83 FR 62644 - Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend Certain of Its Listing Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 233 (December 4, 2018)
Federal Register Volume 83, Issue 233 (December 4, 2018)
| Page Range | 62644-62646 | |
| FR Document | 2018-26272 |
[Federal Register Volume 83, Number 233 (Tuesday, December 4, 2018)] [Notices] [Pages 62644-62646] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-26272] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84673; File No. SR-NYSEAMER-2018-50] Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend Certain of Its Listing Fees November 28, 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 November 21, 2018, NYSE American LLC (the ``Exchange'' or ``NYSE American'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III 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 certain of its listing fees. The proposed 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 62645]] A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Section 141 of the NYSE American Company Guide to amend certain of its listing fee provisions. The amended fees will take effect in the 2019 calendar year. The following are the proposed fee increases:The annual fee for a common stock with 50 million shares or less outstanding would increase from $40,000 to $45,000. The annual fee for a common stock with more than 50 million and up to 75 million shares outstanding would increase from $50,000 to $60,000. The annual fee for a common stock with more than 75 million shares outstanding would increase from $60,000 to $70,000. As described below, the Exchange proposes to make the aforementioned fee increases to better reflect the Exchange's costs related to listing equity securities and the corresponding value of such listing to issuers. The Exchange also proposes to remove a number of references in Section 141 to fees that are no longer applicable as they were superseded by new fee rates specified in the rule text. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\4\ in general, and furthers the objectives of Section 6(b)(4) \5\ of the Act, in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges. The Exchange also believes that the proposed rule change is consistent with Section 6(b)(5) of the Act,\6\ in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, 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 and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(4). \6\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that it represents an equitable allocation of reasonable fees to increase the various listing fees as set forth above because of the increased costs incurred by the Exchange since it established the current rates. In that regard, the Exchange notes that its general costs have increased since its most recent fee adjustments, including due to price inflation. In addition, the Exchange continues to improve and increase the services it provides to listed companies. These improvements include the continued development and enhancement of an interactive web-based platform designed to improve communication between the Exchange and listed companies, the availability to listed companies of the Exchange's new state-of-the-art conference facilities at 11 Wall Street, and continued development of an investor relations tool available to all listed companies which provides companies with information enabling them to better understand the trading and ownership of their securities and the cost of providing content for inclusion in that tool. The above fee changes are not unfairly discriminatory because the same fee schedule will apply to all listed issuers. Further, the Exchange operates in a competitive environment and its fees are constrained by competition in the marketplace. Other venues currently list all of the categories of securities covered by the proposed fees and if a company believes that the Exchange's fees are unreasonable it can decide either not to list its securities or to list them on an alternative venue. The proposed removal of text relating to fees that are no longer applicable is ministerial in nature and has no substantive effect. 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 designed to ensure that the fees charged by the Exchange accurately reflect the services provided and benefits realized by listed companies. The market for listing services is extremely competitive. Each listing exchange has a different fee schedule that applies to issuers seeking to list securities on its exchange. Issuers have the option to list their securities on these alternative venues based on the fees charged and the value provided by each listing. Because issuers have a choice to list their securities on a different national securities exchange, the Exchange does not believe that the proposed fee changes impose a burden on competition. 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 foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) \7\ of the Act and subparagraph (f)(2) of Rule 19b- 4\8\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A). \8\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- 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) \9\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \9\ 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 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-NYSEAMER-2018-50 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-NYSEAMER-2018-50. 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 [[Page 62646]] 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-2018-50 and should be submitted on or before December 26, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-26272 Filed 12-3-18; 8:45 am] BILLING CODE 8011-01-P
![62644 Federal Register / Vol. 83, No. 233 / Tuesday, December 4, 2018 / Notices
(B) Clearing Agency’s Statement on including whether the proposed rule For the Commission, by the Division of
Burden on Competition change is consistent with the Act. Trading and Markets, pursuant to delegated
authority.15
ICE Clear Europe does not believe the Comments may be submitted by any of
the following methods: Eduardo Aleman,
proposed rule changes would have any
Assistant Secretary.
