Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by New York Stock Exchange LLC Deleting NYSE Rule 446 and Adopting New Rule 4370 To Correspond With Rule Changes Filed by the Financial Industry Regulatory Authority, Inc., 14650-14652 [2010-6679]
Download as PDF
<![CDATA[
14650
Federal Register / Vol. 75, No. 58 / Friday, March 26, 2010 / Notices
All submissions should refer to File
Number SR–NYSEAMEX–2010–26. 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,15 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 Section, 100 F Street, NE.,
Washington, DC 20549–1090. Copies of
the filing will also be available for
inspection and copying at the NYSE’s
principal office and on its Internet Web
site at https://www.nyse.com. 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–NYSEAMEX–2010–26 and
should be submitted on or before April
16, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–6678 Filed 3–25–10; 8:45 am]
emcdonald on DSK2BSOYB1PROD with NOTICES
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61743; File No. SR–NYSE–
2010–23]
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change by
New York Stock Exchange LLC
Deleting NYSE Rule 446 and Adopting
New Rule 4370 To Correspond With
Rule Changes Filed by the Financial
Industry Regulatory Authority, Inc.
March 19, 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
11, 2010, New York Stock Exchange
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) 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 selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
The Exchange proposes to delete
NYSE Rule 446 and adopt new Rule
4370 to correspond with rule changes
filed by the Financial Industry
Regulatory Authority, Inc. (‘‘FINRA’’)
and approved by the Commission.4 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
Proposed Conforming Amendments to
NYSE Rules
In 2008, FINRA deleted FINRA
Incorporated NYSE Rule 446 (Business
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
1 15
VerDate Nov<24>2008
15:23 Mar 25, 2010
Jkt 220001
1. Purpose
The purpose of the proposed rule
changes is to delete NYSE Rule 446
(Business Continuity and Contingency
Plans) and adopt new Rule 4370
(Business Continuity Plans and
Emergency Contact Information) to
correspond with rule changes filed by
FINRA and approved by the
Commission.
Background
On July 30, 2007, FINRA’s
predecessor, the National Association of
Securities Dealers, Inc. (‘‘NASD’’), and
NYSE Regulation, Inc. (‘‘NYSER’’)
consolidated their member firm
regulation operations into a combined
organization, FINRA. Pursuant to Rule
17d–2 under the Act, NYSE, NYSER and
FINRA entered into an agreement (the
‘‘Agreement’’) to reduce regulatory
duplication for their members by
allocating to FINRA certain regulatory
responsibilities for certain NYSE rules
and rule interpretations (‘‘FINRA
Incorporated NYSE Rules’’). NYSE
Amex LLC (‘‘NYSE Amex’’) became a
party to the Agreement effective
December 15, 2008.5
As part of its effort to reduce
regulatory duplication and relieve firms
that are members of FINRA, NYSE and
NYSE Amex of conflicting or
unnecessary regulatory burdens, FINRA
is now engaged in the process of
reviewing and amending the NASD and
FINRA Incorporated NYSE Rules in
order to create a consolidated FINRA
rulebook.6
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.
15 The text of the proposed rule change is
available on the Commission’s Web site at https://
www.sec.gov/.
16 17 CFR 200.30–3(a)(12).
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 See Securities Exchange Act Release No. 60534
(August 19, 2009), 74 FR 44410 (August 28, 2009)
(order approving SR–FINRA–2009–036).
2 15
PO 00000
Frm 00096
Fmt 4703
Sfmt 4703
5 See Securities Exchange Act Release Nos. 56148
(July 26, 2007), 72 FR 42146 (August 1, 2007) (order
approving the Agreement); 56147 (July 26, 2007), 72
FR 42166 (August 1, 2007) (SR–NASD–2007–054)
(order approving the incorporation of certain NYSE
Rules as ‘‘Common Rules’’); and 60409 (July 30,
2009), 74 FR 39353 (August 6, 2009) (order
approving the amended and restated Agreement,
adding NYSE Amex LLC as a party). Paragraph 2(b)
of the Agreement sets forth procedures regarding
proposed changes by FINRA, NYSE or NYSE Amex
to the substance of any of the Common Rules.
