80 FR 46081 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Operation of Its Supplemental Liquidity Providers Pilot 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 | 46081-46083 | |
| FR Document | 2015-18880 |
[Federal Register Volume 80, Number 148 (Monday, August 3, 2015)] [Notices] [Pages 46081-46083] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-18880] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75534; File No. SR-NYSEMKT-2015-53] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Operation of Its Supplemental Liquidity Providers Pilot 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 extend the operation of its Supplemental Liquidity Providers Pilot (``SLP Pilot'' or ``Pilot'') (see Rule 107B-- Equities), currently scheduled to expire on July 31, 2015, until the earlier of the Securities and Exchange Commission's (``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 extend the operation of its SLP Pilot,\4\ currently scheduled to expire on July 31, 2015, until the earlier of Commission approval to make such Pilot permanent or October 31, 2015. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 61308 (January 7, 2010), 75 FR 2573 (January 15, 2010) (SR-NYSEAmex-2009-98) (establishing the NYSE Amex Equities SLP Pilot). See also Securities Exchange Act Release Nos. 61841 (April 5, 2010), 75 FR 18560 (April 12, 2010) (SR-NYSEAmex-2010-33) (extending the operation of the SLP Pilot to September 30, 2010); 62814 (September 1, 2010), 75 FR 54671 (September 8, 2010) (SR-NYSEAmex-2010-88) (extending the operation of the SLP Pilot to January 31, 2011); 63615 (December 29, 2010), 76 FR 611 (January 5, 2011) (SR-NYSEAmex-2010-123) (extending the operation of the SLP Pilot to August 1, 2011); 64772 (June 29, 2011), 76 FR 39455 (July 6, 2011) (SR-NYSEAmex-2011-44) (extending the operation of the SLP Pilot to January 31, 2012); 66041 (December 23, 2011), 76 FR 82328 (December 30, 2011) (SR-NYSEAmex-2011-103) (extending the operation of the SLP Pilot to July 31, 2012); 67496 (July 25, 2012), 77 FR 45390 (July 31, 2012) (SR-NYSEMKT-2012-22) (extending the operation of the SLP Pilot to January 31, 2013); 68557 (January 2, 2013), 78 FR 1284 (January 8, 2013) (SR-NYSEMKT- 2012-85) (extending the operation of the SLP Pilot to July 31, 2013); 69820 (June 21, 2013), 78 FR 38748 (June 27, 2013) (SR- NYSEMKT-2013-52) (extending the operation of the SLP Pilot to January 31, 2014); 71361 (January 21, 2014), 79 FR 4364 (January 27, 2014) (SR-NYSEMKT-2014-03) (extending the operation of the SLP Pilot to July 31, 2014); and 72623 (July 16, 2014), 79 FR 41592 (July 22, 2014) (SR-NYSEMKT-2014-58 (extending the operation of the SLP Pilot to December 31, 2014); and 73947 (December 24, 2014), 80 FR 83 (January 2, 2015) (SR-NYSEMKT-2014-110 (extending the operation of the SLP Pilot to July 31, 2015). --------------------------------------------------------------------------- Background \5\ --------------------------------------------------------------------------- \5\ The information contained herein is a summary of the ``New Market Model'' Pilot and the SLP Pilot. See supra note 4 and infra note 6 for a fuller description of those pilots. --------------------------------------------------------------------------- In October 2008, the New York Stock Exchange LLC (``NYSE'') implemented significant changes to its market rules, execution technology and the rights and obligations of its market participants all of which were designed to improve execution quality on the NYSE. These changes were all elements of the NYSE's and the Exchange's enhanced market model referred to as the ``New Market Model'' (``NMM Pilot'').\6\ The NYSE SLP Pilot was launched in coordination with the NMM Pilot (see NYSE Rule 107B). --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 58845 (October 24, 2008), 73 FR 64379 (October 29, 2008) (SR-NYSE-2008-46). --------------------------------------------------------------------------- As part of the NMM Pilot, NYSE eliminated the function of specialists on the Exchange creating a new category of market participant, the Designated Market Maker or ``DMM.'' \7\ Separately, the NYSE established the SLP Pilot, which established SLPs as a new class of market participants to supplement the liquidity provided by DMMs.\8\ --------------------------------------------------------------------------- \7\ See NYSE Rule 103. \8\ See NYSE Rule 107B and NYSE MKT Rule 107B--Equities. NYSE amended the monthly volume requirements to an average daily volume (``ADV'') that is a specified percentage of NYSE consolidated ADV. See Securities Exchange Act Release No. 67759 (August 30, 2012), 77 FR 54939 (September 6, 2012) (SR-NYSE-2012-38). --------------------------------------------------------------------------- The NYSE adopted NYSE Rule 107B governing SLPs as a six-month pilot program commencing in November 2008. This NYSE pilot has been extended several times, most recently to July 31, 2015.