82 FR 40051 - Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Add Certain Rules Adopted in Connection With the Exchange's Transition to a Fully-Automated Cash Equities Market to the List of Minor Rule Violations in Rule 9217 of the Office Rules
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 162 (August 23, 2017)
Federal Register Volume 82, Issue 162 (August 23, 2017)
| Page Range | 40051-40055 | |
| FR Document | 2017-17807 |
[Federal Register Volume 82, Number 162 (Wednesday, August 23, 2017)] [Notices] [Pages 40051-40055] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-17807] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81418; File No. SR-NYSEAMER-2017-06] Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Add Certain Rules Adopted in Connection With the Exchange's Transition to a Fully-Automated Cash Equities Market to the List of Minor Rule Violations in Rule 9217 of the Office Rules August 17, 2017. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that on August 9, 2017, NYSE American LLC (``NYSE American'' or the ``Exchange'') filed with the Securities and Exchange [[Page 40052]] Commission (``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to add certain rules adopted in connection with the Exchange's transition to a fully-automated cash equities market to the list of minor rule violations in Rule 9217 of the Office Rules. 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 On January 29, 2015, the Exchange announced the implementation of Pillar, which is an integrated trading technology platform designed to use a single specification for connecting to the equities and options markets operated by the Exchange and its affiliates, NYSE Arca, Inc. (``NYSE Arca'') and New York Stock Exchange LLC (``NYSE'').\4\ NYSE Arca Equities, Inc. (``NYSE Arca Equities),\5\ which operates the cash equities trading platform for NYSE Arca, was the first trading system to migrate to Pillar.\6\ --------------------------------------------------------------------------- \4\ See Trader Update dated January 29, 2015, available here: https://www.nyse.com/trader-update/history#13517. \5\ NYSE Arca Equities is a wholly-owned corporation of NYSE Arca and operates as a facility of NYSE Arca. \6\ NYSE Arca filed four rule proposals in connection with the NYSE Arca implementation of Pillar. See Securities Exchange Act Release Nos. 74951 (May 13, 2015), 80 FR 28721 (May 19, 2015) (Notice) and 75494 (July 20, 2015), 80 FR 44170 (July 24, 2015) (SR- NYSEArca-2015-38) (Approval Order of NYSE Arca Pillar I Filing, adopting rules for Trading Sessions, Order Ranking and Display, and Order Execution); Securities Exchange Act Release Nos. 75497 (July 21, 2015), 80 FR 45022 (July 28, 2015) (Notice) and 76267 (October 26, 2015), 80 FR 66951 (October 30, 2015) (SR-NYSEArca-2015-56) (Approval Order of NYSE Arca Pillar II Filing, adopting rules for Orders and Modifiers and the Retail Liquidity Program); Securities Exchange Act Release Nos. 75467 (July 16, 2015), 80 FR 43515 (July 22, 2015) (Notice) and 76198 (October 20, 2015), 80 FR 65274 (October 26, 2015) (SR-NYSEArca-2015-58) (Approval Order of NYSE Arca Pillar III Filing, adopting rules for Trading Halts, Short Sales, Limit Up-Limit Down, and Odd Lots and Mixed Lots); and Securities Exchange Act Release Nos. 76085 (October 6, 2015), 80 FR 61513 (October 13, 2015) (Notice) and 76869 (January 11, 2016), 81 FR 2276 (January 15, 2016) (SR-NYSEArca-2015-86) (Approval Order of NYSE Arca Pillar IV Filing, adopting rules for Auctions). --------------------------------------------------------------------------- To effect its transition to Pillar, the Exchange adopted the rule numbering framework of the NYSE Arca Equities, Inc. (``NYSE Arca Equities'') rules for Exchange cash equities trading on the Pillar trading platform.\7\ As described in the Framework Filing, the Exchange denoted the rules applicable to cash equities trading on Pillar with the letter ``E'' to distinguish such rules from the then current Exchange rules with the same numbering. The Exchange's trading rules for cash equity trading on Pillar are also based on the trading rules of NYSE Arca Equities.\8\ The Exchange began trading on the Pillar platform on July 24, 2017.\9\ --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release No. 79242 (November 4, 2016), 81 FR 79081 (November 10, 2016) (SR-NYSEMKT-2016-97) (Notice and Filing of Immediate Effectiveness of Proposed Rule Change) (the ``Framework Filing''). In addition, the Exchange filed a proposed rule change to support Exchange trading of securities listed on other national securities exchanges on an unlisted trading privileges basis, including Exchange Traded Products (``ETP'') listed on other exchanges. See Securities Exchange Act Release No. 79400 (November 25, 2016), 81 FR 86750 (December 1, 2016) (SR- NYSEMKT-2016-103) (Notice) (the ``ETP Listing Rules Filing''). \8\ See Securities Exchange Act Release Nos. 80590 (May 4, 2017), 82 FR 21843 (May 10, 2017) (Approval Order) and 79993 (February 9, 2017), 82 FR 10814 (February 15, 2017) (SR-NYSEMKT- 2017-01) (Notice) (``Trading Rules Filing''). The Exchange also has established market maker obligations when trading on the Pillar trading platform. See Securities Exchange Act Release No. 80577 (May 2, 2017), 82 FR 21446 (May 8, 2017) (SR-NYSEMKT-2017-04) (Approval Order). In addition, the Exchange introduced a delay mechanism on Pillar that adds the equivalent of 350 microseconds of latency to inbound and outbound order messages, as described in greater detail in Rules 1.1E(y) and 7.29E(b). See Securities Exchange Act Release Nos. 80700 (May 16, 2017), 82 FR 23381 (May 22, 2017) (SR-NYSEMKT- 2017-05) (Approval Order) and 79998 (February 9, 2017), 82 FR 10828 (February 15, 2017) (SR-NYSEMKT-2017-05) (Notice). \9\ With Pillar, the Exchange transitioned its cash equities trading platform from a Floor-based market with a parity allocation model to a fully automated price-time priority allocation model that trades all NMS Stocks. See Trading Rules Filing, supra note 9, 82 FR at 21843. --------------------------------------------------------------------------- Newly Exchange adopted rules that are based on NYSE Arca Equities Rules include the following:Rule 2.21E (Employees of ETP Holders Registration) Rule 2.24E (ETP Books and Records) Rule 6.3E (Prevention of the Misuse of Material, Nonpublic Information) and its Commentaries Rule 6.15E (Prearranged Trades) Rule 7.16E (Short Sales) Rule 7.20E (Registration of Market Makers) Rule 7.23E (Obligations of Market Makers) Rule 7.30E (Authorized Traders) NYSE Arca Equities includes its versions of the above-listed rules as eligible for disposition under its Minor Rule Plan.