Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.37-E To Update a Rule Cross Reference, 32802-32804 [2019-14626]

Download as PDF 32802 Federal Register / Vol. 84, No. 131 / Tuesday, July 9, 2019 / 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– Phlx–2019–25 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. khammond on DSKBBV9HB2PROD with NOTICES All submissions should refer to File Number SR-Phlx-2019–25. 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–Phlx–2019–25, and should be submitted on or before July 30, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.37 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–14494 Filed 7–8–19; 8:45 am] 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:47 Jul 08, 2019 [Release No. 34–86291; File No. SR–NYSE– 2019–20] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Amending Section 302 of the Listed Company Manual To Provide Exemptions for the Issuers of Certain Categories of Securities From the Obligation to Hold Annual Shareholders’ Meetings July 3, 2019. On May 6, 2019, New York Stock Exchange LLC (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 amend Section 302 of the Listed Company Manual (the ‘‘Manual’’) to provide exemptions for the issuers of certain categories of securities from the obligation to hold annual shareholders’ meetings. The proposed rule change was published for comment in the Federal Register on May 23, 2019.3 The Commission has received no comments on the proposal. Section 19(b)(2) of the Act 4 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day for this filing is July 7, 2019. The Commission is extending the 45day time period for Commission action on the proposed rule change. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, pursuant to Section 19(b)(2) of the Act,5 the Commission designates August 21, 2019, as the date by which the Commission shall either 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 85889 (May 17, 2019), 84 FR 23815. 4 15 U.S.C. 78s(b)(2). 5 Id. 2 17 BILLING CODE 8011–01–P 37 SECURITIES AND EXCHANGE COMMISSION Jkt 247001 PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–NYSE–2019–20). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–14622 Filed 7–8–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–86300; File No. SR– NYSEArca–2019–46] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.37–E To Update a Rule Cross Reference July 3, 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 25, 2019, NYSE Arca, Inc. (‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 7.37–E (Order Execution and Routing) to update a rule cross reference. 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, 6 17 CFR 200.30–3(a)(31). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\09JYN1.SGM 09JYN1 Federal Register / Vol. 84, No. 131 / Tuesday, July 9, 2019 / Notices 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 khammond on DSKBBV9HB2PROD with NOTICES 1. Purpose The Exchange proposes to amend Rule 7.37–E (Order Execution and Routing) to update a rule cross reference. Rule 7.37–E(b)(7) provides that electronically-entered requests to cancel or reduce in size MOC Orders or LOC orders in New York Stock Exchange LLC (‘‘NYSE’’) listed securities will be rejected if entered after the times specified in NYSE Rules 123C(3)(b) and Supplementary Materials .40 to that rule. The NYSE recently amended its rules to support the transition of NYSElisted securities to the Pillar trading platform.3 Among other things, when NYSE transitions NYSE-listed securities to the Pillar trading platform, the NYSE Rule 7.35 Series will govern auctions on the NYSE and NYSE Rule 123C will no longer be applicable.4 The Exchange proposes to amend Rule 7.37–E(b)(7)(C) to update the cross reference to the NYSE rule that will be applicable when NYSE-listed securities transition to the Pillar trading platform. Instead of cross referencing NYSE Rule 123C(3)(b) and Supplementary Material .40 to that rule, the Exchange proposes to cross reference NYSE Rule 7.35(a)(7), which defines the term ‘‘Closing Auction Imbalance Freeze Time.’’ As provided for in NYSE Rule 7.35B(f)(2), the NYSE will begin limiting the circumstances when a MOC or LOC Order may be cancelled or reduced in size beginning at that Closing Auction Imbalance Freeze Time. These NYSE Pillar rules are substantively the same as current NYSE Rule 123C(3)(b) as both sets of rules use the same cut-off time for when the NYSE begins restricting the circumstances when a MOC or LOC Order may be cancelled or reduced in size, i.e., ten minutes before the scheduled end of trading. The proposed amended rule text will provide as follows (deleted text in brackets, new text underlined): 3 See Securities Exchange Act Release No. 85962 (May 29, 2019), 84 FR 26188 (June 5, 2019) (SR– NYSE–2019–05) (Approval Order). 4 The NYSE has announced that, subject to rule approvals, the NYSE will begin transitioning NYSElisted securities to Pillar on August 5, 2019, available here: https://www.nyse.com/publicdocs/ nyse/markets/nyse/Revised_Pillar_Migration_ Timeline.pdf. The NYSE will publish by separate Trader Update a complete symbol migration schedule. VerDate Sep<11>2014 17:47 Jul 08, 2019 Jkt 247001 For MOC Orders or LOC Orders in NYSE listed securities, requests to cancel or reduce in size that are electronically entered after the ‘‘Closing Auction Imbalance Freeze Time’’ specified in NYSE Rule 7.35(a)(7)[the times specified in NYSE Rule 123C(3)(b) and Supplementary Materials .40 to that rule] will be rejected. The Exchange also proposes to amend the rule to specify for which orders this provision would be applicable. As noted above, the current rule provides that the Exchange will reject electronic requests to cancel or reduce in size MOC Orders or LOC Orders in NYSE-listed securities. Because the Exchange now conducts Closing Auctions in NYSElisted securities, the Exchange proposes to amend this text to specify that this rule would be applicable to Primary Only MOC/LOC Orders, which are defined in Rule 7.31–E(f)(1)(C) as a Primary Only Order, i.e., an order that on arrival is routed directly to the primary listing market, designated for participation in the primary listing market’s closing process as a MOC or LOC Order. The Exchange also proposes a non-substantive change to add a hyphen between ‘‘NYSE’’ and ‘‘listed.’’ The Exchange will implement these proposed rule changes on the same schedule that the NYSE transitions NYSE-listed securities to the Pillar trading platform. In other words, the current rule will remain operative for NYSE-listed securities until such time that they transition to NYSE’s Pillar trading platform. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ‘‘Act’’),5 in general, and furthers the objectives of Section 6(b)(5),6 in particular, because it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in 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. The Exchange believes that the proposed rule change to amend Rule 7.37–E would remove impediments to and perfect the mechanism of a free and open market and a national market system because it would update the Exchange’s rules to cross reference the NYSE rule that would be applicable PO 00000 5 15 U.S.C. 78f(b). 6 15 U.S.C. 78f(b)(5). Frm 00105 Fmt 4703 Sfmt 4703 32803 when the NYSE transitions its listed securities to the Pillar trading platform. The proposed rule change does not propose any new or novel functionality because the NYSE Pillar rules provide for the same cut-off time and circumstances for cancelling or reducing in size MOC or LOC Orders as provided for in NYSE Rule 123C(3)(b) and Supplementary Material .40 to that rule. The Exchange therefore believes that the proposed rule change would protect investors and the public interest, in general, because it is designed to promote transparency and clarity in Exchange rules. In addition, the Exchange believes that the proposed rule change to specify that this rule provision would be applicable to Primary Only MOC/LOC Orders would remove impediments to and perfect the mechanism of a free and open market and a national market system because it would provide greater specificity that this Rule is only applicable to MOC or LOC Orders in NYSE-listed securities that have been routed to the NYSE. Because the Exchange now conducts Closing Auctions in NYSE-listed securities, this proposed rule change provides transparency that the Exchange would not cancel a MOC Order or a LOC Order in an NYSE-listed security if such order were intended for a Closing Auction on the Exchange. 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 proposed rule change is not designed to address any competitive issues, but rather, would update Rule 7.37–E to update a cross reference to the NYSE rule that would be applicable when the NYSE transitions its listed securities to the Pillar trading platform and to provide greater specificity that the rule is intended only for MOC or LOC Orders in NYSE-listed securities that are routed to the NYSE. The Exchange therefore believes that the proposed rule change is designed to promote transparency and clarity in Exchange rules. 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. E:\FR\FM\09JYN1.SGM 09JYN1 32804 Federal Register / Vol. 84, No. 131 / Tuesday, July 9, 2019 / Notices 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. 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– NYSEArca–2019–46 on the subject line. khammond on DSKBBV9HB2PROD with NOTICES 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–NYSEArca–2019–46. This file number should be included on the subject line if email is used. To help the Commission process and review your 7 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 9 15 U.S.C. 78s(b)(2)(B). 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 offices 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–NYSEArca–2019–46, and should be submitted on or before July 30, 2019. of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to modify certain investments of the First Trust TCW Unconstrained Plus Bond ETF, the shares of which are currently listed and traded on the Exchange under NYSE Arca Rule 8.600–E. On May 16, 2019, the Exchange filed Amendment No. 1 to the proposed rule change. The proposed rule change, as modified by Amendment No. 1, was published for comment in the Federal Register on May 28, 2019.3 The Commission has received no comment letters on the proposed rule change. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Eduardo A. Aleman, Deputy Secretary. The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 designates August 26, 2019 as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–NYSEArca–2019–33),as modified by Amendment No. 1. [FR Doc. 2019–14626 Filed 7–8–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–86299; File No. SR– NYSEArca–2019–33] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1, Regarding Certain Changes to Investments of the First Trust TCW Unconstrained Plus Bond ETF 17:47 Jul 08, 2019 On May 6, 2019, NYSE Arca, Inc. (‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act 10 17 Jkt 247001 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–14623 Filed 7–8–19; 8:45 am] BILLING CODE 8011–01–P July 3, 2019. 8 17 VerDate Sep<11>2014 Section 19(b)(2) of the Act 4 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding, or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is July 12, 2019. The Commission is extending this 45day time period. PO 00000 CFR 200.30–3(a)(12). Frm 00106 Fmt 4703 Sfmt 4703 1 15 U.S.C.78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 85903 (May 21, 2019), 84 FR 24576. 4 15 U.S.C. 78s(b)(2). 5 Id. 6 17 CFR 200.30–3(a)(31). 2 17 E:\FR\FM\09JYN1.SGM 09JYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 84, Number 131 (Tuesday, July 9, 2019)]
[Notices]
[Pages 32802-32804]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-14626]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86300; File No. SR-NYSEArca-2019-46]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.37-
E To Update a Rule Cross Reference

