Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Deleting NYSE Arca Options Rule 6.62(cc) To Remove References to Functionality Described as the Post No Preference Light Only Quotation, 33134-33136 [2013-13035]
Download as PDF
<![CDATA[
33134
Federal Register / Vol. 78, No. 106 / Monday, June 3, 2013 / Notices
ESTIMATE OF ANNUAL RESPONDENT BURDEN
[The estimated annual respondent burden is as follows]
Annual
responses
Form No.
Time
(minutes)
Burden
(hours)
UI–41 ...........................................................................................................................................
UI–41a .........................................................................................................................................
350
100
8
8
47
13
Total ......................................................................................................................................
450
........................
60
2. Title and purpose of information
collection: Supplement to Claim of
Person Outside the United States; OMB
3220–0155.
Under the Social Security
Amendments of 1983 (Pub. L. 98–21),
which amends Section 202(t) of the
Social Security Act, effective January 1,
1985, the Tier I or the overall minimum
(O/M) portion of an annuity, and
Medicare benefits payable under the
Railroad Retirement Act to certain
beneficiaries living outside the U.S.,
may be withheld. The benefit
withholding provision of Public Law
98–21 applies to divorced spouses,
spouses, minor or disabled children,
students, and survivors of railroad
employees who (1) initially became
eligible for Tier I amounts, O/M shares,
and Medicare benefits after December
31, 1984; (2) are not U.S. citizens or U.S.
nationals; and (3) have resided outside
the U.S. for more than six consecutive
months starting with the annuity
beginning date. The benefit withholding
provision does not apply, however to a
beneficiary who is exempt under either
a treaty obligation of the U.S., in effect
on August 1, 1956, or a totalization
agreement between the U.S. and the
country in which the beneficiary
resides, or to an individual who is
exempt under other criteria specified in
Public Law 98–21.
RRB Form G–45, Supplement to
Claim of Person Outside the United
States, is currently used by the RRB to
determine applicability of the
withholding provision of Public Law
98–21. Completion of the form is
required to obtain or retain a benefit.
One response is requested of each
respondent. The RRB proposes no
changes to Form G–45.
ESTIMATE OF ANNUAL RESPONDENT BURDEN
[The estimated annual respondent burden is as follows]
Form No.
Annual
responses
Time
(minutes)
Burden
(hours)
G–45 ............................................................................................................................................
100
10
17
Additional Information or Comments:
To request more information or to
obtain a copy of the information
collection justification, forms, and/or
supporting material, contact Dana
Hickman at (312) 751–4981 or
Dana.Hickman@RRB.GOV. Comments
regarding the information collection
should be addressed to Charles
Mierzwa, Railroad Retirement Board,
844 North Rush Street, Chicago, Illinois
60611–2092 or emailed to
Charles.Mierzwa@RRB.GOV. Written
comments should be received within 60
days of this notice.
Charles Mierzwa,
Chief of Information Resources Management.
[FR Doc. 2013–12987 Filed 5–31–13; 8:45 am]
sroberts on DSK5SPTVN1PROD with NOTICES
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
Dated: May 29, 2013.
Elizabeth M. Murphy,
Secretary.
Sunshine Act Meetings
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold an Open Meeting
VerDate Mar<15>2010
16:40 May 31, 2013
Jkt 229001
on Wednesday, June 5, 2013 at 10:00
a.m., in the Auditorium, Room L–002.
The subject matter of the Open
Meeting will be:
• The Commission will consider a
recommendation to propose
amendments to certain rules under the
Investment Company Act that govern
the operation of money market funds
and related amendments to Form PF
under the Investment Advisers Act.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
[FR Doc. 2013–13111 Filed 5–30–13; 11:15 am]
BILLING CODE 8011–01–P
PO 00000
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69641; File No. SR–
NYSEArca–2013–51]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Deleting NYSE Arca
Options Rule 6.62(cc) To Remove
References to Functionality Described
as the Post No Preference Light Only
Quotation
May 28, 2013.