\10\ The Exchange proposes to similarly add these rules to the list of rules in Rule 9217 (Violations Appropriate for Disposition Under Rule 9216(b)) that are eligible for summary fines under Rule 9216(b). The Exchange also proposes to add accompanying fine levels based on the fine levels currently in place on NYSE Arca Equities Rule 10.12 (Minor Rule Plan) for each Rule. --------------------------------------------------------------------------- \10\ See NYSE Arca Equities Rule 10.12(g) & (h). --------------------------------------------------------------------------- Proposed Rule Change Rule 9217, the Exchange's Minor Rule Violation Plan (``MRVP''), sets forth the list of rules under which a member organization or covered person may be subject to a fine under a minor rule violation plan as described in proposed Rule 9216(b). The Exchange proposes to amend Rule 9217 to add recently adopted Rules 2.21E, 2.24E, 6.3E, 6.15E, 7.16E, 7.20E, 7.23E, and 7.30E to the list of rules eligible for disposition pursuant to the Exchange's MRVP. These proposed changes are based on NYSE Arca Equities Rule 10.12(g) and (h), which specifies, in part, that NYSE Arca Equities Rules 2.21, 2.24, 6.3, 6.15(b),\11\ 7.16, 7.20, 7.23, and 7.30 are eligible for disposition pursuant to NYSE Arca's Minor Rule Plan.\12\ The Exchange also [[Page 40053]] proposes to add the accompanying fine levels for each Rule based on the fine levels in NYSE Arca Equities Rule 10.12.\13\ --------------------------------------------------------------------------- \11\ NYSE American Rule 6.15E adopted subdivision (b) of NYSE Arca Equities Rule 6.15(b), which prohibits participation in a prearranged trade. \12\ See NYSE Arca Equities Rule10.12(g)(1) (NYSE Arca Equities Rule 7.16); (g)(2) (NYSE Arca Equities Rule 7.23(a)(1)); (g)(4) (NYSE Arca Equities Rule 7.30); (g)(5) (NYSE Arca Equities Rule 7.20(a); and (g)(6) (NYSE Arca Equities Rule 6.15(b)). See also NYSE Arca Equities Rule 10.12(h)(7) (Rule 6.3E and its Commentaries); (h)(10) (Rule 2.24); and (h)(11) (Rule 2.21). Failure to comply with the sponsored participant access requirements of NYSE Arca Rule 7.29 is also eligible for disposition pursuant to NYSE Arca Equities Rule 10.12(g)(3). NYSE American Rule 7.29E is based on NYSE Arca Equities Rule 7.29(a) without any substantive differences. However, the Exchange did not include rule text based on NYSE Arca Equities Rule 7.29(b) because NYSE American does not offer sponsored access in Pillar. See Trading Rules Filing, supra note 9, 82 FR at 10820. Accordingly, because NYSE Arca Equities Rule 10.12(g)(3) is limited to failure to comply with sponsored participant access requirements, the Exchange determined not to include a reference to NYSE American Rule 7.29E in the proposed amendment to Rule 9217. \13\ The Exchange does not propose to incorporate the text of subsections (a)-(f) or footnote 1 of NYSE Arca Equities Rule 10.12 into Rule 9217. Subsections (a)-(f) of NYSE Arca Equities Rule 10.12 are duplicative of existing requirements in Rule 9217 and Rule 9216(b), which describe the procedure for imposition of minor rule violations. Similarly, footnote 1 of NYSE Arca Equities Rule 10.12 applies to certain NYSE Arca Equities rules for which there are no Exchange equivalents. See also note 17, infra. --------------------------------------------------------------------------- To effect these changes, the Exchange proposes to add a paragraph (a) titled ``Trading Rule Violations'' under the current heading in Rule 9217 titled ``List of Equities Rule Violations and Fines Applicable Thereto,'' [sic] Under proposed paragraph (a), the Exchange proposes to set forth the following text describing the eligible trading rule violations: Short Sale Rules (Rule 7.16E). Failure to maintain continuous, two-sided Q Orders in those securities in which the Market Maker is registered to trade (Rule 7.23E(a)(1)). Failure to comply with Authorized Trader requirements. (Rule 7.30E). Acting as a Market Maker in a security without being registered as such as required by Rule 7.20E(a). Committing any act prohibited by Rule 6.15E. The Exchange further proposes paragraph (b) titled ``Record Keeping and Other Minor Rule Violations'' to Rule 9217, which would specify the following text describing the eligible rule violations: Failure to comply with the requirements for preventing the misuse of material nonpublic information as set forth in Rule 6.3E and its Commentaries. Failure to comply with the books and records requirements of Rule 2.24E. Failure to comply with the employee registration or other requirements of Rule 2.21E. The Exchange further proposes a new paragraph (c) titled ``Legacy Minor Rules'' \14\ that would appear above the current list of eligible rules in Rule 9217, above ``Rule 15--Equities (Pre-Opening Indications).'' --------------------------------------------------------------------------- \14\ Since the transition to Pillar, specified Exchange equities trading rules are no longer applicable, and Exchange rules governing equities trading that are not identified as inapplicable continue to govern Exchange operations on its cash equities trading platform. See Trading Rules Filing, supra note 9, 82 FR at 10815-16. For purposes of Rule 9217, the Exchange proposes to refer to the non- Pillar Exchange rules regarding equities trading as ``Legacy Minor Rules.'' The Exchange anticipates filing separate proposed rule changes to delete the rules identified as not being applicable to trading on Pillar and to update the list of Legacy Minor Rules. See, e.g., id. at 10816. --------------------------------------------------------------------------- Finally, in Rule 9217, the Exchange proposes to add proposed paragraph (d) titled ``Fine Schedule'' at the end of the