Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Rules Governing Business Continuity and Disaster Recovery, 88306-88308 [2016-29289]

Download as PDF 88306 Federal Register / Vol. 81, No. 235 / Wednesday, December 7, 2016 / Notices waives the 30-day operative delay and designates the proposed rule change to be operative upon filing with the Commission.13 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) 14 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: asabaliauskas on DSK3SPTVN1PROD with NOTICES Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– NYSEMKT–2016–109 on the subject line. Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSEMKT–2016–109. 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 (http://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 13 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 14 15 U.S.C. 78s(b)(2)(B). VerDate Sep<11>2014 17:54 Dec 06, 2016 Jkt 241001 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– NYSEMKT–2016–109 and should be submitted on or before December 28, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Brent J. Fields, Secretary. [FR Doc. 2016–29288 Filed 12–6–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–79444; File No. SR–NYSE– 2016–81] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Rules Governing Business Continuity and Disaster Recovery December 1, 2016. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that on November 22, 2016, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its rules governing business continuity and disaster recovery to delete Rule 49 (Emergency Powers) and set an 15 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 PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 operative date for Rule 49 (Exchange Business Continuity and Disaster Recovery Plans and Mandatory Testing). 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 its rules governing business continuity and disaster recovery to delete Rule 49 (Emergency Powers) (‘‘Print as P Rule’’) and set an operative date for Rule 49 (Exchange Business Continuity and Disaster Recovery Plans and Mandatory Testing) (‘‘Rule 49’’). The Exchange proposes to make these changes because the Exchange has completed testing of the operation of Rule 49 in its Disaster Recovery ‘‘DR’’ facility and therefore plans to implement it. Accordingly, the Exchange proposes to delete its Print as P Rule as obsolete, with an operative date of November 23, 2016. On September 29, 2016, the Commission approved amendments to the Exchange’s business continuity and disaster recovery plans.4 In that filing, the Exchange added the following preamble to the Print as P Rule: This version of Rule 49 will remain operative until the proposed rule changes described in SR–NYSE–2016– 48 are approved and the Exchange files a separate proposed rule change to delete this version of Rule 49 and preamble and to establish the operative date of paragraph (a) of ‘‘Rule 49. Exchange Business Continuity and Disaster Recovery Plans and Mandatory 4 See Securities Exchange Act Release No. 78916 (September 23, 2016), 81 FR 67029 (September 29, 2016) (SR–NYSE–2016–48) (order granting approval of proposed rule change, as modified by Amendment No. 1 and Partial Amendment No. 2). E:\FR\FM\07DEN1.SGM 07DEN1 asabaliauskas on DSK3SPTVN1PROD with NOTICES Federal Register / Vol. 81, No. 235 / Wednesday, December 7, 2016 / Notices Testing.’’ Subject to such separate proposed rule change, the Exchange will announce via Trader Update the operative date of the deletion of this Rule and implementation of paragraph (a) of Rule 49. Exchange Business Continuity and Disaster Recovery Plans and Mandatory Testing. In addition, the Exchange added the following preamble to Rule 49 and added an ‘‘N’’ modifier to Rule 49(b), to distinguish it from paragraph (b) of the Print as P Rule. The Exchange will file a separate proposed rule change to establish the operative date of paragraph (a) of this version of Rule 49 and to delete ‘‘Rule 49. Emergency Powers’’ and this preamble. Until such time, ‘‘Rule 49. Emergency Powers’’ will remain operative. Subject to such separate proposed rule change, the Exchange will announce via Trader Update the operative date of paragraph (a) of this Rule and deletion of ‘‘Rule 49. Emergency Powers.’’ Member organizations required to test Exchange Backup Systems under paragraph (b)(N) of this Rule will be required to test trading on the Exchange’s Disaster Recovery Facility under paragraph (a) of this Rule on date(s) to be determined by the Exchange. Such mandatory testing dates will be announced by Trader Update. On November 5 and 19, 2016, the Exchange held the mandatory testing sessions for the operation of Rule 49 in the DR facility.5 The Exchange has determined that these tests were successful because all member organizations required to test trading on the Exchange’s DR facility, as specified in the second paragraph of the preamble to Rule 49, participated in the tests and the DR facility operated as provided for in Rule 49. Accordingly, the Exchange proposes to retire its Print as P Rule and implement Rule 49 operative November 23, 2016. The Exchange therefore proposes to: • Delete the Print as P Rule, including the preamble; • Delete the explanatory preamble to Rule 49; and • Delete the ‘‘N’’ modifier to new Rule 49(b), which distinguished new Rule 49(b) from the Print as P Rule 49(b). In addition to this proposed rule change, the Exchange proposes to 5 The Exchange announced by Trader Update that industry tests would be held on November 5, 2016 and November 19, 2016. See NYSE Trader Updates, dated September 9 and 16, 2016, available at https://www.nyse.com/publicdocs/nyse/markets/ nyse/NYSE_and_NYSE_MKT_DR_Trader_Update_ Final.pdf and https://www.nyse.com/publicdocs/ nyse/markets/nyse/DR_Testing.pdf. VerDate Sep<11>2014 17:54 Dec 06, 2016 Jkt 241001 announce the operative date of November 23, 2016 via Trader Update.6 2. Statutory Basis The proposed rule changes are consistent with Section 6(b) of the Act,7 in general, and further the objectives of Section 6(b)(5) of the Act,8 in particular, in that they are designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and 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. In particular, the Exchange believes that amending its rules to delete the Print as P Rule, which is no longer operative after the successful completion of mandatory testing by the Exchange’s member organizations of the operation of Rule 49, would promote the protection of investors and the public interest because it would promote clarity and transparency on the Exchange rules governing the Exchange’s business continuity and disaster recovery planning. The Exchange further believes that deleting the superseded rule that was applicable only to the prior disaster recovery plan, deleting the preamble to Rule 49, and deleting the ‘‘N’’ modifier that distinguished the new rule from the now obsolete rule would remove impediments to and perfect the mechanism of a national market system because these proposed changes would add greater clarity to the Exchange’s rules and promote market transparency and efficiency. