Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending Its Listing Standard for Special Purpose Acquisition Companies To Change Shareholder Vote Requirement for the Approval of a Business Combination, 23123-23125 [2017-10132]
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Federal Register / Vol. 82, No. 96 / Friday, May 19, 2017 / Notices
Electronic Comments
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
BILLING CODE 8011–01–P
• 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–
OCC–2017–012 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.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.21
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–10127 Filed 5–18–17; 8:45 am]
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:
All submissions should refer to File
Number SR–OCC–2017–012. 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 OCC and on OCC’s Web site at
https://www.theocc.com/components/
docs/legal/rules_and_bylaws/sr_occ_17_
012.pdf.
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–OCC–2017–012 and should
be submitted on or before June 9, 2017.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80677; File No. SR–NYSE–
2017–20]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Proposed Rule Change
Amending Its Listing Standard for
Special Purpose Acquisition
Companies To Change Shareholder
Vote Requirement for the Approval of
a Business Combination
May 15, 2017.
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 May 1,
2017, New York Stock Exchange LLC
(‘‘NYSE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
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 its
listing standard for Acquisition
Companies (‘‘ACs’’) to change its
shareholder vote requirement for the
approval of a Business Combination.
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
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
21 17
CFR 200.30–3(a)(12).
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23123
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1. Purpose
The Exchange proposes to amend its
listing standard for Acquisition
Companies (or ‘‘ACs’’) as set forth in
Section 102.06 of the NYSE Listed
Company Manual (the ‘‘Manual’’) to
change its shareholder vote requirement
for the approval of a Business
Combination.
An AC (typically known in the
marketplace as a special purpose
acquisition company or ‘‘SPAC’’) is a
special purpose company formed for the
purpose of effecting a merger, capital
stock exchange, asset acquisition, stock
purchase, reorganization or similar
business combination with one or more
operating businesses or assets with a fair
market value equal to at least 80% of the
net assets of the AC held in trust (net
of amounts disbursed to management
for working capital purposes and
excluding the amount of any deferred
underwriting discount held in trust) (a
‘‘Business Combination’’).
Section 102.06 subjects any AC listed
on the NYSE to the following
requirements (among others):
• If the AC holds a shareholder vote
on a Business Combination, it must be
approved by a majority of the votes cast
by public shareholders 4 at the
shareholder meeting at which the
Business Combination is being
considered;
• if a shareholder vote on a Business
Combination is held, each public
shareholder voting against the Business
Combination will have the right to
convert its shares of common stock into
a pro rata share of the aggregate amount
then on deposit in the trust account (net
of taxes payable, and amounts disbursed
to management for working capital
purposes), provided that the Business
Combination is approved and
consummated; 5
4 Shares held by directors, officers, or their
immediate families and other concentrated holding
of 10 percent or more are excluded in calculating
the number of publicly-held shares.
5 An AC can establish a limit (set no lower than
10% of the shares sold in the AC’s IPO) as to the
maximum number of shares with respect to which
any public shareholder, together with any affiliate
of such shareholder or any person with whom such
shareholder is acting as a ‘‘group’’ (as such term is
used in Sections 13(d) and 14(d) of the Exchange
Act) may exercise conversion rights;
E:\FR\FM\19MYN1.SGM
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23124
Federal Register / Vol. 82, No. 96 / Friday, May 19, 2017 / Notices
asabaliauskas on DSK3SPTVN1PROD with NOTICES
• if a shareholder vote is not held on
a Business Combination for which the
company must file and furnish a proxy
or information statement subject to
Regulation 14A or 14C under the
Exchange Act, the company must
provide all shareholders with the
opportunity to redeem all their shares
for cash equal to their pro rata share of
the aggregate amount then in the deposit
account (net of taxes payable, and
amounts disbursed to management for
working capital purposes), pursuant to
Rule 13e–4 and Regulation 14E under
the Exchange Act, which regulates
issuer tender offers; and
• the AC will be liquidated if no
Business Combination has been
consummated within a specified time
period not to exceed three years.
