Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Listed Company Manual To Provide That Any Senior Official of a Listed Company With the Rank of Corporate Secretary or Higher Can Sign the Written Request of a Listed Company Seeking To Change Its Designated Market Maker Unit Required by Section 806.01 of the Manual, 77392-77394 [2015-31329]
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Federal Register / Vol. 80, No. 239 / Monday, December 14, 2015 / Notices
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Section, 100 F Street NE.,
Washington, DC 20549 on official
business days between 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–2015–93 and
should be submitted on or before
January 4, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.31
Brent J. Fields,
Secretary.
[FR Doc. 2015–31328 Filed 12–11–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Dated: December 8, 2015.
Brent J. Fields,
Secretary.
Submission for OMB Review;
Comment Request
[FR Doc. 2015–31359 Filed 12–11–15; 8:45 am]
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
Extension: Form T–6.
OMB Control No. 3235–0391, SEC File No.
270–344.
mstockstill on DSK4VPTVN1PROD with NOTICES
collected must be filed with the
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burden hours per response and is filed
by approximately 1 respondent
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6 is filed on occasion. The information
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76591; File No. SR–NYSE–
2015–63]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Amending the
NYSE Listed Company Manual To
Provide That Any Senior Official of a
Listed Company With the Rank of
Corporate Secretary or Higher Can
Sign the Written Request of a Listed
Company Seeking To Change Its
Designated Market Maker Unit
Required by Section 806.01 of the
Manual
December 8, 2015.
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 November
1 15
31 17
CFR 200.30–3(a)(12).
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17:36 Dec 11, 2015
2 17
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PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00079
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25, 2015, New York Stock Exchange
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘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 the
NYSE Listed Company Manual (the
‘‘Manual’’) to provide that any senior
official of a listed company with the
rank of Corporate Secretary or higher
can sign the written request of a listed
company seeking to change its
designated market maker (‘‘DMM’’) unit
required by Section 806.01 of the
Manual. The filing also proposes to
replace outdated references throughout
the Manual to ‘‘Specialists’’ with
references to ‘‘DMMs’’ and update the
text of Section 402.09(E) to reflect the
current text of NYSE Rule 460. 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 amend the
Manual to provide that any senior
official of a listed company with the
rank of Corporate Secretary or higher
can sign the written request of a listed
company seeking to change its DMM
unit required by Section 806.01 of the
Manual. The filing also proposes to
replace outdated references throughout
the Manual to ‘‘Specialists’’ with
E:\FR\FM\14DEN1.SGM
14DEN1
mstockstill on DSK4VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 239 / Monday, December 14, 2015 / Notices
references to ‘‘DMMs’’ and update the
text of Section 402.09(E) to reflect the
current text of NYSE Rule 460.
Section 806.01 of the Manual
establishes a process to be followed by
any listed company wishing to change
to a new DMM unit. Pursuant to Section
806.01, a listed company wishing to
change DMM units must file with the
Corporate Secretary of the Exchange a
written notice (the ‘‘Issuer Notice’’),
signed by the company’s chief executive
officer. The Issuer Notice is required to
indicate the specific issues prompting
this request. It has been the Exchange’s
experience that companies have
occasionally found it burdensome to
obtain the signature of their CEO for
purposes of submitting an Issuer Notice
and that this requirement has caused an
undesirable delay when companies are
making their submissions. We also note
that this requirement is inconsistent
with the Exchange Rule 103B, which
provides that any senior official with
the rank of Corporate Secretary or
higher (or, in the case of a structured
product listing, a senior officer of the
issuer) can sign the notice in which a
listed company informs the Exchange of
its initial selection of a DMM unit. It has
been the Exchange’s experience that a
senior officer other than the chief
executive officer often manages the
DMM relationship on behalf of the
listed company and has authority to
take action in relation to that
relationship. In light of that fact, the
Exchange believes there is no reason to
have different requirements with respect
to the commencement and severing of a
listed company’s relationship with its
DMM unit. Consequently, we propose to
amend Section 806.01 to provide that
any official with the rank of Corporate
Secretary or higher at a listed company
may sign an Issuer Notice.
