[Federal Register Volume 85, Number 178 (Monday, September 14, 2020)]
[Notices]
[Pages 56645-56653]
[FR Doc No: 2020-20132]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89788; File No. 4-678]

Program for Allocation of Regulatory Responsibilities Pursuant to
Rule 17d-2; Notice of Filing and Order Approving and Declaring
Effective an Amended Proposed Plan for the Allocation of Regulatory
Responsibilities Among the Financial Industry Regulatory Authority,
Inc., Miami International Securities Exchange, LLC, MIAX PEARL, LLC,
and MIAX Emerald, LLC

September 8, 2020.
    Notice is hereby given that the Securities and Exchange Commission
(``Commission'') has issued an Order, pursuant to Section 17(d) 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, 2020, pursuant to Rule
17d-2 of the Act,\2\ by the Miami International Securities Exchange,
LLC (``MIAX''), MIAX PEARL, LLC (``MIAX PEARL''), MIAX Emerald, LLC
(``MIAX Emerald'') and the Financial Industry Regulatory Authority,
Inc. (``FINRA'') (together, the ``Parties''). The Plan replaces and
supersedes the agreement entered into between FINRA, MIAX and MIAX
PEARL on December 19, 2018, entitled ``Agreement between Financial
Industry Regulatory Authority, Inc., Miami International Securities
Exchange, LLC and MIAX PEARL, LLC Pursuant to Rule 17d-2 under the
Securities Exchange Act of 1934.'' \3\
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    \1\ 15 U.S.C. 78q(d).
    \2\ 17 CFR 240.17d-2.
    \3\ See Securities Exchange Act Release No. 85189 (February 25,
2019), 84 FR 7153 (March 1, 2019).
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I. Introduction

    Section 19(g)(1) of the Securities Exchange Act of 1934
(``Act''),\4\ among other things, requires every self-regulatory
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 SRO's own rules,
unless the SRO is relieved of this responsibility pursuant to Section
17(d) or Section 19(g)(2) of the Act.\5\ 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.
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    \4\ 15 U.S.C. 78s(g)(1).
    \5\ 15 U.S.C. 78q(d) and 15 U.S.C. 78s(g)(2), respectively.
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    Section 17(d)(1) of the Act \6\ was intended, in part, to eliminate
unnecessary multiple examinations and regulatory duplication.\7\ With
respect to a common member, Section 17(d)(1) 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.
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    \6\ 15 U.S.C. 78q(d)(1).
    \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).
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    To implement Section 17(d)(1), the Commission adopted two rules:
Rule 17d-1 and Rule 17d-2 under the Act.\8\ Rule 17d-1 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 member's 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 17d-1 deals only with
an SRO's obligations to enforce member compliance with financial
responsibility requirements. Rule 17d-1 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.
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    \8\ 17 CFR 240.17d-1 and 17 CFR 240.17d-2, respectively.
    \9\ See Securities Exchange Act Release No. 12352 (April 20,
1976), 41 FR 18808 (May 7, 1976).
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    To address regulatory duplication in these and other areas, the
Commission adopted Rule 17d-2 under the Act.\10\ Rule 17d-2 permits
SROs to propose joint plans for the allocation of regulatory
responsibilities with respect to their common members. Under paragraph
(c) of Rule 17d-2, the Commission may declare such a plan effective if,
after providing for appropriate notice and comment, it determines that
the plan is necessary or appropriate in the public interest and for the
protection of investors; to foster cooperation and coordination among
the SROs; to remove impediments to, and foster the development of, a
national market system and a national clearance and settlement system;
and is in conformity with the factors set forth in Section 17(d) of the
Act. Commission approval of a plan filed pursuant to Rule 17d-2
relieves an SRO of those regulatory responsibilities allocated by the
plan to another SRO.
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    \10\ See Securities Exchange Act Release No. 12935 (October 28,
1976), 41 FR 49091 (November 8, 1976).
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II. The Plan

    On November 19, 2014, the Commission declared effective the Plan
entered into between FINRA and MIAX for allocating regulatory
responsibility pursuant to Rule 17d-2.\11\ The Plan is intended to
reduce regulatory duplication for firms that are common members of both
MIAX and FINRA. The plan reduces regulatory duplication for firms that
are members of MIAX and FINRA by allocating regulatory responsibility
with respect to certain applicable laws, rules, and regulations.
Included in the Plan is an exhibit that lists every MIAX rule for which
FINRA bears responsibility under the Plan for overseeing and enforcing
with respect to MIAX members that are also members of FINRA and the
associated persons therewith. On January 12, 2017, the parties
submitted a proposed amendment to the Plan to add MIAX PEARL as a
Participant to the Plan.\12\ On June 28, 2018, the parties submitted a
proposed amendment to the Plan to allocate surveillance, investigation,
and enforcement responsibilities for Rule 14e-4 under the Act, as well
as certain provisions of Regulation SHO.\13\ On December 20, 2018, the
parties submitted a proposed amendment to the Plan to add MIAX EMERALD
as a Participant to the Plan.\14\
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    \11\ See Securities Exchange Act Release No. 73641 (November 19,
2014), 79 FR 70230 (November 25, 2014).
    \12\ See Securities Exchange Act Release Nos. 79779 (January 12,
2017), 82 FR 6674 (January 19, 2017) (notice) and 79974 (February 6,
2017), 82 FR 10417 (February 10, 2017) (order).
    \13\ See Securities Exchange Act Release No. 83696 (July 24,
2018), 83 FR 35682 (July 27, 2018).
    \14\ See Securities Exchange Act Release No. 85189 (February 25,
2019), 84 FR 7153 (March 1, 2019).
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III. Proposed Amendment to the Plan

    On September 2, 2020, the parties submitted a proposed amendment to
the Plan (``Amended Plan''). The primary purpose of the Amended Plan is
to add MIAX PEARL equities rules and certain federal securities laws to
the Certification. The text of the proposed Amended Plan is as follows
(additions are italicized; deletions are [bracketed]):

Agreement Among Financial Industry Regulatory Authority, Inc., Miami
International Securities Exchange, LLC, MIAX Pearl, LLC and MIAX
Emerald, LLC Pursuant to Rule 17d-2 Under the Securities Exchange Act
of 1934

    This Agreement, by and among the Financial Industry Regulatory
Authority, Inc. (``FINRA''), Miami International Securities Exchange,
LLC (``MIAX''), MIAX PEARL, LLC (``MIAX PEARL''), and MIAX Emerald, LLC
(``MIAX Emerald'') is made this 2nd day of September, 2020 (the
``Agreement''), pursuant to Section 17(d) of the Securities Exchange
Act of 1934 (the ``Exchange Act'') and Rule 17d-2 thereunder, which
permits agreements between self-regulatory organizations to allocate
regulatory responsibility to eliminate regulatory duplication. FINRA,
MIAX, MIAX PEARL and MIAX Emerald may be referred to individually as a
``party'' and together as the ``parties.''
    This Agreement amends and restates the agreement entered into
between FINRA, MIAX and MIAX PEARL on December 19, 2018, entitled
``Agreement between Financial Industry Regulatory Authority, Inc.,
Miami International Securities Exchange, LLC and MIAX PEARL, LLC
Pursuant to Rule 17d-2 under the Securities Exchange Act of 1934,'' and
any subsequent amendments thereafter.
    Whereas, the parties desire to reduce duplication in the
examination and surveillance of their Common Members (as defined
herein) and in the filing and processing of certain registration and
membership records; and