\9\ The NYSE has filed to [[Page 46082]] make its NMM and SLP Pilots permanent.\10\ --------------------------------------------------------------------------- \9\ See Securities Exchange Act Release Nos. 58877 (October 29, 2008), 73 FR 65904 (November 5, 2008) (SR-NYSE-2008-108) (adopting SLP Pilot program); 59869 (May 6, 2009), 74 FR 22796 (May 14, 2009) (SR-NYSE-2009-46) (extending SLP Pilot program until October 1, 2009); 60756 (October 1, 2009), 74 FR 51628 (October 7, 2009) (SR- NYSE-2009-100) (extending SLP Pilot program until November 30, 2009); 61075 (November 30, 2009), 74 FR 64112 (December 7, 2009) (SR-NYSE-2009-119) (extending SLP Pilot program until March 30, 2010); 61840 (April 5, 2010), 75 FR 18563 (April 12, 2010) (SR-NYSE- 2010-28) (extending the SLP Pilot until September 30, 2010); 62813 (September 1, 2010), 75 FR 54686 (September 8, 2010) (SR-NYSE-2010- 62) (extending the SLP Pilot until January 31, 2011); 63616 (December 29, 2010), 76 FR 612 (January 5, 2011) (SR-NYSE-2010-86) (extending the operation of the SLP Pilot to August 1, 2011); 64762 (June 28, 2011), 76 FR 39145 (July 5, 2011) (SR-NYSE-2011-30) (extending the operation of the SLP Pilot to January 31, 2012); 66045 (December 23, 2011), 76 FR 82342 (December 30, 2011) (SR-NYSE- 2011-66) (extending the operation of the SLP Pilot to July 31, 2012); 67493 (July 25, 2012), 77 FR 45388 (July 31, 2012) (SR-NYSE- 2012-27) (extending the operation of the SLP Pilot to January 31, 2013); 68560 (January 2, 2013), 78 FR 1280 (January 8, 2013) (SR- NYSE-2012-76) (extending the operation of the SLP Pilot to July 31, 2013); 69819 (June 21, 2013), 78 FR 38764 (June 27, 2013) (SR-NYSE- 2013-44) (extending the operation of the SLP Pilot to January 31, 2014); 71362 (January 21, 2014), 79 FR 4371 (January 27, 2014) (SR- NYSE-2014-03) (extending the operation of the SLP Pilot to July 31, 2014); and 72628 (July 16, 2014), 79 FR 42588 (July 22, 2014) (SR- NYSE-2014-34) (extending the operation of the SLP Pilot to December 31, 2014); and 73945 (December 24, 2014), 80 FR 58 (January 2, 2015) (SR-NYSE-2014-72) (extending the operation of the SLP Pilot to July 31, 2015). \10\ See Securities Exchange Act Release No. 75153 (June 11, 2015), 80 FR 34717 (June 17, 2015) (SR-NYSE-2015-26). --------------------------------------------------------------------------- Proposal To Extend the Operation of the NYSE MKT SLP Pilot The Exchange established the SLP Pilot to provide incentives for quoting, to enhance competition among the existing group of liquidity providers, including the DMMs, and add new competitive market participants. NYSE MKT Rule 107B--Equities is based on NYSE Rule 107B. NYSE MKT Rule 107B--Equities was filed with the Commission on December 30, 2009, as a ``me too'' filing for immediate effectiveness as a pilot program.\11\ The Exchange's SLP Pilot is scheduled to end operation on July 31, 2015 or such earlier time as the Commission may determine to make the rules permanent. --------------------------------------------------------------------------- \11\ See Securities Exchange Act Release No. 61308 (January 7, 2010), 75 FR 2573 (January 15, 2010) (SR-NYSEAmex-2009-98). --------------------------------------------------------------------------- The Exchange believes that the SLP Pilot, in coordination with the NMM Pilot, allows the Exchange to provide its market participants with a trading venue that utilizes an enhanced market structure to encourage the addition of liquidity, facilitate the trading of larger orders more efficiently and operates to reward aggressive liquidity providers. As such, the Exchange believes that the rules governing the SLP Pilot (NYSE MKT Rule 107B--Equities) should be made permanent. The Exchange proposes to extend the current operation of the SLP Pilot until October 31, 2015, in order to allow the Exchange to formally submit a filing to the Commission to convert the SLP Pilot rule to a permanent rule. The Exchange is currently preparing a rule filing seeking permission to make the Exchange's SLP Pilot permanent, but does not expect that filing to be completed and approved by the Commission before July 31, 2015.