82_FR_36155 82 FR 36008 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change in Connection With the September 5, 2017 Compliance Date for the Shortening of the Standard Settlement Cycle From Three Business Days After the Trade Date to Two Business Days After the Trade Date

82 FR 36008 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change in Connection With the September 5, 2017 Compliance Date for the Shortening of the Standard Settlement Cycle From Three Business Days After the Trade Date to Two Business Days After the Trade Date

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 147 (August 2, 2017)

Page Range36008-36009
FR Document2017-16211

Federal Register, Volume 82 Issue 147 (Wednesday, August 2, 2017)
[Federal Register Volume 82, Number 147 (Wednesday, August 2, 2017)]
[Notices]
[Pages 36008-36009]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-16211]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81231; File No. SR-NYSE-2017-38]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change in 
Connection With the September 5, 2017 Compliance Date for the 
Shortening of the Standard Settlement Cycle From Three Business Days 
After the Trade Date to Two Business Days After the Trade Date

July 27, 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 July 26, 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 in connection with the September 5, 2017 
compliance date for the shortening of the standard settlement cycle 
from three business days after the trade date (``T+3'') to two business 
days after the trade date (``T+2''), to (1) delete NYSE Rule 282.65 
(Failure to Deliver and Liability Notice Procedures) (``Rule 282.65'') 
and Section 703.02 (part 2) (Stock Split/Stock Rights/Stock Dividend 
Listing Process) (``Section 703.02 (part 2)'') of the NYSE Listed 
Company Manual (``Listed Company Manual''); (2) delete the preamble and 
``T'' modifier from NYSE Rule 282.65T (Failure to Deliver and Liability 
Notice Procedures) (``Rule 282.65T'') and Section 703.02T (part 2) 
(Stock Split/Stock Rights/Stock Dividend Listing Process) (``Section 
703.02T'') of Listed Company Manual; and (3) establish the operative 
date of Rule 282.65T and Section 703.02T of the Listed Company Manual. 
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
    In connection with the September 5, 2017 compliance date for 
shortening of the standard settlement cycle from T+3 to T+2, the 
Exchange proposes to (1) delete Rule 282.65 and Section 703.02 (part 2) 
of the Listed Company Manual; (2) delete the preamble and ``T'' 
modifier from Rule 282.65T and Section 703.02T of the Listed Company 
Manual; and (3) establish the operative date of Rule 282.65T and 
Section 703.02T of the Listed Company Manual as September 5, 2017.
Background
    On September 28, 2016, the Securities and Exchange Commission 
(``SEC'') proposed amendments to Rule 15c6-1(a) to shorten the standard 
settlement cycle from T+3 to T+2.\4\ Following this action by the SEC, 
the Exchange adopted new rules with the modifier ``T'' to reflect a T+2 
settlement cycle.\5\ Because the Exchange would not implement the new 
rules until after the final implementation of T+2, the Exchange 
retained the versions of the rules reflecting T+3 settlement on its 
books. Certain of these rules have since been deleted in connection 
with the Exchange's elimination of non-regular way trading.\6\ In order 
to reduce the potential for confusion regarding which version of the 
rule governs, the Exchange added explanatory preambles, provided below.
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    \4\ See Securities Exchange Act Release No. 78962 (September 28, 
2016), 81 FR 69240 (October 5, 2016) (File No. S7-22-16).
    \5\ See Securities Exchange Act Release No. 80021 (February 104, 
2017), 82 FR 10931 (February 16, 2017) (SR-NYSE-2016-87).
    \6\ See Securities Exchange Act Release No. 811762 (July 20, 
2017) (SR-NYSE-2017-33).
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    In particular, the following preamble was added to the Rule 282.65 
and Section 703.02 (part 2):
    ``This version of . . . will remain operative until the Exchange 
files separate proposed rule changes as necessary to establish the 
operative date of . . . , to delete this version of . . . and preamble, 
and to remove the preamble text from the version of . . . . In addition 
to filing the necessary proposed rule changes, the Exchange will 
announce via Information Memo the operative date of the deletion of 
this Rule and implementation of . . .''
    The following preamble was added to the Rule 282.65T and Section 
703.02T:
    ``The Exchange will file separate proposed rule changes to 
establish the operative date of . . . , to delete . . . and the 
preamble text from . . . , and to remove the preamble text from the 
version of . . . . Until such time, . . . will remain operative. In 
addition to filing the necessary proposed rule changes, the Exchange 
will announce via Information Memo the implementation of this Rule and 
the operative date of the deletion of . . .''
    On March 22, 2017, the SEC adopted the proposed amendment to Rule 
15c6-1(a) under the Act \7\ with a compliance date of September 5, 
2017.\8\
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    \7\ See 17 CFR 240.15c6-1(a).
    \8\ See Securities Exchange Act Release No. 80295 (March 22, 
2017), 82 FR 15564 (March 29, 2017) (File No. S7-22-16).
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Proposed Rule Change
    In order to comply with the September 5, 2017, transition to T+2 
settlement, the Exchange proposes to:
     Delete Rule 282.65 and Section 703.02 (part 2), including 
the preambles, in their entirety;

