82 FR 36054 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1, To Amend Its Listing Standards for Closed-End Funds
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 147 (August 2, 2017)
Federal Register Volume 82, Issue 147 (August 2, 2017)
| Page Range | 36054-36056 | |
| FR Document | 2017-16207 |
[Federal Register Volume 82, Number 147 (Wednesday, August 2, 2017)] [Notices] [Pages 36054-36056] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-16207] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81226; File No. SR-NYSE-2017-08] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1, To Amend Its Listing Standards for Closed-End Funds July 27, 2017. I. Introduction On May 24, 2017, 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 its listing standards for closed-end funds. The proposed rule change was published for comment in the [[Page 36055]] Federal Register on June 12, 2017.\3\ On June 29, 2017, NYSE filed Amendment No. 1 to the proposal.\4\ The Commission received no comments on the proposed rule change. The Commission is publishing this notice to solicit comment on Amendment No. 1 to the proposed rule change from interested persons, and is approving the proposed rule change, as modified by Amendment No. 1, on an accelerated basis. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 80867 (June 6, 2017), 82 FR 26964 (``Notice''). \4\ Amendment No. 1 revised the proposal to insert additional rule text to clarify the definition of public stockholders for purposes of determining adherence to the continued listing requirements for closed-end funds and to make conforming changes. Amendment No. 1 is available at: https://www.sec.gov/comments/sr-nyse-2017-08/nyse201708-1832561-154372.pdf. --------------------------------------------------------------------------- II. Description of the Proposed Rule Change, as Modified by Amendment No. 1 The Exchange has proposed to modify its listing standards applicable to a closed-end management investment company registered under the Investment Company Act of 1940 (a ``Fund''). In its filing, the Exchange explained that this proposal would conform its initial and continued listing standards for Funds to the listing standards for Funds utilized by NYSE MKT LLC (``NYSE MKT'').\5\ --------------------------------------------------------------------------- \5\ See Notice, supra note 3, at 26964. --------------------------------------------------------------------------- Currently, the Exchange will generally authorize the listing of a Fund that meets the distribution and publicly held shares requirements contained in Sections 102.01A and 102.01B of the NYSE Listed Company Manual, respectively, if the Fund's market value of publicly held shares is $60,000,000, regardless of whether the listing concerns an initial public offering or an existing Fund.\6\ Notwithstanding the requirement for market value of publicly held shares of $60,000,000, the Exchange will generally authorize the listing of all of the Funds in a group of Funds listed concurrently with a common investment adviser or investment advisers who are ``affiliated persons,'' as defined in Section 2(a)(3) of the Investment Company Act of 1940, as amended, if: (i) Total group market value of publicly held shares equals in the aggregate at least $200,000,000; (ii) the group market value of publicly held shares averages at least $45,000,000 per Fund; and (iii) no one Fund in the group has a market value of publicly held shares of less than $30,000,000.\7\ --------------------------------------------------------------------------- \6\ See NYSE Listed Company Manual, Section 102.04A. \7\ See id. --------------------------------------------------------------------------- Under the proposal, the Exchange would generally authorize the listing of a Fund that has a market value of publicly held shares or net assets of $20,000,000.\8\ Alternatively, the Exchange would generally authorize the listing of a group of Funds if: (i) Total group market value of publicly held shares or net assets equals in the aggregate at least $75,000,000; (ii) the group market value of publicly held shares or net assets averages at least $15,000,000 per Fund; and (iii) each Fund in the group has a market value of publicly held shares or net assets of at least $10,000,000.\9\ With respect to the introduction of requirements concerning a Fund's net asset value (``NAV''),\10\ the Exchange explained that Funds disclose NAV on at least a quarterly basis, and often more frequently, and that a Fund's share price typically trades at a premium or discount to NAV, with share price and NAV generally maintaining a close relationship.\11\ According to the Exchange, this relationship between share price and NAV makes the market price of a Fund less reliant on the price discovery mechanism of a liquid trading market than is the case with operating companies, and therefore the Exchange believes that NAV is an appropriate additional or alternative measure of suitability for listing.\12\ The Exchange explained that these revisions to the initial listing standards for Funds are based on the rules of NYSE MKT.