80 FR 46078 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE MKT Rule 500-Equities To Extend the Operation of the Pilot Program that Allows “UTP Securities” To Be Traded on the Exchange Pursuant to a Grant of Unlisted Trading Privileges Until October 31, 2015
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 148 (August 3, 2015)
Federal Register Volume 80, Issue 148 (August 3, 2015)
| Page Range | 46078-46080 | |
| FR Document | 2015-18881 |
[Federal Register Volume 80, Number 148 (Monday, August 3, 2015)] [Notices] [Pages 46078-46080] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-18881] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75535; File No. SR-NYSEMKT-2015-54] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE MKT Rule 500--Equities To Extend the Operation of the Pilot Program that Allows ``UTP Securities'' To Be Traded on the Exchange Pursuant to a Grant of Unlisted Trading Privileges Until October 31, 2015 July 28, 2015. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that on July 17, 2015, NYSE MKT LLC (the ``Exchange'' or ``NYSE MKT'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 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 amend NYSE MKT Rule 500--Equities to extend the operation of the pilot program that allows ``UTP Securities'' to be traded on the Exchange pursuant to a grant of unlisted trading privileges. The pilot program is currently scheduled to expire on July 31, 2015; the Exchange proposes to extend it until the earlier of Securities and Exchange Commission (``Commission'') approval to make such pilot permanent or October 31, 2015. The text of the proposed rule change is available on the Exchange's Web site at www.nyse.com, 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 those 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 parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend NYSE MKT Rule 500--Equities to extend the operation of the pilot program that allows ``UTP Securities'' to be traded on the Exchange pursuant to a grant of unlisted trading privileges.\4\ The pilot program is currently scheduled to expire on July 31, 2015; the Exchange proposes to extend it until the earlier of Commission approval to make such pilot permanent or October 31, 2015. --------------------------------------------------------------------------- \4\ ``UTP Securities'' is included within the definition of ``security'' as that term is used in the NYSE MKT Equities Rules. See NYSE MKT Rule 3--Equities. In accordance with this definition, UTP Securities are admitted to dealings on the Exchange on an ``issued,'' ``when issued,'' or ``when distributed'' basis. See NYSE MKT Rule 501--Equities. --------------------------------------------------------------------------- NYSE MKT Rules 500-525--Equities, as a pilot program, govern the trading of any ``UTP Securities'' on the Exchange pursuant to unlisted trading privileges (``UTP Pilot Program'').\5\ The Exchange [[Page 46079]] hereby seeks to extend the operation of the UTP Pilot Program, currently scheduled to expire on July 31, 2015, until the earlier of Commission approval to make such pilot permanent or October 31, 2015. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 62479 (July 9, 2010), 75 FR 41264 (July 15, 2010) (SR-NYSEAmex-2010-31). See also Securities Exchange Act Release Nos. 62857 (September 7, 2010), 75 FR 55837 (September 14, 2010) (SR-NYSEAmex-2010-89); 63601 (December 22, 2010), 75 FR 82117 (December 29, 2010) (SR-NYSEAmex-2010-124); 64746 (June 24, 2011), 76 FR 38446 (June 30, 2011) (SR-NYSEAmex- 2011-45); 66040 (December 23, 2011), 76 FR 82324 (December 30, 2011) (SR-NYSEAmex-2011-104); 67497 (July 25, 2012), 77 FR 45404 (July 31, 2012) (SR-NYSEMKT-2012-25); 68561 (January 2, 2013), 78 FR 1290 (January 8, 2013) (SR-NYSEMKT-2012-86); 69814 (June 20, 2013), 78 FR 38762 (June 27, 2013) (SR-NYSEMKT-2013-53); 71363 (January 21, 2014), 79 FR 4373 (January 27, 2014) (SR-NYSEMKT-2014-01); 72624 (July 16, 2014), 79 FR 42595 (July 22, 2014) (SR-NYSEMKT-2014-59); and 73969 (December 31, 2014), 80 FR 914 (January 7, 2015) (SR- NYSEMKT-2014-112). The UTP Pilot Program was originally limited to securities listed on the Nasdaq Stock Market LLC (``Nasdaq Securities''), but the Exchange recently expanded the UTP Pilot Program