30 Day Notice

Federal Register / Vol. 87, No. 76 / Wednesday, April 20, 2022 / Notices
disapproved by May 11, 2022. Any
person who wishes to file a rebuttal to
any other person’s submission must file
that rebuttal by May 25, 2022.
Comments may be submitted by any
of the following methods:

khammond on DSKJM1Z7X2PROD with NOTICES

Electronic Comments
• Use the Commission’s internet
comment form (http://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File No. SR–
EMERALD–2022–15 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File No.
SR–EMERALD–2022–15. This file
number 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 Commission’s
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 Commission’s 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 Exchange. 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 publ. All submissions
should refer to File No. SR–EMERALD–
2022–15 and should be submitted on or
before May 11, 2022. Rebuttal comments
should be submitted by May 25, 2022.
VI. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(3)(C) of the Act,91 that File
No. SR–EMERALD–2022–15 be, and
hereby is, temporarily suspended. In
91 15

U.S.C. 78s(b)(3)(C).

VerDate Sep<11>2014

19:01 Apr 19, 2022

addition, the Commission is instituting
proceedings to determine whether the
proposed rule change should be
approved or disapproved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.92
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–08382 Filed 4–19–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–603; OMB Control No.
3235–0658]

Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 22e–3

Notice is hereby given that, under the
Paperwork Reduction Act of 1995 (44
U.S.C. 3501–3520), the Securities and
Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Section 22(e) of the Investment
Company Act [15 U.S.C. 80a–22(e)]
(‘‘Act’’) generally prohibits funds,
including money market funds, from
suspending the right of redemption, and
from postponing the payment or
satisfaction upon redemption of any
redeemable security for more than seven
days. The provision was designed to
prevent funds and their investment
advisers from interfering with the
redemption rights of shareholders for
improper purposes, such as the
preservation of management fees.
Although section 22(e) permits funds to
postpone the date of payment or
satisfaction upon redemption for up to
seven days, it does not permit funds to
suspend the right of redemption for any
amount of time, absent certain specified
circumstances or a Commission order.
Rule 22e–3 under the Act [17 CFR
270.22e–3] exempts money market
funds from section 22(e) to permit them
to suspend redemptions in order to
facilitate an orderly liquidation of the
fund. Specifically, rule 22e–3 permits a
money market fund to suspend
redemptions and postpone the payment
92 17

Jkt 256001

PO 00000

of proceeds pending board-approved
liquidation proceedings if: (i) The fund’s
board of directors, including a majority
of disinterested directors, determines
pursuant to § 270.2a–7(c)(8)(ii)(C) that
the extent of the deviation between the
fund’s amortized cost price per share
and its current net asset value per share
calculated using available market
quotations (or an appropriate substitute
that reflects current market conditions)
may result in material dilution or other
unfair results to investors or existing
shareholders; (ii) the fund’s board of
directors, including a majority of
disinterested directors, irrevocably
approves the liquidation of the fund;
and (iii) the fund, prior to suspending
redemptions, notifies the Commission of
its decision to liquidate and suspend
redemptions. Rule 22e–3 also provides
an exemption from section 22(e) for
registered investment companies that
own shares of a money market fund
pursuant to section 12(d)(1)(E) of the
Act (‘‘conduit funds’’), if the underlying
money market fund has suspended
redemptions pursuant to the rule. A
conduit fund that suspends redemptions
in reliance on the exemption provided
by rule 22e–3 is required to provide
prompt notice of the suspension of
redemptions to the Commission. Notices
required by the rule must be provided
by electronic mail, directed to the
attention of the Director of the Division
of Investment Management or the
Director’s designee.1 Compliance with
the notification requirement is
mandatory for money market funds and
conduit funds that rely on rule 22e–3 to
suspend redemptions and postpone
payment of proceeds pending a
liquidation, and are not kept
confidential.
Commission staff estimates that, on
average, one fund would be required to
make the required notice every year.2
Commission staff further estimates that
a money market fund or conduit fund
would spend approximately one hour of
an in-house attorney’s time to prepare
and submit the notice required by the
rule. Given these estimates, the total
annual burden of the notification
requirement of rule 22e–3 for all money
market funds and conduit funds would
be approximately one hour at a cost of
$425.3 The Commission staff estimates
1 See

rule 22e–3(a)(3).
Commission has not received any notices
invoking rule 22e–3 to halt redemptions. However,
for administrative purposes, we are reporting one
respondent and one annual response.
3 This figure for an Attorney is from SIFMA’s
Management & Professional Earnings in the
Securities Industry 2013, modified by Commission
staff to account for an 1800-hour work-year and
2 The

CFR 200.30–3(a)(12), (57) and (58).

Frm 00155

Fmt 4703

Sfmt 4703

23647

E:\FR\FM\20APN1.SGM

Continued

20APN1

23648

Federal Register / Vol. 87, No. 76 / Wednesday, April 20, 2022 / Notices

that there is no cost burden associated
with the information collection
requirement of rule 22e–3 other than
this cost.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
Compliance with the collection of
information requirements of the rule is
necessary to obtain the benefit of relying
on the rule. An agency may not conduct
or sponsor, and a person is not required
to respond to, a collection of
information unless it displays a
currently valid control number.
The public may view the background
documentation for this information
collection at the following website,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
Lindsay.M.Abate@omb.eop.gov; and (ii)
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov. Written comments
and recommendations for the proposed
information collection should be sent
within 30 days May 20, 2022 of
publication of this notice to
www.reginfo.gov/public/do/PRAMain.
Find this particular information
collection by selecting ‘‘Currently under
30-day Review—Open for Public
Comments’’ or by using the search
function.

