83 FR 31210 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period for the Exchange's Retail Liquidity Program Until December 31, 2018

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 128 (July 3, 2018)

Page Range		31210-31212
FR Document		2018-14285
Federal Register, Volume 83 Issue 128 (Tuesday, July 3, 2018)
[Federal Register Volume 83, Number 128 (Tuesday, July 3, 2018)]
[Notices]
[Pages 31210-31212]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-14285]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83538; File No. SR-NYSEArca-2018-46]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot 
Period for the Exchange's Retail Liquidity Program Until December 31, 
2018

June 28, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on June 15, 2018, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to extend the pilot period for the Exchange's 
Retail Liquidity Program (the ``Retail Liquidity Program'' or the 
``Program''), which is currently scheduled to expire on June 30, 2018, 
until December 31, 2018. 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.

[[Page 31211]]

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to extend the pilot period of the Retail 
Liquidity Program, currently scheduled to expire on June 30, 2018,\3\ 
until December 31, 2018.
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    \3\ See Securities Exchange Act Release No. 82289 (December 11, 
2017), 82 FR 59677 (December 15, 2017) (SR-NYSEArca-2017-137).
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Background
    In December 2013, the Commission approved the Retail Liquidity 
Program on a pilot basis.\4\ The Program is designed to attract retail 
order flow to the Exchange, and allows such order flow to receive 
potential price improvement. The Program is currently limited to trades 
occurring at prices equal to or greater than $1.00 per share. Under the 
Program, Retail Liquidity Providers (``RLPs'') are able to provide 
potential price improvement in the form of a non-displayed order that 
is priced better than the Exchange's best protected bid or offer 
(``PBBO''), called a Retail Price Improvement Order (``RPI''). When 
there is an RPI in a particular security, the Exchange disseminates an 
indicator, known as the Retail Liquidity Identifier, indicating that 
such interest exists. Retail Member Organizations (``RMOs'') can submit 
a Retail Order to the Exchange, which would interact, to the extent 
possible, with available contra-side RPIs.
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    \4\ See Securities Exchange Act Release No. 71176 (December 23, 
2013), 78 FR 79524 (December 30, 2013) (SR-NYSEArca-2013-107) (``RLP 
Approval Order'').
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    The Retail Liquidity Program was approved by the Commission on a 
pilot basis. Pursuant to NYSE Arca Rule 7.44-E(m), the pilot period for 
the Program is scheduled to end on December 31, 2017 [sic].
Proposal To Extend the Operation of the Program
    The Exchange established the Retail Liquidity Program in an attempt 
to attract retail order flow to the Exchange by potentially providing 
price improvement to such order flow. The Exchange believes that the 
Program promotes competition for retail order flow by allowing Exchange 
members to submit RPIs to interact with Retail Orders. Such competition 
has the ability to promote efficiency by facilitating the price 
discovery process and generating additional investor interest in 
trading securities, thereby promoting capital formation. The Exchange 
believes that extending the pilot is appropriate because it will allow 
the Exchange and the Commission additional time to analyze data 
regarding the Program that the Exchange has committed to provide.\5\ As 
such, the Exchange believes that it is appropriate to extend the 
current operation of the Program.\6\ Through this filing, the Exchange 
seeks to amend NYSE Arca Rule 7.44-E(m) and extend the current pilot 
period of the Program until December 31, 2018.
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    \5\ See id., 78 FR at 79529.
    \6\ Concurrently with this filing, the Exchange has submitted a 
request for an extension of the exemption under Regulation NMS Rule 
612 previously granted by the Commission that permits it to accept 
and rank the undisplayed RPIs. See Letter from Martha Redding, Asst. 
Corporate Secretary, NYSE Group, Inc. to Brent J. Fields, Secretary, 
Securities and Exchange Commission, dated June 14, 2018.
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2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Act,\7\ in general, and furthers the objectives of Section 6(b)(5),\8\ 
in particular, in that it is designed 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.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that extending the pilot period for the 
Retail Liquidity Program is consistent with these principles because 
the Program is reasonably designed to attract retail order flow to the 
exchange environment, while helping to ensure that retail investors 
benefit from the better price that liquidity providers are willing to 
give their orders. Additionally, as previously stated, the competition 
promoted by the Program may facilitate the price discovery process and 
potentially generate additional investor interest in trading 
securities. The extension of the pilot period will allow the Commission 
and the Exchange to continue to monitor the Program for its potential 
effects on public price discovery, and on the broader market structure.

