[Federal Register Volume 77, Number 62 (Friday, March 30, 2012)]
[Notices]
[Page 19279]
[FR Doc No: 2012-7645]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL12-49-000]

Northern Indiana Public Service Company; Notice of Petition for
Declaratory Order

    Take notice that on March 16, 2012, pursuant to Rule 207 of the
Federal Energy Regulatory Commission's (Commission) Rules of Practice
and Procedure, 18 CFR 385.207, section 219 of the Federal Power Act, 16
U.S.C. 824e, and 824s(a), and Order No. 679,\1\ Northern Indiana Public
Service Company (NIPSCO) filed a Petition for Declaratory Order,
requesting that the Commission issue an order granting transmission
rate incentives related to the Reynolds to Burr Oak to Hiple 345 kV
transmission line, a Multi-Value Project approved under the Midwest
Independent Transmission System Operator, Inc. Transmission Expansion
Plan process.
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    \1\ Promoting Transmission Investment Through Pricing Reform,
Order No. 679, FERC Stats. & Regs. ] 31,222, order on reh'g, Order
No. 679-A, FERC Stats. & Regs. ] 3l 31,236 (2006), order on reh'g,
119FERC ] 61,062 (2007).
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    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date. On or
before the comment date, it is not necessary to serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive email
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on April 16, 2012.

    Dated: March 26, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-7645 Filed 3-29-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 18 (Monday, January 28, 2013)]
[Notices]
[Pages 5857-5858]
[FR Doc No: 2013-01716]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Agency Information Collection Activities: Requests for Comments;
Clearance of Renewed Approval of Information Collection: Flight
Operational Quality Assurance (FOQA) Program

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice and request for comments.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, FAA
invites public comments about our intention to request the Office of
Management and Budget (OMB) approval to renew an information
collection. The Federal Register Notice with a 60-day comment period
soliciting comments on the following collection of information was
published on October 2, 2012, vol. 77, no. 191, pages 60165-60166. The
FAA requires certificate holders who voluntarily establish approved
Flight Operational Quality Assurance (FOQA) programs to periodically
provide aggregate trend analysis information from such programs to the
FAA.

DATES: Written comments should be submitted by February 27, 2013.

FOR FURTHER INFORMATION CONTACT: Kathy DePaepe at<PHONE_NUMBER>, or by
email at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:
    OMB Control Number: 2120-0660.
    Title: Flight Operational Quality Assurance (FOQA) Program.
    Form Numbers: There are no FAA forms associated with this
collection.
    Type of Review: Renewal of an information collection.
    Background: The purpose of collecting, analyzing, aggregating, and
reporting this information is to identify potential threats to safety,
and to enable early corrective action before such threats lead to
accidents. Title 14, Code of Federal Regulations (14 CFR), Subpart
13.401, stipulates that the FAA does not use FOQA information in
punitive enforcement action against an air carrier or its employees,
when that air carrier has an FAA approved FOQA program. There are no
legal or administrative requirements that necessitate this rule. The
rule is intended to encourage the voluntary implementation of FOQA
programs in the interest of safety enhancement.
    Respondents: 60 airline operators.
    Frequency: Information is collected monthly.
    Estimated Average Burden per Response: 1 hour.
    Estimated Total Annual Burden: 720 hours.

ADDRESSES: Interested persons are invited to submit written comments on
the proposed information collection to the Office of Information and
Regulatory Affairs, Office of Management and Budget. Comments should be
addressed to the attention of the Desk Officer, Department of
Transportation/FAA, and sent via electronic mail to<EMAIL_ADDRESS>or faxed to<PHONE_NUMBER>, or mailed to the
Office of Information and Regulatory Affairs, Office of Management and
Budget, Docket Library, Room 10102, 725 17th Street NW., Washington, DC
20503.
    Public Comments Invited: You are asked to comment on any aspect of
this information collection, including (a) whether the proposed
collection of information is necessary for FAA's performance; (b) the
accuracy of the estimated burden; (c) ways for FAA to enhance the
quality, utility and clarity of the information collection; and (d)
ways that the burden could be minimized without reducing the quality of
the collected information. The agency will summarize and/or include
your comments in the request for OMB's clearance of this information
collection.

    Issued in Washington, DC, on January 22, 2013.
Albert R. Spence,
FAA Assistant Information Collection Clearance Officer, IT Enterprises
Business Services Division, AES-200.
[FR Doc. 2013-01716 Filed 1-25-13; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register: October 26, 2005 (Volume 70, Number 206)]
[Notices]
[Page 61797]
[DOCID:fr26oc05-56]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP06-29-000]

High Island Offshore System, L.L.C.; Notice of Tariff Filing

October 19, 2005.
    Take notice that on October 14, 2005, High Island Offshore System,
L.L.C. (HIOS) tendered for filing as part of its FERC Gas Tariff, Third
Revised Volume No. 1, Fifth Revised Sheet No. 173, to become effective
November 14, 2005.
    HIOS states that the purpose of this filing is to remove the CIG/
Granite State policy discount provisions in Section 26 of the General
Terms and Conditions of HIOS's tariff.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211 and 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed in accordance with the provisions of
section 154.210 of the Commission's regulations (18 CFR 154.210).
Anyone filing an intervention or protest must serve a copy of that
document on the Applicant. Anyone filing an intervention or protest on
or before the intervention or protest date need not serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.

