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Federal Register / Vol. 86, No. 186 / Wednesday, September 29, 2021 / Notices
The Commission received two comment letters on the proposal from the Exchanges.8
Section 19b2 of the Act 9 provides that, after initiating proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of the filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule changes were published for comment in the Federal Register on March 29, 2021.10 The 180th day after publication of the Notices is September 25, 2021.
The Commission is extending the time period for approving or disapproving the proposal for an additional 60 days.
The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule changes along with the comments received.
Accordingly, the Commission, pursuant to Section 19b2 of the Act,11
designates November 24, 2021 as the date by which the Commission should either approve or disapprove the proposed rule changes File Nos. SR
NYSE202115, SRNYSEAMER2021
13, SRNYSEArca202115, SR
NYSENAT202105, NYSECHX2021
04.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202121109 Filed 92821; 8:45 am
lotter on DSK11XQN23PROD with NOTICES1

BILLING CODE 801101P

NYSE202115, NYSEAMER202113, SR
NYSEArca202115, SRNYSENAT202105, SR
NYSECHX202104.
8 See, respectively, letter dated June 21, 2021
from Elizabeth K. King, Chief Regulatory Officer, ICE, General Counsel and Corporate Secretary, NYSE to Vanessa Countryman, Secretary, Commission; and letter dated September 7, 2021
from Elizabeth K. King, Chief Regulatory Office, ICE, General Counsel and Corporate Secretary, NYSE to Vanessa Countryman, Secretary, Commission. All comments received by the Commission on the proposed rule change are available on the Commissions website at: https
www.sec.gov/comments/sr-nyse-2021-15/
srnyse202115.htm. NYSE filed comment letters on behalf of all of the Exchanges.
9 15 U.S.C. 78sb2.
10 See supra note 5.
11 15 U.S.C. 78sb2.
12 17 CFR 200.303a12.

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SECURITIES AND EXCHANGE
COMMISSION
Release No. 3493114; File No. 4575

Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d 2; Notice of Filing and Order Approving and Declaring Effective an Amended Plan for the Allocation of Regulatory Responsibilities Among the Financial Industry Regulatory Authority, Inc., The Nasdaq Stock Market LLC, and Nasdaq BX, Inc.
September 23, 2021.

Notice is hereby given that the Securities and Exchange Commission Commission has issued an Order, pursuant to Section 17d of the Securities Exchange Act of 1934
Act,1 approving and declaring effective an amendment to the plan for allocating regulatory responsibility Plan filed on September 2, 2021, pursuant to Rule 17d2 of the Act,2 by the Financial Industry Regulatory Authority, Inc. FINRA, The Nasdaq Stock Market LLC Nasdaq, and Nasdaq BX, Inc. BX collectively, Participating Organizations or parties. This agreement amends and restates the agreement entered into between FINRA and BX on December 5, 2008, entitled Agreement between Financial Industry Regulatory Authority, Inc. and Boston Stock Exchange, Incorporated pursuant to Rule 17d2 under the Securities Exchange Act of 1934, and any subsequent amendments thereafter, and the agreement entered into between FINRA and Nasdaq approved by the Commission on July 12, 2006, entitled Agreement between the National Association of Securities Dealers, Inc.
and The Nasdaq Stock Market LLC
Pursuant to Section 17d and Rule 17d 2, and any subsequent amendments thereafter.
I. Introduction Section 19g1 of the Act,3 among other things, requires every selfregulatory organization SRO
registered as either a national securities exchange or national securities association to examine for, and enforce compliance by, its members and persons associated with its members with the Act, the rules and regulations thereunder, and the SROs own rules, unless the SRO is relieved of this responsibility pursuant to Section 1 15

U.S.C. 78qd.
CFR 240.17d2.
3 15 U.S.C. 78sg1.
2 17

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17d 4 or Section 19g2 5 of the Act.
Without this relief, the statutory obligation of each individual SRO could result in a pattern of multiple examinations of broker-dealers that maintain memberships in more than one SRO common members. Such regulatory duplication would add unnecessary expenses for common members and their SROs.
Section 17d1 of the Act 6 was intended, in part, to eliminate unnecessary multiple examinations and regulatory duplication.7 With respect to a common member, Section 17d1
authorizes the Commission, by rule or order, to relieve an SRO of the responsibility to receive regulatory reports, to examine for and enforce compliance with applicable statutes, rules, and regulations, or to perform other specified regulatory functions.
To implement Section 17d1, the Commission adopted two rules: Rule 17d1 and Rule 17d2 under the Act.8
Rule 17d1 authorizes the Commission to name a single SRO as the designated examining authority DEA to examine common members for compliance with the financial responsibility requirements imposed by the Act, or by Commission or SRO
rules.9 When an SRO has been named as a common members DEA, all other SROs to which the common member belongs are relieved of the responsibility to examine the firm for compliance with the applicable financial responsibility rules. On its face, Rule 17d1 deals only with an SROs obligations to enforce member compliance with financial responsibility requirements. Rule 17d1
does not relieve an SRO from its obligation to examine a common member for compliance with its own rules and provisions of the federal securities laws governing matters other than financial responsibility, including sales practices and trading activities and practices.
To address regulatory duplication in these and other areas, the Commission adopted Rule 17d2 under the Act.10
Rule 17d2 permits SROs to propose joint plans for the allocation of regulatory responsibilities with respect 4 15

U.S.C. 78qd.
U.S.C. 78sg2.
6 15 U.S.C. 78qd1.
7 See Securities Act Amendments of 1975, Report of the Senate Committee on Banking, Housing, and Urban Affairs to Accompany S. 249, S. Rep. No. 94
75, 94th Cong., 1st Session 32 1975.
8 17 CFR 240.17d1 and 17 CFR 240.17d2, respectively.
9 See Securities Exchange Act Release No. 12352
April 20, 1976, 41 FR 18808 May 7, 1976.
10 See Securities Exchange Act Release No. 12935
October 28, 1976, 41 FR 49091 November 8, 1976.
5 15

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