beyond Nasdaq Securities. See Securities Exchange Act Release No. 71952 (April 16, 2014), 79 FR 22558 (April 22, 2014) (SR-NYSEMKT-2014-32). --------------------------------------------------------------------------- The UTP Pilot Program includes any security, other than a security that is listed on the Exchange, that (i) is designated as an ``eligible security'' pursuant to the ``UTP Plan,'' \6\ (ii) has been admitted to dealings on the Exchange pursuant to a grant of unlisted trading privileges in accordance with Section 12(f) of the Act,\7\ and (iii) if it is an ``Exchange Traded Product'' (``ETP'') that does not have any component security that is listed or traded on the Exchange or the New York Stock Exchange LLC (``NYSE''); provided, however, that the Invesco PowerShares QQQTM (the ``QQQ''TM) may be admitted to dealings on the Exchange pursuant to a grant of unlisted trading privileges although one or more component securities of the QQQ may be listed or traded on the Exchange or the NYSE, subject to the conditions of Rule 504(b)(5)--Equities. --------------------------------------------------------------------------- \6\ With respect to Nasdaq Securities, the term ``UTP Plan'' means the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-listed Securities Traded on Exchanges on an Unlisted Trading Privilege Basis, as amended from time to time, filed with and approved by the Commission. See Securities Exchange Act Release No. 70953 (November 27, 2013), 78 FR 72932 (December 4, 2013) (File No. S7-24-89). The Exchange's predecessor, the American Stock Exchange LLC, joined the UTP Plan in 2001. See Securities Exchange Act Release No. 55647 (April 19, 2007), 72 FR 20891 (April 26, 2007) (File No. S7-24-89). In March 2009, the Exchange changed its name to NYSE Amex LLC, and, in May 2012, the Exchange subsequently changed its name to NYSE MKT LLC. See Securities Exchange Act Release Nos. 59575 (March 13, 2009), 74 FR 11803 (March 19, 2009) (SR-NYSEALTR-2009-24) and 67037 (May 21, 2012), 77 FR 31415 (May 25, 2012) (SR-NYSEAmex-2012-32). With respect to all other UTP Securities, the term ``UTP Plan'' means the Consolidated Tape Association Plan for the Dissemination of Last Sale Prices of Transactions in Eligible Securities, as amended from time to time, filed with and approved by the Commission. See Securities Exchange Act Release No. 10787 (May 10, 1974), 39 FR 17799 (May 20, 1974) (declaring the CTA Plan effective). See also Securities Exchange Release No. 70794 (October 31, 2013), 78 FR 66789 (November 6, 2013) (SR-CTA-2013-05). \7\ 15 U.S.C. 78l. --------------------------------------------------------------------------- The Exchange notes that its New Market Model Pilot (``NMM Pilot''), which, among other things, eliminated the function of specialists on the Exchange and created a new category of market participant, the Designated Market Maker (``DMM''),\8\ is also scheduled to end on July 31, 2015.\9\ The timing of the operation of the UTP Pilot Program was designed to correspond to that of the NMM Pilot. In approving the UTP Pilot Program, the Commission acknowledged that the rules relating to DMM benefits and duties in trading Nasdaq Securities on the Exchange pursuant to the UTP Pilot Program are consistent with the Act \10\ and noted the similarity to the NMM Pilot, particularly with respect to DMM obligations and benefits \11\--the Exchange considers the same to be true with respect to all UTP Securities, including for ETPs that are included in the UTP Pilot Program. Furthermore, the UTP Pilot Program rules pertaining to the assignment of securities to DMMs are substantially similar to the rules implemented through the NMM Pilot.\12\ The Exchange has similarly filed to extend the operation of the NMM Pilot until the earlier of Commission approval to make the NMM Pilot permanent or October 31, 2015.