Magalie R. Salas,
Secretary.
 [FR Doc. E5-5909 Filed 10-25-05; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 80, Number 212 (Tuesday, November 3, 2015)]
[Notices]
[Pages 67821-67822]
[FR Doc No: 2015-27916]

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SECURITIES AND EXCHANGE COMMISSION

[Extension: Rule 3a-4; SEC File No. 270-401, OMB Control No. 3235-0459]

Submission for OMB Review; Comment Request

Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange
Commission (the ``Commission'') is soliciting comments on the
collection of information summarized below. The Commission plans to
submit this existing collection of information to the Office of
Management and Budget for extension and approval.
    Rule 3a-4 (17 CFR 270.3a-4) under the Investment Company Act of
1940 (15 U.S.C. 80a) (``Investment Company Act'' or ``Act'') provides a
nonexclusive safe harbor from the definition of investment company
under the Act for certain investment advisory programs. These programs,
which include ``wrap fee'' programs, generally are designed to provide
professional portfolio management services on a discretionary basis to
clients who are investing less than the minimum investments for
individual accounts usually required by the investment adviser but more
than the minimum account size of most mutual funds. Under wrap fee and
similar programs, a client's account is typically managed on a
discretionary basis according to pre-selected investment objectives.
Clients with similar investment objectives often receive the same
investment advice and may hold the same or substantially similar
securities in their accounts. Because of this similarity of management,
some of these investment advisory programs may meet the definition of
investment company under the Act.
    In 1997, the Commission adopted rule 3a-4, which clarifies that
programs organized and operated in accordance with the rule are not
required to register under the Investment Company Act or comply with
the Act's requirements. These programs differ from investment companies
because, among other things, they provide individualized investment
advice to the client. The rule's provisions have the effect of ensuring
that clients in a program relying on the rule receive advice tailored
to the client's needs.
    For a program to be eligible for the rule's safe harbor, each
client's account must be managed on the basis of the client's financial
situation and investment objectives and in accordance with any
reasonable restrictions the client imposes on managing the account.
When an account is opened, the sponsor (or its designee) must obtain
information from each client regarding the client's financial situation
and investment objectives, and must allow the client an opportunity to
impose reasonable restrictions on managing the account. In addition,
the sponsor (or its designee) must contact the client annually to
determine whether the client's financial situation or investment
objectives have changed and whether the client wishes to impose any
reasonable restrictions on the management of the account or reasonably
modify existing restrictions. The sponsor (or its designee) must also
notify the client quarterly, in writing, to contact the sponsor (or its
designee) regarding changes to the client's financial situation,
investment objectives, or restrictions on the account's management.
    Additionally, the sponsor (or its designee) must provide each
client with a quarterly statement describing all activity in the
client's account during the previous quarter. The sponsor and personnel
of the client's account manager who know about the client's account and
its management must be reasonably available to consult with the client.
Each client also must retain certain indicia of ownership of all
securities and funds in the account.
    The Commission staff estimates that 16,537,781 clients participate
each year in investment advisory programs relying on rule 3a-4. Of that
number, the staff estimates that 4,918,064 are new clients and
11,619,717 are continuing clients. The staff estimates that each year
the investment advisory program sponsors'

staff engage in 1.5 hours per new client and 1 hour per continuing
client to prepare, conduct and/or review interviews regarding the
client's financial situation and investment objectives as required by
the rule. Furthermore, the staff estimates that each year the
investment advisory program sponsors' staff spends 1 hour per client to
prepare and mail quarterly client account statements, including notices
to update information. Based on the estimates above, the Commission
estimates that the total annual burden of the rule's paperwork
requirements is 35,534,594 hours.
    The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act. The estimate is not derived
from a comprehensive or even a representative survey or study of the
costs of Commission rules and forms. 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.
    Written comments are invited on: (a) whether the collections of
information are necessary for the proper performance of the functions
of the Commission, including whether the information has practical
utility; (b) the accuracy of the Commission's estimate of the burdens
of the collections of information; (c) ways to enhance the quality,
utility, and clarity of the information collected; and (d) ways to
minimize the burdens of the collections of information on respondents,
including through the use of automated collection techniques or other
forms of information technology. Consideration will be given to
comments and suggestions submitted in writing within 60 days of this
publication.
    Please direct your written comments to Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549; or send an email
to<EMAIL_ADDRESS>
    Dated: October 28, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-27916 Filed 11-2-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 4 (Thursday, January 7, 2016)]
[Notices]
[Pages 774-775]
[FR Doc No: 2016-00077]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-ORD-2015-0684; FRL-9940-77-ORD]

Notice of Availability of Draft Guidelines for Human Exposure
Assessment

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of availability for public comment.

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SUMMARY: The Environmental Protection Agency (EPA) is announcing a 45-
day public comment period for the External Review Draft of the
``Guidelines for Human Exposure Assessment.'' EPA is seeking public
comment prior to external peer review. The document will undergo review
during an expert peer review meeting, which will be convened,
organized, and conducted by an independent contractor. The date and
location of the peer review meeting will be announced in a subsequent
Federal Register notice. All comments received in the docket by the
closing date February 22, 2016 will be shared with the peer review
panel for their consideration. Comments received after the close of the
comment period may be considered by EPA when it finalizes the document.
Members of the public may obtain the draft guidance at http://www.regulations.gov; or www.epa.gov/osa/guidelines-human-exposure-assessment or from Dr. Michael Broder via the contact information
below.

