Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete Provisions in Section 141 of the NYSE American Company Guide That Grant the Board Authority to Defer, Waive or Rebate Annual Fees for Listed Equity Securities and Bonds and To Eliminate Obsolete Provisions, 31959-31961 [2019-14165]
Download as PDF
<![CDATA[
Federal Register / Vol. 84, No. 128 / Wednesday, July 3, 2019 / Notices
regarding ECRP transactions and Block
Trades by providing that Market
Participants are required to make
available to CFE upon request
information and their books and records
regarding their activities in a reference
market.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CFE does not believe that the
proposed rule change will impose any
burden on competition not necessary or
appropriate in furtherance of the
purposes of the Act, in that the
proposed rule change will enhance
CFE’s ability to carry out its
responsibilities as a self-regulatory
organization. The Exchange believes
that the proposed rule change is
equitable and not unfairly
discriminatory in that the rule
amendments included in the proposed
rule change would apply equally to all
TPHs, their related parties, and Market
Participants.
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 proposed rule change will
become operative on July 2, 2019. At
any time within 60 days of the date of
effectiveness of the proposed rule
change, the Commission, after
consultation with the CFTC, may
summarily abrogate the proposed rule
change and require that the proposed
rule change be refiled in accordance
with the provisions of Section 19(b)(1)
of the Act.9
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:
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–CFE–2019–001. 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 such
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–CFE–2019–001, and should
be submitted on or before July 24, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–14166 Filed 7–2–19; 8:45 am]
BILLING CODE 8011–01–P
jspears on DSK30JT082PROD with NOTICES
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–
CFE–2019–001 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86225; File No. SR–
NYSEAMER–2019–15]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Delete Provisions in
Section 141 of the NYSE American
Company Guide That Grant the Board
Authority to Defer, Waive or Rebate
Annual Fees for Listed Equity
Securities and Bonds and To Eliminate
Obsolete Provisions
June 27, 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 June 18,
2019, NYSE American LLC (‘‘NYSE
American’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. 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
Section 141 of the NYSE American
Company Guide (the ‘‘Company Guide’’)
to delete: (i) Provisions granting the
board of directors of the Exchange, or its
designee, discretion to defer, waive or
rebate all or any part of the applicable
annual listing fee payable with respect
to a listed class of equity securities or
a listed series of bonds; and (ii)
references to fee provisions that are no
longer applicable, as those fees were
superseded as of January 1, 2019. 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
1 15
U.S.C.78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
9 15
U.S.C. 78s(b)(1).
VerDate Sep<11>2014
19:23 Jul 02, 2019
10 17
Jkt 247001
PO 00000
CFR 200.30–3(a)(73).
Frm 00128
Fmt 4703
Sfmt 4703
31959
E:\FR\FM\03JYN1.SGM
03JYN1
31960
Federal Register / Vol. 84, No. 128 / Wednesday, July 3, 2019 / Notices
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
Section 141 of the Company Guide
includes provisions granting the board
of directors of the Exchange, or its
designee, discretion to defer, waive or
rebate all or any part of the applicable
annual listing fee payable with respect
to a listed class of equity securities or
listed bonds under that section. The
Exchange has not exercised this
discretion since it was acquired by
NYSE Euronext On October 1, 2008, and
does not believe that it is possible to do
so in a manner that would be
transparent and fair to all listed
companies. In the absence of this
possible exercise of discretion, all
similarly situated listed companies will
be treated the same with respect to the
annual listing fees they are charged. For
these reasons, the Exchange proposes to
delete these provisions from Section
141.
