82 FR 60451 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 300
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 243 (December 20, 2017)
Federal Register Volume 82, Issue 243 (December 20, 2017)
| Page Range | 60451-60453 | |
| FR Document | 2017-27346 |
[Federal Register Volume 82, Number 243 (Wednesday, December 20, 2017)] [Notices] [Pages 60451-60453] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-27346] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82325; File No. SR-NYSE-2017-67] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 300 December 14, 2017. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that on December 11, 2017, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \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 amend Rule 300 (Trading Licenses). The proposed rule change is available on the Exchange's website 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 NYSE Rule 300(b) currently provides that, in each annual offering, up to 1,366 trading licenses for the following calendar year will be sold annually at a price per trading license to be established each year by the Exchange pursuant to a rule filing submitted to the Securities and Exchange Commission (``Commission'') and that the price per trading license will be published each year in the Exchange's price list. The Exchange proposes to delete the phrase ``each year'' in the first and second sentences of Rule 300(b) and the phrase ``established for that year by the Exchange pursuant to section (b) above'' in Rule 300(b)(i). The Exchange establishes its fees for trading licenses pursuant to separate proposed rule changes. The last time the Exchange amended its trading license fee was on July 1, 2016.\4\ Because the NYSE Price List sets forth this annual fee and is continuously available on the Exchange's website, the Exchange believes it is redundant to make a separate proposed rule change under Rule 300(b) to ``establish'' a trading license fee even if the fee is not changing. The Exchange believes that amending Rule 300(b) by deleting the proposed text would relieve the Exchange of the need to make a rule filing with the Commission in those years when the fee would remain the same, and only require a rule filing when the Exchange is changing the amount of the fee set forth in the NYSE Price List. The proposal is consistent with the way the Exchange handles the other fees set forth in its Price List. The remaining requirements of Rule 300 would remain unchanged. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 78233 (July 6, 2016), 81 FR 45190 (July 12, 2016) (SR-NYSE-2016-47) (establishing the current trading license fee of $50,000 for the first license held by a member organization and no charge for additional licenses held by a member organization). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\5\ in general, and [[Page 60452]] Section 6(b)(5) of the Act,\6\ in particular, in that 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, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. In particular, the Exchange believes that the proposal removes impediments to and perfects the mechanism of a free and open market and a national market system by eliminating redundant annual rule filings when the Exchange is not changing its fees. The Exchange further believes that the proposal removes impediments to and perfects the mechanism of a free and open market by reducing potential confusion among market participants and the investing public who may see a rule filing and mistake it for a fee change when in fact a fee is not changing. For these reasons, the Exchange believes that the proposed rule filing would not be inconsistent with the public interest and the protection of investors because investors will not be harmed and in fact would benefit from added clarity and consistency, thereby reducing potential confusion. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- For the foregoing reasons, the Exchange believes that the proposal is consistent with the Exchange Act. 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 rule change is not designed to address any competitive issues but rather eliminate the requirement for a rule filing that would not change any fees and that could cause potential confusion that fees may be changing in a year when they are not. 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 \7\ and Rule 19b-4(f)(6) thereunder.\8\ Because the foregoing 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 for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act \9\ and subparagraph (f)(6) Rule 19b-4 thereunder.\10\ --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A)(iii). \8\ 17 CFR 240.19b-4(f)(6). \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \11\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \12\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange believes that waiver of the operative delay is consistent with the protection of investors and the public interest because it would reduce potential confusion, without delay, by eliminating the requirement for the Exchange to file a redundant proposed rule change that does not change a fee. The Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\13\ --------------------------------------------------------------------------- \11\ 17 CFR 240.19b-4(f)(6). \12\ 17 CFR 240.19b-4(f)(6)(iii). \13\ For purposes only of waiving the 30-day operative delay, the Commission has also 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) \14\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic 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-NYSE-2017-67 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSE-2017-67. 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 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-NYSE-2017-67 and should [[Page 60453]] be submitted on or before January 10, 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. 2017-27346 Filed 12-19-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 243 / Wednesday, December 20, 2017 / Notices 60451
Register or within such longer period comment submissions. You should of those statements may be examined at
up to 90 days (i) as the Commission may submit only information that you wish the places specified in Item IV below.
