Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.23E, Obligations of Market Makers, 46766-46768 [2018-19970]
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Federal Register / Vol. 83, No. 179 / Friday, September 14, 2018 / Notices
Title
2/14/2018 ..........
Letter from Exelon to NRC titled ‘‘Certification of Permanent Cessation of Power Operations for Oyster
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Letter from Exelon to NRC titled ‘‘Oyster Creek Nuclear Generating Station—Post-Shutdown Decommissioning Activities Report’’.
Final Environmental Statement for Oyster Creek Nuclear Generating Station ................................................
NUREG–1437, Supplement 28, ‘‘Generic Environmental Impact Statement for License Renewal of Nuclear
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of September 2018.
For the Nuclear Regulatory Commission.
John G. Lamb,
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Regulation.
[FR Doc. 2018–19976 Filed 9–13–18; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84069; File No. SR–
NYSEAMER–2018–43]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Rule 7.23E,
Obligations of Market Makers
September 10, 2018.
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
28, 2018, NYSE American LLC (the
‘‘Exchange’’ or ‘‘NYSE American’’) 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
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ADAMS
accession No.
Date
The Exchange proposes to amend
Rule 7.23E, Obligations of Market
Makers. The proposed rule change is
available on the Exchange’s website at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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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 codify
existing practice by harmonizing Rule
7.23E, Obligations of Market Makers,
with similar rules of its affiliates, the
New York Stock Exchange, Inc.
(‘‘NYSE’’),4 NYSE Arca, Inc. (‘‘NYSE
Arca’’),5 and NYSE National LLC
(‘‘NYSE National’’) 6. Specifically, the
Exchange proposes to add language to
paragraphs (a)(1)(B)(iii) and (iv) of
Exchange Rule 7.23E to state that for
purposes of each paragraph, rights and
warrants will be considered Tier 2 NMS
Stocks. This text was inadvertently not
included in each paragraph when
Exchange Rule 7.23E was first adopted.7
In sum, Exchange Rule 7.23E(a)(1)
sets forth the two-side quoting
obligations of market makers and
requires that the price of the bid (offer)
interest shall be not more than the
Designated Percentage away from the
then current National Best Bid (Offer),
or if no National Best Bid (Offer), not
more than the Designated Percentage
away from the last reported sale from
the responsible single plan processor. In
4 See
NYSE Rule 104(a)(1)(B)(iii) and (iv).
NYSE Arca Rule 7.23–E(a)(1)(B)(iii) and (iv).
6 See NYSE National Rule 7.23(a)(1)(B)(iii) and
(iv).
7 See Securities Exchange Act Release No. 80577
(May 2, 2017), 82 FR 21446 (May 8, 2017) (SR–
NYSEMKT–2017–04).
5 See
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the event that the National Best Bid
(Offer) (or if no National Best Bid
(Offer), the last reported sale) increases
(decreases) to a level that would cause
the bid (offer) interest of the Two-Sided
Obligation to be more than the Defined
Limit away from the National Best Bid
(Offer) (or if no National Best Bid
(Offer), the last reported sale) or if the
bid (offer) is executed or cancelled, the
Market Maker shall enter new bid (offer)
interest at a price not more than the
Designated Percentage away from the
then current National Best Bid (Offer)
(or if no National Best Bid (Offer), the
last reported sale), or identify to the
Exchange current resting interest that
satisfies the Two-Sided Obligation.
Exchange Rules 7.23E(a)(1)(B)(iii) and
(iv) include definitions for the terms
‘‘Designated Percentage’’ and ‘‘Defined
Limit.’’ Pursuant to paragraph
(a)(1)(B)(iii) of Exchange Rule 7.23E, the
‘‘Designated Percentage’’ shall be 8% for
Tier 1 NMS Stocks under the Limit UpLimit Down Plan (‘‘Tier 1 NMS
Stocks’’), 28% for Tier 2 NMS Stocks
under the Limit Up-Limit Down Plan
(‘‘Tier 2 NMS Stocks’’) with a price
equal to or greater than $1.00, and 30%
for Tier 2 NMS Stocks with a price
lower than $1.00, except that between
9:30 a.m. and 9:45 a.m. Eastern Time
and between 3:35 p.m. Eastern Time
and the close of Core Trading Hours, the
Designated Percentage shall be 20% for
Tier 1 NMS Stocks, 28% for Tier 2 NMS
Stocks with a price equal to or greater
than $1.00, and 30% for Tier 2 NMS
Stocks with a price lower than $1.00.
