83 FR 31234 - Self-Regulatory Organizations; New York Stock Exchange LLC; 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)
Federal Register Volume 83, Issue 128 (July 3, 2018)
| Page Range | 31234-31236 | |
| FR Document | 2018-14286 |
[Federal Register Volume 83, Number 128 (Tuesday, July 3, 2018)] [Notices] [Pages 31234-31236] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-14286] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83540; File No. SR-NYSE-2018-29] Self-Regulatory Organizations; New York Stock Exchange LLC; 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 20, 2018, New York Stock Exchange LLC (``NYSE'' or ``Exchange''), 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to 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 the earlier of approval of the filing to make the Program permanent or 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 31235]] 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 for the Retail Liquidity Program, currently scheduled to expire on June 30, 2018,\3\ until the earlier of approval of the filing to make the Program permanent or December 31, 2018. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 82230 (December 7, 2017), 82 FR 58667 (December 13, 2017) (SR-NYSE-2017-64). --------------------------------------------------------------------------- Background In July 2012, 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. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 67347 (July 3, 2012), 77 FR 40673 (July 10, 2012) (SR-NYSE-2011-55) (``RLP Approval Order''). --------------------------------------------------------------------------- The Retail Liquidity Program was approved by the Commission on a pilot basis. Pursuant to NYSE Rule 107C(m), the pilot period for the Program is scheduled to end on June 30, 2018. 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 and consider the Exchange's filing to make the filing permanent.\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 Rule 107C(m) \7\ and extend the current pilot period of the Program until the earlier of approval of the filing to make the Program permanent or December 31, 2018. --------------------------------------------------------------------------- \5\ See id. at 40681; see also SR-NYSE-2018-28 (filing to make Rule 107C, which sets forth the Exchange's Retail Liquidity Program, permanent). \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. \7\ The Exchange notes that the proposed amendment to Rule 107C(m) would amend the current version of Rule 107C(m), which the Exchange also proposes to amend as part of the Exchange's filing to make Rule 107C permanent. See SR-NYSE-2018-28. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\8\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\9\ 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. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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 noted, 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 \10\ and Rule 19b-4(f)(6) thereunder.\11\ 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 \12\ and Rule 19b- 4(f)(6) thereunder.\13\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A)(iii). \11\ 17 CFR 240.19b-4(f)(6). \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 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 under Rule 19b-4(f)(6) \14\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\15\ 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 [[Page 31236]] 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 Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing.\16\ --------------------------------------------------------------------------- \14\ 17 CFR 240.19b-4(f)(6). \15\ 17 CFR 240.19b-4(f)(6)(iii). \16\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of 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 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-2018-29 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-NYSE-2018-29. 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-NYSE-2018-29, and should be submitted on or before July 24, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12), (59). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-14286 Filed 7-2-18; 8:45 am] BILLING CODE 8011-01-P
![31234 Federal Register / Vol. 83, No. 128 / Tuesday, July 3, 2018 / Notices
A proposed rule change filed under Comments may be submitted by any of SECURITIES AND EXCHANGE
Rule 19b–4(f)(6) 9 normally does not the following methods: COMMISSION
become operative prior to 30 days after
Electronic Comments
the date of the filing.10 However, [Release No. 34–83540; File No. SR–NYSE–
pursuant to Rule 19b–4(f)(6)(iii),11 the • Use the Commission’s internet 2018–29]
Commission may designate a shorter comment form (http://www.sec.gov/
time if such action is consistent with the rules/sro.shtml); or Self-Regulatory Organizations; New
protection of investors and the public York Stock Exchange LLC; Notice of
interest. The Exchange has asked the • Send an email to rule-comments@
sec.gov. Please include File Number SR– Filing and Immediate Effectiveness of
Commission to waive the 30-day Proposed Rule Change To Extend the
operative delay so that the proposal may GEMX–2018–23 on the subject line.
