Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change To Amend the Seventh Amended and Restated Operating Agreement of the New York Stock Exchange LLC, 33005-33006 [2015-14132]
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Federal Register / Vol. 80, No. 111 / Wednesday, June 10, 2015 / Notices
employed for away market routing
consistent with the Market Access Rule.
The Exchange believes that the changes
to conform the text of Rule 6.14B
(pertaining to options order routing to
other exchanges will simplify the Rules
and make it easier to administer having
consistent provisions across both
markets. Finally, the Exchange believes
that the miscellaneous, non-substantive
changes to Rule 6.20 will simplify and
update the rules, and make them easier
to read.
asabaliauskas on DSK5VPTVN1PROD 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
Exchange does not believe that the
proposed rule change will impose any
burden on intramarket competition that
is not necessary or appropriate in
furtherance of the purposes of the Act
because the proposed rule change is
technical in nature in that is designed
to reiterate existing requirements under
the Market Access Rule, which will
provide clarity on the process employed
for away market routing and make the
Market Access Rule easier to administer
consistently across markets. The
Exchange’s other proposal to make other
miscellaneous, non-substantive changes
to Rule 6.20 will simplify and update
the Rules, and make them easier to read.
For these reasons, the Exchange does
not believe that the proposed rule
change will impose any burden on
intermarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange also notes that another
exchange, EDGA Exchange, Inc.
(‘‘EDGA’’), has substantially similar
provisions in its rules.10 To the extent
that the proposed rule change may make
CBOE a more attractive venue for
market participants on other exchanges,
such market participants may elect to
become CBOE market participants.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received written comments on 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:
10 See
EDGA Rule 11.11(i).
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A. significantly affect the protection
of investors or the public interest;
B. impose any significant burden on
competition; and
C. 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 11 and Rule 19b–4(f)(6) 12
thereunder. At any time within 60 days
of the filing of the proposed rule change,
the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission will institute proceedings
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:
33005
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–CBOE–
2015–053 and should be submitted on
or before July 1, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–14136 Filed 6–9–15; 8:45 am]
BILLING CODE 8011–01–P
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–
CBOE–2015–053 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–CBOE–2015–053. 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
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). 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.
12 17
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75105; File No. SR–NYSE–
2015–16]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Approving Proposed Rule Change To
Amend the Seventh Amended and
Restated Operating Agreement of the
New York Stock Exchange LLC
June 4, 2015.
I. Introduction
On April 6, 2015, the New York Stock
Exchange LLC (the ‘‘Exchange’’ or
‘‘NYSE’’) filed with the Securities and
Exchange Commission (the
‘‘Commission’’), pursuant to section
19(b)(1) 1 of the Securities Exchange Act
of 1934 (the ‘‘Act’’),2 and Rule 19b–4
thereunder,3 a proposed rule change to
amend the Seventh Amended and
Restated Operating Agreement (the
‘‘Operating Agreement’’) of the
Exchange. The proposed rule change
was published for comment in the
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
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10JNN1
33006
Federal Register / Vol. 80, No. 111 / Wednesday, June 10, 2015 / Notices
Federal Register on April 24, 2015.4
The Commission received no comment
letters on the proposed rule change.
This order approves the proposed rule
change.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
II. Description of the Proposal
NYSE proposed to amend the
Exchange’s Operating Agreement to
remove the requirement that the
independent directors that make up the
majority of the board of directors of the
Exchange (‘‘Board’’) also be directors of
Intercontinental Exchange, Inc. (‘‘ICE’’),
the Exchange’s parent company.
Currently, section 2.03(a)(i) of the
Operating Agreement, which governs
the Board’s composition, provides that a
majority of the Exchange’s directors
shall be U.S. persons who are members
of the board of directors of ICE and who
satisfy the Exchange’s Company
Director Independence Policy. Each
such director is defined as an ‘‘ICE
Independent Director’’ in section
2.03(a)(i)(1) of the Operating Agreement.
The Exchange proposed to amend
section 2.03(a)(i) to remove the
requirement that the independent
directors, making up the majority of the
Board, also be directors of ICE, by
amending the definition of ‘‘ICE
Independent Director’’ to remove the
reference to ICE, and to make
conforming changes in both
subparagraphs (i) and (ii) of section
2.03(a).
