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Federal Register / Vol. 86, No. 104 / Wednesday, June 2, 2021 / Notices Whether the Exchanges have demonstrated how the proposals are consistent with Section 6b5 of the Act, which requires, among other things, that the rules of a national securities exchange be designed to perfect the operation of a free and open market and a national market system and protect investors and the public interest, and not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers; 99 and Whether the Exchanges have demonstrated how the proposals 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. 100
As discussed in Section III above, the Exchanges made various arguments in support of the proposals and the Commission received a comment letter that expressed concerns regarding the proposals, including that the Exchanges did not provide sufficient information to establish that the proposals are consistent with the Act and the rules thereunder.
Under the Commissions Rules of Practice, the burden to demonstrate that a proposed rule change is consistent with the Exchange Act and the rules and regulations issued thereunder . . . is on the self-regulatory organization SRO that proposed the rule change. 101 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.102 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.103
The Commission is instituting proceedings to allow for additional consideration and comment on the issues raised herein, including as to whether the proposals are consistent with the Act, 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 99 15

U.S.C. 78fb5.
U.S.C. 78fb8.
101 17 CFR 201.700b3.
102 See id.
103 See id.
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using its facilities; are designed to perfect the operation of a free and open market and a national market system, and to protect investors and the public interest; are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers;
and do not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act; 104 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 June 23, 2021. Rebuttal comments should be submitted by July 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.105
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 proposals 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
NYSE202114, SRNYSEAMER2021
10, SRNYSEArca202113, SR
NYSECHX202103, SRNYSENAT
202104 on the subject line.
Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange 104 See
15 U.S.C. 78fb4, 5, and 8.
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.

Commission, 100 F Street NE, Washington, DC 205491090.
All submissions should refer to File Nos. SRNYSE202114, SR
NYSEAMER202110, SRNYSEArca 202113, SRNYSECHX202103, and SRNYSENAT202104. The 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 change that are filed with the Commission, and all written communications relating to the proposed rule change 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 such 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 publicly available. All submissions should refer to File Nos.
SRNYSE202114, SRNYSEAMER
202110, SRNYSEArca202113, SR
NYSECHX202103, and SR
NYSENAT202104 and should be submitted on or before June 23, 2021.
Rebuttal comments should be submitted by July 7, 2021.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.106
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202111533 Filed 6121; 8:45 am BILLING CODE 801101P

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