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Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices
Amendment No. 1, is consistent with the requirements of the Act, and in particular, with the requirements of Sections 17Ab3F, 17Ab3G, and 17Ab3H of the Act, and Rules 17Ad22e1, e2i, 17Ad 22e6ii, 17Ad22e10, 17Ad 22e13, 17Ad22e14, 17Ad 22e17i, and e18.69
It is therefore ordered pursuant to Section 19b2 of the Act 70 that the proposed rule change, as modified by Partial Amendment No. 1 SRICEEU
2021010, be, and hereby is, approved.71
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.72
Vanessa A. Countryman, Secretary.
FR Doc. 202118941 Filed 9121; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3492792; File Nos. SRMIAX
202129, SREMERALD202122, SR
PEARL202130

Self-Regulatory Organizations; Miami International Securities Exchange, LLC, MIAX Emerald, LLC, and MIAX
PEARL, LLC; Suspension of and Order Instituting Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes To Amend Fees for Purge Ports August 27, 2021.

I. Introduction
lotter on DSK11XQN23PROD with NOTICES1

On July 1, 2021, Miami International Securities Exchange, LLC MIAX, MIAX Emerald, LLC MIAX Emerald, and MIAX PEARL, LLC MIAX Pearl each an Exchange; collectively, the Exchanges each 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 increase fees for purge ports. Each proposed rule change was immediately effective upon filing with the Commission pursuant to Section 69 15 U.S.C. 78q1b3F; 15 U.S.C. 78q 1b3G; 15 U.S.C. 78q1b3H; 17 CFR
240.17Ad22e1, e2i, e6ii, e10, e13, e14, e17i, and e18.
70 15 U.S.C. 78sb2.
71 In approving the proposed rule change, the Commission considered the proposals impact on efficiency, competition, and capital formation. 15
U.S.C. 78cf.
72 17 CFR 200.303a12.
1 15 U.S.C. 78sb1.
2 17 CFR 240.19b4.

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19b3A of the Act.3 The proposed rule changes were published for comment in the Federal Register on July 15, 2021.4 The Commission has received comment on the proposals.5 Pursuant to Section 19b3C of the Act,6 the Commission is hereby: 1 Temporarily suspending File Nos. SRMIAX2021
29, SREMERALD202122, and SR
PEARL202130; and 2 instituting proceedings to determine whether to approve or disapprove File Nos. SR
MIAX202129, SREMERALD2021
22, and SRPEARL202130.
II. Description of the Proposed Rule Changes Each Exchange currently provides certain of its members the option to purchase purge ports to assist in their quoting activity.7 Purge ports provide the ability to send quote purge messages to an Exchanges system.8 Each Exchange offers purge ports as a package; a member has the option to receive up to two purge ports per matching engine to which it connects.9
MIAX has 24 matching engines, and thus a member may receive up to 48
purge ports on MIAX.10 MIAX Emerald and MIAX Pearl each have 12 matching engines, and thus a member may receive up to 24 purge ports on these Exchanges.11
MIAX and MIAX Emerald previously charged a flat fee of $1,500 per month for purge ports, and MIAX Pearl previously charged a flat fee of $750 per month for purge ports, regardless of the number of matching engines to which a 3 15 U.S.C. 78sb3A. A proposed rule change may take effect upon filing with the Commission if it is designated by the exchange as establishing or changing a due, fee, or other charge imposed by the self-regulatory organization on any person, whether or not the person is a member of the self-regulatory organization. 15 U.S.C. 78sb3Aii.
4 See Securities Exchange Act Release Nos. 92364
July 9, 2021, 86 FR 37364 July 15, 2021 SR
MIAX202129 MIAX Notice; 92360 July 9, 2021, 86 FR 37373 July 15, 2021 SREMERALD
202122 MIAX Emerald Notice; 92363 July 9, 2021, 86 FR 37376 July 15, 2021 SRPEARL
202130 MIAX Pearl Notice. For ease of reference, citations to statements generally applicable to all three notices are to the MIAX
Notice.
5 Comment on the proposed rule changes can be found at: https www.sec.gov/comments/sr-miax2021-29/srmiax202129.htm; https www.sec.gov/
comments/sr-emerald-2021-22/
sremerald202122.htm; https www.sec.gov/
comments/sr-pearl-2021-30/srpearl202130.htm.
6 15 U.S.C. 78sb3C.
7 See, e.g., MIAX Notice, supra note 4, at 37365.
8 See MIAX Options Fee Schedule, Section 5dii, footnote 30; MIAX Emerald Options Fee Schedule, Section 5dii; MIAX Pearl Options Fee Schedule, Definitions Section.
9 See, e.g., MIAX Notice, supra note 4, at 37365.
10 See MIAX Notice, supra note 4, at 37365.
11 See MIAX Emerald Notice, supra note 4, at 37374; MIAX Pearl Notice, supra note 4, at 37377.

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member connected and consequently regardless of the number of purge ports allocated to the member. Each Exchange proposes to increase the flat monthly fee to $7,500.
III. Suspension of the Proposed Rule Changes Pursuant to Section 19b3C of the Act,12 at any time within 60 days of the date of filing of an immediately effective proposed rule change pursuant to Section 19b1 of the Act,13 the Commission summarily may temporarily suspend the change in the rules of a self-regulatory organization SRO 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. As described below, the Commission believes a temporary suspension of the proposed rule changes is necessary and appropriate to allow for additional analysis of the proposed rule changes consistency with the Act and the rules thereunder.
When an exchange files a proposed rule change with the Commission, including fee filings, it is required to provide a statement supporting the proposals basis under the Act and the rules and regulations thereunder applicable to the exchange.14 The instructions to Form 19b4, on which exchanges file their proposed rule changes, specify that such statement should be sufficiently detailed and specific to support a finding that the proposed rule change is consistent with those requirements. 15
Section 6 of the Act, including Sections 6b4, 5, and 8, requires, among other things, that the rules of an exchange: 1 Provide for the equitable allocation of reasonable fees among members, issuers, and other persons using the exchanges facilities; 16 2 be designed to perfect the mechanism of a free and open market and a national market system and to protect investors and the public interest, and not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers; 17 and 3
not impose any burden on competition 12 15

U.S.C. 78sb3C.
U.S.C. 78sb1.
14 See 17 CFR 240.19b4 General Instructions for Form 19b4Information to be Included in the Complete FormItem 3 entitled Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change.
15 See id.
16 15 U.S.C. 78fb4.
17 15 U.S.C. 78fb5.
13 15

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