Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Rule 103B, Section III(A) To Increase From Three to Four the Minimum Number of DMM Units an Issuer Must Interview From the Pool of DMM Units Eligible To Participate in the Allocation Process, 36279-36281 [2013-14256]

Download as PDF Federal Register / Vol. 78, No. 116 / Monday, June 17, 2013 / Notices mstockstill on DSK4VPTVN1PROD with NOTICES ‘‘Domestic Licensing of Production and Utilization Facilities,’’ and 10 CFR 50.55a. The 1979 revision to RG 1.137 endorsed the guidance in ANSI Standard N195–1976, ‘‘Fuel Oil Systems for Standby Diesel-Generators.’’ The ANSI standard was revised in 1989 and reformatted and revised in 1997 as ANSI/ANS–59.51–1997 with no change to RG 1.137. Revision 2 of RG 1.137 endorses the most current version of the ANSI/ANS standard. Revision 2 of RG 1.137 was issued with a temporary identification as Draft Regulatory Guide, DG–1282 on July 5, 2012 (77 FR 39745) for a 60-day public comment period. The public comment period was extended until September 28, 2012 (77 FR 48177). Public comments were received and addressed by the NRC staff. These comments and the NRC staff responses are available in ADAMS under Accession No. ML12300A121. The NRC prepared a regulatory analysis for the development of DG– 1285 and it is available in ADAMS under Accession No. ML121090459. Revision 2 of RG 1.137 supersedes Revision 1 of RG 1.137, and represents the NRC staff’s guidance for future users and applications. Earlier versions of this regulatory guide, however, continue to be acceptable for those licensees whose licensing basis includes earlier versions of this regulatory guide, absent a licensee-initiated change to its licensing basis. Additional information on the staff’s use of this revised regulatory guide with respect to both current and future users and applications is set forth in the ‘‘Implementation’’ section of the revised regulatory guide. III. Backfitting and Issue Finality Issuance of this final regulatory guide does not constitute backfitting as defined in 10 CFR 50.109 (the Backfit Rule) and is not otherwise inconsistent with the issue finality provisions in 10 CFR Part 52. As discussed in the ‘‘Implementation’’ section of this regulatory guide, the NRC has no current intention to impose this regulatory guide on holders of current operating licenses or combined licenses. This regulatory guide may be applied to applications for operating licenses and combined licenses docketed by the NRC as of the date of issuance of the final regulatory guide, as well as future applications for operating licenses and combined licenses submitted after the issuance of the regulatory guide. Such action does not constitute backfitting as defined in 10 CFR 50.109(a)(1) or is otherwise inconsistent with the applicable issue finality provision in 10 VerDate Mar<15>2010 20:38 Jun 14, 2013 Jkt 229001 CFR Part 52, inasmuch as such applicants or potential applicants are not within the scope of entities protected by the Backfit Rule or the relevant issue finality provisions in Part 52. Congressional Review Act SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: [78 FR 35075, June 11, 2013]. This regulatory guide is a rule as designated in the Congressional Review Act (5 U.S.C. 801–808). However, the Office of Management and Budget (OMB) has not found it to be a major rule as designated in the Congressional Review Act. Dated at Rockville, Maryland, this 7th day of June, 2013. For the Nuclear Regulatory Commission. Thomas H. Boyce, Chief, Regulatory Guide Development Branch, Division of Engineering, Office of Nuclear Regulatory Research. [FR Doc. 2013–14309 Filed 6–14–13; 8:45 am] BILLING CODE 7590–01–P PRIVACY AND CIVIL LIBERTIES OVERSIGHT BOARD [Notice–PCLOB–2013–03; Docket No 2013– 0004; Sequence No. 3] Sunshine Act Meeting 1:00 p.m.–3:00 p.m. on Wednesday, June 19, 2013. TIME AND DATE: The meeting will be held at 2100 K Street NW., Washington, DC 20427. PLACE: STATUS: Closed. The Privacy and Civil Liberties Oversight Board will meet in closed session to discuss classified information pertaining to the PRISM-related activities and the Foreign Intelligence Surveillance Act. The Government in the Sunshine Act, 5 U.S.C. 552b, normally requires that agencies provide at least one week prior notice to the public of the time, date, and location of meetings. As permitted by section 552b(e)(1), the Board determined, by recorded vote, that agency business requires that this meeting be called at an earlier date. CONTACT PERSON FOR MORE INFORMATION: Susan Reingold, Chief Administrative Officer, 202–331–1986. PLACE: DC. DATE AND TIME OF PREVIOUSLY ANNOUNCED MEETING: June 13, 2013 at 2:00 p.m. Additional Item. The following matter will also be considered during the 2:00 p.m. Closed Meeting scheduled for Thursday, June 13, 2013: a personnel matter. The General Counsel of the Commission, or her designee, has certified that, in her opinion, one or more of the exemptions as set forth in 5 U.S.C. 552b(c)(2) and (6) and 17 CFR 200.402(a)(2) and (6), permit consideration of the scheduled matter at the Closed Meeting. Commissioner Walter, as duty officer, voted to consider the item listed for the Closed Meeting in closed session, and determined that no earlier notice thereof was possible. 