The Exchange proposes to amend
Section 102.06 by modifying its
requirement that a shareholder vote
approving a Business Combination be
approved by a majority of the votes cast
by public shareholders. The proposed
amended rule would require approval
by a majority of all votes cast on the
proposal, rather than just votes cast by
public shareholders. The Exchange
notes that the proposed revision to the
voting requirements would conform the
NYSE’s rule to the comparable
requirements under the SPAC listing
standards of the NASDAQ Stock Market
and NYSE MKT.6 Harmonizing the
Exchange’s requirements with those of
the other listing markets will enable it
to compete more effectively for the
listing of ACs. The Exchange believes
that the proposed amended rule would
be consistent with the protection of
investors, as any investor who voted
against a proposed Business
Combination would continue to have
the right to require the company to
redeem such investor’s shares for cash
if the Business Combination was
consummated.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,7 in general, and
furthers the objectives of Section
6(b)(5) 8 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
6 See NASDAQ IM 5101–2 and Section 119 of the
MKT Company Guide.
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
VerDate Sep<11>2014
19:15 May 18, 2017
Jkt 241001
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 amended rule is consistent
with the protection of investors because
as any investor [sic] who voted against
a proposed Business Combination
would continue to have the right to
require the company to redeem such
investor’s shares for cash if the Business
Combination was consummated. In
addition, the Exchange notes that the
proposed revision to the voting
requirements would conform the
NYSE’s rules to the comparable
requirements under the SPAC listing
standards of the NASDAQ Stock Market
and NYSE MKT. Harmonizing the
Exchange’s requirements with those of
the other listing markets will enable it
to compete more effectively for the
listing of ACs.
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
harmonize the Exchange’s requirements
with respect to the listing of ACs with
those of the other listing exchanges and
will therefore increase competition for
the listing of ACs by making the
Exchange a more attractive listing
venue.
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
Within 45 days of the date of
publication of this notice in the Federal
Register or up to 90 days (i) as the
Commission may designate if it finds
such longer period to be appropriate
and publishes its reasons for so finding
or (ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve or disapprove
the proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
PO 00000
Frm 00172
Fmt 4703
Sfmt 4703
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–2017–20 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–2017–20. 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–
2017–20 and should be submitted on or
before June 9, 2017.
E:\FR\FM\19MYN1.SGM
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Federal Register / Vol. 82, No. 96 / Friday, May 19, 2017 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–10132 Filed 5–18–17; 8:45 am]
DEPARTMENT OF STATE
[Public Notice: 9988]
60-Day Notice of Proposed Information
Collection: NEA/AC Performance
Reporting System (ACPRS)
BILLING CODE 8011–01–P
Notice of request for public
comment.
ACTION:
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #15098 and #15099]
Nevada Disaster Number NV–00048
U.S. Small Business
Administration.
AGENCY:
ACTION:
Amendment 1.
This is an amendment of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of NEVADA (FEMA–4307–
DR), dated 03/27/2017.
Incident: Severe Winter Storms,
Flooding, and Mudslides.
Incident Period: 02/05/2017 through
02/22/2017.
Effective Date: 05/12/2017.
Physical Loan Application Deadline
Date: 05/26/2017.
Economic Injury (EIDL) Loan
Application Deadline Date: 12/27/2017.
SUMMARY:
Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
ADDRESSES:
A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW., Suite 6050,
Washington, DC 20416, (202) 205–6734.
FOR FURTHER INFORMATION CONTACT:
The notice
of the President’s major disaster
declaration for Private Non-Profit
organizations in the State of NEVADA,
dated 03/27/2017, is hereby amended to
include the following areas as adversely
affected by the disaster.
SUPPLEMENTARY INFORMATION:
Primary Counties: Churchill, Storey
asabaliauskas on DSK3SPTVN1PROD with NOTICES
All other information in the original
declaration remains unchanged.
(Catalog of Federal Domestic Assistance
Number 59008)
James E. Rivera,
Associate Administrator for Disaster
Assistance.
[FR Doc. 2017–10152 Filed 5–18–17; 8:45 am]
BILLING CODE 8025–01–P
9 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
19:15 May 18, 2017
Jkt 241001
The Department of State is
seeking Office of Management and
Budget (OMB) approval for the
information collection described below.
In accordance with the Paperwork
Reduction Act of 1995, we are
requesting comments on this collection
from all interested individuals and
organizations. The purpose of this
notice is to allow 60 days for public
comment preceding submission of the
collection to OMB.
DATES: The Department will accept
comments from the public up to July 18,
2017.
