Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending NYSE Amex Equities Rule 103B, Which Governs the Allocation of Securities to DMMs, 82344-82346 [2011-33582]
Download as PDF
<![CDATA[
82344
Federal Register / Vol. 76, No. 251 / Friday, December 30, 2011 / Notices
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–NYSE–2011–66 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.
srobinson on DSK4SPTVN1PROD with NOTICES
All submissions should refer to File
Number SR–NYSE–2011–66. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10 a.m. and 3 p.m. Copies of such filing
also will be available for inspection and
copying at the principal office of 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
publicly available. All submissions
should refer to File Number SR–NYSE–
2011–66 and should be submitted on or
before January 20, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–33583 Filed 12–29–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66044; File No. SR–
NYSEAmex–2011–100]
Self-Regulatory Organizations; NYSE
Amex LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Amending NYSE Amex
Equities Rule 103B, Which Governs the
Allocation of Securities to DMMs
December 23, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
15, 2011, NYSE Amex LLC (‘‘Exchange’’
or ‘‘NYSE Amex’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
NYSE Amex Equities Rule 103B, which
governs the allocation of securities to
DMMs. The text of the proposed rule
change is available at the Exchange, the
Commission’s Public Reference Room,
and www.nyse.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
NYSE Amex Equities Rule 103B, which
governs the allocation of securities to
DMMs. Specifically, as described in
more detail below, the Exchange
1 15
10 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
19:02 Dec 29, 2011
2 17
Jkt 226001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00077
Fmt 4703
Sfmt 4703
proposes to extend the effective period
of an allocation decision from six to
twelve months, to permit an issuer to
submit a written letter to an Exchange
Selection Panel (‘‘ESP’’) expressing a
preference for a DMM if the issuer has
delegated authority to the Exchange to
select the DMM unit, align the quiet
period rule, and to make other
conforming changes.
First, the Exchange proposes to
amend NYSE Amex Equities Rule
103(VI)(H), the Allocation Sunset
Policy, to extend the effective period of
an allocation decision from six to twelve
months. The Exchange believes that
extending the time period that
allocation decisions remain effective is
necessary because in some instances it
is taking initial public offerings (‘‘IPOs’’)
longer than six months to occur after the
allocation process. Extending the
effective period to twelve months will
eliminate the need for a new IPO listing
to repeat the allocation process if the
six-month effective period has lapsed
and thereby contribute to efficiency in
the allocation process.
Second, in those instances in which
an issuer has delegated authority to the
Exchange to select the DMM unit for the
issuer under NYSE Amex Equities Rule
103B(III)(B), the Exchange proposes to
permit the ESP to consider, as part of
the selection process, written
submissions from the issuer that express
the issuer’s preference.3 The written
submission from the issuer would be
non-binding on the ESP. The Exchange
previously allowed a listing company to
supply a letter to an allocation
committee, but eliminated this part of
the rule when the Exchange streamlined
the allocation process.4 The Exchange
believes that allowing the issuer to
provide a non-binding, written
submission would better inform the ESP
during the allocation process.
Third, the Exchange also proposes to
align the quiet period rule text so that
the quiet period is triggered at the
appropriate point, whether the issuer
selects the DMM unit itself or delegates
authority to the Exchange to select the
DMM unit. Currently, NYSE Amex
Equities Rule 103B(III)(A)(2) provides
that, if the issuer selects the DMM unit,
no DMM unit, or any individuals acting
on its behalf, may have any contact with
any listing company once the Exchange
provides written notice to DMM units
that the listing company is listing on the
3 Under NYSE Amex Equities Rule 103B(III), an
issuer may either select its DMM unit directly or
delegate authority to the Exchange to select its
DMM unit.
4 See Securities Exchange Act Release No. 59022
(November 26, 2008), 73 FR 73683 (December 3,
2008) (SR–NYSEALTR–2008–10).
