82_FR_29470 82 FR 29347 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Withdrawal of a Proposed Rule Change, as Modified by Amendment No. 3, To Amend Section 102.01B of the NYSE Listed Company Manual To Modify the Requirements That Apply to Companies That List Without a Prior Exchange Act Registration and That Are Not Listing in Connection With an Underwritten Initial Public Offering

82 FR 29347 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Withdrawal of a Proposed Rule Change, as Modified by Amendment No. 3, To Amend Section 102.01B of the NYSE Listed Company Manual To Modify the Requirements That Apply to Companies That List Without a Prior Exchange Act Registration and That Are Not Listing in Connection With an Underwritten Initial Public Offering

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 123 (June 28, 2017)

Page Range29347-29348
FR Document2017-13488

Federal Register, Volume 82 Issue 123 (Wednesday, June 28, 2017) 
[Federal Register Volume 82, Number 123 (Wednesday, June 28, 2017)]
[Notices]
[Pages 29347-29348]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-13488]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81000; File No. SR-NYSE-2017-12]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Withdrawal of a Proposed Rule Change, as Modified by 
Amendment No. 3, To Amend Section 102.01B of the NYSE Listed Company 
Manual To Modify the Requirements That Apply to Companies That List 
Without a Prior Exchange Act Registration and That Are Not Listing in 
Connection With an Underwritten Initial Public Offering

June 22, 2017.
    On March 13, 2017, the New York Stock Exchange LLC (``NYSE'' or the 
``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 amend Section 102.01B of the Manual to modify 
the provisions relating to the qualification of companies listing 
without a prior Exchange Act registration and an underwritten offering 
to permit the listing of such companies immediately upon effectiveness 
of an Exchange Act registration statement without a concurrent public 
offering registered under the Securities Act of 1933 provided the 
company meets all other listing requirements. The proposal also would 
eliminate the requirement to have a private placement market trading 
price if there is a valuation from an independent third-party of $250 
million in market value of publicly-held shares. The proposed rule 
change was published for comment in the Federal Register on March 31, 
2017.\3\ The Commission received no comments on the proposed rule 
change. On May 12, 2017, the Commission extended the time period within 
which to approve the proposed rule change, disapprove the proposed rule 
change, or institute proceedings to determine whether to approve or 
disapprove the proposed rule change to June 29, 2017.\4\ On June 6, 
2017, the Exchange filed Amendment No. 3 to the proposed rule 
change.\5\
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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. 34-80313 (March 27, 
2017), 82 FR 16082 (March 31, 2017).
    \4\ See Securities Exchange Act Release No. 34-80670 (May 12, 
2017), 82 FR 22866 (May 18, 2017).
    \5\ The Exchange also filed Amendment No. 1 to the proposed rule 
change on May 16, 2017 and Amendment No. 2 to the proposed rule 
change on May 24, 2017, both of which were subsequently withdrawn.

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[[Page 29348]]