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 
simply extends an established pilot program for an additional six 
months, thus allowing the Retail Liquidity Program to enhance 
competition for retail order flow and contribute to the public price 
discovery process.

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 \9\ and Rule 19b-4(f)(6) thereunder.\10\ 
Because the proposed rule change does not: (i) Significantly affect the 
protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative 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, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6) thereunder.\12\
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    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission 
may 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 proposed 
rule change may become operative immediately. The Commission believes 
that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest, because waiver would 
allow the pilot period to continue uninterrupted after its current 
expiration date of June 30, 2018, thereby avoiding any potential 
investor confusion that could result from temporary interruption in the 
pilot program. For this reason, the

[[Page 31212]]

Commission hereby waives the 30-day operative delay and designates the 
proposal operative upon filing.\15\
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    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
    \15\ 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).
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    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 change 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 Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NYSEArca-2018-46 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 Number SR-NYSEArca-2018-46. 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 offices 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-NYSEArca-2018-46, and should be 
submitted on or before July 24, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12), (59).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-14285 Filed 7-2-18; 8:45 am]
 BILLING CODE 8011-01-P
31210 Federal Register / Vol. 83, No. 128 / Tuesday, July 3, 2018 / Notices

difference would cause participants to Comments may be submitted by any of SECURITIES AND EXCHANGE
refrain from responding to Complex the following methods: COMMISSION
CUBE Auctions. The Exchange expects
Electronic Comments
to see robust competition within the [Release No. 34–83538; File No. SR–
Complex CUBE Auction to trade against • Use the Commission’s internet NYSEArca–2018–46]
the Complex CUBE Order. comment form (http://www.sec.gov/
The Exchange notes that it operates in rules/sro.shtml); or Self-Regulatory Organizations; NYSE
a highly competitive market in which • Send an email to rule-comments@ Arca, Inc.; Notice of Filing and
market participants can readily favor sec.gov. Please include File Number SR– Immediate Effectiveness of Proposed
competing venues if they deem fee NYSEAMER–2018–32 on the subject Rule Change To Extend the Pilot
levels at a particular venue to be line. Period for the Exchange’s Retail
excessive. In such an environment, the Liquidity Program Until December 31,
Exchange must continually adjust its Paper Comments
2018
fees to remain competitive with other • Send paper comments in triplicate
exchanges and to attract order flow to to Secretary, Securities and Exchange June 28, 2018.
the Exchange. The Exchange believes Commission, 100 F Street NE, Pursuant to Section 19(b)(1) of the
that the proposed rule change reflects Washington, DC 20549–1090. Securities Exchange Act of 1934
this competitive environment because it
All submissions should refer to File (‘‘Act’’),1 and Rule 19b–4 thereunder,2
establishes a fee structure in a manner
Number SR–NYSEAMER–2018–32. This notice is hereby given that on June 15,
that encourages market participants to
file number should be included on the 2018, NYSE Arca, Inc. (the ‘‘Exchange’’
direct their order flow, to provide
subject line if email is used. To help the or ‘‘NYSE Arca’’) filed with the
liquidity, and to attract additional
Commission process and review your Securities and Exchange Commission