The Exchange represented that, even
upon approval of this modification to its
Operating Agreement, a majority of the
directors of the Board would continue to
satisfy the Company Director
Independence Policy.5 The Exchange
also noted that it believes that
eliminating the requirement that the
independent directors of the Exchange
also be directors of ICE will allow the
Exchange to broaden the pool of
potential Board members, resulting in a
more diversified Board membership
while still ensuring the directors’
independence.6 The Exchange further
represented that eliminating the
requirement that the independent
directors of the Exchange also be
directors of ICE will result in the
Exchange’s Board composition
requirements being more consistent
with its affiliate, NYSE Arca, Inc.,
which does not require any of its
directors to be directors of ICE.7
4 See Securities Exchange Act Release No. 74766
(April 20, 2015), 80 FR 23057 (‘‘Notice’’).
5 See Notice, 80 FR at 23057.
6 Id.
7 Id.
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16:46 Jun 09, 2015
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III. Discussion and Commission
Findings
After review, the Commission finds
that the proposed rule change is
consistent with the Act and the rules
and regulations thereunder applicable to
a national securities exchange.8 In
particular, the Commission finds that
the proposed rule change is consistent
with section 6(b)(1) of the Act,9 which
requires an exchange to be so organized
and have the capacity to carry out the
purposes of the Act and to comply and
to enforce compliance by its members
and persons associated with its
members with the Act. The Commission
also finds that the proposed rule change
is consistent with section 6(b)(5) of the
Act,10 which requires that the rules of
the exchange be designed, among other
things, to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
The Commission notes that, while the
proposal removes the requirement that
the independent directors who make up
the majority of the Board also be ICE
directors, it does not alter the
requirement under the Operating
Agreement that a majority of the Board
must satisfy the Exchange’s Company
Director Independence Policy.11 Thus,
the majority of directors on the
Exchange’s Board must still qualify as
independent directors under the
Exchange’s Company Director
Independence Policy. Moreover,
removing the requirement that the
independent directors on the
Exchange’s Board also be directors of
ICE may result in a more diversified
Board composition as candidates for
membership on the Board who qualify
as independent under the Company
Director Independence Policy need not
be limited to those candidates who also
serve on the board of directors of ICE.
IV. Conclusion
It is therefore ordered, pursuant to
section 19(b)(2) of the Act, that the
proposed rule change (SR–NYSE–2015–
16) is approved.
8 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
9 15 U.S.C. 78(b)(1).
10 15 U.S.C. 78(b)(5).
11 See Securities Exchange Act Release No. 67564
(August 1, 2012), 77 FR 47151 (August 7, 2012)
(SR–NYSE–2012–17) (approving, among other
things, the Exchange’s Company Director
Independence Policy).
PO 00000
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Sfmt 4703
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–14132 Filed 6–9–15; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice: 9168]
Determination by the Secretary of
State Relating to Iran Sanctions
This notice is to inform the public
that the Secretary of State determined
on May 20, 2015, pursuant to Section
1245(d)(4)(D) of the National Defense
Authorization Act for Fiscal Year 2012
(NDAA), (Pub. L. 112–81), as amended,
that as of May 20, 2015, the following
countries, Malaysia and Singapore, have
maintained their crude oil purchases
from Iran at zero over the preceding
180-day period.
Dated: June 3, 2015.
Amos Hochstein,
Special Envoy and Coordinator for
International Energy Affairs, U.S. Department
of State.
[FR Doc. 2015–14195 Filed 6–9–15; 8:45 am]
BILLING CODE 4710–09–P
DEPARTMENT OF STATE
[Public Notice: 9167]
Culturally Significant Objects Imported
for Exhibition Determinations: ‘‘Out of
the Box: The Rise of Sneaker Culture’’
Exhibition
Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236–3 of August 28, 2000 (and, as
appropriate, Delegation of Authority No.
257 of April 15, 2003), I hereby
determine that the objects to be
included in the exhibition ‘‘Out of the
Box: The Rise of Sneaker Culture,’’
imported from abroad for temporary
exhibition within the United States, are
of cultural significance. The objects are
imported pursuant to loan agreements
with the foreign owners or custodians.
I also determine that the exhibition or
display of the exhibit objects at The
SUMMARY:
12 17
E:\FR\FM\10JNN1.SGM
CFR 200.30–3(a)(12).
10JNN1
]]>Agencies
[Federal Register Volume 80, Number 111 (Wednesday, June 10, 2015)]
[Notices]
[Pages 33005-33006]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-14132]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75105; File No. SR-NYSE-2015-16]
Self-Regulatory Organizations; New York Stock Exchange LLC; Order
Approving Proposed Rule Change To Amend the Seventh Amended and
Restated Operating Agreement of the New York Stock Exchange LLC
June 4, 2015.
