82 FR 58470 - Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Applicable to Its Equity Options Platform
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 237 (December 12, 2017)
Federal Register Volume 82, Issue 237 (December 12, 2017)
| Page Range | 58470-58473 | |
| FR Document | 2017-26689 |
[Federal Register Volume 82, Number 237 (Tuesday, December 12, 2017)] [Notices] [Pages 58470-58473] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-26689] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82227; File No. SR-CboeBZX-2017-007] Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Applicable to Its Equity Options Platform December 6, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 [[Page 58471]] (``Act''),\1\ and Rule 19b 4 thereunder,\2\ notice is hereby given that on November 28, 2017, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule change effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the Market Data section of its fee schedule applicable to its equity options platform (``BZX Options'') to adopt fees for receipt of historical market data. The text of the proposed rule change is available at the Exchange's website at www.markets.cboe.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 Exchange 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 these 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the Market Data section of its BZX Options fee schedule to adopt fees for historical market data. The Exchange proposes to begin providing historical data to data recipients upon request for a fee. The Exchange currently provides historical data upon request on an ad hoc basis, but proposes to begin charging a fee due to the infrastructure costs of storing and providing such data. Similar to what it does today, the Exchange proposes to provide a data recipient with the requested historical data on an external hard drive provided by the Exchange. As an alternative means to obtain historical data, the Exchange provides market participants with access to a database from which they can download data that is up to 3 months old. As proposed, the Exchange will offer historical data from the Exchange's PITCH data feed for a fee of $500 per month of data accessed by any individual user. The Exchange's databases will contain up to 90 days of data at any point in time. For data that the Exchange provides on an external hard drive to a market participant the proposed cost is $2,500 per 1 terabyte (TB) drive generated by the Exchange. Historical data would be provided to data recipients for internal use only, and thus, no redistribution will be permitted. The proposed rates are identical to the rates it charges for historical data on its equity trading platform (``BZX Equities'').\5\ --------------------------------------------------------------------------- \5\ See Cboe BZX U.S. Equities Exchange Fee Schedule available at http://markets.cboe.com/us/equities/membership/fee_schedule/bzx/. --------------------------------------------------------------------------- Historical data provided by the Exchange can be used for a variety of purposes. For instance, data recipients may use historical data to back-test certain trading strategies. As another example, data recipients that provide market information through public websites or develop dynamic stock tickers, portfolio trackers, price/time graphs and other visual systems can use historical data for such purposes. The Exchange proposes to implement the proposed change to its fee schedule on January 2, 2018. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,\6\ in general, and furthers the objectives of Section 6(b)(4),\7\ in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its members and other recipients of Exchange data. The Exchange believes that the proposed rates are equitable and non-discriminatory in that they apply uniformly to all recipients of Exchange data. The Exchange believes the proposed fees are competitive with those charged by other venues and, therefore, reasonable and equitably allocated to recipients. The Exchange also believes that the proposed fees are reasonable and non-discriminatory because they will apply uniformly to all recipients of Exchange data. Furthermore, the proposed rates are identical to the rates the Exchange charges for historical data on BZX Equities,\8\ which have been previously filed with the Commission and subject to notice and comment.\9\ --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f. \7\ 15 U.S.C. 78f(b)(4). \8\ See Cboe BZX U.S. Equities Exchange Fee Schedule available at http://markets.cboe.com/us/equities/membership/fee_schedule/bzx/. \9\ See Securities Exchange Act Release Nos. 61885 (April 9, 2010), 75 FR 20018 (April 16, 2010) (SR-BATS-2010-002). --------------------------------------------------------------------------- The Exchange also believes that the proposed rule change is consistent with Section 11(A) of the Act \10\ in that it supports (i) fair competition among brokers and dealers, among exchange markets, and between exchange markets and markets other than exchange markets and (ii) the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities. Furthermore, the proposed rule change is consistent with Rule 603 of Regulation NMS,\11\ which provides that any national securities exchange that distributes information with respect to quotations for or transactions in an NMS stock do so on terms that are not unreasonably discriminatory. In adopting Regulation NMS, the Commission granted self-regulatory organizations and broker-dealers increased authority and flexibility to offer new and unique market data to the public. It was believed that this authority would expand the amount of data available to consumers, and also spur innovation and competition for the provision of market data. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78k-1. \11\ See 17 CFR 242.603. --------------------------------------------------------------------------- In addition, the proposed fees would not permit unfair discrimination because all of the Exchange's customers and market data vendors will be subject to the proposed fees on an equivalent basis. Historical data is distributed and purchased on a voluntary basis, in that neither the Exchange nor market data distributors are required by any rule or regulation to make this data available. Accordingly, Distributors and Users can discontinue use at any time and for any reason, including due to an assessment of the reasonableness of fees charged. Firms have a wide variety of alternative market data products from which to choose, such as similar proprietary data products offered by other exchanges and consolidated data. Moreover, the Exchange is not required to make any [[Page 58472]] proprietary data products available or to offer any specific pricing alternatives to any customers. In addition, the fees that are the subject of this rule filing are constrained by competition. As explained below in the Exchange's Statement on Burden on Competition, the existence of alternatives to historical data further ensures that the Exchange cannot set unreasonable fees, or fees that are unreasonably discriminatory, when vendors and subscribers can elect such alternatives. That is, the Exchange competes with other exchanges (and their affiliates) that provide similar market data products. If another exchange (or its affiliate) were to charge less to distribute its similar product than the Exchange charges to distribute historical data, prospective Users likely would not subscribe to, or would cease subscribing to, the Exchange's historical data. The Exchange notes that the Commission is not required to undertake a cost-of-service or rate-making approach. The Exchange believes that, even if it were possible as a matter of economic theory, cost-based pricing for non-core market data would be so complicated that it could not be done practically.