Pilot Period for the Exchange’s Retail
become operative immediately upon Paper Comments Liquidity Program Until December 31,
filing. The Commission believes that 2018
waiving the 30-day operative delay is • Send paper comments in triplicate
consistent with the protection of to Secretary, Securities and Exchange June 28, 2018.
investors and the public interest Commission, 100 F Street NE,
Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the
because doing so will allow the Pilot
Securities Exchange Act of 1934
Program to continue without All submissions should refer to File
interruption in a manner that is (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Number SR–GEMX–2018–23. This file notice is hereby given that on June 20,
consistent with the Commission’s prior number should be included on the
approval of the extension and expansion 2018, New York Stock Exchange LLC
subject line if email is used. To help the (‘‘NYSE’’ or ‘‘Exchange’’), filed with the
of the Pilot Program and will allow the Commission process and review your
Exchange and the Commission Securities and Exchange Commission
comments more efficiently, please use (‘‘SEC’’ or ‘‘Commission’’) the proposed
additional time to analyze the impact of only one method. The Commission will
the Pilot Program.12 Accordingly, the rule change as described in Items I and
post all comments on the Commission’s II below, which Items have been
Commission designates the proposed internet website (http://www.sec.gov/
rule change as operative upon filing prepared by the Exchange. The
rules/sro.shtml). Copies of the
with the Commission.13 Commission is publishing this notice to
submission, all subsequent
At any time within 60 days of the solicit comments on the proposed rule
amendments, all written statements
filing of such proposed rule change, the change from interested persons.
with respect to the proposed rule
Commission summarily may change that are filed with the I. Self-Regulatory Organization’s
temporarily suspend such rule change if Commission, and all written Statement of the Terms of Substance of
it appears to the Commission that such communications relating to the the Proposed Rule Change
action is necessary or appropriate in the proposed rule change between the
public interest, for the protection of Commission and any person, other than The Exchange proposes to extend the
investors, or otherwise in furtherance of those that may be withheld from the pilot period for the Exchange’s Retail
the purposes of the Act. If the public in accordance with the Liquidity Program (the ‘‘Retail Liquidity
Commission takes such action, the provisions of 5 U.S.C. 552, will be Program’’ or the ‘‘Program’’), which is
Commission shall institute proceedings available for website viewing and currently scheduled to expire on June
under Section 19(b)(2)(B) 14 of the Act to printing in the Commission’s Public 30, 2018, until the earlier of approval of
determine whether the proposed rule Reference Room, 100 F Street NE, the filing to make the Program
change should be approved or Washington, DC 20549, on official permanent or December 31, 2018. The
disapproved. business days between the hours of proposed rule change is available on the
IV. Solicitation of Comments 10:00 a.m. and 3:00 p.m. Copies of the Exchange’s website at www.nyse.com, at
filing also will be available for the principal office of the Exchange, and
Interested persons are invited to inspection and copying at the principal at the Commission’s Public Reference
submit written data, views, and office of the Exchange. All comments Room.
arguments concerning the foregoing, received will be posted without change.
including whether the proposed rule Persons submitting comments are II. Self-Regulatory Organization’s
change is consistent with the Act. cautioned that we do not redact or edit Statement of the Purpose of, and
personal identifying information from Statutory Basis for, the Proposed Rule
9 17 CFR 240.19b–4(f)(6). comment submissions. You should Change
10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– submit only information that you wish
4(f)(6)(iii) requires the Exchange to give the to make available publicly. All In its filing with the Commission, the
Commission written notice of the Exchange’s intent
submissions should refer to File self-regulatory organization included
to file the proposed rule change along with a brief statements concerning the purpose of,
description and the text of the proposed rule Number SR–GEMX–2018–23 and
change, at least five business days prior to the date should be submitted on or before July and basis for, the proposed rule change
of filing of the proposed rule change, or such 24, 2018. and discussed any comments it received
shorter time as designated by the Commission. The on the proposed rule change. The text
Exchange has satisfied this pre-filing requirement. For the Commission, by the Division of of those statements may be examined at
11 17 CFR 240.19b–4(f)(6)(iii). Trading and Markets, pursuant to delegated
the places specified in Item IV below.
sradovich on DSK3GMQ082PROD with NOTICES
12 See Securities Exchange Act Release No. 61061 authority.15
(November 24, 2009), 74 FR 62857 (December 1, The Exchange has prepared summaries,
Eduardo A. Aleman,
2009) (SR–NYSEArca–2009–44). set forth in sections A, B, and C below,
13 For purposes only of waiving the operative Assistant Secretary. of the most significant parts of such
delay for this proposal, the Commission has [FR Doc. 2018–14294 Filed 7–2–18; 8:45 am] statements.
considered the proposed rule’s impact on
BILLING CODE 8011–01–P
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 1 15 U.S.C. 78s(b)(1).
