83 FR 28279 - Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Commentary .07 to Rule 904
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 117 (June 18, 2018)
Federal Register Volume 83, Issue 117 (June 18, 2018)
| Page Range | 28279-28281 | |
| FR Document | 2018-12933 |
[Federal Register Volume 83, Number 117 (Monday, June 18, 2018)] [Notices] [Pages 28279-28281] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-12933] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83417; File No. SR-NYSEAMER-2018-26] Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Commentary .07 to Rule 904 June 12, 2018. 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 June 8, 2018, NYSE American LLC (the ``Exchange'' or ``NYSE American'') 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 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 Commentary .07 to Rule 904 to amend the position limits for options on SPDR S&P 500 ETF (``SPY''). 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 Statutory Basis for, the Proposed Rule Change 1. Purpose Rule 904 (Position Limits) establishes position limits for aggregate positions in option contracts traded on the Exchange. Commentary .07 to Rule 904 lists specific position limits for certain select underlying securities. SPY is among the certain select underlying securities listed in the Rule. Currently, Rule 904 provides that there are no position limits on options overlying SPY pursuant to a pilot program, which is scheduled to expire on July 12, 2018 (``SPY Pilot Program'').\4\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 67672 (August 15, 2012), 77 FR 50750 (August 22, 2012). The SPY Pilot Program was subsequently extended. See Securities Exchange Release Nos. 70734 (October 22, 2013), 78 FR 64255 (October 28, 2013); 73847 (December 16, 2014), 79 FR 76426 (December 22, 2014); 75416 (July 9, 2015), 80 FR 41521 (July 15, 2015); 78241 (July 7, 2016), 81 FR 45325 (July 13, 2016); and 81130 (July 12, 2017), 82 FR 32906 (July 18, 2017). --------------------------------------------------------------------------- The Exchange proposes to amend Rule 904, Commentary .07, to allow the SPY Pilot Program to terminate on July 12, 2018, the current expiration date of the SPY Pilot Program. In lieu of extending the SPY Pilot Program, the Exchange proposes to allow the SPY Pilot Program to terminate and to establish position limits of 1,800,000 contracts, for options on SPY, with such change becoming operative on July 12, 2018, so that there is no lapse in time between termination of the SPY Pilot Program and the establishment of the new limits.\5\ Furthermore, as a result of the termination of the SPY Pilot Program, the Exchange does not believe it is necessary to submit a SPY Pilot Program Report at the end of the SPY Pilot Program. Based on the prior SPY Pilot Program Reports provided to the Commission,\6\ the Exchange believes it is appropriate to terminate the SPY Pilot Program and establish permanent position limits for SPY. --------------------------------------------------------------------------- \5\ Pursuant to Rule 905, the exercise limit for options on SPY is equivalent to the position limit for SPY options and would also be amended pursuant to this proposal. \6\ See supra, note 4. --------------------------------------------------------------------------- Position limits are designed to address potential manipulative schemes and adverse market impact surrounding the use of options, such as disrupting the market in the security underlying the options. The potential manipulative schemes and adverse market impact are balanced against the potential of setting the limits so low as to discourage [[Page 28280]] participation in the options market. The level of those position limits must be balanced between curtailing potential manipulation and the cost of preventing potential hedging activity that could be used for legitimate economic purposes. The SPY Pilot Program was established in 2012 in order to eliminate position and exercise limits for physically-settled SPY options.\7\ In 2005, the position limits for SPY options were increased from 75,000 contracts to 300,000 contracts on the same side of the market.\8\ In July 2011, the position limit for these options was again increased from 300,000 contracts to 900,000 contracts on the same side of the market.\9\ Then, in 2012, the position limits for SPY options were eliminated as part of the SPY Pilot Program.\10\ --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release Nos. 67672 (August 15, 2012), 77 FR 50750 (August 22, 2012) (SR-NYSEAmex-2012-29); and 67937 (September 27, 2012), 77 FR 60489 (October 3, 2012) (SR-CBOE- 2012-091). \8\ See Securities Exchange Act Release No. 51041 (January 14, 2005), 70 FR 3408 (January 24, 2005) (SR-CBOE-2005-06). \9\ See Securities Exchange Act Release No. 64928 (July 20, 2011), 76 FR 44633 (July 26, 2011) (SR-CBOE-2011-065). \10\ See supra, note 7. --------------------------------------------------------------------------- The underlying SPY tracks the performance of the S&P 500 Index and the Exchange notes that the SPY and SPY options have deep, liquid markets that reduce concerns regarding manipulation and disruption in the underlying markets. In support of this proposed rule change, the Exchange has collected the following trading statistics for SPY and SPY Options: (1) The average daily volume (``ADV'') (as of May 15, 2018) for SPY is 108.32 million shares; (2) the ADV in 2018 for SPY options is 3.9 million contracts per day; (3) the total shares outstanding for SPY are 965.43 million; and (4) the fund market cap for SPY is 261.65 billion. The Exchange represents further that there is tremendous liquidity in the securities that make up the S&P 500 Index. Accordingly, the Exchange proposes to amend Commentary .07 to Rule 904 to set forth that the position limit for options on SPY would be 1,800,000 contracts on the same side of the market. This position limit equals the current position limit for options on the PowerShares QQQ Trust (``QQQ''), which the Commission previously approved to be increased from 900,000 contracts on the same side of the market, to 1,800,000 contracts on the same side of the market.\11\ The Exchange also notes that SPY is more liquid than QQQ.