\12\ --------------------------------------------------------------------------- \12\ The Exchange believes that cost-based pricing would be impractical because it would create enormous administrative burdens for all parties, including the Commission, to cost-regulate a large number of participants and standardize and analyze extraordinary amounts of information, accounts, and reports. In addition, it is impossible to regulate market data prices in isolation from prices charged by markets for other services that are joint products. Cost- based rate regulation would also lead to litigation and may distort incentives, including those to minimize costs and to innovate, leading to further waste. Under cost-based pricing, the Commission would be burdened with determining a fair rate of return, and the industry could experience frequent rate increases based on escalating expense levels. Even in industries historically subject to utility regulation, cost-based ratemaking has been discredited. As such, the Exchange believes that cost-based ratemaking would be inappropriate for proprietary market data and inconsistent with Congress's direction that the Commission use its authority to foster the development of the national market system, and that market forces will continue to provide appropriate pricing discipline. See Appendix C to NYSE's comments to the Commission's 2000 Concept Release on the Regulation of Market Information Fees and Revenues, which can be found on the Commission's website at http://www.sec.gov/rules/concept/s72899/buck1.htm. See also Securities Exchange Act Release No. 73816 (December 11, 2014), 79 FR 75200 (December 17, 2014) (SR-NYSE-2014-64) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Establish an Access Fee for the NYSE Best Quote and Trades Data Feed, Operative December 1, 2014). --------------------------------------------------------------------------- (B) Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. The Exchange's ability to price historical data is constrained by: (i) Competition among exchanges, other trading platforms, and Trade Reporting Facilities (``TRF'') that compete with each other in a variety of dimensions; (ii) the existence of inexpensive real-time consolidated data and market-specific data and free delayed data; and (iii) the inherent contestability of the market for proprietary data. The Exchange and its market data products are subject to significant competitive forces and the proposed fees represent responses to that competition. To start, the Exchange competes intensely for order flow. It competes with the other national securities exchanges that currently trade equities, with electronic communication networks, with quotes posted in FINRA's Alternative Display Facility, with alternative trading systems, and with securities firms that primarily trade as principal with their customer order flow. The availability of a variety of alternative sources of information imposes significant competitive pressures on Exchange data products and the Exchange's compelling need to attract order flow imposes significant competitive pressure on the Exchange to act equitably, fairly, and reasonably in setting the proposed data product fees. The proposed data product fees are, in part, responses to that pressure. The Exchange believes that the proposed fees would reflect an equitable allocation of its overall costs to users of its facilities. In addition, when establishing the proposed fees, the Exchange considered the competitiveness of the market for proprietary data and all of the implications of that competition. The Exchange believes that it has considered all relevant factors and has not considered irrelevant factors in order to establish fair, reasonable, and not unreasonably discriminatory fees and an equitable allocation of fees among all Users. The existence of alternatives to historical data, including existing similar feeds by other exchanges, consolidated data, and proprietary data from other sources, ensures that the Exchange cannot set unreasonable fees, or fees that are unreasonably discriminatory, when vendors and subscribers can elect these alternatives or choose not to purchase a specific proprietary data product if its cost to purchase is not justified by the returns any particular vendor or subscriber would achieve through the purchase. (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has neither solicited nor received written comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \13\ and paragraph (f) of Rule 19b-4 thereunder.\14\ At any time within 60 days of the filing of the 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. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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 CommentsUse 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-CboeBZX-2017-007 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-CboeBZX-2017-007. 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 website (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 [[Page 58473]] provisions of 5 U.S.C. 552, will be available for website 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 Number SR-CboeBZX-2017-007 and should be submitted on or before January 2, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-26689 Filed 12-11-17; 8:45 am] BILLING CODE 8011-01-P
![58470 Federal Register / Vol. 82, No. 237 / Tuesday, December 12, 2017 / Notices
terms and conditions stated in the discrimination or preferential treatment transactions with the Fund of Funds.3
application. among purchasers. Finally, applicants The purchase of Creation Units by a
2. Each Fund will hold investment represent that share market prices will Fund of Funds directly from a Fund will
positions selected to correspond be disciplined by arbitrage be accomplished in accordance with the
generally to the performance of an opportunities, which should prevent policies of the Fund of Funds and will
Underlying Index. Certain of the Funds shares from trading at a material be based on the NAVs of the Funds.
