Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Arca, Inc. Amending Rule 9.1(f), 13639-13641 [2010-6149]
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Federal Register / Vol. 75, No. 54 / Monday, March 22, 2010 / Notices
services in a single uniform fee
schedule.4
Exchange members may subscribe to
co-location services provided by NTS.
These co-location services are generally
available to all qualified market
participants who desire them. The
Exchange will continue to offer the
storage service to its Members at no
charge. If the Exchange determines at a
later date to charge a fee for this service,
it will file a proposed rule change with
the Commission.
While changes to the Fee Schedule
pursuant to this proposal are effective
upon filing, the Exchange has
designated these changes to be operative
for transactions settling on or after
March 1, 2010.
2. Statutory Basis
The Exchange believes that its
proposal to amend its schedule of fees
is consistent with Section 6(b) of the
Act 5 in general, and furthers the
objectives of Section 6(b)(4) of the Act 6
in particular, in that it is an equitable
allocation of reasonable fees and other
charges among Exchange members. The
Exchange believes that Members benefit
in that the Exchange will continue to
offer all Members the ability to store
equipment at the Exchange’s facility at
no charge.
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 not
necessary or appropriate in furtherance
of the purposes of the Act.
pwalker on DSK8KYBLC1PROD with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 7 and paragraph
(f)(2) of Rule 19b–4 8 thereunder. 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
4 See Securities Exchange Act Release No. 61486
(February 3, 2010), 75 FR 6426 (February 9, 2010)
(SR–Phlx–2010–18).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(4).
7 15 U.S.C. 78s(b)(3)(A)(ii).
8 17 CFR 240.19b–4(f)(2).
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appropriate in the public interest, for
the protection of investors, or otherwise
in furtherance of the purposes of the
Act.
IV. Solicitation of Comments
13639
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–6181 Filed 3–19–10; 8:45 am]
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 SR–Phlx–2010–37 on the
subject line.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61704; File No. SR–
NYSEArca-2010–11]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Arca, Inc. Amending Rule 9.1(f)
March 15, 2010.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Paper Comments
notice is hereby given that, on March 1,
2010, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
• Send paper comments in triplicate
the ‘‘Exchange’’) filed with the Securities
to Elizabeth M. Murphy, Secretary,
and Exchange Commission (the
Securities and Exchange Commission,
‘‘Commission’’) the proposed rule
100 F Street, NE., Washington, DC
change as described in Items I and II,
20549–1090.
below, which Items have been prepared
All submissions should refer to File
by the self-regulatory organization. The
Number SR–Phlx–2010–37. This file
Commission is publishing this notice to
number should be included on the
subject line if e-mail is used. To help the solicit comments on the proposed rule
change from interested persons.
Commission process and review your
comments more efficiently, please use
I. Self-Regulatory Organization’s
only one method. The Commission will Statement of the Terms of Substance of
post all comments on the Commission’s the Proposed Rule Change
Internet Web site (https://www.sec.gov/
The Exchange proposes to modify its
rules/sro.shtml). Copies of the
sharing in accounts rule to harmonize
submission, all subsequent
its requirements with the Financial
amendments, all written statements
Industry Regulatory Authority
with respect to the proposed rule
(‘‘FINRA’’). A copy of this filing is
change that are filed with the
available on the Exchange’s Web site at
Commission, and all written
https://www.nyse.com, at the Exchange’s
communications relating to the
principal office and at the Commission’s
proposed rule change between the
Commission and any person, other than Public Reference Room. The text of the
proposed rule change is below.
those that may be withheld from the
Proposed new language is in italics and
public in accordance with the
proposed deletions are in [brackets].
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
Rules of NYSE Arca Equities, Inc.
printing in the Commission’s Public
*
*
*
*
*
Reference Room, 100 F Street, NE.,
Rule 9.1(f). [Sharing Profits—Losses]
Washington, DC 20549, on official
Sharing in Accounts; Extent Permissible
business days between the hours of 10
[No registered employee shall directly
a.m. and 3 p.m. Copies of such filing
also will be available for inspection and or indirectly take or receive a share in
the profits of any customer’s account or
copying at the principal office of the
share in any losses sustained in any
Exchange. All comments received will
such account.]
be posted without change; the
(1)(A) Except as provided in
Commission does not edit personal
paragraph (2) no member or person
identifying information from
associated with a member shall share
submissions. You should submit only
directly or indirectly in the profits or
information that you wish to make
available publicly. All submissions
9 17 CFR 200.30–3(a)(12).
should refer to File Number SR–Phlx–
1 15 U.S.C.78s(b)(1).
