Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Certain Grammatical or Non-Substantive Changes to the NYSE National Rule 10.8000 and Rule 10.9000, 6651-6653 [2020-02192]
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Federal Register / Vol. 85, No. 24 / Wednesday, February 5, 2020 / Notices
regulatory obligations pursuant to the
Plan. In approving the Plan, the
Commission noted that the Plan ‘‘is
necessary and appropriate in the public
interest, for the protection of investors
and the maintenance of fair and orderly
markets, to remove impediments to, and
perfect the mechanism of a national
market system, or is otherwise in
furtherance of the purposes of the
Act.’’ 27 To the extent that this proposal
implements the Plan, including the
proposed amendments and exemptive
relief, and applies specific requirements
to Industry Members, the Exchange
believes that this proposal furthers the
objectives of the Plan, as identified by
the SEC, and is therefore consistent with
the Act.
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
Exchange notes that the proposed rule
changes are consistent with certain
proposed amendments to and
exemptions from the CAT NMS Plan,
facilitate the retirement of certain
existing regulatory systems, and are
designed to assist the Exchange in
meeting its regulatory obligations
pursuant to the Plan. The Exchange also
notes that the amendments to the
Compliance Rule will apply equally to
all Industry Members that trade NMS
Securities and OTC Equity Securities. In
addition, all national securities
exchanges and FINRA are proposing
these amendments to their Compliance
Rules. Therefore, this is not a
competitive rule filing, and, therefore, it
does not impose a burden on
competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
jbell on DSKJLSW7X2PROD with NOTICES
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
27 Approval
Order at 84697.
VerDate Sep<11>2014
18:54 Feb 04, 2020
Jkt 250001
the Exchange 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:
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–
CboeEDGX–2020–005 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–CboeEDGX–2020–005. 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
PO 00000
Frm 00155
Fmt 4703
Sfmt 4703
6651
Number SR–CboeEDGX–2020–005 and
should be submitted on or before
February 26, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.28
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–02194 Filed 2–4–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88098; File No. SR–
NYSENAT–2020–02]
Self-Regulatory Organizations; NYSE
National, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change to Certain Grammatical or
Non-Substantive Changes to the NYSE
National Rule 10.8000 and Rule 10.9000
January 30, 2020.
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 January
22, 2020, NYSE National, Inc. (‘‘NYSE
National’’ 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 certain
grammatical or non-substantive changes
to the NYSE National Rule 10.8000 and
Rule 10.9000 Series to conform to the
Rule 10.8000 and Rule 10.9000 Series of
the Exchange’s affiliate NYSE Arca, Inc.
(‘‘NYSE Arca’’). 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
28 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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05FEN1
6652
Federal Register / Vol. 85, No. 24 / Wednesday, February 5, 2020 / Notices
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 Exchange proposes certain
grammatical or non-substantive changes
to the NYSE National Rule 10.8000
(Investigations and Sanctions) and Rule
10.9000 (Code of Procedure) Series to
conform to the Rule 10.8000 and Rule
10.9000 Series of the Exchange’s
affiliate NYSE Arca. The proposed rule
change will further harmonize the
Exchange’s disciplinary rules with the
rules of the Exchange’s affiliates.
Proposed Rule Change
jbell on DSKJLSW7X2PROD with NOTICES
In 2018, the Exchange adopted the
Rule 10.8000 and Rule 10.9000 Series,
which set forth the Exchange’s rules
relating to investigation, discipline,
sanction, and other procedural rules.
Rule 10 was modeled on the rules of the
Exchange’s affiliate NYSE American,
Inc., which in turn was modeled on the
rules of the Financial Industry
Regulatory Authority, Inc. (‘‘FINRA’’).3
In 2019, the Exchange’s affiliate NYSE
Arca adopted the Rule 10.8000 and Rule
10.9000 Series.4 As part of that filing,
NYSE Arca incorporated certain
grammatical or other non-substantive
changes that the Exchange proposes to
adopt in order to further harmonize the
Exchange’s disciplinary rules with the
rules of its affiliates.
