83_FR_64654 83 FR 64414 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule To Make Permanent the Retail Liquidity Program Pilot, Which is Set To Expire on December 31, 2018

83 FR 64414 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule To Make Permanent the Retail Liquidity Program Pilot, Which is Set To Expire on December 31, 2018

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 240 (December 14, 2018)

Page Range64414-64415
FR Document2018-27076

Federal Register, Volume 83 Issue 240 (Friday, December 14, 2018) 
[Federal Register Volume 83, Number 240 (Friday, December 14, 2018)]
[Notices]
[Pages 64414-64415]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-27076]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84766; File No. SR-NYSE-2018-28]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Designation of Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule To Make Permanent the Retail Liquidity Program Pilot, Which is Set 
To Expire on December 31, 2018

December 10, 2018.
    On June 4, 2018, New York Stock Exchange LLC (``Exchange'') filed 
with the Securities and Exchange Commission (``Commission''), pursuant 
to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Exchange 
Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to make 
permanent the Exchange's Retail Liquidity Program Pilot (``Program''). 
The proposed rule change was published for comment in the Federal 
Register on June 21, 2018.\3\ On July 31, 2018, the Commission 
designated a longer period within which to approve the proposed rule 
change, disapprove the proposed rule change, or institute proceedings 
to determine whether to disapprove the proposed rule change.\4\ On 
September 18, 2018, the Commission instituted proceedings under Section 
19(b)(2)(B) of the Act \5\ to determine whether to approve or 
disapprove the proposed rule change.\6\ The Commission received no 
comment letters on the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 83454 (June 15, 
2018), 83 FR 28874 (``Notice'').
    \4\ See Securities Exchange Act Release No. 83749, 83 FR 38393 
(August 6, 2018). The Commission designated September 19, 2018, as 
the date by which the Commission shall approve or disapprove, or 
institute proceedings to determine whether to disapprove, the 
proposed rule change.
    \5\ 15 U.S.C. 78s(b)(2)(B).
    \6\ See Securities Exchange Act Release No. 84183, 83 FR 48350 
(September 24, 2018) (``Order Instituting Proceedings'').
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    Section 19(b)(2) of the Act \7\ provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving the proposed rule change not later than 180 days after the 
date of publication of notice of filing of the proposed rule change. 
The Commission may, however, extend the period for issuing an order 
approving or disapproving the proposed rule change by not more than 60 
days if the Commission determines that a longer period is appropriate 
and publishes the

[[Page 64415]]

reasons for such determination. The proposed rule change was published 
for notice and comment in the Federal Register on June 21, 2018.\8\ 
December 18, 2018 is 180 days from that date, and February 16, 2019 is 
240 days from that date. The Commission finds it appropriate to 
designate a longer period within which to issue an order approving or 
disapproving the proposed rule change so that it has sufficient time to 
consider the proposed rule change.\9\
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    \7\ 15 U.S.C. 78s(b)(2).
    \8\ See supra note 3.
    \9\ The Commission notes that on November 30, 2018, the Exchange 
has filed a separate proposed rule change to extend the pilot 
period, which is currently set to expire on December 31, 2018, until 
June 30, 2019. See SR-NYSE-2018-59.
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    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\10\ designates February 16, 2019 as the date by which the 
Commission should either approve or disapprove the proposed rule change 
(File No. SR-NYSE-2018-28).
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    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2018-27076 Filed 12-13-18; 8:45 am]
 BILLING CODE 8011-01-P

