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Federal Register / Vol. 86, No. 44 / Tuesday, March 9, 2021 / Notices
PBGC is soliciting public comments to Evaluate whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility;
Evaluate the accuracy of the agencys estimate of the burden of the collection of information, including the validity of the methodology and assumptions used;
Enhance the quality, utility, and clarity of the information to be collected; and Minimize the burden of the collection of information on those who are to respond, including the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., permitting electronic submission of responses.
Issued in Washington, DC, by Stephanie Cibinic, Deputy Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation.
FR Doc. 202104831 Filed 3821; 8:45 am BILLING CODE 770902P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3491248; File No. SR
NYSEAMER202112

Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the NYSE
American Options Fee Schedule March 3, 2021.

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Pursuant to Section 19b1 1 of the Securities Exchange Act of 1934 the Act 2 and Rule 19b4 thereunder,3
notice is hereby given that, on March 1, 2021, 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, II, and III below, which Items have been prepared by the selfregulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
I. Self-Regulatory Organizations Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the NYSE American Options Fee Schedule 1 15

U.S.C. 78sb1.
U.S.C. 78a.
3 17 CFR 240.19b4.
2 15

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Fee Schedule regarding an incentive program for Market Makers. The Exchange proposes to implement the fee change effective March 1, 2021. The proposed rule change is available on the Exchanges website at www.nyse.com, at the principal office of the Exchange, 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 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 Organizations Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to modify the Fee Schedule to eliminate an incentive program that was designed to encourage Market Makers 4 to increase their Manual volume above a base rate the Step-Up Program. The Exchange proposes to implement the rule change on March 1, 2021.
Currently, the Exchange offers discounts on the standard $0.25 per contract fee on Manual volume to Market Makers that increase their Manual volume by a specified percentage of TCADV over their August 2019 volume or, for new Market Makers, that increase Manual volume by a specified percentage of TCADV above a base level of 15,000 ADV Increased Manual Volume. Specifically, the Exchange provides an $0.18 per contract charge on Increased Manual Volume to Market Makers excluding Specialists and e-Specialists 5 with Increased Manual Volume of at least 0.15%
TCADV and a $0.12 per contract charge on Increased Manual Volume to Market Makers with Increased Manual Volume of at least 0.30% TCADV.
The Exchange adopted the Step-Up Programa voluntary programin October of 2019 to encourage Market 4 Unless otherwise specified, the term Market Makers as used herein includes Specialists and eSpecialists.
5 Specialists and e-Specialists already pay a rate of $0.18 per contract on Manual volume.

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Makers to increase Manual volume on the Exchange.6 However, because the Step-Up Program has not been utilized and therefore did not achieve its intended effect, the Exchange proposes to eliminate the Step-Up Program from the Fee Schedule.7
The Exchange believes that the elimination of the Step-Up Program would not impact any Market Makers, given that no Market Makers ever achieved the Increased Manual Volume necessary to qualify for the discounted rates.
2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6b of the Act,8 in general, and furthers the objectives of Sections 6b4 and 5 of the Act,9 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 Exchange believes that the proposed rule change to eliminate the Step-Up Program from the Fee Schedule is reasonable because this program has not been utilized and thus has not effectively incented Market Makers to increase participation in manual executions on the Exchange. The Exchange believes eliminating an unutilized incentive program would simplify the Fee Schedule. The Exchange believes that eliminating the Step-Up Program from the Fee Schedule is equitable and not unfairly discriminatory because the program would be eliminated in its entirety and would no longer be available to any Market Maker.
B. Self-Regulatory Organizations Statement on Burden on Competition In accordance with Section 6b8 of the Act, the Exchange does not believe that the proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
Instead, the Exchange believes that the proposed elimination of the Step-Up Program from the Fee Schedule would not affect intramarket or intermarket competition because, as discussed 6 See Securities Exchange Act Release No. 87404
October 28, 2019, 84 FR 58772 November 1, 2019
SRNYSEAMER201943 notice regarding adoption of the Step-Up Program.
7 See proposed Fee Schedule, Section I.A.
reflecting deletion of footnote 8 relating to the Step-Up Program.
8 15 U.S.C. 78fb.
9 15 U.S.C. 78fb4 and 5.

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