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Federal Register / Vol. 86, No. 20 / Tuesday, February 2, 2021 / Notices
Securities and Exchange Commission the Commission may recognize, as generally accepted for purposes of the securities laws, any accounting principles established by a standardsetting body that meets certain criteria.
Section 109 of SOX provides that all of the budget of such a standard-setting body shall be payable from an annual accounting support fee assessed and collected against each issuer, as may be necessary or appropriate to pay for the budget and provide for the expenses of the standard-setting body, and to provide for an independent, stable source of funding, subject to review by the Commission. Under Section 109f of the Act, the amount of fees collected for a fiscal year shall not exceed the recoverable budget expenses of the standard-setting body. Section 109h of SOX amends Section 13b2 of the Securities Exchange Act of 1934 to require issuers to pay the allocable share of a reasonable annual accounting support fee or fees, determined in accordance with Section 109 of the Act.
On April 25, 2003, the Commission issued a policy statement concluding that the Financial Accounting Standards Board FASB and its parent organization, the Financial Accounting Foundation FAF, satisfied the criteria for an accounting standardsetting body under the Act, and recognizing the FASBs financial accounting and reporting standards as generally accepted under Section 108
of the Act.1 Accordingly, the Commission undertook a review of the FASBs accounting support fee for calendar year 2021.2 In connection with its review, the Commission also reviewed the budget for the FAF and the FASB for calendar year 2021.
Section 109 of SOX provides that, in addition to the accounting support fee, the standard-setting body can have additional sources of revenue for its activities, such as earnings from sales of publications, provided that each additional source of revenue shall not jeopardize, in the judgment of the Commission, the actual or perceived independence of the standard setter. In this regard, the Commission also considered the interrelation of the operating budgets of the FAF, the FASB, and the Governmental Accounting Standards Board GASB, the FASBs sister organization, which sets accounting standards used by state and local government entities. The 1 Financial
Reporting Release No. 70.
2 The Financial Accounting Foundations Board of Trustees approved the FASBs budget on November 17, 2020. The FAF submitted the approved budget to the Commission on November 23, 2020.

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Commission has been advised by the FAF that neither the FAF, the FASB, nor the GASB accept contributions from the accounting profession.
The Commission understands that the Office of Management and Budget OMB has determined the FASBs spending of the 2021 accounting support fee is sequestrable under the Budget Control Act of 2011.3 So long as sequestration is applicable, we anticipate that the FAF will work with the Commission and Commission staff as appropriate regarding its implementation of sequestration.
After its review, the Commission determined that the 2021 annual accounting support fee for the FASB is consistent with Section 109 of the Act.
Accordingly, It is ordered, pursuant to Section 109
of SOX, that the FASB may act in accordance with this determination of the Commission.
By the Commission.
Vanessa A. Countryman, Secretary.
FR Doc. 202102171 Filed 2121; 8:45 am BILLING CODE P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3490999; File No. SR
CboeBYX2021003

I. Self-Regulatory Organizations Statement of the Terms of Substance of the Proposed Rule Change Cboe BYX Exchange, Inc. the Exchange or BYX is filing with the Securities and Exchange Commission Commission a proposed rule change to amend the fee schedule applicable to Members and non-Members of the Exchange pursuant to BYX Rules 15.1a and c. Changes to the fee schedule pursuant to this proposal are effective upon filing. The text of the proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is also available on the Exchanges website http markets.cboe.com/us/
equities/regulation/rule_filings/byx/, at the Exchanges Office of the Secretary, 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.

Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Eliminate Certain Routing Fee Codes
A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
January 27, 2021.

The Exchange proposes to amend its fee schedule by eliminating certain routing fee codes.3
The Exchange first notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive or incentives to be insufficient. More specifically, the Exchange is only one of 16 registered equities exchanges, as well as a number of alternative trading systems and other off-exchange venues that do not have similar self-regulatory responsibilities under the Exchange Act, to which market participants may direct their order flow. Based on publicly
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 January 13, 2021, Cboe BYX Exchange, Inc. the Exchange or BYX filed with the Securities and Exchange Commission the Commission the proposed rule change as described in Items I and II
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.
3 See OMB Report Pursuant to the Sequestration Transparency Act of 2012 Pub. L. 112155, page 16 of 17 at: https www.whitehouse.gov/wpcontent/uploads/2020/02/JC-sequestration_report_
FY21_2-10-20.pdf 1 15 U.S.C. 78sb1.
2 17 CFR 240.19b4.

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1. Purpose
3 The Exchange initially filed the proposed fee changes January 4, 2021 SRCboeBYX2021001.
On January 13, 2021, the Exchange withdrew that filing and submitted this proposal.

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