[Federal Register Volume 87, Number 75 (Tuesday, April 19, 2022)]
[Notices]
[Pages 23296-23299]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-08286]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94713; File No. SR-NASDAQ-2022-031]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Make the Market Wide Circuit Breaker Pilot a Permanent Program

April 13, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on April 12, 2022, The Nasdaq Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I and II, below, which Items have been prepared by the Exchange. 
The Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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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 proposes to adopt on a permanent basis the pilot 
program for market-wide circuit breakers in Equity 4, Rule 4121.
    The text of the proposed rule change is available on the Exchange's 
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules, at 
the principal office of the Exchange, 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
    On March 16, 2022, the Commission approved the proposal of the New 
York Stock Exchange (``NYSE'') to adopt on a permanent basis the pilot 
program for market-wide circuit breakers (``MWCB'') in NYSE Rule 
7.12.\3\ The Exchange now proposes to adopt the same change to make 
permanent the MWCB pilot program in Equity 4, Rule 4121.
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    \3\ See Securities Exchange Act Release No. 94441 (March 16, 
2022) (SR-NYSE-2021-40).
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Rules Overview
    The MWCB rules, including the Exchange's Rule 4121 under Equity 4, 
provide an important, automatic mechanism that is invoked to promote 
stability and investor confidence during periods of significant stress 
when cash equities securities experience extreme market-wide declines. 
The MWCB rules are designed to slow the effects of extreme price 
declines through coordinated trading halts across both cash equity and 
equity options securities markets.
    The cash equities rules governing MWCBs were first adopted in 1988 
and, in 2012, all U.S. cash equities exchanges and FINRA amended their 
cash equities uniform rules on a pilot basis (the ``Pilot Rules,'' 
i.e., Equity 4, Rule 4121(a)-(c) and (f)).\4\ The Pilot Rules currently 
provide for trading halts in all cash equity securities during a severe 
market decline as measured by a single-day decline in the S&P 500 Index 
(``SPX'').\5\ Under the Pilot Rules, a market-wide trading halt will be 
triggered if SPX declines in price by specified percentages from the 
prior day's closing price of that index. The triggers are set at three 
circuit breaker thresholds: 7% (Level 1), 13% (Level 2), and 20% (Level 
3). A market decline that triggers a Level 1 or Level 2 halt after 9:30 
a.m. and before 3:25 p.m. would halt market-wide trading for 15 
minutes, while a similar market decline at or after 3:25 p.m. would not 
halt market-wide trading. (Level 1 and Level 2 halts may occur only 
once a day.) A market decline that triggers a Level 3 halt at any time 
during the trading day would halt market-wide trading for the remainder 
of the trading day.
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    \4\ See Securities Exchange Act Release No. 67090 (May 31, 
2012), 77 FR 33531 (June 6, 2012) (SR-BATS-2011-038; SR-BYX-2011-
025; SR-BX-2011-068; SR-CBOE-2011-087; SR-C2-2011-024; SR-CHX-2011-
30; SR-EDGA-2011-31; SR-EDGX-2011-30; SR-FINRA-2011-054; SR-ISE-
2011-61; SR-NASDAQ-2011-131; SR-NSX-2011-11; SR-NYSE-2011-48; SR-
NYSEAmex-2011-73; SR-NYSEArca-2011-68; SR-Phlx-2011-129) (``Pilot 
Rules Approval Order'').
    \5\ The rules of the equity options exchanges similarly provide 
for a halt in trading if the cash equities exchanges invoke a MWCB 
Halt. See, e.g., Options 3, Section 9(e).
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    The Commission approved the Pilot Rules, the term of which was to 
coincide with the pilot period for the Plan to Address Extraordinary 
Market Volatility Pursuant to Rule 608 of Regulation NMS (the ``LULD 
Plan''),\6\ including any extensions to the pilot period for the LULD 
Plan.\7\ In April 2019, the Commission approved an amendment to the 
LULD Plan for it to operate on a permanent, rather than pilot, 
basis.\8\ In conjunction with the proposal to make the LULD Plan 
permanent, the Exchange amended Equity 4, Rule 4121 to untie the Pilot 
Rules' effectiveness from that of the LULD Plan and to extend the Pilot 
Rules' effectiveness to the close of