\13\ --------------------------------------------------------------------------- \8\ See proposed NYSE Listed Company Manual, Section 102.04A. \9\ See id. \10\ The Exchange explained that the NAV of a Fund is the value of all Fund assets less liabilities, divided by the number of shares outstanding. See Notice, supra note 3, at 26964. \11\ See id. The Commission notes that most closed-end funds calculate NAV on a daily basis. \12\ See id. \13\ See id. (citing NYSE MKT Company Guide, Section 101(g)). --------------------------------------------------------------------------- Under current continued listing standards, the Exchange will promptly initiate suspension and delisting procedures with respect to a Fund if the average market capitalization of the entity over 30 consecutive trading days is below $15,000,000 or the Fund ceases to maintain its closed-end status.\14\ The Exchange has proposed to replace the existing average market capitalization continued listing standard with a requirement that Funds not fall below $5,000,000 in both total market value of publicly held shares and net assets over any 60 consecutive calendar day period.\15\ Shares held by directors, officers, or their immediate families and other concentrated holdings of 10 percent or more would be excluded in calculating the number of publicly held shares.\16\ The Exchange explained that these changes to the continued listing standards for Funds are based on the rules of NYSE MKT.\17\ According to the Exchange, it would monitor compliance with the publicly held shares requirement on an ongoing basis and ask any Fund whose total market value of publicly held shares fell below $5,000,000 over 60 calendar days to provide evidence that its net assets had exceeded $5,000,000 over the required period.\18\ The Exchange explained that it would promptly initiate suspension and delisting procedures with respect to any Fund that could not demonstrate compliance with the net asset requirement at such time.\19\ --------------------------------------------------------------------------- \14\ See NYSE Listed Company Manual, Section 802.01B. \15\ See proposed NYSE Listed Company Manual, Section 802.01B. The Exchange also has proposed to fix a typographical error in Section 802.01B of the NYSE Listed Company Manual. See Notice, supra note 3, at 26965. \16\ See proposed NYSE Listed Company Manual, Section 802.01B; Amendment No. 1, supra note 4, at 7. Similarly, for purposes of the public stockholder requirement, as discussed below, ``public stockholders'' would exclude holders that are directors, officers, or their immediate families and holders of other concentrated holdings of 10 percent or more. See proposed NYSE Listed Company Manual, Section 802.01B; Amendment No. 1, supra note 4, at 7. The Exchange represented that it relies primarily on the beneficial ownership disclosure included in the issuers' registration statements and annual meeting proxy statements in calculating publicly held shares and public stockholders, but also refers to other Commission filings where appropriate and its determinations are made in accordance with Rule 13d-3 under the Act. The Exchange stated that this is its practice under all of its rules where these calculations must be made. The Exchange also stated that this is the practice of NYSE MKT and the Exchange believes that its approach is generally consistent with that of the NASDAQ Stock Market. See Amendment No. 1, supra note 4, at 3. \17\ See Notice, supra note 3, at 26964-65 (citing NYSE MKT Company Guide, Section 1003(b)(v)). \18\ See Notice, supra note 3, at 26965 n. 4. \19\ See id. According to the Exchange, no listed Fund is currently below compliance with the Exchange's continued listing standards. See id. --------------------------------------------------------------------------- In addition, current Exchange rules provide that the Exchange will notify the Fund if the average market capitalization falls below $25,000,000 and will advise the Fund of the delisting standard.\20\ The Exchange has proposed to update this notification requirement, according to the Exchange, to reflect the reduced market capitalization component of the delisting standard and thus provide that the Exchange will notify a Fund if the total market value of publicly held shares over a 60 [[Page 36056]] calendar day period falls below $10,000,000.\21\ --------------------------------------------------------------------------- \20\ See NYSE Listed Company Manual, Section 802.01B. Funds are not eligible to utilize the follow-up procedures in Sections 802.02 and 802.03 of the NYSE Listed Company Manual that can be used by companies that are below the Exchange's continued listing criteria. See id. \21\ See proposed NYSE Listed Company Manual, Section 802.01B; see also Notice, supra note 3, at 26965. --------------------------------------------------------------------------- Further, the Exchange would specify that the distribution standards for common stocks of operating companies set forth in Section 802.01A of the NYSE Listed Company Manual do not apply to Funds.\22\ The Exchange is proposing new continued listing standards that apply only to Funds. Under the proposal, the Exchange would normally give consideration to the prompt initiation of suspension and delisting procedures with respect to the common stock of a Fund if: (i) The number of shares publicly held is less than 200,000; (ii) the total number of public stockholders is less than 300; \23\ or (iii) the total market value of shares publicly held is less than $1,000,000 for more than 90 consecutive calendar days.