Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC Amending NYSE Rule 5190 To Correspond With Rule Changes Filed by the Financial Industry Regulatory Authority, Inc., 75530-75532 [2010-30318]
Download as PDF
<![CDATA[
75530
Federal Register / Vol. 75, No. 232 / Friday, December 3, 2010 / Notices
designate a shorter time if such action
is consistent with the protection of
investors and the public interest.
Because FINRA is delaying the
implementation of the rule only, FINRA
has requested that the Commission
waive the 30-day operative delay so that
the proposal may become operative
upon filing. For these reasons, the
Commission believes it is consistent
with the protection of investors and the
public interest to waive the 30-day
operative delay, and hereby grants such
waiver.13
At any time within 60 days of the
filing of such 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, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
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
FINRA. 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–FINRA–2010–062
and should be submitted on or before
December 27, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–30319 Filed 12–2–10; 8:45 am]
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–FINRA–2010–062. 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
mstockstill on DSKH9S0YB1PROD 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–FINRA–2010–062 on the
subject line.
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by New York
Stock Exchange LLC Amending NYSE
Rule 5190 To Correspond With Rule
Changes Filed by the Financial
Industry Regulatory Authority, Inc.
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Commission notes that FINRA
has satisfied the five-day pre-filing notice
requirement.
13 For the purposes only of waiving the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
VerDate Mar<15>2010
16:09 Dec 02, 2010
Jkt 223001
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63382; File No. SR–NYSE–
2010–73]
November 29, 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 November
19, 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 and II below, which Items have
been prepared by the Exchange. The
Exchange has designated the proposed
rule change as constituting a ‘‘noncontroversial’’ rule change under
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
Section 19(b)(3)(A) of the Act,4 and Rule
19b–4(f)(6) thereunder,5 which renders
the proposal effective upon filing with
the Commission. 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
NYSE Rule 5190 to correspond with
rule changes filed by the Financial
Industry Regulatory Authority, Inc.
(‘‘FINRA’’) and approved by the
Commission. The text of the proposed
rule change is available at the Exchange,
the Commission’s Public Reference
Room, and https://www.nyse.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
changes is to amend NYSE Rule 5190
(Notification Requirements for Offering
Participants) 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 Securities Exchange
Act of 1934, as amended (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’’).
1 15
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
4 15
5 17
E:\FR\FM\03DEN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
03DEN1
Federal Register / Vol. 75, No. 232 / Friday, December 3, 2010 / Notices
mstockstill on DSKH9S0YB1PROD with NOTICES
NYSE Amex LLC (‘‘NYSE Amex’’)
became a party to the Agreement
effective December 15, 2008.6
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.7
Proposed Conforming Amendments to
NYSE Rules:
FINRA recently amended FINRA Rule
5190 to amend the notice requirements
applicable to distributions of securities
that are considered ‘‘actively traded’’
and thus are not subject to a restricted
period under Rule 101 of Regulation M.8
As approved, the substance of the
information that must be provided in
the notice did not change, only the
timing of the notice.
The Exchange previously adopted
NYSE Rule 5190 to harmonize the
notification requirements for offering
participants with FINRA Rule 5190.9 In
order to harmonize the NYSE Rules
with the approved FINRA Rules, the
Exchange proposes to amend NYSE
Rule 5190 to conform to the recently
approved amendments to FINRA Rule
5190.10 Accordingly, the Exchange
similarly proposes to amend NYSE Rule
5190(d) to provide that member
organizations will be required to
provide a single notice under
subparagraphs (1) and (2) of Rule
5190(d).
6 See Securities Exchange Act Release Nos. 56148
(July 26, 2007); 72 FR 42146 (Aug. 1, 2007) (order
approving the Agreement), 56147 (July 26, 2007); 72
FR 42166 (Aug. 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 (Aug. 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.
7 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.
8 See Securities Exchange Act Release No. 62970
(Sep. 22, 2010); 75 FR 59771 (Sep. 28, 2010) (SR–
FINRA–2010–37).
9 See Securities Exchange Act Release No. 59965
(May 21, 2009); 74 FR 25783 (May 29, 2009) (SR–
NYSE–2009–25).
10 NYSE Amex has submitted a companion rule
filing amending its rules in accordance with
FINRA’s rule changes. See SR–NYSEAmex–2010–
106.
VerDate Mar<15>2010
16:09 Dec 02, 2010
Jkt 223001
2. Statutory Basis
The Exchange believes that the
proposed rule changes are consistent
with Section 6(b) of the Act,11 in
general, and further the objectives of
Section 6(b)(5) of the Act,12 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 among NYSE
Rules, NYSE Amex Equities 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
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 13 and Rule
19b–4(f)(6) thereunder.14 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
11 15
U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(5).
13 15 U.S.C. 78s(b)(3)(A)(iii).
14 17 CFR 240.19b–4(f)(6).
