Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Deleting NYSE Arca Equities Rule 9.1(b) To Harmonize NYSE Arca's Rules With the Rules of Other Self-Regulatory Organizations Concerning Office Space Sharing, 28794-28796 [2014-11439]

Download as PDF 28794 Federal Register / Vol. 79, No. 96 / Monday, May 19, 2014 / Notices 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– NYSEARCA–2014–52 and should be submitted on or before June 9, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–11437 Filed 5–16–14; 8:45 am] SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Deleting NYSE Arca Equities Rule 9.1(b) To Harmonize NYSE Arca’s Rules With the Rules of Other Self-Regulatory Organizations Concerning Office Space Sharing May 13, 2014. mstockstill on DSK4VPTVN1PROD with NOTICES Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that on May 1, 2014, NYSE Arca, Inc. (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 delete NYSE Arca Equities Rule 9.1(b) to CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. VerDate Mar<15>2010 17:17 May 16, 2014 Jkt 232001 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. 1. Purpose [Release No. 34–72159; File No. SR– NYSEARCA–2014–54] 1 15 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change BILLING CODE 8011–01–P 10 17 harmonize NYSE Arca’s rules with the rules of other self-regulatory organizations (‘‘SROs’’) concerning office space sharing. 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. The Exchange proposes to delete NYSE Arca Equities Rule 9.1(b) to harmonize NYSE Arca’s rules with the rules of other SROs concerning office space sharing. Background On July 30, 2007, the Financial Industry Regulatory Authority Inc.’s (‘‘FINRA’’) predecessors, the National Association of Securities Dealers, Inc. (‘‘NASD’’), and NYSE Regulation, Inc. (‘‘NYSER’’), consolidated their member firm regulation operations into a combined organization, FINRA. Pursuant to Rule 17d–2 under the Act, New York Stock Exchange, LLC (‘‘NYSE’’), NYSER and FINRA entered into an agreement (the ‘‘Agreement’’) to reduce regulatory duplication for their members by allocating to FINRA certain regulatory responsibilities for NYSE rules and rule interpretations (‘‘FINRA Incorporated NYSE Rules’’). NYSE MKT LLC (‘‘NYSE MKT’’) became a party to the Agreement effective December 15, 2008. As part of its effort to reduce regulatory duplication and relieve firms that are members of FINRA, NYSE and NYSE MKT of conflicting or unnecessary regulatory burdens, FINRA is now engaged in the process of reviewing and amending the NASD and FINRA Incorporated NYSE Rules in order to create a consolidated FINRA PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 rulebook.4 FINRA recently harmonized NASD and FINRA Incorporated NYSE Rules and interpretations concerning supervision.5 FINRA’s supervisory rule changes will become effective on December 1, 2014.6 As part of this filing, FINRA deleted Incorporated NYSE Rule 343 and its interpretation. These provisions set forth certain pre-approval requirements for space sharing.7 As part of the harmonization process, FINRA determined that a pre-approval process was no longer necessary and instead NASD’s notice filing model would be utilized. FINRA also recently amended the Uniform Branch Office Registration Form (‘‘Form BR’’), which is used by firms to register their branch offices with participating SROs and states via the Central Registration Depository.8 Among other things, the amendments to Form BR eliminated Section 6, which incorporated space sharing arrangement questions relating to NYSE Rule 343. As such, FINRA accelerated the effective date for the deletion of Incorporated NYSE Rule 343 and the related interpretations to April 7, 2014, to correspond to the effective date of the revised Form BR.9 Thus, there are no longer any pre-approval requirements 4 FINRA’s rulebook currently has three sets of rules: (1) NASD Rules, (2) FINRA Incorporated NYSE Rules, and (3) consolidated FINRA Rules. The FINRA Incorporated NYSE Rules apply only to those members of FINRA that are also members of the NYSE (‘‘Dual Members’’), while the consolidated FINRA Rules apply to all FINRA members. For more information about the FINRA rulebook consolidation process, see FINRA Information Notice, March 12, 2008. 5 See Securities Exchange Act Release No. 71179 (December 23, 2013), 78 FR 79542 (December 30, 2013) (SR–FINRA–2013–025). 6 See FINRA Regulatory Notice 14–10. 7 NYSE Rule 343(a) provides that, unless otherwise permitted by the NYSE, an office or foreign incorporated branch of a member or member organization may not be occupied jointly with any other broker or dealer, investment advisor, or other person who conducts a securities or commodities business with the public. Certain types of office space arrangements that were deemed permissible are described in the rule. NYSE Rule 343(b) provides that members and member organizations may share office space with any person who is not a broker or dealer, an investment advisor, or who does not conduct a securities or commodities business with the public. NYSE Rule 343(c) also provides that, unless otherwise permitted by the NYSE, the main office of every member organization must remain open for business on every full business day during the trading hours on the NYSE. Supplementary Material 343.10 provides additional guidance relating to office space arrangements. The related NYSE Rule 343 Interpretation provides additional guidance relating to space sharing. 8 See Securities Exchange Act Release No. 71626 (February 27, 2014), 79 FR 12547 (March 5, 2014) (SR–FINRA–2013–051). 9 See FINRA Regulatory Notice 14–11. E:\FR\FM\19MYN1.SGM 19MYN1 Federal Register / Vol. 79, No. 96 / Monday, May 19, 2014 / Notices for FINRA members that are also members of NYSE. Proposed Rule Change As a result of the changes to Form BR, there is no longer a mechanism to collect the information used for the space sharing pre-approval process under NYSE Rule 343. As such, NYSE has eliminated NYSE Rule 343 and its interpretations, and NYSE MKT also has eliminated NYSE MKT Rule 343— Equities, which is substantially the same as NYSE Rule 343.10 To harmonize its office space sharing requirements with other SROs, NYSE Arca similarly proposes to delete NYSE Arca Equities Rule 9.1(b), which requires prior and continuing approval of the Exchange for certain space sharing arrangements.11 The Exchange notes that any officesharing arrangements of ETP Holders that engage in a public business would be required to be disclosed on Form BR. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,12 in general, and furthers the objectives of Section 6(b)(5) of the Act,13 in particular, because it is designed to promote just and equitable principles of trade 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 the proposed rule change supports the objectives of the Act by providing greater harmonization between NYSE Arca rules and NYSE, NYSE MKT, and FINRA rules of similar purpose, resulting in less burdensome and more efficient regulatory compliance. In particular, deleting NYSE Arca Rule 9.1(b) would promote just and equitable principles of trade by harmonizing the Exchange’s rules with the rules of the NYSE, NYSE MKT, and FINRA and with Form BR, which is used by the Securities and Exchange Commission (‘‘Commission’’), SROs, and states. mstockstill on DSK4VPTVN1PROD with NOTICES 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 10 See Securities Exchange Act Release Nos. 71989 (April 22, 2014) (SR–NYSE–2014–21) and 71988 (April 22, 2014) (SR–NYSEMKT–2014–34). 11 NYSE Arca Equities Rule 9.1(b) provides that ETP Holders may not occupy joint quarters with anyone other than another ETP Holder without the prior and continuing approval of the Exchange. 12 15 U.S.C. 78f(b). 