Pursuant to paragraph (a)(1)(B)(iv) of
Exchange Rule 7.23E, the ‘‘Defined
Limit’’ shall be 9.5% for Tier 1 NMS
Stocks, 29.5% for Tier 2 NMS Stocks
with a price equal to or greater than
$1.00, and 31.5% for Tier 2 NMS Stocks
with a price lower than $1.00, except
that between 9:30 a.m. and 9:45 a.m.
Eastern Time and between 3:35 p.m.
Eastern Time and the close of Core
Trading Hours, the Defined Limit shall
be 21.5% for Tier 1 NMS Stocks, 29.5%
for Tier 2 NMS Stocks with a price
equal to or greater than $1.00, and
31.5% for Tier 2 NMS Stocks with a
price lower than $1.00.
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Federal Register / Vol. 83, No. 179 / Friday, September 14, 2018 / Notices
The Exchange proposes to add the
following sentence to the end of
subparagraphs (a)(1)(B)(iii) and (iv) of
Exchange Rule 7.23E: For purposes of
this paragraph, rights and warrants will
be considered Tier 2 NMS Stocks.
Because rights and warrants are not
subject to the Limit Up-Limit Down
Plan, but are subject to market maker
quoting requirements, the Exchange
proposes to provide that for purposes of
Rule 7.23E(a)(1)(B)(iii) and (iv), rights
and warrants would be considered Tier
2 NMS Stocks. This sentence is
included in similar rules of the
Exchange’s affiliates, NYSE,8 NYSE
Arca,9 and NYSE National 10 and was
inadvertently not included when
Exchange Rule 7.23E was first
adopted.11
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),12 in general, and furthers the
objectives of Section 6(b)(5),13 in
particular, because it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, to remove
impediments to, and perfect the
mechanism of, a free and open market
and a national market system and, in
general, to protect investors and the
public interest. The proposed rule
change would further harmonize the
definition of the terms ‘‘Designated
Percentage’’ and ‘‘Defined Limit’’ under
Exchange Rule 7.23E(a)(1)(B) with the
definition of those same terms under the
rules of its affiliates 14 by inserting
language that was inadvertently
excluded when Exchange Rule 7.23E
was adopted. The proposed rule change
should, therefore, provide for
consistency among similar rules of the
Exchange and its affiliates, thereby
removing impediments to, and
perfecting the mechanism of, a free and
open market and a national market
system and, in general, protecting
investors and the public interest.
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B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
NYSE Rule 104(a)(1)(B)(iii) and (iv).
NYSE Arca Rule 7.23–E(a)(1)(B)(iii) and (iv).
10 See NYSE National Rule 7.23(a)(1)(B)(iii) and
(iv).
11 See supra note 7.
12 15 U.S.C. 78f(b).
13 15 U.S.C. 78f(b)(5).
14 See supra notes 4, 5, and 6.
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange believes that the proposed
rule change would not have any impact
on competition since it simply seeks to
further harmonize the text of Exchange
Rule 7.23E(a)(1)(B) with the rules of its
affiliates 15 by inserting language that
was inadvertently excluded when
Exchange Rule 7.23E was adopted.
change should be approved or
disapproved.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Electronic Comments
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 16 and Rule
19b–4(f)(6) thereunder.17 Because the
foregoing proposed rule 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 if consistent
with the protection of investors and the
public interest, provided that the selfregulatory organization has given the
Commission written notice of its intent
to file 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,18 the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 19 and
Rule 19b–4(f)(6) thereunder.20
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 21 of the Act to
determine whether the proposed rule
8 See
9 See
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15 Id.
16 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
18 The Exchange has satisfied this requirement.
19 15 U.S.C. 78s(b)(3)(A).
20 17 CFR 240.19b–4(f)(6).
21 15 U.S.C. 78s(b)(2)(B).
17 17
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46767
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:
• 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–
NYSEAMER–2018–43 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEAMER–2018–43. 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 website (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 website 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.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NYSEAMER–2018–43 and
should be submitted on or before
October 5, 2018.
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46768
Federal Register / Vol. 83, No. 179 / Friday, September 14, 2018 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
Eduardo A. Aleman,
Assistant Secretary.
certain names or titles; a discussion
regarding the Commission’s proposed
Form CRS Relationship Summary,
including effective disclosure and
design.
[FR Doc. 2018–19970 Filed 9–13–18; 8:45 am]
CONTACT PERSON FOR MORE INFORMATION:
BILLING CODE 8011–01–P
For further information, please contact
Brent J. Fields from the Office of the
Secretary at (202) 551–5400.