Specifically, the Exchange proposes
the following changes:
• Rule 10.8211 (Automated
Submission of Trading Data Requested
by the Exchange) sets forth the
procedures for electronic blue sheets. In
subsection (a), the Exchange proposes to
delete the ‘‘s’’ following ‘‘transaction’’
and add the phrase ‘‘or transactions’’
and to replace ‘‘is’’ with ‘‘are’’ in order
to conform to NYSE Arca Rule
10.8211(a).
3 See Securities Exchange Act Release No. 83289
(May 17, 2018), 83 FR 23968 (May 23, 2018) (SR–
NYSENat–2018–02).
4 See Securities Exchange Act Release No. 85639
(April 12, 2019), 84 FR 16346 (April 18, 2019) (SR–
NYSEArca–2019–15). As part of that filing, NYSE
Arca incorporated certain grammatical or other nonsubstantive changes that had been earlier made to
the Exchange’s disciplinary rules. See id., 84 FR at
16346, n. 4.
VerDate Sep<11>2014
18:54 Feb 04, 2020
Jkt 250001
• Rule 10.8313 (Release of
Disciplinary Complaints, Decisions and
Other Information) provides, in part, for
the Exchange to publish all final
disciplinary decisions issued under the
Rule 10.9000 Series, other than minor
rule violations, on its website. In Rule
10.8313(a)(3), the Exchange proposes to
add ‘‘and’’ between ‘‘10.9558’’ and
‘‘10.9560.’’ In subsection (c)(1), the
Exchange proposes to add ‘‘information
that contains’’ prior to ‘‘confidential
customer information.’’ Both changes
would conform to NYSE Arca Rule
10.8313(a)(3) and (c)(1).
• Rule 10.8320 (Payment of Fines,
Other Monetary Sanctions, or Costs;
Summary Action for Failure to Pay)
governs payment of fines and other
monetary sanctions or costs by ETP 5
Holders. In order to conform to NYSE
Arca Rule 10.8320(b), Rule 10.8320(b)
would be amended to add an
apostrophe after ‘‘days’’ and the phrase
‘‘from membership’’ following ‘‘expel.’’
• Rule 10.9110 (Application) sets
forth the types of proceedings to which
the Rule 10.9000 Series applies. In order
to conform to NYSE Arca Rule
10.9110(a), the Exchange would add the
following sentence to the end of the
subsection: ‘‘No member of the Board of
Directors or non-Regulatory Staff may
interfere with or attempt to influence
the process or resolution of any pending
investigation or disciplinary
proceeding.’’
• Rule 10.9120 (Definitions) sets forth
the definitions applicable to the Rule
10.9000 Series. Under the definition of
‘‘Interested Staff’’ in Rule
10.9120(B)(iii), the Exchange would add
parentheses around the ‘‘s’’ in
‘‘supervises’’ to conform to NYSE Arca
Rule 10.9120(B)(iii).
• Rule 10.9310 governs review by the
Exchange’s board of directors. In order
to conform with NYSE Arca Rule
10.9310(a)(B)(i) and (ii), Rule
10.9310(a)(B)(i) and (ii) would both be
amended to define the term ‘‘affiliate’’
as used therein. Specifically, the phrase
‘‘of the Exchange as such term is
defined in Rule 12b–2 under the
Exchange Act’’ would be added before
‘‘affiliate’’ in both subsections and the
phrases ‘‘ETP Holder that is an’’ and
‘‘Exchange ETP Holder that is an’’
before ‘‘affiliate’’ in subsections (a)(i)
and (a)(ii), respectively, would be
deleted. Further, in order to conform to
NYSE Arca Rule 10.9310(b), the
Exchange would add ‘‘Securities’’
5 The term ‘‘ETP’’ refers to an Equity Trading
Permit issued by the Exchange for effecting
approved securities transactions on the Exchange.
An ‘‘ETP Holder’’ means the Exchange-approved
holder of an ETP. See Rules 1.1(h) and (i).
PO 00000
Frm 00156
Fmt 4703
Sfmt 4703
before, and ‘‘of 1934’’ after, ‘‘Exchange
Act’’ in the last sentence.
