Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Section 102.01B of the NYSE Listed Company Manual To Provide for the Listing of Companies That List Without a Prior Exchange Act Registration and That Are Not Listing in Connection With an Underwritten Initial Public Offering and Related Changes to Rules 15, 104, and 123D, 37244-37245 [2017-16741]

Download as PDF 37244 Federal Register / Vol. 82, No. 152 / Wednesday, August 9, 2017 / Notices sradovich on DSK3GMQ082PROD with NOTICES dominant or the competitive product list. Section II identifies the docket number(s) associated with each Postal Service request, the title of each Postal Service request, the request’s acceptance date, and the authority cited by the Postal Service for each request. For each request, the Commission appoints an officer of the Commission to represent the interests of the general public in the proceeding, pursuant to 39 U.S.C. 505 (Public Representative). Section II also establishes comment deadline(s) pertaining to each request. The public portions of the Postal Service’s request(s) can be accessed via the Commission’s Web site (https:// www.prc.gov). Non-public portions of the Postal Service’s request(s), if any, can be accessed through compliance with the requirements of 39 CFR 3007.40. The Commission invites comments on whether the Postal Service’s request(s) in the captioned docket(s) are consistent with the policies of title 39. For request(s) that the Postal Service states concern market dominant product(s), applicable statutory and regulatory requirements include 39 U.S.C. 3622, 39 U.S.C. 3642, 39 CFR part 3010, and 39 CFR part 3020, subpart B. For request(s) that the Postal Service states concern competitive product(s), applicable statutory and regulatory requirements include 39 U.S.C. 3632, 39 U.S.C. 3633, 39 U.S.C. 3642, 39 CFR part 3015, and 39 CFR part 3020, subpart B. Comment deadline(s) for each request appear in section II. II. Docketed Proceeding(s) 1. Docket No(s).: CP2017–249; Filing Title: Notice of the United States Postal Service of Filing a Functionally Equivalent Global Plus 3 Negotiated Service Agreement and Application for Non-Public Treatment of Materials Filed Under Seal; Filing Acceptance Date: August 3, 2017; Filing Authority: 39 CFR 3015.5; Public Representative: Kenneth R. Moeller; Comments Due: August 14, 2017. 2. Docket No(s).: CP2017–250; Filing Title: Notice of the United States Postal Service of Filing a Functionally Equivalent Global Plus 3 Negotiated Service Agreement and Application for Non-Public Treatment of Materials Filed Under Seal; Filing Acceptance Date: August 3, 2017; Filing Authority: 39 CFR 3015.5; Public Representative: Kenneth R. Moeller; Comments Due: August 14, 2017. 3. Docket No(s).: CP2017–251; Filing Title: Notice of the United States Postal Service of Filing a Functionally Equivalent Global Plus 1D Negotiated VerDate Sep<11>2014 17:00 Aug 08, 2017 Jkt 241001 Service Agreement and Application for Non-Public Treatment of Materials Filed Under Seal; Filing Acceptance Date: August 3, 2017; Filing Authority: 39 CFR 3015.5; Public Representative: Christopher C. Mohr; Comments Due: August 14, 2017. 4. Docket No(s).: CP2017–252; Filing Title: Notice of the United States Postal Service of Filing a Functionally Equivalent Global Plus 1D Negotiated Service Agreement and Application for Non-Public Treatment of Materials Filed Under Seal; Filing Acceptance Date: August 3, 2017; Filing Authority: 39 CFR 3015.5; Public Representative: Christopher C. Mohr; Comments Due: August 14, 2017. 5. Docket No(s).: CP2017–253; Filing Title: Notice of the United States Postal Service of Filing a Functionally Equivalent Global Plus 1D Negotiated Service Agreement and Application for Non-Public Treatment of Materials Filed Under Seal; Filing Acceptance Date: August 3, 2017; Filing Authority: 39 CFR 3015.5; Public Representative: Christopher C. Mohr; Comments Due: August 14, 2017. 