SECURITIES AND EXCHANGE
COMMISSION
Dated: September 12, 2018.
Brent J. Fields,
Secretary.
Sunshine Act Meetings
Notice is hereby given,
pursuant to the provisions of the
Government in the Sunshine Act, Public
Law 94–409, that a public roundtable
will be held in Baltimore, MD on
Thursday, September 20, 2018 from
6:00–7:30 p.m. (ET).
PLACE: The roundtable will be held at
the Reginald F. Lewis Museum of
Maryland African American History &
Culture, 830 E Pratt Street, Baltimore,
MD 21202.
STATUS: The roundtable will be open to
the public. Seating for public observers
will be on a first-come, first-served
basis. Doors will open at 5:30 p.m. and
the event will begin at 6:00 p.m. Visitors
will be subject to security checks. A
transcript of the roundtable will be
made available in the comment file for
the Commission’s proposed rulemaking
package regarding the standards of
conduct for investment professionals.
MATTERS TO BE CONSIDERED: On April 18,
2018, the Commission voted to propose
a package of rulemakings and
interpretations designed to enhance the
quality and transparency of investors’
relationships with investment advisers
and broker-dealers while preserving
access to a variety of types of advice
relationships and investment products.
On April 24, 2018, Chairman Jay
Clayton issued a statement announcing
that he had asked SEC staff to put
together a series of roundtables focused
on the retail investor to be held in
different cities across the country. The
roundtables are intended to gather
information directly from those
investors most affected by the
Commission’s rulemaking.
The Baltimore roundtable is open to
the public. This Sunshine Act notice is
being issued because a quorum of the
Commission may attend the roundtable.
The agenda for the meeting includes
a discussion with Chairman Clayton,
Commissioners Kara Stein, Robert
Jackson and Elad Roisman, and senior
SEC staff regarding the Commission’s
proposed Regulation Best Interest and
the proposed restriction on the use of
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TIME AND DATE:
22 17
CFR 200.30–3(a)(12).
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[FR Doc. 2018–20179 Filed 9–12–18; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
33223; 812–14919]
Wealthn LLC and TigerShares Trust
September 11, 2018.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
AGENCY:
Notice of an application for an order
under section 6(c) of the Investment
Company Act of 1940 (the ‘‘Act’’) for an
exemption from sections 2(a)(32),
5(a)(1), 22(d), and 22(e) of the Act and
rule 22c–1 under the Act, under
sections 6(c) and 17(b) of the Act for an
exemption from sections 17(a)(1) and
17(a)(2) of the Act, and under section
12(d)(1)(J) for an exemption from
sections 12(d)(1)(A) and 12(d)(1)(B) of
the Act. The requested order would
permit (a) index-based series of certain
open-end management investment
companies (‘‘Funds’’) to issue shares
redeemable in large aggregations only
(‘‘Creation Units’’); (b) secondary market
transactions in Fund shares to occur at
negotiated market prices rather than at
net asset value (‘‘NAV’’); (c) certain
Funds to pay redemption proceeds,
under certain circumstances, more than
seven days after the tender of shares for
redemption; (d) certain affiliated
persons of a Fund to deposit securities
into, and receive securities from, the
Fund in connection with the purchase
and redemption of Creation Units; (e)
certain registered management
investment companies and unit
investment trusts outside of the same
group of investment companies as the
Funds (‘‘Funds of Funds’’) to acquire
shares of the Funds; and (f) certain
Funds (‘‘Feeder Funds’’) to create and
redeem Creation Units in-kind in a
master-feeder structure.
APPLICANTS: TigerShares Trust (the
‘‘Trust’’), a Delaware statutory trust,
which will register under the Act as an
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open-end management investment
company with multiple series, and
Wealthn LLC (the ‘‘Initial Adviser’’), a
Delaware limited liability company,
which will register as an investment
adviser under the Investment Advisers
Act of 1940.
FILING DATES: The application was filed
on June 11, 2018 and amended on
August 15, 2018.
HEARING OR NOTIFICATION OF HEARING: An
order granting the requested relief will
be issued unless the Commission orders
a hearing. Interested persons may
request a hearing by writing to the
Commission’s Secretary and serving
applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on October 8, 2018, and
should be accompanied by proof of
service on applicants, in the form of an
affidavit, or for lawyers, a certificate of
service. Pursuant to rule 0–5 under the
Act, hearing requests should state the
nature of the writer’s interest, any facts
bearing upon the desirability of a
hearing on the matter, the reason for the
request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
writing to the Commission’s Secretary.
