Self-Regulatory Organizations; NYSE American LLC; Notice of Withdrawal of Proposed Rule Change, as Modified by Amendment No. 2, To Allow Flexible Exchange Equity Options To Be Cash Settled Where the Underlying Security Is a Specified Exchange-Traded Fund, 28867 [2019-13072]
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Federal Register / Vol. 84, No. 119 / Thursday, June 20, 2019 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86111; File No. SR–
NYSEAMER–2018–39]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Withdrawal of
Proposed Rule Change, as Modified by
Amendment No. 2, To Allow Flexible
Exchange Equity Options To Be Cash
Settled Where the Underlying Security
Is a Specified Exchange-Traded Fund
June 14, 2019.
On September 20, 2018, NYSE
American LLC (‘‘NYSE American’’ or
the ‘‘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
modify the rules related to Flexible
Exchange (‘‘FLEX’’) Options to allow
cash settlement for certain FLEX Equity
Options. The proposal, as modified by
Amendment No. 2, would allow FLEX
Equity Options to be cash settled where
the underlying security is one of 25
specified Exchange-Traded Funds
(‘‘ETF’’).
The proposed rule change was
published for comment in the Federal
Register on October 11, 2018.3 On
November 19, 2018, pursuant to Section
19(b)(2) of the Act,4 the Commission
designated a longer period within which
to either approve the proposed rule
change, disapprove the proposed rule
change, or institute proceedings to
determine whether to disapprove the
proposed rule change.5 The Commission
received one comment in response to
the Original Notice.6
On December 19, 2018, the
Commission instituted proceedings
under Section 19(b)(2)(B) of the Act 7 to
determine whether to approve or
disapprove the proposed rule change.8
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 84364
(October 4, 2018), 83 FR 51535 (October 11, 2018)
(‘‘Original Notice’’).
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 84616
(November 19, 2018), 83 FR 60519 (November 26,
2018). The Commission designated January 9, 2019,
as the date by which it should approve, disapprove,
or institute proceedings to determine whether to
disapprove the proposed rule change.
6 See Letter to Brent J. Fields, Secretary,
Commission, from Samara Cohen, Head of ETF
Global Markets, BlackRock, dated November 27,
2018 (‘‘BlackRock Letter’’).
7 15 U.S.C. 78s(b)(2)(B).
8 See Securities Exchange Act Release No. 84870
(December 19, 2018), 83 FR 66779 (December 27,
2018) (‘‘Order Instituting Proceedings’’). The
Commission designated April 9, 2019, as the date
by which the Commission shall approve or
disapprove the proposed rule change.
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2 17
VerDate Sep<11>2014
17:47 Jun 19, 2019
Jkt 247001
On March 11, 2019, the Exchange filed
Amendment No. 1 to the proposed rule
change. On March 25, 2019, the
Exchange withdrew Amendment No. 1
and filed Amendment No. 2 to the
proposed rule change, which
superseded and replaced the proposed
rule change in its entirety.9 On April 5,
2019, the Commission designated a
longer period for Commission action on
the proceedings to determine whether to
approve or disapprove the proposed
rule change.10 The Commission
published Amendment No. 2 for
comment in the Federal Register on
April 17, 2019.11 The Commission
received no comments in response to
this solicitation for comments. On May
31, 2019, the Exchange withdrew the
proposed rule change (SR–NYSEAMER–
2018–39).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019–13072 Filed 6–19–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86113; File No. SR–DTC–
2019–001]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change To Amend
the Operational Arrangements Relating
to Transfer Agent and Trustee Notices
June 14, 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 June 13,
2019, The Depository Trust Company
(‘‘DTC’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I, II and III below, which Items
have been prepared by the clearing
agency. DTC filed the proposed rule
change pursuant to Section 19(b)(3)(A)
9 See Notice, infra note 11, at n.10, which
describes the changes proposed in Amendment No.
2 from the original proposal.
10 See Securities Exchange Act Release No. 85531
(April 5, 2019), 84 FR 14703 (April 11, 2019). The
Commission extended the date by which the
Commission shall approve or disapprove the
proposed rule change to June 8, 2019.
11 See Securities Exchange Act Release No. 85628
(April 11, 2019), 84 FR 16102 (April 17, 2019)
(‘‘Notice’’).
12 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
28867
of the Act 3 and Rule 19b–4(f)(4)
thereunder.4 The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
The proposed rule change of DTC 5
consists of modifications to the DTC
Operational Arrangements (Necessary
for Securities to Become and Remain
Eligible for DTC Services) (‘‘OA’’) 6 in
order to amend DTC’s Procedures 7
regarding (i) the available methods for a
transfer agent 8 or trustee 9 to notify DTC
of a change relating to ceasing to
perform or assumption of transfer agent
services on behalf of an Issuer of
Securities (‘‘Issuer’’) or when the
transfer agent or trustee is changing its
name or address, (ii) the deadline by
which a transfer agent must provide
such a notice, (iii) the required
timeframe for DTC to make such notices
from transfer agents available to
Participants, and (iv) other clarifying
and technical changes, as described
below.