\12\ The Exchange believes that establishing position limits for SPY options in the amount of 1,800,000 contracts on the same side of the market would allow for the maintenance of the liquid and competitive market environment for these options, which will benefit customers interested in these products. Under the proposal, the reporting requirement for SPY options would be unchanged. --------------------------------------------------------------------------- \11\ See Securities Exchange Act Release No. 83065 (April 19, 2018), 83 FR 18093 (April 25, 2018) (SR-NYSEAMER-2018-14); See also Securities Exchange Act Release No. 82770 (February 23, 2018), 83 FR 8907 (March 1, 2018) (SR-CBOE-2017-057). \12\ From the beginning of the year, through May 15, 2018, the ADV for SPY was 108.32 million shares while the ADV for QQQ was 46.64 million shares (calculated using data from Yahoo Finance). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \13\ in general, and furthers the objectives of Section 6(b)(5) of the Act \14\ in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, 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 establishing permanent position limits for SPY options will encourage Market Makers to continue to provide sufficient liquidity in SPY options on the Exchange, which will enhance the process of price discovery conducted on the Exchange. The proposal will also benefit institutional investors as well as retail traders, and public customers, by continuing to provide them with an effective trading and hedging vehicle. In addition, the Exchange believes that the structure of SPY options and the considerable liquidity of the market for those options diminishes the opportunity to manipulate this product and disrupt the underlying market that a lower position limit may protect against. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b). \14\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Increased position limits for select actively traded options, such as that proposed herein (increased as compared to the 900,000 limit in place prior to the SPY Pilot Program),\15\ is not novel and has been previously approved by the Commission. For example, the Commission has previously approved a rule change permitting the Exchange to double the position and exercise limits for iShares China Large-Cap ETF (``FXI''), iShares MSCI EAFE ETF (``EFA''), iShares MSCI Emerging Markets ETF (``EEM''), iShares Russell 2000 ETF (``IWM''), iShares MSCI Brazil Capped ETF (``EWZ''), iShares 20+ Year Treasury Bond Fund ETF (``TLT''), iShares MSCI Japan ETF (``EWJ'') and QQQ.\16\ Furthermore, as previously mentioned, the Commission specifically approved a proposal by the Exchange to increase the position and exercise limits for options on QQQ from 900,000 contracts on the same side of the market to 1,800,000 contracts on the same side of the market; similar to the current proposal for options on SPY.\17\ The Exchange also notes that SPY is more liquid than QQQ.\18\ --------------------------------------------------------------------------- \15\ See supra, note 9. \16\ See supra, note 11. \17\ Id. \18\ See supra, note 12. --------------------------------------------------------------------------- Lastly, the Commission expressed the belief that implementing higher position and exercise limits may bring additional depth and liquidity without increasing concerns regarding intermarket manipulation or disruption of the options or the underlying securities.\19\ The Exchange's existing surveillance and reporting safeguards are designed to deter and detect possible manipulative behavior which might arise from increasing position limits (increased as compared to the 900,000 limit in place prior to the SPY Pilot Program).\20\ --------------------------------------------------------------------------- \19\ See supra, note 11. \20\ See supra, note 9. --------------------------------------------------------------------------- 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. The proposed rule change is not designed to address any aspect of competition, whether between the Exchange and its competitors, or among market participants. Instead, the proposed rule change promotes competition because it will enable the options exchanges to attract additional order flow from the over- the-counter market, who in turn compete for those orders. The Exchange believes that the proposed rule change will result in continued opportunities to achieve the investment and trading objectives of market participants seeking efficient trading and hedging vehicles, to the benefit of investors, market participants, and the marketplace in general. The Exchange believes this proposed rule change is necessary to permit fair competition among the options exchanges and to establish uniform position limits for additional multiply listed option classes. [[Page 28281]] 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 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 after the date of the filing, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \21\ and Rule 19b-4(f)(6) \22\ thereunder. --------------------------------------------------------------------------- \21\ 15 U.S.C. 78s(b)(3)(A). \22\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give 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. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- 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. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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-NYSEAMER-2018-26 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-2018-26. 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-NYSEAMER-2018-26 and should be submitted on or before July 9, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\23\ --------------------------------------------------------------------------- \23\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-12933 Filed 6-15-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 117 / Monday, June 18, 2018 / Notices 28279
to determine whether the proposed rule For the Commission, by the Division of of the most significant parts of such
should be approved or disapproved. Trading and Markets, pursuant to delegated statements.
