Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Listed Company Manual for Special Purpose Acquisition Companies To Reduce the Continued Listing Standards for Public Holders From 300 to 100 and To Enable the Exchange To Exercise Discretion To Allow Special Purpose Acquisition Companies a Reasonable Time Period Following a Business Combination To Demonstrate Compliance With the Applicable Quantitative Listing Standards, 16299-16300 [2019-07824]

Download as PDF jbell on DSK30RV082PROD with NOTICES Federal Register / Vol. 84, No. 75 / Thursday, April 18, 2019 / Notices by inside counsel at an hourly rate of $401, and half would be by a compliance officer at an hourly rate of $352, for a total cost of $4,196,093. Finally, we expect that the 607 newly registered entities that are not affiliated with an existing institution will incur a significantly higher hourly burden in reviewing and documenting their safeguard policies and procedures. We expect that virtually all of the newly registered covered entities that do not have an affiliate are likely to be small entities and are likely to have smaller and less complex operations, with a correspondingly smaller set of safeguard policies and procedures to document, compared to other larger existing institutions with multiple affiliates. We estimate that it will take a typical newly registered unaffiliated institution approximately 60 hours to review, identify, and document their safeguard policies and procedures, for a total of 36,420 hours for all newly registered unaffiliated entities. We expect that half of this time would be incurred by inside counsel at an hourly rate of $401, and half would be by a compliance officer at an hourly rate of $352, for a total cost of $13,712,130. Therefore, we estimate that the total annual hourly burden associated with the safeguards rule is 47,565 hours at a total hourly cost of $17,908,223. We also estimate that all covered institutions will be respondents each year, for a total of 21,251 respondents. These estimates of average burden hours are made solely for the purposes of the Paperwork Reduction Act. An agency may not conduct or sponsor, and a person is not required to respond to a collection of information unless it displays a currently valid control number. The safeguard rule does not require the reporting of any information or the filing of any documents with the Commission. The collection of information required by the safeguard rule is mandatory. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted VerDate Sep<11>2014 17:37 Apr 17, 2019 Jkt 247001 in writing within 60 days of this publication. Please direct your written comments to Charles Riddle, Acting Director/Chief Information Officer, Securities and Exchange Commission, C/O Candace Kenner, 100 F Street NE, Washington, DC 20549; or send an email to PRA_ Mailbox@sec.gov. Dated: April 15, 2019. Eduardo A. Aleman, Deputy Secretary. 16299 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–07823 Filed 4–17–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85644; File No. SR–NYSE– 2018–46] [FR Doc. 2019–07761 Filed 4–17–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85646; File No. SR– NYSEArca–2018–77] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Withdrawal of Proposed Rule Change To Amend Rule 7.44–E To Expand and Modify the Exchange’s Retail Liquidity Program April 15, 2019. On October 26, 2018, NYSE Arca, Inc. (the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘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 Rule 7.44–E to expand the Exchange’s Retail Liquidity Program to all securities traded on the Exchange and make certain other modifications. The proposed rule change was published for comment in the Federal Register on November 14, 2018.3 On December 10, 2018, the Commission extended the time period in which to approve, disapprove, or institute proceedings to determine whether to approve or disapprove, the proposed rule change.4 On December 26, 2018, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act 5 to determine whether to approve or disapprove the proposed rule change.6 The Commission received no comments on the proposed rule change. On April 5, 2019, the Exchange withdrew the proposed rule change (SR–NYSEArca– 2018–77). Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Listed Company Manual for Special Purpose Acquisition Companies To Reduce the Continued Listing Standards for Public Holders From 300 to 100 and To Enable the Exchange To Exercise Discretion To Allow Special Purpose Acquisition Companies a Reasonable Time Period Following a Business Combination To Demonstrate Compliance With the Applicable Quantitative Listing Standards April 15, 2019. On October 1, 2018, New York Stock Exchange LLC (‘‘NYSE’’ or ‘‘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 the Listed Company Manual for Acquisition Companies (‘‘ACs’’) to reduce the continued listing standards for public holders from 300 to 100 and to enable the Exchange to exercise discretion to allow ACs a reasonable time period following a business combination to demonstration compliance with the applicable quantitative listing standards. The proposed rule change was published for comment in the Federal Register on October 18, 2018.3 In response, the Commission received one comment on the proposed rule change.4 On November 29, 2018, pursuant to Section 19(b)(2) of the Act,5 the 7 17 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. 84420 (October 12, 2018), 83 FR 52854 (October 18, 2018) (‘‘Notice’’). 4 See Letter to Secretary, Commission, from Jeffrey P. Mahoney, General Counsel, Council of Institutional Investors, dated November 8, 2018 (‘‘CII Letter’’). 5 15 U.S.C. 78s(b)(2). 1 15 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 84547 (November 7, 2018), 83 FR 56890 (‘‘Notice’’). 4 See Securities Exchange Act Release No. 84772, 83 FR 64381 (December 14, 2018). 5 15 U.S.C. 78s(b)(2)(B). 