current list of eligible rules, following ``Rule 518--Equities requirements for clearance and settlement of transactions in Nasdaq Securities.'' Below proposed paragraph (d), the Exchange would include the following text drawn from NYSE Arca Equities Rule 10.12: The following fine schedule sets forth the amount of the fine(s) to be imposed. Except as noted below, the amount of the fine(s) shall be imposed at the First Level pursuant to the chart below. If another Minor Rule Plan Fine has been issued to the same member organization or covered person \15\ for the same or similar conduct violating the same rule (regardless of when paid) within 24 months from the date of occurrence of the violation(s) set forth in the current Notice of Minor Rule Plan Fine, then the fine(s) shall be imposed at the Second Level. If two or more separate Notices of Minor Rule Plan Fine have previously been issued to the same member organization or covered person for the same or similar conduct violating the same rule within 24 months from the date of occurrence of the violation(s) set forth in the current Notice of Minor Rule Plan Fine, then the fine(s) shall be imposed at the Third Level. --------------------------------------------------------------------------- \15\ The Exchange substituted ``member organization or covered person'' to reflect the Exchange's membership. The rest of the proposed text is the same as that in NYSE Arca Equities Rule 10.12. --------------------------------------------------------------------------- These fines are intended to apply to minor violations. For more serious violations, other disciplinary action may be sought. Below this text, the Exchange would insert new three new subsections (1)-(3). Subsection (d)(1) would be titled ``Trading Rule Violations Fine Levels'' and would include a chart of first, second and third level fines based on the NYSE Arca Equities Rules for the equivalent Exchange Rules, as follows: Violations of Rule 7.16E would be eligible for a $500 first level fine, a $1,000 second level fine, and a $2,500 third level fine; Violations of Rule 7.23E(a)(1) would be eligible for a $250 first level fine, a $500 second level fine, and a $1,000 third level fine; Violations of Rule 7.30E would be eligible for a $1,000 first level fine, a $2,500 second level fine, and a $3,500 third level fine; and Violations of Rule 7.20E(a) would be eligible for a $250 first level fine, a $500 second level fine, and a $1,000 third level fine. Violations of Rule 6.15E would be eligible for a $1,000 first level fine, a $2,500 second level fine, and a $3,500 third level fine. New subsection (d)(2) would be titled ``Record Keeping and Other Minor Rule Violations Fine Levels,'' and would include a chart of the first, second and third level fines that are based on the NYSE Arca Equities Rules for the equivalent Exchange Rule, as follows: Violations of Rule 6.3E and its Commentaries would be eligible for a $2,000 first level fine, a $4,000 second level fine, and a $5,000 third level fine. Violations of Rule 2.24E would be eligible for a $2,000 first level fine, a $4,000 second level fine, and a $5,000 third level fine. Violations of Rule 2.21E would be eligible for a $1,000 first level fine, a $2,500 second level fine, and a $3,500 third level fine.\16\ --------------------------------------------------------------------------- \16\ The Exchange proposes to add a footnote 1 based on footnote 2 in NYSE Arca Equities Rule 10.12 providing that, in addition to the specified fines, the Exchange may require a violator to remit all fees that it should have paid to the Exchange pursuant to Rule 2.21E. --------------------------------------------------------------------------- These fine levels are the same as those in the NYSE Arca Equities fine schedule contained in NYSE Arca Equities Rule 10.12(i) for each analogous rule.\17\ --------------------------------------------------------------------------- \17\ See NYSE Arca Equities Rule 10.12(i)(1) (setting forth fine levels for NYSE Arca Equities Rules 7.16, 7.23(a)(1), 7.30, 7.20(a) and 6.15(b)); NYSE Arca Equities Rule 10.12(i)(2) (setting forth fine levels for NYSE Arca Equities Rules 6.3E and its Commentaries, 2.24, and 2.21). Rule 9217 retained the Exchange's maximum fine for minor rule violations which, under legacy Rule 476A, was $5,000. See Securities Exchange Act Release Nos. 77241 (February 26, 2016), 81 FR 11311 (March 3, 2016) (SR-NYSEMKT-2016-30). See also Rule 19d-1 under the Act. 17 CFR 240.19d-1. --------------------------------------------------------------------------- New subsection (e) would be titled ``Legacy Minor Rules Fine Schedule'' \18\ and would summarize fine amounts for individuals and member organizations based on first, second and subsequent offenses. These amounts would continue to govern violations of legacy minor rules following implementation [sic] of Pillar. --------------------------------------------------------------------------- \18\ See note 15, supra. --------------------------------------------------------------------------- Lastly, the Exchange proposes to delete two erroneous references to ``NYSE Arca'' rules in Rule 476A (Imposition of Fines for Minor Violation(s) of Rules) \19\ and in the list of options rule violations and applicable fines in Rule 9217(ii)(7)(b) and replace them with ``Exchange.'' The Exchange also proposes to correct a typographical error in Rule 476A(ii)(7)(c) and in Rule [[Page 40054]] 9217(ii)(7)(c) by replacing ``procures'' with ``procedures.'' --------------------------------------------------------------------------- \19\ Rule 476A is the Exchange's legacy minor rule plan and continues to apply to matters initiated prior to April 15, 2016, the effective date of the Exchange's new disciplinary rules, which include Rule 9217. --------------------------------------------------------------------------- Summary fines provide a meaningful sanction for minor or technical violations of rules. The Exchange believes that adding recently adopted Pillar Rules modeled on the trading rules of is affiliate NYSE Arca Equities to the list of rules eligible for disposition pursuant to the Exchange's MRVP and subject to the same fine levels as NYSE Arca Equities would harmonize requirements across exchanges for the same conduct. Accordingly, for all the foregoing reasons, the Exchange believes that inclusion of Rules 2.21E, 2.24E, 6.3E, 6.15E, 7.16E, 7.20E, 7.23E, and 7.30E and the accompanying fine levels based on NYSE Arca Equities Rule 10.12 in Rule 9217 would be appropriate. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Act,\20\ in general, and furthers the objectives of Section 6(b)(5),\21\ in particular, because it is 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 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. --------------------------------------------------------------------------- \20\ 15 U.S.C. 78f(b). \21\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The proposed rule change is designed to prevent fraudulent and manipulative acts and practices because it will provide the Exchange the ability to issue a minor rule fine for violations of its rules governing cash equities trading and market maker and electronic DMM functions and obligations on the Pillar platform. In addition, adding rules based on the rules of its affiliate to the Exchange's minor rule plan and the associated fine levels would promote fairness and consistency in the marketplace by harmonizing minor rule plan fines across affiliated exchanges for the same conduct. Similarly, the proposed rule change would remove impediments to and perfect the mechanism of a free and open market by further supporting the Exchange's transition to a fully automated cash equities trading model on the Pillar trading platform and, by including rules based on the rules of its affiliated market, NYSE Arca Equities, into the Exchange's MRVP with the same fine levels, further Pillar's goal of promoting consistency among the Exchange, NYSE Arca, and the NYSE. The Exchange further believes that the proposed amendments to Rule 9217 are consistent with Section 6(b)(6) of the Act,\22\ which provides that members and persons associated with members shall be appropriately disciplined for violation of the provisions of the rules of the exchange, by expulsion, suspension, limitation of activities, functions, and operations, fine, censure, being suspended or barred from being associated with a member, or any other fitting sanction. As noted, the proposed rule change would provide the Exchange ability to sanction minor or technical violations of the recently adopted Pillar Rules pursuant to the Exchange's MRVP. Moreover, as noted above, the fine levels associated with the rule violations incorporated into Rule 9217 would be based on the rules of its affiliated market, NYSE Arca Equities. Moreover, the Exchange believes that delineating in Rule 9217 the rules and fine levels relating to trading on the Pillar trading platform from legacy rules relating to Floor-based trading promotes transparency following the Exchange's transition to Pillar. --------------------------------------------------------------------------- \22\ 15 U.S.C. 78f(b)(6). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will 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 to update the Exchange's MRVP to reflect newly adopted rules. The proposed rule change would also support the launch of the Exchange's new fully automated cash equities trading platform that trades all NMS Stocks and is based on the rules of NYSE Arca Equities. 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 \23\ and Rule 19b-4(f)(6) thereunder.\24\ 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. --------------------------------------------------------------------------- \23\ 15 U.S.C. 78s(b)(3)(A)(iii). \24\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \25\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b4(f)(6)(iii),\26\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. --------------------------------------------------------------------------- \25\ 17 CFR 240.19b-4(f)(6). \26\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- 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) \27\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \27\ 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 [email protected]. Please include File Number SR-NYSEAMER-2017-06 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-NYSEAMER-2017-06. This [[Page 40055]] 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 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-NYSEAMER-2017-06, and should be submitted on or before September 13, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\28\ --------------------------------------------------------------------------- \28\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-17807 Filed 8-22-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 162 / Wednesday, August 23, 2017 / Notices 40051
to be appropriate and publishes its of 1934 (‘‘Exchange Act’’) 1 and Rule of the proposed rule change. The
reasons for so finding or as to which the 19b–4 thereunder,2 a proposed rule Commission may, however, extend the
self-regulatory organization consents, change to adopt the CHX Liquidity period for issuing an order approving or
the Commission shall either approve the Enhancing Access Delay (‘‘LEAD’’). The disapproving the proposed rule change
proposed rule change, disapprove the proposed rule change was published for by not more than 60 days if the
proposed rule change, or institute comment in the Federal Register on Commission determines that a longer
proceedings to determine whether the February 21, 2017.3 On April 3, 2017, period is appropriate and publishes the
proposed rule change should be the Commission designated a longer reasons for such determination. The
disapproved. The 45th day from the period within which to approve the proposed rule change was published for
publication of notice of filing of this proposed rule change, disapprove the notice and comment in the Federal
proposed rule change is August 17, proposed rule change, or institute Register on February 21, 2017.10 August
2017. proceedings to determine whether the 20, 2017 is 180 days from that date, and
The Commission is extending the 45- proposed rule change should be October 19, 2017 is 240 days from that
day time period for Commission action disapproved.4 The Commission received date.
