Notice2021-27542
Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Modify and Expand the Package of Products and Services Provided to Companies and Clarify Existing Practice Under Rule 14.602
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 21, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 86 Issue 242 (Tuesday, December 21, 2021)</title>
</head>
<body><pre>
[Federal Register Volume 86, Number 242 (Tuesday, December 21, 2021)]
[Notices]
[Pages 72296-72300]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-27542]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93787; File No. SR-LTSE-2021-08]
Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.;
Notice of Filing of a Proposed Rule Change To Modify and Expand the
Package of Products and Services Provided to Companies and Clarify
Existing Practice Under Rule 14.602
December 15, 2021.
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 December 2, 2021, Long-Term Stock Exchange, Inc. (``LTSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to modify and expand the package of products
and services provided to Companies under LTSE Rule 14.602 and clarify
existing practice under Rule 14.602 with respect to providing Company-
specific web pages on the Exchange's website in connection with listing
on the Exchange.
The text of the proposed rule change is available at the Exchange's
website at <a href="https://longtermstockexchange.com/">https://longtermstockexchange.com/</a>, 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 self-regulatory organization
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 self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange offers complimentary promotional services and listing
ceremonies under Rule 14.602 in connection with a Company's approval
for listing on the Exchange. The promotional services are tailored to
meet the needs of the Company, and allow the Company access to media
services that would support the creation of press releases, articles,
videos, and podcasts featuring the Company and its personnel.\3\ These
promotional services
[[Page 72297]]
also include assistance with distributing such content on traditional
and social media platforms, including websites operated by the
Exchange.\4\ The Exchange also proposes to amend Rule 14.602 to clarify
existing practice with respect to providing Company-specific web pages
on the Exchange's website in connection with listing on the Exchange.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 91054 (February 3,
2021), 86 FR 8812 (February 9, 2021) (SR-LTSE-2020-22) (regarding
provision of promotional services and listing ceremonies for listed
companies).
\4\ Id. at 8812. Placing promotional content on the Exchange's
website was explicitly contemplated by the SR-LTSE-2020-22 filing.
Generally, such promotional services appear to be commonly provided
by other listing exchanges. See, e.g., The NYSE Listed Company
Network, New York Stock Exchange LLC, available at <a href="https://www.nyse.com/network">https://www.nyse.com/network</a> (last visited December 2, 2021) (featuring blog
posts and videos about listed companies on NYSE).
---------------------------------------------------------------------------
Under existing Rule 14.602, the Exchange also offers each Company a
complimentary listing ceremony to commemorate its listing on the
Exchange. A full suite of these promotional services and listing
ceremonies are developed through the Exchange's affiliate company, LTSE
Services, Inc. (``LTSE Services'') \5\ and offered to each Company
approved to list on the Exchange. Some Companies may choose to avail
themselves of all such services, whereas others may choose only a
subset of services or none.
---------------------------------------------------------------------------
\5\ As noted in the order approving LTSE as a national
securities exchange, LTSE maintains a commercial relationship with
LTSE Services to leverage the company's technological expertise to
support the Exchange's software needs. See In the Matter of the
Application of Long Term Stock Exchange, Inc.; for Registration as a
National Securities Exchange; Findings, Opinion, and Order of the
Commission, Securities Exchange Act Release No. 85828 (May 10,
2019), 84 FR 21841, 21842 (May 15, 2019). LTSE Services also
provides communications and marketing services to the Exchange.
---------------------------------------------------------------------------
Since Rule 14.602 was approved, two companies have listed on
LTSE.\6\ Based on LTSE's experience with offering the services
discussed above under Rule 14.602, in response to the need for
continued services to the listed Companies and in light of the overall
competitive landscape, LTSE proposes to offer additional products and
services consistent with LTSE's objective of promoting long-term value
creation for companies and their investors.\7\ Certain of these
products and services are being offered to listed Companies on a
continual basis as long as they remain listed on LTSE, while others are
time-limited, being offered on a complimentary basis for a
predetermined period, as further described below. All such products and
services are optional for Companies. The proposed rule change would
amend LTSE Rule 14.602 to include the following additional products and
services:
---------------------------------------------------------------------------
\6\ See ``The Long-Term Stock Exchange Announces First Listing
Commitments,'' (June 24, 2021) available at: <a href="https://ltse.com/articles/asana-twilio-to-list-pr">https://ltse.com/articles/asana-twilio-to-list-pr</a>.
