Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.11, Limit Up-Limit Down Plan and Trading Pauses in Individual Securities Due to Extraordinary Market Volatility, 18618-18620 [2019-08777]
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18618
Federal Register / Vol. 84, No. 84 / Wednesday, May 1, 2019 / Notices
securities, no member or person
associated with a member shall directly
or indirectly accept or make payments
or offers of payments of any non-cash
compensation, except as provided in
this provision, ‘or as permitted
elsewhere in this Rule.’ ’’ Alternatively,
SIFMA suggested adding guidance in
the Supplementary Material providing
that the receipt of non-cash
compensation items (including
securities, derivatives and ROFRs) that
are permitted under other provisions of
Rule 5110 will not be prohibited by, or
deemed inconsistent with, the
restrictions in Rule 5110(g).
ABA also suggested addressing Rule
5110’s non-cash compensation-related
provisions in this proposed rule change.
ABA suggested that if applied literally,
the non-cash compensation provisions
state that members may not receive any
non-cash compensation other than those
limited items set forth in the provision
itself, and those items do not include
certain forms of non-cash compensation
such as securities, derivative
instruments or ROFRs that are expressly
permitted elsewhere in the Rule.
Consistent with the Notice 17–15
Proposal, because the provisions are the
subject of a separate consolidated
approach to non-cash compensation, the
proposed rule change would incorporate
the Rule’s current non-cash
compensation provisions without
modification.
Rule 5121
ABA suggested some clarifications
and amendments to Rule 5121. Because
any substantive changes to Rule 5121
are more appropriately considered as
part of FINRA’s separate consideration
of our rules and programs governing the
capital raising process and their effects
on capital formation, this proposed rule
change does not include any
amendments to Rule 5121 beyond the
conforming definitional amendments
discussed above.
jbell on DSK30RV082PROD with NOTICES
Regulation A+
ADISA stated that FINRA should be
more responsive to the review and
clearance of filings made pursuant to
SEC Regulation A+ as extensive and
long reviews of those offerings have
impacted members’ ability to effectively
raise capital through the public markets.
FINRA will continue to review our
internal operations and administrative
processes to improve the review and
clearing of these filings. Separate from
this proposed rule change, FINRA will
consider the appropriateness of issuing
guidance regarding underwriting and
related services and financial services
VerDate Sep<11>2014
19:24 Apr 30, 2019
Jkt 247001
provided to issuers in offerings pursuant
to Regulation A+.
Guidance
EGS requested that the Public
Offering Frequently Asked Questions
available on FINRA’s website be
enhanced and that FINRA publish
informal interpretations more broadly
and circulate guidance to members and
their counsel more frequently. If the
proposed rule change is approved,
FINRA will consider providing
additional guidance as necessary and
appropriate.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
A. By order approve or disapprove
such proposed rule change, or
B. institute proceedings to determine
whether the proposed rule change
should be 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:
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 FINRA. 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–FINRA–
2019–012, and should be submitted on
or before May 22, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.150
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–08774 Filed 4–30–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85723; File No. SR–
NYSENAT–2019–10]
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–
FINRA–2019–012 on the subject line.
Self-Regulatory Organizations; NYSE
National, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Rule 7.11,
Limit Up-Limit Down Plan and Trading
Pauses in Individual Securities Due to
Extraordinary Market Volatility
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–FINRA–2019–012. 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
April 25, 2019.
PO 00000
Frm 00145
Fmt 4703
Sfmt 4703
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 19,
2019, NYSE National, Inc. (‘‘NYSE
National’’ 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
150 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
E:\FR\FM\01MYN1.SGM
01MYN1
Federal Register / Vol. 84, No. 84 / Wednesday, May 1, 2019 / Notices
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
Rule 7.11, Limit Up-Limit 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
Statutory Basis for, the Proposed Rule
Change
jbell on DSK30RV082PROD with NOTICES
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
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).
VerDate Sep<11>2014
19:24 Apr 30, 2019
Jkt 247001
18619
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
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
Rule 7.11 is 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, Rule 7.11 provides 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. Rule 7.11 is
designed to ensure that trading interest
on the Exchange is either repriced or
canceled in a manner consistent with
the Plan.