6. Docket No(s).: CP2017–254; Filing Title: Notice of the United States Postal Service of Filing a Functionally Equivalent Global Plus 1D Negotiated Service Agreement and Application for Non-Public Treatment of Materials Filed Under Seal; Filing Acceptance Date: August 3, 2017; Filing Authority: 39 CFR 3015.5; Public Representative: Christopher C. Mohr; Comments Due: August 15, 2017 7. Docket No(s).: CP2017–255; Filing Title: Notice of the United States Postal Service of Filing a Functionally Equivalent Global Plus 1D Negotiated Service Agreement and Application for Non-Public Treatment of Materials Filed Under Seal; Filing Acceptance Date: August 3, 2017; Filing Authority: 39 CFR 3015.5; Public Representative: Christopher C. Mohr; Comments Due: August 15, 2017 8. Docket No(s).: CP2017–256; Filing Title: Notice of the United States Postal Service of Filing a Functionally Equivalent Global Plus 1D Negotiated Service Agreement and Application for Non-Public Treatment of Materials Filed Under Seal; Filing Acceptance Date: August 3, 2017; Filing Authority: 39 CFR 3015.5; Public Representative: Christopher C. Mohr; Comments Due: August 15, 2017 This notice will be published in the Federal Register. BILLING CODE 7710–FW–P Fmt 4703 Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Section 102.01B of the NYSE Listed Company Manual To Provide for the Listing of Companies That List Without a Prior Exchange Act Registration and That Are Not Listing in Connection With an Underwritten Initial Public Offering and Related Changes to Rules 15, 104, and 123D August 3, 2017. On June 13, 2017, the New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘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 to amend Section 102.01B of the Manual to modify the provisions relating to the qualification of companies listing without a prior Exchange Act registration and an underwritten offering to permit the listing of such companies immediately upon effectiveness of an Exchange Act registration statement without a concurrent public offering registered under the Securities Act of 1933 provided the company meets all other listing requirements. The proposal, also would (i) eliminate the requirement to have a private placement market trading price if there is a valuation from an independent third-party of $250 million in market value of publicly-held shares; (ii) amend Rule 15 to add a Reference Price for when a security is listed under Footnote (E) to Section 102.01B; (iii) amend Rule 104 to specify Designated Market Maker (‘‘DMM’’) requirements when a security is listed under Footnote (E) to Section 102.01B and there has been no trading in the private market for such security; and (iv) amend Rule 123D to specify that the Exchange may declare a regulatory halt in a security that is the subject of an initial listing on the Exchange. The proposed rule change was published for comment in the Federal Register on June 20, 2017.3 The U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 34– 80933 (June 15, 2017), 82 FR 28200 (June 20, 2017) (‘‘Notice’’). 2 17 [FR Doc. 2017–16800 Filed 8–8–17; 8:45 am] Frm 00056 [Release No. 34–81309; File No. SR–NYSE– 2017–30] 1 15 Stacy L. Ruble, Secretary. PO 00000 SECURITIES AND EXCHANGE COMMISSION Sfmt 4703 E:\FR\FM\09AUN1.SGM 09AUN1 Federal Register / Vol. 82, No. 152 / Wednesday, August 9, 2017 / Notices Commission received one comment in response to the proposed rule change.4 The Exchange filed Amendment No. 1, which supersedes and replaces the proposed rule change in its entirety, on July 28, 2017.5 Section 19(b)(2) of the Act 6 provides that, within 45 days of the publication of the notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The Commission is extending this 45-day time period. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change, as modified by Amendment No. 1. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,7 designates September 18, 2017, as the date by which the Commission should approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change (File No. SR–NYSE–2017–30), as modified by Amendment No. 1. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–16741 Filed 8–8–17; 8:45 am] sradovich on DSK3GMQ082PROD with NOTICES BILLING CODE 8011–01–P 4 See letter to the Commission from James J. Angel, Ph.D., CFA, Georgetown University, dated July 28, 2017. 