[[Page 23297]]

business on October 18, 2019.\9\ The Exchange subsequently filed to 
extend the pilot for an additional year to the close of business on 
October 18, 2020,\10\ and later, on October 18, 2021.\11\ The Exchange 
last extended the pilot to the close of business on April 18, 2022.\12\
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    \6\ See Securities Exchange Act Release No. 67091 (May 31, 
2012), 77 FR 33498 (June 6, 2012). The LULD Plan provides a 
mechanism to address extraordinary market volatility in individual 
securities.
    \7\ See Securities Exchange Act Release Nos. 67090 (May 31, 
2012), 77 FR 33531 (June 6, 2012) (SR-NASDAQ-2011-131) (Approval 
Order); and 68786 (January 31, 2013), 78 FR 8666 (February 6, 2013) 
(SR-NASDAQ-2013-021) (Notice of Filing and Immediate Effectiveness 
of Proposed Rule Change to Delay the Operative Date).
    \8\ See Securities Exchange Act Release No. 85623 (April 11, 
2019), 84 FR 16086 (April 17, 2019).
    \9\ See Securities Exchange Act Release No. 85578 (April 9, 
2019), 84 FR 15271 (April 15, 2019) (SR-NASDAQ-2019-027).
    \10\ See Securities Exchange Act Release No. 86944 (September 
12, 2019), 84 FR 49141 (September 18, 2019) (SR-NASDAQ-2019-072).
    \11\ See Securities Exchange Act Release No. 90144 (October 9, 
2020), 85 FR 65460 (October 15, 2020) (SR-NASDAQ-2020-068).
    \12\ See Securities Exchange Act Release No. 94433 (March 16, 
2022), 87 FR 16283 (March 22, 2022) (SR-NASDAQ-2022-026).
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The MWCB Working Group Study
    Beginning in February 2020, at the outset of the COVID-19 pandemic, 
the markets experienced increased volatility, culminating in four MWCB 
Level 1 halts on March 9, 12, 16, and 18, 2020. In each instance, 
pursuant to the Pilot Rules, the markets halted as intended upon a 7% 
drop in SPX and did not start the process to resume trading until the 
prescribed 15-minute halt period ended.
    On September 17, 2020, the Director of the Commission's Division of 
Trading and Markets asked the SROs to conduct a study of the design and 
operation of the Pilot Rules and the LULD Plan during the period of 
volatility in March 2020. In response to the request, the SROs created 
a MWCB ``Working Group'' composed of SRO representatives and industry 
advisers that included members of the advisory committees to both the 
LULD Plan and the NMS Plans governing the collection, consolidation, 
and dissemination of last-sale transaction reports and quotations in 
NMS Stocks. The Working Group met regularly from September 2020 through 
March 2021 to consider the Commission's request, review data, and 
compile its study.
    On March 31, 2021, the MWCB Working Group submitted its study (the 
``Study'') to the Commission.\13\ The Study included an evaluation of 
the operation of the Pilot Rules during the March 2020 events and an 
evaluation of the design of the current MWCB system. In the Study, the 
Working Group concluded: (1) The MWCB mechanism set out in the Pilot 
Rules worked as intended during the March 2020 events; (2) the MWCB 
halts triggered in March 2020 appear to have had the intended effect of 
calming volatility in the market, without causing harm; (3) the design 
of the MWCB mechanism with respect to reference value (SPX), trigger 
levels (7%/13%/20%), and halt times (15 minutes) is appropriate; (4) 
the change implemented in Amendment 10 to the LULD Plan did not likely 
have any negative impact on MWCB functionality; and (5) no changes 
should be made to the mechanism to prevent the market from halting 
shortly after the opening of regular trading hours at 9:30 a.m.
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    \13\ See Report of the Market-Wide Circuit Breaker (``MWCB'') 
Working Group Regarding the March 2020 MWCB Events, submitted March 
31, 2021 (the ``Study''), available at https://www.nyse.com/publicdocs/nyse/markets/nyse/Report_of_the_Market-Wide_Circuit_Breaker_Working_Group.pdf.
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    In light of those conclusions, the MWCB Working Group also made 
several recommendations, including that (1) the Pilot Rules should be 
made permanent without any changes, and (2) SROs should adopt a rule 