E:\FR\FM\30DEN1.SGM
30DEN1
Federal Register / Vol. 76, No. 251 / Friday, December 30, 2011 / Notices
srobinson on DSK4SPTVN1PROD with NOTICES
Exchange. NYSE Amex Equities Rule
103B(III)(B)(1) provides that if the DMM
unit is selected by the Exchange, then
individuals associated with the DMM
units may not communicate about the
DMM unit selection process with
members of the ESP from the time the
issuer delegates the assignment
responsibility to the Exchange until the
ESP announces its assignment decision,
but doesn’t address communication
with the issuer. To make the quiet
periods more consistent regardless of
the issuer’s election, the Exchange
proposes to amend NYSE Amex Equities
Rule 103B(III) to provide that after the
Exchange provides written notice to
DMM units that the issuer is listing on
the Exchange, no individual associated
with a DMM unit may contact the
issuer, or the ESP if applicable, until the
allocation is made, except as otherwise
provided in the Rule (e.g., as permitted
during the interview). The Exchange
further proposes to add that, consistent
with the manner by which the issuer
selects a DMM unit, the ESP may also
interview individuals associated with
the DMM unit. The Exchange proposes
a conforming change to delete the
current quiet period text in NYSE Amex
Equities Rule 103B(III)(A)(2) and NYSE
Amex Equities Rule 103B(III)(B)(1).
Finally, the Exchange proposes to
amend NYSE Amex Equities Rule
103B(III)(B)(1). Currently, the Rule
provides that an ESP consist of: (a) At
least one member of the Exchange’s
Senior Management, as designated by
the Chief Executive Officer of the
Exchange or his or her designee; (b) any
combination of two Exchange Senior
Management or Exchange Floor
Operations Staff, to be designated by the
Executive Vice-President of Exchange
Floor Operations or his/her designee;
and (c) any combination of three nonDMM Executive Floor Governors or
non-DMM Floor Governors for a total of
six members. The Exchange proposes to
eliminate the reference to including
non-DMM Executive Floor Governors in
order to streamline the Rule. Executive
Floor Governors are considered a subset
of Floor Governors, and therefore both
references are not necessary in the Rule.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),5 in general, and furthers the
objectives of Section 6(b)(5),6 in
particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
5 15
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
VerDate Mar<15>2010
19:02 Dec 29, 2011
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, and to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system.
Specifically, the Exchange believes that
extending the sunset period from six to
12 months will foster cooperation and
coordination with person engaged in
facilitating securities transactions and
will remove impediments to a free and
open market because it recognizes that
all IPOs may not be brought to market
in a six month period and avoids
repeating administrative steps in the
listing process, thereby promoting
efficient use of the Exchange’s
resources. The proposed rule change
also supports just and equitable
principles of trade by providing issuers
with a greater opportunity for input in
the allocation process. In addition,
aligning the quiet periods under the
Rule will promote consistency, fairness,
and objectivity in the allocation process.
Finally, the Exchange believes that the
change to the rule text concerning the
composition of the ESP is technical in
nature and simply removes a
redundancy.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 7 and Rule
19b–4(f)(6) thereunder.8 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, the proposed rule change
has become effective pursuant to
7 15
8 17
Jkt 226001
PO 00000
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
Frm 00078
Fmt 4703
Sfmt 4703
82345
Section 19(b)(3)(A) of the Act and Rule
19b–4(f)(6)(iii) thereunder.
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 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 email to rulecomments@sec.gov. Please include File
Number SR–NYSEAmex–2011–100 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–2011–100.
This file number should be included on
the subject line if email 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 principal office of the
Exchange. All comments received will
be posted without change; the
Commission does not edit personal
identifying information from
E:\FR\FM\30DEN1.SGM
30DEN1
82346
Federal Register / Vol. 76, No. 251 / Friday, December 30, 2011 / Notices
submissions. You should submit only
information that you wish to make
publicly available. All submissions
should refer to File Number SR–
NYSEAmex–2011–100 and should be
submitted on or before January 20, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–33582 Filed 12–29–11; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice 7746]
Assistance to the Autonomous
Government of Southern Sudan and
the United States Contribution to the
Global Fund To Fight AIDS,
Tuberculosis and Malaria (Global
Fund) for Fiscal Year 2010
Department of State.