transaction volume to the Exchange.
comments more efficiently, please use (‘‘SEC’’ or ‘‘Commission’’) the proposed
C. Self-Regulatory Organization’s only one method. The Commission will rule change as described in Items I and
Statement on Comments on the post all comments on the Commission’s II below, which Items have been
Proposed Rule Change Received From internet website (http://www.sec.gov/ prepared by the Exchange. The
Members, Participants, or Others rules/sro.shtml). Copies of the Commission is publishing this notice to
submission, all subsequent
No written comments were solicited solicit comments on the proposed rule
amendments, all written statements
or received with respect to the proposed change from interested persons.
with respect to the proposed rule
rule change.
change that are filed with the I. Self-Regulatory Organization’s
III. Date of Effectiveness of the Commission, and all written Statement of the Terms of Substance of
Proposed Rule Change and Timing for communications relating to the the Proposed Rule Change
Commission Action proposed rule change between the
Commission and any person, other than The Exchange proposes to extend the
The foregoing rule change is effective those that may be withheld from the pilot period for the Exchange’s Retail
upon filing pursuant to Section public in accordance with the Liquidity Program (the ‘‘Retail Liquidity
19(b)(3)(A) 27 of the Act and provisions of 5 U.S.C. 552, will be Program’’ or the ‘‘Program’’), which is
subparagraph (f)(2) of Rule 19b–4 28 available for website viewing and currently scheduled to expire on June
thereunder, because it establishes a due, printing in the Commission’s Public 30, 2018, until December 31, 2018. The
fee, or other charge imposed by the Reference Room, 100 F Street NE,
Exchange. proposed rule change is available on the
Washington, DC 20549 on official Exchange’s website at www.nyse.com, at
At any time within 60 days of the business days between the hours of the principal office of the Exchange, and
filing of such proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of the
Commission summarily may at the Commission’s Public Reference
filing also will be available for Room.
temporarily suspend such rule change if inspection and copying at the principal
it appears to the Commission that such office of the Exchange. All comments II. Self-Regulatory Organization’s
action is necessary or appropriate in the received will be posted without change. Statement of the Purpose of, and
public interest, for the protection of Persons submitting comments are Statutory Basis for, the Proposed Rule
investors, or otherwise in furtherance of cautioned that we do not redact or edit Change
the purposes of the Act. If the personal identifying information from
Commission takes such action, the comment submissions. You should In its filing with the Commission, the
Commission shall institute proceedings submit only information that you wish self-regulatory organization included
under Section 19(b)(2)(B) 29 of the Act to to make available publicly. All statements concerning the purpose of,
determine whether the proposed rule submissions should refer to File and basis for, the proposed rule change
change should be approved or Number SR–NYSEAMER–2018–32 and and discussed any comments it received
disapproved. should be submitted on or before July on the proposed rule change. The text
IV. Solicitation of Comments 24, 2018. of those statements may be examined at
For the Commission, by the Division of the places specified in Item IV below.
Interested persons are invited to The Exchange has prepared summaries,
Trading and Markets, pursuant to delegated
sradovich on DSK3GMQ082PROD with NOTICES

submit written data, views, and authority.30 set forth in sections A, B, and C below,
arguments concerning the foregoing, of the most significant parts of such
Eduardo A. Aleman,
including whether the proposed rule
Assistant Secretary. statements.
change is consistent with the Act.
[FR Doc. 2018–14293 Filed 7–2–18; 8:45 am]
27 15 U.S.C. 78s(b)(3)(A). BILLING CODE P
28 17 1 15 U.S.C. 78s(b)(1).
CFR 240.19b–4(f)(2).
29 15 U.S.C. 78s(b)(2)(B). 30 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.

