Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Postponing the Implementation Date of Information Memo 10-03, Which Provides Updated Parameters for, and Guidance on the Application of, the Exchange's Gap Quote Policy, 4605-4606 [2010-1693]

Download as PDF Federal Register / Vol. 75, No. 18 / Thursday, January 28, 2010 / Notices 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: [FR Doc. 2010–1692 Filed 1–27–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–BX–2010–007 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. mstockstill on DSKH9S0YB1PROD with NOTICES For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Florence E. Harmon, Deputy Secretary. [Release No. 34–61401; File No. NYSE– 2010–05] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Postponing the Implementation Date of Information Memo 10–03, Which Provides Updated Parameters for, and Guidance on the Application of, the Exchange’s Gap Quote Policy January 22, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 All submissions should refer to File notice is hereby given that on January Number SR–BX–2010–007. This file 19, 2010, New York Stock Exchange number should be included on the subject line if e-mail is used. To help the LLC (the ‘‘Exchange’’ or ‘‘NYSE’’) filed with the Securities and Exchange Commission process and review your Commission (the ‘‘Commission’’) the comments more efficiently, please use only one method. The Commission will proposed rule change as described in post all comments on the Commission’s Items I and II below, which Items have been prepared by the self-regulatory Internet Web site (https://www.sec.gov/ organization. The Commission is rules/sro.shtml). Copies of the publishing this notice to solicit submission, all subsequent comments on the proposed rule change amendments, all written statements from interested persons. with respect to the proposed rule I. Self-Regulatory Organization’s change that are filed with the Statement of the Terms of Substance of Commission, and all written the Proposed Rule Change communications relating to the proposed rule change between the The Exchange proposes to change the Commission and any person, other than implementation date of Information those that may be withheld from the Memo 10–03, which provides updated public in accordance with the parameters for, and guidance on the provisions of 5 U.S.C. 552, will be application of, the Exchange’s Gap Quote Policy (the ‘‘Policy’’). The text of available for inspection and copying in the proposed rule change is available at the Commission’s Public Reference Room on official business days between the Exchange, the Commission’s Public Reference Room, and https:// the hours of 10 a.m. and 3 p.m. Copies www.nyse.com. of such filing also will be available for inspection and copying at the principal II. Self-Regulatory Organization’s office of the Exchange. All comments Statement of the Purpose of, and received will be posted without change; Statutory Basis for, the Proposed Rule the Commission does not edit personal Change identifying information from In its filing with the Commission, the submissions. You should submit only self-regulatory organization included information that you wish to make statements concerning the purpose of, available publicly. All submissions and basis for, the proposed rule change should refer to File Number SR–BX– and discussed any comments it received 2010–007 and should be submitted on on the proposed rule change. The text or before February 18, 2010. 17 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 VerDate Nov<24>2008 17:16 Jan 27, 2010 Jkt 220001 PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 4605 of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule changes is to change the implementation date of Information Memo 10–03, which provides updated parameters for, and guidance on the application of, the Policy.3 The updated Policy was adopted by the Exchange and approved by the Commission in a separate rule filing.4 In that filing, the Commission approved the changes to the Policy contingent on their implementation within 10 business days of the date of the Commission’s approval order, i.e., by January 19, 2010. On January 7, 2010, the Exchange announced these changes to the Policy through the publication of Information Memo 10–03. As set forth in Information Memo 10–03, the Exchange proposed to implement the changes to the Policy on January 11, 2010. However, implementation of the new requirements was delayed and did not occur on January 11, 2010, as planned. The Exchange notified the public of the implementation delay by a Trader Update Notice issued on January 11, 2010, and by Information Memo 10–06 published on January 11, 2010. Because the Exchange will not be able to implement the changes to the Policy described in Information Memo 