    Whereas, the parties desire to execute an agreement covering such
subjects pursuant to the provisions of Rule 17d-2 under the Exchange
Act and to file such agreement with the Securities and Exchange
Commission (the ``SEC'' or ``Commission'') for its approval.
    Now, therefore, in consideration of the mutual covenants contained
hereinafter, the parties hereby agree as follows:
    1. Definitions. Unless otherwise defined in this Agreement or the
context otherwise requires, the terms used in this Agreement shall have
the same meaning as they have under the Exchange Act and the rules and
regulations thereunder. As used in this Agreement, the following terms
shall have the following meanings:
    (a) ``MIAX Rules,'' ``MIAX PEARL Rules'', ``MIAX Emerald Rules'' or
``FINRA Rules'' shall mean: (i) The rules of MIAX, MIAX PEARL or MIAX

Emerald, respectively, or (ii) the rules of FINRA, respectively, as the
rules of an exchange or association are defined in Exchange Act Section
3(a)(27).
    (b) ``Common Rules'' shall mean MIAX Rules, MIAX PEARL Rules and
MIAX Emerald Rules that are substantially similar to the applicable
FINRA Rules and certain provisions of the Exchange Act and SEC rules
set forth on Exhibit 1 in that examination or surveillance for
compliance with such provisions and rules would not require FINRA to
develop one or more new examination or surveillance standards, modules,
procedures, or criteria in order to analyze the application of the
provision or rule, or a Common Member's activity, conduct, or output in
relation to such provision or rule; provided, however, Common Rules
shall not include the application of the SEC, MIAX PEARL or FINRA rules
as they pertain to violations of insider trading activities, which is
covered by a separate 17d-2 Agreement by and among 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, 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., Investors' Exchange LLC and
Long-Term Stock Exchange, Inc. effective May 26, 2020, as may be
amended from time to time. Common Rules shall not include any
provisions regarding (i) notice, reporting or any other filings made
directly to or from MIAX, MIAX PEARL or MIAX Emerald, (ii)
incorporation by reference of other MIAX, MIAX PEARL Rules or MIAX
Emerald Rules that are not Common Rules, (iii) exercise of discretion
in a manner that differs from FINRA's exercise of discretion including,
but not limited to exercise of exemptive authority, by MIAX, MIAX PEARL
or MIAX Emerald, (iv) prior written approval of MIAX, MIAX PEARL or
MIAX Emerald and (v) payment of fees or fines to MIAX, MIAX PEARL or
MIAX Emerald.
    (c) ``Common Members'' shall mean members of FINRA and at least one
of MIAX, MIAX PEARL or MIAX Emerald.
    (d) ``Effective Date'' shall be the date this Agreement is approved
by the Commission.
    (e) ``Enforcement Responsibilities'' shall mean the conduct of
appropriate proceedings, in accordance with FINRA's Code of Procedure
(the Rule 9000 Series) and other applicable FINRA procedural rules, to
determine whether violations of Common Rules have occurred, and if such
violations are deemed to have occurred, the imposition of appropriate
sanctions as specified under FINRA's Code of Procedure and sanctions
guidelines.
    (f) ``Regulatory Responsibilities'' shall mean the examination
responsibilities, surveillance responsibilities and Enforcement
Responsibilities relating to compliance by the Common Members with the
Common Rules and the provisions of the Exchange Act and the rules and
regulations thereunder, and other applicable laws, rules and
regulations, each as set forth on Exhibit 1 attached hereto.
    2. Regulatory and Enforcement Responsibilities. FINRA shall assume
Regulatory Responsibilities and Enforcement Responsibilities for Common
Members. Attached as Exhibit 1 to this Agreement and made part hereof,
MIAX, MIAX PEARL and MIAX Emerald furnished FINRA with a current list
of Common Rules and certified to FINRA that such rules that are MIAX
Rules, MIAX PEARL Rules and MIAX Emerald Rules are substantially
similar to the corresponding FINRA Rules (the ``Certification''). FINRA
hereby agrees that the rules listed in the Certification are Common
Rules as defined in this Agreement. Each year following the Effective
Date of this Agreement, or more frequently if required by changes in
the rules of the parties, MIAX, MIAX PEARL and MIAX Emerald shall
submit an updated list of Common Rules to FINRA for review which shall
add MIAX Rules, MIAX PEARL Rules or MIAX Emerald Rules not included in
the current list of Common Rules that qualify as Common Rules as
defined in this Agreement; delete MIAX Rules, MIAX PEARL Rules or MIAX
Emerald Rules included in the current list of Common Rules that no
longer qualify as Common Rules as defined in this Agreement; and
confirm that the remaining rules on the current list of Common Rules
continue to be MIAX Rules, MIAX PEARL Rules or MIAX Emerald Rules that
qualify as Common Rules as defined in this Agreement. Within 30 days of
receipt of such updated list, FINRA shall confirm in writing whether
the rules listed in any updated list are Common Rules as defined in
this Agreement. Notwithstanding anything herein to the contrary, it is
explicitly understood that the term ``Regulatory Responsibilities''
does not include, and MIAX, MIAX PEARL and MIAX Emerald shall retain
full responsibility for (unless otherwise addressed by separate
agreement or rule) (collectively, the ``Retained Responsibilities'')
the following:
    (a) Surveillance, examination, investigation and enforcement with
respect to trading activities or practices involving MIAX's, MIAX
PEARL's and MIAX Emerald's own marketplace;
    (b) registration pursuant to their applicable rules of associated
persons (i.e., registration rules that are not Common Rules);
    (c) discharge of their duties and obligations as a Designated
Examining Authority pursuant to Rule 17d-1 under the Exchange Act; and
    (d) any MIAX Rules, MIAX PEARL Rules or MIAX Emerald Rules that are
not Common Rules as provided in paragraph 6.
    3. Common Members. Prior to the Effective Date, MIAX, MIAX PEARL
and MIAX Emerald shall furnish FINRA with a current list of Common
Members, which shall be updated no less frequently than once each
quarter.
    4. No Charge. There shall be no charge to MIAX, MIAX PEARL and MIAX
Emerald by FINRA for performing the Regulatory Responsibilities and
Enforcement Responsibilities under this Agreement except as hereinafter
provided. FINRA shall provide MIAX, MIAX PEARL and MIAX Emerald with
ninety (90) days advance written notice in the event FINRA decides to
impose any charges to MIAX, MIAX PEARL and MIAX Emerald for performing
the Regulatory Responsibilities under this Agreement. If FINRA
determines to impose a charge, MIAX, MIAX PEARL and MIAX Emerald shall
have the right at the time of the imposition of such charge to
terminate this Agreement; provided, however, that FINRA's Regulatory
Responsibilities under this Agreement shall continue until the
Commission approves the termination of this Agreement.
    5. Applicability of Certain Laws, Rules, Regulations or Orders.
Notwithstanding any provision hereof, this Agreement shall be subject
to any statute, or any rule or order of the SEC. To the extent such
statute, rule or order is inconsistent with one or more provisions of
this Agreement, the statute, rule or order shall supersede the
provision(s) hereof to the extent necessary to be properly effectuated
and the provision(s) hereof in that respect shall be null and void.
    6. Notification of Violations. In the event that FINRA becomes
aware of apparent violations of any MIAX Rules, MIAX PEARL Rules or
MIAX Emerald Rules, which are not listed as Common Rules, discovered
pursuant to the performance of the Regulatory Responsibilities assumed
hereunder,