ADDRESSES: You may submit comments
by any of the following methods:
• Web: Persons with access to the
Internet may comment on this notice by
going to www.Regulations.gov. You can
search for the document by entering
‘‘Docket Number: DOS–2017–0022’’ in
the Search field. Then click the
‘‘Comment Now’’ button and complete
the comment form.
• Email: SibrianHE@state.gov.
• Regular Mail: Send written
comments to: Hainer Sibrian, PROTelligent Contractor, Near Eastern
Affairs, NEA/AC, 2201 C St. NW.,
Washington, DC 20037
• Fax: 202–776–8820.
You must include the information
collection title and the OMB control
number in any correspondence.
FOR FURTHER INFORMATION CONTACT:
Direct requests for additional
information regarding the collection
listed in this notice, including requests
for copies of the proposed collection
instrument and supporting documents,
may be made to Hainer Sibrian,
TetraTech/PRO-Telligent Contractor,
U.S. Department of State, Bureau of
Near Eastern Affairs, Office of
Assistance Coordination (NEA/AC),
NEA Mail Room—Room 6528, 2201 C
St. NW., Washington, DC 20520. He may
be reached by phone at 202–776–8826
or by email at SibrianHE@state.gov.
SUPPLEMENTARY INFORMATION:
• Title of Information Collection:
NEA/AC Performance Reporting System
(ACPRS).
• OMB Control Number: 1405–0183.
• Type of Request: Extension of a
Currently Approved Collection.
• Originating Office: NEA/AC.
SUMMARY:
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23125
• Form Number: DS–4127.
• Respondents: Recipients of NEA/
AC grants.
• Estimated Number of Respondents:
240.
• Estimated Number of Responses:
960.
• Average Time per Response: 20
hours.
• Total Estimated Burden Time:
19,200 hours.
• Frequency: Quarterly.
• Obligation to Respond: Mandatory.
We are soliciting public comments to
permit the Department to:
• Evaluate whether the proposed
information collection is necessary for
the proper functions of the Department.
• Evaluate the accuracy of our
estimate of the time and cost burden for
this proposed collection, including the
validity of the methodology and
assumptions used.
• Enhance the quality, utility, and
clarity of the information to be
collected.
• Minimize the reporting burden on
those who are to respond, including the
use of automated collection techniques
or other forms of information
technology.
Please note that comments submitted
in response to this Notice are public
record. Before including any detailed
personal information, you should be
aware that your comments as submitted,
including your personal information,
will be available for public review.
Abstract of proposed collection: The
Assistance Coordination (AC) Office,
established in June 2014, coordinates
United States government foreign
assistance in the Middle East and North
Africa region for the Department of
State, and manages the implementation
of all the assistance functions within the
Department of State’s Bureau of Near
Eastern Affairs. In fiscal year 2017, the
AC office expects to obligate over $142
million to support economic
development, good governance,
education, democracy programs, and
human rights reform in 20 countries of
the Middle East and North Africa. As a
normal course of business and in
compliance with OMB Guidelines
contained in 2 CFR 200, recipient
organizations are required to provide,
and the U.S. Department of State is
required to collect, periodic program
and financial performance reports. The
responsibility of the Department to track
and monitor the programmatic and
financial performance necessitates a
database that can help facilitate this in
a consistent and standardized manner.
The NEA/AC Performance Reporting
System (ACPRS) enables enhanced
monitoring and evaluation of grants
E:\FR\FM\19MYN1.SGM
19MYN1
]]>Agencies
[Federal Register Volume 82, Number 96 (Friday, May 19, 2017)]
[Notices]
[Pages 23123-23125]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-10132]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-80677; File No. SR-NYSE-2017-20]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Proposed Rule Change Amending Its Listing Standard
for Special Purpose Acquisition Companies To Change Shareholder Vote
Requirement for the Approval of a Business Combination
May 15, 2017.
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 May 1, 2017, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and 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 its listing standard for Acquisition
Companies (``ACs'') to change its shareholder vote requirement for the
approval of a Business Combination. 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 listing standard for Acquisition
Companies (or ``ACs'') as set forth in Section 102.06 of the NYSE
Listed Company Manual (the ``Manual'') to change its shareholder vote
requirement for the approval of a Business Combination.