ADDRESSES: Secretary, Securities and
Exchange Commission, 100 F Street, NE,
Washington, DC 20549–1090;
Applicants: 3532 Muirwood Drive,
Newtown Square, PA 19073.
FOR FURTHER INFORMATION CONTACT:
Laura L. Solomon, Senior Counsel, at
(202) 551–6915, or Kaitlin C. Bottock,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
website by searching for the file
number, or for an applicant using the
Company name box, at https://
www.sec.gov/search/search.htm or by
calling (202) 551–8090.
Summary of the Application
1. Applicants request an order that
would allow Funds to operate as index
exchange traded funds (‘‘ETFs’’).1 Fund
1 Applicants request that the order apply to the
Initial Fund and any additional series of the Trust,
and any other existing or future open-end
management investment company or existing or
future series thereof (each, included in the term
‘‘Fund’’), each of which will operate as an ETF and
will track a specified index comprised of domestic
and/or foreign equity securities and/or domestic
and/or foreign fixed income securities (each, an
‘‘Underlying Index’’). Any Fund will (a) be advised
by the Initial Adviser or an entity controlling,
controlled by, or under common control with the
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]]>Agencies
[Federal Register Volume 83, Number 179 (Friday, September 14, 2018)]
[Notices]
[Pages 46766-46768]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-19970]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-84069; File No. SR-NYSEAMER-2018-43]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Rule 7.23E, Obligations of Market Makers
September 10, 2018.
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 28, 2018, NYSE American LLC (the ``Exchange'' or
``NYSE American'') 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.
---------------------------------------------------------------------------
\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 Rule 7.23E, Obligations of Market
Makers. The proposed rule change is available on the Exchange's website
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 codify existing practice by harmonizing
Rule 7.23E, Obligations of Market Makers, with similar rules of its
affiliates, the New York Stock Exchange, Inc. (``NYSE''),\4\ NYSE Arca,
Inc. (``NYSE Arca''),\5\ and NYSE National LLC (``NYSE National'') \6\.
Specifically, the Exchange proposes to add language to paragraphs
(a)(1)(B)(iii) and (iv) of Exchange Rule 7.23E to state that for
purposes of each paragraph, rights and warrants will be considered Tier
2 NMS Stocks. This text was inadvertently not included in each
paragraph when Exchange Rule 7.23E was first adopted.\7\
---------------------------------------------------------------------------
\4\ See NYSE Rule 104(a)(1)(B)(iii) and (iv).
\5\ See NYSE Arca Rule 7.23-E(a)(1)(B)(iii) and (iv).
\6\ See NYSE National Rule 7.23(a)(1)(B)(iii) and (iv).
\7\ See Securities Exchange Act Release No. 80577 (May 2, 2017),
82 FR 21446 (May 8, 2017) (SR-NYSEMKT-2017-04).
---------------------------------------------------------------------------
In sum, Exchange Rule 7.23E(a)(1) sets forth the two-side quoting
obligations of market makers and requires that the price of the bid
(offer) interest shall be not more than the Designated Percentage away
from the then current National Best Bid (Offer), or if no National Best
Bid (Offer), not more than the Designated Percentage away from the last
reported sale from the responsible single plan processor. In the event
that the National Best Bid (Offer) (or if no National Best Bid (Offer),
the last reported sale) increases (decreases) to a level that would
cause the bid (offer) interest of the Two-Sided Obligation to be more
than the Defined Limit away from the National Best Bid (Offer) (or if
no National Best Bid (Offer), the last reported sale) or if the bid
(offer) is executed or cancelled, the Market Maker shall enter new bid
(offer) interest at a price not more than the Designated Percentage
away from the then current National Best Bid (Offer) (or if no National
Best Bid (Offer), the last reported sale), or identify to the Exchange
current resting interest that satisfies the Two-Sided Obligation.