• Rule 10.9524 (Exchange Board of
Directors Consideration) governs
requests for review by the applicant to
the Exchange board of directors. To
conform with NYSE Arca Rule 10.9524,
the Exchange would add ‘‘Securities’’
before, and ‘‘of 1934’’ after, ‘‘Exchange
Act’’ in the last sentence.
• Rule 10.9559 (Hearing Procedures
for Expedited Proceedings Under the
Rule 10.9550 Series) sets forth uniform
hearing procedures for all expedited
proceedings under the Rule 10.9550
Series. In order to conform to NYSE
Arca Rule 10.9559, the Exchange
proposes the following changes to Rule
10.9559:
Æ Replacing the incorrect reference to
Rule 10.9552 with Rule 10.9551 in
subsection (c)(1);
Æ adding two references to Rule
10.9551 in subsection (d)(2);
Æ deleting ‘‘the’’ before ‘‘Hearing
Officer’’ in the next to last sentence of
Rule 10.9559(e);
Æ replacing the incorrect reference to
Rule 10.9552 with Rule 10.9551 in Rule
10.9559(g)(4); and
Æ adding a reference to Rule 10.9551
in Rule 10.9559(o)(3).
• Finally, Rule 10.9560 (Expedited
Suspension Proceeding) sets forth
procedures for expedited suspension
hearings. In order to conform to NYSE
Arca Rule 10.9560, the Exchange
proposes the following changes to Rule
10.9560:
Æ Adding ‘‘or Panelist’’ after ‘‘Hearing
Officer’’ in three places in subsection
(b)(2); and
Æ adding ‘‘or Panelist’’ after ‘‘Hearing
Officer’’ in two places in subsection
(c)(1).
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),6 in general, and furthers the
objectives of Section 6(b)(5),7 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 would remove
6 15
7 15
E:\FR\FM\05FEN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
05FEN1
Federal Register / Vol. 85, No. 24 / Wednesday, February 5, 2020 / Notices
impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, protect investors and the public
interest because the proposed
conforming grammatical or nonsubstantive changes would add clarity,
transparency and consistency to the
Exchange’s disciplinary rules. The
Exchange believes that market
participants would benefit from the
increased clarity, thereby reducing
potential confusion. Similarly, the
Exchange believes that the proposed
changes would also make the
Exchange’s disciplinary rules more
consistent with the rules of NYSE Arca,
thereby ensuring that persons subject to
the Exchange’s jurisdiction, regulators,
and the investing public can more easily
navigate and understand the Exchange’s
rules.
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 intended to
address competitive issues but rather is
concerned solely with amending the
disciplinary rules to make conforming
grammatical or non-substantive changes
based on the disciplinary rules of the
Exchange’s affiliate NYSE Arca.
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.
jbell on DSKJLSW7X2PROD with 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 8 and Rule
19b–4(f)(6) thereunder.9 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)
8 15
9 17
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
VerDate Sep<11>2014
18:54 Feb 04, 2020
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) 10 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–
NYSENAT–2020–02 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–2020–02. 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
10 15
Jkt 250001
PO 00000
U.S.C. 78s(b)(2)(B).
Frm 00157
Fmt 4703
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–NYSENAT–2020–02, and
should be submitted on or before
February 26, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–02192 Filed 2–4–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–197, OMB Control No.
3235–0200]
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736.
Extension:
Rule 15c3–1.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘PRA’’), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 15c3–1 (17 CFR
240.15c3–1), under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.). The Commission plans to submit
this existing collection of information to
the Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 15c3–1 requires brokers-dealers
to have at all times sufficient liquid
assets to meet their current liabilities,
particularly the claims of customers.
The rule facilitates the monitoring of the
financial condition of broker-dealers by
the Commission and the various selfregulatory organizations. It is estimated
that broker-dealer respondents
registered with the Commission and
subject to the collection of information
requirements of Rule 15c3–1 incur an
aggregate annual time burden of
approximately 76,981 hours to comply
11 17
Sfmt 4703
6653
E:\FR\FM\05FEN1.SGM
CFR 200.30–3(a)(12).
05FEN1
]]>Agencies
[Federal Register Volume 85, Number 24 (Wednesday, February 5, 2020)]
[Notices]
[Pages 6651-6653]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-02192]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88098; File No. SR-NYSENAT-2020-02]
Self-Regulatory Organizations; NYSE National, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change to Certain
Grammatical or Non-Substantive Changes to the NYSE National Rule
10.8000 and Rule 10.9000
January 30, 2020.