will track an Underlying Index that is discount or premium from NAV. 9. Section 6(c) of the Act permits the
compiled, created, sponsored, or Commission to exempt any persons or
6. With respect to Funds that effect
maintained by an affiliated person, as transactions from any provision of the
defined in section 2(a)(3) of the Act creations and redemptions of Creation
Act if such exemption is necessary or
(‘‘Affiliated Person’’), or an affiliated Units in kind and that are based on
appropriate in the public interest and
person of an Affiliated Person (‘‘Second- certain Underlying Indexes that include
consistent with the protection of
Tier Affiliate’’), of the Trust or a Fund, foreign securities, applicants request
investors and the purposes fairly
of the Adviser, of any sub-adviser to or relief from the requirement imposed by
intended by the policy and provisions of
promoter of a Fund, or of the Distributor section 22(e) in order to allow such the Act. Section 12(d)(1)(J) of the Act
(each a ‘‘Self-Indexing Fund’’).2 Funds to pay redemption proceeds provides that the Commission may
3. Shares will be purchased and within fifteen calendar days following exempt any person, security, or
redeemed in Creation Units and the tender of Creation Units for transaction, or any class or classes of
generally on an in-kind basis. Except redemption. Applicants assert that the persons, securities, or transactions, from
where the purchase or redemption will requested relief would not be any provision of section 12(d)(1) if the
include cash under the limited inconsistent with the spirit and intent of exemption is consistent with the public
circumstances specified in the section 22(e) to prevent unreasonable, interest and the protection of investors.
application, purchasers will be required undisclosed or unforeseen delays in the Section 17(b) of the Act authorizes the
to purchase Creation Units by actual payment of redemption proceeds. Commission to grant an order
depositing specified instruments 7. Applicants request an exemption to permitting a transaction otherwise
(‘‘Deposit Instruments’’), and permit Funds of Funds to acquire Fund prohibited by section 17(a) if it finds
shareholders redeeming their shares shares beyond the limits of section that (a) the terms of the proposed
will receive specified instruments 12(d)(1)(A) of the Act; and the Funds, transaction are fair and reasonable and
(‘‘Redemption Instruments’’). The and any principal underwriter for the do not involve overreaching on the part
Deposit Instruments and the Funds, and/or any broker or dealer of any person concerned; (b) the
Redemption Instruments will each registered under the Exchange Act, to proposed transaction is consistent with
correspond pro rata to the positions in sell shares to Funds of Funds beyond the policies of each registered
the Fund’s portfolio (including cash the limits of section 12(d)(1)(B) of the investment company involved; and (c)
positions) except as specified in the Act. The application’s terms and the proposed transaction is consistent
application. conditions are designed to, among other with the general purposes of the Act.
4. Because shares will not be
things, help prevent any potential (i) For the Commission, by the Division of
individually redeemable, applicants
undue influence over a Fund through Investment Management, under delegated
request an exemption from section authority.