DATES: All comments received in the docket by February 22, 2016 will be
shared with the external peer review panel for their consideration.
Comments received beyond that time may be considered by EPA when it
finalizes the document.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-HQ-
ORD-2015-0684 by one of the following methods:
     http://www.regulations.gov: Follow the on-line
instructions for submitting comments.
     Email<EMAIL_ADDRESS>     Mail: ORD Docket, Environmental Protection Agency,
Mailcode: 28221T, 1200 Pennsylvania Ave. NW., Washington, DC 20460.
     Hand Delivery: EPA Docket Center (EPA/DC), Room 3334, EPA
West Building, 1301 Constitution Avenue NW., Washington, DC 20460,
Attention Docket ID No EPA-HQ-ORD-2015-0684. Deliveries are only
accepted from 8:30 a.m. to 4:30 p.m., Monday through Friday, excluding
legal holidays. Special arrangements should be made for deliveries of
boxed information.
    Instructions: Direct your comments to Docket ID No. EPA-HQ-ORD-
2015-0684. EPA's policy is that all comments received will be included
in the public docket without change and may be made available online at
http://www.regulations.gov, including any personal information
provided, unless the comment includes information claimed to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Do not submit information that you
consider to be CBI or otherwise protected by statute through http://www.regulations.gov or email. The http://www.regulations.gov Web site
is an ``anonymous access'' system, which means EPA will not know your
identity or contact information unless you provide it in the body of
your comment. If you send an email comment directly to EPA, without
going through http://www.regulations.gov, your email address will be
automatically captured and included as part of the comment that is
placed in the public docket and made available on the Internet. If you
submit an electronic comment, EPA recommends that you include your name
and other contact information in the body of your comment and with any
disk or CD-ROM you submit. If EPA cannot read your comment due to
technical difficulties and cannot contact

you for clarification, EPA may not be able to consider your comment.
Electronic files should avoid the use of special characters, any form
of encryption, and be free of any defects or viruses.
    Docket: All documents in the docket are listed in the http://www.regulations.gov index. Although listed in the index, some
information is not publicly available, e.g., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, will be publicly available only in hard copy.
Publicly available docket materials are available either electronically
in http://www.regulations.gov or in hard copy at the ORD Docket, EPA/
DC, EPA West, Room 3334, 1301 Constitution Ave. NW., Washington, DC.
The Public Reading Room is open from 8:30 a.m. to 4:30 p.m., Monday
through Friday, excluding legal holidays. The telephone number for the
Public Reading Room is<PHONE_NUMBER>, and the telephone number for the
ORD Docket is<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Dr. Michael Broder, Office of the
Science Advisor, Mail Code 8105R, U.S. Environmental Protection Agency,
1200 Pennsylvania Ave. NW., Washington, DC 20460; telephone number
(202) 564-3393; fax number<PHONE_NUMBER>; or email:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The current guidance document for human
exposure assessment, Guidelines for Exposure Assessment, was published
in 1992, reflecting the state-of-the-science in the 1970s and 1980s.
Since its publication, the field of exposure science has undergone
significant transformation in methods and approaches, which EPA has
incorporated into its policies and practices to better align with the
current state-of-the-science. The 1992 guidelines are being updated to
reflect the updated methods and approaches.
    The draft guidelines benefit from over two decades of experience
with EPA assessments conducted by Agency programs under their
respective authorities and constraints, and from input from external
panels, including the National Academy of Sciences and EPA's Science
Advisory Board. This draft document builds on topics covered in the
1992 exposure guidelines including planning and scoping for an
assessment, data acquisition and use, modeling, and considerations of
uncertainty in exposure assessment. It also includes new material on
planning and conducting an observational human exposure measurement
study and considerations of lifestages and sensitive populations in
exposure assessments. These draft guidelines present the most current
science used in EPA exposure assessments and incorporates information
about the Agency's current policies.

    Dated: December 22, 2015.
Thomas Burke,
EPA Science Advisor.
[FR Doc. 2016-00077 Filed 1-6-16; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 86, Number 76 (Thursday, April 22, 2021)]
[Notices]
[Pages 21405-21410]
[FR Doc No: 2021-08310]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91605; File No. SR-PEARL-2021-16]

Self-Regulatory Organizations: MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX
Pearl Fee Schedule

April 16, 2021.
    Pursuant to the provisions of 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 8, 2021, MIAX PEARL, LLC (``MIAX Pearl''
or ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a proposed rule change as described in Items I, II,
and III 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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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 Pearl Fee
Schedule (the ``Fee Schedule'') for the Exchange's options market.
    The text of the proposed rule change is available on the Exchange's
website at http://www.miaxoptions.com/rule-filings/pearl at MIAX
Pearl's principal office, and at the Commission's Public Reference
Room.

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 below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to make several amendments to the tables for
the Add/Remove Tiered Rebates/Fees set forth in Section (1)(a) of the
Fee Schedule that apply to the Priority Customer \3\ Origin, MIAX Pearl
Market Maker \4\ Origin, and Non-Priority Customer, Firm, BD, and Non-
MIAX Pearl Market Maker Origin (collectively, ``Professional
Members''). As described more fully below, the Exchange proposes to:
(i) Modify the volume