authority.23
IV. Solicitation of Comments Eduardo A. Aleman, A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Interested persons are invited to Assistant Secretary.
Statutory Basis for, the Proposed Rule
submit written data, views, and [FR Doc. 2018–12929 Filed 6–15–18; 8:45 am]
Change
arguments concerning the foregoing, BILLING CODE 8011–01–P
including whether the proposed rule 1. Purpose
change is consistent with the Act. Rule 904 (Position Limits) establishes
Comments may be submitted by any of SECURITIES AND EXCHANGE position limits for aggregate positions in
the following methods: COMMISSION option contracts traded on the
Electronic Comments Exchange. Commentary .07 to Rule 904
[Release No. 34–83417; File No. SR– lists specific position limits for certain
• Use the Commission’s internet NYSEAMER–2018–26] select underlying securities. SPY is
comment form (http://www.sec.gov/ among the certain select underlying
rules/sro.shtml); or Self-Regulatory Organizations; NYSE securities listed in the Rule. Currently,
• Send an email to rule-comments@ American LLC; Notice of Filing and Rule 904 provides that there are no
sec.gov. Please include File Number SR– Immediate Effectiveness of Proposed position limits on options overlying
NYSEArca–2018–44 on the subject line. Rule Change To Amend Commentary SPY pursuant to a pilot program, which
.07 to Rule 904 is scheduled to expire on July 12, 2018
Paper Comments
June 12, 2018. (‘‘SPY Pilot Program’’).4
• Send paper comments in triplicate The Exchange proposes to amend
to Brent J. Fields, Secretary, Securities Pursuant to Section 19(b)(1) 1 of the
Rule 904, Commentary .07, to allow the
and Exchange Commission, 100 F Street Securities Exchange Act of 1934 (the
SPY Pilot Program to terminate on July
NE, Washington, DC 20549–1090. ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
12, 2018, the current expiration date of
notice is hereby given that on June 8,
All submissions should refer to File the SPY Pilot Program. In lieu of
2018, NYSE American LLC (the
Number SR–NYSEArca–2018–44. This extending the SPY Pilot Program, the
‘‘Exchange’’ or ‘‘NYSE American’’) filed
file number should be included on the Exchange proposes to allow the SPY
with the Securities and Exchange
subject line if email is used. To help the Pilot Program to terminate and to
Commission (‘‘Commission’’) the
Commission process and review your establish position limits of 1,800,000
proposed rule change as described in
comments more efficiently, please use contracts, for options on SPY, with such
Items I and II below, which Items have change becoming operative on July 12,
only one method. The Commission will been prepared by the self-regulatory
post all comments on the Commission’s 2018, so that there is no lapse in time
organization. The Commission is between termination of the SPY Pilot
internet website (http://www.sec.gov/ publishing this notice to solicit
rules/sro.shtml). Copies of the Program and the establishment of the
comments on the proposed rule change new limits.5 Furthermore, as a result of
submission, all subsequent from interested persons.
amendments, all written statements the termination of the SPY Pilot
with respect to the proposed rule I. Self-Regulatory Organization’s Program, the Exchange does not believe
change that are filed with the Statement of the Terms of Substance of it is necessary to submit a SPY Pilot
Commission, and all written the Proposed Rule Change Program Report at the end of the SPY
communications relating to the Pilot Program. Based on the prior SPY
The Exchange proposes to amend
proposed rule change between the Pilot Program Reports provided to the
Commentary .07 to Rule 904 to amend
Commission and any person, other than Commission,6 the Exchange believes it
the position limits for options on SPDR
those that may be withheld from the is appropriate to terminate the SPY Pilot
S&P 500 ETF (‘‘SPY’’). The proposed
public in accordance with the Program and establish permanent
rule change is available on the
provisions of 5 U.S.C. 552, will be position limits for SPY.
