82 FR 24763 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendments No. 1 and 2, Allowing the Exchange To Trade, Pursuant to Unlisted Trading Privileges, Any NMS Stock Listed on Another National Securities Exchange; Establishing Rules for the Trading Pursuant to UTP of Exchange-Traded Products; and Adopting New Equity Trading Rules Relating to Trading Halts of Securities Traded Pursuant to UTP on the Pillar Platform

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 102 (May 30, 2017)

Page Range		24763-24764
FR Document		2017-10974

Federal Register, Volume 82 Issue 102 (Tuesday, May 30, 2017)

[Federal Register Volume 82, Number 102 (Tuesday, May 30, 2017)]
[Notices]
[Pages 24763-24764]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-10974]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80746; File No. SR-NYSEMKT-2016-103]


Self-Regulatory Organizations; NYSE MKT LLC; Notice of 
Designation of a Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change, as 
Modified by Amendments No. 1 and 2, Allowing the Exchange To Trade, 
Pursuant to Unlisted Trading Privileges, Any NMS Stock Listed on 
Another National Securities Exchange; Establishing Rules for the 
Trading Pursuant to UTP of Exchange-Traded Products; and Adopting New 
Equity Trading Rules Relating to Trading Halts of Securities Traded 
Pursuant to UTP on the Pillar Platform

May 23, 2017.
    On November 17, 2016, NYSE MKT LLC (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to (1) allow the 
Exchange to trade, pursuant to unlisted trading privileges (``UTP''), 
any NMS Stock listed on another national securities exchange; (2) 
establish rules for the trading pursuant to UTP of exchange-traded 
products; and (3) adopt new equity trading rules relating to trading 
halts of securities traded pursuant to UTP on the Pillar platform. The 
proposed rule change was published for comment in the Federal Register 
on December 1, 2016.\3\ On January 4, 2017, pursuant to Section 
19(b)(2) of the Act,\4\ the Commission designated a longer period 
within which to approve the proposed rule change, disapprove the 
proposed rule change, or institute proceedings to determine whether to 
disapprove the proposed rule change.\5\ On February 24, 2017, the 
Commission instituted proceedings under Section 19(b)(2)(B) of the Act 
\6\ to determine whether to approve or disapprove the proposed rule 
change.\7\

[[Page 24764]]

On March 28, 2017, the Exchange filed Amendment No. 1 to the proposed 
rule change.\8\ Amendment No. 1 was published for comment in the 
Federal Register on April 27, 2017.\9\ On April 27, 2017, the Exchange 
filed Amendment No. 2 to the proposed rule change.\10\ The Commission 
has received no comments on the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 79400 (Nov. 25, 
2016), 81 FR 86750.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 79738, 82 FR 3068 
(Jan. 10, 2017).
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 80097, 82 FR 12251 
(Mar. 1, 2017). Specifically, the Commission instituted proceedings 
to allow for additional analysis of the proposed rule change's 
consistency with Section 6(b)(5) of the Act, which requires, among 
other things, that the rules of a national securities exchange be 
``designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade,'' and 
``to protect investors and the public interest.'' See id. at 12252.
    \8\ Amendment No. 1 is available at: https://www.sec.gov/comments/sr-nysemkt-2016-103/nysemkt2016103-1672987-149219.pdf.
    \9\ See Securities Exchange Act Release No. 80500 (Apr. 21, 
2017), 82 FR 19416.
    \10\ In Amendment No. 2, the Exchange: (1) Corrected the cross-
reference in footnote 66 of the filing to read ``See supra note 
63''; (2) amended proposed Rule 5.2E(j)(6)(B)(V)(2)(a) to read 
``may'' instead of ``will''; (3) amended proposed Rule 5.5E(m)(1)(c) 
to clarify that the regulatory function described therein would be 
exercised by ``the Exchange'' instead of ``Regulation''; (4) amended 
Supplementary Material .01 to proposed Rule 8.200E to erase the 
repetitive words ``are satisfied'' at the end of the introductory 
paragraph; and (5) amended proposed Rule 8.700E(h) to add at the 
beginning of the paragraph the sentence ``The Exchange will file 
separate proposals under Section 19(b) of the Securities Exchange 
Act of 1934 before listing and trading separate and distinct Managed 
Trust Securities.'' Amendment No. 2 is available at: https://www.sec.gov/comments/sr-nysemkt-2016-103/nysemkt2016103-1724667-150689.pdf. Because Amendment No. 2 to the proposed rule change does 
not materially alter the substance of the proposed rule change or 
raise unique or novel regulatory issues, Amendment No. 2 is not 
subject to notice and comment.
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    Section 19(b)(2) of the Act \11\ provides that, after initiating 
disapproval proceedings, the Commission shall issue an order approving 
or disapproving the proposed rule change not later than 180 days after 
the date of publication of notice of filing of the proposed rule 
change. The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination. The 
proposed rule change was published for notice and comment in the 
Federal Register on December 1, 2016. May 30, 2017 is 180 days from 
that date, and July 29, 2017 is 240 days from that date.
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    \11\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider this proposed 
rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) 
of the Act,\12\ designates July 29, 2017 as the date by which the 
Commission shall either approve or disapprove the proposed rule change 
(File No. SR-NYSEMKT-2016-103).
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    \12\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-10974 Filed 5-26-17; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 102 / Tuesday, May 30, 2017 / Notices 24763