\13\ --------------------------------------------------------------------------- \8\ See NYSE MKT Rule 103--Equities. \9\ See Securities Exchange Act Release No. 60758 (October 1, 2009), 74 FR 51639 (October 7, 2009) (SR-NYSEAmex-2009-65). See also Securities Exchange Act Release Nos. 61030 (November 19, 2009), 74 FR 62365 (November 27, 2009) (SR-NYSEAmex-2009-83); 61725 (March 17, 2010), 75 FR 14223 (March 24, 2010) (SR-NYSEAmex-2010-28); 62820 (September 1, 2010), 75 FR 54935 (September 9, 2010) (SR-NYSEAmex- 2010-86); 63615 (December 29, 2010), 76 FR 611 (January 5, 2011) (SR-NYSEAmex-2010-123); 64773 (June 29, 2011), 76 FR 39453 (July 6, 2011) (SR-NYSEAmex-2011-43); 66042 (December 23, 2011), 76 FR 82326 (December 30, 2011) (SR-NYSEAmex-2011-102); 67495 (July 25, 2012), 77 FR 45406 (July 31, 2012) (SR-NYSEMKT-2012-21); 68559 (January 2, 2013), 78 FR 1286 (January 8, 2013) (SR-NYSEMKT-2012-84); 69812 (June 20, 2013), 78 FR 38766 (June 27, 2013) (SR-NYSEMKT-2013-51); 71342 (January 17, 2014), 79 FR 4197 (January 24, 2014) (SR-NYSEMKT- 2014-02); 72622 (July 16, 2014). 79 FR 42600 (July 22, 2014) (SR- NYSEMKT-2014-57);); and 73946 (December 24, 2014), 80 FR 60 (January 2, 2015) (SR-NYSEMKT-2014-109) (extending Pilot to July 31, 2015). \10\ 15 U.S.C. 78. \11\ See SR-NYSEAmex-2010-31, supra note 5, at 41271. \12\ Id. \13\ See SR-NYSEMKT-2015-52. The New York Stock Exchange LLC (``NYSE'') has submitted a proposed rule change to make the NYSE NMM Pilot permanent. See Securities Exchange Act Release No. 75153 (June 11, 2015), 80 FR 34717 (June 17, 2015) (SR-NYSE-2015-26). --------------------------------------------------------------------------- Extension of the UTP Pilot Program in tandem with the NMM Pilot, both from July 31, 2015 until the earlier of Commission approval to make such pilots permanent or October 31, 2015, will provide for the uninterrupted trading of UTP Securities on the Exchange on an unlisted trading privileges basis and thus continue to encourage the additional utilization of, and interaction with, the Exchange, and provide market participants with improved price discovery, increased liquidity, more competitive quotes and greater price improvement for UTP Securities. The proposed change is not otherwise intended to address any other issues and the Exchange is not aware of any problems that member organizations would have in complying with the proposed change. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange. In particular, the Exchange believes that its proposal to extend the UTP Pilot Program is consistent with (i) Section 6(b) of the Act,\14\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\15\ in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, 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; (ii) Section 11A(a)(1) of the Act,\16\ in that it seeks to ensure the economically efficient execution of securities transactions and fair competition among brokers and dealers and among exchange markets; and (iii) Section 12(f) of the Act,\17\ which governs the trading of securities pursuant to unlisted trading privileges consistent with the maintenance of fair and orderly markets, the protection of investors and the public interest, and the impact of extending the existing markets for such securities. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b). \15\ 15 U.S.C. 78f(b)(5). \16\ 15 U.S.C. 78k-1(a)(1). \17\ 15 U.S.C. 78l(f). --------------------------------------------------------------------------- Specifically, the Exchange believes that extending the UTP Pilot Program would provide for the uninterrupted trading of UTP Securities on the Exchange on an unlisted trading privileges basis and thus continue to encourage the additional utilization of, and interaction with, the Exchange, thereby providing market participants with additional price discovery, increased liquidity, more competitive quotes and potentially greater price improvement for UTP Securities. Additionally, under the UTP Pilot Program, UTP Securities trade on the Exchange pursuant to rules governing the trading of Exchange-Listed securities that previously have been approved by the Commission. Accordingly, this proposed rule change would permit the [[Page 46080]] Exchange to extend the effectiveness of the UTP Pilot Program in tandem with the NMM Pilot, which the Exchange has similarly proposed to extend until the earlier of Commission approval to make such pilot permanent or October 31, 2015.