Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Delay the Implementation of Its Recently Approved Rule Requiring Listed Companies To Provide Advance Notice of Dividend or Stock Distribution Announcements to the Exchange, 42712-42714 [2017-19107]

Download as PDF 42712 Federal Register / Vol. 82, No. 174 / Monday, September 11, 2017 / Notices asabaliauskas on DSKBBXCHB2PROD with NOTICES request(s) may propose the addition or removal of a negotiated service agreement from the market dominant or the competitive product list, or the modification of an existing product currently appearing on the market 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).: MC2017–183 and CP2017–284; Filing Title: Request of the United States Postal Service to Add Global Expedited Package Services 8 Contracts to the Competitive Product List, and Notice of Filing (Under Seal) of Contract and Application for NonPublic Treatment of Materials Filed Under Seal; Filing Acceptance Date: September 5, 2017; Filing Authority: 39 U.S.C. 3642 and 39 CFR 3020.30 et seq.; Public Representative: Curtis E. Kidd; Comments Due: September 13, 2017. This notice will be published in the Federal Register. Stacy L. Ruble, Secretary. [FR Doc. 2017–19198 Filed 9–8–17; 8:45 am] BILLING CODE 7710–FW–P VerDate Sep<11>2014 16:34 Sep 08, 2017 Jkt 241001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–81531; File No. SR–NYSE– 2017–43] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Delay the Implementation of Its Recently Approved Rule Requiring Listed Companies To Provide Advance Notice of Dividend or Stock Distribution Announcements to the Exchange September 5, 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 August 29, 2017, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. On August 29, 2017, the Exchange filed Amendment No. 1 to the proposal. The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Amendment No. 1, from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to delay the implementation of its recently approved rule requiring listed companies to provide notice to the Exchange at least 10 minutes before making any public announcement with respect to a dividend or stock distribution in all cases.4 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 1 15 U.S.C.78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 4 The Exchange previously filed a proposed rule change to delay the implementation of its recently approved rule requiring listed companies to provide notice to the Exchange at least 10 minutes before making any public announcement with respect to a dividend or stock distribution in all cases. See SR–NYSE–2017–43 (August 22, 2017). This Amendment No. 1 replaces and supersedes the original filing of SR–NYSE–2017–43 in its entirety. 2 15 PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 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 On August 14, 2017, the Commission approved changes to the NYSE Listed Company Manual (the ‘‘Manual’’) that require listed companies to provide notice to the Exchange at least 10 minutes before making any public announcement with respect to a dividend or stock distribution in all cases, including outside of the hours in which the Exchange’s immediate release policy is in operation.5 The principal effect of this amendment is to require listed companies to provide 10 minutes advance notice to the Exchange with respect to a dividend or stock distribution announcement made at any time, rather than just during the hours of operation of the immediate release policy as is currently the case.6 Because listed companies may need to change their internal procedures to comply with the new policy and because the Exchange requires additional time to finalize its implementation of new technology changes and processes to effectively perform this function, the Exchange proposes to delay the final implementation date of the changes.7 This delay would provide listed companies with additional time to prepare to comply with the new requirements and for the Exchange’s systems to provide the necessary support to Exchange staff in reviewing notifications. The Exchange will provide reasonable advance notice of the new implementation date to its listed companies at least 30 days in advance by emailing a notice to them that will also be posted on nyse.com. 5 See Securities Exchange Act Release No. 81393 (August 14, 2017) (SR–NYSE–2017–17). 6 The Exchange also amended Section 202.06(B) of the Manual to emphasize the Exchange’s consistent interpretation of that rule as requiring listed companies to comply with the immediate release policy with respect to all announcements relating to a dividend or stock distribution. 