A proposed rule change filed number should be included on the SECURITIES AND EXCHANGE
pursuant to Rule 19b–4(f)(6) under the subject line if email is used. To help the COMMISSION
Act 12 normally does not become Commission process and review your
[Release No. 34–80746; File No. SR–
operative for 30 days after the date of its comments more efficiently, please use NYSEMKT–2016–103]
filing. However, Rule 19b–4(f)(6)(iii) 13 only one method. The Commission will
permits the Commission to designate a post all comments on the Commission’s Self-Regulatory Organizations; NYSE
shorter time if such action is consistent Internet Web site (http://www.sec.gov/ MKT LLC; Notice of Designation of a
with the protection of investors and the rules/sro.shtml). Copies of the Longer Period for Commission Action
public interest. The Exchange has asked submission, all subsequent on Proceedings To Determine Whether
the Commission to waive the 30-day To Approve or Disapprove a Proposed
amendments, all written statements
operative delay so that the proposal may Rule Change, as Modified by
with respect to the proposed rule
become operative immediately upon Amendments No. 1 and 2, Allowing the
filing. The Commission believes that change that are filed with the
Commission, and all written Exchange To Trade, Pursuant to
waiving the 30-day operative delay is Unlisted Trading Privileges, Any NMS
consistent with the protection of communications relating to the
Stock Listed on Another National
investors and the public interest as it proposed rule change between the
Securities Exchange; Establishing
will allow the Exchange to implement Commission and any person, other than
Rules for the Trading Pursuant to UTP
the proposed rule change in those that may be withheld from the of Exchange-Traded Products; and
coordination with a symbol by symbol public in accordance with the Adopting New Equity Trading Rules
transition to the INET technology in the provisions of 5 U.S.C. 552, will be Relating to Trading Halts of Securities
second quarter of 2017. Accordingly, the available for Web site viewing and Traded Pursuant to UTP on the Pillar
Commission hereby waives the printing in the Commission’s Public Platform
operative delay and designates the Reference Room, 100 F Street NE.,
proposal operative upon filing.14 Washington, DC 20549, on official May 23, 2017.
At any time within 60 days of the business days between the hours of On November 17, 2016, NYSE MKT
filing of the proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of the LLC (‘‘Exchange’’) filed with the
Commission summarily may filing also will be available for Securities and Exchange Commission
temporarily suspend such rule change if inspection and copying at the principal (‘‘Commission’’), pursuant to Section
it appears to the Commission that such 19(b)(1) of the Securities Exchange Act
office of the Exchange. All comments
action is: (i) Necessary or appropriate in of 1934 (‘‘Act’’) 1 and Rule 19b–4
received will be posted without change; thereunder,2 a proposed rule change to
the public interest; (ii) for the protection the Commission does not edit personal
of investors; or (iii) otherwise in (1) allow the Exchange to trade,
identifying information from pursuant to unlisted trading privileges
furtherance of the purposes of the Act. submissions. You should submit only
If the Commission takes such action, the (‘‘UTP’’), any NMS Stock listed on
information that you wish to make another national securities exchange; (2)
Commission shall institute proceedings
available publicly. All submissions establish rules for the trading pursuant
to determine whether the proposed rule
should be approved or disapproved. should refer to File Number SR–ISE– to UTP of exchange-traded products;
2017–41 and should be submitted on or and (3) adopt new equity trading rules
IV. Solicitation of Comments before June 20, 2017. relating to trading halts of securities
Interested persons are invited to For the Commission, by the Division of traded pursuant to UTP on the Pillar
submit written data, views, and Trading and Markets, pursuant to delegated platform. The proposed rule change was
arguments concerning the foregoing, authority.15 published for comment in the Federal
including whether the proposed rule Register on December 1, 2016.3 On
Eduardo A. Aleman,
change is consistent with the Act. January 4, 2017, pursuant to Section
Assistant Secretary. 19(b)(2) of the Act,4 the Commission
Comments may be submitted by any of
[FR Doc. 2017–10984 Filed 5–26–17; 8:45 am] designated a longer period within which
the following methods:
BILLING CODE 8011–01–P to approve the proposed rule change,
Electronic Comments disapprove the proposed rule change, or
• Use the Commission’s Internet institute proceedings to determine
comment form (http://www.sec.gov/ whether to disapprove the proposed
rules/sro.shtml); or rule change.5 On February 24, 2017, the
• Send an email to rule-comments@ Commission instituted proceedings
sec.gov. Please include File Number SR– under Section 19(b)(2)(B) of the Act 6 to
ISE–2017–41 on the subject line. determine whether to approve or
Paper Comments disapprove the proposed rule change.7
• Send paper comments in triplicate 1 15 U.S.C. 78s(b)(1).
to Secretary, Securities and Exchange 2 17 CFR 240.19b–4.
Commission, 100 F Street NE., 3 See Securities Exchange Act Release No. 79400

