Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify the Requirement for Floor Official Approval for Certain Halts of Nasdaq Securities Traded via UTP, 59772-59773 [2010-24261]
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59772
Federal Register / Vol. 75, No. 187 / Tuesday, September 28, 2010 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–24227 Filed 9–27–10; 8:45 am]
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
BILLING CODE 8010–01–P
1. Purpose
The purpose of the proposed rule
change is to amend Rule 515—NYSE
Amex Equities.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62971; File No. SR–
NYSEAmex–2010–95]
Self-Regulatory Organizations; NYSE
Amex LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Clarify the
Requirement for Floor Official
Approval for Certain Halts of Nasdaq
Securities Traded via UTP
September 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
September 16, 2010, NYSE Amex LLC
(the ‘‘Exchange’’ or ‘‘NYSE Amex’’) 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 Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 515—NYSE Amex Equities. The
text of the proposed rule change is
available at the Exchange’s principal
office, the Commission’s Public
Reference Room, the Commission’s Web
site (https://www.sec.gov), and https://
www.nyse.com.
srobinson on DSKHWCL6B1PROD with NOTICES
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,
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
15:22 Sep 27, 2010
Jkt 220001
a. Background
On July 9, 2010, the Exchange
received approval from the Commission
to begin trading, as a pilot program,
securities listed on the Nasdaq Stock
Market pursuant to unlisted trading
privileges (‘‘Nasdaq Securities’’). The
Nasdaq Securities program commenced
on July 13, 2010.3
b. Proposed Amendments to Rule 515—
NYSE Amex Equities
The Exchange proposes to amend
Rule 515—NYSE Amex Equities dealing
with trading halts. In its filing adopting
the Nasdaq Securities program, the
Exchange included a provision in Rule
515(a)(1)—NYSE Amex Equities that
DMM Units did not need to obtain Floor
Official approval in order to halt trading
in a Nasdaq Security pursuant to Rule
123D—NYSE Amex Equities. Upon
further review of the operation of this
provision and the Nasdaq Securities
program, the Exchange believes it
should revise this provision to clarify
that the DMM does not need to obtain
Floor Official approval if a Nasdaq
Security is halted, suspended, or paused
pursuant to section (a)(2)–(4) of the
Rule. Accordingly, if a Nasdaq Security
is halted, suspended or paused from
trading by the UTP Listing Market for
regulatory purposes in accordance with
its rules and/or the UTP Plan, or if the
authority to trade the Nasdaq Security
on the Exchange is revoked, Floor
Official approval to halt trading on the
Exchange is not required. However, if
3 See Securities Exchange Act Release No. 62479
(July 9, 2010), 75 FR 41264 (July 15, 2010) (order
approving SR–NYSEAmex–2010–31 and the
adoption of the NYSE Amex Equities Rule 500
Series). The pilot program is scheduled to run until
September 30, 2010, the expiration date of the New
York Stock Exchange LLC’s (‘‘NYSE’’) and the
Exchange’s New Market Model (‘‘NMM’’) pilot
program, on which the Nasdaq Securities program
relies. See Securities Exchange Act Release Nos.
61274 (March 17, 2010), 75 FR 14221 (March 24,
2010)(SR–NYSE–2010–25) and 61275 (March 17,
2010), 75 FR 14223 (March 24, 2010)(SR–
NYSEAmex–2010–28) (extending operation of the
NMM pilot program on NYSE and NYSE Amex
until the earlier of the Commission’s approval to
make the program permanent or September 30,
2010). For more information on the NMM pilot
program, see Securities Exchange Act Release
No.58845 (October 24, 2008), 73 FR 64379 (October
29, 2008)(SR–NYSE–2008–46).
PO 00000
Frm 00094
Fmt 4703
Sfmt 4703
the Exchange halts trading of a Nasdaq
Security pursuant to Rule 123D—NYSE
Amex Equities for non-regulatory
purposes, such as an imbalance halt or
an equipment changeover halt, the
DMM must obtain prior Floor Official
approval as provided for in that rule.