\18\ --------------------------------------------------------------------------- \18\ See supra note13. --------------------------------------------------------------------------- Finally, the Exchange believes that it is subject to significant competitive forces, as described below in the Exchange's statement regarding the burden on competition. For these reasons, the Exchange believes that the proposal is consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\19\ the Exchange believes that the proposed rule change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that extending the UTP Pilot Program will promote competition in the trading of UTP Securities and thereby provide market participants with opportunities for improved price discovery, increased liquidity, more competitive quotes, and greater price improvement. --------------------------------------------------------------------------- \19\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- Finally, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues. In such an environment, the Exchange must continually review, and consider adjusting the services it offers and the requirements it imposes to remain competitive with other U.S. equity exchanges. For the reasons described above, the Exchange believes that the proposed rule change reflects this competitive environment. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \20\ and Rule 19b-4(f)(6) thereunder.\21\ Because the 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 prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6)(iii) thereunder. --------------------------------------------------------------------------- \20\ 15 U.S.C. 78s(b)(3)(A)(iii). \21\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- 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 19b4(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 has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange notes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. The Exchange believes that waiver will ensure that member organizations and the public can continue to benefit from the pilot program without interruption after July 31, 2015. The Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing.\24\ --------------------------------------------------------------------------- \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 considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \25\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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 CommentsUse 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-NYSEMKT-2015-54 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-NYSEMKT-2015-54. 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 Web site (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 Web site 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; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEMKT-2015-54, and should be submitted on or before August 24, 2015. --------------------------------------------------------------------------- \26\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\26\ Robert W. Errett, Deputy Secretary. [FR Doc. 2015-18881 Filed 7-31-15; 8:45 am] BILLING CODE 8011-01-P
![46078 Federal Register / Vol. 80, No. 148 / Monday, August 3, 2015 / Notices
IV. Solicitation of Comments For the Commission, by the Division of II. Self-Regulatory Organization’s
Trading and Markets, pursuant to delegated Statement of the Purpose of, and
Interested persons are invited to authority.22 Statutory Basis for, the Proposed Rule
submit written data, views, and Robert W. Errett, Change
arguments concerning the foregoing, Deputy Secretary.
including whether the proposed rule In its filing with the Commission, the
[FR Doc. 2015–18882 Filed 7–31–15; 8:45 am] self-regulatory organization included
change is consistent with the Act. BILLING CODE 8011–01–P statements concerning the purpose of,
Comments may be submitted by any of
and basis for, the proposed rule change
the following methods: and discussed any comments it received
Electronic Comments SECURITIES AND EXCHANGE on the proposed rule change. The text
COMMISSION of those statements may be examined at
• Use the Commission’s Internet the places specified in Item IV below.
comment form (http://www.sec.gov/ [Release No. 34–75535; File No. SR– The Exchange has prepared summaries,
rules/sro.shtml); or NYSEMKT–2015–54] set forth in sections A, B, and C below,
• Send an email to rule-comments@ of the most significant parts of such
Self-Regulatory Organizations; NYSE statements.
