Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change Amending Rule 104 To Delete Subsection (g)(i)(A)(III) Prohibiting Designated Market Makers From Establishing a New High (Low) Price on the Exchange in a Security the DMM Has a Long (Short) Position During the Last Ten Minutes Prior to the Close of Trading, 20927 [2017-08979]

Download as PDF Federal Register / Vol. 82, No. 85 / Thursday, May 4, 2017 / Notices proceedings under Section 19(b)(2)(B) of the Act 5 to determine whether to approve or disapprove the proposed rule change.6 On March 16, 2017, the Exchange filed a response to the Order Instituting Proceedings.7 Section 19(b)(2) of the Act 8 provides that, after initiating disapproval proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of the filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule change was published for notice and comment in the Federal Register on November 17, 2016.9 The 180th day after publication of the notice of the filing of the proposed rule change in the Federal Register is May 16, 2017. The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,10 designates July 15, 2017, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR– NYSEMKT–2016–99). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–08977 Filed 5–3–17; 8:45 am] BILLING CODE 8011–01–P 5 15 U.S.C. 78s(b)(2)(B). Securities Exchange Act Release No. 80043 (Feb. 15, 2017), 82 FR 11379 (Feb. 22, 2017) (‘‘Order Instituting Proceedings’’). Specifically, the Commission instituted proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’’ and ‘‘to protect investors and the public interest.’’ See id., 81 FR at 11380. 7 See letter to Brent J. Fields, Secretary, Commission, from Elizabeth King, General Counsel and Corporate Secretary, New York Stock Exchange LLC, dated March 16, 2017, available at https:// www.sec.gov/comments/sr-nyse-2016-71/ nyse201671-1645043-148163.pdf. 8 15 U.S.C. 78s(b)(2). 9 See supra note 3. 10 15 U.S.C. 78s(b)(2). 11 17 CFR 200.30–3(a)(57). pmangrum on DSK3GDR082PROD with NOTICES 6 See VerDate Sep<11>2014 17:16 May 03, 2017 Jkt 241001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–80552; File No. SR–NYSE– 2016–71] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change Amending Rule 104 To Delete Subsection (g)(i)(A)(III) Prohibiting Designated Market Makers From Establishing a New High (Low) Price on the Exchange in a Security the DMM Has a Long (Short) Position During the Last Ten Minutes Prior to the Close of Trading April 28, 2017. On October 27, 2016, New York Stock Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change amending Rule 104 to delete subsection (g)(i)(A)(III), which prohibits Designated Market Makers (‘‘DMMs’’) from establishing, during the last ten minutes of trading before the close, a new high (low) price for the day on the Exchange in a security in which the DMM has a long (short) position. The proposed rule change was published for comment in the Federal Register on November 17, 2016.3 On December, 20, 2016, the Commission extended to February 15, 2017, the time period in which to approve the proposal, disapprove the proposal, or institute proceedings to determine whether to approve or disapprove the proposal.4 On February 15, 2017, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act 5 to determine whether to approve or disapprove the proposed rule change.6 Following the Order 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 79284 (Nov. 10, 2016), 81 FR 81222 (Nov. 17, 2016). 4 See Securities Exchange Act Release No. 79612 (Dec. 20, 2016), 81 FR 95205 (Dec. 27, 2016). 5 15 U.S.C. 78s(b)(2)(B). 6 See Securities Exchange Act Release No. 80044 (Feb. 15, 2017), 82 FR 11388 (Feb. 22, 2017) (‘‘Order Instituting Proceedings’’). Specifically, the Commission instituted proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 20927 Instituting Proceedings, the Commission received a comment letter supporting the proposal.7 On March 16, 2017, the Exchange filed a response to the Order Instituting Proceedings.8 Section 19(b)(2) of the Act 9 provides that, after initiating disapproval proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of the filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule change was published for notice and comment in the Federal Register on November 17, 2016.10 The 180th day after publication of the notice of the filing of the proposed rule change in the Federal Register is May 16, 2017. The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,11 designates July 15, 2017, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR– NYSE–2016–71). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–08979 Filed 5–3–17; 8:45 am] BILLING CODE 8011–01–P of trade,’’ and ‘‘to protect investors and the public interest.’’ See id., 81 FR at 11388. 7 See letter to Eduardo A. Aleman, Assistant Secretary, Commission, from Stephen John Berger, Managing Director, Government and Regulatory Policy, Citadel Securities, dated May 15, 2017, available at https://www.sec.gov/comments/sr-nyse2016-71/nyse201671-1643039-147158.pdf. 8 See letter to Brent J. Fields, Secretary, Commission, from Elizabeth King, General Counsel and Corporate Secretary, New York Stock Exchange LLC, dated March 16, 2017, available at https:// www.sec.gov/comments/sr-nyse-2016-71/ nyse201671-1645043-148163.pdf. 9 15 U.S.C. 78s(b)(2). 10 See supra note 3. 11 15 U.S.C. 78s(b)(2). 12 17 CFR 200.30–3(a)(57). E:\FR\FM\04MYN1.SGM 04MYN1