thresholds for standard volume criteria in all Tiers (defined below)
for all Origin types; (ii) decrease the Maker (defined below) rebate in
Tier 4 for options transactions in Penny Classes (defined below) for
the Priority Customer Origin; (iii) modify the volume threshold for the
alternative volume criteria in Tiers 3 and 4 for the Market Maker
Origin; and (iv) modify the volume thresholds for the alternative
volume criteria for certain Maker rebates and Taker fees for
Professional Members.
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    \3\ ``Priority Customer'' means a person or entity that (i) is
not a broker or dealer in securities, and (ii) does not place more
than 390 orders in listed options per day on average during a
calendar month for its own beneficial accounts(s). The number of
orders shall be counted in accordance with Interpretation and Policy
.01 of Exchange Rule 100. See the Definitions Section of the Fee
Schedule and Exchange Rule 100, including Interpretation and Policy
.01.
    \4\ ``Market Maker'' means a Member registered with the Exchange
for the purpose of making markets in options contracts traded on the
Exchange and that is vested with the rights and responsibilities
specified in Chapter VI of Exchange Rules. See the Definitions
Section of the Fee Schedule.
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Background
    The Exchange currently assesses transaction rebates and fees to all
market participants which are based upon the total monthly volume
executed by the Member \5\ on MIAX Pearl in the relevant, respective
origin type (not including Excluded Contracts) \6\ (as the numerator)
expressed as a percentage of (divided by) TCV \7\ (as the denominator).
In addition, the per contract transaction rebates and fees are applied
retroactively to all eligible volume for that origin type once the
respective threshold tier (``Tier'') has been reached by the Member.
The Exchange aggregates the volume of Members and their Affiliates.\8\
Members that place resting liquidity, i.e., orders resting on the book
of the MIAX Pearl System,\9\ are paid the specified ``maker'' rebate
(each a ``Maker''), and Members that execute against resting liquidity
are assessed the specified ``taker'' fee (each a ``Taker''). For
opening transactions and ABBO \10\ uncrossing transactions, per
contract transaction rebates and fees are waived for all market
participants. Finally, Members are assessed lower transaction fees and
receive lower rebates for order executions in standard option classes
in the Penny Interval Program \11\ (``Penny Classes'') than for order
executions in standard option classes that are not in the Penny
Interval Program (``Non-Penny Classes''), where Members are assessed
higher transaction fees and receive higher rebates.
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    \5\ ``Member'' means an individual or organization that is
registered with the Exchange pursuant to Chapter II of the Exchange
Rules for purposes of trading on the Exchange as an ``Electronic
Exchange Member'' or ``Market Maker.'' Members are deemed
``members'' under the Exchange Act. See the Definitions Section of
the Fee Schedule and Exchange Rule 100.
    \6\ ``Excluded Contracts'' means any contracts routed to an away
market for execution. See the Definitions Section of the Fee
Schedule.
    \7\ ``TCV'' means total consolidated volume calculated as the
total national volume in those classes listed on MIAX Pearl for the
month for which the fees apply, excluding consolidated volume
executed during the period time in which the Exchange experiences an
``Exchange System Disruption'' (solely in the option classes of the
affected Matching Engine (as defined below)). The term Exchange
System Disruption, which is defined in the Definitions section of
the Fee Schedule, means an outage of a Matching Engine or collective
Matching Engines for a period of two consecutive hours or more,
during trading hours. The term Matching Engine, which is also
defined in the Definitions section of the Fee Schedule, is a part of
the MIAX Pearl electronic system that processes options orders and
trades on a symbol-by-symbol basis. Some Matching Engines will
process option classes with multiple root symbols, and other
Matching Engines may be dedicated to one single option root symbol
(for example, options on SPY may be processed by one single Matching
Engine that is dedicated only to SPY). A particular root symbol may
only be assigned to a single designated Matching Engine. A
particular root symbol may not be assigned to multiple Matching
Engines. The Exchange believes that it is reasonable and appropriate
to select two consecutive hours as the amount of time necessary to
constitute an Exchange System Disruption, as two hours equates to
approximately 1.4% of available trading time per month. The Exchange
notes that the term ``Exchange System Disruption'' and its meaning
have no applicability outside of the Fee Schedule, as it is used
solely for purposes of calculating volume for the threshold tiers in
the Fee Schedule. See the Definitions Section of the Fee Schedule.
    \8\ ``Affiliate'' means (i) an affiliate of a Member of at least
75% common ownership between the firms as reflected on each firm's
Form BD, Schedule A, or (ii) the Appointed Market Maker of an
Appointed EEM (or, conversely, the Appointed EEM of an Appointed
Market Maker). An ``Appointed Market Maker'' is a MIAX Pearl Market
Maker (who does not otherwise have a corporate affiliation based
upon common ownership with an EEM) that has been appointed by an EEM
and an ``Appointed EEM'' is an EEM (who does not otherwise have a
corporate affiliation based upon common ownership with a MIAX Pearl
Market Maker) that has been appointed by a MIAX Pearl Market Maker,
pursuant to the process described in the Fee Schedule. See the
Definitions Section of the Fee Schedule.
    \9\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
    \10\ ``ABBO'' means the best bid(s) or offer(s) disseminated by
other Eligible Exchanges (defined in Exchange Rule 1400(g) and
calculated by the Exchange based on market information received by
the Exchange from OPRA. See the Definitions Section of the Fee
Schedule and Exchange Rule 100.
    \11\ See Securities Exchange Act Release No. 88992 (June 2,
2020), 85 FR 35142 (June 8, 2020) (SR-PEARL-2020-06).
---------------------------------------------------------------------------

