Small Business Capital Formation Advisory Committee, 18620-18621 [2019-08762]

Download as PDF 18620 Federal Register / Vol. 84, No. 84 / Wednesday, May 1, 2019 / Notices investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b–4(f)(6)(iii) thereunder. A proposed rule change filed under Rule 19b–4(f)(6) 13 normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b4(f)(6)(iii),14 the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because the Commission approved making the Plan pilot permanent on April 11, 2019, and therefore the Exchange’s proposed changes to its rules reflecting that the Plan is now permanent should go into effect immediately. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change to be operative upon filing with the Commission.15 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) 16 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: Electronic Comments jbell on DSK30RV082PROD with NOTICES • 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–2019–10 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–2019–10. 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–2019–10 and should be submitted on or before May 22, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–08777 Filed 4–30–19; 8:45 am] BILLING CODE 8011–01–P 13 17 CFR 240.19b–4(f)(6). CFR 240.19b–4(f)(6)(iii). 15 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 16 15 U.S.C. 78s(b)(2)(B). 14 17 VerDate Sep<11>2014 19:24 Apr 30, 2019 Jkt 247001 17 17 PO 00000 CFR 200.30–3(a)(12). Frm 00147 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release Nos. 33–10634; 34–85721; File No. 265–32] Small Business Capital Formation Advisory Committee Securities and Exchange Commission. ACTION: Notice of meeting. AGENCY: The Securities and Exchange Commission Small Business Capital Formation Advisory Committee, established pursuant to Section 40 of the Securities Exchange Act of 1934 as added by the SEC Small Business Advocate Act of 2016, is providing notice that it will hold a public meeting. The public is invited to submit written statements to the Committee. DATES: The meeting will be held on Monday, May 6, 2019, from 1:00 p.m. to 3:30 p.m. (ET) and will be open to the public. Written statements should be received on or before May 6, 2019. ADDRESSES: The meeting will be held at the Commission’s headquarters, 100 F Street NE, Washington, DC. The meeting will be webcast on the Commission’s website at www.sec.gov. Written statements may be submitted by any of the following methods: SUMMARY: Electronic Statements • Use the Commission’s internet submission form (https://www.sec.gov/ rules/other.shtml); or • Send an email message to rulecomments@sec.gov. Please include File Number 265–32 on the subject line; or Paper Statements • Send paper statements to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File No. 265–32. This file number should be included on the subject line if email is used. To help us process and review your statement more efficiently, please use only one method. The Commission will post all statements on the SEC’s website at www.sec.gov. Statements also 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. All statements received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. E:\FR\FM\01MYN1.SGM 01MYN1 Federal Register / Vol. 84, No. 84 / Wednesday, May 1, 2019 / Notices Julie Z. Davis, Senior Special Counsel, Office of the Advocate for Small Business Capital Formation, at (202) 551–5407, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–3628. SUPPLEMENTARY INFORMATION: The meeting will be open to the public. Persons needing special accommodations because of a disability should notify the contact person listed in the section above entitled FOR FURTHER INFORMATION CONTACT. The agenda for the meeting includes matters relating to rules and regulations affecting small and emerging companies under the federal securities laws. FOR FURTHER INFORMATION CONTACT: Dated: April 25, 2019. Vanessa A. Countryman, Acting Secretary. [FR Doc. 2019–08762 Filed 4–30–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85722; File No. SR–NYSE– 2019–21] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rules 7.11 and 80C, Limit Up-Limit Down Plan and Trading Pauses in Individual Securities Due to Extraordinary Market Volatility April 25, 2019. 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 April 18, 2019, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. jbell on DSK30RV082PROD with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 7.11, Limit Up-Limit Down Plan and Trading Pauses in Individual Securities Due to Extraordinary Market Volatility, and Rule 80C, Limit Up-Limit 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 VerDate Sep<11>2014 19:24 Apr 30, 2019 Jkt 247001 Down Plan and Trading Pauses in Individual Securities Due to Extraordinary Market Volatility. 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 Participants filed the Plan to Address Extraordinary Market Volatility (the ‘‘Limit Up-Limit Down Plan’’ or the ‘‘Plan’’) with the Commission on April 5, 2011 to create a market-wide limit uplimit down mechanism intended to address extraordinary market volatility in NMS Stocks,4 as defined in Rule 600(b)(47) of Regulation NMS under the Exchange Act.5 The Plan sets forth procedures that provide for market-wide limit up-limit down requirements to prevent trades in individual NMS Stocks from occurring outside of the specified Price Bands. These limit uplimit down requirements are coupled with Trading Pauses, as defined in Section I(Y) of the Plan, to accommodate more fundamental price moves. In particular, the Participants adopted this Plan to address extraordinary volatility in the securities markets, i.e., significant fluctuations in individual securities’ prices over a short period of time, such as those experienced during the ‘‘Flash Crash’’ on the afternoon of May 6, 2010. The Plan was originally approved on a pilot basis to allow the public, the Participants, and the Commission to assess the operation of the Plan and 4 On May 31, 2012, the Commission approved the Plan, as modified by Amendment No. 1. See Securities Exchange Act Release No. 67091, 77 FR 33498 (June 6, 2012) (File No. 4–631) (‘‘Approval Order’’). 5 17 CFR 242.600(b)(47). PO 00000 Frm 00148 Fmt 4703 Sfmt 4703 18621 whether the Plan should be modified prior to consideration of approval on a permanent basis.6 The Commission recently approved an amendment to the Plan to allow the Plan to operate on a permanent basis.7 Rules 7.11 and 80C are designed to comply with the Plan’s requirement that exchanges establish, maintain, and enforce written policies and procedures that are reasonably designed to comply with the limit up-limit down and trading pause requirements specified in the Plan.8 In sum, Rules 7.11 and 80C provide that the Exchange will not display or execute trading interest outside the Price Bands as required by the limit up-limit down and trading pause requirements specified in the Plan. Rules 7.11 and 80C are designed to ensure that trading interest on the Exchange is either repriced or canceled in a manner consistent with the Plan. Rules 7.11 and 80C currently include a provision that ties each Rules’ effectiveness to the pilot period for the Plan, including any extensions to the pilot period for the Plan. The Exchange proposes to amend Rules 7.11 and 80C to delete this provision because the Plan has been made permanent and is no longer operating as a pilot program. The Exchange does not propose any additional changes to Rules 7.11 and 80C. The proposed rule change would continue to align the effectiveness of Rules 7.11 and 80C to the Plan and ensure that the Exchange maintains written policies and procedures that are reasonably designed to comply with the limit up-limit down and trading pause requirements specified in the Plan. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the requirements of Section 6(b) of the Act,9 in general, and Section 6(b)(5) of the Act,10 in particular, in that it is designed to remove impediments to and perfect the mechanism of a free and open market and a national market system, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest and not to permit unfair discrimination between customers, issuers, brokers, or dealers. Rules 7.11 and 80C comply with the Plan’s requirement that exchanges 6 See supra note 4. Securities Exchange Act Release No. 85623 (April 11, 2019), 84 FR 16086 (April 17, 2019) (File No. 4–631). 8 See Securities Exchange Act Release Nos. 68876 (February 8, 2013), 78 FR 10643 (February 14, 2013) (SR–NYSE–2013–09); and 83289 (March 26, 2018), 83 FR 13553 (March 29, 2018) (SR–NYSE–2017–36). 9 15 U.S.C. § 78f(b). 10 15 U.S.C. § 78f(b)(5). 7 See E:\FR\FM\01MYN1.SGM 01MYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 84, Number 84 (Wednesday, May 1, 2019)]
[Notices]
[Pages 18620-18621]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-08762]