on the proposed rule change. ICC’s eleven comment letters on the proposed The Commission finds it appropriate
proposes to revise the ICC Rulebook to rule change, including a response from to designate a longer period within
provide for the clearance of Standard the Exchange.5 On May 22, 2017, the which to issue an order approving or
Asia Corporate Single Name CDS Commission instituted proceedings disapproving the proposed rule change
contracts, Standard Asia Financial under Section 19(b)(2)(B) of the so that it has sufficient time to consider
Corporate Single Name CDS contracts, Exchange Act 6 to determine whether to the proposed rule change, the issues
and Standard Emerging Market approve or disapprove the proposed raised in the comment letters that have
Corporate Single Name CDS contracts. rule change.7 Since then, the been submitted in connection therewith,
The Commission finds it is appropriate Commission has received six more and the Exchange’s responses to the
to designate a longer period within comment letters, including a response comments. Accordingly, the
which to take action on the proposed from the Exchange.8 Commission, pursuant to Section
rule change so that it has sufficient time Section 19(b)(2) of the Act 9 provides 19(b)(2) of the Act,11 designates October
to consider ICC’s proposed rule change. that, after initiating proceedings, the 19, 2017 as the date by which the
Accordingly, the Commission, Commission shall issue an order Commission should either approve or
pursuant to Section 19(b)(2) 5 of the Act, approving or disapproving the proposed disapprove the proposed rule change
designates October 1, 2017, as the date rule change not later than 180 days after (File No. SR–CHX–2017–04).
by which the Commission should either the date of publication of notice of filing
For the Commission, by the Division of
approve or disapprove, or institute 1 15
Trading and Markets, pursuant to delegated
U.S.C. 78s(b)(1). authority.12
proceedings to determine whether to 2 17 CFR 240.19b–4.
disapprove, the proposed rule change 3 See Securities Exchange Act Release No. 80041 Eduardo A. Aleman,
(File No. SR–ICC–2017–009). (February 14, 2017), 82 FR 11252 (‘‘Notice’’). Assistant Secretary.
4 See Securities Exchange Act Release No. 80364,
For the Commission, by the Division of [FR Doc. 2017–17806 Filed 8–22–17; 8:45 am]
82 FR 17065 (April 7, 2017).
Trading and Markets, pursuant to delegated 5 See letters from: (1) Ryan Hitch, Head of
BILLING CODE 8011–01–P
authority.6
Equities Trading, XR Securities LLC, dated
Eduardo A. Aleman, February 24, 2017; (2) Douglas A. Cifu, Chief
Assistant Secretary. Executive Officer, Virtu Financial LLC, dated SECURITIES AND EXCHANGE
February 27, 2017; (3) Joanna Mallers, Secretary, COMMISSION
[FR Doc. 2017–17805 Filed 8–22–17; 8:45 am] FIA Principal Traders Group, dated March 13, 2017;
BILLING CODE 8011–01–P (4) Adam Nunes, Head of Business Development, [Release No. 34–81418; File No. SR–
Hudson River Trading LLC, dated March 13, 2017; NYSEAMER–2017–06]
(5) R.T. Leuchtkafer, dated March 14, 2017; (6)
Stephen John Berger, Managing Director, Self-Regulatory Organizations; NYSE
SECURITIES AND EXCHANGE Government & Regulatory Policy, Citadel Securities,
COMMISSION dated March 14, 2017; (7) Tyler Gellasch, Executive American LLC; Notice of Filing and
Director, Healthy Markets Association, March 17, Immediate Effectiveness of Proposed
[Release No. 34–81415; File No. SR–CHX– 2017; (8) Elizabeth K. King, General Counsel and Rule Change To Add Certain Rules
2017–04] Corporate Secretary, New York Stock Exchange,
dated March 20, 2017; (9) James G. Ongena,
Adopted in Connection With the
Executive Vice President and General Counsel, Exchange’s Transition to a Fully-
Self-Regulatory Organizations;
CHX, dated March 24, 2017; (10) Steve Crutchfield, Automated Cash Equities Market to the
Chicago Stock Exchange, Inc.; Notice Head of Market Structure, CTC Trading Group, LLC, List of Minor Rule Violations in Rule
of Designation of Longer Period for dated April 4, 2017; and (11) Theodore R. Lazo,
9217 of the Office Rules
Commission Action on Proceedings To Managing Director and Associate General Counsel,
Determine Whether To Approve or Securities Industry and Financial Markets
Association, dated May 17, 2017. All comments on
August 17, 2017.
Disapprove a Proposed Rule Change the proposed rule change are available at: https:// Pursuant to Section 19(b)(1) 1 of the
To Adopt the CHX Liquidity Enhancing www.sec.gov/comments/sr-chx-2017-04/ Securities Exchange Act of 1934
Access Delay chx201704.htm. (‘‘Act’’) 2 and Rule 19b–4 thereunder,3
6 15 U.S.C. 78s(b)(2)(B).
notice is hereby given that on August 9,
August 17, 2017. 7 See Securities Exchange Act Release No. 80740,
2017, NYSE American LLC (‘‘NYSE
asabaliauskas on DSKBBXCHB2PROD with NOTICES
On February 10, 2017, the Chicago 82 FR 24412 (May 26, 2017).