\12\ --------------------------------------------------------------------------- \12\ The NMM Pilot was scheduled to expire on July 31, 2015 as well. The Exchange has filed to extend the NMM Pilot until October 31, 2015. See SR-NYSEMKT-2015-52. --------------------------------------------------------------------------- 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 Section 6(b) of the Act,\13\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\14\ in particular, because it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to, and perfect the mechanisms of, a free and open market and a national market system and, in general, to protect investors and the public interest and because it is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b). \14\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes the proposed rule change is designed to prevent fraudulent and manipulative acts and practices and to promote just and equitable principles of trade because it seeks to extend a pilot program that has already been approved by the Commission. The Exchange believes the proposed rule change is designed to facilitate transactions in securities and to remove impediments to, and perfect the mechanisms of, a free and open market and a national market system because the SLP Pilot provides its market participants with a trading venue that utilizes an enhanced market structure to encourage the addition of liquidity and operates to reward aggressive liquidity providers. Moreover, requesting an extension of the SLP Pilot will permit adequate time for: (i) The Exchange to prepare and submit a filing to make the rules governing the SLP Pilot permanent; (ii) public notice and comment; and (iii) completion of the 19b-4 approval process. 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,\15\ 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 operation of the SLP Pilot will enhance competition among liquidity providers and thereby improve execution quality on the Exchange. The Exchange will continue to monitor the efficacy of the program during the proposed extended pilot period. --------------------------------------------------------------------------- \15\ 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 \16\ and Rule 19b-4(f)(6) thereunder.\17\ 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 [[Page 46083]] 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. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A)(iii). \17\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \18\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\19\ 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.\20\ --------------------------------------------------------------------------- \18\ 17 CFR 240.19b-4(f)(6). \19\ 17 CFR 240.19b-4(f)(6)(iii). \20\ 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) \21\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \21\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comment 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 rule-comments@sec.gov. Please include File Number SR-NYSEMKT-2015-53 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-2015-53. 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-2015-53, and should be submitted on or before August 24, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\22\ --------------------------------------------------------------------------- \22\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-18880 Filed 7-31-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 148 / Monday, August 3, 2015 / Notices 46081
on Wednesday, August 5, 2015 at 10:00 notice is hereby given that on July 17, scheduled to expire on July 31, 2015,
a.m., in the Auditorium, Room L–002. 2015, NYSE MKT LLC (the ‘‘Exchange’’ until the earlier of Commission approval
The subject matter of the Open or ‘‘NYSE MKT’’) filed with the to make such Pilot permanent or
Meeting will be: Securities and Exchange Commission October 31, 2015.
• The Commission will consider (the ‘‘Commission’’) the proposed rule
whether to adopt rules and forms under change as described in Items I and II Background 5
the Securities Exchange Act of 1934 below, which Items have been prepared In October 2008, the New York Stock
(‘‘Exchange Act’’) providing for the by the self-regulatory organization. The Exchange LLC (‘‘NYSE’’) implemented
registration of security-based swap Commission is publishing this notice to significant changes to its market rules,
dealers and major security-based swap solicit comments on the proposed rule execution technology and the rights and
participants. change from interested persons. obligations of its market participants all
• The Commission will consider of which were designed to improve
whether to propose a rule of practice to I. Self-Regulatory Organization’s
execution quality on the NYSE. These
provide a process for a registered Statement of the Terms of Substance of
changes were all elements of the NYSE’s
security-based swap dealer or major the Proposed Rule Change
and the Exchange’s enhanced market
security-based swap participant to make The Exchange proposes to extend the model referred to as the ‘‘New Market
an application to the Commission for an operation of its Supplemental Liquidity Model’’ (‘‘NMM Pilot’’).6 The NYSE SLP
order permitting an associated person Providers Pilot (‘‘SLP Pilot’’ or ‘‘Pilot’’) Pilot was launched in coordination with
who is subject to a statutory (see Rule 107B—Equities), currently the NMM Pilot (see NYSE Rule 107B).