Rule 7.11 currently includes a
provision that ties the Rule’s
effectiveness to the pilot period for the
Plan, including any extensions to the
pilot period for the Plan. The Exchange
proposes to amend Rule 7.11 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 Rule 7.11. The
proposed rule change would continue to
align the effectiveness of Rule 7.11 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.
trade, and, in general, to protect
investors and the public interest and not
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
Rule 7.11 complies with the Plan’s
requirement that exchanges establish,
maintain, and enforce written policies
and procedures that are reasonably
designed to comply with the limit uplimit down and trading pause
requirements specified in the Plan. The
Exchange believes that the proposed
rule change promotes just and equitable
principles of trade because it would
continue to align the effectiveness of
Rule 7.11 to the Plan, without any
changes. The proposed rule change
would also ensure that the Exchange
continues to maintain transparent
written policies and procedures
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
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 11 and Rule
19b–4(f)(6) thereunder.12 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
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 No. 83289
(May 17, 2018), 83 FR 23968 (May 23, 2018) (SR–
NYSENAT–2018–02).
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
7 See
PO 00000
Frm 00146
Fmt 4703
Sfmt 4703
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change would impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The proposal
would remove a provision from Rule
7.11 that ties its effectiveness to the
pilot period for the Plan that was
recently approved on a permanent basis.
The proposal would continue to ensure
that the Exchange continues to maintain
written policies and procedures
reasonably designed to comply with the
Plan without implicating any
competitive issues.
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.
11 15
12 17
E:\FR\FM\01MYN1.SGM
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
01MYN1
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
]]>Agencies
[Federal Register Volume 84, Number 84 (Wednesday, May 1, 2019)]
[Notices]
[Pages 18618-18620]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-08777]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85723; File No. SR-NYSENAT-2019-10]
Self-Regulatory Organizations; NYSE National, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Rule 7.11, 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 19, 2019, NYSE National, Inc. (``NYSE National'' 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
[[Page 18619]]
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Rule 7.11, Limit Up-Limit 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
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 up-limit 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 up-limit 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.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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 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\
---------------------------------------------------------------------------
\6\ See supra note 4.
\7\ See Securities Exchange Act Release No. 85623 (April 11,
2019), 84 FR 16086 (April 17, 2019) (File No. 4-631).
---------------------------------------------------------------------------
Rule 7.11 is 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, Rule 7.11 provides 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. Rule
7.11 is designed to ensure that trading interest on the Exchange is
either repriced or canceled in a manner consistent with the Plan.
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 83289 (May 17,
2018), 83 FR 23968 (May 23, 2018) (SR-NYSENAT-2018-02).
---------------------------------------------------------------------------
Rule 7.11 currently includes a provision that ties the Rule's
effectiveness to the pilot period for the Plan, including any
extensions to the pilot period for the Plan. The Exchange proposes to
amend Rule 7.11 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 Rule 7.11. The proposed rule
change would continue to align the effectiveness of Rule 7.11 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. Rule 7.11 complies 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. The
Exchange believes that the proposed rule change promotes just and
equitable principles of trade because it would continue to align the
effectiveness of Rule 7.11 to the Plan, without any changes. The
proposed rule change would also ensure that the Exchange continues to
maintain transparent written policies and procedures reasonably
designed to comply with the limit up-limit down and trading pause
requirements specified in the Plan.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change would
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposal would remove a
provision from Rule 7.11 that ties its effectiveness to the pilot
period for the Plan that was recently approved on a permanent basis.
The proposal would continue to ensure that the Exchange continues to
maintain written policies and procedures reasonably designed to comply
with the Plan without implicating any competitive issues.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
[[Page 18620]]
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.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A)(iii).
\12\ 17 CFR 240.19b-4(f)(6).
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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\
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 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).
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At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \16\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\16\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-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\
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\17\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-08777 Filed 4-30-19; 8:45 am]
BILLING CODE 8011-01-P