\24\ --------------------------------------------------------------------------- \22\ See proposed NYSE Listed Company Manual, Section 802.01B. \23\ The current distribution standards require 400 total stockholders, which calculation does not exclude public stockholders. See NYSE Listed Company Manual, Section 802.01A. \24\ See proposed NYSE Listed Company Manual, Section 802.01B; Amendment No. 1, supra note 4, at 7; supra note 16 and accompanying text. In Amendment No. 1, the Exchange amended the rule language to make clear that the definitions of publicly held shares and public stockholders, as described above, apply to these sections as appropriate. --------------------------------------------------------------------------- II. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change, as modified by Amendment No. 1, is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.\25\ In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,\26\ 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, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. Section 6(b)(5) of the Act \27\ also requires that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \25\ In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \26\ 15 U.S.C. 78f(b)(5). \27\ Id. --------------------------------------------------------------------------- The Commission notes that the proposed initial and continued listing standards are consistent with those listing standards currently utilized by NYSE MKT \28\ and that the Commission received no comments on the Exchange's proposed rule change. The Commission believes that the adjustment of the threshold for total market value of publicly held shares below which the Exchange will notify a Fund of the delisting standard is consistent with the adjustment to the continued listing standards in this proposed rule change. Based on the foregoing, the Commission believes that the proposed rule change presents no novel regulatory issues and therefore finds the proposed rule change to be consistent with the Act. --------------------------------------------------------------------------- \28\ See supra notes 13 and 17 and accompanying text. --------------------------------------------------------------------------- IV. Solicitation of Comments on Amendment No. 1 Interested persons are invited to submit written data, views, and arguments concerning whether Amendment No. 1 is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-NYSE-2017-08 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-2017-08. 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 such 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-2017-08, and should be submitted on or before August 23, 2017. V. Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1 The Commission finds good cause to approve the proposed rule change, as modified by Amendment No. 1, prior to the thirtieth day after the date of publication of the notice of Amendment No. 1 in the Federal Register. The Commission believes that the proposed changes to the description of the Exchange's method of calculating publicly held shares and public stockholders add clarity to the process. Accordingly, for the reasons noted above, the Commission finds good cause for approving the proposed rule change, as modified by Amendment No. 1, on an accelerated basis, pursuant to Section 19(b)(2) of the Act.\29\ --------------------------------------------------------------------------- \29\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- VI. Conclusion It is therefore ordered, pursuant to Section 19b(2) of the Act,\30\ that the proposed rule change (SR-NYSE-2017-08), as modified by Amendment No. 1 thereto, be, and hereby is, approved on an accelerated basis. --------------------------------------------------------------------------- \30\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\31\ --------------------------------------------------------------------------- \31\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-16207 Filed 8-1-17; 8:45 am] BILLING CODE 8011-01-P
![36054 Federal Register / Vol. 82, No. 147 / Wednesday, August 2, 2017 / Notices
be efficient and effective in meeting the (C) Clearing Agencies’ Statement on communications relating to the
requirements of its participants and the Comments on the Proposed Rule proposed rule changes between the
markets it serves, and have the covered Changes Received From Members, Commission and any person, other than
clearing agency’s management regularly Participants, or Others those that may be withheld from the
review the efficiency and effectiveness The Clearing Agencies have not public in accordance with the
of its (i) clearing and settlement solicited or received any written provisions of 5 U.S.C. 552, will be
arrangements; (ii) operating structure, available for Web site viewing and
comments relating to this proposal. The
including risk management policies, printing in the Commission’s Public
Clearing Agencies will notify the
procedures, and systems; (iii) scope of Reference Room, 100 F Street NE.,
Commission of any written comments
products cleared or settled; and (iv) use Washington, DC 20549 on official
received by the Clearing Agencies.