    On June 19, 2017, the Exchange withdrew the proposed rule change, 
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as modified by Amendment No. 3. (SR-NYSE-2017-12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-13488 Filed 6-27-17; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 123 / Wednesday, June 28, 2017 / Notices 29347 Westinghouse Electric Company, LLC cladding material at Ginna. Optimized SECURITIES AND EXCHANGE (Westinghouse), addresses Optimized ZIRLOTM has essentially the same COMMISSION ZIRLOTM and demonstrates that properties are currently licensed [Release No. 34–81000; File No. SR–NYSE– Optimized ZIRLOTM has essentially the ZIRLO®. The use of Optimized ZIRLOTM 2017–12] same properties as currently licensed fuel rod cladding material will not ZIRLO®. The fuel cladding itself is not significantly change the types of Self-Regulatory Organizations; New an accident initiator and does not affect effluents that may be released offsite or York Stock Exchange LLC; Notice of accident probability. significantly increase the amount of Withdrawal of a Proposed Rule 2. Does the proposed exemption effluents that may be released offsite. Change, as Modified by Amendment create the possibility of a new or No. 3, To Amend Section 102.01B of Therefore, the provisions of different kind of accident from any the NYSE Listed Company Manual To § 51.22(c)(9)(ii) are satisfied. accident previously evaluated? Modify the Requirements That Apply to Response: No. Requirements in § 51.22(c)(9)(iii) Companies That List Without a Prior Use of Optimized ZIRLOTM clad fuel Exchange Act Registration and That will not result in changes in the The proposed exemption would allow Are Not Listing in Connection With an operation or configuration of the the use of Optimized ZIRLOTM fuel rod Underwritten Initial Public Offering facility. Topical Report WCAP–12610– cladding material at Ginna. Optimized P–A & CENPD–404–P–A, Addendum 1– ZIRLOTM has essentially the same June 22, 2017. A, demonstrated that the material properties are currently licensed On March 13, 2017, the New York properties of Optimized ZIRLOTM are ZIRLO®. The use of Optimized ZIRLOTM Stock Exchange LLC (‘‘NYSE’’ or the similar to those of standard ZIRLO®, fuel rod cladding material at Ginna will ‘‘Exchange’’) filed with the Securities thus precluding the possibility of the not significantly increase individual and Exchange Commission fuel cladding becoming an accident occupational radiation exposure or (‘‘Commission’’), pursuant to Section initiator and causing a new or different significantly increase cumulative 19(b)(1) of the Securities Exchange Act type of accident. Therefore, the occupational radiation exposure. of 1934 (‘‘Act’’) 1 and Rule 19b–4 proposed change does not create the Therefore, the provisions of thereunder,2 a proposed rule change to possibility of a new or different kind of amend Section 102.01B of the Manual to § 51.22(c)(9)(iii) are satisfied. accident from any previously evaluated. modify the provisions relating to the 3. Does the proposed exemption Conclusion qualification of companies listing involve a significant reduction in a without a prior Exchange Act margin of safety? Based on the above, the NRC staff registration and an underwritten Response: No. concludes that the proposed exemption offering to permit the listing of such The proposed change will not involve meets the eligibility criteria for the companies immediately upon a significant reduction in the margin of categorical exclusion set forth in effectiveness of an Exchange Act safety. Topical Report WCAP–12610–P– § 51.22(c)(9). Therefore, in accordance registration statement without a A & CENPD–404–P–A, Addendum 1–A, with § 51.22(b), no environmental concurrent public offering registered demonstrated that the material impact statement or environmental under the Securities Act of 1933 properties of the Optimized ZIRLOTM assessment need to be prepared in provided the company meets all other are not significantly different from those connection with the NRC’s proposed listing requirements. The proposal also of standard ZIRLO®. Optimized issuance of this exemption. would eliminate the requirement to ZIRLOTM is expected to perform have a private placement market trading similarly to standard ZIRLO® for all IV. Conclusion price if there is a valuation from an normal operating and accident independent third-party of $250 million scenarios, including both loss of coolant Accordingly, the Commission has determined that, pursuant to § 50.12, the in market value of publicly-held shares. accident LOCA) and non-LOCA The proposed rule change was scenarios. For LOCA scenarios, where exemption is authorized by law, will not present an undue risk to the public published for comment in the Federal the slight difference is Optimized Register on March 31, 2017.3 The ZIRLOTM material properties relative to health and safety, and is consistent with Commission received no comments on standard ZIRLO® could have some the common defense and security. Also, the proposed rule change. On May 12, impact on the overall accident scenario, special circumstances are present. 2017, the Commission extended the plant-specific LOCA analyses using Therefore, the Commission hereby time period within which to approve Optimized ZIRLOTM properties will grants Exelon an exemption from certain the proposed rule change, disapprove demonstrate that the acceptance criteria requirements of § 50.46 and 10 CFR part the proposed rule change, or institute of 10 CFR 50.46 have been satisfied. 50, appendix K, to allow the use of proceedings to determine whether to Therefore, the proposed change does not Optimized ZIRLOTM fuel rod cladding approve or disapprove the proposed involve a significant reduction in a material at Ginna. rule change to June 29, 2017.4 On June margin of safety. 6, 2017, the Exchange filed Amendment Based on the above, the NRC staff Dated at Rockville, Maryland, this 19th day of June 2017. No. 3 to the proposed rule change.5 concludes that the proposed exemption presents no significant hazards For the Nuclear Regulatory Commission. 1 15 U.S.C. 78s(b)(1). asabaliauskas on DSKBBXCHB2PROD with NOTICES consideration under the standards set MaryJane Ross-Lee, 2 17 CFR 240.19b–4. forth in § 50.92(c), and, accordingly, a Acting Director, Division of Operating Reactor 3 See Securities Exchange Act Release No. 34– finding of no significant hazards Licensing, Office of Nuclear Reactor 80313 (March 27, 2017), 82 FR 16082 (March 31, consideration is justified (i.e., satisfies Regulation. 2017). 4 See Securities Exchange Act Release No. 34– the provisions of § 51.22(c)(9)(i)). [FR Doc. 2017–13517 Filed 6–27–17; 8:45 am] 80670 (May 12, 2017), 82 FR 22866 (May 18, 2017). Requirements in § 51.22(c)(9)(ii) BILLING CODE 7590–01–P 5 The Exchange also filed Amendment No. 1 to the proposed rule change on May 16, 2017 and The proposed exemption would allow Amendment No. 2 to the proposed rule change on the use of Optimized ZIRLOTM fuel rod Continued VerDate Sep<11>2014 17:22 Jun 27, 2017 Jkt 241001 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 E:\FR\FM\28JNN1.SGM 28JNN1