[[Page 36009]]

     delete the preambles to Rule 282.65T Section 703.02T; and
     delete the ``T'' modifier in Rule 282.65T and Section 
703.02T, which distinguished such rules from the T+3 rules.
    The Exchange proposes that the changes described herein would take 
effect on September 5, 2017, to coincide with the transition to T+2. 
The Exchange will announce via Information Memo the implementation of 
Rule 282.65T and Section 703.02T of the Listed Company Manual and the 
operative date of the deletion of Rule 282.65 and Section 703.02 (part 
2).
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\9\ in general, and further the objectives 
of Section 6(b)(5) of the Act,\10\ in particular, because it is 
designed to prevent fraudulent and manipulative acts and practices, 
promote just and equitable principles of trade, 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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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In particular, the Exchange believes that the proposed changes 
remove impediments to and perfect the mechanism of a free and open 
market by adding clarity as to which rules are operative and when, 
thereby reducing potential confusion, and making the Exchange's rules 
easier to navigate. The Exchange also believes that eliminating 
obsolete material from its rulebook and Listed Company Manual also 
removes impediments to and perfects the mechanism of a free and open 
market by removing confusion that may result from having obsolete 
material in the Exchange's rulebook and Listed Company Manual. The 
Exchange believes that eliminating such obsolete material would not be 
inconsistent with the public interest and the protection of investors 
because investors will not be harmed and in fact would benefit from 
increased transparency, thereby reducing potential confusion.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change would 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The proposed change is not 
designed to address any competitive issue but rather facilitate the 
industry's transition to a T+2 regular-way settlement cycle. The 
Exchange also believes that the proposed rule change will serve to 
promote clarity and consistency, thereby reducing burdens on the 
marketplace and facilitating investor protection.

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 \11\ and Rule 19b-4(f)(6) thereunder.\12\ 
Because the proposed rule change does not: (i) Significantly affect the 
protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative prior to 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate, if consistent with the protection of 
investors and the public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.\13\
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change, along with a 
brief description and text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission. The 
Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    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) \14\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use 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-NYSE-2017-38 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-2017-38. 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-2017-38 and should be 
submitted on or before August 23, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-16211 Filed 8-1-17; 8:45 am]
 BILLING CODE 8011-01-P