6 FINRA’s rulebook currently has three sets of
rules: (1) NASD Rules, (2) FINRA Incorporated
NYSE Rules, and (3) consolidated FINRA Rules.
The FINRA Incorporated NYSE Rules apply only to
those members of FINRA that are also members of
the NYSE (‘‘Dual Members’’), while the consolidated
FINRA Rules apply to all FINRA members. For
more information about the FINRA rulebook
consolidation process, see FINRA Information
Notice, March 12, 2008.
E:\FR\FM\26MRN1.SGM
26MRN1
Federal Register / Vol. 75, No. 58 / Friday, March 26, 2010 / Notices
emcdonald on DSK2BSOYB1PROD with NOTICES
Continuity and Contingency Plans) as
substantively duplicative of NASD
Rules 3510 (Business Continuity Plans)
and 3520 (Emergency Contact
Information).7 Correspondingly, the
Exchange amended NYSE Rule 446
(Business Continuity and Contingency
Plans) to remove the existing text and
incorporate NASD Rules 3510 and 3520
by reference.8 Subsequently, FINRA
adopted, subject to certain amendments,
NASD Rules 3510 and 3520 as
consolidated FINRA Rule 4370
(Business Continuity Plans and
Emergency Contact Information).9
In order to harmonize the NYSE Rules
with the approved consolidated FINRA
Rules, the Exchange correspondingly
proposes to delete NYSE Rule 446 and
replace it with proposed NYSE Rule
4370, which is substantially similar to
the new FINRA Rule.10 As proposed,
NYSE Rule 4370 adopts the same
language as FINRA Rule 4370, except
for substituting for or adding to, as
needed, the term ‘‘member organization’’
for the term ‘‘member’’, and making
corresponding technical changes that
reflect the difference between NYSE’s
and FINRA’s membership structures. In
addition, in paragraph (f)(2) to proposed
Rule 4370, the Exchange added a crossreference to NYSE Rule 416A to ensure
that those Exchange members and
member organizations that are not
FINRA members are required to update
the contact information for emergency
personnel in accordance with NYSE
Rules.
Finally, in order to ensure that both
proposed NYSE Rule 4370 and FINRA
Rule 4370 are fully harmonized, the
Exchange also proposes to add
Supplementary Material .01 to NYSE
Rule 4370 to provide that, for the
purposes of the rule, the term
‘‘associated person’’ shall have the same
meaning as the terms ‘‘person associated
with a member’’ or ‘‘associated person of
a member’’ as defined in Article I (rr) of
the FINRA By-Laws.
In addition, the Exchange respectfully
requests that the effective date for the
proposed rule changes be retroactive to
December 14, 2009, the same effective
date for FINRA’s rule changes.11
7 See Securities Exchange Act Release No. 58533
(September 12, 2008), 73 FR 54652 (September 22,
2008) (order approving SR–FINRA–2008–036).
8 See Securities Exchange Act Release No. 58549
(September 15, 2008), 73 FR 54444 (September 19,
2008) (order approving SR–NYSE–2008–080).
9 See Securities Exchange Act Release No. 60534
(August 19, 2009), 74 FR 44410 (August 28, 2009).
10 NYSE Amex has submitted a companion rule
filing amending its rules in accordance with
FINRA’s rule changes. See SR–NYSE–Amex–2010–
26.
11 See FINRA Regulatory Notice 09–60 (October
15, 2009).