disqualification to effect or be involved scheduled to expire on July 31, 2015, As part of the NMM Pilot, NYSE
in effecting security-based swaps on until the earlier of the Securities and eliminated the function of specialists on
behalf of the security-based swap dealer Exchange Commission’s the Exchange creating a new category of
or major security-based swap (‘‘Commission’’) approval to make such market participant, the Designated
participant. Pilot permanent or October 31, 2015. Market Maker or ‘‘DMM.’’ 7 Separately,
• The Commission will consider The text of the proposed rule change is the NYSE established the SLP Pilot,
whether to adopt a rule requiring public available on the Exchange’s Web site at which established SLPs as a new class
companies to disclose the ratio of the www.nyse.com, at the principal office of of market participants to supplement
annual total compensation of the chief the Exchange, and at the Commission’s the liquidity provided by DMMs.8
executive officer to the median of the Public Reference Room. The NYSE adopted NYSE Rule 107B
annual total compensation of the governing SLPs as a six-month pilot
company’s employees as required by II. Self-Regulatory Organization’s
Statement of the Purpose of, and program commencing in November
section 953(b) of the Dodd-Frank Wall 2008. This NYSE pilot has been
Statutory Basis for, the Proposed Rule
Street Reform and Consumer Protection extended several times, most recently to
Change
Act. July 31, 2015.9 The NYSE has filed to
At times, changes in Commission In its filing with the Commission, the
priorities require alterations in the self-regulatory organization included 30, 2011) (SR–NYSEAmex–2011–103) (extending
scheduling of meeting items. statements concerning the purpose of, the operation of the SLP Pilot to July 31, 2012);
For further information and to and basis for, the proposed rule change 67496 (July 25, 2012), 77 FR 45390 (July 31, 2012)
ascertain what, if any, matters have been and discussed any comments it received (SR–NYSEMKT–2012–22) (extending the operation
of the SLP Pilot to January 31, 2013); 68557
added, deleted, or postponed, please on the proposed rule change. The text (January 2, 2013), 78 FR 1284 (January 8, 2013) (SR–
contact: The Office of the Secretary at of those statements may be examined at NYSEMKT–2012–85) (extending the operation of
(202) 551–5400. the places specified in Item IV below. the SLP Pilot to July 31, 2013); 69820 (June 21,
Dated: July 29, 2015. The Exchange has prepared summaries, 2013), 78 FR 38748 (June 27, 2013) (SR–
set forth in sections A, B, and C below, NYSEMKT–2013–52) (extending the operation of
Brent J. Fields, the SLP Pilot to January 31, 2014); 71361 (January
of the most significant parts of such 21, 2014), 79 FR 4364 (January 27, 2014) (SR–
Secretary.
statements. NYSEMKT–2014–03) (extending the operation of
[FR Doc. 2015–19077 Filed 7–30–15; 4:15 pm] the SLP Pilot to July 31, 2014); and 72623 (July 16,
BILLING CODE 8011–01–P A. Self-Regulatory Organization’s 2014), 79 FR 41592 (July 22, 2014) (SR–NYSEMKT–
Statement of the Purpose of, and the 2014–58 (extending the operation of the SLP Pilot
Statutory Basis for, the Proposed Rule to December 31, 2014); and 73947 (December 24,
2014), 80 FR 83 (January 2, 2015) (SR–NYSEMKT–
SECURITIES AND EXCHANGE Change 2014–110 (extending the operation of the SLP Pilot
COMMISSION 1. Purpose to July 31, 2015).
5 The information contained herein is a summary
[Release No. 34–75534; File No. SR– The Exchange proposes to extend the of the ‘‘New Market Model’’ Pilot and the SLP Pilot.