7 The original filing also included an amendment to Section 202.06(B). As this amendment was a clarification of an existing interpretation of that section, the Exchange does not propose to delay its implementation. E:\FR\FM\11SEN1.SGM 11SEN1 Federal Register / Vol. 82, No. 174 / Monday, September 11, 2017 / Notices The new implementation date will be no later than February 1, 2018. The Exchange proposes to amend Section 204.12 of the Manual to include two versions of the first paragraph of such section. Version A of such paragraph will include the rule text in effect prior to the Commission’s August 14, 2017 approval of the Exchange’s proposed revision.8 Version B of such paragraph will include the amended rule text approved by the Commission on August 14, 2017.9 The Exchange proposes to include a header above each paragraph stating that (i) Version A will remain operative until the Exchange notifies listed companies that Version B is operative and (ii) Version B will be operative on February 1, 2018 or such earlier date as the Exchange notifies listed companies that Version B is operative. The Exchange proposes to amend Section 204.21 of the Manual to include two versions of the first paragraph of such section. Version A of such paragraph will include the rule text in effect prior to the Commission’s August 14, 2017 approval of the Exchange’s proposed revision.10 Version B of such paragraph will include the amended rule text approved by the Commission on August 14, 2017.11 The Exchange proposes to include a header above each paragraph stating that (i) Version A will remain operative until the Exchange notifies listed companies that Version B is operative and (ii) Version B will be operative on February 1, 2018 or such earlier date as the Exchange notifies listed companies that Version B is operative. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with asabaliauskas on DSKBBXCHB2PROD with NOTICES 8 The following is the text of Version A: Prompt notice will be given to the Exchange as to any dividend action or action relating to a stock distribution in respect of a listed stock (including the omission or postponement of a dividend action at the customary time as well as the declaration of a dividend). Such notice is in addition to immediate publicity and should be given at least ten days in advance of the record date. The dividend notice should be given to the Exchange in accordance with Section 204.00. Notice should be given as soon as possible after declaration and in any event, no later than simultaneously with the announcement to the news media. The notice should include: * * * * * 9 See Footnote 4 [sic] above. 10 The following is the text of Version A: Prompt notice is required to be given to the Exchange of the fixing of a date for the taking of a record of shareholders, or for the closing of transfer books (in respect of a listed security), for any purpose. The notice should state the purpose or purposes for which the record date has been fixed. This notice should be provided to the Exchange in accordance with Section 204.00. 11 See Footnote 4 [sic] above. VerDate Sep<11>2014 16:34 Sep 08, 2017 Jkt 241001 Section 6(b) 12 of the Act, in general, and furthers the objectives of Section 6(b)(5) of the Act,13 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. The proposed amendment is consistent with the protection of investors and the public interest because it will ensure an orderly and effective implementation of the Exchange’s new dividend and stock distribution notification policy. 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 purpose of the Act. The purpose of the proposal is to delay the effectiveness of the Exchange’s new dividend and stock distribution notification policy to give the Exchange staff and listed companies additional time to prepare for compliance with the new policy and it will not have any effect 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 Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act 14 and subparagraph (f)(6) of Rule 19b–4 thereunder.15 12 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). 14 15 U.S.C. 78s(b)(3)(A)(iii). 15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 13 15 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 42713 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act 16 normally does not become operative for 30 days after the date of its filing. However, Rule 19b–4(f)(6)(iii) 17 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. In support of the request, the Exchange states that waiver of the 30day operative delay will enable the Exchange to avoid any potential confusion that might be caused to listed companies if the new advance notice requirement for dividend or stock distribution announcements to the Exchange was in effect prior to this proposal becoming operative. Based on the above, the Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest because, as noted above, the Exchange cannot currently process the advance notifications in accordance with the requirements