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 January 22, 2020, NYSE National, Inc. (``NYSE National'' 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 certain grammatical or non-substantive
changes to the NYSE National Rule 10.8000 and Rule 10.9000 Series to
conform to the Rule 10.8000 and Rule 10.9000 Series of the Exchange's
affiliate NYSE Arca, Inc. (``NYSE Arca''). 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
[[Page 6652]]
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 Exchange proposes certain grammatical or non-substantive
changes to the NYSE National Rule 10.8000 (Investigations and
Sanctions) and Rule 10.9000 (Code of Procedure) Series to conform to
the Rule 10.8000 and Rule 10.9000 Series of the Exchange's affiliate
NYSE Arca. The proposed rule change will further harmonize the
Exchange's disciplinary rules with the rules of the Exchange's
affiliates.
Proposed Rule Change
In 2018, the Exchange adopted the Rule 10.8000 and Rule 10.9000
Series, which set forth the Exchange's rules relating to investigation,
discipline, sanction, and other procedural rules. Rule 10 was modeled
on the rules of the Exchange's affiliate NYSE American, Inc., which in
turn was modeled on the rules of the Financial Industry Regulatory
Authority, Inc. (``FINRA'').\3\ In 2019, the Exchange's affiliate NYSE
Arca adopted the Rule 10.8000 and Rule 10.9000 Series.\4\ As part of
that filing, NYSE Arca incorporated certain grammatical or other non-
substantive changes that the Exchange proposes to adopt in order to
further harmonize the Exchange's disciplinary rules with the rules of
its affiliates.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 83289 (May 17,
2018), 83 FR 23968 (May 23, 2018) (SR-NYSENat-2018-02).
\4\ See Securities Exchange Act Release No. 85639 (April 12,
2019), 84 FR 16346 (April 18, 2019) (SR-NYSEArca-2019-15). As part
of that filing, NYSE Arca incorporated certain grammatical or other
non-substantive changes that had been earlier made to the Exchange's
disciplinary rules. See id., 84 FR at 16346, n. 4.
---------------------------------------------------------------------------
Specifically, the Exchange proposes the following changes:
Rule 10.8211 (Automated Submission of Trading Data
Requested by the Exchange) sets forth the procedures for electronic
blue sheets. In subsection (a), the Exchange proposes to delete the
``s'' following ``transaction'' and add the phrase ``or transactions''
and to replace ``is'' with ``are'' in order to conform to NYSE Arca
Rule 10.8211(a).
Rule 10.8313 (Release of Disciplinary Complaints,
Decisions and Other Information) provides, in part, for the Exchange to
publish all final disciplinary decisions issued under the Rule 10.9000
Series, other than minor rule violations, on its website. In Rule
10.8313(a)(3), the Exchange proposes to add ``and'' between ``10.9558''
and ``10.9560.'' In subsection (c)(1), the Exchange proposes to add
``information that contains'' prior to ``confidential customer
information.'' Both changes would conform to NYSE Arca Rule
10.8313(a)(3) and (c)(1).
Rule 10.8320 (Payment of Fines, Other Monetary Sanctions,
or Costs; Summary Action for Failure to Pay) governs payment of fines
and other monetary sanctions or costs by ETP \5\ Holders. In order to
conform to NYSE Arca Rule 10.8320(b), Rule 10.8320(b) would be amended
to add an apostrophe after ``days'' and the phrase ``from membership''
following ``expel.''
---------------------------------------------------------------------------
\5\ The term ``ETP'' refers to an Equity Trading Permit issued
by the Exchange for effecting approved securities transactions on
the Exchange. An ``ETP Holder'' means the Exchange-approved holder
of an ETP. See Rules 1.1(h) and (i).
---------------------------------------------------------------------------
Rule 10.9110 (Application) sets forth the types of
proceedings to which the Rule 10.9000 Series applies. In order to
conform to NYSE Arca Rule 10.9110(a), the Exchange would add the
following sentence to the end of the subsection: ``No member of the
Board of Directors or non-Regulatory Staff may interfere with or
attempt to influence the process or resolution of any pending
investigation or disciplinary proceeding.''
