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Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices
lotter on DSK11XQN23PROD with NOTICES1

system and protect investors and the public interest, and not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers; 39 and Whether the Exchanges have demonstrated how the proposed fees are consistent with Section 6b8 of the Act, which requires that the rules of a national securities exchange not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. 40
As discussed in Section III above, the Exchanges made various arguments in support of the proposal, and the Commission received comment disputing the Exchanges arguments and expressing concerns regarding the proposal.41 In particular, the commenter argues that the Exchanges did not provide sufficient information to establish that the proposed fees are consistent with the Act and the rules thereunder.42
Under the Commissions Rules of Practice, the burden to demonstrate that a proposed rule change is consistent with the Act and the rules and regulations issued thereunder . . .
is on the SRO that proposed the rule change. 43 The description of a proposed rule change, its purpose and operation, its effect, and a legal analysis of its consistency with applicable requirements must all be sufficiently detailed and specific to support an affirmative Commission finding,44 and any failure of an SRO to provide this information may result in the Commission not having a sufficient basis to make an affirmative finding that a proposed rule change is consistent with the Act and the applicable rules and regulations.45
The Commission is instituting proceedings to allow for additional consideration and comment on the issues raised herein, including as to whether the proposal is consistent with the Act, and specifically, with its requirements that the rules of a national securities exchange provide for the equitable allocation of reasonable dues, fees, and other charges among its members, issuers, and other persons using its facilities; are designed to perfect the mechanism of a free and open market and a national market system, and to protect investors and the public interest; are not designed to 39 15

U.S.C. 78fb5.
U.S.C. 78fb8.
41 See SIG Letter, supra note 28.
42 See id. at 2.
43 17 CFR 201.700b3.
44 See id.
45 See id.
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permit unfair discrimination between customers, issuers, brokers, or dealers;
and do not impose a burden on competition not necessary or appropriate in furtherance of the purposes of the Act; 46 as well as any other provision of the Act, or the rules and regulations thereunder.
V. Commissions Solicitation of Comments The Commission requests written views, data, and arguments with respect to the concerns identified above as well as any other relevant concerns. Such comments should be submitted by September 23, 2021. Rebuttal comments should be submitted by October 7, 2021.
Although there do not appear to be any issues relevant to approval or disapproval that would be facilitated by an oral presentation of views, data, and arguments, the Commission will consider, pursuant to Rule 19b4, any request for an opportunity to make an oral presentation.47
The Commission asks that commenters address the sufficiency and merit of the Exchanges statements in support of the proposals, in addition to any other comments they may wish to submit about the proposed rule changes.
Interested persons are invited to submit written data, views, and arguments concerning the proposed rule changes, including whether the proposed rule changes are consistent with the Act. Comments may be submitted by any of the following methods:
Electronic Comments Use the Commissions internet comment form http www.sec.gov/
rules/sro.shtml; or Send an email to rule-comments@
sec.gov. Please include File Nos. SR
MIAX202129, SREMERALD2021
22, and SRPEARL202130 on the subject line.
Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 205491090.
All submissions should refer to File Nos. SRMIAX202129, SR
EMERALD202122, and SRPEARL
202130. These file numbers should be
included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method.
The Commission will post all comments on the Commissions internet website http www.sec.gov/rules/sro.shtml.
Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule changes that are filed with the Commission, and all written communications relating to the proposed rule changes 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 Exchanges. 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 Nos.
SRMIAX202129, SREMERALD
202122, and SRPEARL202130 and should be submitted on or before September 23, 2021. Rebuttal comments should be submitted by October 7, 2021.
VI. Conclusion It is therefore ordered, pursuant to Section 19b3C of the Act,48 that File Nos. SRMIAX202129, SR
EMERALD202122, and SRPEARL
202130 be, and hereby are, temporarily suspended. In addition, the Commission is instituting proceedings to determine whether the proposed rule changes should be approved ordisapproved.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.49
Vanessa A. Countryman, Secretary.
FR Doc. 202118944 Filed 9121; 8:45 am
46 See
15 U.S.C. 78fb4, 5, and 8.
47 15 U.S.C. 78sb2. Section 19b2 of the Act grants the Commission flexibility to determine what type of proceedingeither oral or notice and opportunity for written commentsis appropriate for consideration of a particular proposal by an SRO. See Securities Acts Amendments of 1975, Report of the Senate Committee on Banking, Housing and Urban Affairs to Accompany S. 249, S. Rep. No. 75, 94th Cong., 1st Sess. 30 1975.

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