Modifications to Standard Volume Criteria Percentage Thresholds in all
Tiers for all Origins
    The Exchange proposes to amend the Add/Remove Tiered Rebates/Fees
set forth in Section (1)(a) of the Fee Schedule to modify the volume
thresholds for standard volume criteria in all Tiers for all Origins.
In particular, for the Priority Customer Origin, the Exchange proposes
to amend the volume criteria percentage thresholds in each Tier, as
follows: (i) Tier 1 will be amended from 0.00%-0.10% to now be 0.00%-
0.15%; (ii) Tier 2 will be amended from above 0.10%-0.35% to now be
above 0.15%-0.40%; (iii) Tier 3 will be amended from above 0.35%-0.50%
to now be above 0.40%-0.85%; (iv) Tier 4 will be amended from above
0.50%-0.75% to now be above 0.85%-1.25%; (v) Tier 5 will be amended
from above 0.75%-1.25% to now be above 1.25%-2.25%; and (vi) Tier 6
will be amended from above 1.25% to now be above 2.25%.
    Next, the Exchange proposes to modify the volume thresholds for
standard volume criteria in all Tiers for the MIAX Pearl Market Maker
Origin.\12\ For the MIAX Pearl Market Maker Origin, the Exchange
proposes to amend the standard volume criteria percentage thresholds in
each Tier, as follows: (i) Tier 1 will be amended from 0.00%-0.15% to
now be 0.00%-0.20%; (ii) Tier 2 will be amended from above 0.15%-0.40%
to now be above 0.20%-0.50%; (iii) Tier 3 will be amended from above
0.40%-0.65% to now be above 0.50%-0.85%; (iv) Tier 4 will be amended
from above 0.65%-1.00% to now be above 0.85%-1.25%; (v) Tier 5 will be
amended from above 1.00%-1.40% to now be above 1.25%-1.50%; and (vi)
Tier 6 will be amended from above 1.40% to now be above 1.50%.
---------------------------------------------------------------------------

    \12\ The Exchange notes that it also proposes to amend the
alternative volume criteria in Tiers 3 and 4 for the Market Maker
Origin, described below. The Exchange does not propose to amend the
alternative volume criteria in Tier 2 for the Market Maker Origin at
this time.
---------------------------------------------------------------------------

    Next, the Exchange proposes to modify the volume thresholds for
volume criteria in all Tiers for the Professional Members Origin. For
the Professional Members Origin, the Exchange proposes to amend the
volume criteria percentage thresholds in each Tier, as follows: (i)
Tier 1 will be amended from 0.00%-0.15% to now be 0.00%-0.20%; (ii)
Tier 2 will be amended from above 0.15%-0.40% to now be above 0.20%-
0.50%; (iii) Tier 3 will be amended from above 0.40%-0.65% to now be
above 0.50%-0.85%; (iv) Tier 4 will be amended from above 0.65%-1.00%
to now be above 0.85%-1.25%; (v) Tier 5 will be amended from above
1.00%-1.40% to now be above 1.25%-1.50%; and (vi) Tier 6 will be
amended from above 1.40% to now be above 1.50%.
    The purpose of adjusting the percentage thresholds for standard
volume criteria in all Tiers for all Origins is for business and
competitive reasons. In order to attract order flow, the Exchange
initially set its volume thresholds so that they were meaningfully
lower than other options exchanges that operate comparable maker/taker
pricing models. The Exchange now believes that it is appropriate to
adjust the volume

thresholds so that they are more in line with other exchanges, but will
still remain highly competitive such that it should enable the Exchange
to continue to attract order flow and maintain market share.
Decrease to Priority Customer Origin Tier 4 Rebate
    The Exchange proposes to amend the Maker rebate in Tier 4 for
options transactions in Penny Classes for the Priority Customer Origin.
Currently, the Exchange offers a Maker rebate of ($0.51) in Tier 4 for
options transactions in Penny Classes for the Priority Customer Origin.
The Exchange now proposes to decrease the Maker rebate in Tier 4 for
options transactions in Penny Classes for the Priority Customer Origin
from ($0.51) to ($0.49).
    The purpose of adjusting the specified Maker rebate is for business
and competitive reasons. In order to attract order flow, the Exchange
initially set its Maker rebates and Taker fees so that they were
meaningfully higher/lower than other options exchanges that operate
comparable maker/taker pricing models. The Exchange now believes that
it is appropriate to further adjust this specified Maker rebate so that
it is more in line with other exchanges, but will still remain highly
competitive such that it should enable the Exchange to continue to
attract order flow and maintain market share.
Modification to Alternative Volume Criteria for Market Maker Origin
Tier 3
    The Market Maker Origin set forth in Section (1)(a) of the Fee
Schedule currently provides an alternative volume criteria in Tier
3.\13\ The alternative volume criteria in Tier 3 is based upon the
total monthly volume executed in SPY options on MIAX Pearl by a MIAX
Pearl Market Maker when adding liquidity. Pursuant to this alternative
volume criteria, Market Makers qualify for: (i) Maker rebates of
($0.44) in SPY, QQQ and IWM options for their Market Maker Origin when
trading against Origins not Priority Customer, and (ii) Maker rebates
of ($0.42) in SPY, QQQ and IWM options for their Market Maker Origin
when trading against Priority Customer Origins, if the Market Maker
executes at least 1.10% in SPY options when adding liquidity. The Tier
3 alternative Volume Criteria (above 1.10% in SPY when Adding
Liquidity) is calculated based on the total monthly volume that added
liquidity executed by the Market Maker solely in SPY options on MIAX
Pearl, not including Excluded Contracts, (as the numerator) expressed
as a percentage of (divided by) SPY TCV \14\ (as the denominator). The
Exchange notes that Market Makers that achieve the standard Tier 3
volume percentage but do not qualify for the proposed alternative
Volume Criteria in that Tier, receive the Tier 3 rates in the Market
Maker Origin table in Penny Classes and Non-Penny Classes. Members
receive the highest tier based on the thresholds achieved. Other Penny
classes and Non-Penny classes receive the Tier 3 rates in the Market
Maker Origin table.
---------------------------------------------------------------------------

    \13\ See Securities Exchange Act Release No. 90906 (January 12,
2021), 86 FR 5296 (January 19, 2021) (SR-PEARL-2020-38).
---------------------------------------------------------------------------

