Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List To Eliminate the Underutilized Supplemental Liquidity Provider National Best Bid and Offer Setter Tier Credits

• Published date: 16 December 2021
• Citation: 86 FR 71531
• Record Number: 2021-27180
• Section: Notices
• Court: Securities And Exchange Commission

71531

Federal Register / Vol. 86, No. 239 / Thursday, December 16, 2021 / Notices

1

15 U.S.C. 78s(b)(1).

2

15 U.S.C. 78a.

3

17 CFR 240.19b–4.

4

See Securities Exchange Act Release No. 89754

(September 2, 2020), 85 FR 55550, 55554

(September 8, 2020) (SR–NYSE–2020–71) (adopting

SLP NBBO Setter credits applicable to SLPs and

member organizations affiliated with SLPs);

Securities Exchange Act Release No. 90947 (January

19, 2021), 86 FR 7138 (January 26, 2021) (SR–

NYSE–2021–02) (restricting SLP NBBO Setter

credits to member organizations that are SLPs).

for the plan faces severe financial

difficulty, such as bankruptcy, and is

unable to maintain the plan. In such an

event, the Pension Benefit Guaranty

Corporation (PBGC) becomes trustee of

the plan and pays benefits, subject to

legal limits, to plan participants and

beneficiaries.

The benefits of a pension plan

participant generally may not be

assigned or alienated. Title I of ERISA

provides an exception for domestic

relations orders that relate to child

support, alimony payments, or marital

property rights of an alternate payee (a

spouse, former spouse, child, or other

dependent of a plan participant). The

exception applies only if the domestic

relations order meets specific legal

requirements that make it a qualified

domestic relations order (QDRO).

When PBGC is trustee of a plan, it

reviews submitted domestic relations

orders to determine whether the order is

qualified before paying benefits to an

alternate payee. The requirements for

submitting a domestic relations order

(DRO or order) and the contents of such

orders are established by statute. The

models and the guidance provided by

PBGC assist parties by making it easier

for them to comply with ERISA’s QDRO

requirements in plans trusteed by PBGC;

they do not create any additional

requirements and result in a reduction

of the statutory burden.

The existing collection of information

was approved under OMB control

number 1212–0054, expiring on

February 28, 2022. On October 6, 2021,

PBGC published in the Federal Register

(at 86 FR 55638), a notice informing the

public of its intent to request an

extension of this collection of

information, as modified. No comments

were received. PBGC is requesting that

OMB extend approval of the collection

with modifications for three years. The

modifications requested are not

material. 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 OMB

control number.

PBGC estimates that it will receive

approximately 428 domestic relations

orders each year from prospective

alternate payees and participants. PBGC

further estimates that the total average

annual burden of this collection of

information will be approximately 321

hours and $299,600.

Issued in Washington, DC.

Stephanie Cibinic,

Deputy Assistant General Counsel for

Regulatory Affairs, Pension Benefit Guaranty

Corporation.

[FR Doc. 2021–27251 Filed 12–15–21; 8:45 am]

BILLING CODE 7709–02–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–93748; File No. SR–NYSE–

2021–70]

Self-Regulatory Organizations; New

York Stock Exchange LLC; Notice of

Filing and Immediate Effectiveness of

Proposed Rule Change To Amend Its

Price List To Eliminate the

Underutilized Supplemental Liquidity

Provider National Best Bid and Offer

Setter Tier Credits

December 10, 2021.

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 November

30, 2021, New York Stock Exchange

LLC (‘‘NYSE’’ 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 its

Price List to eliminate the underutilized

Supplemental Liquidity Provider

(‘‘SLP’’) National Best Bid and Offer

(‘‘NBBO’’) Setter Tier credits. 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,

of the most significant parts of such

statements.

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

Price List to eliminate the underutilized

SLP NBBO Setter Tier credits.

The Exchange proposes to implement

the rule change on December 1, 2021.

The Exchange adopted the SLP NBBO

Setter Tier in August 2020 for securities

with a per share price of $1.00 or above

that offers four sets of tiered credits for

orders from SLPs that set the NBBO or

provide other displayed liquidity in

Tape A, B and C Securities, on a

monthly basis, in addition to the tiered

or non-tiered SLP credit for adding

displayed liquidity. The purpose of the

change was to incentivize member

organizations that are SLPs to increase

aggressively priced liquidity-providing

orders that improve the market by

setting the NBBO, thereby encouraging

higher levels of liquidity that would

support the quality of price discovery

on the Exchange consistent with the

overall goal of enhancing market

quality.

4

The Exchange proposes to eliminate

and remove the SLP NBBO Setter Tier

credits from the Price List. The credits

have been underutilized by member

organizations insofar as only one SLP

has achieved any of the four tiers since

the tiers were adopted and that firm’s

volume has declined over time.

Moreover, no SLP has achieved the

higher levels of liquidity or sent in

additional liquidity to support the

quality of price discovery on the

Exchange that the Exchange expected

when adopting the tiers. The Exchange

does not anticipate that any additional

member organization in the near future

would qualify for the tiered credits that

are the subject of this proposed rule

change.