impact, or impose any burden, on Electronic Comments [FR Doc. 2018–26268 Filed 12–3–18; 8:45 am]
competition not necessary or
appropriate in furtherance of the • Use the Commission’s internet BILLING CODE 8011–01–P
purposes of the Act. The changes are comment form (http://www.sec.gov/
being proposed in order to enhance ICE rules/sro.shtml) or
Clear Europe’s ability to limit its credit SECURITIES AND EXCHANGE
exposure during overnight trading • Send an email to rule-comments@ COMMISSION
hours. The amendments will apply to sec.gov. Please include File Number SR– [Release No. 34–84673; File No. SR–
all F&O Clearing Members that trade ICEEU–2018–018 on the subject line. NYSEAMER–2018–50]
contracts in the relevant category. ICE Paper Comments
Clear Europe does not believe the Self-Regulatory Organizations; NYSE
amendments will generally affect the • Send paper comments in triplicate American LLC; Notice of Filing and
overall cost of clearing for F&O Clearing to Secretary, Securities and Exchange Immediate Effectiveness of Proposed
Members or other market participants or Commission, 100 F Street NE, Change To Amend Certain of Its
otherwise affect access to clearing Listing Fees
Washington, DC 20549–1090.
generally. The amendments may require November 28, 2018.
F&O Clearing Members to post margin, All submissions should refer to File
Number SR–ICEEU–2018–018. This file Pursuant to Section 19(b)(1) 1 of the
or take other action, outside of the Securities Exchange Act of 1934 (the
standard margin call window, but such number should be included on the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
changes are designed to better manage subject line if email is used. To help the
notice is hereby given that, on
Clearing House risk and are tailored to Commission process and review your November 21, 2018, NYSE American
the risks presented by such F&O comments more efficiently, please use LLC (the ‘‘Exchange’’ or ‘‘NYSE
Clearing Members and the positions only one method. The Commission will American’’) filed with the Securities
they carry. As a result, any additional post all comments on the Commission’s and Exchange Commission (the
burdens placed on F&O Clearing internet website (http://www.sec.gov/ ‘‘Commission’’) the proposed rule
Members will be appropriate in rules/sro.shtml). Copies of the change as described in Items I, II, and
furtherance of enhancing risk submission, all subsequent III below, which Items have been
management, and are not intended to amendments, all written statements prepared by the self-regulatory
disadvantage any particular Clearing with respect to the proposed rule that organization. The Commission is
Member. As a result, ICE Clear Europe are filed with the Commission, and all publishing this notice to solicit
believes that any impact on competition written communications relating to the comments on the proposed rule change
is appropriate in furtherance of the from interested persons.
proposed rule change between the
purposes of the Act.
Commission and any person, other than I. Self-Regulatory Organization’s
(C) Clearing Agency’s Statement on those that may be withheld from the Statement of the Terms of Substance of
Comments on the Proposed Rule public in accordance with the the Proposed Rule Change
Change Received From Members, provisions of 5 U.S.C. 552, will be
Participants or Others The Exchange proposes to amend
available for website viewing and certain of its listing fees. The proposed
Written comments relating to the printing in the Commission’s Public change is available on the Exchange’s
proposed amendments have not been Reference Room, 100 F Street NE, website at www.nyse.com, at the
solicited or received by ICE Clear Washington, DC 20549, on official principal office of the Exchange, and at
Europe. ICE Clear Europe will notify the business days between the hours of the Commission’s Public Reference
Commission of any comments received 10:00 a.m. and 3:00 p.m. Copies of such Room.
with respect to the proposed rule filings will also be available for
change. inspection and copying at the principal II. Self-Regulatory Organization’s
Statement of the Purpose of, and
III. Date of Effectiveness of the office of ICE Clear Europe and on ICE
Statutory Basis for, the Proposed Rule
Proposed Rule Change Clear Europe’s website at https://
Change
The foregoing rule change has become www.theice.com/clear-europe/
regulation#rule-filing. In its filing with the Commission, the
effective pursuant to Section 19(b)(3)(A) self-regulatory organization included
of the Act and paragraph (f) of Rule All comments received will be posted statements concerning the purpose of,
19b–4 thereunder. At any time within without change. Persons submitting and basis for, the proposed rule change
60 days of the filing of the proposed rule comments are cautioned that we do not and discussed any comments it received
change, the Commission summarily may redact or edit personal identifying on the proposed rule change. The text
temporarily suspend such rule change if information from comment submissions. of those statements may be examined at
it appears to the Commission that such You should submit only information the places specified in Item IV below.
action is necessary or appropriate in the that you wish to make available The Exchange has prepared summaries,
public interest, for the protection of publicly. All submissions should refer set forth in sections A, B, and C below,
investors, or otherwise in furtherance of to File Number SR–ICEEU–2018–018 of the most significant parts of such
the purposes of the Act. and should be submitted on or before statements.
