82 FR 55480 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Section 902.06 of the NYSE Listed Company Manual
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 223 (November 21, 2017)
Federal Register Volume 82, Issue 223 (November 21, 2017)
| Page Range | 55480-55481 | |
| FR Document | 2017-25137 |
[Federal Register Volume 82, Number 223 (Tuesday, November 21, 2017)] [Notices] [Pages 55480-55481] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-25137] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82086; File No. SR-NYSE-2017-58] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Section 902.06 of the NYSE Listed Company Manual November 15, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on November 1, 2017, New York Stock Exchange LLC (the ``Exchange'' or ``NYSE'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II 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\ 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 amend Section 902.06 of the NYSE Listed Company Manual (the ``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 On October 11, 2017, the Securities and Exchange Commission (the ``Commission'') approved the Exchange's proposed rule change to adopt initial and continued listing standards for subscription receipts.\3\ After approval, it was discovered that the proposed rule text attached as Exhibit 5 to the Exchange's Rule 19b-4 filing contained an error to the part of the filing amending the listing fees in Section 902.06. The Exchange proposes to correct the inadvertent error. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 81856 (October 11, 2017), 82 FR 48296 (October 17, 2017) (SR-NYSE-2017-31). --------------------------------------------------------------------------- In connection with adopting initial and continued listing standards for subscription receipts, the Exchange amended Section 902.06 of the Manual to specify how listing fees for subscription receipts would be charged. Section 902.06 of the Manual sets forth listing fees for ``short-term'' securities, i.e., securities with a life of seven years or less. Because subscription receipts listed under Section 102.08 of the Manual have a maximum life of 12 months, the Exchange stated in the Purpose Section of its proposed rule change that it would amend Section 902.06 to make explicit that such section would apply to subscription receipts. However, in drafting the proposed rule text contained in Exhibit 5 to its Rule 19b-4 filing, the Exchange inadvertently included subscription receipts in a list of securities to which Section 902.06 of the Manual does not apply. The Exchange now proposes to amend Section 902.06 to correct the error in the actual rule text that was adopted to make clear that Section 902.06 does apply to subscription receipts. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\4\ in general, and furthers the objectives of Sections 6(b)(5) \5\ of the Act, in particular, in that it is designed 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. The Exchange believes that the proposed amendment is consistent with the protection of investors because it seeks to amend the Manual to accurately reflect how the Exchange intends to charge listing fees for subscription receipts as stated in the description of [[Page 55481]] the application of listing fees to subscription receipts as contained in the Purpose Section of SR-NYSE-2017-31. The Exchange believes that it is to the benefit of investors and the public interest that it correct the error in the actual rule text that was adopted to make clear that Section 902.06 does apply to subscription receipts. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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 not necessary or appropriate in furtherance of the purposes of the Act, as amended. The Exchange notes that the proposed rule change will correct an unintentional error in the rule text about how it intends to charge listing fees for subscription receipts. 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 Because the foregoing 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 for 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, provided that the self-regulatory organization has given the Commission written notice of its intent to file 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,\6\ the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-4(f)(6) thereunder.\8\ --------------------------------------------------------------------------- \6\ The Exchange has satisfied this requirement. \7\ 15 U.S.C. 78s(b)(3)(A). \8\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\9\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay. In its proposal, the Exchange stated that waiving the 30-day operative delay would be consistent with the protection of investors and the public interest because it would ensure that the rule text contained in Section 902.06 of the Manual accurately reflects the Exchange's intended change as described in the purpose section of NYSE-2017-31. --------------------------------------------------------------------------- \9\ Id. --------------------------------------------------------------------------- The Commission believes that waiver of the 30-day operative delay should help prevent potential confusion to market participants as to the applicable listing and annual fees for subscription receipts under NYSE rules by correcting an error made in a prior approved proposal.