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

CourtSecurities And Exchange Commission
Citation86 FR 71531
Record Number2021-27180
Publication Date16 December 2021
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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71532
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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71533
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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