IV. Solicitation of Comments December 26, 2018.
15 17 CFR 200.30–3(a)(12).
Interested persons are invited to 1 15 U.S.C.78s(b)(1).
submit written data, views, and 2 15 U.S.C. 78a.
arguments concerning the foregoing, 3 17 CFR 240.19b–4.
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![62646 Federal Register / Vol. 83, No. 233 / Tuesday, December 4, 2018 / Notices
internet website (http://www.sec.gov/ ‘‘Commission’’) Amendment No. 2 to proposed rule change, as amended, from
rules/sro.shtml). Copies of the the proposed rule change as described interested persons.
submission, all subsequent in Item I below, which Item has been
I. Amendment No. 2 to SR–BatsBZX–
amendments, all written statements prepared by the Exchange and is 2017–34
with respect to the proposed rule reproduced below verbatim in Section I.
change that are filed with the The proposed rule change seeks to Cboe BZX Exchange, Inc. (‘‘BZX’’ or
Commission, and all written the ‘‘Exchange’’) is filing this Partial
adopt Cboe Market Close, a closing
communications relating to the Amendment No. 2 to SR–BatsBZX–
match process for non-BZX Listed
proposed rule change between the 2017–34, which was originally filed
Securities. On January 17, 2018, after
Commission and any person, other than with the Securities and Exchange
those that may be withheld from the consideration of the record for the
proposed rule change, the Division of Commission (the ‘‘Commission’’) on
public in accordance with the May 5, 2017 (the ‘‘Proposal’’). The
provisions of 5 U.S.C. 552, will be Trading and Markets, pursuant to
delegated authority,3 approved the Proposal was published for comment in
available for website viewing and the Federal Register on May 22, 2017,
printing in the Commission’s Public proposed rule change, as modified by
and approved by the Division of Trading
Reference Room, 100 F Street NE, Amendment No. 1 (‘‘Approval Order’’).4
and Markets pursuant to delegated
Washington, DC 20549 on official On January 31, 2018, pursuant to
authority on January 17, 2018.9 On
business days between the hours of Commission Rule of Practice 430,5
January 24, 2018, the Commission
10:00 a.m. and 3:00 p.m. Copies of the NYSE Group, Inc. (‘‘NYSE’’) and The
stayed the Proposal,10 and the Proposal
filing also will be available for Nasdaq Stock Market LLC (‘‘Nasdaq’’) is currently pending Commission
inspection and copying at the principal each filed petitions for review of the review.
office of the Exchange. All comments Approval Order. Pursuant to
Commission Rule of Practice 431(e), the The Proposal seeks to introduce the
received will be posted without change.
Approval Order is stayed by the filing Cboe Market Close, an innovative
Persons submitting comments are
closing match process for non-BZX
cautioned that we do not redact or edit with the Commission of a notice of
Listed Securities that is designed to
personal identifying information from intention to petition for review.6 On
comment submissions. You should match buy and sell Market-On-Close
March 1, 2018, the Commission issued
submit only information that you wish (‘‘MOC’’) orders at the official closing
a scheduling order, pursuant to
to make available publicly. All price for such security published by the
Commission Rule of Practice 431,
submissions should refer to File primary listing market. The Exchange
granting the petitions for review of the proposed the Cboe Market Close in
Number SR–NYSEAMER–2018–50 and Approval Order and providing until
should be submitted on or before response to interest from market
March 22, 2018 for any party or other participants, particularly buy-side firms,
December 26, 2018. person to file a written statement in who seek an alternative to participation
For the Commission, by the Division of support of or in opposition to the on the primary listing market’s closing
Trading and Markets, pursuant to delegated Approval Order.7 In statements filed auction while still receiving an
authority.10 with the Commission, two parties execution at the official closing price.