of the newly adopted rule until it finalizes implementation of new technology and processes. As a result, waiver of the 30day operative delay, consistent with the protection of investors and the public interest, will provide listed companies immediate transparency on the rules they need to follow in providing notification to the Exchange on public announcements concerning dividend and stock distributions until such time as the Exchange makes the necessary changes to process the notifications in accordance with the newly adopted rules. Accordingly, the Commission hereby waives the operative delay and designates the proposal operative upon filing with the Commission.18 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Commission has determined to waive the five-day prefiling period in this case. 16 17 CFR 240.19b–4(f)(6). 17 17 CFR 240.19b–4(f)(6)(iii). 18 For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). E:\FR\FM\11SEN1.SGM 11SEN1 42714 Federal Register / Vol. 82, No. 174 / Monday, September 11, 2017 / Notices furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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–2017–43 on the subject line. asabaliauskas on DSKBBXCHB2PROD with NOTICES 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–2017–43. 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 the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NYSE– 2017–43, and should be submitted on or before October 2, 2017. 16:34 Sep 08, 2017 Jkt 241001 Percent [Disaster Declaration #15291 and #15292; Texas Disaster Number TX–00488] Presidential Declaration of a Major Disaster for Public Assistance Only for the State of Texas The number assigned to this disaster for physical damage is 152918 and for economic injury is 152920. U.S. Small Business Administration. ACTION: Notice. (Catalog of Federal Domestic Assistance Number 59008) BILLING CODE 8011–01–P Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, as modified by Amendment No. 1, is consistent with the Act. Comments may be submitted by any of the following methods: The Interest Rates are: For Physical Damage: Non-Profit Organizations with Credit Available Elsewhere ... Non-Profit Organizations without Credit Available Elsewhere ..................................... For Economic Injury: Non-Profit Organizations without Credit Available Elsewhere ..................................... [FR Doc. 2017–19107 Filed 9–8–17; 8:45 am] IV. Solicitation of Comments VerDate Sep<11>2014 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.19 Eduardo A. Aleman, Assistant Secretary. SMALL BUSINESS ADMINISTRATION AGENCY: This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the State of Texas (FEMA–4332–DR), dated 09/04/2017. Incident: Hurricane Harvey. Incident Period: 08/23/2017 and continuing. SUMMARY: Issued on 09/04/2017. Physical Loan Application Deadline Date: 11/03/2017. Economic Injury (EIDL) Loan Application Deadline Date: 06/04/2018. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street SW., Suite 6050, Washington, DC 20416, (202) 205–6734. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President’s major disaster declaration on 09/04/2017, Private Non-Profit organizations that provide essential services of a governmental nature may file disaster loan applications at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Counties: Aransas, Brazoria, Calhoun, Chambers, Colorado, Fayette, Fort Bend, Galveston, Goliad, Hardin, Harris, Jackson, Jasper, Jefferson, Liberty, Matagorda, Montgomery, Newton, Nueces, Orange, Polk, San Jacinto, San Patricio, Tyler, Victoria, Walker, Waller, Wharton DATES: 19 17 PO 00000 CFR 200.30–3(a)(12). Frm 00075 Fmt 4703 Sfmt 4703 2.500 2.500 2.500 James E. Rivera, Associate Administrator for Disaster Assistance. [FR Doc. 2017–19126 Filed 9–8–17; 8:45 am] BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #15274 and #15275; TEXAS Disaster Number TX–00487] Presidential Declaration Amendment of a Major Disaster for the State of Texas U.S. Small Business Administration. ACTION: Amendment 3. AGENCY: This is an amendment of the Presidential declaration of a major disaster for the State of TEXAS (FEMA– 4332–DR), dated August 25, 2017. DATES: Issued on 09/01/2017. Physical Loan Application Deadline Date: 10/24/2017. Economic Injury (EIDL) Loan Application Deadline Date: 05/25/2018. ADDRESS: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street SW., Suite 6050, Washington, DC 20416, (202) 205–6734. SUPPLEMENTARY INFORMATION: The notice of the President’s major disaster declaration for the State of TEXAS, dated 08/25/2017, is hereby amended to include the following areas as adversely affected by the disaster: Incident: Hurricane Harvey. Incident Period: 08/23/2017 and continuing. Primary Counties (Physical Damage and Economic Injury Loans): Polk, Tyler, Walker SUMMARY: E:\FR\FM\11SEN1.SGM 11SEN1