13 15 U.S.C. 78f(b)(5). VerDate Mar<15>2010 17:17 May 16, 2014 Jkt 232001 proposed rule change is not intended to address competitive issues but rather to achieve greater consistency between NYSE Arca’s rules concerning office space sharing with other SROs. 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 14 and Rule 19b–4(f)(6) thereunder.15 Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b–4(f)(6)(iii) thereunder. A proposed rule change filed under Rule 19b–4(f)(6) 16 normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b–4(f)(6)(iii),17 the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, as it will harmonize the Exchange’s rules with the rules of the NYSE, NYSE MKT, and FINRA and with Form BR, thus helping to eliminate confusion regarding broker reporting obligations.18 Therefore, the 14 15 U.S.C. 78s(b)(3)(A)(iii). As required under Rule 19b–4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the 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. 15 17 CFR 240.19b–4(f)(6). 16 17 CFR 240.19b–4(f)(6). 17 17 CFR 240.19b–4(f)(6)(iii). 18 For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule’s impact on PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 28795 Commission designates the proposed rule change to be operative upon filing. 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) 19 of the Act 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: 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–2014–54 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSEARCA–2014–54. 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., efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 19 15 U.S.C. 78s(b)(2)(B). E:\FR\FM\19MYN1.SGM 19MYN1 28796 Federal Register / Vol. 79, No. 96 / Monday, May 19, 2014 / Notices Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing will also be available for inspection and copying at the NYSE’s principal office and on its Internet Web site at www.nyse.com. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR– NYSEARCA–2014–54 and should be submitted on or before June 9, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–11439 Filed 5–16–14; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 500–1] Cybermesh International Corp., Golden Harvest Corporation (a/k/a Disability Access Corporation), Mirenco, Inc., Newport Digital Technologies, Inc., Resource Holdings, Inc., SCOLR Pharma, Inc., and Titan Global Holdings, Inc.; Order of Suspension of Trading mstockstill on DSK4VPTVN1PROD with NOTICES May 15, 2014. Cybermesh International Corp. (CIK No. 1367617) is a defaulted Nevada corporation located in Albuquerque, New Mexico with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Cybermesh International Corp. is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10–Q for the period ended August 31, 2011, which reported a net loss of $930,580 since the company’s August 27, 2008 inception. As of May 6, 2014, the company’s stock (symbol ‘‘CYTL’’) was quoted on OTC Link (previously, ‘‘Pink Sheets’’) operated by OTC Markets Group, Inc. (‘‘OTC Link’’), had eight market makers, and was eligible for the ‘‘piggyback’’ exception of Exchange Act Rule 15c2–11(f)(3). It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Cybermesh International Corp. because it has not 20 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 17:17 May 16, 2014 Jkt 232001 filed any periodic reports since the period ended August 31, 2011. Golden Harvest Corporation (a/k/a Disability Access Corporation) (CIK No. 1382085) is a Nevada corporation located in Las Vegas, Nevada with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Golden Harvest Corporation is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10–Q for the period ended September 30, 2011, which reported a net loss of $222,768 for the prior nine months. As of May 6, 2014, the company’s stock (symbol ‘‘DBYC’’) was quoted on OTC Link, had four market makers, and was eligible for the ‘‘piggyback’’ exception of Exchange Act Rule 15c2–11(f)(3). It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Golden Harvest Corporation because it has not filed any periodic reports since the period ended September 30, 2011. Mirenco, Inc. (CIK No. 1041609) is an Iowa corporation located in Radcliffe, Iowa with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Mirenco, Inc. is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10–Q for the period ended September 30, 2011, which reported a net loss of $120,842 for the prior three months. As of May 6, 2014, the company’s stock (symbol ‘‘MREO’’) was quoted on OTC Link, had five market makers, and was eligible for the ‘‘piggyback’’ exception of Exchange Act Rule 15c2–11(f)(3). It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Mirenco, Inc. because it has not filed any periodic reports since the period ended September 30, 2011. Newport Digital Technologies, Inc. (CIK No. 1019216) is a revoked Nevada corporation located in Newport Beach, California with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Newport Digital Technologies is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10–Q for the period ended September 30, 2011, which reported a net loss of $65,343 for the prior three months. As of May 6, 2014, the company’s stock (symbol ‘‘NPDTE’’) was quoted on OTC Link, had six market makers, and was eligible for the ‘‘piggyback’’ exception of Exchange Act Rule 15c2–11(f)(3). It PO 00000 Frm 00126 Fmt 4703 Sfmt 4703 appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Newport Digital Technologies, Inc. because it has not filed any periodic reports since the period ended September 30, 2011. Resource Holdings, Inc. (CIK No. 1439746) is a defaulted Nevada corporation located in Tustin, California with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Resource Holdings, Inc. is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10–Q for the period ended September 30, 2011. As of May 6, 2014, the company’s stock (symbol ‘‘SMSA’’) was quoted on OTC Link, had four market makers, and was eligible for the ‘‘piggyback’’ exception of Exchange Act Rule 15c2–11(f)(3). It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Resource Holdings, Inc. because it has not filed any periodic reports since the period ended September 30, 2011. SCOLR Pharma, Inc. (CIK No. 934936) is a delinquent Delaware corporation located in Bellevue, Washington with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). SCOLR Pharma, Inc. is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10–Q for the period ended September 30, 2011, which reported a net loss of $2,519,000 for the prior nine months. As of May 6, 2014, the company’s stock (symbol ‘‘SCLR’’) was quoted on OTC Link, had ten market makers, and was eligible for the ‘‘piggyback’’ exception of Exchange Act Rule 15c2–11(f)(3). It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of SCOLR Pharma, Inc. because it has not filed any periodic reports since the period ended September 30, 2011. Titan Global Holdings, Inc. (CIK No. 770471) is a Utah corporation located in Dallas, Texas with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Titan Global Holdings is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10–Q for the period ended November 30, 2008, which reported a net loss of over $6,583,000 for the prior three months. As of May 6, 2014, the company’s stock (symbol ‘‘TTGL’’) was quoted on OTC Link, had five market E:\FR\FM\19MYN1.SGM 19MYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 79, Number 96 (Monday, May 19, 2014)]
[Notices]
[Pages 28794-28796]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-11439]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72159; File No. SR-NYSEARCA-2014-54]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Deleting NYSE Arca
Equities Rule 9.1(b) To Harmonize NYSE Arca's Rules With the Rules of
Other Self-Regulatory Organizations Concerning Office Space Sharing