8 See letters from: (1) R. T. Leuchtkafer, dated American’’ or the ‘‘Exchange’’) filed
Stock Exchange, Inc. (‘‘CHX’’ or June 15, 2017; (2) Stephen Berger, Managing with the Securities and Exchange
‘‘Exchange’’) filed with the Securities Director, Government and Regulatory Policy,
and Exchange Commission Citadel Securities, dated June 16, 2017; (3) Joanna 10 See supra text accompanying note 3.
(‘‘Commission’’), pursuant to Section Mallers, Secretary, FIA Principal Traders Group, 11 15
dated June 16, 2017; (4) James G. Ongena, Executive U.S.C. 78s(b)(2).
19(b)(1) of the Securities Exchange Act Vice President, General Counsel, CHX, dated June
12 17 CFR 200.30–3(a)(57).
1 15 U.S.C. 78s(b)(1).
30, 2017; (5) R. T. Leuchtkafer, dated July 7, 2017;
5 15 U.S.C. 78s(b)(2). and (6) R. T. Leuchtkafer, dated July 10, 2017. 2 15 U.S.C. 78a.
6 17 CFR 200.30–3(a)(31). 9 15 U.S.C. 78s(b)(2). 3 17 CFR 240.19b–4.
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![Federal Register / Vol. 82, No. 162 / Wednesday, August 23, 2017 / Notices 40053
proposes to add the accompanying fine current list of eligible rules in Rule • Violations of Rule 6.15E would be
levels for each Rule based on the fine 9217, above ‘‘Rule 15—Equities (Pre- eligible for a $1,000 first level fine, a
levels in NYSE Arca Equities Rule Opening Indications).’’ $2,500 second level fine, and a $3,500
10.12.13 Finally, in Rule 9217, the Exchange third level fine.
To effect these changes, the Exchange proposes to add proposed paragraph (d) New subsection (d)(2) would be titled
proposes to add a paragraph (a) titled titled ‘‘Fine Schedule’’ at the end of the ‘‘Record Keeping and Other Minor Rule
‘‘Trading Rule Violations’’ under the current list of eligible rules, following Violations Fine Levels,’’ and would
current heading in Rule 9217 titled ‘‘List ‘‘Rule 518—Equities requirements for include a chart of the first, second and
of Equities Rule Violations and Fines clearance and settlement of transactions third level fines that are based on the
Applicable Thereto,’’ [sic] Under in Nasdaq Securities.’’ Below proposed NYSE Arca Equities Rules for the
proposed paragraph (a), the Exchange paragraph (d), the Exchange would equivalent Exchange Rule, as follows:
proposes to set forth the following text include the following text drawn from
NYSE Arca Equities Rule 10.12: • Violations of Rule 6.3E and its
describing the eligible trading rule Commentaries would be eligible for a
violations: The following fine schedule sets forth the $2,000 first level fine, a $4,000 second
• Short Sale Rules (Rule 7.16E). amount of the fine(s) to be imposed. Except
level fine, and a $5,000 third level fine.
• Failure to maintain continuous, as noted below, the amount of the fine(s)
two-sided Q Orders in those securities shall be imposed at the First Level pursuant • Violations of Rule 2.24E would be
in which the Market Maker is registered to the chart below. If another Minor Rule eligible for a $2,000 first level fine, a
Plan Fine has been issued to the same $4,000 second level fine, and a $5,000
to trade (Rule 7.23E(a)(1)).
member organization or covered person 15 for third level fine.
• Failure to comply with Authorized the same or similar conduct violating the
Trader requirements. (Rule 7.30E). same rule (regardless of when paid) within • Violations of Rule 2.21E would be
• Acting as a Market Maker in a 24 months from the date of occurrence of the eligible for a $1,000 first level fine, a
security without being registered as violation(s) set forth in the current Notice of $2,500 second level fine, and a $3,500
such as required by Rule 7.20E(a). Minor Rule Plan Fine, then the fine(s) shall third level fine.16
• Committing any act prohibited by be imposed at the Second Level. If two or These fine levels are the same as those
Rule 6.15E. more separate Notices of Minor Rule Plan
Fine have previously been issued to the same
in the NYSE Arca Equities fine schedule
The Exchange further proposes contained in NYSE Arca Equities Rule
member organization or covered person for
paragraph (b) titled ‘‘Record Keeping the same or similar conduct violating the 10.12(i) for each analogous rule.17
and Other Minor Rule Violations’’ to same rule within 24 months from the date of New subsection (e) would be titled
Rule 9217, which would specify the occurrence of the violation(s) set forth in the ‘‘Legacy Minor Rules Fine Schedule’’ 18
following text describing the eligible current Notice of Minor Rule Plan Fine, then and would summarize fine amounts for
rule violations: the fine(s) shall be imposed at the Third
individuals and member organizations
• Failure to comply with the Level.
based on first, second and subsequent
requirements for preventing the misuse These fines are intended to apply to minor
violations. For more serious violations, other offenses. These amounts would
of material nonpublic information as set continue to govern violations of legacy
disciplinary action may be sought.
forth in Rule 6.3E and its Commentaries. minor rules following implementation
• Failure to comply with the books Below this text, the Exchange would
insert new three new subsections (1)– [sic] of Pillar.
and records requirements of Rule 2.24E.