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change would 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 designed to address competitive issues but rather is designed to facilitate trading in Exchange-listed securities on its DR facility. As such, the Exchange believes 6 NYSE MKT LLC, the Exchange’s affiliate, has also submitted substantially the same proposed rule change to propose the same changes as described herein. See SR–NYSEMKT–2016–109. In addition, NYSE Arca, Inc., the Exchange’s affiliate, has submitted a proposed rule change to delete NYSE Arca Equities Rule 2.100, which allowed it to act on behalf of and at the direction of the Exchange if the Exchange invoked its Print as P Rule. See SR– NYSEArca–2016–154. 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(5). PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 88307 that the proposed rule change would promote competition for the benefit of market participants and investors generally because it provides transparency on the Exchange rules which would govern trading in Exchange traded securities if they trade on the Exchange’s DR facility and greater efficiency and transparency concerning trading on the Exchange in the event of a disaster. 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 9 and Rule 19b–4(f)(6) thereunder.10 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) 11 normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b4(f)(6)(iii),12 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 immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because doing so would allow the Exchange to more quickly implement a business continuity and disaster recovery plan under which the Exchange no longer relies on the facilities of an affiliated exchange. Therefore, the Commission hereby 9 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 11 17 CFR 240.19b–4(f)(6). 12 17 CFR 240.19b–4(f)(6)(iii). 10 17 E:\FR\FM\07DEN1.SGM 07DEN1 88308 Federal Register / Vol. 81, No. 235 / Wednesday, December 7, 2016 / Notices waives the 30-day operative delay and designates the proposed rule change to be operative upon filing with the Commission.13 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) 14 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: asabaliauskas on DSK3SPTVN1PROD with NOTICES Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– NYSE–2016–81 on the subject line. Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2016–81. 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 (http://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 13 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 14 15 U.S.C. 78s(b)(2)(B). VerDate Sep<11>2014 17:54 Dec 06, 2016 Jkt 241001 available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NYSE– 2016–81 and should be submitted on or before December 28, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Brent J. Fields, Secretary. [FR Doc. 2016–29289 Filed 12–6–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. IA–4579; File No. 803–00237] Robert W. Baird & Co. Incorporated; Notice of Application December 1, 2016. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of application for an exemptive order under section 206A of the Investment Advisers Act of 1940 (‘‘Advisers Act’’) providing an exemption from the written disclosure and consent requirements of section 206(3). AGENCY: Applicant: Robert W. Baird & Co. Incorporated (‘‘Applicant’’). Relevant Advisers Act Sections: Exemption requested under section 206A from the written disclosure and consent requirements of section 206(3). Summary of Application: Applicant requests that the Commission issue an order under section 206A exempting it and Future Advisers (as defined below) from the written disclosure and consent requirements of section 206(3) with respect to principal transactions with nondiscretionary advisory client accounts. Filing Dates: The application was filed on October 14, 2016 and amended on November 23, 2016. Hearing or Notification of Hearing: An order granting the requested relief will be issued unless the Commission orders 15 17 PO 00000 CFR 200.30–3(a)(12). Frm 00112 Fmt 4703 Sfmt 4703 a hearing. Interested persons may request a hearing by writing to the Commission’s Secretary and serving Applicant with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on December 27, 2016, and should be accompanied by proof of service on Applicant, in the form of an affidavit or, for lawyers, a certificate of service. Pursuant to rule 0–5 under the Advisers Act, hearing requests should state the nature of the writer’s interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Commission’s Secretary. ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. Applicant, Charles M. Weber, Managing Director, Robert W. Baird & Co. Incorporated, 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202 and Monica Lea Parry, Morgan, Lewis & Bockius LLP, 1111 Pennsylvania Ave. NW., Washington, DC 20004. FOR FURTHER INFORMATION CONTACT: Robert Shapiro, Senior Counsel, at (202) 551–7758 (Chief Counsel’s Office, Division of Investment Management) or Melissa Harke, Senior Special Counsel, at (202) 551–6787 (Investment Adviser Regulation Office, Division of Investment Management). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained via the Commission’s Web site at http://www.sec.gov/rules/ iareleases.shtml or by calling (202) 551– 8090. Applicant seeks relief from the written disclosure and consent requirements of section 206(3) of the Advisers Act that would be similar to relief currently provided by Advisers Act rule 206(3)–3T (the ‘‘Rule’’), which will expire by its terms on December 31, 2016. The relief sought by Applicant, if granted, would be subject to conditions similar to those under the Rule, as well as certain revised or additional conditions. Applicant’s Representations 1. The Applicant is registered as an investment adviser with the Commission and is a registered brokerdealer. The Applicant is an employeeowned wealth management, capital markets, asset management, and private equity firm with operations in the United States, Europe, and Asia. The Applicant offers a number of advisory programs, including the Advisory E:\FR\FM\07DEN1.SGM 07DEN1