designate if it finds such longer period to make available publicly. All The Exchange has prepared summaries,
to be appropriate and publishes its submissions should refer to File No. set forth in sections A, B, and C below,
reasons for so finding or (ii) as to which SR–CboeBZX–2017–011 and should be of the most significant parts of such
the self-regulatory organization submitted on or before January 10, 2018. statements.
consents, the Commission will: For the Commission, by the Division of
A. By order approve or disapprove the A. Self-Regulatory Organization’s
Trading and Markets, pursuant to delegated Statement of the Purpose of, and the
proposed rule change, or authority.58
B. institute proceedings to determine Statutory Basis for, the Proposed Rule
Eduardo A. Aleman, Change
whether the proposed rule change Assistant Secretary.
should be disapproved. 1. Purpose
[FR Doc. 2017–27349 Filed 12–19–17; 8:45 am]
IV. Solicitation of Comments BILLING CODE 8011–01–P NYSE Rule 300(b) currently provides
Interested persons are invited to that, in each annual offering, up to 1,366
submit written data, views and trading licenses for the following
arguments concerning the foregoing, SECURITIES AND EXCHANGE calendar year will be sold annually at a
including whether the proposal is COMMISSION price per trading license to be
consistent with the Act. Comments may [Release No. 34–82325; File No. SR–NYSE– established each year by the Exchange
be submitted by any of the following 2017–67] pursuant to a rule filing submitted to the
methods: Securities and Exchange Commission
Self-Regulatory Organizations; New (‘‘Commission’’) and that the price per
Electronic Comments York Stock Exchange LLC; Notice of trading license will be published each
• Use the Commission’s internet Filing and Immediate Effectiveness of year in the Exchange’s price list.
comment form (http://www.sec.gov/ Proposed Rule Change To Amend Rule
The Exchange proposes to delete the
rules/sro.shtml); or 300
• Send an email to rule-comments@ phrase ‘‘each year’’ in the first and
sec.gov. Please include File No. SR– December 14, 2017. second sentences of Rule 300(b) and the
CboeBZX–2017–011 on the subject line. Pursuant to Section 19(b)(1) 1 of the phrase ‘‘established for that year by the
Securities Exchange Act of 1934 (the Exchange pursuant to section (b) above’’
Paper Comments ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 in Rule 300(b)(i).
• Send paper comments in triplicate notice is hereby given that on December The Exchange establishes its fees for
to Secretary, Securities and Exchange 11, 2017, New York Stock Exchange trading licenses pursuant to separate
Commission, 100 F Street NE, LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed proposed rule changes. The last time the
Washington, DC 20549–1090. with the Securities and Exchange Exchange amended its trading license
All submissions should refer to File No. Commission (the ‘‘Commission’’) the fee was on July 1, 2016.4 Because the
SR–CboeBZX–2017–011. This file proposed rule change as described in NYSE Price List sets forth this annual
number should be included on the Items I and II below, which Items have fee and is continuously available on the
subject line if email is used. To help the been prepared by the self-regulatory Exchange’s website, the Exchange
Commission process and review your organization. The Commission is believes it is redundant to make a
comments more efficiently, please use publishing this notice to solicit separate proposed rule change under
only one method. The Commission will comments on the proposed rule change Rule 300(b) to ‘‘establish’’ a trading
post all comments on the Commission’s from interested persons. license fee even if the fee is not
internet website (http://www.sec.gov/ I. Self-Regulatory Organization’s changing. The Exchange believes that
rules/sro.shtml). Copies of the Statement of the Terms of Substance of amending Rule 300(b) by deleting the
submission, all subsequent the Proposed Rule Change proposed text would relieve the
amendments, all written statements Exchange of the need to make a rule
The Exchange proposes to amend filing with the Commission in those
with respect to the proposed rule
Rule 300 (Trading Licenses). The years when the fee would remain the
change that are filed with the
proposed rule change is available on the same, and only require a rule filing
Commission, and all written
Exchange’s website at www.nyse.com, at when the Exchange is changing the
communications relating to the
the principal office of the Exchange, and amount of the fee set forth in the NYSE
proposed rule change between the
at the Commission’s Public Reference Price List. The proposal is consistent
Commission and any person, other than
Room. with the way the Exchange handles the
those that may be withheld from the
public in accordance with the II. Self-Regulatory Organization’s other fees set forth in its Price List. The
provisions of 5 U.S.C. 552, will be Statement of the Purpose of, and remaining requirements of Rule 300
available for website viewing and Statutory Basis for, the Proposed Rule would remain unchanged.