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. CHANGE IN THE MEETING: Dated: June 12, 2013. Elizabeth M. Murphy, Secretary. BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–69735; File No. SR–NYSE– 2013–39] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Rule 103B, Section III(A) To Increase From Three to Four the Minimum Number of DMM Units an Issuer Must Interview From the Pool of DMM Units Eligible To Participate in the Allocation Process June 11, 2013. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Dated: June 12, 2013. Claire McKenna, Legal Counsel. [FR Doc. 2013–14431 Filed 6–13–13; 11:15 am] 1 15 BILLING CODE 6820–B3–P 2 17 Frm 00120 Fmt 4703 Closed Meeting. 100 F Street NE., Washington, STATUS: [FR Doc. 2013–14422 Filed 6–13–13; 11:15 am] MATTERS TO BE CONSIDERED: PO 00000 36279 Sfmt 4703 E:\FR\FM\17JNN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 17JNN1 36280 Federal Register / Vol. 78, No. 116 / Monday, June 17, 2013 / Notices notice is hereby given that, on June 6, 2013, New York Stock Exchange LLC (the ‘‘Exchange’’ or ‘‘NYSE’’) 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 Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend NYSE Rule 103B, Section III(A) to increase from three to four the minimum number of DMM units an issuer must interview from the pool of DMM units eligible to participate in the allocation. 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 Statutory Basis for, the Proposed Rule Change mstockstill on DSK4VPTVN1PROD with NOTICES 1. Purpose The Exchange is proposing to amend Rule 103B, Section III(A) (‘‘Security Allocation and Reallocation’’) to increase from three to four the minimum number of DMM units an issuer must interview from the pool of DMM units eligible to participate in the allocation process. Rule 103B provides two options for the allocation of securities to DMMs: (1) The issuer selects the DMM unit; or (2) the issuer delegates selection of the DMM unit to the Exchange.3 If the issuer 3 In 2008, the Commission approved the Exchange’s amendments to its rules to allow an issuer to select the DMM units it chooses to interview directly from the DMM units that are eligible to participate in the allocation process and VerDate Mar<15>2010 20:38 Jun 14, 2013 Jkt 229001 proceeds under the first option, the listing company selects the DMM units it wishes to interview. A DMM unit’s eligibility to participate in the allocation process is based on objective criteria and determined at the time the interview is scheduled. Within five business days after the issuer selects the DMM units to be interviewed, the issuer meets with representatives of each of the DMM units. At least one representative of the listing company must be a senior official of the rank of Corporate Secretary or above of that company. Additionally, no more than three representatives of each DMM unit may participate in the meeting, each of whom must be an employee of the DMM unit, and one of whom must be the individual DMM who is proposed to trade the company’s security, unless that DMM is unavailable to appear, in which case a telephone interview is permitted. Following the interview, a DMM unit may not have any contact with an issuer. If an issuer has a follow-up question regarding any DMM unit(s) it interviewed, it must be conveyed to the Exchange. The Exchange then contacts the unit(s) to which the question pertains and provides any available information received from the unit(s) to the listing company. Within two business days of the issuer’s interviews with the DMM units, the issuer selects its DMM unit in writing. The Exchange then confirms the allocation of the security to that DMM unit, at which time the security is deemed to have been so allocated. If the issuer decides to select the DMM unit itself and conducts interviews pursuant to the above process, the issuer is currently required to select a minimum of three DMM units to interview from the pool of DMM units eligible to participate in the allocation process. The Exchange is proposing to increase the minimum number of DMM units that must be interviewed from three to four.4 By increasing the minimum number of DMM units that must be interviewed, a larger number of DMM firms will have an opportunity to participate in the allocation process, which will lead to an increase in competition without being eliminated the Allocation Committee. See Securities Exchange Act Release No. 58857 (Oct. 24, 2008), 73 FR 65435 (Nov. 3, 2008) (SR–NYSE– 2008–52) (Approval Order). 