                                                36008                       Federal Register / Vol. 82, No. 147 / Wednesday, August 2, 2017 / Notices

                                                Thursday, August 7, 2017, at 9:00 a.m.                   settlement cycle from three business                  cycle from T+3 to T+2.4 Following this
                                                  1. Financial Matters.                                  days after the trade date (‘‘T+3’’) to two            action by the SEC, the Exchange
                                                  2. Strategic Issues.                                   business days after the trade date                    adopted new rules with the modifier
                                                  3. Personnel Matters and                               (‘‘T+2’’), to (1) delete NYSE Rule 282.65             ‘‘T’’ to reflect a T+2 settlement cycle.5
                                                Compensation Issues.                                     (Failure to Deliver and Liability Notice              Because the Exchange would not
                                                                                                         Procedures) (‘‘Rule 282.65’’) and Section             implement the new rules until after the
                                                  4. Executive Session—Discussion of
                                                                                                         703.02 (part 2) (Stock Split/Stock                    final implementation of T+2, the
                                                prior agenda items and Temporary
                                                                                                         Rights/Stock Dividend Listing Process)                Exchange retained the versions of the
                                                Emergency Committee governance.
                                                                                                         (‘‘Section 703.02 (part 2)’’) of the NYSE             rules reflecting T+3 settlement on its
                                                GENERAL COUNSEL CERTIFICATION: The                                                                             books. Certain of these rules have since
                                                                                                         Listed Company Manual (‘‘Listed
                                                General Counsel of the United States                     Company Manual’’); (2) delete the                     been deleted in connection with the
                                                Postal Service has certified that the                    preamble and ‘‘T’’ modifier from NYSE                 Exchange’s elimination of non-regular
                                                meeting may be closed under the                          Rule 282.65T (Failure to Deliver and                  way trading.6 In order to reduce the
                                                Government in the Sunshine Act.                          Liability Notice Procedures) (‘‘Rule                  potential for confusion regarding which
                                                CONTACT PERSON FOR MORE INFORMATION:                     282.65T’’) and Section 703.02T (part 2)               version of the rule governs, the
                                                Julie S. Moore, Secretary of the Board,                  (Stock Split/Stock Rights/Stock                       Exchange added explanatory preambles,
                                                U.S. Postal Service, 475 L’Enfant Plaza                  Dividend Listing Process) (‘‘Section                  provided below.
                                                SW., Washington, DC 20260–1000.                          703.02T’’) of Listed Company Manual;                     In particular, the following preamble
                                                Telephone: (202) 268–4800.                               and (3) establish the operative date of               was added to the Rule 282.65 and
                                                                                                         Rule 282.65T and Section 703.02T of                   Section 703.02 (part 2):
                                                Julie S. Moore,                                                                                                   ‘‘This version of . . . will remain
                                                Secretary.
                                                                                                         the Listed Company Manual. The
                                                                                                         proposed rule change is available on the              operative until the Exchange files
                                                [FR Doc. 2017–16301 Filed 7–31–17; 11:15 am]
                                                                                                         Exchange’s Web site at www.nyse.com,                  separate proposed rule changes as
                                                BILLING CODE 7710–12–P
                                                                                                         at the principal office of the Exchange,              necessary to establish the operative date
                                                                                                         and at the Commission’s Public                        of . . . , to delete this version of . . .
                                                                                                         Reference Room.                                       and preamble, and to remove the
                                                SECURITIES AND EXCHANGE                                                                                        preamble text from the version of . . . .
                                                COMMISSION                                               II. Self-Regulatory Organization’s                    In addition to filing the necessary
                                                                                                         Statement of the Purpose of, and                      proposed rule changes, the Exchange
                                                [Release No. 34–81231; File No. SR–NYSE–                 Statutory Basis for, the Proposed Rule                will announce via Information Memo
                                                2017–38]
                                                                                                         Change                                                the operative date of the deletion of this
                                                Self-Regulatory Organizations; New                         In its filing with the Commission, the              Rule and implementation of . . .’’
                                                York Stock Exchange LLC; Notice of                       self-regulatory organization included                    The following preamble was added to
                                                Filing and Immediate Effectiveness of                    statements concerning the purpose of,                 the Rule 282.65T and Section 703.02T:
                                                Proposed Rule Change in Connection                                                                                ‘‘The Exchange will file separate
                                                                                                         and basis for, the proposed rule change
                                                With the September 5, 2017                                                                                     proposed rule changes to establish the
                                                                                                         and discussed any comments it received
                                                Compliance Date for the Shortening of                                                                          operative date of . . . , to delete . . .
                                                                                                         on the proposed rule change. The text
                                                the Standard Settlement Cycle From                                                                             and the preamble text from . . . , and
                                                                                                         of those statements may be examined at
                                                Three Business Days After the Trade                                                                            to remove the preamble text from the
                                                                                                         the places specified in Item IV below.
                                                Date to Two Business Days After the                                                                            version of . . . . Until such time, . . .
                                                                                                         The Exchange has prepared summaries,
                                                Trade Date                                                                                                     will remain operative. In addition to
                                                                                                         set forth in sections A, B, and C below,
                                                                                                                                                               filing the necessary proposed rule
                                                                                                         of the most significant parts of such
                                                July 27, 2017.                                                                                                 changes, the Exchange will announce
                                                                                                         statements.
                                                   Pursuant to Section 19(b)(1) 1 of the                                                                       via Information Memo the
                                                Securities Exchange Act of 1934 (the                     A. Self-Regulatory Organization’s                     implementation of this Rule and the
                                                ‘‘Act’’) 2 and Rule 19b–4 thereunder,3                   Statement of the Purpose of, and the                  operative date of the deletion of . . .’’
                                                notice is hereby given that on July 26,                  Statutory Basis for, the Proposed Rule                   On March 22, 2017, the SEC adopted
                                                2017, New York Stock Exchange LLC                        Change                                                the proposed amendment to Rule 15c6–
                                                (‘‘NYSE’’ or the ‘‘Exchange’’) filed with                                                                      1(a) under the Act 7 with a compliance
                                                                                                         1. Purpose                                            date of September 5, 2017.8
                                                the Securities and Exchange
                                                Commission (the ‘‘Commission’’) the                        In connection with the September 5,
                                                                                                                                                               Proposed Rule Change
                                                proposed rule change as described in                     2017 compliance date for shortening of
                                                Items I, II, and III below, which Items                  the standard settlement cycle from T+3                  In order to comply with the
                                                have been prepared by the self-                          to T+2, the Exchange proposes to (1)                  September 5, 2017, transition to T+2
                                                regulatory organization. The                             delete Rule 282.65 and Section 703.02                 settlement, the Exchange proposes to:
                                                                                                         (part 2) of the Listed Company Manual;                  • Delete Rule 282.65 and Section
                                                Commission is publishing this notice to
                                                                                                         (2) delete the preamble and ‘‘T’’                     703.02 (part 2), including the preambles,
                                                solicit comments on the proposed rule
                                                                                                         modifier from Rule 282.65T and Section                in their entirety;
                                                change from interested persons.
                                                                                                         703.02T of the Listed Company Manual;
                                                I. Self-Regulatory Organization’s                        and (3) establish the operative date of
                                                                                                                                                                  4 See Securities Exchange Act Release No. 78962