of technology and communication business days between the hours of
procedures.28 The Framework would III. Date of Effectiveness of the 10:00 a.m. and 3:00 p.m. Copies of the
describe some of the ways in which the Proposed Rule Changes, and Timing for filing also will be available for
Clearing Agencies review the efficiency Commission Action inspection and copying at the principal
and effectiveness of their businesses and Within 45 days of the date of office of the Clearing Agencies, and on
operations. For example, the Framework publication of this notice in the Federal DTCC’s Web site (http://dtcc.com/legal/
would describe how the Clearing sec-rule-filings.aspx). All comments
Register or within such longer period
Agencies employ a structured approach received will be posted without change;
up to 90 days (i) as the Commission may
to the pre-implementation reviews of the Commission does not edit personal
designate if it finds such longer period
new initiatives, including initiatives identifying information from
to be appropriate and publishes its
related to their clearing and settlement submissions. You should submit only
reasons for so finding or (ii) as to which
arrangements, scope of products cleared information that you wish to make
the clearing agency consents, the
or settled, and use of technology and available publicly. All submissions
Commission will:
communication procedures. The should refer to File Number SR–DTC–
(A) By order approve or disapprove
Framework would also describe the 2017–013, SR–NSCC–2017–012, or SR–
such proposed rule changes, or
Clearing Agencies’ Core Balanced FICC–2017–016, and should be
Business Scorecard, which is used to (B) institute proceedings to determine
whether the proposed rule changes submitted on or before August 23, 2017.
review the effectiveness of the Clearing
Agencies’ operations, information should be disapproved. For the Commission, by the Division of
Trading and Markets, pursuant to delegated
technology services levels, financial IV. Solicitation of Comments authority.30
performance and other aspects of their
Interested persons are invited to Eduardo A. Aleman,
business, including their respective
submit written data, views and Assistant Secretary.
participants’ experiences. The
arguments concerning the foregoing, [FR Doc. 2017–16268 Filed 8–1–17; 8:45 am]
Framework would also describe some of
including whether the proposed rule
the steps the Clearing Agencies take in BILLING CODE 8011–01–P
changes are consistent with the Act.
order to be efficient and effective in
meeting the requirements of their Comments may be submitted by any of
participants and the markets they serve, the following methods: SECURITIES AND EXCHANGE
including, for example, through the Electronic Comments COMMISSION
establishment, implementation,
• Use the Commission’s Internet [Release No. 34–81226; File No. SR–NYSE–
maintenance and enforcement of a 2017–08]
comment form (http://www.sec.gov/
written policy to address escalation,
rules/sro.shtml); or
tracking and resolution of certain Self-Regulatory Organizations; New
• Send an email to rule-comments@
customer complaints. Therefore, by York Stock Exchange LLC; Notice of
sec.gov. Please include File Number SR–
describing some of the ways in which Filing of Amendment No. 1 and Order
DTC–2017–013, SR–NSCC–2017–012, or
the Clearing Agencies review the Granting Accelerated Approval of
SR–FICC–2017–016 on the subject line.
efficiency and effectiveness of their Proposed Rule Change, as Modified by
businesses and operations, the Clearing Paper Comments Amendment No. 1, To Amend Its
Agencies believe the Framework is • Send paper comments in triplicate Listing Standards for Closed-End
consistent with the requirements of Rule to Secretary, Securities and Exchange Funds
17Ad–22(e)(21).29 Commission, 100 F Street NE., July 27, 2017.