4 When a security is put up for reallocation, pursuant to NYSE Rule 103B, Section IV, the allocation process set forth in NYSE Rule 103B, Section III is followed. Under the proposed amendment, therefore, if an issuer chooses to select the DMM unit itself during the reallocation process, the issuer will have to interview a minimum of four DMM units. PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 overly burdensome on the issuer. The increase in number of DMM units to interview will also provide the issuer with more choice in the selection of its assigned DMM unit. The Exchange believes that the increase in competition will provide DMM units with a greater incentive to perform optimally.5 2. Statutory Basis The Exchange believes that the proposal 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, in general, to protect investors and the public interest. The Exchange believes that the proposal will promote just and equitable principles of trade because it will allow more DMM units to participate in the allocation process. The inclusion of these additional DMM units, moreover, will be based on objective criteria. Additionally, the Exchange believes that the proposal is designed to remove impediments to, and perfect the mechanism of a free and open market because increasing the number of DMMs participating in the allocations will increase competition to provide services to issuers and, thus, provide DMM units with a greater incentive to perform optimally, and will provide the issuer with more choice in the selection of its assigned DMM unit. 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. The Exchange believes that the proposed rule change will increase competition among DMM units by allowing more DMM units to participate in the interview process and provide DMM units with a greater incentive to perform optimally potentially and enhance the quality of the services DMMs provide to issuers. While the proposal may increase the burden on issuers during the allocation process, the Exchange believes that any such increase will be small relative to the benefits that additional competition between DMM units may provide. Issuers could, moreover, permit the Exchange to select the DMM unit pursuant to the process 5 The Exchange also proposes to make technical, non-substantive changes to Rule 103B to conform the style of the headings in the rule. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). E:\FR\FM\17JNN1.SGM 17JNN1 Federal Register / Vol. 78, No. 116 / Monday, June 17, 2013 / Notices found in NYSE Rule 103B, Section III(B), which would lessen the burden of the allocation process on such issuers.8 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 mstockstill on DSK4VPTVN1PROD with NOTICES Because the foregoing proposed rule change does not significantly affect the protection of investors or the public interest, does not impose any significant burden on competition, and, by its terms, does not become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 9 and Rule 19b– 4(f)(6) thereunder.10 The Exchange has requested that the Commission waive the 30-day operative delay. The Commission believes that waiver of the 30-day operative delay will benefit the Exchange’s market, issuers, and investors. Therefore, the Commission designates the proposal operative upon filing.11 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) 12 of the Act to determine whether the proposed rule change should be approved or disapproved. 8 Despite delegating authority to the Exchange to select its DMM unit, an issuer may choose to submit a letter to the Exchange Selection Panel (‘‘ESP’’) indicating its preference and supporting justification for a particular DMM unit. See NYSE Rule 103B, Section III(B)(1). 9 15 U.S.C. 78s(b)(3)(A). 10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange’s 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. 11 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). 12 15 U.S.C. 78s(b)(2)(B). VerDate Mar<15>2010 20:38 Jun 14, 2013 Jkt 229001 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: • 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–2013–39 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–2013–39. 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 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NYSE– 2013–39 and should be submitted on or before July 8, 2013. Frm 00122 Fmt 4703 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–14256 Filed 6–14–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Electronic Comments PO 00000 36281 Sfmt 4703 [Release No. 34–69734; File No. SR–NYSE– 2013–35] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Price List Related to Certain Pricing Applicable to Supplemental Liquidity Providers on the Exchange June 11, 2013. 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 May 30, 2013, New York Stock Exchange LLC (the ‘‘Exchange’’ or ‘‘NYSE’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its Price List related to certain pricing applicable to Supplemental Liquidity Providers (‘‘SLPs’’) on the Exchange. The Exchange proposes to implement the fee change effective June 1, 2013. 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 13 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\17JNN1.SGM 17JNN1