• Failure to comply with the (3). Subsection (d)(1) would be titled Lastly, the Exchange proposes to
employee registration or other ‘‘Trading Rule Violations Fine Levels’’ delete two erroneous references to
requirements of Rule 2.21E. and would include a chart of first, ‘‘NYSE Arca’’ rules in Rule 476A
The Exchange further proposes a new second and third level fines based on (Imposition of Fines for Minor
paragraph (c) titled ‘‘Legacy Minor the NYSE Arca Equities Rules for the Violation(s) of Rules) 19 and in the list
Rules’’ 14 that would appear above the equivalent Exchange Rules, as follows: of options rule violations and applicable
• Violations of Rule 7.16E would be fines in Rule 9217(ii)(7)(b) and replace
Arca Equities Rule 7.29(b) because NYSE American eligible for a $500 first level fine, a them with ‘‘Exchange.’’ The Exchange
does not offer sponsored access in Pillar. See $1,000 second level fine, and a $2,500 also proposes to correct a typographical
Trading Rules Filing, supra note 9, 82 FR at 10820. third level fine; error in Rule 476A(ii)(7)(c) and in Rule
Accordingly, because NYSE Arca Equities Rule • Violations of Rule 7.23E(a)(1)
10.12(g)(3) is limited to failure to comply with
sponsored participant access requirements, the would be eligible for a $250 first level 16 The Exchange proposes to add a footnote 1
Exchange determined not to include a reference to fine, a $500 second level fine, and a based on footnote 2 in NYSE Arca Equities Rule
NYSE American Rule 7.29E in the proposed $1,000 third level fine; 10.12 providing that, in addition to the specified
amendment to Rule 9217. • Violations of Rule 7.30E would be fines, the Exchange may require a violator to remit
13 The Exchange does not propose to incorporate all fees that it should have paid to the Exchange
eligible for a $1,000 first level fine, a pursuant to Rule 2.21E.
the text of subsections (a)–(f) or footnote 1 of NYSE
Arca Equities Rule 10.12 into Rule 9217.
$2,500 second level fine, and a $3,500 17 See NYSE Arca Equities Rule 10.12(i)(1)
Subsections (a)–(f) of NYSE Arca Equities Rule third level fine; and (setting forth fine levels for NYSE Arca Equities
10.12 are duplicative of existing requirements in • Violations of Rule 7.20E(a) would Rules 7.16, 7.23(a)(1), 7.30, 7.20(a) and 6.15(b));
Rule 9217 and Rule 9216(b), which describe the be eligible for a $250 first level fine, a NYSE Arca Equities Rule 10.12(i)(2) (setting forth
procedure for imposition of minor rule violations. fine levels for NYSE Arca Equities Rules 6.3E and
$500 second level fine, and a $1,000 its Commentaries, 2.24, and 2.21). Rule 9217
Similarly, footnote 1 of NYSE Arca Equities Rule
10.12 applies to certain NYSE Arca Equities rules third level fine. retained the Exchange’s maximum fine for minor
rule violations which, under legacy Rule 476A, was
asabaliauskas on DSKBBXCHB2PROD with NOTICES
for which there are no Exchange equivalents. See
also note 17, infra. as ‘‘Legacy Minor Rules.’’ The Exchange anticipates $5,000. See Securities Exchange Act Release Nos.
14 Since the transition to Pillar, specified filing separate proposed rule changes to delete the 77241 (February 26, 2016), 81 FR 11311 (March 3,
Exchange equities trading rules are no longer rules identified as not being applicable to trading 2016) (SR–NYSEMKT–2016–30). See also Rule
applicable, and Exchange rules governing equities on Pillar and to update the list of Legacy Minor 19d–1 under the Act. 17 CFR 240.19d–1.
Rules. See, e.g., id. at 10816. 18 See note 15, supra.
trading that are not identified as inapplicable
continue to govern Exchange operations on its cash 15 The Exchange substituted ‘‘member 19 Rule 476A is the Exchange’s legacy minor rule
equities trading platform. See Trading Rules Filing, organization or covered person’’ to reflect the plan and continues to apply to matters initiated
supra note 9, 82 FR at 10815–16. For purposes of Exchange’s membership. The rest of the proposed prior to April 15, 2016, the effective date of the
Rule 9217, the Exchange proposes to refer to the text is the same as that in NYSE Arca Equities Rule Exchange’s new disciplinary rules, which include
non-Pillar Exchange rules regarding equities trading 10.12. Rule 9217.
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![Federal Register / Vol. 82, No. 162 / Wednesday, August 23, 2017 / Notices 40055
file number should be included on the (‘‘NYSE’’ or the ‘‘Exchange’’) filed with Background
subject line if email is used. To help the the Securities and Exchange On March 16, 2017, NYSE MKT filed
Commission process and review your Commission (the ‘‘Commission’’) the rule changes with the Commission in
comments more efficiently, please use proposed rule change as described in connection with its name change to
only one method. The Commission will Items I and II, below, which Items have NYSE American.5 In addition, on May
post all comments on the Commission’s been prepared by the self-regulatory 19, 2017, NYSE MKT filed rule changes
Internet Web site (http://www.sec.gov/ organization. The Commission is with the Commission associated with
rules/sro.shtml). Copies of the publishing this notice to solicit the rebranding of NYSE Amex Options,
submission, all subsequent comments on the proposed rule change the Exchange’s facility for trading
amendments, all written statements from interested persons. options, to NYSE American Options.6
with respect to the proposed rule
I. Self-Regulatory Organization’s The NYSE MKT name change to NYSE
change that are filed with the
Statement of the Terms of Substance of American became operative on July 24,
Commission, and all written
the Proposed Rule Change 2017. Accordingly, the Exchange
communications relating to the
proposes to amend the Independence
proposed rule change between the The Exchange proposes in connection Policy, Price List, Market Data Fees, and
Commission and any person, other than with the name change of its affiliate, certain rules to [sic] as detailed below
those that may be withheld from the from NYSE MKT LLC to NYSE to reflect the new name of its affiliate,
public in accordance with the American LLC, to amend certain rules, NYSE American.
