Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Change To Make Non-Substantive Changes to Its Certificate of Incorporation, 67390-67392 [2018-28183]
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67390
Federal Register / Vol. 83, No. 248 / Friday, December 28, 2018 / Notices
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) 78 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
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–CHX–2018–07 and should
be submitted on or before January 18,
2019.
IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.79
Brent J. Fields,
Secretary.
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
CHX–2018–07 on the subject line.
amozie on DSK3GDR082PROD with NOTICES1
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–CHX–2018–07. 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
[FR Doc. 2018–28193 Filed 12–27–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84888; File No. SR–MIAX–
2018–34]
Self-Regulatory Organizations; Miami
International Securities Exchange LLC;
Notice of Designation of Longer Period
for Commission Action on Proposed
Rule Change To Amend Exchange
Rule 519, MIAX Order Monitor;
Exchange Rule 519A, Risk Protection
Monitor; and Rule 517, Quote Types
Defined
December 20, 2018.
On November 9, 2018, Miami
International Securities Exchange, LLC
(‘‘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 Exchange Rules 519 (MIAX
Order Monitor), 519A (Risk Protection
Monitor), and 517 (Quote Types
Defined). The proposed rule change was
published for comment in the Federal
Register on November 20, 2018.3 The
Commission has received no comments
on the proposal.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
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
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 84594
(Nov. 14, 2018), 83 FR 58642.
4 15 U.S.C. 78s(b)(2).
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Jkt 247001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Brent J. Fields,
Secretary.
[FR Doc. 2018–28185 Filed 12–27–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84882; File No. SR–
NYSENAT–2018–27]
Self-Regulatory Organizations; NYSE
National, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Change To Make Non-Substantive
Changes to Its Certificate of
Incorporation
December 20, 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 December
18, 2018, NYSE National, Inc. (the
‘‘Exchange’’ or ‘‘NYSE National’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
79 17
1 15
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
78 15 U.S.C. 78s(b)(2)(B).
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day for this filing
is January 4, 2019.
The Commission is extending the 45day time period for Commission action
on the proposed rule change. 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.
Accordingly, pursuant to Section
19(b)(2) of the Act 5 and for the reasons
stated above, the Commission
designates February 18, 2019, as the
date by which the Commission shall
either approve or disapprove, or
institute proceedings to determine
whether to disapprove, the proposed
rule change (File No. SR–MIAX–2018–
34).
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5 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(31).
1 15 U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b-4.
6 17
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Federal Register / Vol. 83, No. 248 / Friday, December 28, 2018 / Notices
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 make nonsubstantive changes to its certificate of
incorporation. The proposed 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.
amozie on DSK3GDR082PROD with NOTICES1
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 make two
non-substantive changes to its Amended
and Restated Certificate of Incorporation
of the Exchange (‘‘Exchange
Certificate’’).
The Exchange recently filed to amend
the Exchange Certificate (as amended,
the ‘‘Amended Certificate’’) to (1)
harmonize certain provisions
thereunder with similar provisions in
the governing documents of the
Exchange’s national securities exchange
affiliates and parent companies; and (2)
make clarifying and updating changes.4
Such changes will become operative
upon the Amended Certificate becoming
effective pursuant to its filing with the
Secretary of State of the State of
Delaware, which will not be prior to 30
days from the date on which the
November Amendment was filed.5
The Exchange proposes to make two
non-substantive changes to the
Amended Certificate prior to its being
filed with the Secretary of State of the
State of Delaware. Specifically, in the
4 See Exchange Act Release No. 84644 (November
21, 2018), 83 FR 61177 (November 28, 2018) (SR–
NYSENAT–2018–24) (‘‘November Amendment’’)
(notice of filing and immediate effectiveness of
proposed rule change to amend Exchange
Certificate and bylaws).
5 Id. at 61182.
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first sentence of the introductory
paragraph and the signature line, the
Exchange’s name is written in capital
and lower case letters, as ‘‘NYSE
National, Inc.’’ The Exchange proposes
to amend the name so that it is in all
capital letters, as ‘‘NYSE NATIONAL,
INC.’’ 6
Such changes would become
operative upon the Amended Certificate
becoming effective pursuant to its filing
with the Secretary of State of the State
of Delaware.