requiring all designated Regulation SCI firms to participate in at 
least one Level 1/Level 2 MWCB test each year and to verify their 
participation via attestation.\14\
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    \14\ See id. at 46.
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Proposal To Make the Pilot Rules Permanent
    On July 16, 2021, NYSE proposed a rule change to make the Pilot 
Rules permanent, consistent with the Working Group's 
recommendations.\15\ On March 16, 2022, the Commission approved NYSE's 
proposal.\16\
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    \15\ See Securities Exchange Act Release No. 92428 (July 16, 
2021), 86 FR 38776 (July 22, 2021) (SR-NYSE-2021-40).
    \16\ See supra note 3.
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    Consistent with the Commission's approval of NYSE's proposal, the 
Exchange now proposes that the Pilot Rules (i.e., paragraphs (a)-(c) 
and (f) of Equity 4, Rule 4121) be made permanent. To accomplish this, 
the Exchange proposes to remove the preamble to Rule 4121, which 
currently provides that the rule is in effect during a pilot period 
that expires at the close of business on April 18, 2022. The Exchange 
does not propose any changes to paragraphs (a)-(c) and (f) of the Rule.
    Consistent with the Commission's approval of NYSE's proposal, the 
Exchange proposes to add new paragraphs (g), (h), and (i) to Equity 4, 
Rule 4121, as follows:
    (g) Market-Wide Circuit Breaker (``MWCB'') Testing
    (1) The Exchange will participate in all industry-wide tests of the 
MWCB mechanism. Members designated pursuant to General 2, Section 12(a) 
to participate in Exchange Business Continuity and Disaster Recovery 
testing are required to participate in at least one industry-wide MWCB 
test each year and to verify their participation in that test by 
attesting that they are able to or have attempted to:
    (A) Receive and process MWCB halt messages from the securities 
information processors (``SIPs'');
    (B) receive and process resume messages from the SIPs following a 
MWCB halt;
    (C) receive and process market data from the SIPs relevant to MWCB 
halts; and
    (D) send orders following a Level 1 or Level 2 MWCB halt in a 
manner consistent with their usual trading behavior.
    (2) To the extent that a member participating in a MWCB test is 
unable to receive and process any of the messages identified in 
paragraph (g)(1)(A)-(D) of this Rule, its attestation should notify the 
Exchange which messages it was unable to process and if known, why.
    (3) Members not designated pursuant to standards established in 
General 2, Section 12(a) are permitted to participate in any MWCB test.
    (h) In the event that a halt is triggered under this Rule following 
a Level 1, Level 2, or Level 3 Market Decline, the Exchange, together 
with other SROs and industry representatives (the ``MWCB Working 
Group''), will review such event. The MWCB Working Group will prepare a 
report that documents its analysis and recommendations and will provide 
that report to the Commission within 6 months of the event.
    (i) In the event that there is (1) a Market Decline of more than 
5%, or (2) an SRO implements a rule that changes its reopening process 
following a MWCB Halt, the Exchange, together with the MWCB Working 
Group, will review such event and consider whether any modifications 
should be made to this Rule. If the MWCB Working Group recommends that 
a modification should be made to this Rule, the MWCB Working Group will 
prepare a report that documents its analysis and recommendations and 
provide that report to the Commission.
2. Statutory Basis
    The Exchange believes that the proposal to make the Pilot Rules 
permanent is consistent with Section 6(b) of the Act,\17\ in general, 
and furthers the objectives of Section 6(b)(5) of the Act,\18\ in 
particular, in that it is designed to promote just and equitable 
principles of trade, to remove impediments to and perfect the mechanism 
of a free and open market and a national market system, and, in general 
to protect investors and the public interest.
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    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(5).