Agencies

[Federal Register Volume 81, Number 235 (Wednesday, December 7, 2016)]
[Notices]
[Pages 88306-88308]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-29289]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79444; File No. SR-NYSE-2016-81]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Amending Its Rules Governing Business Continuity and Disaster Recovery

December 1, 2016.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that on November 22, 2016, New York Stock Exchange LLC (``NYSE'' 
or the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I 
and II below, which Items have been prepared by the 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its rules governing business 
continuity and disaster recovery to delete Rule 49 (Emergency Powers) 
and set an operative date for Rule 49 (Exchange Business Continuity and 
Disaster Recovery Plans and Mandatory Testing). 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 its rules governing business 
continuity and disaster recovery to delete Rule 49 (Emergency Powers) 
(``Print as P Rule'') and set an operative date for Rule 49 (Exchange 
Business Continuity and Disaster Recovery Plans and Mandatory Testing) 
(``Rule 49''). The Exchange proposes to make these changes because the 
Exchange has completed testing of the operation of Rule 49 in its 
Disaster Recovery ``DR'' facility and therefore plans to implement it. 
Accordingly, the Exchange proposes to delete its Print as P Rule as 
obsolete, with an operative date of November 23, 2016.
    On September 29, 2016, the Commission approved amendments to the 
Exchange's business continuity and disaster recovery plans.\4\ In that 
filing, the Exchange added the following preamble to the Print as P 
Rule:
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    \4\ See Securities Exchange Act Release No. 78916 (September 23, 
2016), 81 FR 67029 (September 29, 2016) (SR-NYSE-2016-48) (order 
granting approval of proposed rule change, as modified by Amendment 
No. 1 and Partial Amendment No. 2).
---------------------------------------------------------------------------

    This version of Rule 49 will remain operative until the proposed 
rule changes described in SR-NYSE-2016-48 are approved and the Exchange 
files a separate proposed rule change to delete this version of Rule 49 
and preamble and to establish the operative date of paragraph (a) of 
``Rule 49. Exchange Business Continuity and Disaster Recovery Plans and 
Mandatory

[[Page 88307]]