May 13, 2014.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on May 1, 2014, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE
Arca'') 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\ 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 Equities Rule 9.1(b) to
harmonize NYSE Arca's rules with the rules of other self-regulatory
organizations (``SROs'') concerning office space sharing. 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 Equities Rule 9.1(b) to
harmonize NYSE Arca's rules with the rules of other SROs concerning
office space sharing.
Background
On July 30, 2007, the Financial Industry Regulatory Authority
Inc.'s (``FINRA'') predecessors, the National Association of Securities
Dealers, Inc. (``NASD''), and NYSE Regulation, Inc. (``NYSER''),
consolidated their member firm regulation operations into a combined
organization, FINRA. Pursuant to Rule 17d-2 under the Act, New York
Stock Exchange, LLC (``NYSE''), NYSER and FINRA entered into an
agreement (the ``Agreement'') to reduce regulatory duplication for
their members by allocating to FINRA certain regulatory
responsibilities for NYSE rules and rule interpretations (``FINRA
Incorporated NYSE Rules''). NYSE MKT LLC (``NYSE MKT'') became a party
to the Agreement effective December 15, 2008.
As part of its effort to reduce regulatory duplication and relieve
firms that are members of FINRA, NYSE and NYSE MKT of conflicting or
unnecessary regulatory burdens, FINRA is now engaged in the process of
reviewing and amending the NASD and FINRA Incorporated NYSE Rules in
order to create a consolidated FINRA rulebook.\4\ FINRA recently
harmonized NASD and FINRA Incorporated NYSE Rules and interpretations
concerning supervision.\5\ FINRA's supervisory rule changes will become
effective on December 1, 2014.\6\
---------------------------------------------------------------------------

