Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Chapter Nine of the NYSE Listed Company Manual, 88714-88716 [2016-29389]
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88714
Federal Register / Vol. 81, No. 236 / Thursday, December 8, 2016 / Notices
sradovich on DSK3GMQ082PROD with NOTICES
• amend the name under first column
of the tiers listed under footnotes 1, 3,
4, 5, 12, and 13 to simply state ‘‘Tier 1’’,
Tier 2’’ etc. as the deleted language is
redundant with the respective tier’s title
or with the description of the tier’s
criteria;
• replace the phrase ‘‘equal to or
greater than’’ and ‘‘greater than or equal
to’’ with ‘‘≥’’ in all required criteria cells
under footnotes 1, 2, 3, 4, 5, 6, 7, 8, 9,
10, 11, 12, and 13; and
• amend the NBBO Setter Tier under
footnote 4 to specify at the top of the
footnote that the additional rebates
provided by the tier are only applicable
to orders that establish a new National
Best Bid or Offer (‘‘NBBO’’) and to
delete such language from each tier’s
criteria.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder that
are applicable to a national securities
exchange, and, in particular, with the
requirements of Section 6 of the Act.7
Specifically, the Exchange believes that
the proposed rule change is consistent
with Sections 6(b)(4) of the Act,8 in that
it provides for the equitable allocation
of reasonable dues, fees and other
charges among members and other
persons using any facility or system
which the Exchange operates or
controls. The Exchange believes that the
proposed changes are reasonable and
equitable because they are intended to
simplify the Exchange’s fee schedule
and provide greater transparency to
market participants regarding how the
Exchange assesses fees and calculates
rebates. The Exchange notes that these
changes are purely clerical and do not
substantively amend any fee or rebate,
nor do they alter the manner in which
the Exchange assesses fees or calculates
rebates. The Exchange also believes that
the proposal is non-discriminatory
because it applies uniformly to all
Members. Finally, the Exchange
believes that the proposed changes will
make the fee schedule clearer and
eliminate potential investor confusion,
thereby removing impediments to and
perfecting the mechanism of a free and
open market and a national market
system, and, in general, protecting
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will result in
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
To the contrary, the Exchange believes
that the proposed rule change will not
impose any burden on competition as
the changes are purely clerical and do
not amend any fee or rebate.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any written
comments from members or other
interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 9 and paragraph (f) of Rule
19b–4 thereunder.10 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.
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–
BatsBZX–2016–79 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–BatsBZX–2016–79. 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
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–
BatsBZX–2016–79, and should be
submitted on or before December 29,
2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2016–29387 Filed 12–7–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–79458; File No. SR–NYSE–
2016–69]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Amending
Chapter Nine of the NYSE Listed
Company Manual
December 2, 2016.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on
November 23, 2016, New York Stock
Exchange LLC (‘‘NYSE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
11 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
7 15
8 15
U.S.C. 78f.
U.S.C. 78f(b)(4).
VerDate Sep<11>2014
17:28 Dec 07, 2016
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
10 17
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Federal Register / Vol. 81, No. 236 / Thursday, December 8, 2016 / Notices
III below, which Items have been
prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Chapter Nine of the NYSE Listed
Company Manual (the ‘‘Manual’’) to
amend certain of its listing fee
provisions. 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
sradovich on DSK3GMQ082PROD with NOTICES
1. Purpose
The Exchange proposes to amend
Chapter Nine of the Manual to amend
certain of its listing fee provisions. The
amended fees will take effect in the
2017 calendar year. The following are
the proposed fee increases:
• The fee per share charged in
connection with the initial listing of a
new class of equity securities will be
increased from $0.0032 per share to
$0.004 per share.
• The minimum initial listing fee in
connection with a new class of equity
securities will be increased from
$125,000 to $150,000 and the maximum
fee will be increased from $250,000 to
$295,000.
• A number of categories of securities
are currently billed an annual fee of
$0.001025 per share. This rate will be
increased to $0.00105 per share.4
4 The affected securities are as follows: Primary
class of common shares (including Equity
Investment Tracking Stock); each additional class of
common shares (including tracking stock); primary
class of preferred stock (if no class of common
VerDate Sep<11>2014
17:28 Dec 07, 2016
Jkt 241001
• The minimum annual fee
applicable to the primary class of
common shares (including Equity
Investment Tracking Stock) or the
primary class of preferred stock (if no
class of common shares is listed) will be
increased from $52,500 to $59,500.
• The minimum annual fee
applicable to structured products listed
under Section 902.05 and short-term
securities listed under Section 902.06
(except for warrants to purchase equity
securities) will be increased from
$15,000 to $20,000.
• The initial and annual listing fees
for debt listed under Section 102.03 and
103.05 of NYSE equity issuers and
affiliated companies will each be
increased from $15,000 to $20,000.