provisions of 5 U.S.C. 552, will be the Independence Policy of the Board of
available for Web site viewing and Directors (‘‘Independence Policy’’), the Proposed Rule Changes
printing in the Commission’s Public New York Stock Exchange Price List • The Exchange proposes to replace
Reference Room on official business (‘‘Price List’’), and the NYSE Proprietary ‘‘NYSE MKT LLC’’ with ‘‘NYSE
days between the hours of 10:00 a.m. Market Data Fees (‘‘Market Data Fees’’) American LLC’’ in Rule 2,
and 3:00 p.m. Copies of such filing also to reflect that name change. The Supplementary Material .10 (‘‘Member’’,
will be available for inspection and proposed change is available on the ‘‘Membership’’, ‘‘Member Firm’’, etc.);
copying at the principal office of the Exchange’s Web site at www.nyse.com, Rule 17(c)(2) (Use of Exchange Facilities
Exchange. All comments received will at the principal office of the Exchange, and Vendor Services); Rule 18,
be posted without change; the and at the Commission’s Public Supplementary Material .10(a)
Commission does not edit personal Reference Room. (Compensation in Relation to Exchange
identifying information from
II. Self-Regulatory Organization’s System Failure); Rule 70,
submissions. You should submit only
Statement of the Purpose of, and Supplementary Material .40(3)
information that you wish to make
available publicly. All submissions Statutory Basis for, the Proposed Rule (Execution of Floor Broker Interest);
should refer to File Number SR– Change Rule 98 (c)(6) (Operation of a DMM
NYSEAMER–2017–06, and should be Unit); Rule 103, Supplementary
In its filing with the Commission, the Material .20(b)(6) (Registration and
submitted on or before September 13, self-regulatory organization included
2017. Capital Requirements of DMMs and
statements concerning the purpose of, DMM Units); and Rule 103B(IX)
For the Commission, by the Division of and basis for, the proposed rule change (Security Allocation and Reallocation).
Trading and Markets, pursuant to delegated and discussed any comments it received • The Exchange proposes to replace
authority.28 on the proposed rule change. The text ‘‘NYSE MKT’’ with ‘‘NYSE American’’
Eduardo A. Aleman, of those statements may be examined at in Rule 2, Supplementary Material .10
Assistant Secretary. the places specified in Item IV below. and .20; Rule 17(c)(2); Rule 18,
[FR Doc. 2017–17807 Filed 8–22–17; 8:45 am] The Exchange has prepared summaries, Supplementary Material .10; Rule 36,
BILLING CODE 8011–01–P set forth in sections A, B, and C below, Supplementary Material .70(a)(iii)
of the most significant parts of such (Communications Between Exchange
statements. and Members’ Officers); Rule 70,
SECURITIES AND EXCHANGE Supplementary Material .40(3); Rule
COMMISSION A. Self-Regulatory Organization’s
Statement of the Purpose of, and the 103, Supplementary Material .20(b)(6);
[Release No. 34–81420; File No. SR–NYSE– Statutory Basis for, the Proposed Rule and Rule 103B(IX).
2017–41] Change • The Exchange proposes to replace
‘‘NYSE Amex Options Trading Floor’’
Self-Regulatory Organizations; New 1. Purpose with ‘‘NYSE American Options Trading
York Stock Exchange LLC; Notice of Floor’’ in Rule 6A(b)(‘‘Trading Floor’’)
The Exchange proposes, in
Filing and Immediate Effectiveness of and Rule 36, Supplementary Material
connection with the name change of its
Proposed Change in Connection With .23 and .70(a).
affiliate, from NYSE MKT LLC (‘‘NYSE
the Name Change of Its Affiliate, From
MKT’’) to NYSE American LLC (‘‘NYSE • The Exchange proposes to replace
NYSE MKT LLC to NYSE American LLC ‘‘NYSE Amex’’ with ‘‘NYSE American’’
American’’), to amend certain rules of
August 17, 2017. the Exchange, the Independence Policy, in Rule 36, Supplementary Material .23
Pursuant to Section 19(b)(1) 1 of the Price List, and Market Data Fees to and .70(a).
• The Exchange proposes to replace
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Securities Exchange Act of 1934 (the reflect that name change.4
‘‘Act’’) 2 and Rule 19b-4 thereunder,3 ‘‘NYSE Amex-listed’’ with ‘‘NYSE
notice is hereby given that, on August 4 The Exchange originally filed the proposed
American-listed’’ in Rule 6A.
9, 2017, New York Stock Exchange LLC changes on July 21, 2017 (SR–NYSE–2017–37),
5 See Securities Exchange Act Release No.80283
withdrew such filing on July 27 and refiled the
same day (SR–NYSE–2017–39). The Exchange (March 21, 2017), 82 FR 15244 (March 27, 2017)
28 17 CFR 200.30–3(a)(12). subsequently withdrew SR–NYSE–2017–39 and (SR–NYSEMKT–2017–14).
1 15 U.S.C. 78s(b)(1).
refiled on August 2, 2017 (SR–NYSE–2017–40). SR– 6 See Securities Exchange Act Release No. 80748
2 15 U.S.C. 78a.
NYSE–2017–40 was subsequently withdrawn and (May 23, 2017), 82 FR 24764 (May 30, 2017) (SR–
3 17 CFR 240.19b–4. replaced by this filing. NYSEMKT 2017–20).
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Document Created: 2017-08-22 23:52:21
Document Modified: 2017-08-22 23:52:21
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| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 40051 |
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