I. Introduction
On April 6, 2015, the New York Stock Exchange LLC (the ``Exchange''
or ``NYSE'') filed with the Securities and Exchange Commission (the
``Commission''), pursuant to section 19(b)(1) \1\ of the Securities
Exchange Act of 1934 (the ``Act''),\2\ and Rule 19b-4 thereunder,\3\ a
proposed rule change to amend the Seventh Amended and Restated
Operating Agreement (the ``Operating Agreement'') of the Exchange. The
proposed rule change was published for comment in the
[[Page 33006]]
Federal Register on April 24, 2015.\4\ The Commission received no
comment letters on the proposed rule change. This order approves the
proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
\4\ See Securities Exchange Act Release No. 74766 (April 20,
2015), 80 FR 23057 (``Notice'').
---------------------------------------------------------------------------
II. Description of the Proposal
NYSE proposed to amend the Exchange's Operating Agreement to remove
the requirement that the independent directors that make up the
majority of the board of directors of the Exchange (``Board'') also be
directors of Intercontinental Exchange, Inc. (``ICE''), the Exchange's
parent company. Currently, section 2.03(a)(i) of the Operating
Agreement, which governs the Board's composition, provides that a
majority of the Exchange's directors shall be U.S. persons who are
members of the board of directors of ICE and who satisfy the Exchange's
Company Director Independence Policy. Each such director is defined as
an ``ICE Independent Director'' in section 2.03(a)(i)(1) of the
Operating Agreement. The Exchange proposed to amend section 2.03(a)(i)
to remove the requirement that the independent directors, making up the
majority of the Board, also be directors of ICE, by amending the
definition of ``ICE Independent Director'' to remove the reference to
ICE, and to make conforming changes in both subparagraphs (i) and (ii)
of section 2.03(a).
The Exchange represented that, even upon approval of this
modification to its Operating Agreement, a majority of the directors of
the Board would continue to satisfy the Company Director Independence
Policy.\5\ The Exchange also noted that it believes that eliminating
the requirement that the independent directors of the Exchange also be
directors of ICE will allow the Exchange to broaden the pool of
potential Board members, resulting in a more diversified Board
membership while still ensuring the directors' independence.\6\ The
Exchange further represented that eliminating the requirement that the
independent directors of the Exchange also be directors of ICE will
result in the Exchange's Board composition requirements being more
consistent with its affiliate, NYSE Arca, Inc., which does not require
any of its directors to be directors of ICE.\7\
---------------------------------------------------------------------------
\5\ See Notice, 80 FR at 23057.
\6\ Id.
\7\ Id.
---------------------------------------------------------------------------
III. Discussion and Commission Findings
After review, the Commission finds that the proposed rule change is
consistent with the Act and the rules and regulations thereunder
applicable to a national securities exchange.\8\ In particular, the
Commission finds that the proposed rule change is consistent with
section 6(b)(1) of the Act,\9\ which requires an exchange to be so
organized and have the capacity to carry out the purposes of the Act
and to comply and to enforce compliance by its members and persons
associated with its members with the Act. The Commission also finds
that the proposed rule change is consistent with section 6(b)(5) of the
Act,\10\ which requires that the rules of the exchange be designed,
among other things, to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, to protect investors and the
public interest.
---------------------------------------------------------------------------
\8\ In approving this proposed rule change, the Commission notes
that it has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
\9\ 15 U.S.C. 78(b)(1).
\10\ 15 U.S.C. 78(b)(5).
---------------------------------------------------------------------------
The Commission notes that, while the proposal removes the
requirement that the independent directors who make up the majority of
the Board also be ICE directors, it does not alter the requirement
under the Operating Agreement that a majority of the Board must satisfy
the Exchange's Company Director Independence Policy.\11\ Thus, the
majority of directors on the Exchange's Board must still qualify as
independent directors under the Exchange's Company Director
Independence Policy. Moreover, removing the requirement that the
independent directors on the Exchange's Board also be directors of ICE
may result in a more diversified Board composition as candidates for
membership on the Board who qualify as independent under the Company
Director Independence Policy need not be limited to those candidates
who also serve on the board of directors of ICE.
---------------------------------------------------------------------------
\11\ See Securities Exchange Act Release No. 67564 (August 1,
2012), 77 FR 47151 (August 7, 2012) (SR-NYSE-2012-17) (approving,
among other things, the Exchange's Company Director Independence
Policy).
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to section 19(b)(2) of the Act,
that the proposed rule change (SR-NYSE-2015-16) is approved.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-14132 Filed 6-9-15; 8:45 am]
BILLING CODE 8011-01-P