5 Amendment No. 1 removes the proposal to allow the Exchange to declare a regulatory halt in a security that is the subject of an initial public offering, and amends the proposed provisions of Rule 15 and Rule 104 relating to private placement market trading and proposed Rule 123D(d) relating to trading halts for initial listings. Amendment No. 1 is available at https://www.sec.gov/comments/srnyse-2017-30/nyse201730.htm. 6 15 U.S.C. 78s(b)(2). 7 Id. 8 17 CFR 200.30–3(a)(57). VerDate Sep<11>2014 17:00 Aug 08, 2017 Jkt 241001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–81303; File No. SR– NYSEArca–2017–83] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 7.37 August 3, 2017. 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 July 26, 2017, NYSE Arca, Inc. (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 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 [sic] Rule 7.37 (Order Execution and Routing). 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 Rule 7.37 (Order Execution and Routing) to reflect changes to how the Exchange would process MOC/LOC 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 37245 Orders 4 routed to NYSE American LLC (‘‘NYSE American’’).5 Rule 7.37(b)(7)(C) provides that the Exchange rejects requests to cancel or to reduce in size a Market-on-Close Order (‘‘MOC Order’’) or a Limit-on-Close Order (‘‘LOC Order’’) in NYSE-listed securities or NYSE MKT-listed securities (‘‘NYSE American-listed securities’’) 6 that is electronically entered after the time specified in NYSE Rules [sic] 123C(3)(b) and NYSE MKT Rule 123C(3)(b)— Equities (‘‘NYSE American Rule 123C(3)(b)—Equities’’) 7 and Supplementary Material .40 to those rules.8 The Exchange proposes to amend Rule 7.37(b)(7)(C) to provide that the Exchange would no longer reject requests to cancel or reduce in size MOC/LOC Orders in NYSE Americanlisted securities. The Exchange is enhancing functionality to coincide with the recent migration of NYSE American to the Pillar trading system. On Pillar, NYSE American no longer processes MOC or LOC Orders under NYSE American Rule 123C—Equities and instead processes such orders under NYSE American Rule 7.35E.9 Because NYSE American will systemically enforce its requirements by rejecting requests to cancel or requests to cancel 4 A Market-on-Close Order is a Market Order that is to be traded only during the Closing Auction and a Limit-on-Close Order is a Limit Order that is to be traded only during the Closing Auction. See Rule 7.31(c)(3) and (4). If the Exchange does not conduct a closing auction in a UTP Security, the Exchange routes MOC/LOC Orders in such a UTP Security to the primary listing market. See Rule 7.34(c)(2)(B). 5 On July 24, 2017, the Exchange’s affiliate, NYSE MKT LLC, transitioned to the Pillar trading platform and was renamed NYSE American LLC. See Securities Exchange Act Release Nos. 79242 (November 4, 2016), 81 FR 79081 (November 10, 2016) (SR–NYSEMKT–2016–97); 79400 (November 25, 2016), 81 FR 86750 (December 1, 2016) (SR– NYSEMKT–2016–103); 80283 (March 21, 2017), 82 FR 15244 (March 27, 2017) (SR–NYSEMKT–2017– 14); and 80748 (May 23, 2017), 82 FR 24764 (May 30, 2017) (SR–NYSEMKT–2017–20). 6 See supra, note 5. 7 See supra, note 5. 8 NYSE Rule 123C(3)(b) and NYSE American Rule 123C(3)(b)—Equities provide that between 3:45 p.m. and 3:58 p.m., MOC, LOC and CO Orders may be cancelled or reduced in size to correct a legitimate error, and NYSE Rule 123C(3)(c) and NYSE American Rule 123C(3)(c)—Equities provide that MOC, LOC and CO Orders may not be cancelled or adjusted for any reason after 3:58 p.m. unless there is an Extreme Order Imbalance at or Near the Close, as provided in NYSE Rule 123C(9) and NYSE American Rule 123C(9)—Equities. Accordingly, between 3:45 p.m. and 3:58 p.m., NYSE and NYSE American accept requests to cancel MOC and LOC Orders. 9 NYSE American Rule 7.35E(d)(2)(B) provides that when the Closing Auction Imbalance Freeze begins, NYSE American will reject requests to cancel and requests to cancel and replace MOC Orders and LOC Orders. E:\FR\FM\09AUN1.SGM 09AUN1