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
75531
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 15 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),16 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
immediately upon filing. The
Commission notes that the proposed
rule change would bring NYSE Rule
5190 into harmony with FINRA Rule
5190. For this reason, the Commission
believes that waiving the 30-day
operative delay 17 is consistent with the
protection of investors and the public
interest. Therefore, the Commission
designates the proposal operative upon
filing.
At any time within the 60-day period
beginning on the date 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 rulecomments@sec.gov. Please include File
Number SR–NYSE–2010–73 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–2010–73. This file
15 17
CFR 240.19b–4(f)(6).
CFR 240.19b–4(f)(6)(iii).
17 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
16 17
E:\FR\FM\03DEN1.SGM
03DEN1
75532
Federal Register / Vol. 75, No. 232 / Friday, December 3, 2010 / Notices
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 the filing will
also be available for inspection and
copying at the NYSE’s principal office
and on its Internet Web site at
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–
2010–73 and should be submitted on or
before December 27, 2010.18
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–30318 Filed 12–2–10; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice 7234]
mstockstill on DSKH9S0YB1PROD with NOTICES
Shipping Coordinating Committee;
Notice of Committee Meeting
The Shipping Coordinating
Committee (SHC) will conduct an open
meeting at 9:30 a.m. on Tuesday,
January 18, 2011, in Room 6103 of the
United States Coast Guard Headquarters
Building, 2100 Second Street, SW.,
Washington, DC 20593–0001. The
primary purpose of the meeting is to
prepare for the forty-second Session of
the International Maritime
Organization’s (IMO) Standards of
Training and Watchkeeping (STW) to be
held at the IMO headquarters in
London, United Kingdom, from January
24 to January 28, 2011.
The primary matters to be considered
include:
—Adoption of the agenda;
—Decisions of other IMO bodies;
—Validation of model training courses;
—Unlawful practices associated with
certificates of competency;
—Casualty analysis;
—Development of an e-navigation
strategy implementation plan;
—Revision of the Recommendations for
entering enclosed spaces aboard
ships;
—Development of model procedures for
executing shipboard emergency
measures;
—Development of training standards for
recovery systems;
—Development of unified
interpretations for the term ‘‘approved
seagoing service’’;
—Work program and provisional agenda
for STW 43;
—Election of Chairman and ViceChairman for 2012;
—Any other business;
—Report to the Marine Safety
Committee.
Members of the public may attend
this meeting up to the seating capacity
of the room. To facilitate the building
security process, and to request
reasonable accommodation, those who
plan to attend should contact the
meeting coordinator, Ms. Zoe Goss, by
e-mail at zoe.a.goss@uscg.mil, by phone
at (202) 372–1425, by fax at (202) 372–
1926, or in writing at Commandant (CG–
5221), U.S. Coast Guard, 2100 2nd
Street, SW., Stop 7126, Washington, DC
20593–7126 not later than January 11th,
2011, 7 days prior to the meeting.
Requests made after January 11th might
not be able to be accommodated. Please
note that due to security considerations,
two valid, government issued photo
identifications must be presented to
gain entrance to the Headquarters
building. The Headquarters building is
accessible by taxi and privately owned
conveyance (public transportation is not
generally available). However, parking
in the vicinity of the building is
extremely limited. Additional
information regarding this and other
IMO SHC public meetings may be found
at: https://www.uscg.mil/imo.
DEPARTMENT OF TRANSPORTATION
Dated: November 24, 2010.
Jon Trent Warner,
Executive Secretary, Shipping Coordinating
Committee, Department of State.
FOR FURTHER INFORMATION CONTACT:
[FR Doc. 2010–30378 Filed 12–2–10; 8:45 am]
18 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
16:09 Dec 02, 2010
BILLING CODE 4710–09–P
Jkt 223001
PO 00000
Frm 00082
Fmt 4703
Sfmt 4703
Federal Highway Administration
[FHWA Docket No. FHWA–2010–0151]
Surface Transportation Project
Delivery Pilot Program; Caltrans Audit
Report
Federal Highway
Administration (FHWA), DOT.
ACTION: Notice; request for comment.
AGENCY:
Section 6005 of the Safe,
Accountable, Flexible, Efficient
Transportation Equity Act: A Legacy for
Users (SAFETEA–LU) established the
Surface Transportation Project Delivery
Pilot Program, codified at 23 U.S.C. 327.
To ensure compliance by each State
participating in the Pilot Program, 23
U.S.C. 327(g) mandates semiannual
audits during each of the first 2 years of
State participation. This notice
announces and solicits comments on the
fifth audit report for the California
Department of Transportation (Caltrans).
DATES: Comments must be received on
or before January 3, 2011.
ADDRESSES: Mail or hand deliver
comments to Docket Management
Facility: U.S. Department of
Transportation, 1200 New Jersey
Avenue, SE., Room W12–140,
Washington, DC 20590. You may also
submit comments electronically at
https://www.regulations.gov, or fax
comments to (202) 493–2251.