FINRA shall notify MIAX, MIAX PEARL and MIAX Emerald of those apparent
violations for such response as MIAX, MIAX PEARL and MIAX Emerald deem
appropriate. In the event that MIAX, MIAX PEARL or MIAX Emerald becomes
aware of apparent violations of any Common Rules, discovered pursuant
to the performance of the Retained Responsibilities, MIAX, MIAX PEARL
and MIAX Emerald shall notify FINRA of those apparent violations and
such matters shall be handled by FINRA as provided in this Agreement.
Apparent violations of Common Rules shall be processed by, and
enforcement proceedings in respect thereto shall be conducted by FINRA
as provided hereinbefore; provided, however, that in the event a Common
Member is the subject of an investigation relating to a transaction on
MIAX, MIAX PEARL or MIAX Emerald, MIAX, MIAX PEARL and MIAX Emerald may
in their discretion assume concurrent jurisdiction and responsibility.
Each party agrees to make available promptly all files, records and
witnesses necessary to assist the other in its investigation or
proceedings.
    7. Continued Assistance.
    (a) FINRA shall make available to MIAX, MIAX PEARL and MIAX Emerald
all information obtained by FINRA in the performance by it of the
Regulatory Responsibilities hereunder with respect to the Common
Members subject to this Agreement. In particular, and not in limitation
of the foregoing, FINRA shall furnish MIAX, MIAX PEARL and MIAX Emerald
any information it obtains about Common Members which reflects
adversely on their financial condition. MIAX, MIAX PEARL and MIAX
Emerald shall make available to FINRA any information coming to its
attention that reflects adversely on the financial condition of Common
Members or indicates possible violations of applicable laws, rules or
regulations by such firms.
    (b) The parties agree that documents or information shared shall be
held in confidence, and used only for the purposes of carrying out
their respective regulatory obligations. No party shall assert
regulatory or other privileges as against any other with respect to
documents or information that is required to be shared pursuant to this
Agreement.
    (c) The sharing of documents or information among the parties
pursuant to this Agreement shall not be deemed a waiver as against
third parties of regulatory or other privileges relating to the
discovery of documents or information.
    8. Statutory Disqualifications. When FINRA becomes aware of a
statutory disqualification as defined in the Exchange Act with respect
to a Common Member, FINRA shall determine pursuant to Sections 15A(g)
and/or Section 6(c) of the Exchange Act the acceptability or continued
applicability of the person to whom such disqualification applies and
keep MIAX, MIAX PEARL and MIAX Emerald advised of its actions in this
regard for such subsequent proceedings as MIAX, MIAX PEARL and MIAX
Emerald may initiate.
    9. Customer Complaints. MIAX, MIAX PEARL and MIAX Emerald shall
forward to FINRA copies of all customer complaints involving Common
Members received by MIAX, MIAX PEARL and MIAX Emerald relating to
FINRA's Regulatory Responsibilities under this Agreement. It shall be
FINRA's responsibility to review and take appropriate action in respect
to such complaints.
    10. Advertising. FINRA shall assume responsibility to review the
advertising of Common Members subject to the Agreement, provided that
such material is filed with FINRA in accordance with FINRA's filing
procedures and is accompanied with any applicable filing fees set forth
in FINRA Rules.
    11. No Restrictions on Regulatory Action. Nothing contained in this
Agreement shall restrict or in any way encumber the right of any party
to conduct its own independent or concurrent investigation, examination
or enforcement proceeding of or against Common Members, as any party,
in its sole discretion, shall deem appropriate or necessary.
    12. Termination. This Agreement may be terminated by any party at
any time upon the approval of the Commission after one (1) year's
written notice to the other parties (or such shorter time as agreed by
the parties), except as provided in paragraph 4.
    13. Arbitration. In the event of a dispute among the parties as to
the operation of this Agreement, the parties hereby agree that any such
dispute shall be settled by arbitration in Washington, DC in accordance
with the rules of the American Arbitration Association then in effect,
or such other procedures as the parties may mutually agree upon.
Judgment on the award rendered by the arbitrator(s) may be entered in
any court having jurisdiction. Each party acknowledges that the timely
and complete performance of its obligations pursuant to this Agreement
is critical to the business and operations of the other parties. In the
event of a dispute among the parties, the parties shall continue to
perform their respective obligations under this Agreement in good faith
during the resolution of such dispute unless and until this Agreement
is terminated in accordance with its provisions. Nothing in this
Section 13 shall interfere with a party's right to terminate this
Agreement as set forth herein.
    14. Separate Agreement. This Agreement is wholly separate from the
following agreement: (1) The multiparty Agreement made pursuant to Rule
17d-2 of the Exchange Act among Cboe BZX Exchange, Inc., BOX Options
Exchange, LLC, Cboe Exchange, Inc., Cboe C2 Exchange, Inc., Nasdaq ISE,
LLC, FINRA, MIAX, NYSE American LLC, NYSE Arca, Inc., The Nasdaq Stock
Market LLC, Nasdaq BX, Inc., the Nasdaq PHLX LLC, Nasdaq GEMX, LLC,
Cboe EDGX Exchange, Inc., Nasdaq MRX, LLC, MIAX PEARL, LLC and MIAX
Emerald, LLC involving the allocation of regulatory responsibilities
with respect to common members for compliance with common rules
relating to the conduct by broker-dealers of accounts for listed
options or index warrants entered as approved by the SEC on February
12, 2019, and as may be amended from time to time; and (2) the
multiparty Agreement made pursuant to Rule 17d-2 of the Exchange Act
among Cboe BZX Exchange, Inc., BOX Options Exchange, LLC, Cboe
Exchange, Inc., Cboe C2 Exchange, Inc., Nasdaq ISE, LLC, FINRA, MIAX,
NYSE American LLC, NYSE Arca, Inc., The Nasdaq Stock Market LLC, Nasdaq
BX, Inc., the Nasdaq PHLX LLC, Nasdaq GEMX, LLC, Cboe EDGX Exchange,
Inc., Nasdaq MRX, LLC, MIAX PEARL, LLC and MIAX Emerald, LLC involving
the allocation of regulatory responsibilities with respect to SRO
market surveillance of common members activities with regard to certain
common rules relating to listed options approved by the SEC on February
11, 2019, and as may be amended from time to time.
    15. Notification of Members. The parties shall notify Common
Members of this Agreement after the Effective Date by means of a
uniform joint notice.
    16. Amendment. This Agreement may be amended in writing provided
that the changes are approved by each party. All such amendments must
be filed with and approved by the Commission before they become
effective.
    17. Limitation of Liability. None of the parties nor any of their
respective directors, governors, officers or employees shall be liable
to any other party to this Agreement for any liability, loss or damage
resulting from or claimed to have resulted from any delays,
inaccuracies, errors or omissions

with respect to the provision of Regulatory Responsibilities as
provided hereby or for the failure to provide any such responsibility,
except with respect to such liability, loss or damages as shall have
been suffered by any party and caused by the willful misconduct of
another party or their respective directors, governors, officers or
employees. No warranties, express or implied, are made by any party
hereto with respect to any of the responsibilities to be performed by
them hereunder.
    18. Relief from Responsibility. Pursuant to Sections 17(d)(1)(A)
and 19(g) of the Exchange Act and Rule 17d-2 thereunder, FINRA, MIAX,
MIAX PEARL and MIAX Emerald join in requesting the Commission, upon its
approval of this Agreement or any part thereof, to relieve MIAX, MIAX
PEARL and MIAX Emerald of any and all responsibilities with respect to
matters allocated to FINRA pursuant to this Agreement; provided,
however, that this Agreement shall not be effective until the Effective
Date.
    19. Severability. Any term or provision of this Agreement that is
invalid or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity or
unenforceability without rendering invalid or unenforceable the
remaining terms and provisions of this Agreement or affecting the
validity or enforceability of any of the terms or provisions of this
Agreement in any other jurisdiction.
    20. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, and such
counterparts together shall constitute one and the same instrument.