Exchange Rules 7.23E(a)(1)(B)(iii) and (iv) include definitions for
the terms ``Designated Percentage'' and ``Defined Limit.'' Pursuant to
paragraph (a)(1)(B)(iii) of Exchange Rule 7.23E, the ``Designated
Percentage'' shall be 8% for Tier 1 NMS Stocks under the Limit Up-Limit
Down Plan (``Tier 1 NMS Stocks''), 28% for Tier 2 NMS Stocks under the
Limit Up-Limit Down Plan (``Tier 2 NMS Stocks'') with a price equal to
or greater than $1.00, and 30% for Tier 2 NMS Stocks with a price lower
than $1.00, except that between 9:30 a.m. and 9:45 a.m. Eastern Time
and between 3:35 p.m. Eastern Time and the close of Core Trading Hours,
the Designated Percentage shall be 20% for Tier 1 NMS Stocks, 28% for
Tier 2 NMS Stocks with a price equal to or greater than $1.00, and 30%
for Tier 2 NMS Stocks with a price lower than $1.00.
Pursuant to paragraph (a)(1)(B)(iv) of Exchange Rule 7.23E, the
``Defined Limit'' shall be 9.5% for Tier 1 NMS Stocks, 29.5% for Tier 2
NMS Stocks with a price equal to or greater than $1.00, and 31.5% for
Tier 2 NMS Stocks with a price lower than $1.00, except that between
9:30 a.m. and 9:45 a.m. Eastern Time and between 3:35 p.m. Eastern Time
and the close of Core Trading Hours, the Defined Limit shall be 21.5%
for Tier 1 NMS Stocks, 29.5% for Tier 2 NMS Stocks with a price equal
to or greater than $1.00, and 31.5% for Tier 2 NMS Stocks with a price
lower than $1.00.
[[Page 46767]]
The Exchange proposes to add the following sentence to the end of
subparagraphs (a)(1)(B)(iii) and (iv) of Exchange Rule 7.23E: For
purposes of this paragraph, rights and warrants will be considered Tier
2 NMS Stocks. Because rights and warrants are not subject to the Limit
Up-Limit Down Plan, but are subject to market maker quoting
requirements, the Exchange proposes to provide that for purposes of
Rule 7.23E(a)(1)(B)(iii) and (iv), rights and warrants would be
considered Tier 2 NMS Stocks. This sentence is included in similar
rules of the Exchange's affiliates, NYSE,\8\ NYSE Arca,\9\ and NYSE
National \10\ and was inadvertently not included when Exchange Rule
7.23E was first adopted.\11\
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\8\ See NYSE Rule 104(a)(1)(B)(iii) and (iv).
\9\ See NYSE Arca Rule 7.23-E(a)(1)(B)(iii) and (iv).
\10\ See NYSE National Rule 7.23(a)(1)(B)(iii) and (iv).
\11\ See supra note 7.
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2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''),\12\ in general, and
furthers the objectives of Section 6(b)(5),\13\ in particular, because
it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, to remove impediments to, and perfect the
mechanism of, a free and open market and a national market system and,
in general, to protect investors and the public interest. The proposed
rule change would further harmonize the definition of the terms
``Designated Percentage'' and ``Defined Limit'' under Exchange Rule
7.23E(a)(1)(B) with the definition of those same terms under the rules
of its affiliates \14\ by inserting language that was inadvertently
excluded when Exchange Rule 7.23E was adopted. The proposed rule change
should, therefore, provide for consistency among similar rules of the
Exchange and its affiliates, thereby removing impediments to, and
perfecting the mechanism of, a free and open market and a national
market system and, in general, protecting investors and the public
interest.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
\14\ See supra notes 4, 5, and 6.
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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 Exchange believes that
the proposed rule change would not have any impact on competition since
it simply seeks to further harmonize the text of Exchange Rule
7.23E(a)(1)(B) with the rules of its affiliates \15\ by inserting
language that was inadvertently excluded when Exchange Rule 7.23E was
adopted.
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\15\ Id.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \16\ and Rule 19b-4(f)(6) thereunder.\17\
Because the foregoing proposed rule 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 if consistent with the protection of investors
and the public interest, provided that the self-regulatory organization
has given the Commission written notice of its intent to file 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,\18\ the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \19\ and Rule 19b-4(f)(6)
thereunder.\20\
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\16\ 15 U.S.C. 78s(b)(3)(A)(iii).
\17\ 17 CFR 240.19b-4(f)(6).
\18\ The Exchange has satisfied this requirement.
\19\ 15 U.S.C. 78s(b)(3)(A).
\20\ 17 CFR 240.19b-4(f)(6).
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At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \21\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\21\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NYSEAMER-2018-43 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEAMER-2018-43. 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 website (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 website 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. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEAMER-2018-43 and should be submitted
on or before October 5, 2018.
[[Page 46768]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-19970 Filed 9-13-18; 8:45 am]
BILLING CODE 8011-01-P