July 3, 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 25, 2019, NYSE Arca, Inc. (``NYSE Arca'' or the ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 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 7.37-E (Order Execution and 
Routing) to update a rule cross reference. 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,

[[Page 32803]]

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 Exchange proposes to amend Rule 7.37-E (Order Execution and 
Routing) to update a rule cross reference.
    Rule 7.37-E(b)(7) provides that electronically-entered requests to 
cancel or reduce in size MOC Orders or LOC orders in New York Stock 
Exchange LLC (``NYSE'') listed securities will be rejected if entered 
after the times specified in NYSE Rules 123C(3)(b) and Supplementary 
Materials .40 to that rule. The NYSE recently amended its rules to 
support the transition of NYSE-listed securities to the Pillar trading 
platform.\3\ Among other things, when NYSE transitions NYSE-listed 
securities to the Pillar trading platform, the NYSE Rule 7.35 Series 
will govern auctions on the NYSE and NYSE Rule 123C will no longer be 
applicable.\4\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 85962 (May 29, 
2019), 84 FR 26188 (June 5, 2019) (SR-NYSE-2019-05) (Approval 
Order).
    \4\ The NYSE has announced that, subject to rule approvals, the 
NYSE will begin transitioning NYSE-listed securities to Pillar on 
August 5, 2019, available here: https://www.nyse.com/publicdocs/nyse/markets/nyse/Revised_Pillar_Migration_Timeline.pdf. The NYSE 
will publish by separate Trader Update a complete symbol migration 
schedule.
---------------------------------------------------------------------------

    The Exchange proposes to amend Rule 7.37-E(b)(7)(C) to update the 
cross reference to the NYSE rule that will be applicable when NYSE-
listed securities transition to the Pillar trading platform. Instead of 
cross referencing NYSE Rule 123C(3)(b) and Supplementary Material .40 
to that rule, the Exchange proposes to cross reference NYSE Rule 
7.35(a)(7), which defines the term ``Closing Auction Imbalance Freeze 
Time.'' As provided for in NYSE Rule 7.35B(f)(2), the NYSE will begin 
limiting the circumstances when a MOC or LOC Order may be cancelled or 
reduced in size beginning at that Closing Auction Imbalance Freeze 
Time. These NYSE Pillar rules are substantively the same as current 
NYSE Rule 123C(3)(b) as both sets of rules use the same cut-off time 
for when the NYSE begins restricting the circumstances when a MOC or 
LOC Order may be cancelled or reduced in size, i.e., ten minutes before 
the scheduled end of trading.
    The proposed amended rule text will provide as follows (deleted 
text in brackets, new text underlined):