(B) Clearing Agencies’ Statement on Washington, DC 20549.
Burden on Competition All submissions should refer to File I. Introduction
None of the Clearing Agencies believe Number SR–DTC–2017–013, SR–NSCC– On May 24, 2017, New York Stock
that the Framework would have any 2017–012, or SR–FICC–2017–016. One Exchange LLC (‘‘NYSE’’ or the
impact, or impose any burden, on of these file numbers should be ‘‘Exchange’’) filed with the Securities
competition because the proposed rule included on the subject line if email is and Exchange Commission
changes reflect some of the existing used. To help the Commission process (‘‘Commission’’), pursuant to Section
methods by which the Clearing and review your comments more 19(b)(1) of the Securities Exchange Act
Agencies manage Key Clearing Agency efficiently, please use only one method. of 1934 (‘‘Act’’) 1 and Rule 19b–4
The Commission will post all comments
sradovich on DSKBCFCHB2PROD with NOTICES
Risks, and would not effectuate any thereunder,2 a proposed rule change to
changes to the Clearing Agencies’ on the Commission’s Internet Web site amend its listing standards for closed-
processes described therein as they (http://www.sec.gov/rules/sro.shtml). end funds. The proposed rule change
currently apply to their respective Copies of the submission, all subsequent was published for comment in the
participants. amendments, all written statements
with respect to the proposed rule 30 17 CFR 200.30–3(a)(12).
28 17 CFR 240.17Ad–22(e)(21). changes that are filed with the 1 15 U.S.C. 78s(b)(1).
29 Id. Commission, and all written 2 17 CFR 240.19b–4.
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![36056 Federal Register / Vol. 82, No. 147 / Wednesday, August 2, 2017 / Notices
calendar day period falls below Act 27 also requires that the rules of an those that may be withheld from the
$10,000,000.21 exchange not be designed to permit public in accordance with the
Further, the Exchange would specify unfair discrimination between provisions of 5 U.S.C. 552, will be
that the distribution standards for customers, issuers, brokers, or dealers. available for Web site viewing and
common stocks of operating companies The Commission notes that the printing in the Commission’s Public
set forth in Section 802.01A of the proposed initial and continued listing Reference Room, 100 F Street NE.,
NYSE Listed Company Manual do not standards are consistent with those Washington, DC 20549 on official
apply to Funds.22 The Exchange is listing standards currently utilized by business days between the hours of
proposing new continued listing NYSE MKT 28 and that the Commission 10:00 a.m. and 3:00 p.m. Copies of such
standards that apply only to Funds. received no comments on the filing also will be available for
Under the proposal, the Exchange Exchange’s proposed rule change. The
would normally give consideration to inspection and copying at the principal
Commission believes that the
the prompt initiation of suspension and office of the Exchange. All comments
adjustment of the threshold for total
delisting procedures with respect to the received will be posted without change;
market value of publicly held shares
common stock of a Fund if: (i) The below which the Exchange will notify a the Commission does not edit personal
number of shares publicly held is less Fund of the delisting standard is identifying information from
than 200,000; (ii) the total number of consistent with the adjustment to the submissions. You should submit only
public stockholders is less than 300; 23 continued listing standards in this information that you wish to make
or (iii) the total market value of shares proposed rule change. Based on the available publicly. All submissions
publicly held is less than $1,000,000 for foregoing, the Commission believes that should refer to File Number SR–NYSE–
more than 90 consecutive calendar the proposed rule change presents no 2017–08, and should be submitted on or
days.24 novel regulatory issues and therefore before August 23, 2017.
II. Discussion and Commission finds the proposed rule change to be V. Accelerated Approval of Proposed
Findings consistent with the Act.