    The Exchange now proposes to amend the Tier 3 alternative volume
criteria percentage threshold from above 1.10% to now be above 1.20% in
SPY when adding liquidity. With the proposed change, Market Makers will
qualify for: (i) Maker rebates of ($0.44) in SPY, QQQ and IWM options
for their Market Maker Origin when trading against Origins not Priority
Customer, and (ii) Maker rebates of ($0.42) in SPY, QQQ and IWM options
for their Market Maker Origin when trading against Priority Customer
Origins, if the Market Maker executes at least 1.20% in SPY options
when adding liquidity. Other Penny Classes and Non-Penny Classes
receive the Tier 3 rates in the Market Maker Origin table. The Exchange
does not propose to modify the calculation method for a Market Maker to
reach the alternative Volume Criteria in Tier 3, only the threshold
percentage. The Exchange proposes to make the corresponding changes to
the volume threshold percentages described in the explanatory paragraph
in footnote ``[lozf]'' for the alternative volume criteria for Tier 3
that is below the fee/rebate tables in Section 1)a) of the Fee
Schedule. The purpose of this proposed change is for business and
competitive reasons.
---------------------------------------------------------------------------

    \14\ ``SPY TCV'' means total consolidated volume in SPY
calculated as the total national volume in SPY for the month for
which the fees apply, excluding consolidated volume executed during
the period of time in which the Exchange experiences an Exchange
System Disruption (solely in SPY options). See the Definitions
Section of the Fee Schedule.
---------------------------------------------------------------------------

Alternative Volume Criteria for Market Maker Origin Tier 4
    The Market Maker Origin set forth in Section 1)a) of the Fee
Schedule currently provides alternative volume criteria in Tier 4.\15\
In Tier 4 for MIAX Pearl Market Makers, the alternative volume criteria
(above 2.25% in SPY) is calculated based on the total monthly volume
executed by the Market Maker solely in SPY options on MIAX Pearl in the
relevant Origin type, not including Excluded Contracts, (as the
numerator) expressed as a percentage of (divided by) SPY TCV (as the
denominator). Pursuant to this alternative volume criteria, a Market
Maker could currently reach the Tier 4 threshold if the Market Maker's
total executed monthly volume in SPY options on MIAX Pearl is above
2.25% of total consolidated national monthly volume in SPY options.
---------------------------------------------------------------------------

    \15\ See Securities Exchange Act Release no. 83419 (June 12,
2018), 83 FR 28285 (June 18, 2018) (SR-PEARL-2018-13).
---------------------------------------------------------------------------

    The Exchange proposes to amend the threshold percentage for the
alternative volume criteria such that a Market Maker can reach the Tier
4 threshold if the Market Maker's total executed monthly volume in SPY
options on MIAX Pearl is above 2.50% of the total consolidated national
monthly volume in SPY options. The alternative volume criteria
threshold in Tier 4 for Market Makers in SPY options is also discussed
in the note beneath the transaction fee tables, which provides more
explanation on the alternative threshold. Accordingly, the Exchange
also proposes to change the threshold amount (increasing it from 2.25%
to 2.50%) in that note beneath the tables.
    The Exchange notes that it does not propose to amend the volume
threshold for the alternative criteria in Tier 2 for the Market Maker
Origin (above 0.75% in SPY/QQQ/IWM) for business reasons.
    The Exchange notes that it does not propose to amend the volume
threshold for the alternative criteria in Tier 2 for the Market Maker
Origin (above 0.75% in SPY/QQQ/IWM) for business reasons.
Modification to Volume Thresholds for Alternative Volume Criteria for
Certain Maker Rebates and Taker Fees for Professional Members
    The Exchange also proposes to amend footnote ``[caret]'' below the
tables in the Add/Remove Tiered Rebates/Fees set forth in Section
(1)(a) of the Fee Schedule to increase the Priority Customer threshold
in which Members may qualify for alternative Maker rebates for options
transactions in all classes for Professional Members, provided that the
Member meets certain volume criteria. Currently, Members may qualify
for Maker rebates equal to the greater of: (A) ($0.40) for Penny
Classes and ($0.65) for Non-Penny Classes, or (B) the amount set forth
in the applicable Tier reached by the Member in the relevant Origin, if
the Member and their Affiliates execute at least 2.00% volume in the
relevant month, in Priority Customer Origin type, in all options
classes, not including Excluded Contracts, as compared to the TCV in
all MIAX Pearl listed option classes.

    The Exchange proposes to increase the Priority Customer threshold
percentage amount in footnote ``[caret]'' from at least 2.00% to at
least 2.25% of volume in the relevant month, in Priority Customer
Origin type, in all options classes, not including Excluded Contracts,
as compared to the TCV in all MIAX Pearl listed option classes, in
order to qualify for the alternative Maker rebates. For purposes of
qualifying for such rates, the Exchange will continue to aggregate the
Priority Customer volume transacted by Members and their Affiliates. As
the amount and type of volume that is executed on the Exchange has
shifted since it first established the alternative Maker rebates for
options transactions in all classes for Professional Members, provided
that the Member meets certain volume criteria,\16\ the Exchange has
determined to level-set this threshold amount so that it is more
reflective of the current operating conditions and the current type and
amount of volume executed on the Exchange.
---------------------------------------------------------------------------

    \16\ See Securities Exchange Act Release Nos. 83419 (June 12,
2018), 83 FR 28285 (June 18, 2018) (SR-PEARL-2018-13); 85608 (April
11, 2019), 84 FR 16073 (April 17, 2019) (SR-PEARL-2019-13).
---------------------------------------------------------------------------