sec.gov. Please include File Number SR– MKT LLC; Notice of Filing and
BX–2015–042 on the subject line. Immediate Effectiveness of Proposed A. Self-Regulatory Organization’s
Paper Comments Rule Change Amending NYSE MKT Statement of the Purpose of, and the
Rule 500—Equities To Extend the Statutory Basis for, the Proposed Rule
• Send paper comments in triplicate Operation of the Pilot Program that Change
to Secretary, Securities and Exchange Allows ‘‘UTP Securities’’ To Be Traded 1. Purpose
Commission, 100 F Street NE., on the Exchange Pursuant to a Grant
Washington, DC 20549–1090. of Unlisted Trading Privileges Until The Exchange proposes to amend
October 31, 2015 NYSE MKT Rule 500—Equities to
All submissions should refer to File extend the operation of the pilot
Number SR–BX–2015–042. This file July 28, 2015. program that allows ‘‘UTP Securities’’ to
number should be included on the Pursuant to Section 19(b)(1) 1 of the be traded on the Exchange pursuant to
subject line if email is used. To help the Securities Exchange Act of 1934 (the a grant of unlisted trading privileges.4
Commission process and review your ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 The pilot program is currently
comments more efficiently, please use notice is hereby given that on July 17, scheduled to expire on July 31, 2015;
only one method. The Commission will 2015, NYSE MKT LLC (the ‘‘Exchange’’ the Exchange proposes to extend it until
post all comments on the Commission’s or ‘‘NYSE MKT’’) filed with the the earlier of Commission approval to
Internet Web site (http://www.sec.gov/ Securities and Exchange Commission make such pilot permanent or October
rules/sro.shtml). Copies of the (the ‘‘Commission’’) the proposed rule 31, 2015.
submission, all subsequent change as described in Items I and II NYSE MKT Rules 500–525—Equities,
amendments, all written statements below, which Items have been prepared as a pilot program, govern the trading of
with respect to the proposed rule by the self-regulatory organization. The any ‘‘UTP Securities’’ on the Exchange
change that are filed with the Commission is publishing this notice to pursuant to unlisted trading privileges
solicit comments on the proposed rule (‘‘UTP Pilot Program’’).5 The Exchange
Commission, and all written
communications relating to the change from interested persons. 4 ‘‘UTP Securities’’ is included within the
proposed rule change between the I. Self-Regulatory Organization’s definition of ‘‘security’’ as that term is used in the
Commission and any person, other than Statement of the Terms of Substance of NYSE MKT Equities Rules. See NYSE MKT Rule
those that may be withheld from the 3—Equities. In accordance with this definition,
the Proposed Rule Change UTP Securities are admitted to dealings on the
public in accordance with the Exchange on an ‘‘issued,’’ ‘‘when issued,’’ or ‘‘when
provisions of 5 U.S.C. 552, will be The Exchange proposes to amend distributed’’ basis. See NYSE MKT Rule 501—
available for Web site viewing and NYSE MKT Rule 500—Equities to Equities.
5 See Securities Exchange Act Release No. 62479
printing in the Commission’s Public extend the operation of the pilot
(July 9, 2010), 75 FR 41264 (July 15, 2010) (SR–
Reference Room, 100 F Street NE., program that allows ‘‘UTP Securities’’ to NYSEAmex–2010–31). See also Securities
Washington, DC 20549 on official be traded on the Exchange pursuant to Exchange Act Release Nos. 62857 (September 7,
business days between the hours of a grant of unlisted trading privileges. 2010), 75 FR 55837 (September 14, 2010) (SR–
The pilot program is currently NYSEAmex–2010–89); 63601 (December 22, 2010),
10:00 a.m. and 3:00 p.m. Copies of such 75 FR 82117 (December 29, 2010) (SR–NYSEAmex–
filing also will be available for scheduled to expire on July 31, 2015; 2010–124); 64746 (June 24, 2011), 76 FR 38446
inspection and copying at the principal the Exchange proposes to extend it until (June 30, 2011) (SR–NYSEAmex–2011–45); 66040
the earlier of Securities and Exchange (December 23, 2011), 76 FR 82324 (December 30,
offices of the Exchange. All comments 2011) (SR–NYSEAmex–2011–104); 67497 (July 25,
Commission (‘‘Commission’’) approval
received will be posted without change; 2012), 77 FR 45404 (July 31, 2012) (SR–NYSEMKT–
to make such pilot permanent or
the Commission does not edit personal 2012–25); 68561 (January 2, 2013), 78 FR 1290
October 31, 2015. The text of the (January 8, 2013) (SR–NYSEMKT–2012–86); 69814
identifying information from proposed rule change is available on the (June 20, 2013), 78 FR 38762 (June 27, 2013) (SR–
submissions. You should submit only Exchange’s Web site at www.nyse.com, NYSEMKT–2013–53); 71363 (January 21, 2014), 79
information that you wish to make FR 4373 (January 27, 2014) (SR–NYSEMKT–2014–
mstockstill on DSK4VPTVN1PROD with NOTICES
at the principal office of the Exchange, 01); 72624 (July 16, 2014), 79 FR 42595 (July 22,
available publicly. All submissions and at the Commission’s Public 2014) (SR–NYSEMKT–2014–59); and 73969
should refer to File Number SR–BX– Reference Room. (December 31, 2014), 80 FR 914 (January 7, 2015)
2015–042, and should be submitted on (SR–NYSEMKT–2014–112). The UTP Pilot Program
or before August 24, 2015. 22 17
was originally limited to securities listed on the
CFR 200.30–3(a)(12). Nasdaq Stock Market LLC (‘‘Nasdaq Securities’’),
1 15 U.S.C. 78s(b)(1). but the Exchange recently expanded the UTP Pilot
2 15 U.S.C. 78a.