Rule Change, as Modified by
After careful review, the Commission IV. Solicitation of Comments on Amendment No. 1
finds that the proposed rule change, as Amendment No. 1
modified by Amendment No. 1, is The Commission finds good cause to
Interested persons are invited to approve the proposed rule change, as
consistent with the requirements of the submit written data, views, and
Act and the rules and regulations modified by Amendment No. 1, prior to
arguments concerning whether
thereunder applicable to a national the thirtieth day after the date of
Amendment No. 1 is consistent with the
securities exchange.25 In particular, the Act. Comments may be submitted by publication of the notice of Amendment
Commission finds that the proposed any of the following methods: No. 1 in the Federal Register. The
rule change is consistent with Section Commission believes that the proposed
6(b)(5) of the Act,26 which requires, Electronic Comments changes to the description of the
among other things, that the rules of a • Use the Commission’s Internet Exchange’s method of calculating
national securities exchange be comment form (http://www.sec.gov/ publicly held shares and public
designed to prevent fraudulent and rules/sro.shtml); or stockholders add clarity to the process.
manipulative acts and practices, to • Send an email to rule-comments@ Accordingly, for the reasons noted
promote just and equitable principles of sec.gov. Please include File Number SR– above, the Commission finds good cause
trade, to foster cooperation and NYSE–2017–08 on the subject line. for approving the proposed rule change,
coordination with persons engaged in as modified by Amendment No. 1, on an
regulating, clearing, settling, processing Paper Comments
accelerated basis, pursuant to Section
information with respect to, and • Send paper comments in triplicate 19(b)(2) of the Act.29
facilitating transactions in securities, to to Brent J. Fields, Secretary, Securities
remove impediments to and perfect the and Exchange Commission, 100 F Street VI. Conclusion
mechanism of a free and open market NE., Washington, DC 20549–1090.
and a national market system and, in All submissions should refer to File It is therefore ordered, pursuant to
general, to protect investors and the Number SR–NYSE–2017–08. This file Section 19b(2) of the Act,30 that the
public interest. Section 6(b)(5) of the number should be included on the proposed rule change (SR–NYSE–2017–
subject line if email is used. To help the 08), as modified by Amendment No. 1
21 See proposed NYSE Listed Company Manual,
Commission process and review your thereto, be, and hereby is, approved on
Section 802.01B; see also Notice, supra note 3, at an accelerated basis.
26965. comments more efficiently, please use
22 See proposed NYSE Listed Company Manual, only one method. The Commission will For the Commission, by the Division of
Section 802.01B. post all comments on the Commission’s Trading and Markets, pursuant to delegated
23 The current distribution standards require 400
Internet Web site (http://www.sec.gov/ authority.31
total stockholders, which calculation does not
exclude public stockholders. See NYSE Listed rules/sro.shtml). Copies of the Eduardo A. Aleman,
Company Manual, Section 802.01A. submission, all subsequent
Assistant Secretary.
24 See proposed NYSE Listed Company Manual, amendments, all written statements
Section 802.01B; Amendment No. 1, supra note 4, [FR Doc. 2017–16207 Filed 8–1–17; 8:45 am]
with respect to the proposed rule
at 7; supra note 16 and accompanying text. In BILLING CODE 8011–01–P
Amendment No. 1, the Exchange amended the rule change that are filed with the
sradovich on DSKBCFCHB2PROD with NOTICES
language to make clear that the definitions of Commission, and all written
publicly held shares and public stockholders, as communications relating to the
described above, apply to these sections as proposed rule change between the
appropriate.
25 In approving this proposed rule change, the Commission and any person, other than
Commission has considered the proposed rule’s 29 15
impact on efficiency, competition, and capital 27 Id. U.S.C. 78s(b)(2).
30 15 U.S.C. 78s(b)(2).
formation. See 15 U.S.C. 78c(f). 28 See supra notes 13 and 17 and accompanying
26 15 U.S.C. 78f(b)(5). text. 31 17 CFR 200.30–3(a)(12).
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Document Created: 2017-08-02 07:09:55
Document Modified: 2017-08-02 07:09:55
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