\4\ FINRA's rulebook currently has three sets of rules: (1) NASD
Rules, (2) FINRA Incorporated NYSE Rules, and (3) consolidated FINRA
Rules. The FINRA Incorporated NYSE Rules apply only to those members
of FINRA that are also members of the NYSE (``Dual Members''), while
the consolidated FINRA Rules apply to all FINRA members. For more
information about the FINRA rulebook consolidation process, see
FINRA Information Notice, March 12, 2008.
\5\ See Securities Exchange Act Release No. 71179 (December 23,
2013), 78 FR 79542 (December 30, 2013) (SR-FINRA-2013-025).
\6\ See FINRA Regulatory Notice 14-10.
---------------------------------------------------------------------------

As part of this filing, FINRA deleted Incorporated NYSE Rule 343
and its interpretation. These provisions set forth certain pre-approval
requirements for space sharing.\7\ As part of the harmonization
process, FINRA determined that a pre-approval process was no longer
necessary and instead NASD's notice filing model would be utilized.
---------------------------------------------------------------------------

\7\ NYSE Rule 343(a) provides that, unless otherwise permitted
by the NYSE, an office or foreign incorporated branch of a member or
member organization may not be occupied jointly with any other
broker or dealer, investment advisor, or other person who conducts a
securities or commodities business with the public. Certain types of
office space arrangements that were deemed permissible are described
in the rule. NYSE Rule 343(b) provides that members and member
organizations may share office space with any person who is not a
broker or dealer, an investment advisor, or who does not conduct a
securities or commodities business with the public. NYSE Rule 343(c)
also provides that, unless otherwise permitted by the NYSE, the main
office of every member organization must remain open for business on
every full business day during the trading hours on the NYSE.
Supplementary Material 343.10 provides additional guidance relating
to office space arrangements. The related NYSE Rule 343
Interpretation provides additional guidance relating to space
sharing.
---------------------------------------------------------------------------

