82 FR 22572 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 67 To Modify the Date of Appendix B Web Site Data Publication Pursuant to the Regulation NMS Plan To Implement a Tick Size Pilot Program

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 93 (May 16, 2017)

Page Range		22572-22573
FR Document		2017-09815
Federal Register, Volume 82 Issue 93 (Tuesday, May 16, 2017)
[Federal Register Volume 82, Number 93 (Tuesday, May 16, 2017)]
[Notices]
[Pages 22572-22573]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-09815]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80642; File No. SR-NYSE-2017-19]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend Rule 67 To Modify the Date of Appendix B Web Site Data 
Publication Pursuant to the Regulation NMS Plan To Implement a Tick 
Size Pilot Program

May 10, 2017.
    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 April 27, 2017, New York Stock Exchange LLC (``NYSE'' or 
the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I, 
II, and III 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Rule 67 to modify the date of 
Appendix B Web site data publication pursuant to the Regulation NMS 
Plan to Implement a Tick Size Pilot Program (``Plan''). 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
    Rule 67(b) (Compliance with Data Collection Requirements) \4\ 
implements the data collection and Web site publication requirements of 
the Plan.\5\ Supplementary Material .70 to Rule 67 currently provides, 
among other things, that the requirement that the Exchange or their DEA 
make certain data for the Pre-Pilot Period and Pilot Period \6\ 
publicly available on the Exchange's or DEA's Web site pursuant to 
Appendix B to the Plan shall commence on April 28, 2017.\7\ The 
Exchange is proposing to amend Supplementary Material .70 to Rule 67 to 
delay the Appendix B data Web site publication date until August 31, 
2017. The Exchange is proposing to further delay the Web site 
publication of Appendix B data until August 31, 2017 to permit 
additional time to consider a methodology to mitigate concerns raised 
in connection with the publication of Appendix B data.\8\
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    \4\ See Securities Exchange Act Release No. 77468 (March 29, 
2016), 81 FR 19269 (April 4, 2016) (Immediate Effectiveness of 
Proposed Rule Change Adopting Requirements for the Collection and 
Transmission of Data Pursuant to Appendices B and C of Regulation 
NMS Plan to Implement a Tick Size Pilot Program) (SR-NYSE-2016-27); 
see also Securities Exchange Act Release No. 78813 (September 12, 
2016), 81 FR 63825 (September 16, 2016) (Immediate Effectiveness of 
Proposed Rule Change to Amend Rule 67 to Modify Certain Data 
Collection Requirements of the Regulation NMS Plan to Implement a 
Tick Size Pilot Program) (SR-NYSE-2016-63); see also Letter from 
John C. Roeser, Associate Director, Division of Trading and Markets, 
Commission, to Sherry Sandler, Associate General Counsel, NYSE, 
dated April 4, 2016.
    \5\ The Participants filed the Plan to comply with an order 
issued by the Commission on June 24, 2014. See Letter from Brendon 
J. Weiss, Vice President, Intercontinental Exchange, Inc., to 
Secretary, Commission, dated August 25, 2014 (``SRO Tick Size Plan 
Proposal''). See Securities Exchange Act Release No 72460 (June 24, 
2014), 79 FR 36840 (June 30, 2014); see also Securities Exchange Act 
Release No. 74892 (May 6, 2015), 80 FR 27513 (May 13, 2015).
    \6\ Unless otherwise defined herein, capitalized terms have the 
meaning ascribed to them in the Plan.
    \7\ See Supplementary Material .70 to Rule 67. See also 
Securities Exchange Act Release No. 80172 (March 8, 2017), 82 FR 
13685 (March 14, 2017). See also Letter from David S. Shillman, 
Associate Director, Division of Trading and Markets, Commission, to 
Robert L.D. Colby, Executive Vice President and Chief Legal Officer, 
Financial Industry Regulatory Authority, Inc. (``FINRA''), dated 
February 28, 2017.
    \8\ On March 3, 2017, FINRA filed a proposed rule change to 
implement an anonymous, grouped masking methodology for Appendix 
B.I, B.II. and B.IV. data. The comment period ended on April 5, 
2017, and the Commission received three comment letters. See 
Securities Exchange Act Release No. 80193 (March 9, 2017) 82 FR 
13901 (March 15, 2017).
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    Pursuant to this proposed amendment, the Exchange would publish the 
required Appendix B data for the Pre-Pilot Period through April 30, 
2017, by August 31, 2017. Thereafter, Appendix B data for a given month 
would be published within 120 calendar days following month end.\9\ 
Thus, for example, Appendix B data for May 2017 would be made available 
on the Exchange's or DEA's Web site by September 28, 2017, and data for 
the month of June 2017 would be made available on the Exchange's or 
DEA's Web site by October 28, 2017.
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    \9\ FINRA also submitted an exemptive request, on behalf of all 
Participants, to the SEC in connection with the instant filing.
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    As noted in Item 2 of this filing, the Exchange has filed the 
proposed rule change for immediate effectiveness and has requested that 
the Commission waive the 30-day operative delay. If the Commission 
waives the 30-day operative delay, the operative date of the proposed 
rule change will be the date of filing.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\10\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\11\ 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.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
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    The Plan is designed to allow the Commission, market participants, 
and the public to study and assess the impact of increment conventions 
on the liquidity and trading of the common stock of small-
capitalization companies. The Exchange believes that this proposal is 
consistent with the Act because it is in furtherance of the objectives 
of Section VII(A) of the Plan in that it is designed to provide the 
Exchange with additional time to consider a methodology to mitigate 
concerns raised in connection with the publication of Appendix B data.