The Exchange amended its rules a
number of years ago to significantly
change the role of specialists on the
trading floor.3 In connection with that
change, the Exchange adopted the new
title of ‘‘designated market maker’’ or
‘‘DMM’’ for specialists. Several sections
of the Manual (Sections 106.02, 106.03
and 806.01) include outdated references
to specialists. The Exchange proposes to
replace these references with references
to DMMs. In addition, Section 402.09(E)
(‘‘Rule 460—Specialists Participating in
Contests or Serving as Directors’’) is
intended as a repetition of Exchange
Rule 460. Exchange Rule 460 has been
amended several times over the years
and the Exchange inadvertently failed to
3 See Securities Exchange Act Release No. 58845
(October 24, ([sic] 2008), 73 FR 64379 (October 29,
2008) (SR–NYSE–2008–46).
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17:36 Dec 11, 2015
Jkt 238001
make conforming changes to Section
402.09(E).4 We now propose to replace
the current text of Section 402.09(E)
with the up-to-date text of Rule 460.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) 5 of the Act, in general, and
furthers the objectives of Section 6(b)(5)
of the Act,6 in particular in that it is
designed to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, 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 and is
not designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers. The
Exchange believes that the proposed
amendment is consistent with the
investor protection objectives of Section
6(b)(5) because it is designed to ensure
that listed companies are able to
expeditiously change their DMM unit
when senior management of the listed
company believes it is desirable to do
so. An effective relationship between
the listed company and the DMM is
important to the maintenance of a high
quality market for the company’s
securities and is therefore in the
interests of investors.
The replacement of references to
‘‘specialists’’ with references to
‘‘DMMs’’ and the amendment of the text
of Section 402.09(E) are non-substantive
changes to update the terminology and
reflect the Exchange’s current Rule 460
and therefore have no implications for
the protection of investors.
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 purpose of the Act. The proposed
rule change is designed to permit listed
companies to apply for a change in the
DMM unit allocated to their securities
on the basis of a notice signed by any
officer with the title of Corporate
4 See Securities Exchange Act Release No. 58328
(August 7, 2008), 73 FR 48260 (August 18, 2008)
(SR–NYSE–2008–45). See also Securities Exchange
Act Release No. 58845 (October 24, ([sic] 2008), 73
FR 64379 (October 29, 2008) (SR–NYSE–2008–46).
See also Securities Exchange Act Release No. 66709
(April 2, 2012), 77 FR 20870 (April 6, 2012) (SR–
NYSE–2012–06).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
77393
Secretary or higher rather than requiring
that it be signed in all cases by the CEO,
as is currently the case. The proposed
amendment simply provides more
flexibility in providing the required
paperwork and conforms the signing
requirements with respect to the
commencement and severing of a listed
company’s relationship with its DMM
unit, but does not change any of the
substantive rights of the listed company
or the DMM unit in any way. As such,
the Exchange does not expect the rule
change to have any significant impact
on competition. The other proposed
changes are non-substantive changes to
update terminology and reflect the
Exchange’s current Rule 460 and
therefore have no significant impact on
competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 7 and Rule
19b–4(f)(6) thereunder.8 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
for 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 9 and Rule 19b–4(f)(6)
thereunder.10
A proposed rule change filed under
Rule 19b–4(f)(6) 11 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),12 the
7 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
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 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii).
8 17
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77394
Federal Register / Vol. 80, No. 239 / Monday, December 14, 2015 / Notices
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSE–2015–63 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
[Release No. 34–76588; File No. SR–C2–
2015–034]
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:
mstockstill on DSK4VPTVN1PROD with NOTICES
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 proposed
rule change may become operative
immediately. The Exchange believes
that providing greater flexibility in the
preparation of the paperwork needed to
request a change of DMM unit is in the
interests of investors as it is important
to the maintenance of a high quality
market for an issuer’s stock that the
issuer has a good relationship with its
DMM. As the Exchange notes in its
filing, the proposal would better
conform the process for changing a
DMM to that which is used for initially
selecting a DMM. In particular, the
officer’s signature that would be
required to change a company’s DMM
must be that of a senior official at the
company with a rank of Corporate
Secretary or above. Furthermore, the
other rule changes proposed by the
Exchange are also conforming changes
that would make the Manual more
consistent with the Exchange’s current
rules. Based on the foregoing, the
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest. For this reason, the
Commission hereby waives the 30-day
operative delay and designates the
proposal operative upon filing.13
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 shall institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Brent J. Fields,
Secretary.