An AC (typically known in the marketplace as a special purpose
acquisition company or ``SPAC'') is a special purpose company formed
for the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more operating businesses or assets with a fair
market value equal to at least 80% of the net assets of the AC held in
trust (net of amounts disbursed to management for working capital
purposes and excluding the amount of any deferred underwriting discount
held in trust) (a ``Business Combination'').
Section 102.06 subjects any AC listed on the NYSE to the following
requirements (among others):
If the AC holds a shareholder vote on a Business
Combination, it must be approved by a majority of the votes cast by
public shareholders \4\ at the shareholder meeting at which the
Business Combination is being considered;
---------------------------------------------------------------------------
\4\ Shares held by directors, officers, or their immediate
families and other concentrated holding of 10 percent or more are
excluded in calculating the number of publicly-held shares.
---------------------------------------------------------------------------
if a shareholder vote on a Business Combination is held,
each public shareholder voting against the Business Combination will
have the right to convert its shares of common stock into a pro rata
share of the aggregate amount then on deposit in the trust account (net
of taxes payable, and amounts disbursed to management for working
capital purposes), provided that the Business Combination is approved
and consummated; \5\
---------------------------------------------------------------------------
\5\ An AC can establish a limit (set no lower than 10% of the
shares sold in the AC's IPO) as to the maximum number of shares with
respect to which any public shareholder, together with any affiliate
of such shareholder or any person with whom such shareholder is
acting as a ``group'' (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) may exercise conversion rights;
---------------------------------------------------------------------------
[[Page 23124]]
if a shareholder vote is not held on a Business
Combination for which the company must file and furnish a proxy or
information statement subject to Regulation 14A or 14C under the
Exchange Act, the company must provide all shareholders with the
opportunity to redeem all their shares for cash equal to their pro rata
share of the aggregate amount then in the deposit account (net of taxes
payable, and amounts disbursed to management for working capital
purposes), pursuant to Rule 13e-4 and Regulation 14E under the Exchange
Act, which regulates issuer tender offers; and
the AC will be liquidated if no Business Combination has
been consummated within a specified time period not to exceed three
years.
The Exchange proposes to amend Section 102.06 by modifying its
requirement that a shareholder vote approving a Business Combination be
approved by a majority of the votes cast by public shareholders. The
proposed amended rule would require approval by a majority of all votes
cast on the proposal, rather than just votes cast by public
shareholders. The Exchange notes that the proposed revision to the
voting requirements would conform the NYSE's rule to the comparable
requirements under the SPAC listing standards of the NASDAQ Stock
Market and NYSE MKT.\6\ Harmonizing the Exchange's requirements with
those of the other listing markets will enable it to compete more
effectively for the listing of ACs. The Exchange believes that the
proposed amended rule would be consistent with the protection of
investors, as any investor who voted against a proposed Business
Combination would continue to have the right to require the company to
redeem such investor's shares for cash if the Business Combination was
consummated.
---------------------------------------------------------------------------
\6\ See NASDAQ IM 5101-2 and Section 119 of the MKT Company
Guide.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\7\ in general, and furthers the
objectives of Section 6(b)(5) \8\ 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
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed amended rule is consistent
with the protection of investors because as any investor [sic] who
voted against a proposed Business Combination would continue to have
the right to require the company to redeem such investor's shares for
cash if the Business Combination was consummated. In addition, the
Exchange notes that the proposed revision to the voting requirements
would conform the NYSE's rules to the comparable requirements under the
SPAC listing standards of the NASDAQ Stock Market and NYSE MKT.
Harmonizing the Exchange's requirements with those of the other listing
markets will enable it to compete more effectively for the listing of
ACs.
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 harmonize the Exchange's requirements with respect to the
listing of ACs with those of the other listing exchanges and will
therefore increase competition for the listing of ACs by making the
Exchange a more attractive listing venue.
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
Within 45 days of the date of publication of this notice in the
Federal Register or up to 90 days (i) as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or (ii) as to which the self-regulatory
organization consents, the Commission will:
(A) By order approve or disapprove the proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be 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-2017-20 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-2017-20. 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-2017-20 and should be
submitted on or before June 9, 2017.
[[Page 23125]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-10132 Filed 5-18-17; 8:45 am]
BILLING CODE 8011-01-P