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[[Page 23298]]

    The Pilot Rules set out in Equity 4, Rule 4121(a)-(c) and (f) are 
an important, automatic mechanism that is invoked to promote stability 
and investor confidence during periods of significant market stress 
when securities markets experience broad-based declines. The four MWCB 
halts that occurred in March 2020 provided the Exchange, the other 
SROs, and market participants with real-world experience as to how the 
Pilot Rules actually function in practice. Based on the Working Group's 
Study and the Exchange's own analysis of those events, the Exchange 
believes that making the Pilot Rules permanent would benefit market 
participants, promote just and equitable principles of trade, remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system, and protect investors and the public 
interest.
    Specifically, the Exchange believes that making the Pilot Rules 
permanent would benefit market participants, promote just and equitable 
principles of trade, remove impediments to and perfect the mechanism of 
a free and open market and a national market system, and protect 
investors and the public interest, because the Pilot Rules worked as 
intended during the March 2020 events. As detailed above, the markets 
were in communication before, during, and after each of the MWCB Halts 
that occurred in March 2020. All 9,000+ equity symbols were 
successfully halted in a timely manner when SPX declined 7% from the 
previous day's closing value, as designed. The Exchange believes that 
market participants would benefit from having the Pilot Rules made 
permanent because such market participants are familiar with the design 
and operation of the MWCB mechanism set out in the Pilot Rules, and 
know from experience that it has functioned as intended on multiple 
occasions under real-life stress conditions. Accordingly, the Exchange 
believes that making the Pilot Rules permanent would enhance investor 
confidence in the ability of the markets to successfully halt as 
intended when under extreme stress.
    The Exchange further believes that making the Pilot Rules permanent 
would benefit market participants, promote just and equitable 
principles of trade, remove impediments to and perfect the mechanism of 
a free and open market and a national market system, and protect 
investors and the public interest, because the halts that were 
triggered pursuant to the Pilot Rules in March 2020 appear to have had 
the intended effect of calming volatility in the market without causing 
harm. As detailed above, after studying a variety of metrics concerning 
opening and reopening auctions, quote volatility, and other factors, 
the Exchange concluded that there was no significant difference in the 
percentage of securities that opened on a trade versus on a quote for 
the four days in March 2020 with MWCB Halts, versus the other periods 
studied. In addition, while the post-MWCB Halt reopening auctions were 
smaller than typical opening auctions, the size of those post-MWCB Halt 
reopening auctions plus the earlier initial opening auctions in those 
symbols was on average equal to opening auctions in January 2020. The 
Exchange believes this indicates that the MWCB Halts on the four March 
2020 days did not cause liquidity to evaporate. Finally, the Exchange 
observes that while quote volatility was generally higher on the four 
days in March 2020 with MWCB Halts as compared to the other periods 
studied, quote volatility stabilized following the MWCB Halts at levels 
similar to the January 2020 levels, and LULD Trading Pauses worked as 
designed to address any additional volatility later in the day. From 
this evidence, the Exchange concludes that the Pilot Rules actually 
calmed volatility on the four MWCB Halt days in March 2020, without 
causing liquidity to evaporate or otherwise harming the market. As 
such, the Exchange believes that making the Pilot Rules permanent would 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system, and protect investors and the 
public interest.
    The Exchange believes that that making the Pilot Rules permanent 
without any changes would benefit market participants, promote just and 
equitable principles of trade, remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and 
protect investors and the public interest, because the current design 
of the MWCB mechanism as set out in the Pilot Rules remains 
appropriate. As detailed above, the Exchange considered whether SPX 
should be replaced as the reference value, whether the current trigger 
levels (7%/13%/20%) and halt times (15 minutes for Level 1 and 2 halts) 
should be modified, and whether changes should be made to prevent the 
market from halting shortly after the opening of regular trading hours 
at 9:30 a.m., and concluded that the MWCB mechanism set out in the 
Pilot Rules remains appropriate, for the reasons cited above. The 
Exchange believes that public confidence in the MWCB mechanism would be 
enhanced by the Pilot Rules being made permanent without any changes, 
given investors' familiarity with the Pilot Rules and their successful 
functioning in March 2020.
    The Exchange believes that proposed paragraph (g) regarding MWCB 
testing is designed to promote just and equitable principles of trade, 
to remove impediments to and perfect the mechanism of a free and open 
market and a national market system, and, in general to protect 
investors and the public interest. The Working Group recommended that 
all cash equities exchanges adopt a rule requiring all designated 
Regulation SCI firms to participate in MWCB testing and to attest to 
their participation. The Exchange believes that these requirements 
would promote the stability of the markets and enhance investor 
confidence in the MWCB mechanism and the protections that it provides 
to the markets and to investors. The Exchange further believes that 
requiring firms participating in a MWCB test to identify any inability 
to process messages pertaining to such MWCB test would contribute to a 
fair and orderly market by flagging potential issues that should be 
corrected. The Exchange would preserve such attestations pursuant to 
its obligations to retain books and records of the Exchange.\19\
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    \19\ See 17 CFR 240.17a-1.
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    The Exchange believes that proposed paragraph (h) would benefit 
market participants, promote just and equitable principles of trade, 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system, and protect investors and the 
public interest. Having the MWCB Working Group review any halt 
triggered under Rule 4121 and prepare a report of its analysis and 
recommendations would permit the Exchange, along with other market 
participants and the Commission, to evaluate such event and determine 
whether any modifications should be made to Rule 4121 in the public 
interest. Preparation of such a report within 6 months of the event 
would permit the Exchange, along with the MWCB Working Group, 
sufficient time to analyze such halt and prepare their recommendations.
    The Exchange believes that proposed paragraph (i) would benefit 
market participants, promote just and equitable principles of trade, 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system, and protect investors and the 
public interest.