10–03 by January 19, 2010, the Exchange now proposes that the changes to the Policy will be implemented on or before February 15, 2010, and that the Exchange will notify the public of the specific implementation date by issuing both a Trader Update Notice and an Information Memo. In addition, should the Exchange again need to change the implementation date, it will do so by issuing a Trader Update Notice and an Information Memo. 3 The Exchange’s corporate affiliate, NYSE Amex LLC (‘‘NYSE Amex’’), has submitted an identical companion filing. See SR–NYSEAmex–2010–05. Information Memo 10–03 was issued by NYSE Regulation, Inc. on behalf of both the Exchange and NYSE Amex. 4 See Securities Exchange Act Release No. 61275 (January 4, 2010), 75 FR 1438 (January 11, 2010) (SR–NYSE–2009–112) (approving Information Memo 10–03). E:\FR\FM\28JAN1.SGM 28JAN1 4606 Federal Register / Vol. 75, No. 18 / Thursday, January 28, 2010 / Notices 2. Statutory Basis The Exchange believes that the proposed rule changes are consistent with Section 6(b) of the Act,5 in general, and further the objectives of Section 6(b)(5) of the Act,6 in particular, in that they are designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. 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. 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 7 and Rule 19b–4(f)(6) thereunder.8 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 prior to 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 and Rule 19b–4(f)(6)(iii) thereunder. A proposed rule change filed under Rule 19b–4(f)(6) 9 normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b4(f)(6)(iii),10 the Commission 5 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). 7 15 U.S.C. 78s(b)(3)(A)(iii). 8 17 CFR 240.19b–4(f)(6). 9 17 CFR 240.19b–4(f)(6). 10 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 19b–4(f)(6)(iii) requires a self-regulatory organization to provide the Commission with written notice of its 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 mstockstill on DSKH9S0YB1PROD with NOTICES 6 15 VerDate Nov<24>2008 17:16 Jan 27, 2010 Jkt 220001 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 proposal may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest so that the Exchange may keep the public, including market participants, aware of the implementation date for the revised Policy and thereby prevent investor confusion. For this reason, the Commission designates the proposed rule change to be operative upon filing with the Commission.11 At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate 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. 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 (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number NYSE–2010–05 on the subject line. 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 inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing will also be available for inspection and copying at the principal office of the self-regulatory organization. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number NYSE– 2010–05 and should be submitted on or before February 18, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–1693 Filed 1–27–10; 8:45 am] BILLING CODE 8011–01–P SOCIAL SECURITY ADMINISTRATION Agency Information Collection Activities: Proposed Request The Social Security Administration (SSA) publishes a list of information Paper Comments collection packages requiring clearance by the Office of Management and • Send paper comments in triplicate Budget (OMB) in compliance with to Elizabeth M. Murphy, Secretary, Public Law (Pub. L.) 104–13, the Securities and Exchange Commission, Paperwork Reduction Act of 1995, 100 F Street, NE., Washington, DC effective October 1, 1995. This notice 20549–1090. covers a collection in use without an All submissions should refer to File OMB number. Number NYSE–2010–05. This file SSA is soliciting comments on the number should be included on the subject line if e-mail is used. To help the accuracy of the agency’s burden estimate; the need for the information; Commission process and review your its practical utility; ways to enhance its comments more efficiently, please use only one method. The Commission will quality, utility, and clarity; and ways to post all comments on the Commission’s minimize burden on respondents, including the use of automated Internet Web site (https://www.sec.gov/ collection techniques or other forms of information technology. Mail, e-mail, or change, or such shorter time as designated by the Commission. The Exchange has fulfilled this fax your comments and requirement. recommendations on the information 11 For the purposes only of waiving the 30-day collection to the OMB Desk Officer and operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 12 17 E:\FR\FM\28JAN1.SGM CFR 200.30–3(a)(12). 28JAN1