The Exchange is proposing to make
the described changes because currently
the exact name of the Exchange on the
records of the Secretary of State of the
State of Delaware is ‘‘NYSE NATIONAL,
INC.’’ The previously filed changes to
Article FIRST, which uses the name
‘‘NYSE National, Inc.’’, will update the
name of the Exchange on such records
of the Secretary of State of the State of
Delaware from ‘‘NYSE NATIONAL,
INC.’’ to ‘‘NYSE National, Inc.’’ 7
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Exchange Act,8 in
general, and furthers the objectives of
Section 6(b)(1)9 in particular, in that it
enables the Exchange to be so organized
as to have the capacity to be able to
carry out the purposes of the Exchange
Act and to comply, and to enforce
compliance by its exchange members
and persons associated with its
exchange members, with the provisions
of the Exchange Act, the rules and
regulations thereunder, and the rules of
the Exchange. The Exchange also
believes that the proposed rule change
is consistent with Section 6(b)(5) of the
Exchange Act,10 in that 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 non-substantive
changes would conform the Amended
Certificate with the records of the
Secretary of State of Delaware, which
6 Id. at 61178. The Exchange inadvertently stated
in the November Amendment that the legal name
of the Exchange is not entirely in capital letters. Id.
This previous statement, and current correction,
have no effect on the operations of the Exchange.
7 See Del. Code tit. 8, § 242.
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(1).
10 15 U.S.C. 78f(b)(5).
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67391
would further enable the Exchange to be
so organized as to have the capacity to
be able to carry out the purposes of the
Exchange Act and to comply, and to
enforce compliance by its exchange
members and persons associated with
its exchange members, with the
provisions of the Exchange Act, the
rules and regulations thereunder, and
the rules of the Exchange. Such
amendments would also remove
impediments to and perfect the
mechanism of a free and open market by
removing any confusion that may result
from any inconsistency between the
Amended Certificate and the records of
the Secretary of State of Delaware. The
Exchange further believes that the
proposed amendments would not be
inconsistent with the public interest and
the protection of investors because
investors will not be harmed and in fact
would benefit from increased
transparency and clarity, thereby
reducing potential confusion. The
proposed changes would have no effect
on the operations of the Exchange.
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 Exchange Act.
The proposed rule change is not
intended to address competitive issues
but rather is non-substantive and
concerned solely with the corporate
governance and administration of the
Exchange.
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 proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 11 and Rule 19b–4(f)(3) 12
thereunder in that the proposed rule
change is concerned solely with the
administration of the Exchange.
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may 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,
11 15
12 17
E:\FR\FM\28DEN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b-4(f)(3).
28DEN1
67392
Federal Register / Vol. 83, No. 248 / Friday, December 28, 2018 / Notices
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) 13 of the Act to determine
whether the proposed rule change
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 is consistent with the Act.
Comments may be submitted by any of
the following methods:
amozie on DSK3GDR082PROD with NOTICES1
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–
NYSENAT–2018–27 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–NYSENAT–2018–27. 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
13 15
U.S.C. 78s(b)(2)(B).
VerDate Sep<11>2014
18:13 Dec 27, 2018
Jkt 247001
submissions should refer to File
Number SR–NYSENAT–2018–27, and
should be submitted on or before
January 18, 2019.
Commission received no comments
regarding the Proposed Rule Change.
This order approves the Proposed Rule
Change.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Brent J. Fields,
Secretary.
II. Background
The System for Theoretical Analysis
and Numerical Simulations (‘‘STANS’’)
is OCC’s methodology for calculating
margin. STANS includes econometric
models that incorporate a number of
risk factors. OCC defines a risk factor in
STANS as a product or attribute whose
historical data is used to estimate and
simulate the risk for an associated
product. The majority of risk factors
utilized in STANS are the returns on
individual equity securities; however, a
number of other risk factors may be
considered, including, among other
things, returns on implied volatility risk
factors.6
As a general matter, the implied
volatility of an option is a measure of
the expected future volatility of the
option’s underlying security at
expiration, which is reflected in the
price of the option.7 Changes in implied
volatility, therefore, result in changes to
an option’s value. In effect, the implied
volatility is responsible for that portion
of the premium that cannot be attributed
to the then-current intrinsic value of the
option (i.e., the difference between the
price of the underlying and the exercise
price of the option), discounted to
reflect its time value.