    The Exchange also proposes to amend footnote ``[loz]'' below the
tables in the Add/Remove Tiered Rebates/Fees set forth in Section
(1)(a) of the Fee Schedule to increase the Priority Customer threshold
in which Members may qualify for alternative Taker fees for options
transactions in Penny Classes for Professional Members, provided that
the Member meets certain volume criteria. Currently, Members may
qualify for Taker fees of $0.48 for Penny Classes for their Firm Origin
when trading against Origins not Priority Customer if the Member and
their Affiliates execute at least 2.00% of TCV in the relevant month in
the Priority Customer Origin type, in all options classes, not
including Excluded Contracts, as compared to TCV in all MIAX Pearl
listed option classes.
    The Exchange proposes to increase the Priority Customer threshold
percentage amount in footnote ``[loz]'' from at least 2.00% to at least
2.25% of volume in the relevant month, in Priority Customer Origin
type, in all options classes, not including Excluded Contracts, as
compared to the TCV in all MIAX Pearl listed option classes, in order
to qualify for the alternative Taker fees. For purposes of qualifying
for such rates, the Exchange will continue to aggregate the Priority
Customer volume transacted by Members and their Affiliates. As the
amount and type of volume that is executed on the Exchange has shifted
since it first established the alternative Taker fees for options
transactions in all classes for Professional Members, provided that the
Member meets certain volume criteria,\17\ the Exchange has determined
to level-set this threshold amount so that it is more reflective of the
current operating conditions and the current type and amount of volume
executed on the Exchange.
---------------------------------------------------------------------------

    \17\ See Securities Exchange Act Release Nos. 85608 (April 11,
2019), 84 FR 16073 (April 17, 2019) (SR-PEARL-2019-13); 85807 (May
8, 2019), 84 FR 21368 (May 14, 2019) (SR-PEARL-2019-15).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \18\ in general, and
furthers the objectives of Section 6(b)(4) of the Act,\19\ in that it
is an equitable allocation of reasonable dues, fees and other charges
among Exchange members and issuers and other persons using its
facilities, and 6(b)(5) of the Act,\20\ in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanisms of a
free and open market and a national market system and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(4).
    \20\ 15 U.S.C. 78f(b)(1) and (b)(5).
---------------------------------------------------------------------------

    The Exchange believes its proposal provides for the equitable
allocation of reasonable dues and fees and is not unfairly
discriminatory for the following reasons. The Exchange operates in a
highly competitive market. The Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \21\ There are currently
16 registered options exchanges competing for order flow. Based on
publicly-available information, and excluding index-based options, no
single exchange has more than approximately 14-15% of the market share
of executed volume of multiply-listed equity and ETF options trades as
of March 25, 2021, for the month of March 2021.\22\ Therefore, no
exchange possesses significant pricing power in the execution of
multiply-listed equity and ETF options order flow. More specifically,
as of March 25, 2021, the Exchange had a market share of approximately
5.87% of executed volume of multiply-listed equity and ETF options for
the month of March 2021.\23\
---------------------------------------------------------------------------

    \21\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005).
    \22\ See https://www.cboe.com/us/options/market_statistics/.
    \23\ See id.
---------------------------------------------------------------------------

    The Exchange believes that the ever-shifting market shares among
the exchanges from month to month demonstrates that market participants
can shift order flow, or discontinue or reduce use of certain
categories of products, in response to transaction and/or non-
transaction fee changes. For example, on February 28, 2019, the
Exchange filed with the Commission a proposal to increase Taker fees in
certain Tiers for options transactions in certain Penny classes for
Priority Customers and decrease Maker rebates in certain Tiers for
options transactions in Penny classes for Priority Customers (which fee
was to be effective March 1, 2019).\24\ The Exchange experienced a
decrease in total market share between the months of February and March
of 2019, after the fees were in effect. Accordingly, the Exchange
believes that the March 1, 2019 fee change may have contributed to the
decrease in the Exchange's market share and, as such, the Exchange
believes competitive forces constrain options exchange transaction fees
and market participants can shift order flow based on fee changes
instituted by the exchanges.
---------------------------------------------------------------------------

    \24\ See Securities Exchange Act Release No. 85304 (March 13,
2019), 84 FR 10144 (March 19, 2019) (SR-PEARL-2019-07).
---------------------------------------------------------------------------

    The Exchange believes its proposal to modify the volume thresholds
for standard volume criteria and certain alternative volume criteria is
reasonable, equitably allocated and not unfairly discriminatory because
these changes are for business and competitive reasons. In order to
attract order flow, the Exchange initially set its volume thresholds
for standard and alternative volume criteria at meaningful low levels.
The Exchange now believes that it is appropriate to adjust these volume
thresholds so that they are more reflective of the current operating
conditions and the current type and amount of volume executed on the
Exchange. The Exchange believes that the proposed volume thresholds
will still allow the Exchange to remain

highly competitive such that the thresholds should enable the Exchange
to continue to attract order flow and maintain market share.
    The Exchange also believes that its proposal is not unfairly
discriminatory as all Market Makers can qualify for the alternative
volume criteria in Tiers 3 and 4 of the MIAX Pearl Market Maker Origin
by meeting the requirements that are designed to incentivize Market
Makers to maintain quality markets. In addition, the Exchange continues
to believe that it is not unfairly discriminatory to offer certain
rebates pursuant to this proposal to only Market Makers because Market
Makers add value by adding liquidity and are subject to additional
requirements and obligations that other market participants are not.
    The Exchange believes its proposal to decrease the Maker rebate in
Tier 4 for options transactions in Penny Classes for Priority Customers
is reasonable, equitable and not unfairly discriminatory because all
similarly situated market participants in the same Origin type are
subject to the same tiered Maker rebates and Taker fees and access to
the Exchange is offered on terms that are not unfairly discriminatory.
The Exchange believes it is equitable and not unfairly discriminatory
to reduce the Maker rebate to Priority Customer orders in Penny Classes
for business and competitive reasons because the Exchange initially set
its Maker rebates for such orders higher than certain other options
exchanges that operate comparable maker/taker pricing models. The
Exchange now believes that it is appropriate to further decrease the
specified Maker rebate so that it is more in line with other
exchanges,\25\ and will still remain highly competitive such that they
should enable the Exchange to continue to attract order flow and
maintain market share.
---------------------------------------------------------------------------