64414 Federal Register / Vol. 83, No. 240 / Friday, December 14, 2018 / Notices III. Date of Effectiveness of the • Send an email to rule-comments@ SECURITIES AND EXCHANGE Proposed Rule Change and Timing for sec.gov. Please include File Number SR– COMMISSION Commission Action NYSE–2018–59 on the subject line. [Release No. 34–84766; File No. SR–NYSE– The Exchange has filed the proposed Paper Comments 2018–28] rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 11 and Rule • Send paper comments in triplicate Self-Regulatory Organizations; New 19b–4(f)(6) thereunder.12 Because the to Secretary, Securities and Exchange York Stock Exchange LLC; Notice of proposed rule change does not: (i) Commission, 100 F Street NE, Designation of Longer Period for Significantly affect the protection of Washington, DC 20549–1090. Commission Action on Proceedings To investors or the public interest; (ii) Determine Whether To Approve or impose any significant burden on All submissions should refer to File Disapprove a Proposed Rule To Make competition; and (iii) become operative Number SR–NYSE–2018–59. This file Permanent the Retail Liquidity prior to 30 days from the date on which number should be included on the Program Pilot, Which is Set To Expire it was filed, or such shorter time as the subject line if email is used. To help the on December 31, 2018 Commission may designate, if Commission process and review your December 10, 2018. consistent with the protection of comments more efficiently, please use On June 4, 2018, New York Stock investors and the public interest, the only one method. The Commission will Exchange LLC (‘‘Exchange’’) filed with proposed rule change has become post all comments on the Commission’s the Securities and Exchange effective pursuant to Section 19(b)(3)(A) internet website (http://www.sec.gov/ Commission (‘‘Commission’’), pursuant of the Act and Rule 19b–4(f)(6)(iii) rules/sro.shtml). Copies of the to Section 19(b)(1) of the Securities thereunder. submission, all subsequent Exchange Act of 1934 (‘‘Exchange A proposed rule change filed under amendments, all written statements Act’’) 1 and Rule 19b–4 thereunder,2 a Rule 19b–4(f)(6) 13 normally does not with respect to the proposed rule proposed rule change to make become operative prior to 30 days after change that are filed with the permanent the Exchange’s Retail the date of the filing. However, pursuant Commission, and all written Liquidity Program Pilot (‘‘Program’’). to Rule 19b–4(f)(6)(iii),14 the communications relating to the The proposed rule change was Commission may designate a shorter proposed rule change between the published for comment in the Federal time if such action is consistent with the Commission and any person, other than Register on June 21, 2018.3 On July 31, protection of investors and the public those that may be withheld from the 2018, the Commission designated a interest. The Exchange has asked the longer period within which to approve Commission to waive the 30-day public in accordance with the provisions of 5 U.S.C. 552, will be the proposed rule change, disapprove operative delay so that the proposal may the proposed rule change, or institute become operative immediately upon available for website viewing and printing in the Commission’s Public proceedings to determine whether to filing. disapprove the proposed rule change.4 At any time within 60 days of the Reference Room, 100 F Street NE, On September 18, 2018, the filing of such proposed rule change, the Washington, DC 20549, on official Commission instituted proceedings Commission summarily may business days between the hours of under Section 19(b)(2)(B) of the Act 5 to temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of the determine whether to approve or it appears to the Commission that such filing also will be available for disapprove the proposed rule change.6 action is necessary or appropriate in the inspection and copying at the principal The Commission received no comment public interest, for the protection of office of the Exchange. All comments letters on the proposed rule change. investors, or otherwise in furtherance of received will be posted without change. Section 19(b)(2) of the Act 7 provides the purposes of the Act. If the Persons submitting comments are that, after initiating proceedings, the Commission takes such action, the cautioned that we do not redact or edit Commission shall issue an order Commission shall institute proceedings personal identifying information from approving or disapproving the proposed under Section 19(b)(2)(B) 15 of the Act to comment submissions. You should rule change not later than 180 days after determine whether the proposed rule submit only information that you wish the date of publication of notice of filing change should be approved or to make available publicly. All of the proposed rule change. The disapproved. Commission may, however, extend the submissions should refer to File IV. Solicitation of Comments Number SR–NYSE–2018–59 and should period for issuing an order approving or Interested persons are invited to be submitted on or before January 4, disapproving the proposed rule change submit written data, views, and 2019. by not more than 60 days if the arguments concerning the foregoing, Commission determines that a longer For the Commission, by the Division of including whether the proposed rule period is appropriate and publishes the Trading and Markets, pursuant to delegated change is consistent with the Act. authority.16 1 15 U.S.C. 78s(b)(1). Comments may be submitted by any of Eduardo A. Aleman, 2 17 CFR 240.19b–4. the following methods: 3 See Securities Exchange Act Release No. 83454 Deputy Secretary. Electronic Comments (June 15, 2018), 83 FR 28874 (‘‘Notice’’). [FR Doc. 2018–27077 Filed 12–13–18; 8:45 am] 4 See Securities Exchange Act Release No. 83749, • Use the Commission’s internet BILLING CODE 8011–01–P 83 FR 38393 (August 6, 2018). The Commission amozie on DSK3GDR082PROD with NOTICES1 comment form (http://www.sec.gov/ designated September 19, 2018, as the date by which the Commission shall approve or disapprove, rules/sro.shtml); or or institute proceedings to determine whether to disapprove, the proposed rule change. 11 15 U.S.C. 78s(b)(3)(A)(iii). 5 15 U.S.C. 78s(b)(2)(B). 12 17 CFR 240.19b–4(f)(6). 6 See Securities Exchange Act Release No. 84183, 13 17 CFR 240.19b–4(f)(6). 83 FR 48350 (September 24, 2018) (‘‘Order 14 17 CFR 240.19b–4(f)(6)(iii). Instituting Proceedings’’). 15 15 U.S.C. 78s(b)(2)(B). 16 17 CFR 200.30–3(a)(12). 7 15 U.S.C. 78s(b)(2). VerDate Sep<11>2014 16:57 Dec 13, 2018 Jkt 247001 PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 E:\FR\FM\14DEN1.SGM 14DEN1