[[Page 23299]]

Having the MWCB Working Group review instances of a Market Decline of 
more than 5% or an SRO implementing a rule that changes its reopening 
process following a MWCB Halt would allow the MWCB Working Group to 
identify situations where it recommends that Rule 4121 be modified in 
the public interest. In such situations where the MWCB Working Group 
recommends that a modification should be made to Rule 4121, the MWCB 
Working Group would prepare a report that documents its analysis and 
recommendations and provide that report to the Commission, thereby 
removing impediments to and perfecting the mechanism of a free and open 
market and a national market system while protecting investors and the 
public interest.
    For the foregoing reasons, the Exchange believes that the proposed 
change is consistent with the Act.

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

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The proposed change is not 
intended to address competition, but rather, makes permanent the 
current MWCB Pilot Rules for the protection of the markets. The 
Exchange believes that making the current MWCB Pilot Rules permanent 
would have no discernable burden on competition at all, since the Pilot 
Rules have already been in effect since 2012 and would be made 
permanent without any changes. Moreover, because the MWCB mechanism 
contained in the Pilot Rules requires all exchanges and all market 
participants to cease trading at the same time, making the Pilot Rules 
permanent would not provide a competitive advantage to any exchange or 
any class of market participants.
    Further, the Exchange understands that the other SROs will submit 
substantively identical proposals to the Commission. Thus, the proposed 
rule change will help to ensure consistency across SROs without 
implicating any competitive issues.

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

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \20\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\21\
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    \20\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \21\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \22\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\23\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange asked 
that the Commission waive the 30 day operative delay so that the 
proposal may become operative immediately upon filing. Waiver of the 
30-day operative delay would allow the Exchange to immediately provide 
the protections included in this proposal in the event of a MWCB halt, 
which is consistent with the protection of investors and the public 
interest. Therefore, the Commission hereby waives the 30-day operative 
delay and designates the proposed rule change as operative upon 
filing.\24\
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    \22\ 17 CFR 240.19b-4(f)(6).
    \23\ 17 CFR 240.19b-4(f)(6)(iii).
    \24\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of such 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 under 
Section 19(b)(2)(B) \25\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \25\ 15 U.S.C. 78s(b)(2)(B).
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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 protected]. Please include 
File Number SR-NASDAQ-2022-031 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-NASDAQ-2022-031. 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-NASDAQ-2022-
031 and should be submitted on or before May 10, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\26\
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    \26\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-08286 Filed 4-18-22; 8:45 am]
BILLING CODE 8011-01-P