2010–37 and should be submitted on or
2 15 U.S.C. 78a.
before April 12, 2010.
3 17 CFR 240.19b–4.
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13640
Federal Register / Vol. 75, No. 54 / Monday, March 22, 2010 / Notices
pwalker on DSK8KYBLC1PROD with NOTICES
losses in any account of a customer
carried by the member or any other
member; provided, however, that a
member or person associated with a
member may share in the profits or
losses in such an account if
(i) such person associated with a
member obtains prior written
authorization from the member
employing the associated person;
(ii) such member or person associated
with a member obtains prior written
authorization from the customer; and
(iii) such member or person
associated with a member shares in the
profits or losses in any account of such
customer only in direct proportion to
the financial contributions made to such
account by either the member or person
associated with a member.
(B) Exempt from the direct
proportionate share limitation of
paragraph (1)(A)(iii) are accounts of the
immediate family of such member or
person associated with a member. For
purposes of this Rule, the term
‘‘immediate family’’ shall include
parents, mother-in-law or father-in-law,
husband or wife, children or any
relative to whose support the member or
person associated with a member
otherwise contributes directly or
indirectly.
(2) Notwithstanding the prohibition of
paragraph (1), a member or person
associated with a member that is acting
as an investment adviser (whether or
not registered as such) may receive
compensation based on a share in
profits or gains in an account if
(A) such person associated with a
member seeking such compensation
obtains prior written authorization from
the member employing the associated
person;
(B) such member or person associated
with a member seeking such
compensation obtains prior written
authorization from the customer; and
(C) all of the conditions in Rule 205–
3 of the Investment Advisers Act of 1940
(as the same may be amended from time
to time) are satisfied.
*
*
*
*
*
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,
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16:41 Mar 19, 2010
Jkt 220001
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In order to harmonize its sharing in
accounts rule with FINRA rules, the
Exchange proposes to delete NYSE Arca
Rule 9.1(f), Sharing Profits—Losses, in
its entirety, and replace it with the
language of FINRA 2150(c), Sharing in
Accounts; Extent Permissible. FINRA
Rule 2150(c) contains the same general
prohibition as NYSE Arca Rule 9.1(f),
but with additional limited exceptions.
The Exchange proposes to add those
limited exceptions in order to bring its
rule in line with the FINRA rule.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) 4 of the Act, in general, and
furthers the objectives of Section
6(b)(5),5 in particular, in that it is
designed to facilitate transactions in
securities, to promote just and equitable
principles of trade, to enhance
competition, and to protect investors
and the public interest. Specifically, the
changes proposed herein, by
harmonizing NYSE Arca rules with
FINRA rules, provide NYSE Arca
Members with a clearer regulatory
scheme. The Exchange further notes that
the changes proposed herein are neither
novel nor controversial and are modeled
on existing FINRA rules.
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 6 and Rule
4 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
6 15 U.S.C. 78s(b)(3)(A)(iii).
5 15
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19b–4(f)(6) thereunder.7 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 8 and Rule 19b–4(f)(6)(iii)
thereunder.9
A proposed rule change filed under
Rule 19b–4(f)(6) 10 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),11 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest.
The Exchange requests that the
Commission waive the 30-day preoperative waiting period contained in
Exchange Act Rule 19b–4(f)(6)(iii).12
The Exchange requests this waiver so
that these changes can be both
immediately effective and operative,
thus minimizing any confusion. As
noted above, the changes proposed
herein, by harmonizing NYSE Arca
rules with FINRA rules, provide NYSE
Arca Members with a clearer regulatory
scheme. The Commission notes that the
FINRA financial responsibility rules are
currently in operation. The Commission
believes that waiving the 30-day
operative delay will permit the
Exchange to harmonize its rules with
the corresponding FINRA rule
immediately, thus promoting clarity and
minimizing confusion with respect to
the requirements regarding guarantees
and sharing in accounts.13 For this
reason, the Commission designates the
proposed rule change as operative upon
filing. 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
7 17
CFR 240.19b–4(f)(6).
U.S.C. 78s(b)(3)(A).