• 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–NYSE–2015–63. 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 such
filing also will be available for
inspection and copying at the principal
offices 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–
2015–63, and should be submitted on or
before January 4, 2016.
[FR Doc. 2015–31329 Filed 12–11–15; 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
13 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).
VerDate Sep<11>2014
17:36 Dec 11, 2015
Jkt 238001
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Amend the Certificate of
Incorporation of Its Parent Company
December 8, 2015.
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
November 25, 2015, C2 Options
Exchange, Incorporated (the ‘‘Exchange’’
or ‘‘C2’’) 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 the
certificate of incorporation of its parent
Company, CBOE Holdings, Inc. (‘‘CBOE
Holdings’’). The text of the proposed
rule change is available on the
Exchange’s Web site (https://
www.cboe.com/AboutCBOE/CBOELegal
RegulatoryHome.aspx), at the
Exchange’s Office of the Secretary, 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
Exchange 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 these
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 aspects of such
statements.
1 15
14 17
PO 00000
CFR 200.30–3(a)(12), (59).
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E:\FR\FM\14DEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
14DEN1
]]>Agencies
[Federal Register Volume 80, Number 239 (Monday, December 14, 2015)]
[Notices]
[Pages 77392-77394]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-31329]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-76591; File No. SR-NYSE-2015-63]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Amending the NYSE Listed Company Manual To Provide That Any Senior
Official of a Listed Company With the Rank of Corporate Secretary or
Higher Can Sign the Written Request of a Listed Company Seeking To
Change Its Designated Market Maker Unit Required by Section 806.01 of
the Manual
December 8, 2015.
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 November 25, 2015, New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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 the NYSE Listed Company Manual (the
``Manual'') to provide that any senior official of a listed company
with the rank of Corporate Secretary or higher can sign the written
request of a listed company seeking to change its designated market
maker (``DMM'') unit required by Section 806.01 of the Manual. The
filing also proposes to replace outdated references throughout the
Manual to ``Specialists'' with references to ``DMMs'' and update the
text of Section 402.09(E) to reflect the current text of NYSE Rule 460.
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 amend the Manual to provide that any
senior official of a listed company with the rank of Corporate
Secretary or higher can sign the written request of a listed company
seeking to change its DMM unit required by Section 806.01 of the
Manual. The filing also proposes to replace outdated references
throughout the Manual to ``Specialists'' with
[[Page 77393]]
references to ``DMMs'' and update the text of Section 402.09(E) to
reflect the current text of NYSE Rule 460.
Section 806.01 of the Manual establishes a process to be followed
by any listed company wishing to change to a new DMM unit. Pursuant to
Section 806.01, a listed company wishing to change DMM units must file
with the Corporate Secretary of the Exchange a written notice (the
``Issuer Notice''), signed by the company's chief executive officer.
The Issuer Notice is required to indicate the specific issues prompting
this request. It has been the Exchange's experience that companies have
occasionally found it burdensome to obtain the signature of their CEO
for purposes of submitting an Issuer Notice and that this requirement
has caused an undesirable delay when companies are making their
submissions. We also note that this requirement is inconsistent with
the Exchange Rule 103B, which provides that any senior official with
the rank of Corporate Secretary or higher (or, in the case of a
structured product listing, a senior officer of the issuer) can sign
the notice in which a listed company informs the Exchange of its
initial selection of a DMM unit. It has been the Exchange's experience
that a senior officer other than the chief executive officer often
manages the DMM relationship on behalf of the listed company and has
authority to take action in relation to that relationship. In light of
that fact, the Exchange believes there is no reason to have different
requirements with respect to the commencement and severing of a listed
company's relationship with its DMM unit. Consequently, we propose to
amend Section 806.01 to provide that any official with the rank of
Corporate Secretary or higher at a listed company may sign an Issuer
Notice.