Agencies

[Federal Register Volume 82, Number 174 (Monday, September 11, 2017)]
[Notices]
[Pages 42712-42714]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-19107]


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

[Release No. 34-81531; File No. SR-NYSE-2017-43]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change, 
as Modified by Amendment No. 1 Thereto, To Delay the Implementation of 
Its Recently Approved Rule Requiring Listed Companies To Provide 
Advance Notice of Dividend or Stock Distribution Announcements to the 
Exchange

September 5, 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 August 29, 2017, New York Stock Exchange LLC (``NYSE'' or 
the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I 
and II below, which Items have been prepared by the self-regulatory 
organization. On August 29, 2017, the Exchange filed Amendment No. 1 to 
the proposal. The Commission is publishing this notice to solicit 
comments on the proposed rule change, as modified by Amendment No. 1, 
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 delay the implementation of its recently 
approved rule requiring listed companies to provide notice to the 
Exchange at least 10 minutes before making any public announcement with 
respect to a dividend or stock distribution in all cases.\4\ 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.
---------------------------------------------------------------------------

    \4\ The Exchange previously filed a proposed rule change to 
delay the implementation of its recently approved rule requiring 
listed companies to provide notice to the Exchange at least 10 
minutes before making any public announcement with respect to a 
dividend or stock distribution in all cases. See SR-NYSE-2017-43 
(August 22, 2017). This Amendment No. 1 replaces and supersedes the 
original filing of SR-NYSE-2017-43 in its entirety.
---------------------------------------------------------------------------

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
    On August 14, 2017, the Commission approved changes to the NYSE 
Listed Company Manual (the ``Manual'') that require listed companies to 
provide notice to the Exchange at least 10 minutes before making any 
public announcement with respect to a dividend or stock distribution in 
all cases, including outside of the hours in which the Exchange's 
immediate release policy is in operation.\5\ The principal effect of 
this amendment is to require listed companies to provide 10 minutes 
advance notice to the Exchange with respect to a dividend or stock 
distribution announcement made at any time, rather than just during the 
hours of operation of the immediate release policy as is currently the 
case.\6\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 81393 (August 14, 
2017) (SR-NYSE-2017-17).
    \6\ The Exchange also amended Section 202.06(B) of the Manual to 
emphasize the Exchange's consistent interpretation of that rule as 
requiring listed companies to comply with the immediate release 
policy with respect to all announcements relating to a dividend or 
stock distribution.
---------------------------------------------------------------------------

    Because listed companies may need to change their internal 
procedures to comply with the new policy and because the Exchange 
requires additional time to finalize its implementation of new 
technology changes and processes to effectively perform this function, 
the Exchange proposes to delay the final implementation date of the 
changes.\7\ This delay would provide listed companies with additional 
time to prepare to comply with the new requirements and for the 
Exchange's systems to provide the necessary support to Exchange staff 
in reviewing notifications. The Exchange will provide reasonable 
advance notice of the new implementation date to its listed companies 
at least 30 days in advance by emailing a notice to them that will also 
be posted on nyse.com.

[[Page 42713]]

The new implementation date will be no later than February 1, 2018.
---------------------------------------------------------------------------

    \7\ The original filing also included an amendment to Section 
202.06(B). As this amendment was a clarification of an existing 
interpretation of that section, the Exchange does not propose to 
delay its implementation.
---------------------------------------------------------------------------

    The Exchange proposes to amend Section 204.12 of the Manual to 
include two versions of the first paragraph of such section. Version A 
of such paragraph will include the rule text in effect prior to the 
Commission's August 14, 2017 approval of the Exchange's proposed 
revision.\8\ Version B of such paragraph will include the amended rule 
text approved by the Commission on August 14, 2017.\9\ The Exchange 
proposes to include a header above each paragraph stating that (i) 
Version A will remain operative until the Exchange notifies listed 
companies that Version B is operative and (ii) Version B will be 
operative on February 1, 2018 or such earlier date as the Exchange 
notifies listed companies that Version B is operative.
---------------------------------------------------------------------------