                                                Statement of the Terms of Substance of                                                                         (September 28, 2016), 81 FR 69240 (October 5,
                                                                                                         Rule 282.65T and Section 703.02T of                   2016) (File No. S7–22–16).
                                                the Proposed Rule Change
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                                                                                                         the Listed Company Manual as                             5 See Securities Exchange Act Release No. 80021

                                                  The Exchange proposes in connection                    September 5, 2017.                                    (February 104, 2017), 82 FR 10931 (February 16,
                                                                                                                                                               2017) (SR–NYSE–2016–87).
                                                with the September 5, 2017 compliance                    Background                                               6 See Securities Exchange Act Release No. 811762
                                                date for the shortening of the standard                                                                        (July 20, 2017) (SR–NYSE–2017–33).
                                                                                                           On September 28, 2016, the Securities                  7 See 17 CFR 240.15c6–1(a).
                                                  1 15 U.S.C. 78s(b)(1).                                 and Exchange Commission (‘‘SEC’’)                        8 See Securities Exchange Act Release No. 80295
                                                  2 15 U.S.C. 78a.                                       proposed amendments to Rule 15c6–                     (March 22, 2017), 82 FR 15564 (March 29, 2017)
                                                  3 17 CFR 240.19b–4.                                    1(a) to shorten the standard settlement               (File No. S7–22–16).