VerDate Nov<24>2008
15:23 Mar 25, 2010
Jkt 220001
Approval retroactively effective to
December 14, 2009, would ensure that
the proposed rule changes are operative
and effective at the same time as
FINRA’s rule changes, that there are no
regulatory gaps between the FINRA and
NYSE Rules and that, as applicable, the
NYSE Rules maintain their status as
Common Rules under the 17d–2
Agreement.12
2. Statutory Basis
The Exchange believes that the
proposed rule changes are consistent
with Section 6(b) of the Act,13 in
general, and further the objectives of
Section 6(b)(5) of the Act,14 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.
The Exchange believes that the
proposed rule changes support the
objectives of the Act by providing
greater harmonization between NYSE
Rules and FINRA Rules (including
Common Rules) of similar purpose,
resulting in less burdensome and more
efficient regulatory compliance for Dual
Members. To the extent the Exchange
has proposed changes that differ from
the FINRA version of the Rules, such
changes are technical in nature and do
not change the substance of the
proposed NYSE 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
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
12 As provided in paragraph 2(b) of the 17d–2
Agreement, FINRA and NYSE will amend the list
of Common Rules to conform to the rule changes
proposed herein.
13 15 U.S.C. 78f(b).
14 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
14651
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve the proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic 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–NYSE–2010–23 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–NYSE–2010–23. 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,15 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 Section, 100 F Street, NE.,
Washington, DC 20549–1090 between
the hours of 10 a.m. and 3 p.m. Copies
of such filing will also be available for
inspection and copying at the NYSE’s
15 The text of the proposed rule change is
available on the Commission’s Web site at https://
www.sec.gov/.
E:\FR\FM\26MRN1.SGM
26MRN1
14652
Federal Register / Vol. 75, No. 58 / Friday, March 26, 2010 / Notices
principal office and on its Internet Web
site at https://www.nyse.com. 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–NYSE–2010–23 and should
be submitted on or before April 16,
2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–6679 Filed 3–25–10; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF TRANSPORTATION
Office of the Secretary
emcdonald on DSK2BSOYB1PROD with NOTICES
Aviation Proceedings, Agreements
Filed the Week Ending March 13, 2010
The following Agreements were filed
with the Department of Transportation
under sections 412 and 414 of the
Federal Aviation Act, as amended (49
U.S.C. 1382 and 1384) and procedures
governing proceedings to enforce these
provisions. Answers may be filed within
21 days after the filing of the
application.
Docket Number: DOT–OST–2010–
0060.
Date Filed: March 8, 2010.
Parties: Members of the International
Air Transport Association.
Subject:
TC3 Within South West Pacific,
between South Asian Subcontinent,
South East Asia and South West
Pacific (Memo 1364).
Intended effective date: for travel on/
after: 1 June 2010.
Docket Number: DOT–OST–2010–
0061.
Date Filed: March 8, 2010.
Parties: Members of the International
Air Transport Association.
Subject:
Mail Vote 628 Resolutions 010s, TC2
within Africa, Special Passenger
Amending Resolution from Angola to
Namibia (Memo 0199).
Intended effective date: 22 March 2010.
Renee V. Wright,
Program Manager, Docket Operations,
Federal Register Liaison.
[FR Doc. 2010–6717 Filed 3–25–10; 8:45 am]
BILLING CODE 4910–9X–P
16 17
CFR 200.30–3(a)(12).
VerDate Nov<24>2008
15:23 Mar 25, 2010
Jkt 220001
DEPARTMENT OF TRANSPORTATION
Federal Motor Carrier Safety
Administration
[Docket ID. FMCSA–2010–0051]
Qualification of Drivers; Exemption
Applications; Diabetes
AGENCY: Federal Motor Carrier Safety
Administration (FMCSA), DOT.
ACTION: Notice of applications for
exemptions from the diabetes standard;
request for comments.
SUMMARY: FMCSA announces receipt of
applications from 27 individuals for
exemptions from the prohibition against
persons with insulin-treated diabetes
mellitus (ITDM) operating commercial
motor vehicles (CMVs) in interstate
commerce. If granted, the exemptions
would enable these individuals with
ITDM to operate commercial motor
vehicles in interstate commerce.
