]

Proposed Collection; Comment
Request: Extension; Rule 13e–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.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
8 17

E:\FR\FM\21JNN1.SGM

CFR 200.30–3(a)(12).

21JNN1

jspears on DSK121TN23PROD with NOTICES1

Federal Register / Vol. 87, No. 118 / Tuesday, June 21, 2022 / Notices
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 13e–1 (17 CFR 240.13e–1) under
the Securities Exchange Act of 1934 (15
U.S.C. 78 et seq.) makes it unlawful for
an issuer who has received notice that
it is the subject of a tender offer made
under Section 14(d)(1) of the Exchange
Act to purchase any of its equity
securities during the tender offer, unless
it first files a statement with the
Commission containing information
required by the rule. This rule is in
keeping with the Commission’s
statutory responsibility to prescribe
rules and regulations that are necessary
for the protection of investors. The
information filed under Rule 13e–1
must be filed with the Commission and
is publicly available. We estimate that it
takes approximately 10 burden hours
per response to provide the information
required under Rule 13e–1 and that the
information is filed by approximately 10
respondents. We estimate that 25% of
the 10 hours per response (2.5 hours) is
prepared by the company for a total
annual reporting burden of 25 hours (2.5
hours per response × 10 responses).
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the 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 by August 22, 2022.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
Please direct your written comment to
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
[email protected].
Dated: June 14, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–13159 Filed 6–17–22; 8:45 am]
BILLING CODE 8011–01–P

VerDate Sep<11>2014

17:10 Jun 17, 2022

Jkt 256001

SMALL BUSINESS ADMINISTRATION
Generic Clearance for Formative Data
Collections for Evaluation, Research,
and Evidence-Building
ACTION:

30-Day notice.

The Small Business
Administration (SBA) is seeking
approval from the Office of Management
and Budget (OMB) for the information
collection described below. In
accordance with the Paperwork
Reduction Act and OMB procedures,
SBA is publishing this notice to allow
all interested members of the public an
additional 30 days to provide comments
on the proposed collection of
information.

SUMMARY:

Submit comments on or before
July 21, 2022.
ADDRESSES: Submit comments by the
deadline stated in the DATES section
above using any of the following
methods:
• Federal eRulemaking Portal:
https://www.regulations.gov. Follow the
instructions for submitting comments.
Comments submitted electronically,
including attachments to https://
www.regulations.gov, will be posted to
the docket unchanged.
• Office of Information and
Regulatory Affairs. www.reginfo.gov/
public/do/PRAMain. You can find this
information collection by selecting
‘‘Currently under Review—Open for
Public Comments’’ and searching by
title, ‘‘Generic Clearance for Formative
Data Collections for Evaluation,
Research, and Evidence-Building’’.
• Small Business Administration.
Curtis Rich, Agency Clearance Officer,
[email protected]; (202) 205–7030.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information
should be directed to Shay Meinzer,
Lead Program Evaluator, shay.meinzer@
sba.gov, (202) 539–1429 Curtis Rich,
Agency Clearance Officer, curtis.rich@
sba.gov, (202) 205–7030, or the SBA
Desk Officer, Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Washington,
DC 20503.
SUPPLEMENTARY INFORMATION:
Title: Generic Clearance for Formative
Data Collections for Evaluation,
Research, and Evidence-Building.
OMB Control Number: 3245–XXXX.
Abstract: This Information Collection
Request establishes a new generic
clearance to conduct formative studies
that inform the U.S. Small Business
Administration’s (SBA) evaluation,
research, and evidence-building
DATES:

PO 00000

Frm 00094

Fmt 4703

Sfmt 4703

36909

activities. Under this generic clearance,
the SBA plans to engage in a variety of
formative and exploratory data
collections with SBA grantees, program
and potential program providers and
participants, researchers, practitioners,
and other stakeholders to fulfill the
following goals:
• maintain a rigorous and relevant
evaluation and research agenda,
• inform the development of SBA’s
future evidence-building activities,
• inform the delivery of targeted
assistance and workflows related to
program and grantee processes,
• inform the development and
refinement of recordkeeping and
communication systems,
• plan for the provision of
programmatic or evidence-capacityrelated training or technical assistance,
• obtain grantee or stakeholder input
on the development or refinement of
program logic models, evaluations, and
performance measures, and
• test activities to strengthen
programs in preparation for summative
evaluations.
The SBA’s formative studies will
collect data using well-established
methodologies, including but not
limited to questionnaires and surveys,
semi-structured small group discussions
or focus groups, observation, interviews,
cognitive interviews and user testing. To
minimize the burden of information
collections approved under this
clearance, the SBA will collect
information electronically and/or use
online collaboration tools, as
appropriate, ask for readily available
information, and use short, easy-tocomplete information collection
instruments when possible.
Conducting formative evaluation,
research, and evidence-building
activities will help the SBA better
understand emerging needs and issues,
identify evidence gaps, and ensure that
SBA leadership and program offices
have current data and information to
implement SBA programs and
initiatives successfully. The data from
formative studies will be used to
improve internal decision-making and
inform future studies but will not be
highly systematic nor intended to be
statistically representative. Findings
from these formative studies will not be
generalized to the broader population
and are not intended to produce
influential information that is expected
to have a genuinely clear and
substantial impact on major policy
decisions. Information gathered may
inform future evaluation, research, and
evidence-building, which could inform
future influential public policy
decisions.

E:\FR\FM\21JNN1.SGM

21JNN1