Quiero saber acerca de...

48268

Federal Register / Vol. 86, No. 164 / Friday, August 27, 2021 / Notices disapprove, the proposed rule change File No. SRNYSEArca202157.

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3492722; File No. SR
NYSEArca202157

Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade Shares of the NYDIG Bitcoin ETF Under NYSE Arca Rule 8.201E
August 23, 2021.

lotter on DSK11XQN23PROD with NOTICES1

On June 30, 2021, NYSE Arca, Inc.
NYSE Arca filed with the Securities and Exchange Commission Commission, pursuant to Section 19b1 of the Securities Exchange Act of 1934 Act 1 and Rule 19b4
thereunder,2 a proposed rule change to list and trade shares of the NYDIG
Bitcoin ETF under NYSE Arca Rule 8.201E. The proposed rule change was published for comment in the Federal Register on July 19, 2021.3 The Commission has received comments on the proposed rule change.4
Section 19b2 of the Act 5 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days i as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or ii as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is September 2, 2021. The Commission is extending this 45-day time period.
The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received.
Accordingly, pursuant to Section 19b2 of the Act,6 the Commission designates October 17, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to 1 15

U.S.C. 78sb1.
CFR 240.19b4.
3 See Securities Exchange Act Release No. 92395
July 13, 2021, 86 FR 38129 July 19, 2021.
4 Comments received on the proposed rule change are available at: https www.sec.gov/comments/srnysearca-2021-57/srnysearca202157.htm.
5 15 U.S.C. 78sb2.
6 Id.
2 17

VerDate Sep<11>2014

17:52 Aug 26, 2021

Jkt 253001

For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7
Jill M. Peterson, Assistant Secretary.
FR Doc. 202118458 Filed 82621; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3492726; File No. SR
EMERALD202127

Self-Regulatory Organizations: MIAX
Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Adjust the Options Regulatory Fee August 23, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934 the Act,1 and Rule 19b4 thereunder,2
notice is hereby given that on August 12, 2021, MIAX Emerald, LLC MIAX
Emerald or 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 Exchange. 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 is filing a proposal to amend the Exchanges Fee Schedule Fee Schedule to adjust the Options Regulatory Fee ORF.
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 7 17

CFR 200.303a31.
U.S.C. 78sb1.
2 17 CFR 240.19b4.

Frm 00155

Fmt 4703

A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Currently, the Exchange assesses ORF
in the amount of $0.00060 per contract side. The Exchange proposes to increase the amount of ORF from $0.00060 per contract side to $0.0016 per contract side. The Exchange initially filed this proposal on July 30, 2021 SR
EMERALD202124 and withdrew such filing on August 12, 2021. The Exchange proposes to implement the fee change effective August 12, 2021.
In light of historical and projected volume changes and shifts in the industry and on the Exchange, as well as changes to the Exchanges regulatory cost structure, the Exchange proposes to change the amount of ORF that will be collected by the Exchange. The Exchanges proposed change to the ORF
should balance the Exchanges regulatory revenue against the anticipated regulatory costs. The Exchange will continue to monitor ORF
to ensure that revenue collected from the ORF, in combination with other regulatory fees and fines, does not exceed the Exchanges total regulatory costs.
The Exchange notes it originally adopted the current ORF amount at a significantly lower rate as the Exchange had just begun operations and that the amount of ORF it collects has remain unchanged since it was first adopted in 2019.3 When the Exchange set the amount of its current ORF almost 212
years ago, it was a brand new marketplace, and the amount was based on cost and revenue projections that were applicable to a new market. As such, the Exchanges cost structure, including regulatory costs and projections, were significantly lower.
The Exchanges regulatory cost structure has since significantly increased since that time, as the Exchange has had to deploy significant resources and capital as the Exchanges membership base, volume, and market share have grown.
The increase in cost structure has outgrown any revenue increase as a result of higher volumes. Therefore, the Exchange believes it is reasonable to increase the amount of ORF assessed to Members, notwithstanding the fact that 3 See Securities Exchange Act Release No. 85251
March 6, 2019, 84 FR 8931 March 12, 2019 SR
EMERALD201901.

1 15

PO 00000

Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.

Sfmt 4703

E:FRFM27AUN1.SGM

27AUN1