Agencies

[Federal Register Volume 78, Number 116 (Monday, June 17, 2013)]
[Notices]
[Pages 36279-36281]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-14256]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69735; File No. SR-NYSE-2013-39]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Amending NYSE Rule 103B, Section III(A) To Increase From Three to Four 
the Minimum Number of DMM Units an Issuer Must Interview From the Pool 
of DMM Units Eligible To Participate in the Allocation Process

June 11, 2013.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\

[[Page 36280]]

notice is hereby given that, on June 6, 2013, New York Stock Exchange 
LLC (the ``Exchange'' or ``NYSE'') 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 Exchange. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend NYSE Rule 103B, Section III(A) to 
increase from three to four the minimum number of DMM units an issuer 
must interview from the pool of DMM units eligible to participate in 
the allocation. 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange is proposing to amend Rule 103B, Section III(A) 
(``Security Allocation and Reallocation'') to increase from three to 
four the minimum number of DMM units an issuer must interview from the 
pool of DMM units eligible to participate in the allocation process.
    Rule 103B provides two options for the allocation of securities to 
DMMs: (1) The issuer selects the DMM unit; or (2) the issuer delegates 
selection of the DMM unit to the Exchange.\3\ If the issuer proceeds 
under the first option, the listing company selects the DMM units it 
wishes to interview. A DMM unit's eligibility to participate in the 
allocation process is based on objective criteria and determined at the 
time the interview is scheduled.
---------------------------------------------------------------------------

    \3\ In 2008, the Commission approved the Exchange's amendments 
to its rules to allow an issuer to select the DMM units it chooses 
to interview directly from the DMM units that are eligible to 
participate in the allocation process and eliminated the Allocation 
Committee. See Securities Exchange Act Release No. 58857 (Oct. 24, 
2008), 73 FR 65435 (Nov. 3, 2008) (SR-NYSE-2008-52) (Approval 
Order).
---------------------------------------------------------------------------