The proposed change is not otherwise

intended to address any other issues,

and the Exchange is not aware of any

problems that member organizations

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Federal Register / Vol. 86, No. 239 / Thursday, December 16, 2021 / Notices

5

15 U.S.C. 78f(b).

6

15 U.S.C. 78f(b)(4) & (5).

7

15 U.S.C. 78f(b)(8).

8

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

9

17 CFR 240.19b–4(f)(2).

10

15 U.S.C. 78s(b)(2)(B).

would have in complying with the

proposed changes.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) of the Act,

5

in general, and

furthers the objectives of Sections

6(b)(4) and 6(b)(5) of the Act,

6

in

particular, because it provides for the

equitable allocation of reasonable dues,

fees, and other charges among its

members, issuers and other persons

using its facilities and does not unfairly

discriminate between customers,

issuers, brokers or dealers.

The Proposed Change Is Reasonable

The Exchange believes that the

proposed elimination of the

underutilized SLP NBBO Setter Tier

credits for member organizations that

are SLPs is reasonable because member

organizations have underutilized these

incentives. As noted, only one SLP has

achieved any of the four tiers since the

tiers were adopted and that firm’s

volume has declined over time.

Moreover, no SLP has achieved the

higher levels of liquidity or sent in

additional liquidity to support the

quality of price discovery on the

Exchange that the Exchange expected

when adopting the tiers. The Exchange

does not anticipate that any additional

member organization in the near future

would qualify for the tiered credits that

are the subject of this proposed rule

change. The Exchange believes it is

reasonable to eliminate credits when

such incentives become underutilized.

The Exchange also believes eliminating

underutilized incentives would add

clarity and transparency to the Price

List.

The Proposal Is an Equitable Allocation

of Fees

The Exchange believes the proposal

equitably allocates fees among its

market participants because the

underutilized credits the Exchange

proposes to eliminate would be

eliminated in their entirety, and would

no longer be available to any member

organization in any form. Similarly, the

Exchange believes the proposal

equitably allocates fees among its

market participants because elimination

of the underutilized credits would apply

to all similarly-situated member

organizations that are SLPs on an equal

basis. All such member organizations

would continue to be subject to the

same fee structure, and access to the

Exchange’s market would continue to be

offered on fair and nondiscriminatory

terms.

The Proposal Is Not Unfairly

Discriminatory

The Exchange believes that the

proposal is not unfairly discriminatory

because it neither targets nor will it

have a disparate impact on any

particular category of market

participant. The Exchange believes that

the proposal is not unfairly

discriminatory because the proposed

elimination of the underutilized NBBO

Setter Tier credits would affect all

similarly-situated market participants

on an equal and non-discriminatory

basis. The Exchange believes that

eliminating credits that are

underutilized and ineffective would no

longer be available to any member

organization on an equal basis. The

Exchange also believes that the

proposed change would protect

investors and the public interest

because the deletion of underutilized

credits would make the Price List more

accessible and transparent.

Finally, the Exchange believes that it

is subject to significant competitive

forces, as described below in the

Exchange’s statement regarding the

burden on competition.

For the foregoing reasons, the

Exchange believes that the proposal is

consistent with the Act.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

In accordance with Section 6(b)(8) of

the Act,

7

the Exchange believes that the

proposed rule change would not impose

any burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act. Instead, as

discussed above, the proposal relates to

the elimination of an underutilized

credits and, as such, would not have

any impact on intra- or inter-market

competition because the proposed

change is solely designed to accurately

reflect the services that the Exchange

currently offers, thereby adding clarity

to the Price List.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

No written comments were solicited

or received with respect to the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change is effective

upon filing pursuant to Section

19(b)(3)(A)

8

of the Act and

subparagraph (f)(2) of Rule 19b–4

9

thereunder, because it establishes a due,

fee, or other charge imposed by the

Exchange.

At any time within 60 days of the

filing of such 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

under Section 19(b)(2)(B)

10

of the Act to

determine whether the proposed rule

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:

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–

NYSE–2021–70 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–NYSE–2021–70. 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

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Federal Register / Vol. 86, No. 239 / Thursday, December 16, 2021 / Notices

11

17 CFR 200.30–3(a)(12).

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–NYSE–2021–70, and

should be submitted on or before

January 6, 2022.

For the Commission, by the Division of

Trading and Markets, pursuant to delegated

authority.

11

J. Matthew DeLesDernier,

Assistant Secretary.

[FR Doc. 2021–27180 Filed 12–15–21; 8:45 am]

BILLING CODE 8011–01–P

SMALL BUSINESS ADMINISTRATION

[Disaster Declaration #17279 and #17280;

California Disaster Number CA–00352]

Administrative Declaration of a

Disaster for the State of California

AGENCY

: U.S. Small Business

Administration.

ACTION

: Notice.

SUMMARY

: This is a notice of an

Administrative declaration of a disaster

for the State of California dated 12/9/

2021.

Incident: Caldor Fire.