Exhibit 1

Miami International Securities Exchange, LLC, MIAX PEARL, LLC and MIAX
Emerald, LLC Rules Certification for 17d-2 Agreement With FINRA
    Miami International Securities Exchange, LLC (``MIAX''), MIAX
PEARL, LLC (``MIAX PEARL'') and MIAX Emerald, LLC (``MIAX Emerald'')
hereby certify that the requirements contained in the rules listed
below are identical to, or substantially similar to, the comparable
FINRA (NASD) Rule, Exchange Act provision or SEC rule identified
(``Common Rules'').

----------------------------------------------------------------------------------------------------------------
                                                                                FINRA (NASD) rules,
              MIAX rules                   MIAX PEARL rules        MIAX Emerald rules     Exchange Act provision
                                                                                or SEC rule
----------------------------------------------------------------------------------------------------------------
Rule 301 Just and Equitable            Rule 301 Just and        Rule 301 Just and        FINRA Rule 2010
 Principles of Trade 1.                 Equitable Principles     Equitable Principles     Standards of
                                        of Trade 1.              of Trade 1.              Commercial Honor and
                                                                                Principles of Trade
Rule 303 Prevention of the Misuse of   Rule 303 Prevention of   Rule 303 Prevention of   Section 15(g) of the
 Material Nonpublic Information 1 .    the Misuse of Material   the Misuse of Material   Exchange Act and FINRA
                                        Nonpublic Information    Nonpublic Information    Rule 3110(b)(1)
                                        1 .                     1 .                     Supervision
Rule 315 Anti-Money Laundering         Rule 315 Anti-Money      Rule 315 Anti-Money      FINRA Rule 3310 Anti-
 Compliance Program .                  Laundering Compliance    Laundering Compliance    Money Laundering
                                        Program .               Program .               Compliance Program
Rule 318(a) Manipulation.............  Rule 318(a)              Rule 318(a)              FINRA Rule 2020 Use of
                                        Manipulation.            Manipulation.            Manipulative,
                                                                                Deceptive or other
                                                                                Fraudulent Devices
Rule 318(b) Manipulation.............  Rule 318(b)              Rule 318(b)              FINRA Rule 6140(d)
                                        Manipulation.            Manipulation.            Other Trading
                                                                                Practices
Rule 319 Forwarding of Proxy and       Rule 319 Forwarding of   Rule 319 Forwarding of   FINRA Rule 2251
 Other Issuer-Related Materials.        Proxy and Other Issuer-  Proxy and Other Issuer-  Processing and
                                        Related Materials.       Related Materials.       Forwarding of Proxy
                                                                                and Other Issuer-
                                                                                Related Materials
Rule 320 Trading Ahead of Research     Rule 320 Trading Ahead   Rule 320 Trading Ahead   FINRA Rule 5280 Trading
 Reports.                               of Research Reports.     of Research Reports.     Ahead of Research
                                                                                Reports
Rule 800(a), (b) and (d) Maintenance,  Rule 800(a), (b) and     Rule 800(a), (b) and     FINRA Rule 4511 General
 Retention and Furnishing of Books,     (d) Maintenance,         (d) Maintenance,         Requirements * and
 Records and Other Information 1 .     Retention and            Retention and            Section 17 of the
                                        Furnishing of Books,     Furnishing of Books,     Exchange Act and the
                                        Records and Other        Records and Other        rules thereunder
                                        Information 1 .         Information 1 .
Rule 1900 Registration Requirements   Rule 3100 Registration   Rule 1900 Registration   FINRA Rule 1210
                                        Requirements .          Requirements .          Registration
                                                                                Requirements; FINRA By-
                                                                                Laws Article V, Sec. 2
                                                                                Application for
                                                                                Registration; and
                                                                                FINRA By-Laws Article
                                                                                V, Sec. 3 Notification
                                                                                by Member to the
                                                                                Corporation and
                                                                                Association Person of
                                                                                Termination;
                                                                                Amendments to
                                                                                Notification
Rule 1901 Registration Categories ..  Rule 3101 Registration   Rule 1901 Registration   Rule 1220 Registration
                                        Categories .            Categories .            Categories 2
Rule 1902(a), (b)(1)-(4) and           Rule 3102(a), (b)(1)-    Rule 1902(a), (b)(1)-    FINRA Rule 1230
 Interpretations and Policies .01       (4) and                  (4) and                  Associated Persons
 Associated Persons Exempt from         Interpretations and      Interpretations and      Exempt from
 Registration.                          Policies .01             Policies .01             Registration
                                        Associated Persons       Associated Persons
                                        Exempt from              Exempt from
                                        Registration.            Registration.
Rule 1903 Continuing Education         Rule 3103 Continuing     Rule 1903 Continuing     FINRA Rule 1240
 Requirements .                        Education Requirements   Education Requirements   Continuing Education
                                        .                       .                       Requirements
Rule 1321 Transfer of Accounts.......  Rule 1321 Transfer of    Rule 1321 Transfer of    FINRA Rule 11870
                                        Accounts.                Accounts.                Customer Account
                                                                                Transfer Contracts
Rule 1325 Telemarketing..............  Rule 1325 Telemarketing  Rule 1325 Telemarketing  FINRA Rule 3230
                                                                                Telemarketing
                                       Rule 2100 Business       .......................  FINRA Rule 2010
                                        Conduct of Members *.                             Standards of
                                                                                Commercial Honor and
                                                                                Principles of Trade *