Testing.'' Subject to such separate proposed rule change, the Exchange 
will announce via Trader Update the operative date of the deletion of 
this Rule and implementation of paragraph (a) of Rule 49. Exchange 
Business Continuity and Disaster Recovery Plans and Mandatory Testing.
    In addition, the Exchange added the following preamble to Rule 49 
and added an ``N'' modifier to Rule 49(b), to distinguish it from 
paragraph (b) of the Print as P Rule.
    The Exchange will file a separate proposed rule change to establish 
the operative date of paragraph (a) of this version of Rule 49 and to 
delete ``Rule 49. Emergency Powers'' and this preamble. Until such 
time, ``Rule 49. Emergency Powers'' will remain operative. Subject to 
such separate proposed rule change, the Exchange will announce via 
Trader Update the operative date of paragraph (a) of this Rule and 
deletion of ``Rule 49. Emergency Powers.''
    Member organizations required to test Exchange Backup Systems under 
paragraph (b)(N) of this Rule will be required to test trading on the 
Exchange's Disaster Recovery Facility under paragraph (a) of this Rule 
on date(s) to be determined by the Exchange. Such mandatory testing 
dates will be announced by Trader Update.
    On November 5 and 19, 2016, the Exchange held the mandatory testing 
sessions for the operation of Rule 49 in the DR facility.\5\ The 
Exchange has determined that these tests were successful because all 
member organizations required to test trading on the Exchange's DR 
facility, as specified in the second paragraph of the preamble to Rule 
49, participated in the tests and the DR facility operated as provided 
for in Rule 49. Accordingly, the Exchange proposes to retire its Print 
as P Rule and implement Rule 49 operative November 23, 2016.
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    \5\ The Exchange announced by Trader Update that industry tests 
would be held on November 5, 2016 and November 19, 2016. See NYSE 
Trader Updates, dated September 9 and 16, 2016, available at https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_and_NYSE_MKT_DR_Trader_Update_Final.pdf and https://www.nyse.com/publicdocs/nyse/markets/nyse/DR_Testing.pdf.
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    The Exchange therefore proposes to:
     Delete the Print as P Rule, including the preamble;
     Delete the explanatory preamble to Rule 49; and
     Delete the ``N'' modifier to new Rule 49(b), which 
distinguished new Rule 49(b) from the Print as P Rule 49(b).
    In addition to this proposed rule change, the Exchange proposes to 
announce the operative date of November 23, 2016 via Trader Update.\6\
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    \6\ NYSE MKT LLC, the Exchange's affiliate, has also submitted 
substantially the same proposed rule change to propose the same 
changes as described herein. See SR-NYSEMKT-2016-109. In addition, 
NYSE Arca, Inc., the Exchange's affiliate, has submitted a proposed 
rule change to delete NYSE Arca Equities Rule 2.100, which allowed 
it to act on behalf of and at the direction of the Exchange if the 
Exchange invoked its Print as P Rule. See SR-NYSEArca-2016-154.
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2. Statutory Basis
    The proposed rule changes are consistent with Section 6(b) of the 
Act,\7\ in general, and further the objectives of Section 6(b)(5) of 
the Act,\8\ in particular, in that they are designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of trade, to foster cooperation and coordination 
with persons engaged in facilitating transactions in securities, and 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.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In particular, the Exchange believes that amending its rules to 
delete the Print as P Rule, which is no longer operative after the 
successful completion of mandatory testing by the Exchange's member 
organizations of the operation of Rule 49, would promote the protection 
of investors and the public interest because it would promote clarity 
and transparency on the Exchange rules governing the Exchange's 
business continuity and disaster recovery planning. The Exchange 
further believes that deleting the superseded rule that was applicable 
only to the prior disaster recovery plan, deleting the preamble to Rule 
49, and deleting the ``N'' modifier that distinguished the new rule 
from the now obsolete rule would remove impediments to and perfect the 
mechanism of a national market system because these proposed changes 
would add greater clarity to the Exchange's rules and promote market 
transparency and efficiency.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change would 
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 designed to address competitive issues but rather is designed to 
facilitate trading in Exchange-listed securities on its DR facility. As 
such, the Exchange believes that the proposed rule change would promote 
competition for the benefit of market participants and investors 
generally because it provides transparency on the Exchange rules which 
would govern trading in Exchange traded securities if they trade on the 
Exchange's DR facility and greater efficiency and transparency 
concerning trading on the Exchange in the event of a disaster.

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 \9\ and Rule 19b-4(f)(6) thereunder.\10\ 
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.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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 19b4(f)(6)(iii),\12\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest.
---------------------------------------------------------------------------

    \11\ 17 CFR 240.19b-4(f)(6).
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    The Exchange has asked the Commission to waive the 30-day operative 
delay so that the proposal may become operative immediately upon 
filing. The Commission believes that waiving the 30-day operative delay 
is consistent with the protection of investors and the public interest 
because doing so would allow the Exchange to more quickly implement a 
business continuity and disaster recovery plan under which the Exchange 
no longer relies on the facilities of an affiliated exchange. 
Therefore, the Commission hereby

[[Page 88308]]

waives the 30-day operative delay and designates the proposed rule 
change to be operative upon filing with the Commission.\13\
---------------------------------------------------------------------------

    \13\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings under 
Section 19(b)(2)(B) \14\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2016-81 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2016-81. 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 (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549 on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSE-2016-81 and should be 
submitted on or before December 28, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-29289 Filed 12-6-16; 8:45 am]
 BILLING CODE 8011-01-P