DATES: Comments must be received on
or before April 26, 2010.
ADDRESSES: You may submit comments
bearing the Federal Docket Management
System (FDMS) Docket ID FMCSA–
2010–0051 using any of the following
methods:
• Federal eRulemaking Portal: Go to
https://www.regulations.gov. Follow the
on-line instructions for submitting
comments.
• Mail: Docket Management Facility;
U.S. Department of Transportation, 1200
New Jersey Avenue, SE., West Building
Ground Floor, Room W12–140,
Washington, DC 20590–0001.
• Hand Delivery: West Building
Ground Floor, Room W12–140, 1200
New Jersey Avenue, SE., Washington,
DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal
Holidays.
• Fax: 1–202–493–2251.
Each submission must include the
Agency name and the docket ID for this
Notice. Note that DOT posts all
comments received without change to
https://www.regulations.gov, including
any personal information included in a
comment. Please see the Privacy Act
heading below.
Docket: For access to the docket to
read background documents or
comments, go to https://
www.regulations.gov at any time or
Room W12–140 on the ground level of
the West Building, 1200 New Jersey
Avenue, SE., Washington, DC, between
9 a.m. and 5 p.m., Monday through
Friday, except Federal holidays. The
FDMS is available 24 hours each day,
365 days each year. If you want
acknowledgment that we received your
PO 00000
Frm 00098
Fmt 4703
Sfmt 4703
comments, please include a selfaddressed, stamped envelope or
postcard or print the acknowledgement
page that appears after submitting
comments on-line.
Privacy Act: Anyone may search the
electronic form of all comments
received into any of our dockets by the
name of the individual submitting the
comment (or of the person signing the
comment, if submitted on behalf of an
association, business, labor union, etc.).
You may review the DOT’s complete
Privacy Act Statement in the Federal
Register published on April 11, 2000
(65 FR 19476). This information is also
available at https://www.regulations.gov.
FOR FURTHER INFORMATION CONTACT: Dr.
Mary D. Gunnels, Director, Medical
Programs, (202) 366–4001,
fmcsamedical@dot.gov, FMCSA,
Department of Transportation, 1200
New Jersey Avenue, SE., Room W64–
224, Washington, DC 20590–0001.
Office hours are from 8:30 a.m. to 5
p.m., Monday through Friday, except
Federal holidays.
SUPPLEMENTARY INFORMATION:
Background
Under 49 U.S.C. 31136(e) and 31315,
FMCSA may grant an exemption for a 2year period if it finds ‘‘such exemption
would likely achieve a level of safety
that is equivalent to, or greater than, the
level that would be achieved absent
such exemption.’’ The statute also
allows the Agency to renew exemptions
at the end of the 2-year period. The 27
individuals listed in this notice have
recently requested an exemption from
the diabetes prohibition in 49 CFR
391.41(b) (3), which applies to drivers of
CMV in interstate commerce.
Accordingly, the Agency will evaluate
the qualifications of each applicant to
determine whether granting the
exemption will achieve the required
level of safety mandated by the statutes.
Qualifications of Applicants
Jason H. Altenberger
Mr. Altenberger, age 34, has had
ITDM since 1982. His endocrinologist
examined him in 2009 and certified that
he has had no hypoglycemic reactions
resulting in loss of consciousness,
requiring the assistance of another
person, or resulting in impaired
cognitive function that occurred without
warning in the past 5 years; understands
diabetes management and monitoring;
and has stable control of his diabetes
using insulin, and is able to drive a
CMV safely. Mr. Altenberger meets the
requirements of the vision standard at
49 CFR 391.41(b)(10). His
ophthalmologist examined him in 2009
E:\FR\FM\26MRN1.SGM
26MRN1
]]>Agencies
[Federal Register Volume 75, Number 58 (Friday, March 26, 2010)]
[Notices]
[Pages 14650-14652]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-6679]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61743; File No. SR-NYSE-2010-23]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by New York Stock Exchange LLC Deleting NYSE Rule 446 and
Adopting New Rule 4370 To Correspond With Rule Changes Filed by the
Financial Industry Regulatory Authority, Inc.