    \25\ See Cboe BZX Exchange, Inc. Options Fee Schedule (standard
Customer Add rates for Penny Program securities ranging from ($0.25)
to ($0.53)); see also Nasdaq GEMX, LLC, Options 7, Pricing Schedule,
Section 3 (Priority Customer Maker Rebates for Penny Symbol
securities ranging from ($0.25) to ($0.53)).
---------------------------------------------------------------------------

    The Exchange believes its proposal to increase the Priority
Customer threshold for alternative Maker rebates for options
transactions in all classes for Professional Members, provided that the
Member meets certain volume criteria (the Member and their Affiliates
execute at least 2.25% (instead of 2.00%) of volume in the relevant
month, in Priority Customer Origin type, in all options classes, not
including Excluded Contracts, as compared to the TCV in all MIAX Pearl
listed option classes), is reasonable, equitable and not unfairly
discriminatory because all similarly situated market participants are
subject to the same tiered rebates and fees and access to the Exchange
is offered on terms that are not unfairly discriminatory. The Exchange
believes that providing alternative Maker rebates for options
transactions in all classes for Professional Members (if the Member
meets certain volume criteria relating to Priority Customer volume),
and adjusting the threshold requirements so that they are reflective of
current operating conditions and the current type and amount of volume
executed on the Exchange, will encourage Members to execute additional
Priority Customer and Professional Member volume on the Exchange. The
Exchange believes that additional Priority Customer and Professional
Member volume executed on the Exchange will attract further liquidity
to the Exchange, which in turn will benefit all market participants.
    The Exchange believes its proposal to modify the volume thresholds
for the alternative volume criteria for certain Taker fees for
Professional Members is consistent with Section 6(b)(4) of the Act \26\
because the proposed change applies equally to all Members for their
Firm Origin with similar order flow. The Exchange believes that the
proposed alternative threshold by which any Member may qualify for the
lower Taker fee of $0.48 for Penny Classes for their Firm Origin when
trading against Origins other than Priority Customer instead of the
Taker fee otherwise applicable to such orders is fair, equitable, and
not unreasonably discriminatory because it will encourage Members to
submit both Firm and Priority Customer orders, which will increase
liquidity to the benefit all market participants by providing more
trading opportunities and tighter spreads. The alternative Taker fee is
reasonable because it will incentivize providers of Priority Customer
order flow to send that Priority Customer order flow to the Exchange in
order to obtain the highest volume threshold and receive a Taker fee in
a manner that enables the Exchange to improve its overall
competitiveness and strengthen its market quality for all market
participants.
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule changes will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
    The Exchange believes its proposal will not impose any burden on
intra-market competition because the Exchange believes that its
proposal will not place any category of Exchange market participant at
a competitive disadvantage. The proposal to modify the volume
thresholds for standard and alternative volume criteria is intended to
improve market quality. The Exchange believes that its proposal will
continue to encourage additional Priority Customer and Professional
Member volume be executed on the Exchange, which will attract further
liquidity to the Exchange and benefit all market participants.
Accordingly, the Exchange believes that the proposed changes will
continue to attract order flow to the Exchange, thereby encouraging
additional volume and liquidity to the benefit of all market
participants.
    The Exchange believes its proposal will not impose any burden on
inter-market competition because the Exchange notes that it operates in
a highly competitive market in which market participants can readily
favor competing venues if they deem fee levels at a particular venue to
be excessive, or rebate opportunities available at other venues to be
more favorable. There are currently 16 registered options exchanges
competing for order flow. Based on publicly-available information, and
excluding index-based options, no single exchange has more than
approximately 14-15% of the market share of executed volume of
multiply-listed equity and ETF options trades as of March 25, 2021, for
the month of March 2021.\27\ Therefore, no exchange possesses
significant pricing power in the execution of multiply-listed equity
and ETF options order flow. More specifically, as of March 25, 2021,
the Exchange had a market share of approximately 5.87% of executed
volume of multiply-listed equity and ETF options for the month of March
2021.\28\ In such an environment, the Exchange must continually adjust
its fees to remain competitive with other options exchanges. Because
competitors are free to modify their own fees in response, and because
market participants may readily adjust their order routing practices,
the Exchange believes that the degree to which fee changes in this
market may impose any burden on competition is extremely limited. The
Exchange believes that the proposed rule changes reflect this

competitive environment because they modify the Exchange's fees in a
manner that encourages market participants to continue to provide
liquidity and to send order flow to the Exchange.
---------------------------------------------------------------------------

    \27\ See supra note 22.
    \28\ See id.
---------------------------------------------------------------------------

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\29\ and Rule 19b-4(f)(2) \30\ thereunder.
At any time within 60 days of the filing of the proposed rule change,
the Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \30\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-PEARL-2021-16 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 Number SR-PEARL-2021-16. 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 publicly. All submissions
should refer to File Number SR-PEARL-2021-16, and should be submitted
on or before May 13, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
---------------------------------------------------------------------------

    \31\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 2021-08310 Filed 4-21-21; 8:45 am]
BILLING CODE 8011-01-P