Exchange’s website at www.nyse.com, at
available for website viewing and Position limits are designed to
the principal office of the Exchange, and
printing in the Commission’s Public address potential manipulative schemes
at the Commission’s Public Reference
Reference Room, 100 F Street NE, and adverse market impact surrounding
Room.
Washington, DC 20549, on official the use of options, such as disrupting
business days between the hours of II. Self-Regulatory Organization’s the market in the security underlying
10:00 a.m. and 3:00 p.m. Copies of the Statement of the Purpose of, and the options. The potential manipulative
filing also will be available for Statutory Basis for, the Proposed Rule schemes and adverse market impact are
inspection and copying at the principal Change balanced against the potential of setting
office of the Exchange. All comments the limits so low as to discourage
In its filing with the Commission, the
received will be posted without change. self-regulatory organization included 4 See Securities Exchange Act Release No. 67672
Persons submitting comments are statements concerning the purpose of, (August 15, 2012), 77 FR 50750 (August 22, 2012).
cautioned that we do not redact or edit and basis for, the proposed rule change The SPY Pilot Program was subsequently extended.
personal identifying information from and discussed any comments it received See Securities Exchange Release Nos. 70734
comment submissions. You should on the proposed rule change. The text (October 22, 2013), 78 FR 64255 (October 28, 2013);
submit only information that you wish 73847 (December 16, 2014), 79 FR 76426 (December
of those statements may be examined at
amozie on DSK3GDR082PROD with NOTICES1
22, 2014); 75416 (July 9, 2015), 80 FR 41521 (July
to make available publicly. All the places specified in Item IV below. 15, 2015); 78241 (July 7, 2016), 81 FR 45325 (July
submissions should refer to File The Exchange has prepared summaries, 13, 2016); and 81130 (July 12, 2017), 82 FR 32906
Number SR–NYSEArca–2018–44 and set forth in sections A, B, and C below, (July 18, 2017).
5 Pursuant to Rule 905, the exercise limit for
should be submitted on or before July 9,
options on SPY is equivalent to the position limit
2018. 1 15 U.S.C. 78s(b)(1). for SPY options and would also be amended
2 15 U.S.C. 78a. pursuant to this proposal.
23 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. 6 See supra, note 4.
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C. Self-Regulatory Organization’s All submissions should refer to File of 1995, 44 U.S.C. 3501–3520, the
Statement on Comments on the Number SR–NYSEAMER–2018–26. This Securities and Exchange Commission
Proposed Rule Change Received From file number should be included on the (‘‘Commission’’) is soliciting comments
Members, Participants, or Others subject line if email is used. To help the on the collection of information
Commission process and review your summarized below. The Commission
No written comments were solicited
comments more efficiently, please use plans to submit the existing collection
or received with respect to the proposed of information to the Office of
only one method. The Commission will
rule change. Management and Budget for extension.