5(a)(1) and section 2(a)(32) of the Act control or voting power, or in
connection with certain services, Eduardo A. Aleman,
that would permit the Funds to register
as open-end management investment transactions, and underwritings, (ii) Assistant Secretary.
companies and issue shares that are excessive layering of fees, and (iii) [FR Doc. 2017–26700 Filed 12–11–17; 8:45 am]
redeemable in Creation Units only. overly complex fund structures, which BILLING CODE 8011–01–P
5. Applicants also request an are the concerns underlying the limits
exemption from section 22(d) of the Act in sections 12(d)(1)(A) and (B) of the
and rule 22c–1 under the Act as Act. SECURITIES AND EXCHANGE
secondary market trading in shares will 8. Applicants request an exemption COMMISSION
take place at negotiated prices, not at a from sections 17(a)(1) and 17(a)(2) of the [Release No. 34–82227; File No. SR–
current offering price described in a Act to permit persons that are Affiliated CboeBZX–2017–007]
Fund’s prospectus, and not at a price Persons, or Second Tier Affiliates, of the
based on NAV. Applicants state that (a) Funds, solely by virtue of certain Self-Regulatory Organizations; Cboe
secondary market trading in shares does ownership interests, to effectuate BZX Exchange, Inc.; Notice of Filing
not involve a Fund as a party and will purchases and redemptions in-kind. The and Immediate Effectiveness of a
not result in dilution of an investment deposit procedures for in-kind Proposed Rule Change Applicable to
in shares, and (b) to the extent different purchases of Creation Units and the Its Equity Options Platform
prices exist during a given trading day, redemption procedures for in-kind December 6, 2017.
or from day to day, such variances occur redemptions of Creation Units will be
as a result of third-party market forces, Pursuant to Section 19(b)(1) of the
the same for all purchases and Securities Exchange Act of 1934
such as supply and demand. Therefore, redemptions and Deposit Instruments
applicants assert that secondary market and Redemption Instruments will be 3 The requested relief would apply to direct sales
transactions in shares will not lead to valued in the same manner as those of shares in Creation Units by a Fund to a Fund of
ethrower on DSK3G9T082PROD with NOTICES
investment positions currently held by Funds and redemptions of those shares. Applicants
2 Each Self-Indexing Fund will post on its website are not seeking relief from section 17(a) for, and the
the Funds. Applicants also seek relief
the identities and quantities of the investment requested relief will not apply to, transactions
positions that will form the basis for the Fund’s from the prohibitions on affiliated where a Fund could be deemed an Affiliated
calculation of its NAV at the end of the day. transactions in section 17(a) to permit a Person, or a Second-Tier Affiliate, of a Fund of
Applicants believe that requiring Self-Indexing Fund to sell its shares to and redeem its Funds because an Adviser or an entity controlling,
Funds to maintain full portfolio transparency will controlled by or under common control with an
help address, together with other protections,
shares from a Fund of Funds, and to Adviser provides investment advisory services to
conflicts of interest with respect to such Funds. engage in the accompanying in-kind that Fund of Funds.
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![Federal Register / Vol. 82, No. 237 / Tuesday, December 12, 2017 / Notices 58473
provisions of 5 U.S.C. 552, will be I. Self-Regulatory Organization’s specified by Section 402.01 in its
available for website viewing and Statement of the Terms of Substance of proposed amended form and (ii) one
printing in the Commission’s Public the Proposed Rule Change hard copy of any filing that is not
Reference Room, 100 F Street NE, The Exchange proposes to amend the required to be filed through EDGAR,
Washington, DC 20549, on official NYSE Listed Company Manual (the including pursuant to a hardship
business days between the hours of ‘‘Manual’’) to modify its requirements exemption granted by the SEC.
10:00 a.m. and 3:00 p.m. Copies of the with respect to delivery of proxy In addition, the Exchange proposes to
filing also will be available for materials to the Exchange. The proposed amend Section 402.01 to provide that
rule change is available on the listed companies will not be required to
inspection and copying at the principal
Exchange’s website at www.nyse.com, at provide proxy materials to the Exchange
office of the Exchange. All comments
in physical form, provided such proxy
received will be posted without change. the principal office of the Exchange, and
materials are included in an SEC filing
Persons submitting comments are at the Commission’s Public Reference
available on the SEC’s EDGAR filing
cautioned that we do not redact or edit Room.
system. Any listed company whose
personal identifying information from II. Self-Regulatory Organization’s proxy materials are available on EDGAR
comment submissions. You should Statement of the Purpose of, and but not filed pursuant to Schedule 14A
submit only information that you wish Statutory Basis for, the Proposed Rule under the Act will be required to
to make available publicly. All Change provide to the Exchange information
submissions should refer to File In its filing with the Commission, the sufficient to identify such filing (by one
Number SR–CboeBZX–2017–007 and self-regulatory organization included of the means specified in Section
should be submitted on or before statements concerning the purpose of, 204.00(A)) not later than the date on
January 2, 2018. and basis for, the proposed rule change which such material is sent, or given, to
and discussed any comments it received any security holders. Notwithstanding
For the Commission, by the Division of
on the proposed rule change. The text the foregoing, any listed company
Trading and Markets, pursuant to delegated
of those statements may be examined at whose proxy materials are not included
authority.15
the places specified in Item IV below. in their entirety (together with proxy
Eduardo A. Aleman, card) in an SEC filing available on
Assistant Secretary.