The Exchange also proposes to make
non-substantive updates to the text of
Section 141 to remove references to the
annual fees for equity securities that
were in effect prior to January 1, 2019,
as those fees are no longer applicable.
jspears on DSK30JT082PROD with NOTICES
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,4 in general, and
furthers the objectives of Section
6(b)(4) 5 of the Act, in particular, in that
it is designed to provide for the
equitable allocation of reasonable dues,
fees, and other charges. The Exchange
also believes that the proposed rule
change is consistent with Section 6(b)(5)
of the Act,6 in that it is designed to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest and is not designed to
4 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
6 15 U.S.C. 78f(b)(5).
permit unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange believes that it
represents an equitable allocation of
reasonable fees and is not unfairly
discriminatory to eliminate its
discretion to defer, waive or rebate all
or any part of the applicable annual fee
owed by an issuer under Section 141. In
that regard, the Exchange does not
believe that it is possible to utilize this
discretion in a manner that would be
transparent and fair to all listed
companies.
The proposed removal of text relating
to fees that are no longer applicable is
ministerial in nature and has no
substantive effect.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The market
for listing services is extremely
competitive. Each listing exchange has a
different fee schedule that applies to
issuers seeking to list securities on its
exchange. Issuers have the option to list
their securities on these alternative
venues based on the fees charged and
the value provided by each listing.
Because issuers have a choice to list
their securities on a different national
securities exchange, the Exchange does
not believe that the proposed
amendment imposes a burden on
competition. Furthermore, removing the
Exchange’s authority to waive annual
fees will ensure that the costs of listing
on the Exchange will be transparent and
consistent, which will facilitate price
competition among listing venues and
therefore will not impose any burden on
competition.
The proposed removal of text relating
to fees that are no longer applicable is
ministerial in nature and has no
substantive effect and therefore imposes
no burden on competition.
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 7 and Rule
5 15
VerDate Sep<11>2014
19:23 Jul 02, 2019
19b–4(f)(6) thereunder.8 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
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.
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) 9 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
• 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–
NYSEAMER–2019–15 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–NYSEAMER–2019–15. 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
8 17
7 15
Jkt 247001
PO 00000
U.S.C. 78s(b)(3)(A)(iii).
Frm 00129
Fmt 4703
Sfmt 4703
9 15
E:\FR\FM\03JYN1.SGM
CFR 240.19b–4(f)(6).
U.S.C. 78s(b)(2)(B).
03JYN1
Federal Register / Vol. 84, No. 128 / Wednesday, July 3, 2019 / Notices
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–NYSEAMER–2019–15 and
should be submitted on or before July
24, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–14165 Filed 7–2–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No 34–86219; File No. SR–MSRB–
2019–07]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing of Amendment
No. 1 and Order Granting Accelerated
Approval of a Proposed Rule Change,
as Modified by Amendment No. 1,
Consisting of Proposed Amendments
to MSRB Rule G–11 and MSRB Rule G–
32 and Form G–32 Regarding a
Collection of Data Elements Provided
in Electronic Format to the EMMA
Dataport System in Connection With
Primary Offerings
June 27, 2019.
jspears on DSK30JT082PROD with NOTICES
I. Introduction
On April 2, 2019, the Municipal
Securities Rulemaking Board (the
‘‘MSRB’’ or ‘‘Board’’) filed with the
Securities and Exchange Commission
(the ‘‘SEC’’ or ‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
10 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
19:23 Jul 02, 2019
Jkt 247001
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change consisting of proposed
amendments to MSRB Rule G–11
(‘‘Primary Offering Practices’’), MSRB
Rule G–32 (‘‘Disclosures in Connection
With Primary Offerings), and Form G–
32 regarding a collection of data
elements provided in electric format to
the Electronic Municipal Market Access
Dataport (the ‘‘EMMA Dataport’’) 3
system in connection with primary
offerings (the ‘‘proposed rule change’’).
The proposed rule change was
published for comment in the Federal
Register on April 12, 2019.4
The Commission received three
comment letters on the proposed rule
change.5 On June 6, 2019, the MSRB
responded to those comments 6 and
filed Amendment No. 1 to the proposed
rule change (‘‘Amendment No. 1’’).7 The
Commission is publishing this notice to
solicit comments on Amendment No. 1
to the proposed rule change from
interested parties and is approving the
proposed rule change, as modified by
Amendment No. 1, on an accelerated
basis.