Program beyond Nasdaq Securities. See Securities
3 17 CFR 240.19b 4. Exchange Act Release No. 71952 (April 16, 2014),
VerDate Sep<11>2014 18:35 Jul 31, 2015 Jkt 235001 PO 00000 Frm 00147 Fmt 4703 Sfmt 4703 E:\FR\FM\03AUN1.SGM 03AUN1](https://thefederalregister.org/doc/80_FR_46226/page/1.svg)
![46080 Federal Register / Vol. 80, No. 148 / Monday, August 3, 2015 / Notices
Exchange to extend the effectiveness of competition; and (iii) become operative • Send an email to rule-comments@
the UTP Pilot Program in tandem with prior to 30 days from the date on which sec.gov. Please include File Number SR–
the NMM Pilot, which the Exchange has it was filed, or such shorter time as the NYSEMKT–2015–54 on the subject line.
similarly proposed to extend until the Commission may designate, if
Paper Comments
earlier of Commission approval to make consistent with the protection of
such pilot permanent or October 31, investors and the public interest, the • Send paper comments in triplicate
2015.18 proposed rule change has become to Secretary, Securities and Exchange
Finally, the Exchange believes that it effective pursuant to Section 19(b)(3)(A) Commission, 100 F Street NE.,
is subject to significant competitive of the Act and Rule 19b–4(f)(6)(iii) Washington, DC 20549–1090.
forces, as described below in the thereunder. All submissions should refer to File
Exchange’s statement regarding the A proposed rule change filed under Number SR–NYSEMKT–2015–54. This
burden on competition. For these Rule 19b–4(f)(6) 22 normally does not file number should be included on the
reasons, the Exchange believes that the become operative prior to 30 days after subject line if email is used. To help the
proposal is consistent with the Act. the date of the filing. However, pursuant Commission process and review your
to Rule 19b4(f)(6)(iii),23 the Commission comments more efficiently, please use
B. Self-Regulatory Organization’s may designate a shorter time if such only one method. The Commission will
Statement on Burden on Competition action is consistent with the protection post all comments on the Commission’s
In accordance with Section 6(b)(8) of of investors and the public interest. The Internet Web site (http://www.sec.gov/
the Act,19 the Exchange believes that the Exchange has asked the Commission to rules/sro.shtml). Copies of the
proposed rule change would not impose waive the 30-day operative delay so that submission, all subsequent
any burden on competition that is not the proposal may become operative amendments, all written statements
necessary or appropriate in furtherance immediately upon filing. The Exchange with respect to the proposed rule
of the purposes of the Act. The notes that waiving the 30-day operative change that are filed with the
Exchange believes that extending the delay is consistent with the protection Commission, and all written
UTP Pilot Program will promote of investors and the public interest. The communications relating to the
competition in the trading of UTP Exchange believes that waiver will proposed rule change between the
Securities and thereby provide market ensure that member organizations and Commission and any person, other than
participants with opportunities for the public can continue to benefit from those that may be withheld from the
improved price discovery, increased the pilot program without interruption public in accordance with the
liquidity, more competitive quotes, and after July 31, 2015. The Commission provisions of 5 U.S.C. 552, will be
greater price improvement. hereby waives the 30-day operative available for Web site viewing and
Finally, the Exchange notes that it delay and designates the proposal printing in the Commission’s Public
