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Federal Register / Vol. 86, No. 186 / Wednesday, September 29, 2021 / Notices
Equity 10, Section 4 Position Limits; 5 Exercise Limits; and 7 Liquidation of Index Warrant Positions.

Equity 10, Section 4 Position Limits; 5 Exercise Limits; and 7 Liquidation of Index Warrant Positions.

The following provisions are covered by the Agreement between the Parties:
SEC 34 Act Section 28e Effect on Existing Law SEC 34 Act Rule 10b10 Confirmation of Transactions SEC 34 Act Rule 203 of Regulation SHO
Borrowing and Delivery Requirements SEC 34 Act Rule 606 of Regulation NMS
Disclosure of Order Routing Information SEC 34 Act Rule 607 of Regulation NMS
Customer Account Statements SEA Rule 14e4Prohibited Transactions in Connection with Partial Tender Offers FINRA shall perform surveillance, investigation, and Enforcement Responsibilities for SEA Rule 14e 4a1iiD.
FINRA shall not have any Regulatory Responsibilities for these rules as they pertain to violations of insider trading activities, which is covered by a separate 17d2 Agreement by and among the American Stock Exchange, LLC, BATS
Exchange, Inc. Boston Stock Exchange, Inc., CBOE Stock Exchange, LLC, Chicago Stock Exchange, Inc., Financial Industry Regulatory Authority, Inc., International Securities Exchange, LLC, The NASDAQ Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange, LLC, NYSE Arca Inc., NYSE Regulation, Inc., and Philadelphia Stock Exchange, Inc. Cboe BZX Exchange, Inc., Cboe BYX Exchange, Inc., Chicago Stock Exchange, Inc., Cboe EDGA Exchange Inc., Cboe EDGX Exchange Inc., Financial Industry Regulatory Authority, Inc., MEMX, LLC, MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq PHLX LLC, The Nasdaq Stock Market LLC, NYSE National, Inc., New York Stock Exchange, LLC, NYSE American LLC, NYSE
Arca Inc., and Investors Exchange LLC and the Long-Term Stock Exchange, Inc. as approved by the SEC on October 17, 2008September 23, 2020.

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 plan that are filed with the Commission, and all written communications relating to the proposed plan 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 plan also will be available for inspection and copying at the principal offices of FINRA, BX, and Nasdaq. 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 4575 and should be submitted on or before October 20, 2021.

IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing.
Comments may be submitted by any of the following methods:

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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 Number 4
575 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 Number 4575. This file number should
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V. Discussion The Commission finds that the proposed Amended Plan is consistent with the factors set forth in Section 17d of the Act 13 and Rule 17d2c thereunder 14 in that the proposed Amended Plan is necessary or appropriate in the public interest and for the protection of investors, fosters cooperation and coordination among SROs, and removes impediments to and fosters the development of the national market system. In particular, the Commission believes that the proposed Amended Plan should reduce unnecessary regulatory duplication by allocating to FINRA certain examination and enforcement responsibilities for Common Members that would otherwise be performed by FINRA, BX, and Nasdaq. Accordingly, the proposed Amended Plan promotes efficiency by reducing costs to Common Members.
Furthermore, because BX, Nasdaq and 13 15
14 17

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2357. Position and Exercise Limits; Liquidations.

FINRA will coordinate their regulatory functions in accordance with the Amended Plan, the Amended Plan should promote investor protection.
The Commission notes that, under the Amended Plan, BX, Nasdaq and FINRA
have allocated regulatory responsibility for those BX and Nasdaq rules, set forth in the Certification, that are substantially similar to the applicable FINRA rules in that examination for compliance with such provisions and rules would not require FINRA to develop one or more new examination standards, modules, procedures, or criteria in order to analyze the application of the rule, or a Common Members activity, conduct, or output in relation to such rule. In addition, under the Amended Plan, FINRA would assume regulatory responsibility for certain provisions of the federal securities laws and the rules and regulations thereunder that are set forth in the Certification. The Common Rules covered by the Amended Plan are specifically listed in the Certification, as may be amended by the Parties from time to time.
According to the Amended Plan, BX
and Nasdaq will each review the Certification at least annually, or more frequently if required by changes in either the rules of BX, Nasdaq, or FINRA, and, if necessary, submit to FINRA an updated list of Common Rules to add BX or Nasdaq rules not included on the then-current list of Common Rules that are substantially similar to FINRA rules; delete BX or Nasdaq rules included in the thencurrent list of Common Rules that no longer qualify as common rules; and confirm that the remaining rules on the list of Common Rules continue to be BX
or Nasdaq rules that qualify as common rules.15 FINRA will then confirm in writing whether the rules listed in any updated list are Common Rules as defined in the Amended Plan. The Commission believes that these provisions are designed to provide for continuing communication between the Parties to ensure the continued accuracy of the scope of the proposed allocation of regulatory responsibility.
The Commission is hereby declaring effective an Amended Plan that, among other things, allocates regulatory responsibility to FINRA for the oversight and enforcement of all BX and Nasdaq rules that are substantially 15 See
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paragraph 2 of the Amended Plan.

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