29348 Federal Register / Vol. 82, No. 123 / Wednesday, June 28, 2017 / Notices On June 19, 2017, the Exchange the proposed rule change and discussed Program by: (i) Adding greater than withdrew the proposed rule change, as any comments it received on the 750,000 shares a day on average during modified by Amendment No. 3. (SR– proposed rule change. The text of these the month through one or more of its NYSE–2017–12). statements may be examined at the Nasdaq Market Center MPIDs; and (ii) For the Commission, by the Division of places specified in Item IV below. The meeting the criteria set forth above Trading and Markets, pursuant to delegated Exchange has prepared summaries, set (increasing its shares of liquidity authority.6 forth in sections A, B, and C below, of provided through one or more of its Eduardo A. Aleman, the most significant aspects of such Nasdaq Market Center MPIDs as a Assistant Secretary. statements. percent of Consolidated Volume by 20% versus the member’s Growth Baseline) [FR Doc. 2017–13488 Filed 6–27–17; 8:45 am] A. Self-Regulatory Organization’s in the preceding month, and BILLING CODE 8011–01–P Statement of the Purpose of, and maintaining or increasing its shares of Statutory Basis for, the Proposed Rule liquidity provided through one or more Change of its Nasdaq Market Center MPIDs as a SECURITIES AND EXCHANGE COMMISSION 1. Purpose percent of Consolidated Volume as The purpose of the proposed rule compared to the preceding month. [Release No. 34–80997; File No. SR– Third, a member may qualify for the NASDAQ–2017–060] change is to amend Rule 7014(j) to provide a second credit tier under the Program by: (i) Adding greater than Nasdaq Growth Program (‘‘Program’’). 750,000 shares a day on average during Self-Regulatory Organizations; The Nasdaq introduced the Program in the month through one or more of its NASDAQ Stock Market LLC; Notice of 2016.4 The purpose of the Program is to Nasdaq Market Center MPIDs in three Filing and Immediate Effectiveness of provide a credit per share executed for separate months; (ii) increasing its Proposed Rule Change To Amend Rule shares of liquidity provided through one 7014(j) members that meet certain growth or more of its Nasdaq Market Center criteria. The credit is designed to June 22, 2017. MPIDs as a percent of Consolidated provide an incentive to members that do Pursuant to Section 19(b)(1) of the Volume by 20% versus the member’s not qualify for other credits under Rule Securities Exchange Act of 1934 Growth Baseline in three separate 7018 in excess of the Program credit to (‘‘Act’’),1 and Rule 19b–4 thereunder,2 months; and (iii) maintaining or increase their participation on the notice is hereby given that on June 9, increasing its shares of liquidity Exchange. The Program provides a 2017, The NASDAQ Stock Market LLC provided through one or more of its member a $0.0025 per share executed (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the Nasdaq Market Center MPIDs as a credit in securities priced $1 or more Securities and Exchange Commission percent of Consolidated Volume per share if the member meets certain (‘‘SEC’’ or ‘‘Commission’’) the proposed compared to the growth baseline criteria. The credit is provided in lieu of established when the member met the rule change as described in Items I, II, other credits provided to the member for and III below, which Items have been criteria for the third month. displayed quotes/orders (other than The Exchange is proposing to amend prepared by the Exchange.3 The Supplemental Orders or Designated Commission is publishing this notice to Rule 7014(j) to provide a second credit Retail Orders) that provide liquidity tier under the Program.6 Specifically, solicit comments on the proposed rule under Rule 7018, if the credit under the change from interested persons. the Exchange is proposing a $0.0027 per Nasdaq Growth Program is greater than share executed rebate in lieu of the I. Self-Regulatory Organization’s the credit attained under Rule 7018. current $0.0025 rebate. To qualify for Statement of the Terms of the Substance Rule 7014(j) currently provides three the new rebate, a member must: (i) Add of the Proposed Rule Change ways in which a member may qualify at least 0.04% or more [sic] of for the Program in a given month. First, Consolidated Volume during the month The Exchange proposes to amend the member may qualify for the Program Rule 7014(j) to provide a second credit through non-displayed orders on one or by: (i) Adding greater than 750,000 more of its Nasdaq Market Center tier under the Nasdaq Growth Program. shares a day on average during the The text of the proposed rule change MPIDs; and (ii) increase its shares of month through one or more of its liquidity provided through one or more is available on the Exchange’s Web site Nasdaq Market Center MPIDs; and (ii) of its Nasdaq Market Center MPIDs in at http://nasdaq.cchwallstreet.com, at increasing its shares of liquidity all securities during the month as a the principal office of the Exchange, and provided through one or more of its percent of Consolidated Volume by 50% at the Commission’s Public Reference Nasdaq Market Center MPIDs as a versus its August 2016 share of liquidity Room. percent of Consolidated Volume by 20% provided in all securities through one or II. Self-Regulatory Organization’s versus the member’s Growth Baseline.5 more of its Nasdaq Market Center MPIDs Statement of the Purpose of, and Second, the member may qualify for the as a percent of Consolidated Volume. Statutory Basis for, the Proposed Rule Thus, the first requirement of the new Change 4 See Securities Exchange Act Release No. 78977 tier requires a member to provide a (September 29, 2016), 81 FR 69140 (October 5, In its filing with the Commission, the 2016) (SR–NASDAQ–2016–132). significant level of Consolidated Exchange included statements 5 The Growth Baseline is defined as the member’s Volume through non-displayed 7 orders, concerning the purpose of and basis for shares of liquidity provided in all securities through which generally provide improvement asabaliauskas on DSKBBXCHB2PROD with NOTICES one or more of its Nasdaq Market Center MPIDs as a percent of Consolidated Volume during the last to the size of orders executed on the May 24, 2017, both of which were subsequently month a member qualified for the Nasdaq Growth withdrawn. 6 The Exchange is also proposing to renumber 6 17 CFR 200.30–3(a)(57). Program under current Rule 7014(j)(ii)(A) (increasing its Consolidated Volume by 20% versus current Rule 7014(j) to account for the new credit 1 15 U.S.C. 78s(b)(1). its Growth Baseline). If a member has not yet tier and make [sic] consistent with the numbering 2 17 CFR 240.19b–4. convention used under Rule 7014. qualified for a credit under this program, its August 3 The Commission notes that Nasdaq initially 2016 share of liquidity provided in all securities 7 Non-displayed orders are not displayed to other filed this proposal as SR–NASDAQ–2017–057 on through one or more of its Nasdaq Market Center Participants, but nevertheless remain available for June 1, 2017. On June 9, 2017, Nasdaq withdrew MPIDs as a percent of Consolidated Volume will be potential execution against incoming Orders until that filing and replaced it with this filing. used to establish a baseline. executed in full or cancelled. See Rule 4702(b)(3). VerDate Sep<11>2014 17:22 Jun 27, 2017 Jkt 241001 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 E:\FR\FM\28JNN1.SGM 28JNN1


Document Created: 2017-06-28 01:10:15
Document Modified: 2017-06-28 01:10:15
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation82 FR 29347 
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