The proposed provision would be
consistent with the manner by which
Rule 123D—NYSE Amex Equities
operates for listed securities when a
non-regulatory halt is invoked on the
Exchange.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,4 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,5 in particular, in that it is
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 change supports the
objectives of the Act by harmonizing the
procedures for implementing nonregulatory trading halts under Rule
123D—NYSE Amex Equities for both its
listed securities and Nasdaq Securities.
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
4 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
6 15 U.S.C. 78s(b)(3)(A)(iii).
7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission 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
5 15
E:\FR\FM\28SEN1.SGM
28SEN1
Federal Register / Vol. 75, No. 187 / Tuesday, September 28, 2010 / Notices
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.
The Exchange has requested that the
Commission 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, because such waiver
will promote consistency between the
rules governing the trading of Nasdaq
Securities and listed securities on the
Exchange. Accordingly, the Commission
waives the 30-day operative delay
requirement and designates the
proposed rule change as operative upon
filing with the Commission.
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act.
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:
srobinson on DSKHWCL6B1PROD with NOTICES
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–NYSEAmex–2010–95 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–NYSEAmex–2010–95. 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, on official business
days between the hours of 10 a.m. and
3 p.m. Copies of the filing also will be
available for inspection and copying at
the principal office of the Exchange. All
comments received will be posted
without change; 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–2010–95 and
should be submitted on or before
October 19, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–24261 Filed 9–27–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62977; File No. SR–CBOE–
2010–084]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Proposed Rule
Change Regarding Registration and
Qualification Requirements
September 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
September 10, 2010, the Chicago Board
Options Exchange, Incorporated
(‘‘Exchange’’ or ‘‘CBOE’’) filed with the
Securities and Exchange Commission
8 17
as designated by the Commission. The Exchange
has satisfied this requirement.
VerDate Mar<15>2010
15:22 Sep 27, 2010
Jkt 220001
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00095
Fmt 4703
Sfmt 4703
59773
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
rules regarding qualification and
registration of individual Trading
Permit Holders and associated persons.
The text of the rule proposal is available
on the Exchange’s Web site (https://
www.cboe.org/legal), at the Exchange’s
Office of the Secretary, on the
Commission’s Web site (https://
www.sec.gov), and at the Commission.
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
CBOE is proposing to amend its rules
regarding qualification, registration and
continuing education of individual
Trading Permit Holders and individual
associated persons.3 Specifically, in
response to a request by the Division of
Trading and Markets of the U.S.
Securities and Exchange Commission
and in light of recent market events, the
Exchange is proposing to expand its
registration and qualification
requirements to include additional
3 CBOE Rule 1.1(qq) provides ‘‘The term
‘Associated Person’ or ‘Person Associated with a
Trading Permit Holder’ means any partner, officer,
director or branch manager of a Trading Permit
Holder (or any person occupying a similar status or
performing similar functions), any person directly
or indirectly controlling, controlled by, or under
common control with a Trading Permit Holder, or
any employee of a Trading Permit Holder.’’ This
filing refers specifically to the classification of
‘‘individual associated persons’’ as an organization
could fall within the scope of CBOE Rule 1.1(qq)
and it is not CBOE’s intention to require registration
by an organization.
E:\FR\FM\28SEN1.SGM
28SEN1
]]>Agencies
[Federal Register Volume 75, Number 187 (Tuesday, September 28, 2010)]
[Notices]
[Pages 59772-59773]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-24261]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62971; File No. SR-NYSEAmex-2010-95]
Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Clarify the
Requirement for Floor Official Approval for Certain Halts of Nasdaq
Securities Traded via UTP
September 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 September 16, 2010, NYSE Amex LLC (the ``Exchange'' or ``NYSE
Amex'') 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 Exchange. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Rule 515--NYSE Amex Equities. The
text of the proposed rule change is available at the Exchange's
principal office, the Commission's Public Reference Room, the
Commission's Web site (https://www.sec.gov), 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend Rule 515--NYSE
Amex Equities.