printing in the Commission’s Public Change 2. Statutory Basis
Reference Room, 100 F Street NE, In its filing with the Commission, the
Washington, DC 20549, on official self-regulatory organization included The Exchange believes that the
business days between the hours of statements concerning the purpose of, proposed rule change is consistent with
10:00 a.m. and 3:00 p.m. Copies of such Section 6(b) of the Act,5 in general, and
sradovich on DSK3GMQ082PROD with NOTICES
and basis for, the proposed rule change
filing will also be available for and discussed any comments it received
inspection and copying at the principal on the proposed rule change. The text 4 See Securities Exchange Act Release No. 78233
office of the Exchange. All comments (July 6, 2016), 81 FR 45190 (July 12, 2016) (SR–
received will be posted without change. NYSE–2016–47) (establishing the current trading
58 17 CFR 200.30–3(a)(12). license fee of $50,000 for the first license held by
Persons submitting comments are 1 15 U.S.C. 78s(b)(1). a member organization and no charge for additional
cautioned that we do not redact or edit 2 15 U.S.C. 78a. licenses held by a member organization).
personal identifying information from 3 17 CFR 240.19b–4. 5 15 U.S.C. 78f(b).
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![Federal Register / Vol. 82, No. 243 / Wednesday, December 20, 2017 / Notices 60453
be submitted on or before January 10, any comments it received on the particular U.S. dollar-settled foreign
2018. proposed rule change. The text of these currency option must enter a Valid
For the Commission, by the Division of statements may be examined at the Width Quote, in 90% of their assigned
Trading and Markets, pursuant to delegated places specified in Item IV below. The series, not later than one minute after
authority.15 Exchange has prepared summaries, set the announced market opening. PMMs
Eduardo A. Aleman, forth in sections A, B, and C below, of must promptly enter a Valid Width
Assistant Secretary. the most significant aspects of such Quote in the remainder of their assigned
[FR Doc. 2017–27346 Filed 12–19–17; 8:45 am] statements. series, which did not open within one
minute following the dissemination of a
BILLING CODE 8011–01–P A. Self-Regulatory Organization’s quote or trade by the market for the
Statement of the Purpose of, and underlying security or, in the case of
Statutory Basis for, the Proposed Rule index options, following the receipt of
SECURITIES AND EXCHANGE Change
COMMISSION the opening price in the underlying
1. Purpose index or, with respect to U.S. dollar-
[Release No. 34–82318; File No. SR–ISE– settled foreign currency options,
2017–104] The Exchange is proposing to amend
following the announced market
Rule 701, Openings, to amend the
Self-Regulatory Organizations; Nasdaq opening.