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission, the
clearing agency 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
clearing agency has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(4).
5 Capitalized terms not defined herein are defined
in the Rules, By-Laws and Organization Certificate
of DTC (the ‘‘Rules’’), available at https://
www.dtcc.com/∼/media/Files/Downloads/legal/
rules/dtc_rules.pdf.
6 Available at https://www.dtcc.com/∼/media/
Files/Downloads/legal/issue-eligibility/eligibility/
operational-arrangements.pdf.
7 Pursuant to the Rules, the term ‘‘Procedures’’
means the Procedures, service guides, and
regulations of DTC adopted pursuant to Rule 27, as
amended from time to time. See Rule 1, Section 1,
supra note 5.
8 Transfer agents record changes of ownership,
maintain the issuer’s security holder records, cancel
and issue certificates, and distribute dividends.
Because transfer agents stand between issuing
companies and security holders, efficient transfer
agent operations are critical to the successful
completion of secondary trades. See https://
www.sec.gov/divisions/marketreg/mrtransfer.shtml.
(describing transfer agents and related information).
9 A trustee is hired by an issuer of debt securities
and is responsible for registration, transfer and
payment of the securities.
4 17
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20JNN1
]]>Agencies
[Federal Register Volume 84, Number 119 (Thursday, June 20, 2019)]
[Notices]
[Page 28867]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13072]
[[Page 28867]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86111; File No. SR-NYSEAMER-2018-39]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Withdrawal of Proposed Rule Change, as Modified by Amendment No. 2, To
Allow Flexible Exchange Equity Options To Be Cash Settled Where the
Underlying Security Is a Specified Exchange-Traded Fund
June 14, 2019.
On September 20, 2018, NYSE American LLC (``NYSE American'' or the
``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 modify the rules related to Flexible Exchange
(``FLEX'') Options to allow cash settlement for certain FLEX Equity
Options. The proposal, as modified by Amendment No. 2, would allow FLEX
Equity Options to be cash settled where the underlying security is one
of 25 specified Exchange-Traded Funds (``ETF'').
---------------------------------------------------------------------------
\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 11, 2018.\3\ On November 19, 2018, pursuant to
Section 19(b)(2) of the Act,\4\ the Commission designated a longer
period within which to either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether to disapprove the proposed rule change.\5\ The
Commission received one comment in response to the Original Notice.\6\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 84364 (October 4,
2018), 83 FR 51535 (October 11, 2018) (``Original Notice'').
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 84616 (November 19,
2018), 83 FR 60519 (November 26, 2018). The Commission designated
January 9, 2019, as the date by which it should approve, disapprove,
or institute proceedings to determine whether to disapprove the
proposed rule change.
\6\ See Letter to Brent J. Fields, Secretary, Commission, from
Samara Cohen, Head of ETF Global Markets, BlackRock, dated November
27, 2018 (``BlackRock Letter'').
---------------------------------------------------------------------------
On December 19, 2018, the Commission instituted proceedings under
Section 19(b)(2)(B) of the Act \7\ to determine whether to approve or
disapprove the proposed rule change.\8\ On March 11, 2019, the Exchange
filed Amendment No. 1 to the proposed rule change. On March 25, 2019,
the Exchange withdrew Amendment No. 1 and filed Amendment No. 2 to the
proposed rule change, which superseded and replaced the proposed rule
change in its entirety.\9\ On April 5, 2019, the Commission designated
a longer period for Commission action on the proceedings to determine
whether to approve or disapprove the proposed rule change.\10\ The
Commission published Amendment No. 2 for comment in the Federal
Register on April 17, 2019.\11\ The Commission received no comments in
response to this solicitation for comments. On May 31, 2019, the
Exchange withdrew the proposed rule change (SR-NYSEAMER-2018-39).
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(2)(B).
\8\ See Securities Exchange Act Release No. 84870 (December 19,
2018), 83 FR 66779 (December 27, 2018) (``Order Instituting
Proceedings''). The Commission designated April 9, 2019, as the date
by which the Commission shall approve or disapprove the proposed
rule change.
\9\ See Notice, infra note 11, at n.10, which describes the
changes proposed in Amendment No. 2 from the original proposal.
\10\ See Securities Exchange Act Release No. 85531 (April 5,
2019), 84 FR 14703 (April 11, 2019). The Commission extended the
date by which the Commission shall approve or disapprove the
proposed rule change to June 8, 2019.
\11\ See Securities Exchange Act Release No. 85628 (April 11,
2019), 84 FR 16102 (April 17, 2019) (``Notice'').
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-13072 Filed 6-19-19; 8:45 am]
BILLING CODE 8011-01-P