9 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 the pre-filing requirement.
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
12 17 CFR 240.19b–4(f)(6)(iii).
13 For purposes only of waiving the 30-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
8 15
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Federal Register / Vol. 75, No. 54 / Monday, March 22, 2010 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
[FR Doc. 2010–6149 Filed 3–19–10; 8:45 am]
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–NYSEArca–2010–11 on the
subject line.
pwalker on DSK8KYBLC1PROD with NOTICES
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.
Self-Regulatory Organizations;
NASDAQ OMX BX; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend BX Rule 9520
Series Regarding Eligibility
Procedures for Persons Subject to
Certain Disqualifications
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 SR–NYSEArca–2010–11. 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 Web site 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
a.m. and 3 p.m. Copies of such filing
also will be available for inspection and
copying at the principal office of
NYSEArca. 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 SR–
NYSEArca–2010–11 and should be
submitted on or before April 12, 2010.
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 February
19, 2010, NASDAQ OMX BX (‘‘BX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
substantially prepared by BX. BX has
designated the proposed rule change as
constituting a ‘‘non-controversial’’ rule
change under paragraph (f)(6) of Section
19 under the Act.3 The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
VerDate Nov<24>2008
16:41 Mar 19, 2010
Jkt 220001
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61702; File No. SR–BX–
2010–016]
March 12, 2010.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
BX proposes to amend the BX Rule
9520 Series regarding eligibility
procedures for persons subject to certain
disqualifications. BX proposes to
implement this rule change immediately
upon filing. The text of the proposed
rule change is available at https://
BXomx.cchwallstreet.com/, at BX’s
principal office, 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, BX
included statements concerning the
purpose of and basis for the proposed
rule change and discussed any
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
1 15
PO 00000
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13641
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. BX has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is proposing to amend
the BX Rule 9520 Series, the Exchange’s
eligibility proceedings section, to
conform to recent changes in the rules
of the Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’).4 The
proposal also includes the proposed
Statutory Disqualification Regulatory
Alert (‘‘SD Regulatory Alert’’) that
outlines the applicable eligibility
procedures. The amended rules would
incorporate by reference, the procedures
in the SD Regulatory Alert. As further
detailed in the SD Regulatory Alert, the
need for a member to file an application
with BX for approval, notwithstanding
the disqualification would depend on
(1) the type of disqualification; (2) the
date of disqualification; or (3) whether
the firm or individual is seeking
admission, readmission or continuation
in the securities industry.
FINRA recently revised its definition
of disqualification to incorporate three
additional categories of statutory
disqualification, including willful
violations of the federal securities or
commodities laws, grounds for statutory
disqualification that were enacted in the
Sarbanes-Oxley Act, and associations
with certain other persons subject to
disqualification. Although the
Exchange’s definition has always
included these categories, Commission
staff informed the NASDAQ Stock
Market LLC (‘‘NASDAQ’’) at the time of
its registration as a national securities
exchange that, in light of the NASDAQ’s
origin as a subsidiary of FINRA’s
predecessor, the National Association of
Securities Dealers, Inc., staff would not
object if NASDAQ applied FINRA’s then
more-limited definition, pending
adoption of procedures by FINRA to
process disqualifications under these
additional categories. BX, an affiliate of
NASDAQ, adopted the same definition
as NASDAQ.
The proposed rule change would
amend BX Rule 9522 to address the
4 See Securities Exchange Act Release No. 59586
(March 17, 2009), 74 FR 12166 (March 23, 2009)
(SR–FINRA–2008–045); Securities Exchange Act
Release No. 59722 (April 7, 2009), (SR–FINRA–
2009–022).
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]]>Agencies
[Federal Register Volume 75, Number 54 (Monday, March 22, 2010)]
[Notices]
[Pages 13639-13641]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-6149]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61704; File No. SR-NYSEArca-2010-11]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Arca, Inc. Amending Rule
9.1(f)
March 15, 2010.
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 March 1, 2010, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') 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\ 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 modify its sharing in accounts rule to
harmonize its requirements with the Financial Industry Regulatory
Authority (``FINRA''). A copy of this filing is available on the
Exchange's Web site at https://www.nyse.com, at the Exchange's principal
office and at the Commission's Public Reference Room. The text of the
proposed rule change is below. Proposed new language is in italics and
proposed deletions are in [brackets].
Rules of NYSE Arca Equities, Inc.
