Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Withdrawal of a Proposed Rule Change To Amend Its Rules To Add New Rule 7.19 (Pre-Trade Risk Controls), 15241-15242 [2020-05373]

Download as PDF Federal Register / Vol. 85, No. 52 / Tuesday, March 17, 2020 / Notices trading to occur on the Exchange at the beginning of the Pre-Market Session in all NMS Stocks would allow for price formation to occur earlier in the trading day, which in turn would allow market participants to react to news that has developed, and that, as such, trading at the beginning of regular hours may be more orderly. II. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.11 In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,12 which requires, among other things, that the rules of a national securities exchange be 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 Commission believes that the Exchange’s proposal protects investors and the public interest because it is designed to promote fair and orderly markets following a MWCB Level 3 halt in all securities. The Exchange’s proposal is designed to promote fair and orderly markets in two ways. First, by permitting the resumption of trading no differently from any normal trading day, market participants are not forced to trade in manner differently from normal trading days following a Level 3 market event.13 This is particularly important as the market seeks to resume trading after being required to halt trading for the remainder of the prior trading day. khammond on DSKJM1Z7X2PROD with NOTICES 11 15 U.S.C. 78s(b)(2). 12 15 U.S.C. 78f(b)(5). 13 The Exchange states that it has been working with other national securities exchanges and FINRA to establish a standardized approach for resuming trading in all NMS Stocks following a Level 3 halt, and that the proposed approach would allow for the opening of all securities the next trading day after a Level 3 halt as a regular trading day, and is designed to ensure that Level 3 MWCB events are handled in a more consistent manner that is transparent for market participants. See Notice, supra note 3, at 3993. As noted above, the Commission recognizes that the Exchange has filed this proposal in consultation and coordination with the other national securities exchanges and FINRA and expects that these SROs will file proposals with the Commission to harmonize the MWCB rules and facilitate appropriately a cross-market resumption of trading following a Level 3 halt that is no different from any normal trading day. VerDate Sep<11>2014 17:32 Mar 16, 2020 Jkt 250001 Secondly, the Exchange’s proposal is designed to enable price formation to occur for all securities earlier in the trading day, which in turn could allow market participants to react to news that has developed and may result in more orderly trading at the beginning of regular hours.14 For these reasons, the Commission finds that the Exchange’s proposal is consistent with the Act. III. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,15 that the proposed rule change (SR–NASDAQ– 2020–003) be, and hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–05371 Filed 3–16–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–88357; File No. SR–NYSE– 2020–03] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Add New Rule 46B To Permit the Appointment of Regulatory Trading Officials and Amend Rules 47 and 75 March 11, 2020. On January 14, 2020, New York Stock Exchange LLC (‘‘NYSE’’) 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 add new Rule 46B to permit the appointment of Regulatory Trading Officials and amend Rules 47 and 75 to review whether a bid or offer was verbalized at the point of sale in time to be eligible for inclusion in the Closing Auction. The proposed rule change was published for comment in the Federal 15241 Register on January 30, 2020.3 The Commission received no comments on the proposed rule change. 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 March 15, 2020. The Commission is extending this 45day time period. 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 April 29, 2020, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to approve or disapprove, the proposed rule change (File No. SR– NYSE–2020–03). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–05372 Filed 3–16–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–88361; SR–NYSE–2019–68] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Withdrawal of a Proposed Rule Change To Amend Its Rules To Add New Rule 7.19 (Pre-Trade Risk Controls) March 11, 2020. 14 The Commission recognizes that while the proposal will permit all securities to be traded in the Exchange’s Pre-Market Session, during which certain price protections for volatility such as LULD Price Bands or MWCB protections are not in effect, it believes that this is justified by the benefits noted above. 15 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. PO 00000 Frm 00133 Fmt 4703 Sfmt 4703 On November 27, 2019, New York Stock Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act 3 See Securities Exchange Act Release No. 88033 (Jan. 24, 2020), 85 FR 5511 (Jan. 30, 2020). 4 15 U.S.C. 78s(b)(2). 5 Id. 6 17 CFR 200.30–3(a)(31). E:\FR\FM\17MRN1.SGM 17MRN1 15242 Federal Register / Vol. 85, No. 52 / Tuesday, March 17, 2020 / Notices of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to adopt NYSE Rule 7.19 to provide for optional pre-trade risk controls. The proposed rule change was published for comment in the Federal Register on December 17, 2019.3 The Commission has received two comment letters.4 On January 29, 2020, the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to approve or disapprove the proposed rule change.5 On March 10, 2020, the Exchange withdrew the proposed rule change (SR–NYSE–2019–68). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–05373 Filed 3–16–20; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #16253 and #16254; PUERTO RICO Disaster Number PR–00034] (Catalog of Federal Domestic Assistance Number 59008) Rafaela Monchek, Acting Associate Administrator for Disaster Assistance. Presidential Declaration Amendment of a Major Disaster for the Commonwealth of Puerto Rico [FR Doc. 2020–05467 Filed 3–16–20; 8:45 am] U.S. Small Business Administration. ACTION: Amendment 4. SMALL BUSINESS ADMINISTRATION AGENCY: This is an amendment of the Presidential declaration of a major disaster for the Commonwealth of Puerto Rico (FEMA–4473–DR), dated 01/16/2020. Incident: Earthquakes. Incident Period: 12/28/2019 through 02/04/2020. DATES: Issued on 03/10/2020. Physical Loan Application Deadline Date: 03/16/2020. Economic Injury (EIDL) Loan Application Deadline Date: 10/16/2020. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 87715 (Dec. 11, 2019), 84 FR 68995 (Dec. 17, 2019). 4 See Letter, dated January 7, 2020, to Vanessa Countryman, Secretary, Commission, from Murray Pozmanter, Managing Director, Head of Clearing Agency Services and GOCS, DTCC. See also Letter, dated January 7, 2020, to Vanessa Countryman, Secretary, Commission, from Tom Barrett, Managing Director, Goldman Sachs & Co. LLC. 5 See Securities Exchange Act Release No. 88080, 85 FR 6254 (February 4, 2020). 6 17 CFR 200.30–3(a)(12). 2 17 VerDate Sep<11>2014 17:32 Mar 16, 2020 Jkt 250001 BILLING CODE 8026–03–P Data Collection Available for Public Comments SUMMARY: khammond on DSKJM1Z7X2PROD with NOTICES Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street SW, Suite 6050, Washington, DC 20416, (202) 205–6734. SUPPLEMENTARY INFORMATION: The notice of the President’s major disaster declaration for the Commonwealth of Puerto Rico, dated 01/16/2020, is hereby amended to include the following areas as adversely affected by the disaster: Primary Municipalities (Physical Damage and Economic Injury Loans): Aguada, Anasco, Barceloneta, Coamo, Moca, Naranjito, Salinas, Santa Isabel. Contiguous Municipalities (Economic Injury Loans Only): Puerto Rico: Aguadilla, Aibonito, Bayamon, Cayey, Comerio, Guayama, Rincon. All other information in the original declaration remains unchanged. 60-Day notice and request for comments. ACTION: The Small Business Administration (SBA) intends to request approval from the Office of Management and Budget (OMB) for the collection of information described below. The Paperwork Reduction Act (PRA) requires federal agencies to publish a notice in the Federal Register concerning each proposed collection of information before submission to OMB, and to allow 60 days for public comment in response to the notice. DATES: Submit comments on or before May 18, 2020. ADDRESSES: Send all comments to Mary Frias, Loan Specialist, Office of Financial Assistance, Small Business Administration, 409 3rd Street SW, 8th Floor, Washington, DC 20416. FOR FURTHER INFORMATION CONTACT: Mary Frias, Loan Specialist, Office of Financial Assistance, 202–401–8234, mary.frias@sba.gov, or Curtis B. Rich, Management Analyst, 202–205–7030, curtis.rich@sba.gov. SUMMARY: PO 00000 Frm 00134 Fmt 4703 Sfmt 4703 SBA Loan Program Requirements, including 13 CFR Section 120.830, require Certified Development Companies participating in the SBA 504 Loan Program to complete and submit an annual report that contains financial statements, and operational and management information. This reporting requirement is currently approved under OMB Control Number 3245–0074 and consists of SBA Form 1253, Certified Development Company (CDC) Annual Report Guide and an exhibit. The Annual Report Guide outlines the standards for meeting a CDC’s annual reporting requirements, while the exhibit serves as a template for the preferred method for a CDC to report data on job creation and retention. The information collected is used by SBA District Offices, the Office of Credit Risk Management, and the Office of Financial Assistance, 504 Program Branch, to determine a CDC’s financial condition, its compliance with SBA Loan Program Requirements, and the impact of its assistance to small businesses. SBA is revising the information collection to among other things, address recent rule changes and technological improvements, and to clarify and streamline the information to be submitted. SUPPLEMENTARY INFORMATION: Summary of Changes to OMB Control Number 3245–0074 1. In lieu of outlining the reporting requirements in SBA Form 1253, SBA is proposing to eliminate the form and incorporate the requirements into SBA Standard Operating Procedures (SOP) 50 10, Lender and Development Company Loan Programs, as an Appendix. This change will allow CDCs to locate the information collection in the same document that they refer to for guidance on SBA Loan Program Requirements, which will facilitate their preparation of the annual report. 2. The information collection will also be revised to conform to the changes made by the Streamlining and Modernizing Certified Development Company Program (504 Loan Program) Corporate Governance Requirements final rule published at 84 FR 66287 on December 4, 2019. These changes include: (a) Incorporating the option that allows a Multi-State CDC to add two additional members to its Board or Loan Committee (if established in the CDC’s State of incorporation) as an alternative to creating a separate Loan Committee in the State into which it has expanded. (b) Revising the instruction to make it clear that CDCs are no longer required E:\FR\FM\17MRN1.SGM 17MRN1