\7\ The products and services in the proposed rule change would
be comparable to provisions in the Nasdaq Stock Market LLC
(``Nasdaq'') Listing Rule IM-5900-7 and the New York Stock Exchange
(``NYSE'') Listed Company Manual Section 907 (Products and Services
Available to Issuers). For example, under listings rule IM-5900-7
Nasdaq offers certain listed companies investor relations websites
and market analytic tools. Similarly, NYSE also offers market
analytics and web hosting related services under the NYSE Listed
Company Manual Section 907. LTSE's proposed Company-specific web
page updates are also geared towards supporting engagement between
Companies and investors. LTSE's proposed capital market reports are
Company-specific market analytic reports based on LTSE Services'
proprietary data analytics and insights.
---------------------------------------------------------------------------
(1) Ongoing Promotional Services
As noted above, LTSE currently offers certain complimentary
promotional services to listed Companies in connection with listing on
the Exchange. Specifically, LTSE provides each listed Company with a
dedicated section on the Exchange's website featuring information about
the Company, including publicly available data and links to each
Company's long-term policies.\8\ The proposed rule change would clarify
the inclusion of such Company-specific web pages as part of the
Exchange's offerings in connection with listing on the Exchange and
offer these services on an ongoing basis to listed Companies at no
charge, in a manner generally consistent with what was done at the time
of initial listing. This ongoing offering would ensure that information
remains current and relevant, by providing updated Company-specific
news, developments and content. As is the case with the current
promotional services, all updates to Company-specific web pages on the
Exchange's website will be managed by LTSE Services, subject to review
and approval by the Exchange and the listed Company. These services
have a retail value of approximately $5,000 per year.\9\
---------------------------------------------------------------------------
\8\ See ``Meet the Companies Listed on the Long-Term Stock
Exchange,'' available at: <a href="https://ltse.com/companies">https://ltse.com/companies</a> (last visited
December 2, 2021). This content was initially posted to the
Exchange's website in connection with dually listing two companies
on the Exchange on August 26, 2021.
\9\ This retail value is based on market rate estimates by LTSE
Services.
---------------------------------------------------------------------------
(2) Capital Markets Reports
The Exchange has arranged for LTSE Services to provide each listed
Company with complimentary capital markets reports. The capital markets
reports will be issued periodically, at a minimum one report each
calendar year, and will provide tailored investor and capital markets
insights and analytics which are relevant to each listed Company and
its market sector. Specifically, the capital markets reports will
include a summary evaluation of the Company's current investor base,
providing specific metrics analyzing the Environmental, Social and
Governance (``ESG'') profile of each underlying investor. Each report
will highlight investor behavior and provide insights on their likely
strategic priorities so that Companies can better understand their
current status. The capital markets reports have a retail value of
approximately $5,000 per year.\10\
---------------------------------------------------------------------------
\10\ This retail value is based on market rate estimates by LTSE
Services.
---------------------------------------------------------------------------
(3) Capital Market Solutions
The Exchange has arranged for LTSE Services to provide each listed
Company with up to one year of complimentary Capital Market Solutions
(``CM Solutions''). The CM Solutions has two components: (i) An
Investor Alignment Solution, and (ii) the Long-Term Investor Platform
(``LTIP''). The Investor Alignment Solution provides Companies with
detailed investor analytics and insights into investor behavior to
enable them to evaluate the behaviors of select investors and provide
them with a deeper understanding of the ESG landscape and their
positioning. For each receiving Company, LTSE Services analyzes the ESG
profile of investors in order to understand and identify relevant
sources of capital to aid the Company in honing and achieving strategic
priorities. A highly-experienced, multi-disciplinary team is deployed
to support this long-term governance and capital markets strategy. The
Exchange believes that the Investor Alignment Solution furthers the
Exchange's goal of facilitating long-term focus and value creation for
companies and investors.\11\ The Investor Alignment Solution has a
retail value of approximately $150,000 per year.\12\
---------------------------------------------------------------------------
\11\ LTSE Rule 14.425(a) requires Companies to adopt and publish
the following policies: A Long-Term Stakeholder Policy; a Long-Term
Strategy Policy; a Long-Term Compensation Policy; a Long-Term Board
Policy; and a Long-Term Investor Policy (collectively, the
``Policies''). Each of the Policies must be consistent with the set
of principles articulated in LTSE Rule 14.425(b) (collectively, the
``Principles''). These Policies and Principles are a key
differentiator for the Exchange.
\12\ This retail value reflects LTSE Services' current price
list.