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31212 Federal Register / Vol. 83, No. 128 / Tuesday, July 3, 2018 / Notices

Commission hereby waives the 30-day Washington, DC 20549 on official The Exchange now seeks to extend
operative delay and designates the business days between the hours of the exemption until December 31,
proposal operative upon filing.15 10:00 a.m. and 3:00 p.m. Copies of the 2018.5 The Exchange’s request was
At any time within 60 days of the filing also will be available for made in conjunction with an
filing of the proposed rule change, the inspection and copying at the principal immediately effective filing that extends
Commission summarily may offices of the Exchange. All comments
temporarily suspend such rule change if received will be posted without change. Secretary, NYSE Euronext, to Elizabeth M. Murphy,
it appears to the Commission that such Persons submitting comments are Secretary, Commission, dated July 30, 2013. The
pilot period for the Program was extended until July
action is necessary or appropriate in the cautioned that we do not redact or edit 31, 2014. See Securities Exchange Act Release No.
public interest, for the protection of personal identifying information from 70096 (August 2, 2013), 78 FR 48520 (August 8,
investors, or otherwise in furtherance of comment submissions. You should 2013) (SR–NYSE–2013–48). On July 30, 2014, the
submit only information that you wish Exchange requested another extension of the
the purposes of the Act. If the exemption for the Program. See Letter from Martha
Commission takes such action, the to make available publicly. All Redding, Chief Counsel, NYSE, to Kevin M O’Neill,
Commission shall institute proceedings submissions should refer to File Deputy Secretary, Commission, dated July 30, 2014.
to determine whether the proposed rule Number SR–NYSEArca–2018–46, and The pilot period for the Program was extended until
should be submitted on or before July March 31, 2015. See Securities Exchange Act
change should be approved or Release No. 72629 (July 16, 2014), 79 FR 42564
disapproved. 24, 2018. (July 22, 2014) (SR–NYSE–2014–35). On February
For the Commission, by the Division of 27, 2015, the Exchange requested another extension
IV. Solicitation of Comments of the exemption for the Program. See Letter from
Trading and Markets, pursuant to delegated
Martha Redding, Senior Counsel, NYSE, to Brent J.
Interested persons are invited to authority.16
Fields, Secretary, Commission, dated February 27,
submit written data, views, and Eduardo A. Aleman, 2015. The pilot period for the Program was
arguments concerning the foregoing, Assistant Secretary. extended until September 30, 2015. See Securities
including whether the proposed rule Exchange Act Release No. 74454 (March 6, 2015),
[FR Doc. 2018–14285 Filed 7–2–18; 8:45 am]
80 FR 13054 (March 12, 2015) (SR–NYSE–2015–10).
change is consistent with the Act. BILLING CODE 8011–01–P On September 17, 2015, the Exchange requested
Comments may be submitted by any of another extension of the exemption for the Program.
the following methods: See Letter from Martha Redding, Senior Counsel,
NYSE, to Brent J. Fields, Secretary, Commission,
Electronic Comments SECURITIES AND EXCHANGE dated September 17, 2015. The pilot period for the
COMMISSION Program was extended until March 31, 2016. See
• Use the Commission’s internet Securities Exchange Act Release No. 75993
comment form (http://www.sec.gov/ [Release No. 34–83541; File No. SR–NYSE– (September 28, 2015), 80 FR 59844 (October 2,
2011–55] 2015) (SR–NYSE2015–41). On March 17, 2016, the
rules/sro.shtml); or
Exchange requested another extension of the
• Send an email to rule-comments@ Self-Regulatory Organizations; New exemption for the Program. See Letter from Martha
sec.gov. Please include File Number SR– York Stock Exchange LLC; Order Redding, Senior Counsel, NYSE, to Brent J. Fields,
NYSEArca–2018–46 on the subject line. Granting an Extension to Limited Secretary, Commission, dated March 17, 2016. The
pilot period for the Program was extended until
Paper Comments Exemptions From Rule 612(c) of August 31, 2016. See Securities Exchange Act
Regulation NMS in Connection With Release No. 77426 (March 23, 2016), 81 FR 17533