The Exchange amended its rules a number of years ago to
significantly change the role of specialists on the trading floor.\3\
In connection with that change, the Exchange adopted the new title of
``designated market maker'' or ``DMM'' for specialists. Several
sections of the Manual (Sections 106.02, 106.03 and 806.01) include
outdated references to specialists. The Exchange proposes to replace
these references with references to DMMs. In addition, Section
402.09(E) (``Rule 460--Specialists Participating in Contests or Serving
as Directors'') is intended as a repetition of Exchange Rule 460.
Exchange Rule 460 has been amended several times over the years and the
Exchange inadvertently failed to make conforming changes to Section
402.09(E).\4\ We now propose to replace the current text of Section
402.09(E) with the up-to-date text of Rule 460.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 58845 (October 24,
([sic] 2008), 73 FR 64379 (October 29, 2008) (SR-NYSE-2008-46).
\4\ See Securities Exchange Act Release No. 58328 (August 7,
2008), 73 FR 48260 (August 18, 2008) (SR-NYSE-2008-45). See also
Securities Exchange Act Release No. 58845 (October 24, ([sic] 2008),
73 FR 64379 (October 29, 2008) (SR-NYSE-2008-46). See also
Securities Exchange Act Release No. 66709 (April 2, 2012), 77 FR
20870 (April 6, 2012) (SR-NYSE-2012-06).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) \5\ of the Act, in general, and furthers the
objectives of Section 6(b)(5) of the Act,\6\ in particular in that it
is designed to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, 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
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers. The Exchange believes that the proposed
amendment is consistent with the investor protection objectives of
Section 6(b)(5) because it is designed to ensure that listed companies
are able to expeditiously change their DMM unit when senior management
of the listed company believes it is desirable to do so. An effective
relationship between the listed company and the DMM is important to the
maintenance of a high quality market for the company's securities and
is therefore in the interests of investors.
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\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
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The replacement of references to ``specialists'' with references to
``DMMs'' and the amendment of the text of Section 402.09(E) are non-
substantive changes to update the terminology and reflect the
Exchange's current Rule 460 and therefore have no implications for the
protection of investors.
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 purpose of the Act. The proposed rule change is
designed to permit listed companies to apply for a change in the DMM
unit allocated to their securities on the basis of a notice signed by
any officer with the title of Corporate Secretary or higher rather than
requiring that it be signed in all cases by the CEO, as is currently
the case. The proposed amendment simply provides more flexibility in
providing the required paperwork and conforms the signing requirements
with respect to the commencement and severing of a listed company's
relationship with its DMM unit, but does not change any of the
substantive rights of the listed company or the DMM unit in any way. As
such, the Exchange does not expect the rule change to have any
significant impact on competition. The other proposed changes are non-
substantive changes to update terminology and reflect the Exchange's
current Rule 460 and therefore have no significant impact on
competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(6) thereunder.\8\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 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 \9\ and Rule 19b-
4(f)(6) thereunder.\10\
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\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6).
\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.
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A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the
[[Page 77394]]
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 proposed rule change may become operative immediately. The Exchange
believes that providing greater flexibility in the preparation of the
paperwork needed to request a change of DMM unit is in the interests of
investors as it is important to the maintenance of a high quality
market for an issuer's stock that the issuer has a good relationship
with its DMM. As the Exchange notes in its filing, the proposal would
better conform the process for changing a DMM to that which is used for
initially selecting a DMM. In particular, the officer's signature that
would be required to change a company's DMM must be that of a senior
official at the company with a rank of Corporate Secretary or above.
Furthermore, the other rule changes proposed by the Exchange are also
conforming changes that would make the Manual more consistent with the
Exchange's current rules. Based on the foregoing, the Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest. For this reason, the
Commission hereby waives the 30-day operative delay and designates the
proposal operative upon filing.\13\
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\11\ 17 CFR 240.19b-4(f)(6).
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of 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 shall 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:
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-2015-63 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-NYSE-2015-63. 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 such filing also will be available
for inspection and copying at the principal offices 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-2015-63,
and should be submitted on or before January 4, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12), (59).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-31329 Filed 12-11-15; 8:45 am]
BILLING CODE 8011-01-P