Eduardo A. Aleman, stated, among other arguments, that The Exchange continues to believe that
Assistant Secretary. Cboe Market Close would cause BZX to the proposed functionality promotes the
[FR Doc. 2018–26272 Filed 12–3–18; 8:45 am] violate Rule 201 of Regulation SHO.8 maintenance of a free and open market
BILLING CODE 8011–01–P BZX subsequently filed Amendment No. because it would increase competition
2 to the proposed rule change to address for order flow at the close, which is
this comment. Because of this change, highly concentrated at the primary
SECURITIES AND EXCHANGE the Commission is publishing this listing markets today, without impacting
COMMISSION notice to solicit comments on the price discovery.
[Release No. 34–84670; File No. SR– The purpose of this amendment is to
3 17 CFR 200.30 3(a)(12).
BatsBZX–2017–34] amend the Proposal at Interpretations
4 See Exchange Act Release No. 82522, 83 FR
3205 (January 23, 2018). and Policies .04 to BZX Rule 11.28,
Self-Regulatory Organizations; Bats
5 17 CFR 201.430. which would be a new rule that
BZX Exchange, Inc.; Notice of Filing of
Amendment No. 2 To Proposed Rule
6 17 CFR 201.431(e). See Letter from Secretary of provides for the handling of short sale
Change To Introduce Cboe Market
the Commission to Christopher Solgan, Assistant MOC orders that are designated for
General Counsel, Cboe Global Markets, Inc., dated participation in the Cboe Market Close.
Close, a Closing Match Process for January 24, 2018 (providing notice of receipt of
Non-BZX Listed Securities Under New notices of intention to petition for review of Specifically, the Exchange proposes to
Exchange Rule 11.28 delegated action and stay of order), available at reject short sale MOC orders entered
https://www.sec.gov/rules/sro/batsbzx/2018/sr- pursuant to BZX Rule 11.28 in order to
November 28, 2018. batsbzx-2017-34-letter-from-secretary-to-cboe.pdf. comply with its obligations under Rule
7 See Exchange Act Release No. 82794, 83 FR
Pursuant to Section 19(b)(1) of the 9561 (March 6, 2018). On March 16, 2018, the
201 of Regulation SHO.11 MOC orders
Securities Exchange Act of 1934 Office of Secretary, acting by delegated authority, marked short exempt are not subject to
(‘‘Exchange Act’’),1 and Rule 19b–4 issued an order on behalf of the Commission the short sale circuit breaker restrictions
thereunder,2 notice is hereby given that granting a motion for an extension of time to file under Regulation SHO, and would
statements on or before April 12, 2018. See
on October 4, 2018, the Bats BZX Exchange Act Release No. 82896, 83 FR 12633 (Mar.
Exchange, Inc. (now known as Cboe 22, 2018). 9 See Securities Exchange Act Release Nos. 80683
BZX Exchange, Inc.) (‘‘BZX’’ or 8 See NYSE Statement in Opposition to the (May 16, 2017), 82 FR 23320 (May 22, 2017)
‘‘Exchange’’) filed with the Securities Division’s Order Approving a Rule to Introduce (Notice); 82522 (January 7, 2018), 83 FR 3205
Cboe Market Close, at 31–34 (April 12, 2018); (January 23, 2017) (Approval Order) (SR-BatsBZX–
and Exchange Commission (‘‘SEC’’ or 2017–34).
Statement of the Nasdaq Stock Market LLC in
10 See Letter from Secretary of the Commission to
Opposition to Order Granting Approval of a
10 17 CFR 200.30–3(a)(12). Proposed Rule Change, as Modified by Amendment Christopher Solgan, Assistant General Counsel,
1 15 U.S.C. 78s(b)(1). Cboe Global Markets, Inc., dated January 24, 2018.
No. 1, to Introduce Cboe Market Close, at 26 (April
2 17 CFR 240.19b–4. 12, 2018). 11 17 CFR 242.201.
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Document Created: 2018-12-04 00:42:50
Document Modified: 2018-12-04 00:42:50
| 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 62644 |
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