* * * * *
Rule 9.1(f). [Sharing Profits--Losses] Sharing in Accounts; Extent
Permissible
[No registered employee shall directly or indirectly take or
receive a share in the profits of any customer's account or share in
any losses sustained in any such account.]
(1)(A) Except as provided in paragraph (2) no member or person
associated with a member shall share directly or indirectly in the
profits or
[[Page 13640]]
losses in any account of a customer carried by the member or any other
member; provided, however, that a member or person associated with a
member may share in the profits or losses in such an account if
(i) such person associated with a member obtains prior written
authorization from the member employing the associated person;
(ii) such member or person associated with a member obtains prior
written authorization from the customer; and
(iii) such member or person associated with a member shares in the
profits or losses in any account of such customer only in direct
proportion to the financial contributions made to such account by
either the member or person associated with a member.
(B) Exempt from the direct proportionate share limitation of
paragraph (1)(A)(iii) are accounts of the immediate family of such
member or person associated with a member. For purposes of this Rule,
the term ``immediate family'' shall include parents, mother-in-law or
father-in-law, husband or wife, children or any relative to whose
support the member or person associated with a member otherwise
contributes directly or indirectly.
(2) Notwithstanding the prohibition of paragraph (1), a member or
person associated with a member that is acting as an investment adviser
(whether or not registered as such) may receive compensation based on a
share in profits or gains in an account if
(A) such person associated with a member seeking such compensation
obtains prior written authorization from the member employing the
associated person;
(B) such member or person associated with a member seeking such
compensation obtains prior written authorization from the customer; and
(C) all of the conditions in Rule 205-3 of the Investment Advisers
Act of 1940 (as the same may be amended from time to time) are
satisfied.
* * * * *
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
In order to harmonize its sharing in accounts rule with FINRA
rules, the Exchange proposes to delete NYSE Arca Rule 9.1(f), Sharing
Profits--Losses, in its entirety, and replace it with the language of
FINRA 2150(c), Sharing in Accounts; Extent Permissible. FINRA Rule
2150(c) contains the same general prohibition as NYSE Arca Rule 9.1(f),
but with additional limited exceptions. The Exchange proposes to add
those limited exceptions in order to bring its rule in line with the
FINRA rule.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) \4\ of the Act, in general, and furthers the
objectives of Section 6(b)(5),\5\ in particular, in that it is designed
to facilitate transactions in securities, to promote just and equitable
principles of trade, to enhance competition, and to protect investors
and the public interest. Specifically, the changes proposed herein, by
harmonizing NYSE Arca rules with FINRA rules, provide NYSE Arca Members
with a clearer regulatory scheme. The Exchange further notes that the
changes proposed herein are neither novel nor controversial and are
modeled on existing FINRA rules.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 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 \6\ and Rule 19b-4(f)(6) thereunder.\7\
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 \8\ and Rule 19b-
4(f)(6)(iii) thereunder.\9\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 CFR 240.19b-4(f)(6).
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 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 the pre-filing requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\11\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
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\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
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The Exchange requests that the Commission waive the 30-day pre-
operative waiting period contained in Exchange Act Rule 19b-
4(f)(6)(iii).\12\ The Exchange requests this waiver so that these
changes can be both immediately effective and operative, thus
minimizing any confusion. As noted above, the changes proposed herein,
by harmonizing NYSE Arca rules with FINRA rules, provide NYSE Arca
Members with a clearer regulatory scheme. The Commission notes that the
FINRA financial responsibility rules are currently in operation. The
Commission believes that waiving the 30-day operative delay will permit
the Exchange to harmonize its rules with the corresponding FINRA rule
immediately, thus promoting clarity and minimizing confusion with
respect to the requirements regarding guarantees and sharing in
accounts.\13\ For this reason, the Commission designates the proposed
rule change as operative upon filing. 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
[[Page 13641]]
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.
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\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ For purposes only of waiving the 30-day operative delay of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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 SR-NYSEArca-2010-11 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 SR-NYSEArca-2010-11. 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 Web site
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 a.m. and 3 p.m. Copies of such filing also will be
available for inspection and copying at the principal office of
NYSEArca. 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 SR-
NYSEArca-2010-11 and should be submitted on or before April 12, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-6149 Filed 3-19-10; 8:45 am]
BILLING CODE 8011-01-P