The Exchange has prepared summaries,
set forth in sections A, B, and C below, EDGAR will continue to be required to
[FR Doc. 2017–26689 Filed 12–11–17; 8:45 am]
of the most significant parts of such provide three physical copies of any
BILLING CODE 8011–01–P
statements. proxy material not available on EDGAR
to the Exchange not later than the date
A. Self-Regulatory Organization’s on which such material is sent, or given,
SECURITIES AND EXCHANGE Statement of the Purpose of, and the to any security holders, consistent with
COMMISSION Statutory Basis for, the Proposed Rule the requirements of Rule 14a–6(b) under
Change the Act.4 The Exchange also proposes to
correct an erroneous reference to Rule
[Release No. 34–82225; File No. SR–NYSE– 1. Purpose
2017–42] 14–a(6)(c) [sic] in Section 402.01 to refer
The Exchange proposes to amend the instead to part (c) of that rule.
Manual to modify its requirements with The Exchange notes that almost all
Self-Regulatory Organizations; New
respect to delivery of proxy materials to U.S. domestic listed companies are
York Stock Exchange LLC; Notice of
the Exchange. subject to the SEC’s proxy rules. Those
Filing of Proposed Rule Change The Manual currently includes two companies are required to file their
Amending the NYSE Listed Company provisions requiring listed companies to proxy materials on the SEC’s EDGAR
Manual To Modify Its Requirements provide physical copies of proxy system and the relevant filings are
With Respect to Delivery of Proxy materials to the Exchange. Section readily identifiable as being filed under
Materials to the Exchange 204.00(B) requires listed companies to Schedule 14A under the U.S. proxy
provide six hard copies of proxy rules. Exchange staff receives alerts
December 6, 2017.
materials not later than the date on when filings are submitted to the SEC
Pursuant to Section 19(b)(1) 1 of the which the material is physically or and generally reviews proxy materials
Securities Exchange Act of 1934 electronically delivered to shareholders. on EDGAR shortly after filing. This
(‘‘Act’’),2 and Rule 19b–4 thereunder,3 Section 402.01 requires listed review has generally been completed
notice is hereby given that, on companies to provide three definitive long before the Exchange receives hard
November 22, 2017, New York Stock copies of the proxy material (together copies of proxy materials and the
Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) with proxy card) not later than the date Exchange therefore has no real need to
filed with the Securities and Exchange on which such material is sent, or given, receive hard copies.
Commission (‘‘SEC’’ or ‘‘Commission’’) to any security holders. Listed foreign private issuers are not
the proposed rule change as described The Exchange proposes to delete from required to comply with the U.S. proxy
in Items I, II, and III below, which Items Section 204.00(B) a provision stating rules, although the NYSE does require
have been prepared by the self- that listed companies are required to file these companies to solicit proxies.
regulatory organization. The hard copies of certain SEC reports and However, many foreign private issuers
other material (such as proxies) with the furnish and submit their proxy materials
Commission is publishing this notice to
Exchange, as this provision is to the SEC as part of a Form 6–K (or, in
ethrower on DSK3G9T082PROD with NOTICES
solicit comments on the proposed rule
inconsistent with the Exchange’s the case of foreign private issuers that
change from interested persons.
proposed revised approach to the voluntarily submit periodic reports
review of SEC filings. To that end, the applicable to domestic companies,
15 17 CFR 200.30–3(a)(12). Exchange proposes to modify Section proxy materials may instead be
1 15 U.S.C.78s(b)(1). 204.00(B) so as to require companies to included in a Form 8–K). As foreign
2 15 U.S.C. 78a. send hard copy proxy materials to the
3 17 CFR 240.19b–4. Exchange only (i) in the circumstances 4 17 CFR 14a–6(b).
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Document Created: 2018-10-25 10:49:23
Document Modified: 2018-10-25 10:49:23
| 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 58470 |
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