a. Background
On July 9, 2010, the Exchange received approval from the Commission
to begin trading, as a pilot program, securities listed on the Nasdaq
Stock Market pursuant to unlisted trading privileges (``Nasdaq
Securities''). The Nasdaq Securities program commenced on July 13,
2010.\3\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 62479 (July 9,
2010), 75 FR 41264 (July 15, 2010) (order approving SR-NYSEAmex-
2010-31 and the adoption of the NYSE Amex Equities Rule 500 Series).
The pilot program is scheduled to run until September 30, 2010, the
expiration date of the New York Stock Exchange LLC's (``NYSE'') and
the Exchange's New Market Model (``NMM'') pilot program, on which
the Nasdaq Securities program relies. See Securities Exchange Act
Release Nos. 61274 (March 17, 2010), 75 FR 14221 (March 24,
2010)(SR-NYSE-2010-25) and 61275 (March 17, 2010), 75 FR 14223
(March 24, 2010)(SR-NYSEAmex-2010-28) (extending operation of the
NMM pilot program on NYSE and NYSE Amex until the earlier of the
Commission's approval to make the program permanent or September 30,
2010). For more information on the NMM pilot program, see Securities
Exchange Act Release No.58845 (October 24, 2008), 73 FR 64379
(October 29, 2008)(SR-NYSE-2008-46).
---------------------------------------------------------------------------
b. Proposed Amendments to Rule 515--NYSE Amex Equities
The Exchange proposes to amend Rule 515--NYSE Amex Equities dealing
with trading halts. In its filing adopting the Nasdaq Securities
program, the Exchange included a provision in Rule 515(a)(1)--NYSE Amex
Equities that DMM Units did not need to obtain Floor Official approval
in order to halt trading in a Nasdaq Security pursuant to Rule 123D--
NYSE Amex Equities. Upon further review of the operation of this
provision and the Nasdaq Securities program, the Exchange believes it
should revise this provision to clarify that the DMM does not need to
obtain Floor Official approval if a Nasdaq Security is halted,
suspended, or paused pursuant to section (a)(2)-(4) of the Rule.
Accordingly, if a Nasdaq Security is halted, suspended or paused from
trading by the UTP Listing Market for regulatory purposes in accordance
with its rules and/or the UTP Plan, or if the authority to trade the
Nasdaq Security on the Exchange is revoked, Floor Official approval to
halt trading on the Exchange is not required. However, if the Exchange
halts trading of a Nasdaq Security pursuant to Rule 123D--NYSE Amex
Equities for non-regulatory purposes, such as an imbalance halt or an
equipment changeover halt, the DMM must obtain prior Floor Official
approval as provided for in that rule. The proposed provision would be
consistent with the manner by which Rule 123D--NYSE Amex Equities
operates for listed securities when a non-regulatory halt is invoked on
the Exchange.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\4\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\5\ in particular, in that it
is 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.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change supports the
objectives of the Act by harmonizing the procedures for implementing
non-regulatory trading halts under Rule 123D--NYSE Amex Equities for
both its listed securities and Nasdaq Securities.
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
[[Page 59773]]
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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
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 satisfied this requirement.
---------------------------------------------------------------------------
The Exchange has requested that the Commission 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, because such waiver will promote consistency between the
rules governing the trading of Nasdaq Securities and listed securities
on the Exchange. Accordingly, the Commission waives the 30-day
operative delay requirement and designates the proposed rule change as
operative upon filing with the Commission.
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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-NYSEAmex-2010-95 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-NYSEAmex-2010-95. 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, on
official business days between the hours of 10 a.m. and 3 p.m. Copies
of the filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change; 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-2010-95 and should be submitted on or before
October 19, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-24261 Filed 9-27-10; 8:45 am]
BILLING CODE 8010-01-P