---------------------------------------------------------------------------
The LTIP is a software platform that assists Companies in their
efforts to identify and support those shareholders whose investments in
the Company have a long-term horizon and focus. LTSE believes that
Companies and their
[[Page 72298]]
long-term investors may mutually benefit when the investors are
registered shareholders with the ownership of shares listed on the
records maintained by the issuer or its transfer agent. Being a
registered shareholder provides a direct relationship with the issuer
and facilitates the solicitation of proxies, and the recording of proxy
votes by removing the intermediation provided by (i) DTC's nominee,
Cede & Co., and (ii) the DTC participant which owns a pro rata interest
in the ``fungible bulk'' of securities held at DTC.\13\ LTSE believes
that a direct relationship between a Company and its investors fosters
alignment towards long-term success. Additionally, shares registered on
the records of the issuer or its transfer agent are not eligible for
stock loan to support short sales because the broker is no longer the
registered owner of the shares and thus it is unable to lend them to
facilitate short selling. Furthermore, such direct registration also
avoids the fees paid by Companies to broker-dealers for the
distribution of their proxy materials to beneficial owners.\14\
---------------------------------------------------------------------------
\13\ See Concept Release on the U.S. Proxy System, 75 FR 42981,
at 42986 (proposed July 22, 2010) for a discussion of the
differences in the proxy system between registered owners and
beneficial owners.
\14\ Id. at 42995 (``One of the most persistent concerns that
has been expressed to the Commission's staff, particularly by
issuers, involves the structure and size of fees charged for the
distribution of proxy materials to beneficial owners''). See also,
Enhanced Reporting of Proxy Votes by Registered Management
Investment Companies; Reporting of Executive Compensation Votes by
Institutional Investment Managers, Securities Exchange Act Release
No. 93169 (September 29, 2021), 86 FR 57478, 57503 (proposed
December 14, 2021), (noting the importance of transparency in the
proxy voting process for investors, issuers, analysts and proxy
advisory firms and aligning incentives of corporate executives and
investors).
---------------------------------------------------------------------------
The primary means by which shareholders become registered owners is
through the Direct Registration System (``DRS'') operated by DTC.\15\
In particular, LTSE Rule 14.208 (Direct Registration Program) requires
that all securities listed on the Exchange (except securities which are
book-entry only, or certain foreign issuers) must be eligible for a
Direct Registration Program operated by a clearing agency registered
under Section 17A of the Act.\16\
---------------------------------------------------------------------------
\15\ Registered owners can hold their securities either in
certificated form or in uncertificated form (i.e., book entry) form,
such as uncertificated securities held through the DRS. See Transfer
Agent Regulations, Securities Exchange Act Release No. 76743
(December 22, 2015), 80 FR 81947, 81957 (proposed 12/31/2015).
\16\ DTCC is the only registered clearing agency offering a
Direct Registration Program. See Securities Transactions Settlement,
Securities Exchange Act Release No. 49405 (March 11, 2004), 69 FR
12921, 12932 (proposed March 18, 2004) (``The culmination of these
efforts is the establishment of the Direct Registration System
(``DRS''), which is operated by DTC'').
---------------------------------------------------------------------------
The LTIP is a platform that provides Companies with a means to
upload and effectively manage and utilize their registered shareholder
data received from their transfer agent. For example, the LTIP allows
Companies to more easily track, analyze and utilize registered
shareholder data in support of their investor relations, strategic
initiatives, board review and governance functions.\17\ Additionally,
as part of the LTIP, LTSE Services will assist Companies with methods
of outreach to and education of existing or potential investors
regarding the process for becoming a registered shareholder, including
the need for an investor to work with their broker-dealer to complete a
submission to the DRS Profile System maintained by the DTC.\18\ The
LTIP Solution has a retail value of approximately $150,000 per year if
purchased on an individual basis.\19\
---------------------------------------------------------------------------
\17\ The registered shareholder information in LTIP is
proprietary to the Company and viewable only by the Company and its
authorized agents.
\18\ Any outreach to existing or potential investors is entirely
at the discretion of the Company and will be conducted exclusively
by the Company; no personnel from LTSE Services or LTSE will have
any role in communicating with investors on behalf of the Company.
The LTIP also will, based on customer demand, provide a means for
the Company to communicate with registered shareholders who choose
to participate on the Company's LTIP account.
\19\ This retail value reflects LTSE Services' current price
list.
---------------------------------------------------------------------------
Listed Companies will have the option to receive CM Solutions on a
complimentary basis for a one-year term. Any Company that has already
received CM Solutions prior to listing on the Exchange will have the
option of an up to one-year credit for such services (or combination of
a credit and complimentary services, depending on the length of the
prior subscription) (referred to collectively as ``the complimentary
one-year period'').\20\ The one-year credit for such Companies is
intended to provide them with the same general benefit as Companies
that do not utilize CM Solutions prior to listing. Listed Companies may
avail themselves of the complimentary one-year period at any time for a
continuous one-year period after listing. Listed Companies may elect to
receive either the Investor Alignment Solution, the LTIP or both during
this complimentary one-year period. However, these services cannot be
utilized during separate one-year periods on a complimentary or credit
basis. Currently listed Companies will become eligible for the
complimentary CM Solutions upon the effectiveness of this proposed rule
change. If a listed Company ceases to be listed on the Exchange, the
complimentary services will end as of the date of de-listing, even if
less than a one-year period.