Notice of a Waiver
Determination under Section
202(d)(4)(A)(ii) of the United States
Leadership against HIV/AIDS,
Tuberculosis, and Malaria Act of 2003,
as amended, for Fiscal Year 2010.
AGENCY:
ACTION:
This is a notice of a waiver
determination under Section
202(d)(4)(A)(ii) of the United States
Leadership Against HIV/AIDS,
Tuberculosis, and Malaria Act of 2003,
as amended by the Tom Lantos and
Henry J. Hyde United States Global
Leadership Against HIV/AIDS,
Tuberculosis, and Malaria
Reauthorization Act of 2008 (the
‘‘Leadership Act’’). The Leadership Act
requires that the U.S. Global AIDS
Coordinator withhold from the U.S.
contribution to the Global Fund an
amount equal to expenditures by the
Global Fund in the previous fiscal year
to governments of countries that have
been determined to have repeatedly
provided support for acts of
international terrorism in accordance
with section 6(j)(1) of the Export
Administration Act of 1979 (50 U.S.C.
App. 2405 (j)(1)) (the ‘‘6(j) list’’).
The government of the Republic of
Sudan is designated on the ‘‘6(j) list.’’
Thus, Global Fund expenditures to the
Government of the Republic of Sudan
trigger a withholding requirement from
the U.S. contribution to the Global
Fund, subject to the waiver authority
provided for Global Fund expenditures
in Southern Sudan. During FY 2009,
$1,162,902 was provided to government
srobinson on DSK4SPTVN1PROD with NOTICES
SUMMARY:
9 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
19:02 Dec 29, 2011
Jkt 226001
entities in Southern Sudan under HIV/
AIDS grants, thus triggering a potential
withholding requirement in this amount
from the FY 2010 U.S. contribution to
the Global Fund. These funds were used
to support HIV/AIDS prevention,
treatment, and surveillance activities
under six active grants.
Under the Leadership Act, the
President has authority to waive the
withholding requirement for assistance
overseen by the Southern Sudan
Country Coordinating Mechanism
(SSCCM) if such an action is justified by
the national interest or for humanitarian
reasons. This authority has been
delegated to the U.S. Global AIDS
Coordinator. The United States places a
high priority on ensuring appropriate
disbursement and expenditure of
foreign development and humanitarian
funding. Following consultations with
the relevant Congressional committees,
the U.S. Global AIDS Coordinator has
determined waiver of the withholding
requirement for assistance by the Global
Fund to the Autonomous Government of
Southern Sudan through the Global
Fund SSCCM is justified for
humanitarian reasons. The application
of the withholding requirement of
Section 202(d)(4)(A)(ii) of the Act is
hereby waived with respect to such
assistance, allowing for the additional
contribution of $1,162,902 to the Global
Fund from the FY 2010 appropriations
for the U.S. contribution to the Global
Fund. This notice of waiver
determination is published in the
Federal Register in compliance with
Section 202(d)(4)(A)(ii) of the
Leadership Act.
DATES: Date Effective: January 13, 2012.
FOR FURTHER INFORMATION CONTACT:
Guinnevere Roberts, Director,
Multilateral Diplomacy, Office of the
Global AIDS Coordinator, (202) 663–
2586.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236–3 of August 28, 2000 (and, as
appropriate, Delegation of Authority No.
257 of April 15, 2003), I hereby
determine that the objects to be
included in the exhibition ‘‘Alina
Szapocznikow: Sculpture Undone,
1955–1972’’ imported from abroad for
temporary exhibition within the United
States, are of cultural significance. The
objects are imported pursuant to loan
agreements with the foreign owners or
custodians. I also determine that the
exhibition or display of the exhibit
objects at the Hammer Museum, Los
Angeles, CA, from on or about February
5, 2012, until on or about April 29,
2012; the Wexner Center for the Arts,
Columbus, OH, from on or about May
18, 2012, until on or about August 8,
2012; The Museum of Modern Art, New
York, NY, from on or about October 7,
2012, until on or about January 28,
2013, and at possible additional
exhibitions or venues yet to be
determined, is in the national interest.
I have ordered that Public Notice of
these Determinations be published in
the Federal Register.