post all comments on the Commission’s
III. Date of Effectiveness of the internet website (http://www.sec.gov/ On February 6, 2003, the Commission
Proposed Rule Change and Timing for rules/sro.shtml). Copies of the published final rules, effective August 5,
Commission Action submission, all subsequent 2003, entitled ‘‘Standards of
amendments, all written statements Professional Conduct for Attorneys
Because the foregoing proposed rule Appearing and Practicing Before the
with respect to the proposed rule
change does not: (i) Significantly affect Commission in the Representation of an
change that are filed with the
the protection of investors or the public Issuer’’ (17 CFR 205.1–205.7). The
Commission, and all written
interest; (ii) impose any significant information collection embedded in the
communications relating to the
burden on competition; and (iii) become rules is necessary to implement the
proposed rule change between the
operative for 30 days after the date of Standards of Professional Conduct for
Commission and any person, other than
the filing, or such shorter time as the Attorneys prescribed by the rule and
those that may be withheld from the
Commission may designate, it has required by Section 307 of the Sarbanes-
public in accordance with the
become effective pursuant to Section Oxley Act of 2002 (15 U.S.C. 7245). The
provisions of 5 U.S.C. 552, will be
19(b)(3)(A) of the Act 21 and Rule 19b– rules impose an ‘‘up-the-ladder’’
available for website viewing and
4(f)(6) 22 thereunder. reporting requirement when attorneys
printing in the Commission’s Public
At any time within 60 days of the Reference Room, 100 F Street NE, appearing and practicing before the
filing of the proposed rule change, the Washington, DC 20549, on official Commission become aware of evidence
Commission summarily may business days between the hours of of a material violation by the issuer or
temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of the any officer, director, employee, or agent
it appears to the Commission that such filing also will be available for of the issuer. An issuer may choose to
action is necessary or appropriate in the inspection and copying at the principal establish a qualified legal compliance
public interest, for the protection of office of the Exchange. All comments committee (‘‘QLCC’’) as an alternative
investors, or otherwise in furtherance of received will be posted without change. procedure for reporting evidence of a
the purposes of the Act. If the Persons submitting comments are material violation. In the rare cases in
Commission takes such action, the cautioned that we do not redact or edit which a majority of a QLCC has
Commission shall institute proceedings personal identifying information from concluded that an issuer did not act
to determine whether the proposed rule comment submissions. You should appropriately, the information may be
should be approved or disapproved. submit only information that you wish communicated to the Commission. The
to make available publicly. All collection of information is, therefore,
IV. Solicitation of Comments
submissions should refer to File an important component of the
Interested persons are invited to Number SR–NYSEAMER–2018–26 and Commission’s program to discourage
submit written data, views, and violations of the federal securities laws
should be submitted on or before July 9,
arguments concerning the foregoing, and promote ethical behavior of
2018.
including whether the proposed rule attorneys appearing and practicing
change is consistent with the Act. For the Commission, by the Division of before the Commission.
Comments may be submitted by any of Trading and Markets, pursuant to delegated The respondents to this collection of
authority.23 information are attorneys who appear
the following methods:
Eduardo A. Aleman, and practice before the Commission
Electronic Comments Assistant Secretary. and, in certain cases, the issuer, and/or
• Use the Commission’s internet [FR Doc. 2018–12933 Filed 6–15–18; 8:45 am] officers, directors and committees of the
comment form (http://www.sec.gov/ BILLING CODE 8011–01–P issuer. We believe that, in providing
rules/sro.shtml); or quality representation to issuers,
• Send an email to rule-comments@ attorneys report evidence of violations
sec.gov. Please include File Number SR– SECURITIES AND EXCHANGE to others within the issuer, including
NYSEAMER–2018–26 on the subject COMMISSION the Chief Legal Officer, the Chief
line. Executive Officer, and, where necessary,
Submission for OMB Review; the directors. In addition, officers and
Paper Comments Comment Request directors investigate evidence of
• Send paper comments in triplicate Upon Written Request, Copies Available violations and report within the issuer
to Brent J. Fields, Secretary, Securities From: Securities and Exchange the results of the investigation and the
and Exchange Commission, 100 F Street remedial steps they have taken or
Commission, Office of FOIA Services,
NE, Washington, DC 20549–1090. sanctions they have imposed. Except as
100 F Street NE, Washington, DC
discussed below, we therefore believe
20549–2736
that the reporting requirements imposed
amozie on DSK3GDR082PROD with NOTICES1
21 15 U.S.C. 78s(b)(3)(A).
22 17
Reports of Evidence of Material Violations: by the rule are ‘‘usual and customary’’
CFR 240.19b–4(f)(6). In addition, Rule 19b– SEC File No. 270–514, OMB Control No.
4(f)(6) requires a self-regulatory organization to give activities that do not add to the burden
3235–0572
the Commission written notice of its intent to file that would be imposed by the collection
the proposed rule change at least five business days Notice is hereby given that pursuant of information.
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
to the Paperwork Reduction Act (PRA) Certain aspects of the collection of
Commission. The Exchange has satisfied this information, however, may impose a
requirement. 23 17 CFR 200.30–3(a)(12). burden. For an issuer to establish a
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Document Created: 2018-06-18 15:51:00
Document Modified: 2018-06-18 15:51:00
| 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 | 83 FR 28279 |
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