\10\ The Commission further notes that it received no comments on the description of the proposed fees contained in the prior proposal, and that the correction being made in this rule filing will conform the applicable fees for subscription receipts to those that were originally intended by NYSE.\11\ Therefore, the Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest and designates the proposed rule change as operative upon filing.\12\ --------------------------------------------------------------------------- \10\ See Securities Exchange Act Release No. 81856 (October 11, 2017), 82 FR 48296 (October 17, 2017) (order approving SR-NYSE-2017- 31). \11\ See id. See also Securities Exchange Act Release No. 81102 (July 7, 2017), 82 FR 32413 (July 13, 2017) (notice of filing of SR- NYSE-2017-31). \12\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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) \13\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \13\ 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 proposal 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 [email protected]. Please include File No. SR-NYSE-2017-58 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File No. SR-NYSE-2017-58. 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File No. SR-NYSE-2017-58, and should be submitted on or before December 12, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-25137 Filed 11-20-17; 8:45 am] BILLING CODE 8011-01-P
![55480 Federal Register / Vol. 82, No. 223 / Tuesday, November 21, 2017 / Notices
• Send an email to rule-comments@ SECURITIES AND EXCHANGE adopt initial and continued listing
sec.gov. Please include File Number SR– COMMISSION standards for subscription receipts.3
NYSE–2017–57 on the subject line. After approval, it was discovered that
[Release No. 34–82086; File No. SR–NYSE–
2017–58]
the proposed rule text attached as
Paper Comments Exhibit 5 to the Exchange’s Rule 19b–4
• Send paper comments in triplicate Self-Regulatory Organizations; New filing contained an error to the part of
to Secretary, Securities and Exchange York Stock Exchange LLC; Notice of the filing amending the listing fees in
Filing and Immediate Effectiveness of Section 902.06. The Exchange proposes
Commission, 100 F Street NE.,
Proposed Rule Change To Amend to correct the inadvertent error.
Washington, DC 20549–1090.
Section 902.06 of the NYSE Listed In connection with adopting initial
All submissions should refer to File Company Manual and continued listing standards for
Number SR–NYSE–2017–57. This file subscription receipts, the Exchange
number should be included on the November 15, 2017. amended Section 902.06 of the Manual
subject line if email is used. To help the Pursuant to Section 19(b)(1) of the to specify how listing fees for
Securities Exchange Act of 1934 (the subscription receipts would be charged.
Commission process and review your
‘‘Act’’),1 and Rule 19b–4 thereunder,2 Section 902.06 of the Manual sets forth
comments more efficiently, please use
notice is hereby given that on November listing fees for ‘‘short-term’’ securities,
only one method. The Commission will 1, 2017, New York Stock Exchange LLC
post all comments on the Commission’s i.e., securities with a life of seven years
(the ‘‘Exchange’’ or ‘‘NYSE’’) filed with or less. Because subscription receipts
Internet Web site (http://www.sec.gov/ the Securities and Exchange
rules/sro.shtml). Copies of the listed under Section 102.08 of the
Commission (‘‘Commission’’) the Manual have a maximum life of 12
submission, all subsequent proposed rule change as described in months, the Exchange stated in the
amendments, all written statements Items I and II below, which Items have Purpose Section of its proposed rule
with respect to the proposed rule been prepared by the Exchange. The change that it would amend Section
change that are filed with the Commission is publishing this notice to 902.06 to make explicit that such
Commission, and all written solicit comments on the proposed rule section would apply to subscription
communications relating to the change from interested persons. receipts. However, in drafting the
proposed rule change between the I. Self-Regulatory Organization’s proposed rule text contained in Exhibit
Commission and any person, other than Statement of the Terms of Substance of 5 to its Rule 19b–4 filing, the Exchange
those that may be withheld from the the Proposed Rule Change inadvertently included subscription
public in accordance with the receipts in a list of securities to which
provisions of 5 U.S.C. 552, will be The Exchange proposes to amend
Section 902.06 of the NYSE Listed Section 902.06 of the Manual does not
available for Web site viewing and apply. The Exchange now proposes to
Company Manual (the ‘‘Manual’’). The
printing in the Commission’s Public proposed rule change is available on the amend Section 902.06 to correct the
Reference Room, 100 F Street NE., Exchange’s Web site at www.nyse.com, error in the actual rule text that was
Washington, DC 20549, on official at the principal office of the Exchange, adopted to make clear that Section
business days between the hours of and at the Commission’s Public 902.06 does apply to subscription
10:00 a.m. and 3:00 p.m. Copies of the Reference Room. receipts.
filing also will be available for 2. Statutory Basis
inspection and copying at the principal II. Self-Regulatory Organization’s
office of the Exchange. All comments Statement of the Purpose of, and The Exchange believes that the
Statutory Basis for, the Proposed Rule proposed rule change is consistent with
received will be posted without change.