STANS includes a model that
simulates variations in implied
volatility for most of the option
contracts that OCC clears (‘‘Implied
Volatility Model’’).8 The purpose of
[FR Doc. 2018–28183 Filed 12–27–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84879; File No. SR–OCC–
2018–014]
Self-Regulatory Organizations; The
Options Clearing Corporation; Order
Approving Proposed Rule Change, as
Modified by Partial Amendment No. 1,
Related to The Options Clearing
Corporation’s Margin Methodology for
Incorporating Variations in Implied
Volatility
December 20, 2018.
I. Introduction
On October 22, 2018, The Options
Clearing Corporation (‘‘OCC’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change SR–OCC–2018–
014 (‘‘Proposed Rule Change’’) pursuant
to Section 19(b) of the Securities
Exchange Act of 1934 (‘‘Exchange
Act’’) 1 and Rule 19b–4 2 thereunder to
propose changes to OCC’s model for
incorporating variations in implied
volatility within OCC’s margin
methodology, the System for Theoretical
Analysis and Numerical Simulations.3
On October 30, 2018, OCC filed a
partial amendment (‘‘Partial
Amendment No. 1’’) to the Proposed
Rule Change.4 The Proposed Rule
Change, as modified by Partial
Amendment No. 1, was published for
public comment in the Federal Register
on November 8, 2018,5 and the
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Notice of Filing infra note 5, at 83 FR 55918.
4 In Partial Amendment No. 1, OCC corrected an
error in Exhibit 5 without changing the substance
of the Proposed Rule Change. References to the
Proposed Rule Change from this point forward refer
to the Proposed Rule Change, as amended by Partial
Amendment No. 1.
5 Securities Exchange Act Release No. 84524
(Nov. 2, 2018), 83 FR 55918 (Nov. 8, 2018) (SR–
OCC–2018–014) (‘‘Notice of Filing’’). OCC also filed
a related advance notice (SR–OCC–2018–804)
(‘‘Advance Notice’’) with the Commission pursuant
to Section 806(e)(1) of Title VIII of the Dodd-Frank
Wall Street Reform and Consumer Protection Act,
entitled the Payment, Clearing, and Settlement
Supervision Act of 2010 and Rule 19b–4(n)(1)(i)
1 15
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under the Act. 12 U.S.C. 5465(e)(1). 15 U.S.C.
78s(b)(1) and 17 CFR 240.19b–4, respectively. The
Advance Notice was published in the Federal
Register on November 26, 2018. Securities
Exchange Act Release No. 84626 (Nov. 19, 2018),
83 FR 60541 (Nov. 26, 2018) (SR–OCC–2018–804).
6 In December 2015, the Commission approved a
proposed rule change and issued a Notice of No
Objection to an advance notice filing by OCC to its
modify margin methodology by more broadly
incorporating variations in implied volatility within
STANS. See Securities Exchange Act Release No.
76781 (Dec. 28, 2015), 81 FR 135 (Jan. 4, 2016) (SR–
OCC–2015–016) and Securities Exchange Act
Release No. 76548 (Dec. 3, 2015), 80 FR 76602 (Dec.
9, 2015) (SR–OCC–2015–804).
7 Using the Black-Scholes options pricing model,
the implied volatility is the standard deviation of
the underlying asset price necessary to arrive at the
market price of an option of a given strike, time to
maturity, underlying asset price and the current
risk-free rate.
8 OCC’s Implied Volatility Model excludes: (i)
Binary options, (ii) options on commodity futures,
(iii) options on U.S. Treasury securities, and (iv)
Asians and Cliquets. These products were relatively
new products at the time that OCC completed its
last implied volatility margin methodology changes,
and OCC had de minimus open interest in those
options. OCC uses its Implied Volatility Model
specifically for options that have a residual tenor
of less than three years (‘‘Shorter Tenor Options’’).
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]]>Agencies
[Federal Register Volume 83, Number 248 (Friday, December 28, 2018)]
[Notices]
[Pages 67390-67392]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-28183]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-84882; File No. SR-NYSENAT-2018-27]
Self-Regulatory Organizations; NYSE National, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Change To Make Non-
Substantive Changes to Its Certificate of Incorporation
December 20, 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 December 18, 2018, NYSE National, Inc. (the ``Exchange''
or ``NYSE National'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the self-
regulatory organization. The Commission is publishing this notice to
[[Page 67391]]
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 make non-substantive changes to its
certificate of incorporation. The proposed 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 make two non-substantive changes to its
Amended and Restated Certificate of Incorporation of the Exchange
(``Exchange Certificate'').