operates in a highly competitive market operative upon filing.24 Reference Room, 100 F Street NE.,
in which market participants can At any time within 60 days of the Washington, DC 20549, on official
readily favor competing venues. In such filing of such proposed rule change, the business days between the hours of
an environment, the Exchange must Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the
continually review, and consider temporarily suspend such rule change if filing also will be available for
adjusting the services it offers and the it appears to the Commission that such inspection and copying at the principal
requirements it imposes to remain action is necessary or appropriate in the office of the Exchange. All comments
competitive with other U.S. equity public interest, for the protection of received will be posted without change;
exchanges. For the reasons described investors, or otherwise in furtherance of the Commission does not edit personal
above, the Exchange believes that the the purposes of the Act. If the identifying information from
proposed rule change reflects this Commission takes such action, the submissions. You should submit only
competitive environment. Commission shall institute proceedings information that you wish to make
under Section 19(b)(2)(B) 25 of the Act to available publicly. All submissions
C. Self-Regulatory Organization’s determine whether the proposed rule should refer to File Number SR–
Statement on Comments on the change should be approved or NYSEMKT–2015–54, and should be
Proposed Rule Change Received From disapproved. submitted on or before August 24, 2015.
Members, Participants, or Others
IV. Solicitation of Comments For the Commission, by the Division of
No written comments were solicited Trading and Markets, pursuant to delegated
or received with respect to the proposed Interested persons are invited to
authority.26
rule change. submit written data, views, and
Robert W. Errett,
arguments concerning the foregoing,
III. Date of Effectiveness of the including whether the proposed rule Deputy Secretary.
Proposed Rule Change and Timing for change is consistent with the Act. [FR Doc. 2015–18881 Filed 7–31–15; 8:45 am]
Commission Action Comments may be submitted by any of BILLING CODE 8011–01–P
The Exchange has filed the proposed the following methods:
rule change pursuant to Section Electronic Comments SECURITIES AND EXCHANGE
19(b)(3)(A)(iii) of the Act 20 and Rule
19b–4(f)(6) thereunder.21 Because the • Use the Commission’s Internet COMMISSION
proposed rule change does not: (i) comment form (http://www.sec.gov/
Sunshine Act Meeting
mstockstill on DSK4VPTVN1PROD with NOTICES
Significantly affect the protection of rules/sro.shtml); or
investors or the public interest; (ii) Notice is hereby given, pursuant to
22 17
CFR 240.19b–4(f)(6).
impose any significant burden on the provisions of the Government in the
23 17 CFR 240.19b–4(f)(6)(iii).
Sunshine Act, Public Law 94–409, that
24 For purposes only of waiving the 30-day
18 See supra note13. operative delay, the Commission has considered the
the Securities and Exchange
19 15 U.S.C. 78f(b)(8). proposed rule’s impact on efficiency, competition, Commission will hold an Open Meeting
20 15 U.S.C. 78s(b)(3)(A)(iii). and capital formation. See 15 U.S.C. 78c(f).
21 17 CFR 240.19b–4(f)(6). 25 15 U.S.C. 78s(b)(2)(B). 26 17 CFR 200.30–3(a)(12).
VerDate Sep<11>2014 18:35 Jul 31, 2015 Jkt 235001 PO 00000 Frm 00149 Fmt 4703 Sfmt 4703 E:\FR\FM\03AUN1.SGM 03AUN1](https://thefederalregister.org/doc/80_FR_46226/page/3.svg)
Document Created: 2018-02-23 10:51:42
Document Modified: 2018-02-23 10:51:42
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 46078 |
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