                                       Rule 2101 Violations     .......................  FINRA Rule 2010
                                        Prohibited * .                                   Standards of
                                                                                Commercial Honor * and
                                                                                Principles of Trade
                                                                                and FINRA Rule 3110
                                                                                Supervision *
                                       Rule 2102 Use of         .......................  FINRA Rule 2020 Use of
                                        Fraudulent Devices *.                             Manipulative,
                                                                                Deceptive or Other
                                                                                Fraudulent Devices *
                                       Rule 2104                .......................  FINRA Rule 2210
                                        Communications with                               Communications with
                                        the Public.                                       the Public
                                       Rule 2105 Know Your      .......................  FINRA Rule 2090 Know
                                        Customer.                                         Your Customer
                                       Rule 2106 Fair Dealing   .......................  FINRA Rule 2020 Use of
                                        with Customers.                                   Manipulative,
                                                                                Deceptive or Other
                                                                                Fraudulent Device *,
                                                                                FINRA Rule 2010
                                                                                Standards of
                                                                                Commercial Honor and
                                                                                Principles of Trade *,
                                                                                FINRA Rule 2111(a) and
                                                                                SM .06 Suitability,
                                                                                FINRA Rule 2150(a)
                                                                                Improper Use of
                                                                                Customers' Securities
                                                                                or Funds; Prohibition
                                                                                Against Guarantees and
                                                                                Sharing in Accounts,
                                                                                and FINRA Rule 3240(a)
                                                                                Borrowing From or
                                                                                Lending to Customers
                                       Rule 2107 Suitability..  .......................  FINRA Rule 2111
                                       Rule 2108(a) The Prompt  .......................  FINRA Rule 11860 COD
                                        Receipt and Delivery                              Orders
                                        of Securities.
                                       Rule 2108(b) The Prompt  .......................  SEC Regulation SHO
                                        Receipt and Delivery
                                        of Securities.
                                       Rule 2109 Charges for    .......................  FINRA Rule 2122 Charges
                                        Services Performed.                               for Services Performed
                                       Rule 2110 Use of         .......................  FINRA Rule 2060 Use of
                                        Information.                                      Information Obtained
                                                                                in Fiduciary Capacity
                                       Rule 2111 Publication    .......................  FINRA Rule 5210
                                        of Transactions and                               Publication of
                                        Quotations .                                     Transactions and
                                                                                Quotations
_                                      Rule 2112 Offers at      .......................  FINRA Rule 5220 Offers
                                        Stated Prices.                                    at Stated Prices
                                       Rule 2113 Payments       .......................  FINRA Rule 5230
                                        Involving Publications                            Payments Involving
                                        that Influence the                                Publications that
                                        Market Price of a                                 Influence the Market
                                        Security.                                         Price of a Security
                                       Rule 2114 Customer       .......................  FINRA Rule 2232(a)
                                        Confirmations.                                    Customer Confirmations
                                                                                and SEC Rule 10b-10
                                                                                Confirmation of
                                                                                Transactions
                                       Rule 2115 Disclosure of  .......................  FINRA Rule 2262
                                        Control Relationship                              Disclosure of Control
                                        with Issuer.                                      Relationship With
                                                                                Issuer
                                       Rule 2116 Discretionary  .......................  FINRA Rule 3260
                                        Accounts.                                         Discretionary Accounts
                                       Rule 2117 Improper Use   .......................  FINRA Rule 2150
                                        of Customers'                                     Improper Use of
                                        Securities or Funds;                              Customers' Securities
                                        Prohibition Against                               or Funds; Prohibition
                                        Guarantees and Sharing                            Against Guarantees and
                                        in Accounts.                                      Sharing in Accounts
                                       Rule 2118 Influencing    .......................  FINRA Rule 3220
                                        or Rewarding Employees                            Influencing or
                                        of Others.                                        Rewarding Employees of
                                                                                Others
                                       Rule 2119 Telemarketing  .......................  FINRA Rule 3230
                                                                                Telemarketing
                                       Rule 2200 General        .......................  Section 17 of the
                                        Requirements .                                   Exchange Act and rules
                                                                                thereunder and FINRA
                                                                                Rule 4511(a) and (c)
                                                                                General Requirements 3
                                       Rule 2201 Customer       .......................  Rule 4512 Customer
                                        Account Information.                              Account Information
                                       Rule 2203 Record of      .......................  FINRA Rule 4513 Records
                                        Written Complaints.                               of Written Customer
                                                                                Complaints
                                       Rule 2204 Disclosure of  .......................  FINRA Rule 2261
                                        Financial Condition.                              Disclosure of
                                                                                Financial Condition
                                       Rule 2300 Supervision   .......................  FINRA Rule 3110
                                                                                Supervision *

                                       Rule 2301 Supervisory    .......................  FINRA Rule 3120
                                        Control System.                                   Supervisory Control
                                                                                System *
                                       Rule 2303 Prevention of  .......................  Section 15(g) of the
                                        the Misuse of Material                            Exchange Act * and
                                        Non-Public Information                            FINRA Rule 3110(b)(1)
                                        * .                                              Supervision *
                                       Rule 2304 Anti-Money     .......................  FINRA Rule 3310 Anti-
                                        Laundering Compliance                             Money Laundering
                                        Program 4 .                                      Compliance Program
                                       Rule 2262(e)(3) & (4)    .......................  FINRA Rule 6190(a) &
                                        Limit Up-Limit Down                               (b) Compliance with
                                        Plan and Trading Halts.                           Regulation NMS Plan to
                                                                                Address Extraordinary
                                                                                Market Volatility
                                       Rule 2623 Short Sales   .......................  FINRA Rule 6182 Trade
                                                                                Reporting of Short
                                                                                Sales
                                       Rule 2700 Market         .......................  FINRA Rule 5210
                                        Manipulation.                                     Publication of
                                                                                Transactions and
                                                                                Quotations, FINRA Rule
                                                                                2020 Use of
                                                                                Manipulative,
                                                                                Deceptive or Other
                                                                                Fraudulent Devices *,
                                                                                FINRA Rule 2010
                                                                                Standards of
                                                                                Commercial Honor and
                                                                                Principles of Trade *,
                                                                                and FINRA Rule 6140(a)
                                                                                Other Trading
                                                                                Practices
                                       Rule 2701 Fictitious     .......................  FINRA Rule 6140 Other
                                        Transactions.                                     Trading Practices and
                                                                                FINRA Rule 5210
                                                                                Supplementary Material
                                                                                .02 Self-Trades
                                       Rule 2702 Excessive      .......................  FINRA Rule 6140(c)
                                        Sales By an Equity                                Other Trading
                                        Member.                                           Practices
                                       Rule 2703 Manipulative   .......................  FINRA Rule 6140 Other
                                        Transactions.                                     Trading Practices
                                       Rule 2704 Dissemination  .......................  FINRA Rule 6140(e)
                                        of False Information.                             Other Trading
                                                                                Practices
                                       Rule 2705 Prohibition    .......................  FINRA Rule 5320
                                        Against Trading Ahead                             Prohibition Against
                                        of Customer Orders                               Trading Ahead of
                                        **.                                               Customer Orders **
                                       Rule 2708 Trade          .......................  FINRA Rule 5290 Order
                                        Shredding.                                        Entry and Execution
                                                                                Practices
                                       Rule 2710 Best           .......................  FINRA Rule 5310 Best
                                        Execution and                                     Execution and
                                        Interpositioning **.                              Interpositioning **
                                       Rule 2712 Trading Ahead  .......................  FINRA Rule 5280 Trading
                                        of Research Reports **.                           Ahead of Research
                                                                                Reports **
                                       Rule 2714 Front Running  .......................  FINRA Rule 5270 Front
                                        of Block Transactions                             Running of Block
                                        **.                                               Transactions **
                                       Rule 2802 Forwarding of  .......................  FINRA Rule 2251
                                        Proxy and Other Issuer-                           Processing and
                                        Related Materials.                                Forwarding of Proxy
                                                                                and Other Issuer-
                                                                                Related Materials
----------------------------------------------------------------------------------------------------------------
1 FINRA shall only have Regulatory Responsibilities regarding the rule and not the interpretations and policies.
 Common Rules shall not include any provisions regarding (i) notice, reporting or any other filings made
  directly to or from MIAX, MIAX PEARL or MIAX Emerald, (ii) incorporation by reference of other MIAX, MIAX
  PEARL or MIAX Emerald Rules that are not Common Rules, (iii) exercise of discretion in a manner that differs
  from FINRA's exercise of discretion including, but not limited to exercise of exemptive authority by MIAX,
  MIAX PEARL or MIAX Emerald, (iv) prior written approval of MIAX, MIAX PEARL or MIAX Emerald and (v) payment of
  fees or fines to MIAX, MIAX PEARL or MIAX Emerald.
* 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 17d-2 Agreement by and among 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, 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. effective May 26, 2020, as may be amended from time to time.
2 FINRA shall only have Regulatory Responsibilities regarding MIAX and MIAX Emerald Rules 1901 or MIAX Pearl
  Rule 3101 to the extent that MIAX, MIAX Pearl or MIAX Emerald recognize the same categories of principal and
  representative registration.
3 FINRA shall not have Regulatory Responsibilities regarding requirements to keep records ``in conformity with .
  . . Exchange Rules;'' responsibility for such requirement remains with MIAX PEARL.
4 FINRA shall only have Regulatory Responsibilities regarding the rule and not the interpretations and policies.
** FINRA shall perform the surveillance responsibilities for the double star rules for MIAX PEARL Equities.
  These rules may be cited by FINRA in both the context of this Agreement and the Regulatory Services Agreement.