6 See Securities Exchange Act Release No. 84976, 84 FR 833 (January 31, 2019). 2 17 PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 E:\FR\FM\18APN1.SGM 18APN1 16300 Federal Register / Vol. 84, No. 75 / Thursday, April 18, 2019 / Notices Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.6 On January 15, 2019, the Commission issued an order instituting proceedings under Section 19(b)(2)(B) of the Act 7 to determine whether to approve or disapprove the proposed rule change (‘‘OIP’’).8 The Commission received one comment on the proposal in response to the OIP.9 Section 19(b)(2) of the Act 10 provides that, after initiating disapproval proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule change was published for notice and comment in the Federal Register on October 18, 2018. The 180th day after publication of the Notice is April 16, 2019, and June 15, 2019 is an additional 60 days from that date. The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the comment letters. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,11 designates June 15, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR–NYSE–2018–46). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–07824 Filed 4–17–19; 8:45 am] jbell on DSK30RV082PROD with NOTICES BILLING CODE 8011–01–P 6 See Securities Exchange Act Release No. 84680 (November 29, 2018), 83 FR 62942 (December 8, 2018). The Commission designated January 16, 2019, as the date by which it should approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change. 7 15 U.S.C. 78s(b)(2)(B). 8 See Securities Exchange Act Release No. 84984 (January 15, 2019), 84 FR 0855 (January 31, 2019). 9 See Letter to Secretary, Commission, from Jeffrey P. Mahoney, General Counsel, Council of Institutional Investors, dated February 11, 2019 (‘‘CII Letter II’’). 10 15 U.S.C. 78s(b)(2). 11 Id. 12 17 CFR 200.30–3(a)(57). VerDate Sep<11>2014 17:37 Apr 17, 2019 Jkt 247001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85647; File No. SR–ISE– 2019–09] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish a Priority Customer Complex Order Surcharge and Provide an Additional Rebate per Originating Contract Side to Qualifying Members April 15, 2019. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on April 1, 2019, Nasdaq ISE, LLC (‘‘ISE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its Pricing Schedule in Options 7. The text of the proposed rule change is available on the Exchange’s website at http://ise.cchwallstreet.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 Exchange 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 these 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 aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to amend the Exchange’s 1 15 2 17 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00062 Fmt 4703 Sfmt 4703 Pricing Schedule in Options 7 to: (1) Establish a $0.05 per contract surcharge for Priority Customer 3 complex orders in SPY that leg into the regular order book; and (2) amend its QCC and Solicitation Rebate program to provide an additional rebate of $0.01 per originating contract side to qualifying members. Priority Customer Complex Order Surcharge The Exchange currently has a pricing structure in place that provides rebates to Priority Customer complex orders in order to encourage members to bring that order flow to the Exchange. The Exchange provides these rebates to members that achieve Priority Customer Complex Tiers 4 in Select Symbols 5 and Non-Select Symbols 6 (other than NDX, NQX or MNX). All complex order volume executed on the Exchange, including volume executed by Affiliated Members,7 is included in the volume calculation, except for volume executed as Crossing Orders 8 and Responses to Crossing Orders.9 Affiliated Entities 10 3 A ‘‘Priority Customer’’ is a person or entity that is not a broker/dealer in securities, and does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s), as defined in Nasdaq ISE Rule 100(a)(37A). 4 The Priority Customer Complex Tiers are based on total Affiliated Member or Affiliated Entity complex order volume (excluding Crossing Orders and Responses to Crossing Orders), and are calculated as a percentage of Customer Total Consolidated Volume (hereinafter, ‘‘Complex Order Volume Percentage’’). ‘‘Customer Total Consolidated Volume’’ means the total national volume cleared at The Options Clearing Corporation in the Customer range in equity and ETF options in that month. 5 ‘‘Select Symbols’’ are options overlying all symbols listed on the Nasdaq ISE that are in the Penny Pilot Program. SPY is a Select Symbol. 6 ‘‘Non-Select Symbols’’ are options overlying all symbols excluding Select Symbols. 7 An ‘‘Affiliated Member’’ is a Member that shares at least 75% common ownership with a particular Member as reflected on the Member’s Form BD, Schedule A. 8 A ‘‘Crossing Order’’ is an order executed in the Exchange’s Facilitation Mechanism, Solicited Order Mechanism, Price Improvement Mechanism (PIM) or submitted as a Qualified Contingent Cross order. For purposes of this Pricing Schedule, orders executed in the Block Order Mechanism are also considered Crossing Orders. 9 ‘‘Responses to Crossing Orders’’ are any contraside interest submitted after the commencement of an auction in the Exchange’s Facilitation Mechanism, Solicited Order Mechanism, Block Order Mechanism or PIM. 10 An ‘‘Affiliated Entity’’ is a relationship between an Appointed Market Maker and an Appointed OFP for purposes of qualifying for certain pricing specified in the Pricing Schedule. An ‘‘Appointed Market Maker’’ is a Market Maker who has been appointed by an Order Flow Provider (‘‘OFP’’) for purposes of qualifying as an Affiliated Entity. An ‘‘Appointed OFP’’ is an OFP (i.e., a member, other than a Market Maker, that submits orders, as agent or principal, to the Exchange) who has been appointed by a Market Maker for purposes of E:\FR\FM\18APN1.SGM 18APN1