Rule 10.9120 (Definitions) sets forth the definitions
applicable to the Rule 10.9000 Series. Under the definition of
``Interested Staff'' in Rule 10.9120(B)(iii), the Exchange would add
parentheses around the ``s'' in ``supervises'' to conform to NYSE Arca
Rule 10.9120(B)(iii).
Rule 10.9310 governs review by the Exchange's board of
directors. In order to conform with NYSE Arca Rule 10.9310(a)(B)(i) and
(ii), Rule 10.9310(a)(B)(i) and (ii) would both be amended to define
the term ``affiliate'' as used therein. Specifically, the phrase ``of
the Exchange as such term is defined in Rule 12b-2 under the Exchange
Act'' would be added before ``affiliate'' in both subsections and the
phrases ``ETP Holder that is an'' and ``Exchange ETP Holder that is
an'' before ``affiliate'' in subsections (a)(i) and (a)(ii),
respectively, would be deleted. Further, in order to conform to NYSE
Arca Rule 10.9310(b), the Exchange would add ``Securities'' before, and
``of 1934'' after, ``Exchange Act'' in the last sentence.
Rule 10.9524 (Exchange Board of Directors Consideration)
governs requests for review by the applicant to the Exchange board of
directors. To conform with NYSE Arca Rule 10.9524, the Exchange would
add ``Securities'' before, and ``of 1934'' after, ``Exchange Act'' in
the last sentence.
Rule 10.9559 (Hearing Procedures for Expedited Proceedings
Under the Rule 10.9550 Series) sets forth uniform hearing procedures
for all expedited proceedings under the Rule 10.9550 Series. In order
to conform to NYSE Arca Rule 10.9559, the Exchange proposes the
following changes to Rule 10.9559:
[cir] Replacing the incorrect reference to Rule 10.9552 with Rule
10.9551 in subsection (c)(1);
[cir] adding two references to Rule 10.9551 in subsection (d)(2);
[cir] deleting ``the'' before ``Hearing Officer'' in the next to
last sentence of Rule 10.9559(e);
[cir] replacing the incorrect reference to Rule 10.9552 with Rule
10.9551 in Rule 10.9559(g)(4); and
[cir] adding a reference to Rule 10.9551 in Rule 10.9559(o)(3).
Finally, Rule 10.9560 (Expedited Suspension Proceeding)
sets forth procedures for expedited suspension hearings. In order to
conform to NYSE Arca Rule 10.9560, the Exchange proposes the following
changes to Rule 10.9560:
[cir] Adding ``or Panelist'' after ``Hearing Officer'' in three
places in subsection (b)(2); and
[cir] adding ``or Panelist'' after ``Hearing Officer'' in two
places in subsection (c)(1).
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''),\6\ in general, and
furthers the objectives of Section 6(b)(5),\7\ 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.
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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposed rule change would remove
[[Page 6653]]
impediments to and perfect the mechanism of a free and open market and
a national market system and, in general, protect investors and the
public interest because the proposed conforming grammatical or non-
substantive changes would add clarity, transparency and consistency to
the Exchange's disciplinary rules. The Exchange believes that market
participants would benefit from the increased clarity, thereby reducing
potential confusion. Similarly, the Exchange believes that the proposed
changes would also make the Exchange's disciplinary rules more
consistent with the rules of NYSE Arca, thereby ensuring that persons
subject to the Exchange's jurisdiction, regulators, and the investing
public can more easily navigate and understand the Exchange's rules.
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 intended to address competitive issues but rather is concerned
solely with amending the disciplinary rules to make conforming
grammatical or non-substantive changes based on the disciplinary rules
of the Exchange's affiliate NYSE Arca.
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 \8\ and Rule 19b-4(f)(6) thereunder.\9\
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.
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\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(6).
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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) \10\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\10\ 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-2020-02 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-2020-02. 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-NYSENAT-2020-02, and should be submitted
on or before February 26, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-02192 Filed 2-4-20; 8:45 am]
BILLING CODE 8011-01-P