March 19, 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 11, 2010, New York Stock Exchange LLC (``NYSE'' or
the ``Exchange'') 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 delete NYSE Rule 446 and adopt new Rule
4370 to correspond with rule changes filed by the Financial Industry
Regulatory Authority, Inc. (``FINRA'') and approved by the
Commission.\4\ The text of the proposed rule change is available at the
Exchange, the Commission's Public Reference Room, and https://www.nyse.com.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 60534 (August 19,
2009), 74 FR 44410 (August 28, 2009) (order approving SR-FINRA-2009-
036).
---------------------------------------------------------------------------
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
The purpose of the proposed rule changes is to delete NYSE Rule 446
(Business Continuity and Contingency Plans) and adopt new Rule 4370
(Business Continuity Plans and Emergency Contact Information) to
correspond with rule changes filed by FINRA and approved by the
Commission.
Background
On July 30, 2007, FINRA's predecessor, the National Association of
Securities Dealers, Inc. (``NASD''), and NYSE Regulation, Inc.
(``NYSER'') consolidated their member firm regulation operations into a
combined organization, FINRA. Pursuant to Rule 17d-2 under the Act,
NYSE, NYSER and FINRA entered into an agreement (the ``Agreement'') to
reduce regulatory duplication for their members by allocating to FINRA
certain regulatory responsibilities for certain NYSE rules and rule
interpretations (``FINRA Incorporated NYSE Rules''). NYSE Amex LLC
(``NYSE Amex'') became a party to the Agreement effective December 15,
2008.\5\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release Nos. 56148 (July 26,
2007), 72 FR 42146 (August 1, 2007) (order approving the Agreement);
56147 (July 26, 2007), 72 FR 42166 (August 1, 2007) (SR-NASD-2007-
054) (order approving the incorporation of certain NYSE Rules as
``Common Rules''); and 60409 (July 30, 2009), 74 FR 39353 (August 6,
2009) (order approving the amended and restated Agreement, adding
NYSE Amex LLC as a party). Paragraph 2(b) of the Agreement sets
forth procedures regarding proposed changes by FINRA, NYSE or NYSE
Amex to the substance of any of the Common Rules.
---------------------------------------------------------------------------
As part of its effort to reduce regulatory duplication and relieve
firms that are members of FINRA, NYSE and NYSE Amex of conflicting or
unnecessary regulatory burdens, FINRA is now engaged in the process of
reviewing and amending the NASD and FINRA Incorporated NYSE Rules in
order to create a consolidated FINRA rulebook.\6\
---------------------------------------------------------------------------
\6\ FINRA's rulebook currently has three sets of rules: (1) NASD
Rules, (2) FINRA Incorporated NYSE Rules, and (3) consolidated FINRA
Rules. The FINRA Incorporated NYSE Rules apply only to those members
of FINRA that are also members of the NYSE (``Dual Members''), while
the consolidated FINRA Rules apply to all FINRA members. For more
information about the FINRA rulebook consolidation process, see
FINRA Information Notice, March 12, 2008.
---------------------------------------------------------------------------
Proposed Conforming Amendments to NYSE Rules
In 2008, FINRA deleted FINRA Incorporated NYSE Rule 446 (Business
[[Page 14651]]
Continuity and Contingency Plans) as substantively duplicative of NASD
Rules 3510 (Business Continuity Plans) and 3520 (Emergency Contact
Information).\7\ Correspondingly, the Exchange amended NYSE Rule 446
(Business Continuity and Contingency Plans) to remove the existing text
and incorporate NASD Rules 3510 and 3520 by reference.\8\ Subsequently,
FINRA adopted, subject to certain amendments, NASD Rules 3510 and 3520
as consolidated FINRA Rule 4370 (Business Continuity Plans and
Emergency Contact Information).\9\
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 58533 (September 12,
2008), 73 FR 54652 (September 22, 2008) (order approving SR-FINRA-
2008-036).