Federal Register / Vol. 83, No. 240 / Friday, December 14, 2018 / Notices 64415 reasons for such determination. The Commission is publishing this notice to Member’s monthly bill that is charged to proposed rule change was published for solicit comments on the proposed rule Clearing Members that submit trade data notice and comment in the Federal change from interested persons. either on a single batch or multi-batch Register on June 21, 2018.8 December method; (2) MBSD’s account I. Clearing Agency’s Statement of the 18, 2018 is 180 days from that date, and maintenance fee ($50 per month for Terms of Substance of the Proposed February 16, 2019 is 240 days from that each trade assignment account); and (3) Rule Change date. The Commission finds it fees for late payments of EPN bills. appropriate to designate a longer period The proposed rule change consists of As described further below, FICC has within which to issue an order modifications to the FICC’s Mortgage- determined that the Surcharge and the approving or disapproving the proposed Backed Securities Division (‘‘MBSD’’) fees for late payment of EPN bills are no rule change so that it has sufficient time Clearing Rules (‘‘Clearing Rules’’) and longer necessary to encourage to consider the proposed rule change.9 the MBSD electronic pool notification alternatives to batch processing or Accordingly, the Commission, (‘‘EPN’’) Rules (‘‘EPN Rules,’’ and prompt payment of bills, respectively. pursuant to Section 19(b)(2) of the together with the Clearing Rules, As also described below, FICC is Act,10 designates February 16, 2019 as ‘‘Rules’’) to remove certain fees, as proposing to remove MBSD’s account the date by which the Commission described below.5 maintenance fee for trade assignment should either approve or disapprove the II. Clearing Agency’s Statement of the accounts does not offer trade assignment proposed rule change (File No. SR– Purpose of, and Statutory Basis for, the accounts. NYSE–2018–28). Proposed Rule Change Each of these proposed changes is For the Commission, by the Division of described below. In its filing with the Commission, the Trading and Markets, pursuant to delegated (i) Surcharge for Submission Method clearing agency included statements authority.11 concerning the purpose of and basis for FICC is proposing to remove the Eduardo A. Aleman, the proposed rule change and discussed Surcharge from the Clearing Rules’ Deputy Secretary. any comments it received on the Schedule of Charges for the Broker [FR Doc. 2018–27076 Filed 12–13–18; 8:45 am] proposed rule change. The text of these Account Group (‘‘Broker Schedule’’) BILLING CODE 8011–01–P statements may be examined at the and the Schedule of Charges for the places specified in Item IV below. The Dealer Account Group (‘‘Dealer clearing agency has prepared Schedule’’).7 SECURITIES AND EXCHANGE summaries, set forth in sections A, B, In 2006, FICC implemented the COMMISSION and C below, of the most significant Surcharge to be imposed on Clearing [Release No. 34–84769; File No. SR–FICC– aspects of such statements. Members that are either single batch 2018–012] submitters or multi-batch submitters of (A) Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the transaction data.8 The surcharge is (1) Self-Regulatory Organizations; Fixed fifty percent (with a minimum of $500) Income Clearing Corporation; Notice of Proposed Rule Change on the post discount trade recording Filing and Immediate Effectiveness of 1. Purpose fees, as recorded on the monthly bill of a Proposed Rule Change To Remove single batch submitters, and (2) twenty FICC recently completed a strategic Certain Fees From the Mortgage- review of its revenue and pricing percent (with a minimum of $500) on Backed