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                                                                            Federal Register / Vol. 82, No. 147 / Wednesday, August 2, 2017 / Notices                                                      36009

                                                   • delete the preambles to Rule                        T+2 regular-way settlement cycle. The                     change is consistent with the Act.
                                                282.65T Section 703.02T; and                             Exchange also believes that the                           Comments may be submitted by any of
                                                   • delete the ‘‘T’’ modifier in Rule                   proposed rule change will serve to                        the following methods:
                                                282.65T and Section 703.02T, which                       promote clarity and consistency,
                                                distinguished such rules from the T+3                    thereby reducing burdens on the                           Electronic Comments
                                                rules.                                                   marketplace and facilitating investor                       • Use the Commission’s Internet
                                                   The Exchange proposes that the                        protection.                                               comment form (http://www.sec.gov/
                                                changes described herein would take
                                                                                                         C. Self-Regulatory Organization’s                         rules/sro.shtml); or
                                                effect on September 5, 2017, to coincide
                                                with the transition to T+2. The                          Statement on Comments on the                                • Send an email to rule-comments@
                                                Exchange will announce via Information                   Proposed Rule Change Received From                        sec.gov. Please include File Number SR–
                                                Memo the implementation of Rule                          Members, Participants, or Others                          NYSE–2017–38 on the subject line.
                                                282.65T and Section 703.02T of the                         No written comments were solicited
                                                                                                         or received with respect to the proposed                  Paper Comments
                                                Listed Company Manual and the
                                                operative date of the deletion of Rule                   rule change.                                                • Send paper comments in triplicate
                                                282.65 and Section 703.02 (part 2).                      III. Date of Effectiveness of the                         to Brent J. Fields, Secretary, Securities
                                                2. Statutory Basis                                       Proposed Rule Change and Timing for                       and Exchange Commission, 100 F Street
                                                                                                         Commission Action                                         NE., Washington, DC 20549–1090.
                                                   The Exchange believes that the
                                                proposed rule change is consistent with                     The Exchange has filed the proposed                    All submissions should refer to File
                                                Section 6(b) of the Act,9 in general, and                rule change pursuant to Section                           Number SR–NYSE–2017–38. This file
                                                further the objectives of Section 6(b)(5)                19(b)(3)(A)(iii) of the Act 11 and Rule                   number should be included on the
                                                of the Act,10 in particular, because it is               19b–4(f)(6) thereunder.12 Because the                     subject line if email is used. To help the
                                                designed to prevent fraudulent and                       proposed rule change does not: (i)                        Commission process and review your
                                                manipulative acts and practices,                         Significantly affect the protection of                    comments more efficiently, please use
                                                promote just and equitable principles of                 investors or the public interest; (ii)                    only one method. The Commission will
                                                trade, remove impediments to and                         impose any significant burden on                          post all comments on the Commission’s
                                                perfect the mechanism of a free and                      competition; and (iii) become operative                   Internet Web site (http://www.sec.gov/
                                                open market and a national market                        prior to 30 days from the date on which                   rules/sro.shtml). Copies of the
                                                system, and, in general, to protect                      it was filed, or such shorter time as the                 submission, all subsequent
                                                investors and the public interest.                       Commission may designate, if                              amendments, all written statements
                                                   In particular, the Exchange believes                  consistent with the protection of                         with respect to the proposed rule
                                                that the proposed changes remove                         investors and the public interest, the                    change that are filed with the
                                                impediments to and perfect the                           proposed rule change has become                           Commission, and all written
                                                mechanism of a free and open market by                   effective pursuant to Section 19(b)(3)(A)
                                                                                                                                                                   communications relating to the
                                                adding clarity as to which rules are                     of the Act and Rule 19b–4(f)(6)(iii)
                                                                                                                                                                   proposed rule change between the
                                                operative and when, thereby reducing                     thereunder.13
                                                                                                            At any time within 60 days of the                      Commission and any person, other than
                                                potential confusion, and making the                                                                                those that may be withheld from the
                                                Exchange’s rules easier to navigate. The                 filing of such proposed rule change, the