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 May 16,
2013, NYSE Arca, Inc. (the ‘‘Exchange’’
or ‘‘NYSE Arca’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
1 15
U.S.C.78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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Fmt 4703
Sfmt 4703
E:\FR\FM\03JNN1.SGM
03JNN1
Federal Register / Vol. 78, No. 106 / Monday, June 3, 2013 / Notices
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 delete
NYSE Arca Options Rule 6.62(cc) to
remove references to functionality
described as the Post No Preference
Light Only Quotation (‘‘PNPLO
Quotation’’). The text of the proposed
rule change is available on the
Exchange’s Web site at www.nyse.com,
at the principal office of the Exchange,
and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, 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
sroberts on DSK5SPTVN1PROD with NOTICES
1. Purpose
The Exchange proposes to delete
NYSE Arca Options Rule 6.62(cc) to
remove references to the PNPLO
Quotation. The Exchange adopted Rule
6.62(cc) in June of 2012.4 As set forth in
the rule, a PNPLO Quotation is an
electronic Market Maker quotation that,
upon initial entry into the NYSE Arca
System, is only eligible to execute
against displayed liquidity on the
Consolidated Book. As adopted, a
PNPLO Quotation that, upon entry,
would execute exclusively against nondisplayed liquidity is immediately
rejected. Additionally, a PNPLO
Quotation that, upon entry, would
execute against both displayed and nondisplayed liquidity executes only
against the displayed liquidity, but not
4 See Securities Exchange Act Release No. 67252
(June 25, 2012), 77 FR 38879 (June 29, 2012) (Order
approving PNPLO Quotation); see also Securities
Exchange Act Release No. 66937 (May 7, 2012), 77
FR 27820 (May 11, 2012) (‘‘Notice’’). The Exchange
filed for immediate effectiveness to extend the
availability of the PNPLO Quotation to non-Penny
classes. See Securities Exchange Act Release No.
68339 (December 3, 2012), 77 FR 73109 (December
7, 2012) (SR–NYSEArca–2012–130) (‘‘December
2012 Notice’’).
VerDate Mar<15>2010
16:40 May 31, 2013
Jkt 229001
against the non-displayed liquidity, and
any remaining size of the PNPLO
Quotation will be rejected. Furthermore,
a PNPLO Quotation that, upon entry,
would execute exclusively against
displayed liquidity executes against the
displayed liquidity and any remaining
size of the PNPLO Quotation is placed
on the Consolidated Book and treated
like a standard Market Maker quotation.
Lastly, a PNPLO Quotation that would
not execute against either displayed or
non-displayed liquidity is placed in the
Consolidated Book and treated as a
standard Market Maker quotation.
In December 2012, the Exchange
stated that it would announce the
implementation date of the proposed
rule change in a Trader Update to be
published within 90 days following the
date of filing. The Exchange further
stated that the implementation date
would be within 90 days following
publication of the Trader Update
announcing the date of
implementation.5 However, the
development and implementation of the
technology supporting the PNPLO
Quotation functionality has taken longer
than anticipated to complete. The
Exchange currently believes that the
PNPLO Quotation functionality will not
be ready within the 180-day time period
from November 20, 2012, the initial date
of filing. Additionally, the Exchange is
planning to revise the manner by which
the functionality of the PNPLO
Quotation would be offered, which
would necessitate a rule change.
Because the Exchange has not yet
finalized the implementation of this
enhanced functionality, the Exchange
believes it is appropriate to delete the
functionality of the PNPLO Quotation
from its rules until such time as the new
functionality is ready to be
implemented and file a new rule
proposal in connection with the
proposed new functionality.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the Act,6
in general, and furthers the objectives of
Section 6(b)(5),7 in particular, in that it
is designed 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. Specifically, the
Exchange believes that the removal of
an unavailable functionality will add
transparency and clarity to the
5 See
December 2012 Notice at 73110.
U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
6 15
PO 00000
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Fmt 4703
Sfmt 4703
33135
Exchange’s rules. Additionally, the
removal would reduce potential
confusion that may result from having
unavailable functionality in the
Exchange’s rulebook.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change imposes any
burden on competition. The proposed
change is not designed to address any
competitive issue but rather would
delete unavailable functionality in the
Exchange’s rulebook, thereby reducing
confusion and making the Exchange’s
rules easier to understand and navigate.
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 8 and Rule
19b–4(f)(6) thereunder.9 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 10 and Rule 19b–4(f)(6)
thereunder.11
A proposed rule change filed under
Rule 19b–4(f)(6) 12 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),13 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
8 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) 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.
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
9 17
E:\FR\FM\03JNN1.SGM
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33136
Federal Register / Vol. 78, No. 106 / Monday, June 3, 2013 / Notices
Commission to waive the 30-day
operative delay, noting that doing so
would provide clarity as to what
functionality is offered by the Exchange
and would enable the Exchange’s rules
to immediately reflect the functionality
available on the Exchange. The
Exchange also notes that, since the
PNPLO Quotation functionality is not
actually available, its removal would
not have a negative effect on investors.
The Commission believes that waiving
the 30-day operative delay is consistent
with the protection of investors and the
public interest. Therefore, the
Commission hereby waives the 30-day
operative delay and designates the
proposal operative upon filing.14
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. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) of the Act 15 to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
sroberts on DSK5SPTVN1PROD with 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–NYSEArca–2013–51 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSEArca–2013–51. 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
14 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).