14 15 U.S.C. 78s(b)(2)(B). 15 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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![31236 Federal Register / Vol. 83, No. 128 / Tuesday, July 3, 2018 / Notices
immediately. The Commission believes change that are filed with the approval of the Exchange’s proposal to
that waiving the 30-day operative delay Commission, and all written adopt its Program for a one-year pilot
is consistent with the protection of communications relating to the term.3 The exemption was granted
investors and the public interest, proposed rule change between the coterminous with the effectiveness of
because waiver would allow the pilot Commission and any person, other than the pilot Program; both the pilot
period to continue uninterrupted after those that may be withheld from the Program and exemption are scheduled
its current expiration date of June 30, public in accordance with the to expire on June 30, 2018.4
2018, thereby avoiding any potential provisions of 5 U.S.C. 552, will be The Exchange now seeks to extend
investor confusion that could result available for website viewing and the exemptions until December 31,
from temporary interruption in the pilot printing in the Commission’s Public 2018.5 The Exchange’s request was
program. For this reason, the Reference Room, 100 F Street NE, made in conjunction with an
Commission hereby waives the 30-day Washington, DC 20549 on official immediately effective filing that extends
operative delay and designates the business days between the hours of
3 See id.
proposal operative upon filing.16 10:00 a.m. and 3:00 p.m. Copies of the
4 On March 19, 2015, the Exchange requested an
At any time within 60 days of the filing also will be available for
extension of the exemption for the Program. See
filing of the proposed rule change, the inspection and copying at the principal letter from Martha Redding, Senior Counsel and
Commission summarily may offices of the Exchange. All comments Assistant Secretary, to Brent J. Fields, Secretary,
temporarily suspend such rule change if received will be posted without change. Commission, dated March 19, 2015. The pilot
period for the Program was extended until
it appears to the Commission that such Persons submitting comments are September 30, 2015. See Securities Exchange Act
action is necessary or appropriate in the cautioned that we do not redact or edit Release No. 74572 (Mar. 24, 2015), 80 FR 16705
public interest, for the protection of personal identifying information from (Mar. 30, 2015) (SR–NYSEArca–2015–22). On
investors, or otherwise in furtherance of comment submissions. You should September 17, 2015, the Exchange requested
another extension of the exemption for the Program.
the purposes of the Act. If the submit only information that you wish See letter from Martha Redding, Senior Counsel and
Commission takes such action, the to make available publicly. All Assistant Secretary, to Brent J. Fields, Secretary,
Commission shall institute proceedings submissions should refer to File Commission, dated September 17, 2015. The pilot
to determine whether the proposed rule Number SR–NYSE–2018–29, and period for the Program was extended until March
31, 2016. See Securities Exchange Act Release Nos.
change should be approved or should be submitted on or before July 75994 (Sept. 28, 2015), 80 FR 59834 (Oct. 2, 2015)
disapproved. 24, 2018. (SR–NYSEArca–2015–84) and 77236 (Feb. 25,
For the Commission, by the Division of 2016), 81 FR 10943 (Mar. 2, 2016) (SR–NYSEArca–
IV. Solicitation of Comments 2016–30). On March 17, 2016, the Exchange
Trading and Markets, pursuant to delegated requested another extension of the exemption for
Interested persons are invited to authority.17 the Program. See letter from Martha Redding,
submit written data, views, and Eduardo A. Aleman, Senior Counsel and Assistant Secretary, to Brent J.
arguments concerning the foregoing, Assistant Secretary. Fields, Secretary, Commission, dated March 17,
including whether the proposed rule 2016. The pilot period for the Program was
[FR Doc. 2018–14286 Filed 7–2–18; 8:45 am] extended until August 31, 2016. See Securities
change is consistent with the Act. BILLING CODE 8011–01–P Exchange Act Release No. 77425 (Mar. 23, 2016), 81
Comments may be submitted by any of FR 17523 (Mar. 29, 2016) (SR–NYSEArca–2016–47).