\8\ See Securities Exchange Act Release No. 58549 (September 15,
2008), 73 FR 54444 (September 19, 2008) (order approving SR-NYSE-
2008-080).
\9\ See Securities Exchange Act Release No. 60534 (August 19,
2009), 74 FR 44410 (August 28, 2009).
---------------------------------------------------------------------------
In order to harmonize the NYSE Rules with the approved consolidated
FINRA Rules, the Exchange correspondingly proposes to delete NYSE Rule
446 and replace it with proposed NYSE Rule 4370, which is substantially
similar to the new FINRA Rule.\10\ As proposed, NYSE Rule 4370 adopts
the same language as FINRA Rule 4370, except for substituting for or
adding to, as needed, the term ``member organization'' for the term
``member'', and making corresponding technical changes that reflect the
difference between NYSE's and FINRA's membership structures. In
addition, in paragraph (f)(2) to proposed Rule 4370, the Exchange added
a cross-reference to NYSE Rule 416A to ensure that those Exchange
members and member organizations that are not FINRA members are
required to update the contact information for emergency personnel in
accordance with NYSE Rules.
---------------------------------------------------------------------------
\10\ NYSE Amex has submitted a companion rule filing amending
its rules in accordance with FINRA's rule changes. See SR-NYSE-Amex-
2010-26.
---------------------------------------------------------------------------
Finally, in order to ensure that both proposed NYSE Rule 4370 and
FINRA Rule 4370 are fully harmonized, the Exchange also proposes to add
Supplementary Material .01 to NYSE Rule 4370 to provide that, for the
purposes of the rule, the term ``associated person'' shall have the
same meaning as the terms ``person associated with a member'' or
``associated person of a member'' as defined in Article I (rr) of the
FINRA By-Laws.
In addition, the Exchange respectfully requests that the effective
date for the proposed rule changes be retroactive to December 14, 2009,
the same effective date for FINRA's rule changes.\11\ Approval
retroactively effective to December 14, 2009, would ensure that the
proposed rule changes are operative and effective at the same time as
FINRA's rule changes, that there are no regulatory gaps between the
FINRA and NYSE Rules and that, as applicable, the NYSE Rules maintain
their status as Common Rules under the 17d-2 Agreement.\12\
---------------------------------------------------------------------------
\11\ See FINRA Regulatory Notice 09-60 (October 15, 2009).
\12\ As provided in paragraph 2(b) of the 17d-2 Agreement, FINRA
and NYSE will amend the list of Common Rules to conform to the rule
changes proposed herein.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule changes are consistent
with Section 6(b) of the Act,\13\ in general, and further the
objectives of Section 6(b)(5) of the Act,\14\ 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.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed rule changes support the
objectives of the Act by providing greater harmonization between NYSE
Rules and FINRA Rules (including Common Rules) of similar purpose,
resulting in less burdensome and more efficient regulatory compliance
for Dual Members. To the extent the Exchange has proposed changes that
differ from the FINRA version of the Rules, such changes are technical
in nature and do not change the substance of the proposed NYSE 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
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve the proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic 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-NYSE-2010-23 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-NYSE-2010-23. 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,\15\ 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 Section, 100
F Street, NE., Washington, DC 20549-1090 between the hours of 10 a.m.
and 3 p.m. Copies of such filing will also be available for inspection
and copying at the NYSE's
[[Page 14652]]
principal office and on its Internet Web site at https://www.nyse.com.
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-NYSE-2010-23
and should be submitted on or before April 16, 2010.
---------------------------------------------------------------------------
\15\ The text of the proposed rule change is available on the
Commission's Web site at https://www.sec.gov/.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------
\16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-6679 Filed 3-25-10; 8:45 am]
BILLING CODE 8011-01-P