The Exchange recently filed to amend the Exchange Certificate (as
amended, the ``Amended Certificate'') to (1) harmonize certain
provisions thereunder with similar provisions in the governing
documents of the Exchange's national securities exchange affiliates and
parent companies; and (2) make clarifying and updating changes.\4\ Such
changes will become operative upon the Amended Certificate becoming
effective pursuant to its filing with the Secretary of State of the
State of Delaware, which will not be prior to 30 days from the date on
which the November Amendment was filed.\5\
---------------------------------------------------------------------------
\4\ See Exchange Act Release No. 84644 (November 21, 2018), 83
FR 61177 (November 28, 2018) (SR-NYSENAT-2018-24) (``November
Amendment'') (notice of filing and immediate effectiveness of
proposed rule change to amend Exchange Certificate and bylaws).
\5\ Id. at 61182.
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The Exchange proposes to make two non-substantive changes to the
Amended Certificate prior to its being filed with the Secretary of
State of the State of Delaware. Specifically, in the first sentence of
the introductory paragraph and the signature line, the Exchange's name
is written in capital and lower case letters, as ``NYSE National,
Inc.'' The Exchange proposes to amend the name so that it is in all
capital letters, as ``NYSE NATIONAL, INC.'' \6\
---------------------------------------------------------------------------
\6\ Id. at 61178. The Exchange inadvertently stated in the
November Amendment that the legal name of the Exchange is not
entirely in capital letters. Id. This previous statement, and
current correction, have no effect on the operations of the
Exchange.
---------------------------------------------------------------------------
Such changes would become operative upon the Amended Certificate
becoming effective pursuant to its filing with the Secretary of State
of the State of Delaware.
The Exchange is proposing to make the described changes because
currently the exact name of the Exchange on the records of the
Secretary of State of the State of Delaware is ``NYSE NATIONAL, INC.''
The previously filed changes to Article FIRST, which uses the name
``NYSE National, Inc.'', will update the name of the Exchange on such
records of the Secretary of State of the State of Delaware from ``NYSE
NATIONAL, INC.'' to ``NYSE National, Inc.'' \7\
---------------------------------------------------------------------------
\7\ See Del. Code tit. 8, Sec. 242.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Exchange Act,\8\ in general, and furthers the
objectives of Section 6(b)(1)\9\ in particular, in that it enables the
Exchange to be so organized as to have the capacity to be able to carry
out the purposes of the Exchange Act and to comply, and to enforce
compliance by its exchange members and persons associated with its
exchange members, with the provisions of the Exchange Act, the rules
and regulations thereunder, and the rules of the Exchange. The Exchange
also believes that the proposed rule change is consistent with Section
6(b)(5) of the Exchange Act,\10\ in that 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(1).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The proposed non-substantive changes would conform the Amended
Certificate with the records of the Secretary of State of Delaware,
which would further enable the Exchange to be so organized as to have
the capacity to be able to carry out the purposes of the Exchange Act
and to comply, and to enforce compliance by its exchange members and
persons associated with its exchange members, with the provisions of
the Exchange Act, the rules and regulations thereunder, and the rules
of the Exchange. Such amendments would also remove impediments to and
perfect the mechanism of a free and open market by removing any
confusion that may result from any inconsistency between the Amended
Certificate and the records of the Secretary of State of Delaware. The
Exchange further believes that the proposed amendments would not be
inconsistent with the public interest and the protection of investors
because investors will not be harmed and in fact would benefit from
increased transparency and clarity, thereby reducing potential
confusion. The proposed changes would have no effect on the operations
of the Exchange.
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 Exchange Act. The proposed rule
change is not intended to address competitive issues but rather is non-
substantive and concerned solely with the corporate governance and
administration of the Exchange.
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 proposed rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(3) \12\ thereunder in
that the proposed rule change is concerned solely with the
administration of the Exchange.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(3).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may 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,
[[Page 67392]]
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) \13\ of the Act to determine
whether the proposed rule change should be approved or disapproved.
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\13\ 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 rule-comments@sec.gov. Please include
File Number SR-NYSENAT-2018-27 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-NYSENAT-2018-27. 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-NYSENAT-2018-27, and should be submitted
on or before January 18, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2018-28183 Filed 12-27-18; 8:45 am]
BILLING CODE 8011-01-P