NYSEMKT–2015–53]
operation of its SLP Pilot,4 currently See supra note 4 and infra note 6 for a fuller
description of those pilots.
Self-Regulatory Organizations; NYSE 4 See Securities Exchange Act Release No. 61308
6 See Securities Exchange Act Release No. 58845
MKT LLC; Notice of Filing and (January 7, 2010), 75 FR 2573 (January 15, 2010) (October 24, 2008), 73 FR 64379 (October 29, 2008)
Immediate Effectiveness of Proposed (SR–NYSEAmex–2009–98) (establishing the NYSE (SR–NYSE–2008–46).
7 See NYSE Rule 103.
Rule Change Extending the Operation Amex Equities SLP Pilot). See also Securities
8 See NYSE Rule 107B and NYSE MKT Rule
of Its Supplemental Liquidity Providers Exchange Act Release Nos. 61841 (April 5, 2010),
75 FR 18560 (April 12, 2010) (SR–NYSEAmex– 107B—Equities. NYSE amended the monthly
Pilot Until October 31, 2015 2010–33) (extending the operation of the SLP Pilot volume requirements to an average daily volume
to September 30, 2010); 62814 (September 1, 2010), (‘‘ADV’’) that is a specified percentage of NYSE
mstockstill on DSK4VPTVN1PROD with NOTICES
July 28, 2015. 75 FR 54671 (September 8, 2010) (SR–NYSEAmex– consolidated ADV. See Securities Exchange Act
Pursuant to Section 19(b)(1) 1 of the 2010–88) (extending the operation of the SLP Pilot Release No. 67759 (August 30, 2012), 77 FR 54939
Securities Exchange Act of 1934 (the to January 31, 2011); 63615 (December 29, 2010), 76 (September 6, 2012) (SR–NYSE–2012–38).
FR 611 (January 5, 2011) (SR–NYSEAmex–2010– 9 See Securities Exchange Act Release Nos. 58877
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
123) (extending the operation of the SLP Pilot to (October 29, 2008), 73 FR 65904 (November 5, 2008)
August 1, 2011); 64772 (June 29, 2011), 76 FR 39455 (SR–NYSE–2008–108) (adopting SLP Pilot
1 15 U.S.C. 78s(b)(1). (July 6, 2011) (SR–NYSEAmex–2011–44) (extending program); 59869 (May 6, 2009), 74 FR 22796 (May
2 15 U.S.C. 78a. the operation of the SLP Pilot to January 31, 2012); 14, 2009) (SR–NYSE–2009–46) (extending SLP Pilot
3 17 CFR 240.19b–4. 66041 (December 23, 2011), 76 FR 82328 (December Continued
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![Federal Register / Vol. 80, No. 148 / Monday, August 3, 2015 / Notices 46083
it was filed, or such shorter time as the • Send an email to rule-comments@ SECURITIES AND EXCHANGE
Commission may designate, if sec.gov. Please include File Number SR– COMMISSION
consistent with the protection of NYSEMKT–2015–53 on the subject line.
investors and the public interest, the [Release No. 34–75533; File No. SR–
proposed rule change has become Paper Comments
NYSEMKT–2015–52]
effective pursuant to Section 19(b)(3)(A) • Send paper comments in triplicate
of the Act and Rule 19b–4(f)(6)(iii) to Secretary, Securities and Exchange Self-Regulatory Organizations; NYSE
thereunder. MKT LLC; Notice of Filing and
Commission, 100 F Street NE.,
A proposed rule change filed under Immediate Effectiveness of Proposed
Washington, DC 20549–1090.
