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]
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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
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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).
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17:37 Apr 17, 2019
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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
https://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
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]]>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]
-----------------------------------------------------------------------
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