FOR FURTHER INFORMATION CONTACT: For
further information, including a list of
the exhibit objects, contact Julie
Simpson, Attorney-Adviser, Office of
the Legal Adviser, U.S. Department of
State (telephone: (202) 632–6467). The
mailing address is U.S. Department of
State, SA–5, L/PD, Fifth Floor (Suite
5H03), Washington, DC 20522–0505.
Dated: December 13, 2011.
Eric P. Goosby,
Ambassador, Office of the U.S. Global AIDS
Coordinator, Department of State.
[FR Doc. 2011–33617 Filed 12–29–11; 8:45 am]
[FR Doc. 2011–33613 Filed 12–29–11; 8:45 am]
DEPARTMENT OF STATE
BILLING CODE 4710–10–P
[Public Notice 7745]
DEPARTMENT OF STATE
[Public Notice: 7747]
Culturally Significant Objects Imported
for Exhibition Determinations: ‘‘Alina
Szapocznikow: Sculpture Undone,
1955–1972’’
Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
SUMMARY:
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
Dated: December 22, 2011.
J. Adam Ereli,
Principal Deputy Assistant Secretary, Bureau
of Educational and Cultural Affairs,
Department of State.
BILLING CODE 4710–05–P
Determination and Waiver Under the
United States Leadership Against HIV/
AIDS, Tuberculosis, and Malaria Act of
2003, as Amended, Relating to
Assistance to the Autonomous
Government of Southern Sudan and
the United States Contribution to the
Global Fund To Fight AIDS,
Tuberculosis and Malaria for Fiscal
Year 2010
Pursuant to Section 202(d)(4)(A)(ii) of
the United States Leadership Against
E:\FR\FM\30DEN1.SGM
30DEN1
]]>Agencies
[Federal Register Volume 76, Number 251 (Friday, December 30, 2011)]
[Notices]
[Pages 82344-82346]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-33582]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66044; File No. SR-NYSEAmex-2011-100]
Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change Amending NYSE
Amex Equities Rule 103B, Which Governs the Allocation of Securities to
DMMs
December 23, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 15, 2011, NYSE Amex LLC (``Exchange'' or ``NYSE Amex'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the self-regulatory organization. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend NYSE Amex Equities Rule 103B, which
governs the allocation of securities to DMMs. The text of the proposed
rule change is available at the Exchange, the Commission's Public
Reference Room, and www.nyse.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend NYSE Amex Equities Rule 103B, which
governs the allocation of securities to DMMs. Specifically, as
described in more detail below, the Exchange proposes to extend the
effective period of an allocation decision from six to twelve months,
to permit an issuer to submit a written letter to an Exchange Selection
Panel (``ESP'') expressing a preference for a DMM if the issuer has
delegated authority to the Exchange to select the DMM unit, align the
quiet period rule, and to make other conforming changes.
First, the Exchange proposes to amend NYSE Amex Equities Rule
103(VI)(H), the Allocation Sunset Policy, to extend the effective
period of an allocation decision from six to twelve months. The
Exchange believes that extending the time period that allocation
decisions remain effective is necessary because in some instances it is
taking initial public offerings (``IPOs'') longer than six months to
occur after the allocation process. Extending the effective period to
twelve months will eliminate the need for a new IPO listing to repeat
the allocation process if the six-month effective period has lapsed and
thereby contribute to efficiency in the allocation process.
Second, in those instances in which an issuer has delegated
authority to the Exchange to select the DMM unit for the issuer under
NYSE Amex Equities Rule 103B(III)(B), the Exchange proposes to permit
the ESP to consider, as part of the selection process, written
submissions from the issuer that express the issuer's preference.\3\
The written submission from the issuer would be non-binding on the ESP.
The Exchange previously allowed a listing company to supply a letter to
an allocation committee, but eliminated this part of the rule when the
Exchange streamlined the allocation process.\4\ The Exchange believes
that allowing the issuer to provide a non-binding, written submission
would better inform the ESP during the allocation process.