Agencies

[Federal Register Volume 84, Number 75 (Thursday, April 18, 2019)]
[Notices]
[Pages 16299-16300]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-07824]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85644; File No. SR-NYSE-2018-46]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Change To Amend the Listed Company Manual for Special Purpose 
Acquisition Companies To Reduce the Continued Listing Standards for 
Public Holders From 300 to 100 and To Enable the Exchange To Exercise 
Discretion To Allow Special Purpose Acquisition Companies a Reasonable 
Time Period Following a Business Combination To Demonstrate Compliance 
With the Applicable Quantitative Listing Standards

April 15, 2019.
    On October 1, 2018, New York Stock Exchange LLC (``NYSE'' or 
``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 the Listed Company Manual for Acquisition 
Companies (``ACs'') to reduce the continued listing standards for 
public holders from 300 to 100 and to enable the Exchange to exercise 
discretion to allow ACs a reasonable time period following a business 
combination to demonstration compliance with the applicable 
quantitative listing standards.
---------------------------------------------------------------------------

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

    The proposed rule change was published for comment in the Federal 
Register on October 18, 2018.\3\ In response, the Commission received 
one comment on the proposed rule change.\4\ On November 29, 2018, 
pursuant to Section 19(b)(2) of the Act,\5\ the

[[Page 16300]]

Commission designated a longer period within which to approve the 
proposed rule change, disapprove the proposed rule change, or institute 
proceedings to determine whether to disapprove the proposed rule 
change.\6\ On January 15, 2019, the Commission issued an order 
instituting proceedings under Section 19(b)(2)(B) of the Act \7\ to 
determine whether to approve or disapprove the proposed rule change 
(``OIP'').\8\ The Commission received one comment on the proposal in 
response to the OIP.\9\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 84420 (October 12, 
2018), 83 FR 52854 (October 18, 2018) (``Notice'').
    \4\ See Letter to Secretary, Commission, from Jeffrey P. 
Mahoney, General Counsel, Council of Institutional Investors, dated 
November 8, 2018 (``CII Letter'').
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 84680 (November 29, 
2018), 83 FR 62942 (December 8, 2018). The Commission designated 
January 16, 2019, as the date by which it should approve, 
disapprove, or institute proceedings to determine whether to 
disapprove the proposed rule change.
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 84984 (January 15, 
2019), 84 FR 0855 (January 31, 2019).
    \9\ See Letter to Secretary, Commission, from Jeffrey P. 
Mahoney, General Counsel, Council of Institutional Investors, dated 
February 11, 2019 (``CII Letter II'').
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \10\ provides that, after initiating 
disapproval proceedings, the Commission shall issue an order approving 
or disapproving the proposed rule change not later than 180 days after 
the date of publication of notice of filing of the proposed rule 
change. The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination. The 
proposed rule change was published for notice and comment in the 
Federal Register on October 18, 2018. The 180th day after publication 
of the Notice is April 16, 2019, and June 15, 2019 is an additional 60 
days from that date.
    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider the proposed 
rule change and the comment letters. Accordingly, the Commission, 
pursuant to Section 19(b)(2) of the Act,\11\ designates June 15, 2019, 
as the date by which the Commission shall either approve or disapprove 
the proposed rule change (File No. SR-NYSE-2018-46).
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).
    \11\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-07824 Filed 4-17-19; 8:45 am]
 BILLING CODE 8011-01-P