the following methods: On August 8, 2016, the Exchange requested another
extension of the exemption for the Program. See
Electronic Comments SECURITIES AND EXCHANGE Letter from Martha Redding, Associate General
COMMISSION Counsel and Assistant Secretary, to Brent J. Fields,
• Use the Commission’s internet Secretary, Commission, dated August 8, 2016. The
comment form (http://www.sec.gov/ [Release No. 34–83543; File No. SR– pilot period for the Program was extended until
rules/sro.shtml); or NYSEArca–2013–107] December 31, 2016. See Securities Exchange Act
• Send an email to rule-comments@ Release No. 78601 (Aug. 17, 2016), 81 FR 57632
Self-Regulatory Organizations; NYSE (Aug. 23, 2016) (SR–NYSEArca–2016–113). On
sec.gov. Please include File Number SR– November 28, 2016, the Exchange requested
Arca, Inc.; Order Granting an
NYSE–2018–29 on the subject line. another extension of the exemption for the program.
Extension to Limited Exemptions From See Letter from Martha Redding, Associate General
Paper Comments Rule 612(c) of Regulation NMS In Counsel and Assistant Secretary, to Brent J. Fields,
Connection With the Exchange’s Retail Secretary, Commission, dated November 28, 2016.
• Send paper comments in triplicate The pilot period for the Program was extended until
Liquidity Programs Until December 31,
to Secretary, Securities and Exchange June 30, 2017. See Securities Exchange Act Release
2018
Commission, 100 F Street NE, No. 79495 (Dec. 7, 2016), 81 FR 90033 (Dec. 13,
Washington, DC 20549–1090. June 28, 2018. 2016) (SR–NYSEArca–2016–157). On May 23, 2017,
the Exchange requested another extension of the
All submissions should refer to File On December 23, 2013, the Securities exemption for the program. See Letter from Martha
Number SR–NYSE–2018–29. This file and Exchange Commission Redding, Associate General Counsel and Assistant
number should be included on the (‘‘Commission’’) issued an order Secretary, to Brent J. Fields, Secretary, Commission,
dated May 23, 2017. The pilot period for the
subject line if email is used. To help the pursuant to its authority under Rule Program was extended until December 31, 2017.
Commission process and review your 612(c) of Regulation NMS (‘‘Sub-Penny See Securities Exchange Act Release No. 80851
comments more efficiently, please use Rule’’) 1 that granted NYSE Arca, Inc. (June 2, 2017), 82 FR 26722 (June 8, 2017) (SR–
only one method. The Commission will (‘‘Exchange’’) a limited exemption from NYSEArca–2017–63). On November 30, 2017, the
Exchange requested another extension of the
post all comments on the Commission’s the Sub-Penny Rule in connection with exemption to the program. See Letter from Martha
internet website (http://www.sec.gov/ the operation of the Exchange’s Retail Redding, Assistant Secretary, NYSE, to Brent J.
rules/sro.shtml). Copies of the Liquidity Program (the ‘‘Program’’).2 Fields, Secretary, Commission, dated November 30,
sradovich on DSK3GMQ082PROD with NOTICES
submission, all subsequent The limited exemption was granted 2017. The pilot period for the Program was
extended until June 30, 2018. See Securities
amendments, all written statements concurrently with the Commission’s Exchange Act Release No. 82289 (December 11,
with respect to the proposed rule 2017), 82 FR 59677 (December 15, 2017) (SR–
17 17
CFR 200.30–3(a)(12), (59). NYSEArca–2017–137).
16 For 1 17
CFR 242.612(c).
purposes only of waiving the 30-day 5 See Letter from Martha Redding, Associate
operative delay, the Commission has considered the 2 See Securities Exchange Act Release No. 71176 General Counsel and Assistant Secretary, NYSE to
proposed rule’s impact on efficiency, competition, (December 23, 2013), 78 FR 79524 (December 30, Brent J. Fields, Secretary, Commission, dated June
and capital formation. See 15 U.S.C. 78c(f). 2013) (SR–NYSEArca–2013–107) (‘‘Order’’). 14, 2018.
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Document Created: 2018-07-02 23:55:00
Document Modified: 2018-07-02 23:55:00
| 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 31234 |
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