II. Description of Proposed Rule Change
As described further below, the MSRB
proposes to amend MSRB Rule G–11
and MSRB Rule G–32, as well as Form
G–32 to update and enhance the general
practices undertaken by underwriters
and others, as applicable, in a primary
offering of municipal securities.8
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The EMMA Dataport is the submission portal
through which information is provided for display
to the public on EMMA.
4 Securities Exchange Act Release No. 85551
(Apr. 8, 2019) (the ‘‘Notice of Filing’’), 84 FR 14988
(Apr. 12, 2019).
5 See Letter to Secretary, Commission, from Leslie
M. Norwood, Managing Director and Associate
General Counsel, and Bernard V. Canepa, VicePresident and Assistant General Counsel, the
Securities Industry and Financial Market
Association (‘‘SIFMA’’) dated May 2, 2019 (the
‘‘SIFMA Letter’’); Letter to Secretary, Commission,
from Mike Nicholas, Chief Executive Officer, Bond
Dealers of America (‘‘BDA’’), dated May 3, 2019 (the
‘‘BDA Letter’’); and Letter to Secretary,
Commission, from Susan Gaffney, Executive
Director, National Association of Municipal
Advisors (‘‘NAMA’’), dated May 3, 2019 (the
‘‘NAMA Letter’’).
6 See Letter to Secretary, Commission, from
Margaret R. Blake, Associate Counsel, Municipal
Securities Rulemaking Board (‘‘MSRB’’), dated Jun.
6, 2019 (the ‘‘MSRB Response Letter’’).
7 Id. As discussed further below, in Amendment
No. 1, the MSRB proposed to amend the proposed
rule change with two technical amendments (to
MSRB Rule G–11(g) and MSRB Rule G–11(k)).
8 See Notice of Filing, 84 FR at 14988, and
Amendment No. 1.
PO 00000
1 15
2 17
Frm 00130
Fmt 4703
Sfmt 4703
31961
A. Proposed Rule Change to MSRB Rule
G–11—Primary Offering Practices
1. Revisions to MSRB Rule G–11(f)
The proposed rule change would
amend MSRB Rule G–11(f) to codify an
existing obligation of selling group
members to comply with the written
communications they receive from the
senior syndicate manager relating to,
among other things, issuer
requirements, priority provisions and
order period requirements.9
MSRB Rule G–11(f) currently states
that prior to the first offer of any
securities by the syndicate, the senior
syndicate manager is required to
provide, in writing, to syndicate
members and selling group members, if
any, ‘‘(i) a written statement of all terms
and conditions required by the issuer,
(ii) a written statement of all of the
issuer’s retail order period
requirements, if any, [and] (iii) the
priority provisions . . . [.]’’ 10 The
senior syndicate manager must also
promptly furnish, in writing, to the
syndicate members and the selling
group members any changes in the
priority provisions or pricing
information.11
Additionally, the MSRB has stated
that the activities of all dealers should
be viewed in light of the basic fair
dealing principles of MSRB Rule G–17,
on conduct of municipal securities and
municipal advisor activities.12 In 2013,
the MSRB amended MSRB Rule G–11
to, among other things, address
concerns related to retail order period
practices and required expressly that the
senior syndicate manager’s written
statement of all terms and conditions
required by the issuer also be delivered
to selling group members.13 The
amendment also added MSRB Rule G–
11(k) to require that any dealer that
submits an order designated as retail
during a retail order period must
provide certain information that would
assist in determining if the order is a
bona fide retail order.14 The MSRB
stated that the 2013 amendments to
MSRB Rule G–11, coupled with the
MSRB Rule G–17 guidance,15 indicate
that selling group members are subject
9 See
Notice of Filing, 84 FR at 14990.
Rule G–11(f). See also id.