Agencies

[Federal Register Volume 82, Number 85 (Thursday, May 4, 2017)]
[Notices]
[Page 20927]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-08979]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80552; File No. SR-NYSE-2016-71]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Change Amending Rule 104 To Delete Subsection (g)(i)(A)(III) 
Prohibiting Designated Market Makers From Establishing a New High (Low) 
Price on the Exchange in a Security the DMM Has a Long (Short) Position 
During the Last Ten Minutes Prior to the Close of Trading

April 28, 2017.
    On October 27, 2016, New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change amending Rule 104 to delete subsection 
(g)(i)(A)(III), which prohibits Designated Market Makers (``DMMs'') 
from establishing, during the last ten minutes of trading before the 
close, a new high (low) price for the day on the Exchange in a security 
in which the DMM has a long (short) position. The proposed rule change 
was published for comment in the Federal Register on November 17, 
2016.\3\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 79284 (Nov. 10, 
2016), 81 FR 81222 (Nov. 17, 2016).
---------------------------------------------------------------------------

    On December, 20, 2016, the Commission extended to February 15, 
2017, the time period in which to approve the proposal, disapprove the 
proposal, or institute proceedings to determine whether to approve or 
disapprove the proposal.\4\ On February 15, 2017, the Commission 
instituted proceedings under Section 19(b)(2)(B) of the Act \5\ to 
determine whether to approve or disapprove the proposed rule change.\6\ 
Following the Order Instituting Proceedings, the Commission received a 
comment letter supporting the proposal.\7\ On March 16, 2017, the 
Exchange filed a response to the Order Instituting Proceedings.\8\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 79612 (Dec. 20, 
2016), 81 FR 95205 (Dec. 27, 2016).
    \5\ 15 U.S.C. 78s(b)(2)(B).
    \6\ See Securities Exchange Act Release No. 80044 (Feb. 15, 
2017), 82 FR 11388 (Feb. 22, 2017) (``Order Instituting 
Proceedings''). Specifically, the Commission instituted proceedings 
to allow for additional analysis of the proposed rule change's 
consistency with Section 6(b)(5) of the Act, which requires, among 
other things, that the rules of a national securities exchange be 
``designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade,'' and 
``to protect investors and the public interest.'' See id., 81 FR at 
11388.
    \7\ See letter to Eduardo A. Aleman, Assistant Secretary, 
Commission, from Stephen John Berger, Managing Director, Government 
and Regulatory Policy, Citadel Securities, dated May 15, 2017, 
available at https://www.sec.gov/comments/sr-nyse-2016-71/nyse201671-1643039-147158.pdf.
    \8\ See letter to Brent J. Fields, Secretary, Commission, from 
Elizabeth King, General Counsel and Corporate Secretary, New York 
Stock Exchange LLC, dated March 16, 2017, available at https://www.sec.gov/comments/sr-nyse-2016-71/nyse201671-1645043-148163.pdf.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \9\ provides that, after initiating 
disapproval proceedings, the Commission shall issue an order approving 
or disapproving the proposed rule change not later than 180 days after 
the date of publication of notice of the filing of the proposed rule 
change. The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination. The 
proposed rule change was published for notice and comment in the 
Federal Register on November 17, 2016.\10\ The 180th day after 
publication of the notice of the filing of the proposed rule change in 
the Federal Register is May 16, 2017.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).
    \10\ See supra note 3.
---------------------------------------------------------------------------

    The Commission finds that it is appropriate to designate a longer 
period within which to issue an order approving or disapproving the 
proposed rule change so that it has sufficient time to consider the 
proposed rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\11\ designates July 15, 2017, as the date by which the Commission 
shall either approve or disapprove the proposed rule change (File No. 
SR-NYSE-2016-71).
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
Eduardo A. Aleman,
Assistant Secretary.
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(57).
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[FR Doc. 2017-08979 Filed 5-3-17; 8:45 am]
 BILLING CODE 8011-01-P