Washington, DC 20549–1090. (Nov. 25, 2016), 81 FR 86750.
4 15 U.S.C. 78s(b)(2).
All submissions should refer to File 5 See Securities Exchange Act Release No. 79738,
sradovich on DSK3GMQ082PROD with NOTICES

Number SR–ISE–2017–41. This file 82 FR 3068 (Jan. 10, 2017).
6 15 U.S.C. 78s(b)(2)(B).
12 17 CFR 240.19b–4(f)(6). 7 See Securities Exchange Act Release No. 80097,
13 17 CFR 240.19b–4(f)(6)(iii). 82 FR 12251 (Mar. 1, 2017). Specifically, the
14 For purposes only of waiving the 30-day Commission instituted proceedings to allow for
operative delay, the Commission has also additional analysis of the proposed rule change’s
considered the proposed rule’s impact on consistency with Section 6(b)(5) of the Act, which
efficiency, competition, and capital formation. See requires, among other things, that the rules of a
15 U.S.C. 78c(f). 15 17 CFR 200.30–3(a)(12). Continued

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24764 Federal Register / Vol. 82, No. 102 / Tuesday, May 30, 2017 / Notices

On March 28, 2017, the Exchange filed 2017 as the date by which the Guide’’). The proposed change is
Amendment No. 1 to the proposed rule Commission shall either approve or available on the Exchange’s Web site at
change.8 Amendment No. 1 was disapprove the proposed rule change www.nyse.com, at the principal office of
published for comment in the Federal (File No. SR–NYSEMKT–2016–103). the Exchange, and at the Commission’s
Register on April 27, 2017.9 On April For the Commission, by the Division of Public Reference Room.
27, 2017, the Exchange filed Trading and Markets, pursuant to delegated
Amendment No. 2 to the proposed rule II. Self-Regulatory Organization’s
authority.13
change.10 The Commission has received Statement of the Purpose of, and
Eduardo A. Aleman,
no comments on the proposed rule Statutory Basis for, the Proposed Rule
Assistant Secretary. Change
change. [FR Doc. 2017–10974 Filed 5–26–17; 8:45 am]
Section 19(b)(2) of the Act 11 provides In its filing with the Commission, the
BILLING CODE 8011–01–P
that, after initiating disapproval self-regulatory organization included
proceedings, the Commission shall issue statements concerning the purpose of,
an order approving or disapproving the SECURITIES AND EXCHANGE and basis for, the proposed rule change
proposed rule change not later than 180 COMMISSION and discussed any comments it received
days after the date of publication of on the proposed rule change. The text
notice of filing of the proposed rule [Release No. 34–80748; File No. SR– of those statements may be examined at
change. The Commission may extend NYSEMKT–2017–20] the places specified in Item IV below.
the period for issuing an order Self-Regulatory Organizations; NYSE The Exchange has prepared summaries,
approving or disapproving the proposed MKT LLC; Notice of Filing and set forth in sections A, B, and C below,
rule change, however, by not more than Immediate Effectiveness of Proposed of the most significant parts of such
60 days if the Commission determines Change To Amend the Rules of the statements.
that a longer period is appropriate and Exchange, the NYSE MKT Equities A. Self-Regulatory Organization’s
publishes the reasons for such Price List, the NYSE Amex Options Fee Statement of the Purpose of, and
determination. The proposed rule Schedule, and the NYSE Amex Options Statutory Basis for, the Proposed Rule
change was published for notice and Proprietary Market Data Fees Change
comment in the Federal Register on
December 1, 2016. May 30, 2017 is 180 May 23, 2017. 1. Purpose
days from that date, and July 29, 2017 Pursuant to Section 19(b)(1) 1 of the NYSE MKT proposes, in connection
is 240 days from that date. Securities Exchange Act of 1934 (the with its name change to NYSE
The Commission finds it appropriate ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 American LLC (‘‘NYSE American’’),4 to
to designate a longer period within notice is hereby given that, on May 19, rebrand the Exchange’s Options Market
which to issue an order approving or 2017, NYSE MKT LLC (the ‘‘Exchange’’ from ‘‘NYSE Amex Options’’ to ‘‘NYSE
disapproving the proposed rule change or ‘‘NYSE MKT’’) filed with the American Options.’’ Therefore, the
so that it has sufficient time to consider Securities and Exchange Commission Exchange now proposes to amend the
this proposed rule change. Accordingly, (the ‘‘Commission’’) the proposed rule rules of the Exchange, Company Guide,
the Commission, pursuant to Section change as described in Items I, II, and Price List, Fee Schedule, and Options
19(b)(2) of the Act,12 designates July 29, III below, which Items have been Market Data Fees to reflect that
prepared by the self-regulatory rebranding.
national securities exchange be ‘‘designed to organization. The Commission is The Exchange also proposes to delete
prevent fraudulent and manipulative acts and publishing this notice to solicit
practices, to promote just and equitable principles obsolete references to a former name
of trade,’’ and ‘‘to protect investors and the public comments on the proposed rule change from the rules and the Company Guide.5
interest.’’ See id. at 12252. from interested persons.
8 Amendment No. 1 is available at: https:// Background
www.sec.gov/comments/sr-nysemkt-2016-103/
I. Self-Regulatory Organization’s
nysemkt2016103-1672987-149219.pdf. Statement of the Terms of Substance of Option contracts may be approved for
9 See Securities Exchange Act Release No. 80500 the Proposed Rule Change listing and trading on the Exchange’s
(Apr. 21, 2017), 82 FR 19416. Options Market, which is referred to as
10 In Amendment No. 2, the Exchange: (1)
The Exchange proposes, in ‘‘NYSE Amex Options.’’ 6 On March 16,
Corrected the cross-reference in footnote 66 of the connection with its name change to 2017, NYSE MKT filed rule changes
filing to read ‘‘See supra note 63’’; (2) amended NYSE American LLC (‘‘NYSE with the Commission in connection
proposed Rule 5.2E(j)(6)(B)(V)(2)(a) to read ‘‘may’’ American’’), to rebrand the Exchange’s
instead of ‘‘will’’; (3) amended proposed Rule with its name change to NYSE
5.5E(m)(1)(c) to clarify that the regulatory function
facility for trading options (‘‘Options American LLC.7 The Exchange has now
described therein would be exercised by ‘‘the Market’’), from ‘‘NYSE Amex Options’’ determined that for consistency and
Exchange’’ instead of ‘‘Regulation’’; (4) amended to ‘‘NYSE American Options’’ and to marketing purposes it would be
Supplementary Material .01 to proposed Rule amend the rules of the Exchange, the
8.200E to erase the repetitive words ‘‘are satisfied’’
at the end of the introductory paragraph; and (5)
NYSE MKT Equities Price List (‘‘Price 4 See Securities Exchange Act Release No. 80283