                                                                                                         Commission summarily may                                  public in accordance with the
                                                Exchange also believes that eliminating                                                                            provisions of 5 U.S.C. 552, will be
                                                obsolete material from its rulebook and                  temporarily suspend such rule change if
                                                                                                         it appears to the Commission that such                    available for Web site viewing and
                                                Listed Company Manual also removes                                                                                 printing in the Commission’s Public
                                                impediments to and perfects the                          action is necessary or appropriate in the
                                                                                                         public interest, for the protection of                    Reference Room, 100 F Street NE.,
                                                mechanism of a free and open market by                                                                             Washington, DC 20549 on official
                                                removing confusion that may result                       investors, or otherwise in furtherance of
                                                                                                         the purposes of the Act. If the                           business days between the hours of
                                                from having obsolete material in the                                                                               10:00 a.m. and 3:00 p.m. Copies of the
                                                Exchange’s rulebook and Listed                           Commission takes such action, the
                                                                                                         Commission shall institute proceedings                    filing also will be available for
                                                Company Manual. The Exchange
                                                                                                         under Section 19(b)(2)(B) 14 of the Act to                inspection and copying at the principal
                                                believes that eliminating such obsolete
                                                                                                         determine whether the proposed rule                       office of the Exchange. All comments
                                                material would not be inconsistent with
                                                                                                         change should be approved or                              received will be posted without change;
                                                the public interest and the protection of
                                                                                                         disapproved.                                              the Commission does not edit personal
                                                investors because investors will not be
                                                                                                                                                                   identifying information from
                                                harmed and in fact would benefit from                    IV. Solicitation of Comments                              submissions. You should submit only
                                                increased transparency, thereby
                                                                                                           Interested persons are invited to                       information that you wish to make
                                                reducing potential confusion.
                                                                                                         submit written data, views, and                           available publicly. All submissions
                                                B. Self-Regulatory Organization’s                        arguments concerning the foregoing,                       should refer to File Number SR–NYSE–
                                                Statement on Burden on Competition                       including whether the proposed rule                       2017–38 and should be submitted on or
                                                  The Exchange does not believe that                                                                               before August 23, 2017.
                                                                                                           11 15  U.S.C. 78s(b)(3)(A).
                                                the proposed rule change would impose                                                                                For the Commission, by the Division of
                                                                                                           12 17  CFR 240.19b–4(f)(6).
                                                any burden on competition that is not                       13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
                                                                                                                                                                   Trading and Markets, pursuant to delegated
sradovich on DSKBCFCHB2PROD with NOTICES




                                                necessary or appropriate in furtherance                  4(f)(6)(iii) requires the Exchange to give the            authority.15
                                                of the purposes of the Act. The                          Commission written notice of the Exchange’s intent        Eduardo A. Aleman,
                                                proposed change is not designed to                       to file the proposed rule change, along with a brief
                                                                                                         description and text of the proposed rule change,         Assistant Secretary.
                                                address any competitive issue but rather
                                                                                                         at least five business days prior to the date of filing   [FR Doc. 2017–16211 Filed 8–1–17; 8:45 am]
                                                facilitate the industry’s transition to a                of the proposed rule change, or such shorter time
                                                                                                                                                                   BILLING CODE 8011–01–P
                                                                                                         as designated by the Commission. The Exchange
                                                  9 15 U.S.C. 78f(b).                                    has satisfied this requirement.
                                                  10 15 U.S.C. 78f(b)(5).                                   14 15 U.S.C. 78s(b)(2)(B).                               15 17   CFR 200.30–3(a)(12).



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Document Created: 2017-08-02 07:09:30
Document Modified: 2017-08-02 07:09:30
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 36008 

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