15 15 U.S.C. 78s(b)(2)(B).
VerDate Mar<15>2010
16:40 May 31, 2013
Jkt 229001
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 Section, 100 F Street NE.,
Washington, DC 20549–1090. Copies of
the filing will also be available for
inspection and copying at the NYSE’s
principal office and on its Internet Web
site at 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–
NYSEArca–2013–51 and should be
submitted on or before June 24, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–13035 Filed 5–31–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69643; File Nos. SR–BYX–
2013–008]
Self-Regulatory Organizations; BATS
Y-Exchange, Inc.; Order Granting
Approval to Proposed Rule Change
Amending the Attestation Requirement
of Rule 11.24 Allowing a Retail Member
Organization To Attest That
‘‘Substantially All’’ Orders Submitted
to The Retail Price Improvement
Program Will Qualify As ‘‘Retail
Orders’’
May 28, 2013.
I. Introduction
On February 12, 2013, BATS YExchange, Inc. (the ‘‘Exchange’’ or
‘‘BYX’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
16 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00092
Fmt 4703
Sfmt 4703
(‘‘Act’’) 1 and Rule 19b-4 thereunder,2 a
proposed rule change to allow Retail
Member Organizations (‘‘RMOs’’) to
attest that ‘‘substantially all,’’ rather
than all, orders submitted to the Retail
Price Improvement Program
(‘‘Program’’) qualify as ‘‘Retail Orders.’’
The proposed rule change was
published for comment in the Federal
Register on March 1, 2013.3 The
Commission received one comment on
the proposal.4 On April 12, 2013, the
Commission extended the time for
Commission action on the proposed rule
change to May 30, 2013.5 The Exchange
submitted a response to the comment
letter on May 17, 2013.6 This order
approves the proposed rule change.
II. Description of the Proposal
The Exchange began operating its
Program after it was approved by the
Commission on a pilot basis in
November, 2012.7 Under the current
rules, a member organization that
wishes to participate in the Program as
a RMO must submit: (A) An application
form; (B) supporting documentation;
and (C) an attestation that ‘‘any order’’
submitted as a Retail Order 8 will
qualify as such under BYX Rule 11.24.
The proposal seeks to lessen the
attestation requirements of RMOs that
submit ‘‘Retail Orders’’ eligible to
receive potential price improvement
through participation in the Program.
Specifically, the Exchange proposes to
amend Rule 11.24 to provide that an
RMO may attest that ‘‘substantially
all’’—rather than all—of the orders it
submits to the Program are Retail Orders
as defined in Rule 11.24(a)(2).
The Exchange represented that it
believes the categorical nature of the
current ‘‘any order’’ attestation
requirement is preventing certain
member organizations with retail
1 15
U.S.C. 78s(b)(1).
CFR 240.19b-4.
3 See Securities Exchange Act Release No. 68975
(Feb. 25, 2013), 78 FR 13915.
4 See Letter to the Commission from Theodore R.
Lazo, Managing Director and Associate General
Counsel, Securities Industry and Financial Markets
Association (SIFMA), dated March 11, 2013.
5 See Securities Exchange Act Release No. 69369,
78 FR 23320 (April 18, 2013).
6 See Letter to the Commission from Eric J.
Swanson, Senior Vice-President and General
Counsel, BATS Y-Exchange, dated May 24, 2013
(‘‘Response Letter’’).
7 See Securities Exchange Act Release No. 68303
(November 27, 2012), 77 FR 71650 (December 3,
2012) (‘‘Program Approval Order’’).
8 A Retail Order is defined in Rule 11.24(a)(2) as
‘‘an agency order that originates from a natural
person and is submitted to the Exchange by a Retail
Member Organization, provided that no change is
made to the terms of the order with respect to price
or side of market and the order does not originate
from a trading algorithm or any other computerized
methodology.’’
2 17
E:\FR\FM\03JNN1.SGM
03JNN1
]]>Agencies
[Federal Register Volume 78, Number 106 (Monday, June 3, 2013)]
[Notices]
[Pages 33134-33136]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-13035]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69641; File No. SR-NYSEArca-2013-51]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Deleting NYSE Arca
Options Rule 6.62(cc) To Remove References to Functionality Described
as the Post No Preference Light Only Quotation
May 28, 2013.