All comments should include the
docket number that appears in the
heading of this document. All
comments received will be available for
examination and copying at the above
address from 9 a.m. to 5 p.m., e.t.,
Monday through Friday, except Federal
holidays. Those desiring notification of
receipt of comments must include a selfaddressed, stamped postcard or you
may print the acknowledgment page
that appears after submitting comments
electronically. Anyone is able to search
the electronic form of all comments in
any one of our dockets by the name of
the individual submitting the comment
(or signing the comment, if submitted
on behalf of an association, business, or
labor union). You may review the DOT’s
complete Privacy Act Statement in the
Federal Register published on April 11,
2000, (Volume 65, Number 70, Pages
19477–78) or you may visit https://
DocketsInfo.dot.gov.
SUMMARY:
Ms.
Ruth Rentch, Office of Project
Development and Environmental
Review, (202)–366–2034,
Ruth.Rentch@dot.gov, or Mr. Michael
Harkins, Office of the Chief Counsel,
E:\FR\FM\03DEN1.SGM
03DEN1
]]>Agencies
[Federal Register Volume 75, Number 232 (Friday, December 3, 2010)]
[Notices]
[Pages 75530-75532]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-30318]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63382; File No. SR-NYSE-2010-73]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC
Amending NYSE Rule 5190 To Correspond With Rule Changes Filed by the
Financial Industry Regulatory Authority, Inc.
November 29, 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 November 19, 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
and II below, which Items have been prepared by the Exchange. The
Exchange has designated the proposed rule change as constituting a
``non-controversial'' rule change under Section 19(b)(3)(A) of the
Act,\4\ and Rule 19b-4(f)(6) thereunder,\5\ which renders the proposal
effective upon filing with the Commission. 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.
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend NYSE Rule 5190 to correspond with
rule changes filed by the Financial Industry Regulatory Authority, Inc.
(``FINRA'') and approved by the Commission. The text of the proposed
rule change is available at the Exchange, the Commission's Public
Reference Room, and https://www.nyse.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule changes is to amend NYSE Rule 5190
(Notification Requirements for Offering Participants) 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
Securities Exchange Act of 1934, as amended (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'').
[[Page 75531]]
NYSE Amex LLC (``NYSE Amex'') became a party to the Agreement effective
December 15, 2008.\6\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release Nos. 56148 (July 26,
2007); 72 FR 42146 (Aug. 1, 2007) (order approving the Agreement),
56147 (July 26, 2007); 72 FR 42166 (Aug. 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 (Aug. 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.\7\
---------------------------------------------------------------------------
\7\ 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:
FINRA recently amended FINRA Rule 5190 to amend the notice
requirements applicable to distributions of securities that are
considered ``actively traded'' and thus are not subject to a restricted
period under Rule 101 of Regulation M.\8\ As approved, the substance of
the information that must be provided in the notice did not change,
only the timing of the notice.
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 62970 (Sep. 22,
2010); 75 FR 59771 (Sep. 28, 2010) (SR-FINRA-2010-37).
---------------------------------------------------------------------------
The Exchange previously adopted NYSE Rule 5190 to harmonize the
notification requirements for offering participants with FINRA Rule
5190.\9\ In order to harmonize the NYSE Rules with the approved FINRA
Rules, the Exchange proposes to amend NYSE Rule 5190 to conform to the
recently approved amendments to FINRA Rule 5190.\10\ Accordingly, the
Exchange similarly proposes to amend NYSE Rule 5190(d) to provide that
member organizations will be required to provide a single notice under
subparagraphs (1) and (2) of Rule 5190(d).
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 59965 (May 21,
2009); 74 FR 25783 (May 29, 2009) (SR-NYSE-2009-25).
\10\ NYSE Amex has submitted a companion rule filing amending
its rules in accordance with FINRA's rule changes. See SR-NYSEAmex-
2010-106.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule changes are consistent
with Section 6(b) of the Act,\11\ in general, and further the
objectives of Section 6(b)(5) of the Act,\12\ 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.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f(b).
\12\ 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 among NYSE
Rules, NYSE Amex Equities 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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \13\ and Rule 19b-4(f)(6) thereunder.\14\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(3)(A)(iii).
\14\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\16\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Commission notes that
the proposed rule change would bring NYSE Rule 5190 into harmony with
FINRA Rule 5190. For this reason, the Commission believes that waiving
the 30-day operative delay \17\ is consistent with the protection of
investors and the public interest. Therefore, the Commission designates
the proposal operative upon filing.
---------------------------------------------------------------------------
\15\ 17 CFR 240.19b-4(f)(6).
\16\ 17 CFR 240.19b-4(f)(6)(iii).
\17\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within the 60-day period beginning on the date 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-NYSE-2010-73 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-2010-73. This file
[[Page 75532]]
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 the filing will also be available for
inspection and copying at the NYSE's principal office and on its
Internet Web site at 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-2010-73 and should be submitted on or before
December 27, 2010.\18\
---------------------------------------------------------------------------
\18\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-30318 Filed 12-2-10; 8:45 am]
BILLING CODE 8011-01-P