Agencies

[Federal Register Volume 85, Number 52 (Tuesday, March 17, 2020)]
[Notices]
[Pages 15241-15242]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05373]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88361; SR-NYSE-2019-68]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Withdrawal of a Proposed Rule Change To Amend Its Rules To 
Add New Rule 7.19 (Pre-Trade Risk Controls)

March 11, 2020.
    On November 27, 2019, New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act

[[Page 15242]]

of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule 
change to adopt NYSE Rule 7.19 to provide for optional pre-trade risk 
controls. The proposed rule change was published for comment in the 
Federal Register on December 17, 2019.\3\ The Commission has received 
two comment letters.\4\ On January 29, 2020, the Commission designated 
a longer period within which to approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether to approve or disapprove the proposed rule change.\5\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 87715 (Dec. 11, 
2019), 84 FR 68995 (Dec. 17, 2019).
    \4\ See Letter, dated January 7, 2020, to Vanessa Countryman, 
Secretary, Commission, from Murray Pozmanter, Managing Director, 
Head of Clearing Agency Services and GOCS, DTCC. See also Letter, 
dated January 7, 2020, to Vanessa Countryman, Secretary, Commission, 
from Tom Barrett, Managing Director, Goldman Sachs & Co. LLC.
    \5\ See Securities Exchange Act Release No. 88080, 85 FR 6254 
(February 4, 2020).
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    On March 10, 2020, the Exchange withdrew the proposed rule change 
(SR-NYSE-2019-68).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-05373 Filed 3-16-20; 8:45 am]
 BILLING CODE 8011-01-P
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