    In addition, the following provisions shall be part of this 17d-2
Agreement:
 SEA Rule 200 of Regulation SHO--Definition of Short Sales and
Marking Requirements **
 SEA Rule 201 of Regulation SHO--Circuit Breaker **

 SEA Rule 203 of Regulation SHO--Borrowing and Delivery
Requirements **
 SEA Rule 204 of Regulation SHO--Close-Out Requirement **
 SEA Rule 101 of Regulation M--Activities by Distribution
Participants **
 SEA Rule 102 of Regulation M--Activities by Issuers and
Selling Security Holders During a Distribution **
 SEA Rule 103 of Regulation M--Nasdaq Passive Market Making **
 SEA Rule 104 of Regulation M--Stabilizing and Other Activities
in Connection with an Offering **
 SEA Rule 105 of Regulation M--Short Selling in Connection With
a Public Offering **
 SEA Rule 604 of Regulation NMS--Display of Customer Limit
Orders **
 SEA Rule 606 of Regulation NMS--Disclosure of Routing
Information **
 SEA Rule 610(d) of Regulation NMS--Locking or Crossing
Quotations **
 SEA Rule 611 of Regulation NMS--Order Protection Rule **
 SEA Rule 10b-5 Employment of Manipulative and Deceptive
Devices *
 SEA Rule 17a-3/17a-4--Records to Be Made by Certain Exchange
Members, Brokers, and Dealers/Records to Be Preserved by Certain
Exchange Members, Brokers, and Dealers *
 SEA Rule 14e-4--Prohibited Transactions in Connection with
Partial Tender Offers [supcaret]

    [supcaret] FINRA shall perform surveillance[, investigation, and
Enforcement Responsibilities] for SEA Rule 14e-4(a)(1)(ii)(D).
    * 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 17d-2 Agreement by and among 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, 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. effective May 26,
2020, as may be amended from time to time.
    ** FINRA shall perform the surveillance responsibilities for the
double star rules for MIAX PEARL Equities. These rules may be cited by
FINRA in both the context of this Agreement and the Regulatory Services
Agreement.

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:

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 4-678 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 4-678. 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 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
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 plan also will be available for inspection and
copying at the principal offices of FINRA, MIAX, MIAX PEARL, and MIAX
Emerald. 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 4-678 and should be submitted
on or before October 5, 2020.

V. Discussion

    The Commission finds that the proposed Amended Plan is consistent
with the factors set forth in Section 17(d) of the Act \15\ and Rule
17d-2(c) thereunder \16\ 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 and at least one of MIAX, MIAX PEARL, or MIAX Emerald.
Accordingly, the proposed Amended Plan promotes efficiency by reducing
costs to common members. Furthermore, because MIAX, MIAX PEARL, MIAX
Emerald and FINRA will coordinate their regulatory functions in
accordance with the Amended Plan, the Amended Plan should promote
investor protection.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78q(d).
    \16\ 17 CFR 240.17d-2(c).
---------------------------------------------------------------------------

    The Commission notes that, under the Amended Plan, MIAX, MIAX
PEARL, MIAX Emerald, and FINRA have allocated regulatory responsibility
for those MIAX, MIAX PEARL, and MIAX Emerald 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 member's 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, MIAX, MIAX PEARL, and MIAX Emerald
will review the Certification at least annually, or more frequently if
required by changes in either the rules of MIAX, MIAX PEARL, MIAX
Emerald, or FINRA, and, if necessary, submit to FINRA an updated list
of common rules to add MIAX, MIAX PEARL, or MIAX Emerald rules not
included on the then-current list of common rules that are
substantially similar to FINRA rules; delete MIAX, MIAX PEARL, or MIAX
Emerald rules included in the then-current 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 MIAX, MIAX PEARL, or MIAX
Emerald

rules that qualify as common rules.\17\ FINRA will then confirm in
writing whether the rules listed in any updated list are common rules
as defined in the Amended Plan. Under the Amended Plan, MIAX, MIAX
PEARL, and MIAX Emerald also will provide FINRA with a current list of
common members and shall update the list no less frequently than once
each quarter.\18\ 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.
---------------------------------------------------------------------------

    \17\ See paragraph 2 of the Amended Plan.
    \18\ See paragraph 3 of the Amended Plan.
---------------------------------------------------------------------------

    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 MIAX, MIAX PEARL, and MIAX Emerald
rules that are substantially similar to the rules of FINRA for common
members of FINRA and MIAX, FINRA and MIAX PEARL, and FINRA and MIAX
Emerald. Therefore, modifications to the Certification need not be
filed with the Commission as an amendment to the Amended Plan, provided
that the parties are only adding to, deleting from, or confirming
changes to MIAX, MIAX PEARL, or MIAX Emerald rules in the Certification
in conformance with the definition of common rules provided in the
Amended Plan. However, should the parties decide to add a MIAX, MIAX
PEARL, or MIAX Emerald rule to the Certification that is not
substantially similar to a FINRA rule; delete a MIAX, MIAX PEARL, or
MIAX Emerald rule from the Certification that is substantially similar
to a FINRA rule; or leave on the Certification a MIAX, MIAX PEARL, or
MIAX Emerald rule that is no longer substantially similar to a FINRA
rule, then such a change would constitute an amendment to the Amended
Plan, which must be filed with the Commission pursuant to Rule 17d-2
under the Act.\19\
---------------------------------------------------------------------------

    \19\ The addition to or deletion from the Certification of any
federal securities laws, rules, and regulations for which FINRA
would bear responsibility under the Amended Plan for examining, and
enforcing compliance by, common members, also would constitute an
amendment to the Amended Plan.
---------------------------------------------------------------------------

    Under paragraph (c) of Rule 17d-2, the Commission may, after
appropriate notice and comment, declare a plan, or any part of a plan,
effective. In this instance, the Commission believes that appropriate
notice and comment can take place after the proposed amendment is
effective. In particular, the purpose of the amendment is to add MIAX
PEARL equities rules and certain federal securities laws to the
Certification. The Commission notes that the most recent prior
amendment to the Plan was published for comment and the Commission did
not receive any comments thereon.\20\ The Commission believes that the
current amendment to the Plan does not raise any new regulatory issues
that the Commission has not previously considered, and therefore
believes that the amended Plan should become effective without any
undue delay.
---------------------------------------------------------------------------