Agencies

[Federal Register Volume 82, Number 152 (Wednesday, August 9, 2017)]
[Notices]
[Pages 37244-37245]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-16741]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81309; File No. SR-NYSE-2017-30]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Designation of Longer Period for Commission Action on a 
Proposed Rule Change, as Modified by Amendment No. 1, To Amend Section 
102.01B of the NYSE Listed Company Manual To Provide for the Listing of 
Companies That List Without a Prior Exchange Act Registration and That 
Are Not Listing in Connection With an Underwritten Initial Public 
Offering and Related Changes to Rules 15, 104, and 123D

August 3, 2017.
    On June 13, 2017, the New York Stock Exchange LLC (``NYSE'' or the 
``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 to amend Section 102.01B of the Manual to modify 
the provisions relating to the qualification of companies listing 
without a prior Exchange Act registration and an underwritten offering 
to permit the listing of such companies immediately upon effectiveness 
of an Exchange Act registration statement without a concurrent public 
offering registered under the Securities Act of 1933 provided the 
company meets all other listing requirements. The proposal, also would 
(i) eliminate the requirement to have a private placement market 
trading price if there is a valuation from an independent third-party 
of $250 million in market value of publicly-held shares; (ii) amend 
Rule 15 to add a Reference Price for when a security is listed under 
Footnote (E) to Section 102.01B; (iii) amend Rule 104 to specify 
Designated Market Maker (``DMM'') requirements when a security is 
listed under Footnote (E) to Section 102.01B and there has been no 
trading in the private market for such security; and (iv) amend Rule 
123D to specify that the Exchange may declare a regulatory halt in a 
security that is the subject of an initial listing on the Exchange.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

    The proposed rule change was published for comment in the Federal 
Register on June 20, 2017.\3\ The

[[Page 37245]]

Commission received one comment in response to the proposed rule 
change.\4\ The Exchange filed Amendment No. 1, which supersedes and 
replaces the proposed rule change in its entirety, on July 28, 2017.\5\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 34-80933 (June 15, 
2017), 82 FR 28200 (June 20, 2017) (``Notice'').
    \4\ See letter to the Commission from James J. Angel, Ph.D., 
CFA, Georgetown University, dated July 28, 2017.
    \5\ Amendment No. 1 removes the proposal to allow the Exchange 
to declare a regulatory halt in a security that is the subject of an 
initial public offering, and amends the proposed provisions of Rule 
15 and Rule 104 relating to private placement market trading and 
proposed Rule 123D(d) relating to trading halts for initial 
listings. Amendment No. 1 is available at https://www.sec.gov/comments/sr-nyse-2017-30/nyse201730.htm.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \6\ provides that, within 45 days of 
the publication of the notice of the filing of a proposed rule change, 
or within such longer period up to 90 days as the Commission may 
designate if it finds such longer period to be appropriate and 
publishes its reasons for so finding or as to which the self-regulatory 
organization consents, the Commission shall approve the proposed rule 
change, disapprove the proposed rule change, or institute proceedings 
to determine whether the proposed rule change should be disapproved. 
The Commission is extending this 45-day time period.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds that it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the proposed rule change, as 
modified by Amendment No. 1. Accordingly, the Commission, pursuant to 
Section 19(b)(2) of the Act,\7\ designates September 18, 2017, as the 
date by which the Commission should approve, disapprove, or institute 
proceedings to determine whether to disapprove the proposed rule change 
(File No. SR-NYSE-2017-30), as modified by Amendment No. 1.
---------------------------------------------------------------------------

    \7\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-16741 Filed 8-8-17; 8:45 am]
 BILLING CODE 8011-01-P
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