Change Section 6(b) of the Act,4 in general, and
Persons submitting comments are
cautioned that we do not redact or edit In its filing with the Commission, the furthers the objectives of Sections
self-regulatory organization included 6(b)(5) 5 of the Act, in particular, in that
personal identifying information from
statements concerning the purpose of, it is designed to promote just and
comment submissions. You should
and basis for, the proposed rule change equitable principles of trade, to foster
submit only information that you wish
and discussed any comments it received cooperation and coordination with
to make available publicly. All persons engaged in regulating, clearing,
submissions should refer to File on the proposed rule change. The text
of those statements may be examined at settling, processing information with
Number SR–NYSE–2017–57 and should respect to, and facilitating transactions
the places specified in Item IV below.
be submitted on or before December 12, in securities, to remove impediments to
The Exchange has prepared summaries,
2017. set forth in sections A, B, and C below, and perfect the mechanism of a free and
For the Commission, by the Division of of the most significant parts of such open market and a national market
Trading and Markets, pursuant to delegated statements. system, and, in general, to protect
authority.44 investors and the public interest. The
A. Self-Regulatory Organization’s Exchange believes that the proposed
Eduardo A. Aleman,
Statement of the Purpose of, and the amendment is consistent with the
Assistant Secretary. Statutory Basis for, the Proposed Rule protection of investors because it seeks
[FR Doc. 2017–25138 Filed 11–20–17; 8:45 am] Change to amend the Manual to accurately
asabaliauskas on DSKBBXCHB2PROD with NOTICES
BILLING CODE 8011–01–P reflect how the Exchange intends to
1. Purpose
On October 11, 2017, the Securities charge listing fees for subscription
and Exchange Commission (the receipts as stated in the description of
‘‘Commission’’) approved the 3 See Securities Exchange Act Release No. 81856
Exchange’s proposed rule change to (October 11, 2017), 82 FR 48296 (October 17, 2017)
(SR–NYSE–2017–31).
1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78f(b).
44 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. 5 15 U.S.C. 78f(b)(5).
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![Federal Register / Vol. 82, No. 223 / Tuesday, November 21, 2017 / Notices 55481
the application of listing fees to Commission waive the 30-day operative Electronic Comments
subscription receipts as contained in the delay. In its proposal, the Exchange
Purpose Section of SR–NYSE–2017–31. stated that waiving the 30-day operative • Use the Commission’s Internet
The Exchange believes that it is to the delay would be consistent with the comment form (http://www.sec.gov/
benefit of investors and the public protection of investors and the public rules/sro.shtml); or
interest that it correct the error in the interest because it would ensure that the • Send an email to rule-comments@
actual rule text that was adopted to rule text contained in Section 902.06 of sec.gov. Please include File No. SR–
make clear that Section 902.06 does the Manual accurately reflects the NYSE–2017–58 on the subject line.
apply to subscription receipts. Exchange’s intended change as
described in the purpose section of Paper Comments
B. Self-Regulatory Organization’s
Statement on Burden on Competition NYSE–2017–31. • Send paper comments in triplicate
The Exchange does not believe that The Commission believes that waiver to Secretary, Securities and Exchange
the proposed rule change will impose of the 30-day operative delay should Commission, 100 F Street NE.,
any burden on competition not help prevent potential confusion to Washington, DC 20549–1090.
necessary or appropriate in furtherance market participants as to the applicable
All submissions should refer to File No.
of the purposes of the Act, as amended. listing and annual fees for subscription
receipts under NYSE rules by correcting SR–NYSE–2017–58. This file number
The Exchange notes that the proposed should be included on the subject line
rule change will correct an an error made in a prior approved
proposal.10 The Commission further if email is used. To help the
unintentional error in the rule text about Commission process and review your
how it intends to charge listing fees for notes that it received no comments on
the description of the proposed fees comments more efficiently, please use
subscription receipts.
