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Federal Register / Vol. 86, No. 34 / Tuesday, February 23, 2021 / Notices 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 Commissions 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 SRPhlx202108 and should be submitted on or before March 16, 2021.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202103544 Filed 22221; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3491145; File No. SR
EMERALD202105

Self-Regulatory Organizations; MIAX
Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Establish Market Data Fees February 17, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934
Act,1 and Rule 19b4 thereunder,2
notice is hereby given that on February 4, 2021, MIAX Emerald, LLC MIAX
Emerald or Exchange filed with the Securities and Exchange Commission Commission the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
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CFR 200.303a12.
U.S.C. 78sb1.
2 17 CFR 240.19b4.
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I. Self-Regulatory Organizations Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX Emerald Fee Schedule the Fee Schedule to establish market data fees.
The text of the proposed rule change is available on the Exchanges website at http www.miaxoptions.com/rulefilings/emerald, at MIAXs principal office, and at the Commissions Public Reference Room.
II. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange 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 these 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 aspects of such statements.
A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the Fee Schedule to establish market data fees. MIAX Emerald commenced operations as a national securities exchange registered under Section 6 of the Act 3 on March 1, 2019.4 The Exchange adopted its transaction fees and certain of its non-transaction fees in its filing SREMERALD201915.5 In that filing, the Exchange expressly waived, among others, market data fees to provide an incentive to prospective market participants to become Members 6 of the Exchange. At that time, the Exchange waived market data fees for the Waiver Period 7 and stated 3 15

U.S.C. 78f.
Securities Exchange Act Release No. 84891
December 20, 2018, 83 FR 67421 December 28, 2018 File No. 10233 order approving application of MIAX Emerald, LLC for registration as a national securities exchange.
5 See Securities Exchange Act Release No. 85393
March 21, 2019, 84 FR 11599 March 27, 2019
SREMERALD201915 Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish the MIAX Emerald Fee Schedule.
6 Member means an individual or organization approved to exercise the trading rights associated with a Trading Permit. Members are deemed members under the Exchange Act. See Exchange Rule 100 and the Definitions Section of the Fee Schedule.
7 Waiver Period means, for each applicable fee, the period of time from the initial effective date of 4 See
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that it would provide notice to market participants when the Exchange intended to terminate the Waiver Period.
On September 15, 2020, the Exchange issued a Regulatory Circular which announced, among other things, that the Exchange would be ending the Waiver Period for market data fees, beginning October 1, 2020.8
On October 1, 2020, the Exchange filed its proposal to assess fees for its market data products, MIAX Emerald Top of Market ToM, Administrative Information Subscriber AIS feed, and MIAX Order Feed MOR.9 On October 14, 2020, the Exchange withdrew the First Proposed Rule Change and refiled its proposal in order to provide more description regarding the difference in pricing for internal distributors and external distributors.10
On November 25, 2020, the Exchange withdrew the Second Proposed Rule Change 11 and refiled its proposal to assess fees for its ToM, AIS and MOR
products in order to provide additional information.12 On January 22, 2021, the Exchange withdrew the Third Proposed Rule Change 13 and refiled its proposal in order to provide a cost-based justification for its market data fees.14
On February 4, 2021, the Exchange withdrew the Fourth Proposed Rule Change and refiled this proposal.
A more detailed description of the ToM, AIS and MOR products can be the MIAX Emerald Fee Schedule until such time that the Exchange has an effective fee filing establishing the applicable fee. The Exchange will issue a Regulatory Circular announcing the establishment of an applicable fee that was subject to a Waiver Period at least fifteen 15 days prior to the termination of the Waiver Period and effective date of any such applicable fee. See the Definitions Section of the Fee Schedule.
8 See MIAX Emerald Regulatory Circular 202041
available at https www.miaxoptions.com/sites/
default/files/circular-files/MIAX_Emerald_RC_
2020_41.pdf.
9 See SREMERALD202010 the First Proposed Rule Change.
10 See Securities Exchange Act Release No. 90274
October 27, 2020, 85 FR 69371 November 2, 2020
SREMERALD202013 Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Establish Market Data Fees the Second Proposed Rule Change.
11 See Comment Letter from Joseph W. Ferraro III, SVP, Deputy General Counsel, the Exchange, dated November 20, 2020, notifying the Commission that the Exchange will withdraw the Second Proposed Rule Change.
12 See Securities Exchange Act Release No. 90612
December 9, 2020, 85 FR 81242 December 15, 2020 SREMERALD202016 the Third Proposed Rule Change.
13 See Comment Letter from Joseph W. Ferraro III, SVP, Deputy General Counsel, the Exchange, dated January 19, 2021, notifying the Commission that the Exchange will withdraw the Third Proposed Rule Change.
14 See SREMERALD202104 the Fourth Proposed Rule Change.

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