obligations of a PMM when entering The Exchange proposes to make clear
ISE, LLC; Notice of Filing and Valid Width Quotes during the Opening that a PMM has the obligations specified
Immediate Effectiveness of Proposed Process. In addition, the Exchange in ISE Rule 701(c)(3) to promptly enter
Rule Change Relating to Primary proposes to make clear the obligations a Valid Width Quote in the remainder
Market Maker Obligations of a PMM and a Competitive Market of their assigned series in cases where
Maker (‘‘CMM’’) once an options series the PMM’s assigned series was not
December 14, 2017
has opened. already opened by a CMM as permitted
Pursuant to Section 19(b)(1) of the Currently, Rule 701(c)(1) provides, the
Securities Exchange Act of 1934 by Rule 701(c)(1)(ii) and (iii) as noted
Opening Process for an option series herein. The PMM would continue to
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 will be conducted pursuant to
notice is hereby given that on November have the ultimate obligation to open
paragraphs (f)–(j) of ISE Rule 701 on or each assigned series, however this rule
29, 2017, Nasdaq ISE, LLC (‘‘ISE’’ or
after 9:30 a.m. Eastern Time if: The change would not require the PMM to
‘‘Exchange’’) filed with the Securities
ABBO, if any, is not crossed; and the enter a Valid Width Quote for the 10%
and Exchange Commission
system has received, within two of their assigned series, not later than
(‘‘Commission’’) the proposed rule
minutes (or such shorter time as one minute following the dissemination
change as described in Items I and II
determined by the Exchange and of a quote or trade by the market for the
below, which Items have been prepared
disseminated to membership on the underlying security or, in the case of
by the Exchange. The Commission is
Exchange’s website) of the opening index options, following the receipt of
publishing this notice to solicit
trade or quote on the market for the the opening price in the underlying
comments on the proposed rule change
from interested persons. underlying security in the case of equity index during the Opening Process if an
options or, in the case of index options, options series has opened pursuant to
I. Self-Regulatory Organization’s within two minutes of the receipt of the Rule 701(c)(1)(ii) and (iii) within the
Statement of the Terms of Substance of opening price in the underlying index timeframe specified for the PMM to
the Proposed Rule Change (or such shorter time as determined by enter a Valid Width Quote as noted in
The Exchange proposes to amend the Exchange and disseminated to Rule 701(c)(3). Also, the PMM assigned
Rule 701, entitled ‘‘Openings,’’ to membership on the Exchange’s website), in a particular U.S. dollar-settled foreign
specify the obligations of a Primary or within two minutes of market currency option would not be required
Market Maker (‘‘PMM’’) when entering opening for the underlying security in to enter a Valid Width Quote for 10%
Valid Width Quotes 3 during the the case of U.S. dollar-settled foreign of their assigned series, not later than
Opening Process. currency options (or such shorter time one minute after the announced market
The text of the proposed rule change as determined by the Exchange and opening during the Opening Process if
is available on the Exchange’s website at disseminated to membership on the an options series opened pursuant to
http://ise.cchwallstreet.com/, at the Exchange’s website) any of the Rule 701(c)(1)(ii) and (iii) within the
principal office of the Exchange, and at following: (i) The PMM’s Valid Width timeframe specified for the PMM to
the Commission’s Public Reference Quote; (ii) the Valid Width Quotes of at enter a Valid Width Quote as noted in
Room. least two CMM or (iii) if neither the Rule 701(c)(3).
PMM’s Valid Width Quote nor the Valid Today ISE Rule 701 requires a PMM
II. Self-Regulatory Organization’s Width Quotes of two CMMs have been to open the market and provides an
Statement of the Purpose of, and submitted within such timeframe, one alternative mechanism to permit an
Statutory Basis for, the Proposed Rule CMM has submitted a Valid Width alternative opening by a CMM.4 The
Change Quote. proposal seeks to make clear the
In its filing with the Commission, the Thereafter, Rule 701(c)(3) specifies obligations of the PMM with respect to
Exchange included statements that the PMM assigned in a particular options series that were open by a CMM
concerning the purpose of and basis for equity or index option must enter a as well as the quoting obligations of a
the proposed rule change and discussed Valid Width Quote, in 90% of their
sradovich on DSK3GMQ082PROD with NOTICES
CMM that opened the options series.
assigned series, not later than one The Exchange proposes to amend ISE
15 17 CFR 200.30–3(a)(12). minute following the dissemination of a Rule 701(c)(3) to state that once an
1 15 U.S.C. 78s(b)(1). quote or trade by the market for the option series has opened pursuant to
2 17 CFR 240.19b–4.
3 A ‘‘Valid Width Quote’’ is a two-sided electronic
underlying security or, in the case of Rule 701(c)(1)(i)–(iii), a PMM must
quotation submitted by a Market Maker that
index options, following the receipt of submit continuous, two-sided quotes in
consists of a bid/ask differential that is compliant the opening price in the underlying
with Rule 803(b)(4). See Rule 701(a)(8). index. The PMM assigned in a 4 See ISE Rule 701(c)(1)(i)–(iii).
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Document Created: 2018-10-25 10:56:58
Document Modified: 2018-10-25 10:56:58
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 60451 |
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