FINRA also recently amended the Uniform Branch Office Registration
Form (``Form BR''), which is used by firms to register their branch
offices with participating SROs and states via the Central Registration
Depository.\8\ Among other things, the amendments to Form BR eliminated
Section 6, which incorporated space sharing arrangement questions
relating to NYSE Rule 343. As such, FINRA accelerated the effective
date for the deletion of Incorporated NYSE Rule 343 and the related
interpretations to April 7, 2014, to correspond to the effective date
of the revised Form BR.\9\ Thus, there are no longer any pre-approval
requirements

[[Page 28795]]

for FINRA members that are also members of NYSE.
---------------------------------------------------------------------------

\8\ See Securities Exchange Act Release No. 71626 (February 27,
2014), 79 FR 12547 (March 5, 2014) (SR-FINRA-2013-051).
\9\ See FINRA Regulatory Notice 14-11.
---------------------------------------------------------------------------

Proposed Rule Change
As a result of the changes to Form BR, there is no longer a
mechanism to collect the information used for the space sharing pre-
approval process under NYSE Rule 343. As such, NYSE has eliminated NYSE
Rule 343 and its interpretations, and NYSE MKT also has eliminated NYSE
MKT Rule 343--Equities, which is substantially the same as NYSE Rule
343.\10\ To harmonize its office space sharing requirements with other
SROs, NYSE Arca similarly proposes to delete NYSE Arca Equities Rule
9.1(b), which requires prior and continuing approval of the Exchange
for certain space sharing arrangements.\11\ The Exchange notes that any
office-sharing arrangements of ETP Holders that engage in a public
business would be required to be disclosed on Form BR.
---------------------------------------------------------------------------

\10\ See Securities Exchange Act Release Nos. 71989 (April 22,
2014) (SR-NYSE-2014-21) and 71988 (April 22, 2014) (SR-NYSEMKT-2014-
34).
\11\ NYSE Arca Equities Rule 9.1(b) provides that ETP Holders
may not occupy joint quarters with anyone other than another ETP
Holder without the prior and continuing approval of the Exchange.
---------------------------------------------------------------------------

2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\12\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\13\ in particular, because it
is designed to promote just and equitable principles of trade 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 the proposed rule change supports the objectives of the
Act by providing greater harmonization between NYSE Arca rules and
NYSE, NYSE MKT, and FINRA rules of similar purpose, resulting in less
burdensome and more efficient regulatory compliance. In particular,
deleting NYSE Arca Rule 9.1(b) would promote just and equitable
principles of trade by harmonizing the Exchange's rules with the rules
of the NYSE, NYSE MKT, and FINRA and with Form BR, which is used by the
Securities and Exchange Commission (``Commission''), SROs, and states.
---------------------------------------------------------------------------

\12\ 15 U.S.C. 78f(b).
\13\ 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 proposed rule change is
not intended to address competitive issues but rather to achieve
greater consistency between NYSE Arca's rules concerning office space
sharing with other SROs.

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 \14\ and Rule 19b-4(f)(6) thereunder.\15\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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\14\ 15 U.S.C. 78s(b)(3)(A)(iii). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the 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.
\15\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\17\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative upon filing. The Commission believes that waiving
the 30-day operative delay is consistent with the protection of
investors and the public interest, as it will harmonize the Exchange's
rules with the rules of the NYSE, NYSE MKT, and FINRA and with Form BR,
thus helping to eliminate confusion regarding broker reporting
obligations.\18\ Therefore, the Commission designates the proposed rule
change to be operative upon filing.
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\16\ 17 CFR 240.19b-4(f)(6).
\17\ 17 CFR 240.19b-4(f)(6)(iii).
\18\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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) \19\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\19\ 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-2014-54 on the subject line.

Paper Comments

Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEARCA-2014-54. 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.,

[[Page 28796]]

Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing will also be available
for inspection and copying at the NYSE's principal office and on its
Internet Web site at www.nyse.com. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NYSEARCA-2014-54 and should be submitted on or before
June 9, 2014.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-11439 Filed 5-16-14; 8:45 am]
BILLING CODE 8011-01-P

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