    \20\ See Securities Exchange Act Release No. 85189 (February 25,
2019), 84 FR 7153 (March 1, 2019).
---------------------------------------------------------------------------

VI. Conclusion

    This order gives effect to the Amended Plan filed with the
Commission in File No. 4-678. The parties shall notify all members
affected by the Amended Plan of their rights and obligations under the
Amended Plan.
    It is therefore ordered, pursuant to Section 17(d) of the Act, that
the Amended Plan in File No. 4-678, between the FINRA, MIAX, MIAX
PEARL, and MIAX Emerald, filed pursuant to Rule 17d-2 under the Act,
hereby is approved and declared effective.
    It is further ordered that MIAX, MIAX PEARL, and MIAX Emerald are
each relieved of those responsibilities allocated to FINRA under the
Amended Plan in File No. 4-678.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
---------------------------------------------------------------------------

    \21\ 17 CFR 200.30-3(a)(34).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-20132 Filed 9-11-20; 8:45 am]
BILLING CODE 8011-01-P


UNITED STATES ENVIRONMENTAL PROTECTION AGENCY WASHINGTON D. C., 20460 OFFICE OF PREVENTION, PESTICIDES AND TOXIC SUBSTANCES MEMORANDUM SUBJECT: Addendum to the Memorandum " Typical Application Information for Copper Products for Algaecide, Aquatic Herbicide, Molluscicide, Leech, and Tadpole Shrimp Control ( DP# 324176)" ( DP# 328145)

FROM: William Phillips, II, Ph. D., Agronomist Biological Analysis Branch Biological and Economic Analysis Division ( 7503C)

THRU: Arnet Jones, Chief Biological Analysis Branch Biological and Economic Analysis Division ( 7503C)

TO: Rosanna Louie, Chemical Review Manager Reregistration Branch, RRB3 Special Review and Reregistration Division ( 7508C)

PRODUCT REVIEW PANEL: April 26, 2006 SUMMARY In support of the copper re registration eligibility decision ( RED), BEAD delivered to SRRD, on February 15, 2006, a memorandum that evaluated the typical aquatic use, usage, and rates of copper compounds. In this February memorandum there were discussions regarding the use of copper compounds for the control of organisms that either harbor other toxic organisms, or are themselves directly toxic to humans. This memorandum is the result of a request from SRRD for additional information on the copper compounds used to control the organisms identified in the February 15, 2006 memorandum. The information included in this current memorandum will be used by SRRD to communicate to the Center for Disease Control and Prevention ( CDC) the extent to which copper compounds have uses to control pathogens that may result in human diseases. The two organisms discussed in this memorandum are fresh water snails and Cyanobacteria. While snails themselves are not toxic to humans, within the United States they are a host to a trematode, or flat microscopic worm, species that can cause Schistosomiasis Cercaria Dermatitis, or Swimmer's Itch. Another organism, Cyanobacteria is a general classification that contains several separate genera and species of organisms that produce toxic chemical compounds. When these compounds come in contact with human skin, or are ingested or inhaled they can result in reactions ranging from dermatitis to paralysis. Copper compounds are a control for both snails and Cyanobacteria.

Fresh Water Snails & Trematodes Snails can act as an intermediate host of parasites, including trematodes. In the United States, these parasites can impact humans in swimming areas. The control of schistosome infected snails is an important human health concern in many states including Alaska, Michigan, Ohio, and Wisconsin, among other northern states ( MDEQ, 1999). Overall, large scale outbreaks of mollusk pests are not currently an issue, but local outbreaks of these pests often are.

In the United States some snails that are controlled with copper compounds are those that are infected with a parasitic trematode worm called a schistosome. Schistosomes are associated with several of the more debilitating human's diseases collectively refered to as schistosomiasis. The most serious forms of the disease do not occur in the United States since the Schistosomes in the genus schistosoma are not present. However, the trematode Proterometra macrostoma is prevalent in the United States especially in areas around the Great Lakes ( MDEQ 2006). P. macrostoma is a parasitic schistosome that can result in Schistosomiasis Cercaria Dermatitis, or Swimmer's Itch. The larval form of P. macrostoma schistome is a flatworm called a cercaria ( CDC, 2006a). The larvae penetrate the skin of a host where it completes its lifecycle in the host's blood stream and/ or liver ( CDC, 2006b). On occasions, humans will come into contact with these cercaria, upon which the larvae will penetrate their epidermis ( CDC, 2006a). Once in human skin, the larvae is not able to get into the blood stream, thus the lifecycle cannot continue as it would in the regular avian host; the result is death of the organism. During the time of the penetration/ infection, humans will develop the Schistosomiasis Cercaria Dermatitis ( MDEQ, 1999).

Given the current disarray of the copper compound labels, a representative sample of labels was evaluated and none were specific as to the genus and/ or species of the target snail pest. The only identifiers as to the pest to be treated with the copper compounds were occasional references to fresh water snails. The control of schistosome infected snails with copper sulfate is labeled at a rate of 1 to 1.5 ppm copper element, for a maximum of two applications per season. To control these snails the application of copper sulfate crystals can be applied to the shoreline or snail beds of swimming areas. Direct water applications can also be made using broadcast methods ( to include aerial) or by using an under water dispenser. For potable water reservoirs the rate is not to exceed 1.0 ppm copper element ( Phillips and Zinn 2006). Cyanobacteria Cyanobacteria are a group of single celled prokaryotic organisms that have both characteristics of algal and bacterial cells, but are more closely related to bacteria. These organisms are also known as blue green algae. Cyanobacteria can be found around the world in fresh, brackish, or marine waters ( CDC 2006c). During warm periods of the year, in waters where nutrient concentrations are high, these organisms can " Bloom" or proliferate rapidly resulting in an increased risk of animal and human exposure ( CDC 2006d).

Toxins that are produced by these organisms are harmful to humans and animals when ingested and/ or inhaled ( NOVA 2006). Some of the toxins found in members of the group of Cyanobacteria can range from skin irritants to compounds that can cause paralysis to a human ( IDNR 2006). In addition these toxins are classified as hepatotoxins, neurotoxins, and chromosomes decouplers. In the case of the toxin Cylindrospermopsin, the acute effects to humans include headache, vomiting, chromosome breakage, and/ or a swollen liver ( CDC 2006c). Recently, in order "[ t] o prioritize toxins, EPA held an expert workshop which listed microcystin LR, LA, RR, and YR, cylindrospermopsin, and anatoxin a as the most important algal toxins in the United States" ( EPA 2006). However, these compounds are only on a "  Contaminant Candidate List for consideration for possible future regulation" ( EPA 2006). These compounds are well recognized in Australia as toxins, and as a result concern about their effects on humans is important enough for the EPA to begin looking for analytical techniques for their detection ( EPA 2006).