[[Page 22573]]

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. The Exchange 
notes that the proposed rule change implements the provisions of the 
Plan, and is designed to assist the Participants in meeting their 
regulatory obligations pursuant to the Plan.

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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6) thereunder.\13\
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19(b)-4(f)(6) normally does 
not become operative prior to 30 days after the date of the filing. 
However, pursuant to Rule 19b-4(f)(6)(iii), the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has filed 
the proposed rule change for immediate effectiveness and has requested 
that the Commission waive the requirement that the proposed rule change 
not become operative for 30 days after the date of the filing so that 
it may become operative on the date of filing.
    The Exchange notes that the proposed rule change is intended to 
mitigate confidentiality concerns raised in connection with Section 
VII(A) of the Plan, which provides that the data made publicly 
available will not identify the Trading Center that generated the data. 
The Exchange states that the additional time would allow consideration 
of a methodology to mitigate concerns related to the publication of 
Appendix B data.\14\
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    \14\ The Commission recently approved a FINRA proposal to 
implement an aggregated, anonymous grouped masking methodology for 
the publication of Appendix B data related to OTC trading activity. 
See Securities Exchange Release No. 80551, (April 28, 2017), 82 FR 
20948 (May 4, 2017). See also Letter from David S. Shillman, 
Associate Director, Division of Trading and Markets, Commission, to 
Marcia E. Asquith, Executive Vice President FINRA, dated April 28, 
2017.
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    The Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because it will synchronize the timing for publication of Appendix B 
data for all Participants, which should enhance the consistency and 
usefulness of the data.\15\ Therefore, the Commission hereby waives the 
30-day operative delay and designates the proposed rule change to be 
operative on the date of filing.\16\
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    \15\ The Commission recently granted exemptive relief to the 
Participants delay the publication of their Appendix B data until 
August 31, 2017. See Letter from David S. Shillman, Associate 
Director, Division of Trading and Markets, Commission, to Jennifer 
Piorko Mitchell, Vice President and Deputy Corporate Secretary, 
FINRA, dated April 27, 2017. The Commission notes that other 
Participants have submitted proposed rule changes to delay the 
publication of Appendix B data until August 31, 2017. See e.g., SR-
BatsBYX-2017-10; SR-BatsEDGA-2017-10; SR-BatsEDGX-2017-19; SR-BX-
2017-022; SR-CHX-2017-07; SR-FINRA-2017-010; SR-IEX-2017-12; SR-
NASDAQ-2017-044; SR-Phlx-2017-33; SR-NYSEArca-2017-49; SR-NYSEMKT-
2017-24.
    \16\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the 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 to 
determine whether the proposed rule should be approved or 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

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NYSE-2017-19 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2017-19. 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-NYSE-2017-19 and should be 
submitted on or before June 6, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-09815 Filed 5-15-17; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 93 / Tuesday, May 16, 2017 / Notices 22573