amended proposed Rule 8.700E(h) to add at the List’’), the NYSE Amex Options Fee (March 21, 2017), 82 FR 15244 (March 27, 2017)
beginning of the paragraph the sentence ‘‘The Schedule (‘‘Fee Schedule’’), and the (SR–NYSEMKT–2017–14).
Exchange will file separate proposals under Section 5 See Securities Exchange Act Release No. 67037
NYSE Amex Options Proprietary Market
19(b) of the Securities Exchange Act of 1934 before (May 21, 2012), 77 FR 31415 (May 25, 2012) (SR–
listing and trading separate and distinct Managed
Data Fees (‘‘Options Market Data Fees’’) NYSEAmex–2012–32).
Trust Securities.’’ Amendment No. 2 is available at: to reflect that rebranding. The Exchange 6 See Rule 900.2NY(47) (Definitions) (providing
sradovich on DSK3GMQ082PROD with NOTICES

https://www.sec.gov/comments/sr-nysemkt-2016- also proposes to delete obsolete that ‘‘[t]he term ‘NYSE Amex Options’ shall refer
103/nysemkt2016103-1724667-150689.pdf. Because references in the rules and the NYSE to those aspects of the Self-Regulatory Organization
Amendment No. 2 to the proposed rule change does and the Trading Facilities business of NYSE MKT
not materially alter the substance of the proposed
MKT LLC Company Guide (‘‘Company
LLC licensed to trade Options by the Exchange’’).
rule change or raise unique or novel regulatory See also Section 900 NY (Rules Principally
13 17 CFR 200.30–3(a)(57).
issues, Amendment No. 2 is not subject to notice Applicable to Trading of Options Contracts) of the
and comment. 1 15 U.S.C. 78s(b)(1). Exchange’s Rules.
11 15 U.S.C. 78s(b)(2). 2 15 U.S.C. 78a. 7 See Securities Exchange Act Release No. 80283,
12 Id. 3 17 CFR 240.19b–4. supra note 4.

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Document Created: 2018-11-08 08:54:39
Document Modified: 2018-11-08 08:54:39

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 24763