• Send paper comments in triplicate the Exchange’s Retail Liquidity (March 29, 2016) (SR–NYSE–2016–25). On August
to Secretary, Securities and Exchange Program Until December 31, 2018 8, 2016, the Exchange requested another extension
Commission, 100 F Street NE, of the exemption for the Program. See Letter from
Martha Redding, Associate General Counsel, NYSE,
Washington, DC 20549–1090. June 28, 2018.
to Brent J. Fields, Secretary, Commission, dated
All submissions should refer to File On July 3, 2012, the Securities and August 8, 2016. The pilot period for the Program
Number SR–NYSEArca–2018–46. This Exchange Commission (‘‘Commission’’) was extended until December 31, 2016. See
issued an order pursuant to its authority Securities Exchange Act Release No. 78600 (August
file number should be included on the 17, 2016), 81 FR 57642 (August 23, 2016) (SR–
subject line if email is used. To help the under Rule 612(c) of Regulation NMS NYSE–2016–54). On November 28, 2016, the
Commission process and review your (‘‘Sub-Penny Rule’’) 1 that granted the Exchange requested another extension of the
comments more efficiently, please use New York Stock Exchange LLC exemption for the Program. See Letter from Martha
(‘‘NYSE’’) a limited exemption from the Redding, Associate General Counsel, NYSE, to
only one method. The Commission will Brent J. Fields, Secretary, Commission, dated
post all comments on the Commission’s Sub-Penny Rule in connection with the November 28, 2016. The pilot period for the
internet website (http://www.sec.gov/ operation of the Exchange’s Retail Program was extended until June 30, 2017. See
rules/sro.shtml). Copies of the Liquidity Program (the ‘‘Program’’).2 Securities Exchange Act Release No.79493
The limited exemption was granted (December 7, 2016), 81 FR 90019 (December 13,
submission, all subsequent 2016) (SR–NYSE–2016–82). On May 23, 2017, the
amendments, all written statements concurrently with the Commission’s Exchange requested another extension of the
with respect to the proposed rule approval of the Exchange’s proposal to exemption for the Program. See Letter from Martha
change that are filed with the adopt its Program for a one-year pilot Redding, Associate General Counsel, NYSE, to
term.3 The exemption was granted Brent J. Fields, Secretary, Commission, dated May
Commission, and all written 23, 2017. The pilot period for the Program was
communications relating to the coterminous with the effectiveness of extended until December 31, 2017. See Securities
proposed rule change between the the pilot Program; both the pilot Exchange Act Release No. 80844 (June 1, 2017), 82
Commission and any person, other than Program and exemption are scheduled FR 26562 (June 7, 2017) (SR–NYSE–2017–26). On
to expire on June 30, 2018.4 November 30, 2017, the Exchange requested
those that may be withheld from the another extension of the exemption for the Program.
public in accordance with the See Letter from Martha Redding, Assistant
16 17
CFR 200.30–3(a)(12), (59).
provisions of 5 U.S.C. 552, will be Secretary, NYSE, to Brent J. Fields, Secretary,
sradovich on DSK3GMQ082PROD with NOTICES

1 17
CFR 242.612(c).
available for website viewing and Commission, dated November 30, 2017. The pilot
2 See Securities Exchange Act Release No. 67347
period for the Program was extended until June 30,
printing in the Commission’s Public (July 3, 2012), 77 FR 40673 (July 10, 2012) (SR– 2018. See Securities Exchange Act Release No.
Reference Room, 100 F Street NE, NYSE–2011–55; SR–NYSEAmex–2011–84) 82230 (December 7, 2017), 82 FR 58667 (December
(‘‘Order’’). 13, 2017) (SR–NYSE–2017–64).
15 For purposes only of waiving the 30-day 3 See id. 5 See Letter from Martha Redding, Associate

operative delay, the Commission has considered the 4 On July 30, 2013, the Exchange requested an General Counsel and Assistant Secretary, NYSE to
proposed rule’s impact on efficiency, competition, extension of the exemption for the Program. See Brent J. Fields, Secretary, Commission, dated June
and capital formation. See 15 U.S.C. 78c(f). Letter from Janet McGinness, SVP and Corporate 14, 2018.

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Document Created: 2018-07-02 23:55:47
Document Modified: 2018-07-02 23:55:47
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		83 FR 31210