Securities Division Clearing strategy. The goal of the review was to the post discount trade recording fees, Rules and Electronic Pool Notification enhance pricing for the Clearing as recorded on the monthly bill of Rules Members and EPN Users (collectively multi-batch submitters.9 The Surcharge December 10, 2018. referred to herein as ‘‘participants’’) of was introduced to encourage Clearing Pursuant to Section 19(b)(1) of the MBSD and participants of FICC’s Members to submit trades using the Securities Exchange Act of 1934 Government Securities Division interactive messaging submission (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 (‘‘GSD’’).6 This effort was intended to method through FICC’s Real-Time Trade notice is hereby given that on November align fees for services with the cost of Matching (‘‘RTTM’’) Web service, 26, 2018, Fixed Income Clearing providing those services, reduce the encourage submission of transaction Corporation (‘‘FICC’’) filed with the complexity of fee structures, and data on a timely basis, and cover the Securities and Exchange Commission increase the overall transparency of the costs of batch processing.10 The (‘‘Commission’’) the proposed rule fees charged for services. rationale for encouraging the use of change as described in Items I, II and III As a result of this review, FICC is interactive messaging through RTTM below, which Items have been prepared proposing to revise the Rules to remove Web included mitigating (1) the risk by the clearing agency. FICC filed the the following fees: (1) MBSD’s associated with the longer time to proposed rule change pursuant to Surcharge for Submission Method complete trade comparison and Section 19(b)(3)(A) of the Act 3 and Rule (‘‘Surcharge’’), which is a percent confirmation in batch processing; and 19b–4(f)(2) thereunder.4 The surcharge on post discount trade recording fees as recorded on a Clearing 7 Supra note 5. 8 See Securities Exchange Act Release No. 53061 8 See supra note 3. 9 The Commission notes that on November 30, 5 Available at http://www.dtcc.com/legal/rules- (January 5, 2006), 71 FR 2078 (January 12, 2006) and-procedures. Capitalized terms used herein and (SR–FICC–2005–20). 2018, the Exchange has filed a separate proposed rule change to extend the pilot period, which is not otherwise defined shall have the meaning 9 See Broker Schedule and Dealer Schedule, amozie on DSK3GDR082PROD with NOTICES1 currently set to expire on December 31, 2018, until assigned to such terms in the Rules. supra note 5. 6 Earlier this year, FICC implemented changes to 10 Where Clearing Members previously submitted June 30, 2019. See SR–NYSE–2018–59. 10 15 U.S.C. 78s(b)(2). the fee structure of GSD in connection with this trades to FICC either once or multiple times during 11 17 CFR 200.30–3(a)(57). initiative. See Securities Exchange Act Release No. the day in batches (referred to as ‘‘batch 1 15 U.S.C. 78s(b)(1). 83401 (June 8, 2018), 83 FR 27812 (June 14, 2018) submission’’), interactive messaging through RTTM (SR–FICC–2018–003). FICC’s affiliates, The Web involves the submission of trades to FICC on 2 17 CFR 240.19b–4. Depository Trust Company and National Securities a real-time basis and allows Clearing Members to, 3 15 U.S.C. 78s(b)(3)(A). Clearing Corporation, are also proposing changes to for example, receive trade status messages and 4 17 CFR 240.19b–4(f)(4). their respective fees. cancel or modify trades. VerDate Sep<11>2014 16:57 Dec 13, 2018 Jkt 247001 PO 00000 Frm 00105 Fmt 4703 Sfmt 4703 E:\FR\FM\14DEN1.SGM 14DEN1


Document Created: 2018-12-14 03:49:31
Document Modified: 2018-12-14 03:49:31
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 64414 
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