Agencies

[Federal Register Volume 75, Number 18 (Thursday, January 28, 2010)]
[Notices]
[Pages 4605-4606]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-1693]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61401; File No. NYSE-2010-05]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Postponing the Implementation Date of Information Memo 10-03, Which 
Provides Updated Parameters for, and Guidance on the Application of, 
the Exchange's Gap Quote Policy

January 22, 2010.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on January 19, 2010, New York Stock Exchange LLC (the ``Exchange'' 
or ``NYSE'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 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 change the implementation date of 
Information Memo 10-03, which provides updated parameters for, and 
guidance on the application of, the Exchange's Gap Quote Policy (the 
``Policy''). The text of the proposed rule change is available at the 
Exchange, the Commission's Public Reference Room, and https://www.nyse.com.

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

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of those statements may be examined at 
the places specified in Item IV below. The Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant parts of such statements.

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

1. Purpose
    The purpose of the proposed rule changes is to change the 
implementation date of Information Memo 10-03, which provides updated 
parameters for, and guidance on the application of, the Policy.\3\
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    \3\ The Exchange's corporate affiliate, NYSE Amex LLC (``NYSE 
Amex''), has submitted an identical companion filing. See SR-
NYSEAmex-2010-05. Information Memo 10-03 was issued by NYSE 
Regulation, Inc. on behalf of both the Exchange and NYSE Amex.
---------------------------------------------------------------------------

    The updated Policy was adopted by the Exchange and approved by the 
Commission in a separate rule filing.\4\ In that filing, the Commission 
approved the changes to the Policy contingent on their implementation 
within 10 business days of the date of the Commission's approval order, 
i.e., by January 19, 2010. On January 7, 2010, the Exchange announced 
these changes to the Policy through the publication of Information Memo 
10-03.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 61275 (January 4, 
2010), 75 FR 1438 (January 11, 2010) (SR-NYSE-2009-112) (approving 
Information Memo 10-03).
---------------------------------------------------------------------------

    As set forth in Information Memo 10-03, the Exchange proposed to 
implement the changes to the Policy on January 11, 2010. However, 
implementation of the new requirements was delayed and did not occur on 
January 11, 2010, as planned. The Exchange notified the public of the 
implementation delay by a Trader Update Notice issued on January 11, 
2010, and by Information Memo 10-06 published on January 11, 2010.
    Because the Exchange will not be able to implement the changes to 
the Policy described in Information Memo 10-03 by January 19, 2010, the 
Exchange now proposes that the changes to the Policy will be 
implemented on or before February 15, 2010, and that the Exchange will 
notify the public of the specific implementation date by issuing both a 
Trader Update Notice and an Information Memo. In addition, should the 
Exchange again need to change the implementation date, it will do so by 
issuing a Trader Update Notice and an Information Memo.

[[Page 4606]]

2. Statutory Basis
    The Exchange believes that the proposed rule changes are consistent 
with Section 6(b) of the Act,\5\ in general, and further the objectives 
of Section 6(b)(5) of the Act,\6\ in particular, in that they are 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and, in general, to protect investors and the public 
interest.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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.

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 \7\ and Rule 19b-4(f)(6) thereunder.\8\ 
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 prior to 
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 and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \8\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \9\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b4(f)(6)(iii),\10\ 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 proposal 
may become operative immediately upon filing. The Commission believes 
that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest so that the Exchange 
may keep the public, including market participants, aware of the 
implementation date for the revised Policy and thereby prevent investor 
confusion. For this reason, the Commission designates the proposed rule 
change to be operative upon filing with the Commission.\11\
---------------------------------------------------------------------------

    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires a self-regulatory organization to provide the 
Commission with written notice of its 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 fulfilled this requirement.
    \11\ For the 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 may summarily abrogate 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.

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 (https://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number NYSE-2010-05 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number NYSE-2010-05. This file 
number should be included on the subject line if e-mail 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 Web site (https://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 inspection and 
copying in the Commission's Public Reference Room, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. Copies of the filing will also be available for 
inspection and copying at the principal office of the self-regulatory 
organization. All comments received will be posted without change; the 
Commission does not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly. All submissions should refer to File Number NYSE-
2010-05 and should be submitted on or before February 18, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
Florence E. Harmon,
Deputy Secretary.
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

[FR Doc. 2010-1693 Filed 1-27-10; 8:45 am]
BILLING CODE 8011-01-P
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