    \8\ The following is the text of Version A:
    Prompt notice will be given to the Exchange as to any dividend 
action or action relating to a stock distribution in respect of a 
listed stock (including the omission or postponement of a dividend 
action at the customary time as well as the declaration of a 
dividend). Such notice is in addition to immediate publicity and 
should be given at least ten days in advance of the record date. The 
dividend notice should be given to the Exchange in accordance with 
Section 204.00. Notice should be given as soon as possible after 
declaration and in any event, no later than simultaneously with the 
announcement to the news media. The notice should include:
    * * * * *
    \9\ See Footnote 4 [sic] above.
---------------------------------------------------------------------------

    The Exchange proposes to amend Section 204.21 of the Manual to 
include two versions of the first paragraph of such section. Version A 
of such paragraph will include the rule text in effect prior to the 
Commission's August 14, 2017 approval of the Exchange's proposed 
revision.\10\ Version B of such paragraph will include the amended rule 
text approved by the Commission on August 14, 2017.\11\ The Exchange 
proposes to include a header above each paragraph stating that (i) 
Version A will remain operative until the Exchange notifies listed 
companies that Version B is operative and (ii) Version B will be 
operative on February 1, 2018 or such earlier date as the Exchange 
notifies listed companies that Version B is operative.
---------------------------------------------------------------------------

    \10\ The following is the text of Version A:
    Prompt notice is required to be given to the Exchange of the 
fixing of a date for the taking of a record of shareholders, or for 
the closing of transfer books (in respect of a listed security), for 
any purpose. The notice should state the purpose or purposes for 
which the record date has been fixed. This notice should be provided 
to the Exchange in accordance with Section 204.00.
    \11\ See Footnote 4 [sic] above.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) \12\ of the Act, in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\13\ 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. The proposed amendment is consistent with 
the protection of investors and the public interest because it will 
ensure an orderly and effective implementation of the Exchange's new 
dividend and stock distribution notification policy.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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 purpose of the Act. The purpose of the proposal 
is to delay the effectiveness of the Exchange's new dividend and stock 
distribution notification policy to give the Exchange staff and listed 
companies additional time to prepare for compliance with the new policy 
and it will not have any effect 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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \14\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\15\
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \15\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and the text of the proposed rule change, 
at least five business days prior to the date of filing of the 
proposed rule change, or such shorter time as designated by the 
Commission. The Commission has determined to waive the five-day 
prefiling period in this case.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \16\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \17\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has asked the Commission to waive the 30-day operative delay so that 
the proposal may become operative immediately upon filing. In support 
of the request, the Exchange states that waiver of the 30-day operative 
delay will enable the Exchange to avoid any potential confusion that 
might be caused to listed companies if the new advance notice 
requirement for dividend or stock distribution announcements to the 
Exchange was in effect prior to this proposal becoming operative.
---------------------------------------------------------------------------

    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    Based on the above, the Commission believes that waiver of the 30-
day operative delay is consistent with the protection of investors and 
the public interest because, as noted above, the Exchange cannot 
currently process the advance notifications in accordance with the 
requirements of the newly adopted rule until it finalizes 
implementation of new technology and processes. As a result, waiver of 
the 30-day operative delay, consistent with the protection of investors 
and the public interest, will provide listed companies immediate 
transparency on the rules they need to follow in providing notification 
to the Exchange on public announcements concerning dividend and stock 
distributions until such time as the Exchange makes the necessary 
changes to process the notifications in accordance with the newly 
adopted rules. Accordingly, the Commission hereby waives the operative 
delay and designates the proposal operative upon filing with the 
Commission.\18\
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    \18\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in

[[Page 42714]]

furtherance of the purposes of the Act. If the Commission takes such 
action, the Commission shall institute proceedings to determine whether 
the proposed rule 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, as modified by Amendment No. 1, 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-2017-43 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-2017-43. 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 the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSE-2017-43, and should be 
submitted on or before October 2, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-19107 Filed 9-8-17; 8:45 am]
 BILLING CODE 8011-01-P
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