B. Self-Regulatory Organization’s The Commission believes that Paper Comments
Statement on Burden on Competition waiving the 30-day operative delay is • Send paper comments in triplicate
The Exchange does not believe that consistent with the protection of to Brent J. Fields, Secretary, Securities
the proposed rule change will result in investors and the public interest and Exchange Commission, 100 F Street
any burden on competition that is not because it will synchronize the timing NE., Washington, DC 20549–1090.
necessary or appropriate in furtherance for publication of Appendix B data for
All submissions should refer to File
of the purposes of the Act. The all Participants, which should enhance
Number SR–NYSE–2017–19. This file
Exchange notes that the proposed rule the consistency and usefulness of the
number should be included on the
change implements the provisions of the data.15 Therefore, the Commission
subject line if email is used. To help the
Plan, and is designed to assist the hereby waives the 30-day operative
Commission process and review your
Participants in meeting their regulatory delay and designates the proposed rule
comments more efficiently, please use
obligations pursuant to the Plan. change to be operative on the date of
only one method. The Commission will
filing.16
C. Self-Regulatory Organization’s post all comments on the Commission’s
At any time within 60 days of the Internet Web site (http://www.sec.gov/
Statement on Comments on the
filing of the proposed rule change, the rules/sro.shtml). Copies of the
Proposed Rule Change Received From
Commission summarily may submission, all subsequent
Members, Participants, or Others
temporarily suspend such rule change if amendments, all written statements
No written comments were solicited it appears to the Commission that such with respect to the proposed rule
or received with respect to the proposed action is necessary or appropriate in the change that are filed with the
rule change. public interest, for the protection of Commission, and all written
III. Date of Effectiveness of the investors, or otherwise in furtherance of communications relating to the
Proposed Rule Change and Timing for the purposes of the Act. If the proposed rule change between the
Commission Action Commission takes such action, the Commission and any person, other than
Commission shall institute proceedings those that may be withheld from the
Because the foregoing proposed rule to determine whether the proposed rule public in accordance with the
change does not: (i) Significantly affect should be approved or disapproved. provisions of 5 U.S.C. 552, will be
the protection of investors or the public
IV. Solicitation of Comments available for Web site viewing and
interest; (ii) impose any significant
printing in the Commission’s Public
burden on competition; and (iii) become
Interested persons are invited to Reference Room, 100 F Street, NE.,
operative for 30 days from the date on
submit written data, views, and Washington, DC 20549 on official
which it was filed, or such shorter time
arguments concerning the foregoing, business days between the hours of
as the Commission may designate, it has
including whether the proposed rule 10:00 a.m. and 3:00 p.m. Copies of the
become effective pursuant to Section
change is consistent with the Act. filing also will be available for
19(b)(3)(A) of the Act 12 and Rule 19b–
Comments may be submitted by any of inspection and copying at the principal
4(f)(6) thereunder.13
A proposed rule change filed under the following methods: office of the Exchange. All comments
Rule 19(b)-4(f)(6) normally does not received will be posted without change;
Electronic Comments the Commission does not edit personal
become operative prior to 30 days after
the date of the filing. However, pursuant • Use the Commission’s Internet identifying information from
to Rule 19b-4(f)(6)(iii), the Commission comment form (http://www.sec.gov/ submissions. You should submit only
may designate a shorter time if such rules/sro.shtml); or information that you wish to make
action is consistent with the protection available publicly. All submissions
• Send an email to rule-comments@ should refer to File Number SR–NYSE–
of investors and the public interest. The sec.gov. Please include File Number SR–
Exchange has filed the proposed rule 2017–19 and should be submitted on or
NYSE–2017–19 on the subject line. before June 6, 2017.
change for immediate effectiveness and
has requested that the Commission For the Commission, by the Division of
of Appendix B data related to OTC trading activity.
waive the requirement that the proposed Trading and Markets, pursuant to delegated
See Securities Exchange Release No. 80551, (April
rule change not become operative for 30 28, 2017), 82 FR 20948 (May 4, 2017). See also authority.17
days after the date of the filing so that Letter from David S. Shillman, Associate Director, Eduardo A. Aleman,
Division of Trading and Markets, Commission, to Assistant Secretary.
it may become operative on the date of Marcia E. Asquith, Executive Vice President FINRA,
filing. dated April 28, 2017. [FR Doc. 2017–09815 Filed 5–15–17; 8:45 am]
The Exchange notes that the proposed 15 The Commission recently granted exemptive BILLING CODE 8011–01–P
rule change is intended to mitigate relief to the Participants delay the publication of
confidentiality concerns raised in their Appendix B data until August 31, 2017. See
Letter from David S. Shillman, Associate Director,
connection with Section VII(A) of the Division of Trading and Markets, Commission, to
SECURITIES AND EXCHANGE
Plan, which provides that the data made Jennifer Piorko Mitchell, Vice President and Deputy COMMISSION
publicly available will not identify the Corporate Secretary, FINRA, dated April 27, 2017.
Trading Center that generated the data. The Commission notes that other Participants have Sunshine Act Meeting
submitted proposed rule changes to delay the
The Exchange states that the additional publication of Appendix B data until August 31, Notice is hereby given, pursuant to
time would allow consideration of a 2017. See e.g., SR–BatsBYX–2017–10; SR– the provisions of the Government in the
methodology to mitigate concerns BatsEDGA–2017–10; SR–BatsEDGX–2017–19; SR–
sradovich on DSK3GMQ082PROD with NOTICES

BX–2017–022; SR–CHX–2017–07; SR–FINRA–
Sunshine Act, Public Law 94–409, that
related to the publication of Appendix the Securities and Exchange
2017–010; SR–IEX–2017–12; SR–NASDAQ–2017–
B data.14 044; SR–Phlx–2017–33; SR–NYSEArca–2017–49; Commission will hold a closed meeting
SR–NYSEMKT–2017–24. on Thursday, May 18, 2017 at 2 p.m.
12 15U.S.C. 78s(b)(3)(A). 16 For purposes only of waiving the operative
13 17CFR 240.19b–4(f)(6).
Commissioners, Counsel to the
delay for this proposal, the Commission has
14 The Commission recently approved a FINRA considered the proposed rule’s impact on Commissioners, the Secretary to the
proposal to implement an aggregated, anonymous efficiency, competition, and capital formation. See
grouped masking methodology for the publication 15 U.S.C. 78c(f). 17 17 CFR 200.30–3(a)(12).

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Document Created: 2017-05-16 13:52:43
Document Modified: 2017-05-16 13:52:43
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		82 FR 22572