---------------------------------------------------------------------------
\20\ If a Company purchased less than 12 months of CM Solutions
prior to listing, the Company will have a credit for the number of
months of CM Solutions purchased prior to listing and receive CM
Solutions for the remainder of the one-year period on a
complimentary basis.
---------------------------------------------------------------------------
If they elect to utilize the one-year credit, listed Companies that
received CM Solutions prior to listing would no longer be eligible for
the one year of complimentary CM Solutions that listed Companies that
were not prior subscribers of such services may choose to utilize.
Similarly, if Companies purchased less than 12 months of CM Solutions
prior to listing and elected to be credited for those months after
listing and receive CM Solutions on a complimentary basis for the
remainder of the one-year period. [sic] Such Companies would not be
eligible for an additional one year of complimentary CM Solutions.
The Exchange believes that offering the capital markets reports, CM
Solutions and ongoing promotional services, as described above, will
serve as meaningful tools for supporting long-term value creation for
Companies and their investors. However, Companies are not required to
use these services as a condition of listing and they may choose not to
avail themselves of any of these services or a subset at their
discretion. At the end of the one-year complimentary period for CM
Solutions, Companies may choose to renew these services on a
contractual basis with LTSE Services and pay for them in regular
course, or discontinue them. The capital markets reports and ongoing
promotional services can be discontinued at the Company's discretion at
any time. If a listed Company chooses to discontinue any of these
services, there would be no effect on the Company's continued listing
on the Exchange. LTSE notes that no listed Company will be required to
pay higher fees as a result of the proposed amendments and represents
that providing the proposed services will have no impact on the
resources available for its regulatory programs. LTSE also represents
that no confidential trading or regulatory information generated or
received by the Exchange will be shared with LTSE Services or leveraged
for the provision of its products and services.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with
[[Page 72299]]
the provisions of Section 6 of the Act,\21\ in general, and furthers
the objectives of Section 6(b)(4) of the Act,\22\ in particular, in
that it is designed to provide for the equitable allocation of
reasonable dues, fees, and other charges among the Exchange's members
and issuers and other persons using its facilities. The Exchange also
believes that the proposed rule change is consistent with Section
6(b)(5) of the Act \23\ in that it is not designed to permit unfair
discrimination between customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\21\ 15 U.S.C. 78f.
\22\ 15 U.S.C. 78f(b)(4).
\23\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that it is fair and reasonable to offer
products and services to companies. The Exchange believes that the
existing U.S. exchange listing market for operating companies is
essentially a duopoly with the vast majority of operating companies
listed on U.S. securities exchanges listing on the New York Stock
Exchange (``NYSE'') or Nasdaq Stock Market LLC (``Nasdaq''). The
Exchange faces competition from NYSE and Nasdaq as a new entrant into
the exchange listing market, and believes that offering such products
and services to companies would enhance the value proposition for
listing, allow the Exchange to more effectively attract companies to
list on the Exchange and retain its listings. The Exchange believes
that to the extent the Exchange's listing program is successful, it
will provide a competitive alternative, which will thereby benefit
companies and investors, and remove impediments to and perfect the
mechanism of a free and open market and a national market system,
consistent with the protection of investors and the public interest.
Other exchanges also acknowledge the competition in the market for
listing services and they compete, in part, by offering products and
services to companies.\24\ Like other exchanges, LTSE also believes
that it is fair and reasonable to offer complimentary services to
attract and retain listings as part of this competition. LTSE believes
offering the proposed capital markets reports and CM Solutions promote
just and equitable principles of trade and protects investors and the
public interest by enhancing companies' engagement with shareholders
for the purpose of long-term value creation. These services are also a
reflection of the Exchange's differentiated listing standards, which
are explicitly designed to promote long-term focus and value
creation,\25\ and are central to LTSE's mission of reducing short-
termism in the capital markets.\26\
---------------------------------------------------------------------------
\24\ See, Securities Exchange Act Release No. 90955 (January 19,
2021), 86 FR 7155, 7157 (January 26, 2021) (noting that ``Nasdaq
faces competition in the market for listing services, and competes,
in part, by offering valuable services to companies. Nasdaq believes
that it is reasonable to offer complimentary services to attract and
retain listings as part of this competition.'').