    Within five business days after the issuer selects the DMM units to 
be interviewed, the issuer meets with representatives of each of the 
DMM units. At least one representative of the listing company must be a 
senior official of the rank of Corporate Secretary or above of that 
company. Additionally, no more than three representatives of each DMM 
unit may participate in the meeting, each of whom must be an employee 
of the DMM unit, and one of whom must be the individual DMM who is 
proposed to trade the company's security, unless that DMM is 
unavailable to appear, in which case a telephone interview is 
permitted.
    Following the interview, a DMM unit may not have any contact with 
an issuer. If an issuer has a follow-up question regarding any DMM 
unit(s) it interviewed, it must be conveyed to the Exchange. The 
Exchange then contacts the unit(s) to which the question pertains and 
provides any available information received from the unit(s) to the 
listing company. Within two business days of the issuer's interviews 
with the DMM units, the issuer selects its DMM unit in writing. The 
Exchange then confirms the allocation of the security to that DMM unit, 
at which time the security is deemed to have been so allocated.
    If the issuer decides to select the DMM unit itself and conducts 
interviews pursuant to the above process, the issuer is currently 
required to select a minimum of three DMM units to interview from the 
pool of DMM units eligible to participate in the allocation process. 
The Exchange is proposing to increase the minimum number of DMM units 
that must be interviewed from three to four.\4\ By increasing the 
minimum number of DMM units that must be interviewed, a larger number 
of DMM firms will have an opportunity to participate in the allocation 
process, which will lead to an increase in competition without being 
overly burdensome on the issuer. The increase in number of DMM units to 
interview will also provide the issuer with more choice in the 
selection of its assigned DMM unit. The Exchange believes that the 
increase in competition will provide DMM units with a greater incentive 
to perform optimally.\5\
---------------------------------------------------------------------------

    \4\ When a security is put up for reallocation, pursuant to NYSE 
Rule 103B, Section IV, the allocation process set forth in NYSE Rule 
103B, Section III is followed. Under the proposed amendment, 
therefore, if an issuer chooses to select the DMM unit itself during 
the reallocation process, the issuer will have to interview a 
minimum of four DMM units.
    \5\ The Exchange also proposes to make technical, non-
substantive changes to Rule 103B to conform the style of the 
headings in the rule.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposal 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, in general, to protect 
investors and the public interest. The Exchange believes that the 
proposal will promote just and equitable principles of trade because it 
will allow more DMM units to participate in the allocation process. The 
inclusion of these additional DMM units, moreover, will be based on 
objective criteria. Additionally, the Exchange believes that the 
proposal is designed to remove impediments to, and perfect the 
mechanism of a free and open market because increasing the number of 
DMMs participating in the allocations will increase competition to 
provide services to issuers and, thus, provide DMM units with a greater 
incentive to perform optimally, and will provide the issuer with more 
choice in the selection of its assigned DMM unit.
---------------------------------------------------------------------------

    \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 will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The Exchange believes that 
the proposed rule change will increase competition among DMM units by 
allowing more DMM units to participate in the interview process and 
provide DMM units with a greater incentive to perform optimally 
potentially and enhance the quality of the services DMMs provide to 
issuers. While the proposal may increase the burden on issuers during 
the allocation process, the Exchange believes that any such increase 
will be small relative to the benefits that additional competition 
between DMM units may provide. Issuers could, moreover, permit the 
Exchange to select the DMM unit pursuant to the process

[[Page 36281]]

found in NYSE Rule 103B, Section III(B), which would lessen the burden 
of the allocation process on such issuers.\8\
---------------------------------------------------------------------------

    \8\ Despite delegating authority to the Exchange to select its 
DMM unit, an issuer may choose to submit a letter to the Exchange 
Selection Panel (``ESP'') indicating its preference and supporting 
justification for a particular DMM unit. See NYSE Rule 103B, Section 
III(B)(1).
---------------------------------------------------------------------------

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

    Because the foregoing proposed rule change does not significantly 
affect the protection of investors or the public interest, does not 
impose any significant burden on competition, and, by its terms, does 
not become operative for 30 days from the date on which it was filed, 
or such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6) thereunder.\10\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change, along with a 
brief description and text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission. The 
Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    The Exchange has requested that the Commission waive the 30-day 
operative delay. The Commission believes that waiver of the 30-day 
operative delay will benefit the Exchange's market, issuers, and 
investors. Therefore, the Commission designates the proposal operative 
upon filing.\11\
---------------------------------------------------------------------------

    \11\ 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 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) \12\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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-NYSE-2013-39 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-2013-39. 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 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSE-2013-39 and should be 
submitted on or before July 8, 2013.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-14256 Filed 6-14-13; 8:45 am]
BILLING CODE 8011-01-P
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