• The initial and annual listing fees
for debt listed under Section 102.03 and
103.05 of companies other than NYSE
equity issuers and affiliated companies
will each be increased from $15,000 to
$40,000.5
• The initial and annual listing fees
for securities (including short-term
securities) that list under the debt
standard in Section 703.19 and trade on
NYSE Bonds will each be increased
from $15,000 to $20,000.
As described below, the Exchange
proposes to make the aforementioned
fee increases to better reflect the
Exchange’s costs related to listing equity
securities and the corresponding value
of such listing to issuers.
The Exchange also proposes to
remove a number of references
throughout Chapter Nine to fees that are
no longer applicable as they were
superseded by new few [sic] rates
specified in the rule text and to delete
other obsolete rule text
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,6 in general, and
furthers the objectives of Sections
6(b)(4) 7 of the Act, in particular, in that
it is designed to provide for the
equitable allocation of reasonable dues,
fees, and other charges and is not
designed to permit unfair
discrimination among its members and
issuers and other persons using its
facilities. The Exchange also believes
that the proposed rule change is
shares is listed); each additional class of preferred
stock (whether primary class is common stock or
preferred stock); each class of warrants; structured
products listed under Section 902.05; and shortterm securities.
5 Domestic debt of issuers not subject to
registration under the Act is exempt from all listing
fees.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4).
PO 00000
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88715
consistent with Section 6(b)(5) of the
Act, 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.
The Exchange believes that it is
reasonable to amend Chapter Nine of
the Manual to increase the various
listing fees as set forth above because
the resulting fees would better reflect
the Exchange’s costs related to such
listing and the resulting value that that
such listings provide to the issuers. In
that regard, the Exchange notes that it
has incurred increased expenses as it
continues to improve and increase the
services it provides to listed companies.
These improvements include the
development and roll-out of a new
interactive web-based platform designed
to improve communication between the
Exchange and listed companies and
significant capital improvements to the
Exchange’s facility at 11 Wall Street to
create state-of-the-art conference
facilities to be used by listed companies.
The Exchange believes that the
proposed fee increases are equitably
allocated because the per share fee
increase will be the same for all issuers
on the Exchange. Therefore, the
proposed fee increases will not be
unfairly discriminatory towards any
individual issuer. The Exchange
believes it is consistent with Section
6(b)(5) of the Act to apply different fees
to bonds of companies that do not have
their equity securities listed on the
NYSE than to companies with NYSElisted equity securities and their
affiliates, as there is a greater regulatory
and administrative burden associated
with listing bonds of companies with
which the Exchange does not otherwise
have a regulatory or listing relationship.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change is designed to
ensure that the fees charged by the
Exchange accurately reflect the services
provided and benefits realized by listed
companies. The market for listing
services is extremely competitive. Each
listing exchange has a different fee
schedule that applies to issuers seeking
E:\FR\FM\08DEN1.SGM
08DEN1
88716
Federal Register / Vol. 81, No. 236 / Thursday, December 8, 2016 / Notices
to list securities on its exchange. Issuers
have the option to list their securities on
these alternative venues based on the
fees charged and the value provided by
each listing. Because issuers have a
choice to list their securities on a
different national securities exchange,
the Exchange does not believe that the
proposed fee changes impose a burden
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 foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 8 of the Act and
subparagraph (f)(2) of Rule 19b–4 9
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
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) 10 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:
sradovich on DSK3GMQ082PROD with NOTICES
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–2016–69 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
10 15 U.S.C. 78s(b)(2)(B).
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSE–2016–69. 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
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–
2016–69, and should be submitted on or
before December 29, 2016
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2016–29389 Filed 12–7–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–79456; File No. SR–
NASDAQ–2016–162]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend the
Exchange’s Transaction Fees at Rule
7047
December 2, 2016.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
9 17
VerDate Sep<11>2014
17:28 Dec 07, 2016
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that, on
November 21, 2016, The NASDAQ
Stock Market LLC (‘‘Nasdaq’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
Exchange’s data fees at Rule 7047 to: (i)
Reduce the enterprise license fee for
Nasdaq Basic from $350,000 to $100,000
per month for broker-dealers
distributing Nasdaq Basic to NonProfessional and Professional
Subscribers with whom the brokerdealer has a brokerage relationship; and
(ii) eliminate a requirement that brokerdealers purchase other products—
specifically, Nasdaq Last Sale and
Nasdaq TotalView/OpenView—to
qualify for the license. The Exchange
also proposes a number of conforming
changes: (1) To clarify which
Subscribers may receive the data; (2) to
limit the use of the data by Professional
Subscribers; and (3) to specify that each
electronic system used to distribute data
under the enterprise license must be
separately approved. The proposal is
described in further detail below.
These amendments are effective upon
filing.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://nasdaq.cchwallstreet.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
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
11 17
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CFR 200.30–3(a)(12).