\25\ See Policies and Principles noted in LTSE Rule 14.425.
\26\ See Securities Exchange Act Release No. 86722 (August 21,
2019), 84 FR 44953 (August 27, 2019) (order approving proposed rule
change to adopt LTSE Rule 14.425).
---------------------------------------------------------------------------
Similarly, LTSE believes that offering Company-specific web page
updates, as described above, to listed Companies promotes just and
equitable principles of trade and protects investors and the public
interest by providing a supplementary outlet for information regarding
Company developments to stakeholders.
The Exchange believes that its proposed rule change is fair and not
unfairly discriminatory because the products and services will be
offered equally and on the same terms and conditions to all similarly
situated listed Companies, i.e., those that received the CM Solutions
prior to listing versus those that had not, on the same terms and
conditions. Thus, listed Companies that were pre-existing customers of
CM Solutions will be treated the same as each other, while all listed
Companies that had not received CM Solutions prior to listing will be
provided the same one-year complimentary CM Solutions to be utilized at
their discretion. The Exchange also recognizes the potential for unfair
discrimination between Companies that were subscribers of CM Solutions
prior to listing and listed Companies that were not, given that the
prior subscribers may not wish to utilize an additional complimentary
year of such service upon listing. Thus, the Exchange believes that a
credit for one year of services for prior subscribers of CM Solutions
will promote parity with Companies who elect to receive these
complimentary services only after listing on the Exchange. The one-year
credit ensures that both sets of companies receive one year's worth of
complimentary CM Solutions. The scope of products and services provided
by the Exchange ultimately will depend on which products and services
the Company selects insofar as these are optional for each Company.
LTSE represents, and this proposed rule change will help ensure,
that individual listed Companies are not given specially negotiated
packages of products or services to list, or remain listed, which the
Commission has previously stated would raise unfair discrimination
issues under the Exchange Act.\27\
---------------------------------------------------------------------------
\27\ See Securities Exchange Act Release No. 79366, 81 FR 85663,
85665 (November 21, 2016) (citing Securities Exchange Act Release
No. 65127 (August 12, 2011), 76 FR 51449, 51452 (August 18, 2011)
(approving NYSE-2011-20)).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. To the contrary,
and as discussed in the Statutory Basis section, LTSE believes that the
proposed rule change will enhance competition by facilitating LTSE's
listing program which will allow the Exchange to provide companies with
another listing option, thereby promoting intermarket competition
between exchanges in furtherance of the principles of Section 11A(a)(1)
of the Act \28\ in that it is designed to promote fair competition
between exchange markets by offering a new listing market to compete
with Nasdaq and NYSE. As noted above, LTSE faces competition in the
market for listing services, and aims to compete by offering valuable
services to companies. The proposed rule change reflects that
competition, but does not impose any burden on the competition with
other exchanges. Other exchanges can also offer similar services to
companies,\29\ thereby increasing competition to the benefit of those
companies and their stakeholders. Moreover, as a dual listing venue,
LTSE expects to face competition from existing exchanges because
companies have a choice to list their securities solely on a primary
listing venue. Consequently, the degree to which LTSE's products and
services could impose any burden on intermarket competition is
extremely limited, and LTSE does not believe that such offerings would
impose any burden on competing venues that is not necessary or
appropriate in furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\28\ 15 U.S.C. 78k-1(a)(1).
\29\ See Nasdaq Listing Rule IM-5900-7 and NYSE Listed Company
Manual Section 907.
---------------------------------------------------------------------------
LTSE also does not believe that the proposed rule change will
result in any burden on intramarket competition since LTSE will offer
the products and services on the same terms and conditions to similarly
situated companies. Listed Companies that were pre-existing customers
of CM Solutions will have the option of utilizing the one-year credit
on the same terms as each other, while all listed Companies that
[[Page 72300]]
had not received CM Solutions prior to listing will be provided the
same one-year complimentary CM Solutions to be utilized at their
discretion. Consequently, LTSE does not believe that the proposal will
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission shall: (a) By order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be disapproved.
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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#82f0f7eee7afe1edefefe7ecf6f1c2f1e7e1ace5edf4"><span class="__cf_email__" data-cfemail="4735322b226a24282a2a222933340734222469202831">[email protected]</span></a>. Please include
File Number SR-LTSE-2021-08 on the subject line.
Paper Comments
<bullet> 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-LTSE-2021-08. 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 (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). 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-LTSE-2021-08, and should be
submitted on or before January 11, 2022.
---------------------------------------------------------------------------
\30\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-27542 Filed 12-20-21; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on December 21, 2021.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.