contained in the prior proposal, and that only one method. The Commission will
C. Self-Regulatory Organization’s the correction being made in this rule post all comments on the Commission’s
Statement on Comments on the filing will conform the applicable fees Internet Web site (http://www.sec.gov/
Proposed Rule Change Received From for subscription receipts to those that rules/sro.shtml). Copies of the
Members, Participants, or Others were originally intended by NYSE.11 submission, all subsequent
No written comments were solicited Therefore, the Commission believes that amendments, all written statements
or received with respect to the proposed waiving the 30-day operative delay is with respect to the proposed rule
rule change. consistent with the protection of change that are filed with the
investors and the public interest and Commission, and all written
III. Date of Effectiveness of the
designates the proposed rule change as communications relating to the
Proposed Rule Change and Timing for
Commission Action operative upon filing.12 proposed rule change between the
At any time within 60 days of the Commission and any person, other than
Because the foregoing rule change those that may be withheld from the
does not (i) significantly affect the filing of such proposed rule change, the
Commission summarily may public in accordance with the
protection of investors or the public provisions of 5 U.S.C. 552, will be
interest; (ii) impose any significant temporarily suspend such rule change if
it appears to the Commission that such available for Web site viewing and
burden on competition; and (iii) become
action is necessary or appropriate in the printing in the Commission’s Public
operative for 30 days from the date on
public interest, for the protection of Reference Room, 100 F Street NE.,
which it was filed, or such shorter time
investors, or otherwise in furtherance of Washington, DC 20549, on official
as the Commission may designate if
consistent with the protection of the purposes of the Act. If the business days between the hours of
investors and the public interest, Commission takes such action, the 10:00 a.m. and 3:00 p.m. Copies of the
provided that the self-regulatory Commission shall institute proceedings filing also will be available for
organization has given the Commission under Section 19(b)(2)(B) 13 of the Act to inspection and copying at the principal
written notice of its intent to file the determine whether the proposed rule office of the Exchange. All comments
proposed rule change at least five change should be approved or received will be posted without change.
business days prior to the date of filing disapproved. Persons submitting comments are
of the proposed rule change or such cautioned that we do not redact or edit
IV. Solicitation of Comments
shorter time as designated by the personal identifying information from
Commission,6 the proposed rule change Interested persons are invited to comment submissions. You should
has become effective pursuant to submit written data, views, and submit only information that you wish
Section 19(b)(3)(A) of the Act 7 and Rule arguments concerning the foregoing, to make available publicly. All
19b–4(f)(6) thereunder.8 including whether the proposal is submissions should refer to File No.
A proposed rule change filed under consistent with the Act. Comments may SR–NYSE–2017–58, and should be
Rule 19b–4(f)(6) normally does not be submitted by any of the following submitted on or before December 12,
become operative prior to 30 days after methods: 2017.
the date of the filing. However, pursuant
For the Commission, by the Division of
to Rule 19b–4(f)(6)(iii),9 the Commission 10 See Securities Exchange Act Release No. 81856
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Trading and Markets, pursuant to delegated
may designate a shorter time if such (October 11, 2017), 82 FR 48296 (October 17, 2017)
authority.14
action is consistent with the protection (order approving SR–NYSE–2017–31).
of investors and the public interest. The 11 See id. See also Securities Exchange Act Eduardo A. Aleman,
Release No. 81102 (July 7, 2017), 82 FR 32413 (July Assistant Secretary.
Exchange has requested that the 13, 2017) (notice of filing of SR–NYSE–2017–31).
12 For purposes only of waiving the 30-day [FR Doc. 2017–25137 Filed 11–20–17; 8:45 am]
6 The Exchange has satisfied this requirement. operative delay, the Commission has considered the BILLING CODE 8011–01–P
7 15 U.S.C. 78s(b)(3)(A).
proposed rule’s impact on efficiency, competition,
8 17 CFR 240.19b–4(f)(6). and capital formation. See 15 U.S.C. 78c(f).
9 Id. 13 15 U.S.C. 78s(b)(2)(B). 14 17 CFR 200.30–3(a)(12).
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Document Created: 2017-11-21 00:43:12
Document Modified: 2017-11-21 00:43:12
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 82 FR 55480 |
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