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 May 16, 2013, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to
[[Page 33135]]
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C.78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to delete NYSE Arca Options Rule 6.62(cc) to
remove references to functionality described as the Post No Preference
Light Only Quotation (``PNPLO Quotation''). The text of the proposed
rule change is available on the Exchange's Web site at www.nyse.com, at
the principal office of the Exchange, and at the Commission's Public
Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, 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 Exchange proposes to delete NYSE Arca Options Rule 6.62(cc) to
remove references to the PNPLO Quotation. The Exchange adopted Rule
6.62(cc) in June of 2012.\4\ As set forth in the rule, a PNPLO
Quotation is an electronic Market Maker quotation that, upon initial
entry into the NYSE Arca System, is only eligible to execute against
displayed liquidity on the Consolidated Book. As adopted, a PNPLO
Quotation that, upon entry, would execute exclusively against non-
displayed liquidity is immediately rejected. Additionally, a PNPLO
Quotation that, upon entry, would execute against both displayed and
non-displayed liquidity executes only against the displayed liquidity,
but not against the non-displayed liquidity, and any remaining size of
the PNPLO Quotation will be rejected. Furthermore, a PNPLO Quotation
that, upon entry, would execute exclusively against displayed liquidity
executes against the displayed liquidity and any remaining size of the
PNPLO Quotation is placed on the Consolidated Book and treated like a
standard Market Maker quotation. Lastly, a PNPLO Quotation that would
not execute against either displayed or non-displayed liquidity is
placed in the Consolidated Book and treated as a standard Market Maker
quotation.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 67252 (June 25,
2012), 77 FR 38879 (June 29, 2012) (Order approving PNPLO
Quotation); see also Securities Exchange Act Release No. 66937 (May
7, 2012), 77 FR 27820 (May 11, 2012) (``Notice''). The Exchange
filed for immediate effectiveness to extend the availability of the
PNPLO Quotation to non-Penny classes. See Securities Exchange Act
Release No. 68339 (December 3, 2012), 77 FR 73109 (December 7, 2012)
(SR-NYSEArca-2012-130) (``December 2012 Notice'').
---------------------------------------------------------------------------
In December 2012, the Exchange stated that it would announce the
implementation date of the proposed rule change in a Trader Update to
be published within 90 days following the date of filing. The Exchange
further stated that the implementation date would be within 90 days
following publication of the Trader Update announcing the date of
implementation.\5\ However, the development and implementation of the
technology supporting the PNPLO Quotation functionality has taken
longer than anticipated to complete. The Exchange currently believes
that the PNPLO Quotation functionality will not be ready within the
180-day time period from November 20, 2012, the initial date of filing.
Additionally, the Exchange is planning to revise the manner by which
the functionality of the PNPLO Quotation would be offered, which would
necessitate a rule change. Because the Exchange has not yet finalized
the implementation of this enhanced functionality, the Exchange
believes it is appropriate to delete the functionality of the PNPLO
Quotation from its rules until such time as the new functionality is
ready to be implemented and file a new rule proposal in connection with
the proposed new functionality.
---------------------------------------------------------------------------
\5\ See December 2012 Notice at 73110.
---------------------------------------------------------------------------
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\6\ in general, and furthers the objectives of Section 6(b)(5),\7\
in particular, in that it is designed 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. Specifically, the
Exchange believes that the removal of an unavailable functionality will
add transparency and clarity to the Exchange's rules. Additionally, the
removal would reduce potential confusion that may result from having
unavailable functionality in the Exchange's rulebook.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 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 imposes
any burden on competition. The proposed change is not designed to
address any competitive issue but rather would delete unavailable
functionality in the Exchange's rulebook, thereby reducing confusion
and making the Exchange's rules easier to understand and navigate.
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 \8\ and Rule 19b-4(f)(6) thereunder.\9\
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 \10\ and Rule 19b-
4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
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.
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A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\13\ 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
[[Page 33136]]
Commission to waive the 30-day operative delay, noting that doing so
would provide clarity as to what functionality is offered by the
Exchange and would enable the Exchange's rules to immediately reflect
the functionality available on the Exchange. The Exchange also notes
that, since the PNPLO Quotation functionality is not actually
available, its removal would not have a negative effect on investors.
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest.
Therefore, the Commission hereby waives the 30-day operative delay and
designates the proposal operative upon filing.\14\
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\12\ 17 CFR 240.19b-4(f)(6).
\13\ 17 CFR 240.19b-4(f)(6)(iii).
\14\ 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).
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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. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) of the Act \15\ to determine whether the proposed
rule change should be approved or disapproved.
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\15\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change 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-NYSEArca-2013-51 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2013-51. 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 Section, 100 F Street
NE., Washington, DC 20549-1090. Copies of the filing will also be
available for inspection and copying at the NYSE's principal office and
on its Internet Web site at 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-NYSEArca-2013-51 and should be submitted
on or before June 24, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-13035 Filed 5-31-13; 8:45 am]
BILLING CODE 8011-01-P