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2 17
E:\FR\FM\08DEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
08DEN1
]]>Agencies
[Federal Register Volume 81, Number 236 (Thursday, December 8, 2016)]
[Notices]
[Pages 88714-88716]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-29389]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-79458; File No. SR-NYSE-2016-69]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Amending Chapter Nine of the NYSE Listed Company Manual
December 2, 2016.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on November 23, 2016, New York Stock Exchange LLC (``NYSE'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and
[[Page 88715]]
III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Chapter Nine of the NYSE Listed
Company Manual (the ``Manual'') to amend certain of its listing fee
provisions. 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 Chapter Nine of the Manual to amend
certain of its listing fee provisions. The amended fees will take
effect in the 2017 calendar year. The following are the proposed fee
increases:
The fee per share charged in connection with the initial
listing of a new class of equity securities will be increased from
$0.0032 per share to $0.004 per share.
The minimum initial listing fee in connection with a new
class of equity securities will be increased from $125,000 to $150,000
and the maximum fee will be increased from $250,000 to $295,000.
A number of categories of securities are currently billed
an annual fee of $0.001025 per share. This rate will be increased to
$0.00105 per share.\4\
---------------------------------------------------------------------------
\4\ The affected securities are as follows: Primary class of
common shares (including Equity Investment Tracking Stock); each
additional class of common shares (including tracking stock);
primary class of preferred stock (if no class of common shares is
listed); each additional class of preferred stock (whether primary
class is common stock or preferred stock); each class of warrants;
structured products listed under Section 902.05; and short-term
securities.
---------------------------------------------------------------------------
The minimum annual fee applicable to the primary class of
common shares (including Equity Investment Tracking Stock) or the
primary class of preferred stock (if no class of common shares is
listed) will be increased from $52,500 to $59,500.
The minimum annual fee applicable to structured products
listed under Section 902.05 and short-term securities listed under
Section 902.06 (except for warrants to purchase equity securities) will
be increased from $15,000 to $20,000.
The initial and annual listing fees for debt listed under
Section 102.03 and 103.05 of NYSE equity issuers and affiliated
companies will each be increased from $15,000 to $20,000.
The initial and annual listing fees for debt listed under
Section 102.03 and 103.05 of companies other than NYSE equity issuers
and affiliated companies will each be increased from $15,000 to
$40,000.\5\
---------------------------------------------------------------------------
\5\ Domestic debt of issuers not subject to registration under
the Act is exempt from all listing fees.
---------------------------------------------------------------------------
The initial and annual listing fees for securities
(including short-term securities) that list under the debt standard in
Section 703.19 and trade on NYSE Bonds will each be increased from
$15,000 to $20,000.
As described below, the Exchange proposes to make the
aforementioned fee increases to better reflect the Exchange's costs
related to listing equity securities and the corresponding value of
such listing to issuers.
The Exchange also proposes to remove a number of references
throughout Chapter Nine to fees that are no longer applicable as they
were superseded by new few [sic] rates specified in the rule text and
to delete other obsolete rule text
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\6\ in general, and furthers the
objectives of Sections 6(b)(4) \7\ of the Act, in particular, in that
it is designed to provide for the equitable allocation of reasonable
dues, fees, and other charges and is not designed to permit unfair
discrimination among its members and issuers and other persons using
its facilities. The Exchange also believes that the proposed rule
change is consistent with Section 6(b)(5) of the Act, 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange believes that it is reasonable to amend Chapter Nine
of the Manual to increase the various listing fees as set forth above
because the resulting fees would better reflect the Exchange's costs
related to such listing and the resulting value that that such listings
provide to the issuers. In that regard, the Exchange notes that it has
incurred increased expenses as it continues to improve and increase the
services it provides to listed companies. These improvements include
the development and roll-out of a new interactive web-based platform
designed to improve communication between the Exchange and listed
companies and significant capital improvements to the Exchange's
facility at 11 Wall Street to create state-of-the-art conference
facilities to be used by listed companies. The Exchange believes that
the proposed fee increases are equitably allocated because the per
share fee increase will be the same for all issuers on the Exchange.
Therefore, the proposed fee increases will not be unfairly
discriminatory towards any individual issuer. The Exchange believes it
is consistent with Section 6(b)(5) of the Act to apply different fees
to bonds of companies that do not have their equity securities listed
on the NYSE than to companies with NYSE-listed equity securities and
their affiliates, as there is a greater regulatory and administrative
burden associated with listing bonds of companies with which the
Exchange does not otherwise have a regulatory or listing relationship.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
designed to ensure that the fees charged by the Exchange accurately
reflect the services provided and benefits realized by listed
companies. The market for listing services is extremely competitive.
Each listing exchange has a different fee schedule that applies to
issuers seeking
[[Page 88716]]
to list securities on its exchange. Issuers have the option to list
their securities on these alternative venues based on the fees charged
and the value provided by each listing. Because issuers have a choice
to list their securities on a different national securities exchange,
the Exchange does not believe that the proposed fee changes impose a
burden 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 foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \8\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \9\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \10\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\10\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSE-2016-69 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-2016-69. 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 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-2016-69, and should be
submitted on or before December 29, 2016
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2016-29389 Filed 12-7-16; 8:45 am]
BILLING CODE 8011-01-P