Rule 19b–4(f)(6) 18 normally does not Rule Change Extend the Operation of
become operative prior to 30 days after All submissions should refer to File Its New Market Model Pilot Until
the date of the filing. However, pursuant Number SR–NYSEMKT–2015–53. This October 31, 2015
to Rule 19b–4(f)(6)(iii),19 the file number should be included on the
Commission may designate a shorter subject line if email is used. To help the July 28, 2015.
time if such action is consistent with the Commission process and review your Pursuant to section 19(b)(1) 1 of the
protection of investors and the public comments more efficiently, please use Securities Exchange Act of 1934 (the
interest. The Exchange has asked the only one method. The Commission will
Commission to waive the 30-day ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
post all comments on the Commission’s notice is hereby given that on July 17,
operative delay so that the proposal may Internet Web site (http://www.sec.gov/
become operative immediately upon 2015, NYSE MKT LLC (the ‘‘Exchange’’
rules/sro.shtml). Copies of the or ‘‘NYSE MKT’’) filed with the
filing. The Exchange notes that waiving submission, all subsequent
the 30-day operative delay is consistent Securities and Exchange Commission
amendments, all written statements (the ‘‘Commission’’) the proposed rule
with the protection of investors and the
with respect to the proposed rule change as described in Items I and II
public interest. The Exchange believes
change that are filed with the below, which Items have been prepared
that waiver will ensure that member
Commission, and all written by the self-regulatory organization. The
organizations and the public can
continue to benefit from the pilot communications relating to the Commission is publishing this notice to
program without interruption after July proposed rule change between the solicit comments on the proposed rule
31, 2015. The Commission hereby Commission and any person, other than change from interested persons.
waives the 30-day operative delay and those that may be withheld from the
designates the proposal operative upon public in accordance with the I. Self-Regulatory Organization’s
filing.20 provisions of 5 U.S.C. 552, will be Statement of the Terms of Substance of
At any time within 60 days of the available for Web site viewing and the Proposed Rule Change
filing of such proposed rule change, the printing in the Commission’s Public
The Exchange proposes to extend the
Commission summarily may Reference Room, 100 F Street NE.,
operation of its New Market Model
temporarily suspend such rule change if Washington, DC 20549, on official
Pilot, currently scheduled to expire on
it appears to the Commission that such business days between the hours of
July 31, 2015, until the earlier of
action is necessary or appropriate in the 10:00 a.m. and 3:00 p.m. Copies of the
Securities and Exchange Commission
public interest, for the protection of filing also will be available for
(‘‘Commission’’) approval to make such
investors, or otherwise in furtherance of inspection and copying at the principal
the purposes of the Act. If the pilot permanent or October 31, 2015.
office of the Exchange. All comments
Commission takes such action, the The text of the proposed rule change is
received will be posted without change;
Commission shall institute proceedings available on the Exchange’s Web site at
the Commission does not edit personal
under Section 19(b)(2)(B) 21 of the Act to www.nyse.com, at the principal office of
identifying information from
determine whether the proposed rule the Exchange, and at the Commission’s
submissions. You should submit only
change should be approved or Public Reference Room.
information that you wish to make
disapproved. available publicly. All submissions II. Self-Regulatory Organization’s
IV. Solicitation of Comment should refer to File Number SR– Statement of the Purpose of, and
NYSEMKT–2015–53, and should be Statutory Basis for, the Proposed Rule
Interested persons are invited to
submitted on or before August 24, 2015. Change
submit written data, views, and
arguments concerning the foregoing, For the Commission, by the Division of In its filing with the Commission, the
including whether the proposed rule Trading and Markets, pursuant to delegated
self-regulatory organization included
change is consistent with the Act. authority.22
statements concerning the purpose of,
Comments may be submitted by any of Robert W. Errett, and basis for, the proposed rule change
the following methods: Deputy Secretary. and discussed any comments it received
Electronic Comments [FR Doc. 2015–18880 Filed 7–31–15; 8:45 am] on the proposed rule change. The text
• Use the Commission’s Internet
BILLING CODE 8011–01–P of those statements may be examined at
comment form (http://www.sec.gov/ the places specified in Item IV below.
rules/sro.shtml); or The Exchange has prepared summaries,
mstockstill on DSK4VPTVN1PROD with NOTICES
set forth in sections A, B, and C below,
18 17 CFR 240.19b–4(f)(6).
of the most significant parts of such
19 17 CFR 240.19b–4(f)(6)(iii). statements.
20 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
1 15 U.S.C.78s(b)(1).
proposed rule’s impact on efficiency, competition,
2 15 U.S.C. 78a.
and capital formation. See 15 U.S.C. 78c(f).
21 15 U.S.C. 78s(b)(2)(B). 22 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.
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Document Created: 2018-02-23 10:51:57
Document Modified: 2018-02-23 10:51:57
| 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 46081 |
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