Incident Period: 08/14/2021 through

10/21/2021.

DATES

: Issued on 12/9/2021.

Physical Loan Application Deadline

Date: 02/07/2022.

Economic Injury (EIDL) Loan

Application Deadline Date: 09/12/2022.

ADDRESSES

: Submit completed loan

applications to: U.S. Small Business

Administration, Processing and

Disbursement Center, 14925 Kingsport

Road, Fort Worth, TX 76155.

FOR FURTHER INFORMATION CONTACT

: A.

Escobar, Office of Disaster Assistance,

U.S. Small Business Administration,

409 3rd Street SW, Suite 6050,

Washington, DC 20416, (202) 205–6734.

SUPPLEMENTARY INFORMATION

: Notice is

hereby given that as a result of the

Administrator’s disaster declaration,

applications for disaster loans may be

filed at the address listed above or other

locally announced locations.

The following areas have been

determined to be adversely affected by

the disaster:

Primary Counties: El Dorado.

Contiguous Counties:

California: Alpine, Amador, Placer,

Sacramento.

Nevada: Douglas.

The Interest Rates are:

Percent

For Physical Damage:

Homeowners with Credit Avail-

able Elsewhere ...................... 3.125

Homeowners without Credit

Available Elsewhere .............. 1.563

Businesses with Credit Avail-

able Elsewhere ...................... 5.710

Businesses without Credit

Available Elsewhere .............. 2.855

Non-Profit Organizations with

Credit Available Elsewhere ... 2.000

Non-Profit Organizations with-

out Credit Available Else-

where ..................................... 2.000

For Economic Injury:

Businesses & Small Agricultural

Cooperatives without Credit

Available Elsewhere .............. 2.855

Non-Profit Organizations with-

out Credit Available Else-

where ..................................... 2.000

The number assigned to this disaster

for physical damage is 17279 5 and for

economic injury is 17280 0.

The States which received an EIDL

Declaration # are California, Nevada.

(Catalog of Federal Domestic Assistance

Number 59008)

Isabella Guzman,

Administrator.

[FR Doc. 2021–27281 Filed 12–15–21; 8:45 am]

BILLING CODE 8026–03–P

SMALL BUSINESS ADMINISTRATION

[Disaster Declaration #17286 and #17287;

Kentucky Disaster Number KY–00087]

Presidential Declaration of a Major

Disaster for the Commonwealth of

Kentucky

AGENCY

: U.S. Small Business

Administration.

ACTION

: Notice.

SUMMARY

: This is a Notice of the

Presidential declaration of a major

disaster for the Commonwealth of

Kentucky (FEMA–4630–DR), dated 12/

12/2021.

Incident: Severe Storms, Straight-line

Winds, Flooding, and Tornadoes.

Incident Period: 12/10/2021 and

continuing.

DATES

: Issued on 12/12/2021.

Physical Loan Application Deadline

Date: 02/10/2022.

Economic Injury (EIDL) Loan

Application Deadline Date: 09/12/2022.

ADDRESSES

: Submit completed loan

applications to: U.S. Small Business

Administration, Processing and

Disbursement Center, 14925 Kingsport

Road, Fort Worth, TX 76155.

FOR FURTHER INFORMATION CONTACT

: A.

Escobar, Office of Disaster Assistance,

U.S. Small Business Administration,

409 3rd Street SW, Suite 6050,

Washington, DC 20416, (202) 205–6734.

SUPPLEMENTARY INFORMATION

: Notice is

hereby given that as a result of the

President’s major disaster declaration on

12/12/2021, applications for disaster

loans may be filed at the address listed

above or other locally announced

locations.

The following areas have been

determined to be adversely affected by

the disaster:

Primary Counties (Physical Damage and

Economic Injury Loans): Caldwell,

Fulton, Graves, Hopkins, Marshall,

Muhlenberg, Taylor, Warren

Contiguous Counties (Economic Injury

Loans Only):

Kentucky: Adair, Allen, Barren,

Butler, Calloway, Carlisle, Casey,

Christian, Crittenden, Edmonson,

Green, Hickman, Larue, Livingston,

Logan, Lyon, Marion, McCracken,

McLean, Ohio, Simpson, Todd,

Trigg, Webster

Missouri: Mississippi, New Madrid

Tennessee: Henry, Lake, Obion,

Weakley

The Interest Rates are:

Percent

For Physical Damage:

Homeowners with Credit Avail-

able Elsewhere ...................... 2.875

Homeowners without Credit

Available Elsewhere .............. 1.438

Businesses with Credit Avail-

able Elsewhere ...................... 5.660

Businesses without Credit

Available Elsewhere .............. 2.830

Non-Profit Organizations with

Credit Available Elsewhere ... 1.875

Non-Profit Organizations with-

out Credit Available Else-

where ..................................... 1.875

For Economic Injury:

Businesses & Small Agricultural

Cooperatives without Credit

Available Elsewhere .............. 2.830

Non-Profit Organizations with-

out Credit Available Else-

where ..................................... 1.875

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