---------------------------------------------------------------------------
\3\ Under NYSE Amex Equities Rule 103B(III), an issuer may
either select its DMM unit directly or delegate authority to the
Exchange to select its DMM unit.
\4\ See Securities Exchange Act Release No. 59022 (November 26,
2008), 73 FR 73683 (December 3, 2008) (SR-NYSEALTR-2008-10).
---------------------------------------------------------------------------
Third, the Exchange also proposes to align the quiet period rule
text so that the quiet period is triggered at the appropriate point,
whether the issuer selects the DMM unit itself or delegates authority
to the Exchange to select the DMM unit. Currently, NYSE Amex Equities
Rule 103B(III)(A)(2) provides that, if the issuer selects the DMM unit,
no DMM unit, or any individuals acting on its behalf, may have any
contact with any listing company once the Exchange provides written
notice to DMM units that the listing company is listing on the
[[Page 82345]]
Exchange. NYSE Amex Equities Rule 103B(III)(B)(1) provides that if the
DMM unit is selected by the Exchange, then individuals associated with
the DMM units may not communicate about the DMM unit selection process
with members of the ESP from the time the issuer delegates the
assignment responsibility to the Exchange until the ESP announces its
assignment decision, but doesn't address communication with the issuer.
To make the quiet periods more consistent regardless of the issuer's
election, the Exchange proposes to amend NYSE Amex Equities Rule
103B(III) to provide that after the Exchange provides written notice to
DMM units that the issuer is listing on the Exchange, no individual
associated with a DMM unit may contact the issuer, or the ESP if
applicable, until the allocation is made, except as otherwise provided
in the Rule (e.g., as permitted during the interview). The Exchange
further proposes to add that, consistent with the manner by which the
issuer selects a DMM unit, the ESP may also interview individuals
associated with the DMM unit. The Exchange proposes a conforming change
to delete the current quiet period text in NYSE Amex Equities Rule
103B(III)(A)(2) and NYSE Amex Equities Rule 103B(III)(B)(1).
Finally, the Exchange proposes to amend NYSE Amex Equities Rule
103B(III)(B)(1). Currently, the Rule provides that an ESP consist of:
(a) At least one member of the Exchange's Senior Management, as
designated by the Chief Executive Officer of the Exchange or his or her
designee; (b) any combination of two Exchange Senior Management or
Exchange Floor Operations Staff, to be designated by the Executive
Vice-President of Exchange Floor Operations or his/her designee; and
(c) any combination of three non-DMM Executive Floor Governors or non-
DMM Floor Governors for a total of six members. The Exchange proposes
to eliminate the reference to including non-DMM Executive Floor
Governors in order to streamline the Rule. Executive Floor Governors
are considered a subset of Floor Governors, and therefore both
references are not necessary in the Rule.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''),\5\ in general, and
furthers the objectives of Section 6(b)(5),\6\ in particular, in that
it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
Specifically, the Exchange believes that extending the sunset period
from six to 12 months will foster cooperation and coordination with
person engaged in facilitating securities transactions and will remove
impediments to a free and open market because it recognizes that all
IPOs may not be brought to market in a six month period and avoids
repeating administrative steps in the listing process, thereby
promoting efficient use of the Exchange's resources. The proposed rule
change also supports just and equitable principles of trade by
providing issuers with a greater opportunity for input in the
allocation process. In addition, aligning the quiet periods under the
Rule will promote consistency, fairness, and objectivity in the
allocation process. Finally, the Exchange believes that the change to
the rule text concerning the composition of the ESP is technical in
nature and simply removes a redundancy.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(6) thereunder.\8\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, the proposed rule change
has become effective pursuant to Section 19(b)(3)(A) of the Act and
Rule 19b-4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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 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 email to rule-comments@sec.gov. Please include
File Number SR-NYSEAmex-2011-100 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-2011-100. This
file number should be included on the subject line if email 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 principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from
[[Page 82346]]
submissions. You should submit only information that you wish to make
publicly available. All submissions should refer to File Number SR-
NYSEAmex-2011-100 and should be submitted on or before January 20,
2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-33582 Filed 12-29-11; 8:45 am]
BILLING CODE 8011-01-P