11 Notice of Filing, 84 FR at 14990.
12 See MSRB Notice 2009–42 (July 14, 2009).
13 See Securities Exchange Act Release No. 70532
(Sept. 26, 2013), 78 FR 60956 (Oct. 2, 2013) (File
No. SR–MSRB–2013–05).
14 Id.
15 See MSRB Notice 2009–42 (July 14, 2009).
10 MSRB
E:\FR\FM\03JYN1.SGM
03JYN1
]]>Agencies
[Federal Register Volume 84, Number 128 (Wednesday, July 3, 2019)]
[Notices]
[Pages 31959-31961]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-14165]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86225; File No. SR-NYSEAMER-2019-15]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Delete
Provisions in Section 141 of the NYSE American Company Guide That Grant
the Board Authority to Defer, Waive or Rebate Annual Fees for Listed
Equity Securities and Bonds and To Eliminate Obsolete Provisions
June 27, 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 June 18, 2019, NYSE American LLC (``NYSE American'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III 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.
---------------------------------------------------------------------------
\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 Section 141 of the NYSE American
Company Guide (the ``Company Guide'') to delete: (i) Provisions
granting the board of directors of the Exchange, or its designee,
discretion to defer, waive or rebate all or any part of the applicable
annual listing fee payable with respect to a listed class of equity
securities or a listed series of bonds; and (ii) references to fee
provisions that are no longer applicable, as those fees were superseded
as of January 1, 2019. 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
[[Page 31960]]
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
Section 141 of the Company Guide includes provisions granting the
board of directors of the Exchange, or its designee, discretion to
defer, waive or rebate all or any part of the applicable annual listing
fee payable with respect to a listed class of equity securities or
listed bonds under that section. The Exchange has not exercised this
discretion since it was acquired by NYSE Euronext On October 1, 2008,
and does not believe that it is possible to do so in a manner that
would be transparent and fair to all listed companies. In the absence
of this possible exercise of discretion, all similarly situated listed
companies will be treated the same with respect to the annual listing
fees they are charged. For these reasons, the Exchange proposes to
delete these provisions from Section 141.
The Exchange also proposes to make non-substantive updates to the
text of Section 141 to remove references to the annual fees for equity
securities that were in effect prior to January 1, 2019, as those fees
are no longer applicable.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\4\ in general, and furthers the
objectives of Section 6(b)(4) \5\ of the Act, in particular, in that it
is designed to provide for the equitable allocation of reasonable dues,
fees, and other charges. The Exchange also believes that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\6\ in that
it is designed to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(4).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that it represents an equitable allocation of
reasonable fees and is not unfairly discriminatory to eliminate its
discretion to defer, waive or rebate all or any part of the applicable
annual fee owed by an issuer under Section 141. In that regard, the
Exchange does not believe that it is possible to utilize this
discretion in a manner that would be transparent and fair to all listed
companies.
The proposed removal of text relating to fees that are no longer
applicable is ministerial in nature and has no substantive effect.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The market for listing
services is extremely competitive. Each listing exchange has a
different fee schedule that applies to issuers seeking to list
securities on its exchange. Issuers have the option to list their
securities on these alternative venues based on the fees charged and
the value provided by each listing. Because issuers have a choice to
list their securities on a different national securities exchange, the
Exchange does not believe that the proposed amendment imposes a burden
on competition. Furthermore, removing the Exchange's authority to waive
annual fees will ensure that the costs of listing on the Exchange will
be transparent and consistent, which will facilitate price competition
among listing venues and therefore will not impose any burden on
competition.
The proposed removal of text relating to fees that are no longer
applicable is ministerial in nature and has no substantive effect and
therefore imposes no burden on competition.
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 \7\ and Rule 19b-4(f)(6) thereunder.\8\
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
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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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) \9\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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-NYSEAMER-2019-15 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-NYSEAMER-2019-15. 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
[[Page 31961]]
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-NYSEAMER-2019-15 and should be submitted
on or before July 24, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-14165 Filed 7-2-19; 8:45 am]
BILLING CODE 8011-01-P