    For MOC Orders or LOC Orders in NYSE listed securities, requests 
to cancel or reduce in size that are electronically entered after 
the ``Closing Auction Imbalance Freeze Time'' specified in NYSE Rule 
7.35(a)(7)[the times specified in NYSE Rule 123C(3)(b) and 
Supplementary Materials .40 to that rule] will be rejected.

    The Exchange also proposes to amend the rule to specify for which 
orders this provision would be applicable. As noted above, the current 
rule provides that the Exchange will reject electronic requests to 
cancel or reduce in size MOC Orders or LOC Orders in NYSE-listed 
securities. Because the Exchange now conducts Closing Auctions in NYSE-
listed securities, the Exchange proposes to amend this text to specify 
that this rule would be applicable to Primary Only MOC/LOC Orders, 
which are defined in Rule 7.31-E(f)(1)(C) as a Primary Only Order, 
i.e., an order that on arrival is routed directly to the primary 
listing market, designated for participation in the primary listing 
market's closing process as a MOC or LOC Order. The Exchange also 
proposes a non-substantive change to add a hyphen between ``NYSE'' and 
``listed.''
    The Exchange will implement these proposed rule changes on the same 
schedule that the NYSE transitions NYSE-listed securities to the Pillar 
trading platform. In other words, the current rule will remain 
operative for NYSE-listed securities until such time that they 
transition to NYSE's Pillar trading platform.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Securities Exchange Act of 1934 (the ``Act''),\5\ in general, and 
furthers the objectives of Section 6(b)(5),\6\ in particular, because 
it is designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in 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.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change to amend Rule 
7.37-E would remove impediments to and perfect the mechanism of a free 
and open market and a national market system because it would update 
the Exchange's rules to cross reference the NYSE rule that would be 
applicable when the NYSE transitions its listed securities to the 
Pillar trading platform. The proposed rule change does not propose any 
new or novel functionality because the NYSE Pillar rules provide for 
the same cut-off time and circumstances for cancelling or reducing in 
size MOC or LOC Orders as provided for in NYSE Rule 123C(3)(b) and 
Supplementary Material .40 to that rule. The Exchange therefore 
believes that the proposed rule change would protect investors and the 
public interest, in general, because it is designed to promote 
transparency and clarity in Exchange rules.
    In addition, the Exchange believes that the proposed rule change to 
specify that this rule provision would be applicable to Primary Only 
MOC/LOC Orders would remove impediments to and perfect the mechanism of 
a free and open market and a national market system because it would 
provide greater specificity that this Rule is only applicable to MOC or 
LOC Orders in NYSE-listed securities that have been routed to the NYSE. 
Because the Exchange now conducts Closing Auctions in NYSE-listed 
securities, this proposed rule change provides transparency that the 
Exchange would not cancel a MOC Order or a LOC Order in an NYSE-listed 
security if such order were intended for a Closing Auction on the 
Exchange.

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 proposed rule change is 
not designed to address any competitive issues, but rather, would 
update Rule 7.37-E to update a cross reference to the NYSE rule that 
would be applicable when the NYSE transitions its listed securities to 
the Pillar trading platform and to provide greater specificity that the 
rule is intended only for MOC or LOC Orders in NYSE-listed securities 
that are routed to the NYSE. The Exchange therefore believes that the 
proposed rule change is designed to promote transparency and clarity in 
Exchange rules.

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.

[[Page 32804]]

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 rule-comme[email protected]. Please include 
File Number SR-NYSEArca-2019-46 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-NYSEArca-2019-46. 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 offices 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-NYSEArca-2019-46, and should be 
submitted on or before July 30, 2019.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-14626 Filed 7-8-19; 8:45 am]
 BILLING CODE 8011-01-P

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