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Federal Register / Vol. 86, No. 180 / Tuesday, September 21, 2021 / Notices
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 SRNASDAQ2021070 and should be submitted on or before October 12, 2021.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202120334 Filed 92021; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3492986; File No. SRPhlx 202152

Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Phlx Options 10, Section 5, Branch Office, and Options 10, Section 17, Profit Sharing Rules
lotter on DSK11XQN23PROD with NOTICES1

September 15, 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 September 3, 2021, Nasdaq PHLX LLC
Phlx or Exchange filed with the Securities and Exchange Commission SEC or Commission the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. Phlx filed the proposal as a non-controversial proposed rule change pursuant to Section 19b3Aiii of the Act 3 and Rule 19b4f6 thereunder.4 The Commission is publishing this notice to 11 17

CFR 200.303a12.
U.S.C. 78sb1.
2 17 CFR 240.19b4.
3 15 U.S.C. 78sb3Aiii.
4 17 CFR 204.19b4f6.
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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 adopt new Phlx Options 10, Section 5, Branch Office, and Options 10, Section 17, Profit Sharing. The Exchange also proposes to amend General 9, Section 58, and Options 10, Section 6, Opening of Accounts.
The text of the proposed rule change is available on the Exchanges website at https listingcenter.nasdaq.com/
rulebook/phlx/rules, 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 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 adopt two new rules at Options 10, Section 5, Branch Office, and Options 10, Section 17, Profit Sharing. The Exchange also proposes to amend General 9, Section 58 and Options 10, Section 6, Opening of Accounts. Each change will be described below.
Options 10, Section 5
The Exchange proposes to adopt a new Options 10, Section 5, titled Branch Offices. Options 10, Section 5
is currently reserved. The proposed rule would be similar to Nasdaq BX, Inc.
BX and The Nasdaq Options Market LLC NOM Options 10, Section 5.
The proposed rule text would provide, a Every OEF approved to do options business with the public under this Options 10 shall file with Phlx Regulation and keep current a list of each of its branch offices showing the location of each such office and the name of the manager of each such office.
b No branch office of an OEF shall transact options business with the public unless the manager of such branch office has
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been qualified as a Options Principal or General Securities Sales Supervisor;
provided, that this requirement shall not apply to branch offices in which not more than three 3 representatives are located so long as the OEF can demonstrate to the satisfaction of Phlx Regulation that the options activities of such branch offices are appropriately supervised by a Options Principal or General Securities Sales Supervisor.

Similar to BX and NOM, Phlx would require every Order Entry Firm or OEF 5 that is approved to do business with the public pursuant to Options 10
to file with Phlx Regulation a list of each branch office. The list must include the location of the branch office and the name of the manager of the office. The OEF must keep this list current. Further, an OEF must ensure that the branch office manager is qualified prior to transacting business with the public in the branch office. A
manager must be registered as an Options Principal or General Securities Sales Supervisor, unless there are not more than three representatives in that branch office and the OEF can demonstrate to the satisfaction of Phlx Regulation that the options activities of such branch offices are appropriately supervised by an Options Principal or General Securities Sales Supervisor.
Currently, Phlx General 4,6 Section 1220a8 7 and Supplementary Material .04 of that rule 8 require the manager to be registered as an Options Principal or General Securities Sales Supervisor. In 5 The term Order Entry Firm or OEF means a member organization that submits orders, as agent or principal, on the Exchange. See Phlx Options 1, Section 1b32.
6 Phlx General 4 is incorporated by reference to the General 4 Rules of The Nasdaq Stock Market LLC.
7 General 4, Rule 1220a8 provides, in part, Each member that is engaged in transactions in options with the public shall have at least one Registered Options Principal. In addition, each principal as defined in paragraph a1 of this Rule who is responsible for supervising a members options sales practices with the public shall be required to register with the Exchange as a Registered Options Principal, subject to the following exception. If a principals options activities are limited solely to those activities that may be supervised by a General Securities Sales Supervisor, then such person may register as a General Securities Sales Supervisor pursuant to paragraph a10 of this Rule in lieu of registering as a Registered Options Principal.
8 Supplementary Material .04 to General 4, Rule 1220 provides, in part, Any person required to be registered as a principal who supervises sales activities in corporate, municipal and option securities, investment company products, variable contracts, direct participation program securities and security futures may be registered solely as a General Securities Sales Supervisor. In addition to branch office managers, other persons such as regional and national sales managers may also be registered solely as General Securities Sales Supervisors as long as they supervise only sales activities.

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