SECURITIES AND EXCHANGE
COMMISSION

Dated: April 14, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.

II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange 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 these
statements may be examined at the
places specified in Item IV [sic] below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant aspects of such
statements.

[FR Doc. 2022–08402 Filed 4–19–22; 8:45 am]

khammond on DSKJM1Z7X2PROD with NOTICES

BILLING CODE 8011–01–P

inflation, and multiplied by 5.35 to account for
bonuses, firm size, employee benefits and overhead.

VerDate Sep<11>2014

19:01 Apr 19, 2022

Jkt 256001

[Release No. 34–94717; File No. SR–
EMERALD–2022–13]

Self-Regulatory Organizations; MIAX
Emerald LLC; Notice of Filing of a
Proposed Rule Change To Amend the
MIAX Emerald Fee Schedule To
Increase Certain Connectivity Fees;
Suspension of and Order Instituting
Proceedings To Determine Whether To
Approve or Disapprove the Proposed
Rule Change

A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend the
Fee Schedule to increase the fees for
Members 3 and non-Members to access
the Exchange’s System Networks 4 via a
10 gigabit (‘‘Gb’’) ultra-low latency
(‘‘ULL’’) fiber connection.5 Specifically,
the Exchange proposes to amend
Sections 5(a)–(b) of the Fee Schedule to
increase the 10Gb ULL fee for Members

April 14, 2022.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 1,
2022, MIAX Emerald, LLC (‘‘MIAX
Emerald’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a 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 and is, pursuant
to Section 19(b)(3)(C) of the Act, hereby:
(i) Temporarily suspending the rule
change; and (ii) instituting proceedings
to determine whether to approve or
disapprove the proposed rule change.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing a proposal to
amend the MIAX Emerald Options Fee
Schedule (the ‘‘Fee Schedule’’) to
amend certain connectivity fees.
The text of the proposed rule change
is available on the Exchange’s website at
http://www.miaxoptions.com/rulefilings/emerald, at MIAX’s principal
office, and at the Commission’s Public
Reference Room.

1 15
2 17

PO 00000

U.S.C. 78s(b)(1).
CFR 240.19b–4.

Frm 00156

Fmt 4703

Sfmt 4703

3 The term ‘‘Member’’ means an individual or
organization approved to exercise the trading rights
associated with a Trading Permit. Members are
deemed ‘‘members’’ under the Exchange Act. See
Exchange Rule 100.
4 The Exchange’s System Networks consist of the
Exchange’s extranet, internal network, and external
network.
5 The Exchange initially filed a proposal on July
30, 2021 to adopt a tiered-pricing structure for the
10Gb ULL fiber connections. The proposal to adopt
a tiered pricing structure was withdrawn and
refiled several times, each time providing more
detail and additional justification in response to
questions raised by the Commission in its
Suspension Orders and in response to comments
received. Ultimately, in response to questions
raised by the Commission in its Suspension Orders
and comment letters submitted by SIG on the
proposed tiered pricing structure, the Exchange
reluctantly withdrew that proposal on March 30,
2022, despite the fact that the proposed a tieredpricing structure reduced the monthly 10Gb ULL
connectivity fees for approximately 60% of the
Exchange’s subscribers. See Securities Exchange
Act Release Nos. 92645 (August 11, 2021), 86 FR
46048 (August 17, 2021) (SR–EMERALD–2021–23);
93166 (September 28, 2021), 86 FR 54760 (October
4, 2021) (SR–EMERALD–2021–29); 93644
(November 22, 2021), 86 FR 67750 (November 29,
2021); 93776 (December 14, 2021), 86 FR 71983
(December 20, 2021) (SR–EMERALD–2021–42);
94089 (January 27, 2022); 94257 (February 15,
2022), 87 FR 9678 (February 22, 2022) (SR–
EMERALD–2022–04). See also letters from Richard
J. McDonald, Susquehanna International Group,
LLC (‘‘SIG’’), to Vanessa Countryman, Secretary,
Commission, dated September 7, 2021, October 1,
2021, October 26, 2021, and March 15, 2022. See
letters from Richard J. McDonald, SIG, to Vanessa
Countryman, Secretary, Commission, dated October
1, 2021 (‘‘SIG Letter 2’’) and October 26, 2021 (‘‘SIG
Letter 3’’). See also letter from Tyler Gellasch,
Executive Director, Healthy Markets Association
(‘‘HMA’’), to Hon. Gary Gensler, Chair,
Commission, dated October 29, 2021 (commenting
on SR–CboeEDGA–2021–017, SR–CboeBYX–2021–
020, SR–Cboe–BZX–2021–047, SR–CboeEDGX–
2021–030, SR–MIAX–2021–41, SR–PEARL–2021–
45, and SR–EMERALD–2021–29 and stating that
‘‘MIAX has repeatedly filed to change its
connectivity fees in a way that will materially lower
costs for many users, while increasing the costs for
some of its heaviest of users. These filings have
been withdrawn and repeatedly refiled. Each time,
however, the filings contain significantly greater
information about who is impacted and how than
other filings that have been permitted to take effect
without suspension’’) (emphasis added) (‘‘HMA
Letter’’); and Ellen Green, Managing Director,
Equity and Options Market Structure, Securities
Industry and Financial Markets Association
(‘‘SIFMA’’), to Vanessa Countryman, Secretary,
Commission, dated November 26, 2021 (‘‘SIFMA
Letter’’).

E:\FR\FM\20APN1.SGM

20APN1