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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-10634; 34-85721; File No. 265-32]


Small Business Capital Formation Advisory Committee

AGENCY: Securities and Exchange Commission.

ACTION: Notice of meeting.

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SUMMARY: The Securities and Exchange Commission Small Business Capital 
Formation Advisory Committee, established pursuant to Section 40 of the 
Securities Exchange Act of 1934 as added by the SEC Small Business 
Advocate Act of 2016, is providing notice that it will hold a public 
meeting. The public is invited to submit written statements to the 
Committee.

DATES: The meeting will be held on Monday, May 6, 2019, from 1:00 p.m. 
to 3:30 p.m. (ET) and will be open to the public. Written statements 
should be received on or before May 6, 2019.

ADDRESSES: The meeting will be held at the Commission's headquarters, 
100 F Street NE, Washington, DC. The meeting will be webcast on the 
Commission's website at www.sec.gov. Written statements may be 
submitted by any of the following methods:

Electronic Statements

     Use the Commission's internet submission form (https://www.sec.gov/rules/other.shtml); or
     Send an email message to [email protected]. Please 
include File Number 265-32 on the subject line; or

Paper Statements

     Send paper statements to Secretary, Securities and 
Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File No. 265-32. This file number 
should be included on the subject line if email is used. To help us 
process and review your statement more efficiently, please use only one 
method. The Commission will post all statements on the SEC's website at 
www.sec.gov.

    Statements also 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. All statements received will be posted without change; we do 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly.

[[Page 18621]]


FOR FURTHER INFORMATION CONTACT: Julie Z. Davis, Senior Special 
Counsel, Office of the Advocate for Small Business Capital Formation, 
at (202) 551-5407, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549-3628.

SUPPLEMENTARY INFORMATION: The meeting will be open to the public. 
Persons needing special accommodations because of a disability should 
notify the contact person listed in the section above entitled FOR 
FURTHER INFORMATION CONTACT. The agenda for the meeting includes 
matters relating to rules and regulations affecting small and emerging 
companies under the federal securities laws.

    Dated: April 25, 2019.
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-08762 Filed 4-30-19; 8:45 am]
BILLING CODE 8011-01-P

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