The control of Cyanobacteria is important from a human health perspective. Currently there are several copper products that control these organisms. Some of these products control the different genera and species to various degrees. In general, if properly applied, copper compounds are efficacious on a wide array of Cyanobacteria as well as algae ( WSSA 1998). Cyanobacteria can be controlled using concentrations of 0.2 to 1.0 ppm of copper element. The average annual number of copper applications is two to four; these applications are dependant on pest species and environmental factors that effect pest growth ( Phillips and Zinn 2006). The wide rate range is predicated on the range in toxicity of copper to the various genera within the Cyanobacteria group ( Phillips and Zinn 2006). REFERENCES CDC. 2004. Parasites and Health: Schistosomiasis. Centers for Disease Control and Prevention. http:// www. dpd. cdc. gov/ DPDx/ HTML/ Schistosomiasis. htm CDC. ( Accessed 2006a). Fact Sheet: Cercarial Dermatitis. Centers for Disease Control and Prevention. http:// www. cdc. gov/ ncidod/ dpd/ parasites/ cercarialdermatitis/ factsht_ cercarialdermatitis. htm CDC. ( Accessed 2006b). Fact Sheet: Schistosomiasis. Centers for Disease Control and Prevention. http:// www. cdc. gov/ ncidod/ dpd/ parasites/ schistosomiasis/ factsht_ schistosomiasis. htm CDC. ( Accessed 2006c). Facts About Cyanobacteria & Cyanabacterial Harmful Algal Bloom. Department of Health and Human Services, Centers for Disease Control and Prevention, National Center for Environmental Health, Division of Environmental Hazards & Health Effects. http:// www. cdc. gov/ hab/ cyanobacteria/ facts. htm CDC. ( Accessed 2006d). Fact Sheet: About Cyanobacteria. Centers for Disease Control and Prevention. http:// www. cdc. gov/ hab/ cyanobacteria/ factsheet. pdf EPA. 2006. Ground Water & Drinking Water: Laboratory Studies Currently Being Conducted. http:// www. epa. gov/ OGWDW/ methods/ current. html IDNR. 2006. Frequently Asked Questions on Cylindrospermopsis and Other Potential Toxin Producing Blus GreenAlgae In Indiana Waters. Indiana Department of Natural Resources. http:// www. in. gov/ dnr/ fishwild/ fish/ cylind. htm MDEQ. 1999. Swimmer's Itch in Michigan. www. deq. state. mi. us/ documents/ deq waterillm itchbrochure. pdf NOVA. 2006. NOVA: Science In The News. Toxic Algal Blooms A Sign of Rivers Under Stress. Australian Academy of Sciences. http:// www. science. org. au/ nova/ 017/ 017print. htm# box 2 Phillips, II, W., N. Zinn. 2006. Typical Applications Information for Copper Products for Algaecide, Aquatic Herbicide, Molluscicide, Leech, and Tadpole Shrimp Control). United States Environmental Protection Agency. DP# 324176.

WSSA. 1998. Evaluation of Copper Algaecides for The Control of Algae and Cyanobacteria, Synopsis. Report No. WSSA 130. Weed Science Society, Champaign, IL. http:// www. fwr. org/ wsaa/ wsaa130. htm


Memorandum To: 304( m) Record From: Tom Born Office of Water, Office of Science and Technology, Engineering and Analysis Division ( EAD)

Subject: 303( d) Impaired Waters Analysis: Waters that may be Impaired because of Industrial Point Sources The purpose of this memorandum is to summarize the analysis that I conducted of six pollutants that were identified by the states as reasons for 303( d) impairments. These six pollutants were selected by EAD from the 193 some reasons for impairment because they are most likely discharged from point sources rather than contained in stormwater discharges or non point source runoff.

The six pollutants include: chromium, nickel, antimony, beryllium, selenium, and PCBs. EAD determined that these six pollutants are commonly released from point sources based on the August 1998 " Urban Storm Water Best Management Practices Study" which characterized common point and non point source toxic pollutants.

The attached Excel Workbook file " Priority Impairments for 304( m) Point Sources Summary Table 9 4 03" shows the number of PCS facilities by SIC on waterbodies impaired because of the six pollutants. SIC 4952 " Sewerage Systems" has the most number of facilities on waterbodies impaired for the six pollutants, followed by SIC 8731 " Commercial Physical Research," SIC 5541 " Gasoline Service Stations," SIC 4911 " Electrical Services," SIC 2911 " Petroleum Refining," SIC 5171 " Petroleum Bulk Stations and Terminals," and SIC 2844 " Perfumes, Cosmetics, Toilet Prep."

( See attached file: Priority Impairments for 304( m) Point Sources Summary Table 9 4 03. xls)

The attached Excel Workbook file " Priority Impairments for 304( m) Point Source Analysis 8 21 03" was use to compile the facility count summary data. It contains a separate Excel Worksheet for each of the six pollutants. Each worksheet contains five columns: the four digit SIC code, the facility NPDES ID, the facility name, an indication whether the facility is a major facility, and the name of the impaired waterbody to which the facility discharges.

( See attached file: Priority Impairments for 304( m) Point Source Analysis 8 21 03. xls)


[Federal Register Volume 86, Number 124 (Thursday, July 1, 2021)]
[Notices]
[Pages 35105-35106]
[FR Doc No: 2021-14096]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4600-DR; Docket ID FEMA-2021-0001]

Georgia; Major Disaster and Related Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This is a notice of the Presidential declaration of a major
disaster for the State of Georgia (FEMA-4600-DR), dated May 5, 2021,
and related determinations.

DATES: The declaration was issued May 5, 2021.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated May 5, 2021, the President issued a major disaster declaration
under the authority of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the ``Stafford
Act''), as follows:

    I have determined that the damage in certain areas of the State
of Georgia resulting from severe storms and tornadoes during the
period of March 25 to March 26, 2021, is of sufficient severity and
magnitude to warrant a major disaster declaration under the Robert
T. Stafford Disaster Relief and Emergency Assistance Act, 42 U.S.C.
5121 et seq. (the ``Stafford Act''). Therefore, I declare that such
a major disaster exists in the State of Georgia.
    In order to provide Federal assistance, you are hereby
authorized to allocate from funds available for these purposes such
amounts as you find necessary for Federal disaster assistance and
administrative expenses.
    You are authorized to provide Public Assistance in the
designated areas and Hazard Mitigation throughout the State.
Consistent with the requirement that Federal assistance be
supplemental, any Federal funds provided under the Stafford Act for
Public Assistance and Hazard Mitigation will be limited to 75
percent of the total eligible costs.
    Further, you are authorized to make changes to this declaration
for the approved

assistance to the extent allowable under the Stafford Act.

    The Federal Emergency Management Agency (FEMA) hereby gives notice
that pursuant to the authority vested in the Administrator, under
Executive Order 12148, as amended, Leda M. Khoury, of FEMA is appointed
to act as the Federal Coordinating Officer for this major disaster.

The following areas of the State of Georgia have been designated as
adversely affected by this major disaster:

    Coweta, Fannin, Gilmer, Heard, Lumpkin, Pickens, Rabun, and
White Counties for Public Assistance.
    All areas within the State of Georgia are eligible for
assistance under the Hazard Mitigation Grant Program.
    The following Catalog of Federal Domestic Assistance Numbers
(CFDA) are to be used for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services; 97.034, Disaster
Unemployment Assistance (DUA); 97.046, Fire Management Assistance
Grant; 97.048, Disaster Housing Assistance to Individuals and
Households In Presidentially Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance--Disaster Housing
Operations for Individuals and Households; 97.050, Presidentially
Declared Disaster Assistance to Individuals and Households--Other
Needs; 97.036, Disaster Grants--Public Assistance (Presidentially
Declared Disasters); 97.039, Hazard Mitigation Grant.

Deanne Criswell,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2021-14096 Filed 6-30-21; 8:45 am]
BILLING CODE 9111-23-P