Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend its Price List To Eliminate Certain Obsolete Fees, 21899-21901 [2020-08209]

Download as PDF Federal Register / Vol. 85, No. 76 / Monday, April 20, 2020 / Notices Rule 15c3–1 does not contain record retention requirements. Compliance with the rule is mandatory. The required records are available only to the examination staff of the Commission and the self-regulatory organization of which the broker-dealer is a member. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. The public may view background documentation for this information collection at the following website: www.reginfo.gov. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to (i) www.reginfo.gov/public/do/ PRAMain and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/ o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Dated: April 15, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–08339 Filed 4–17–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 jbell on DSKJLSW7X2PROD with NOTICES Extension: Rule 104; SEC File No. 270–411, OMB Control No. 3235–0465 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in Rule 104 of Regulation M (17 CFR 242.104), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 104 permits stabilizing by a distribution participant during a distribution so long as the distribution participant discloses information to the market and investors. This rule requires VerDate Sep<11>2014 18:34 Apr 17, 2020 Jkt 250001 disclosure in offering materials of the potential stabilizing transactions and that the distribution participant inform the market when a stabilizing bid is made. It also requires the distribution participants (i.e., the syndicate manager) to maintain information regarding syndicate covering transactions and penalty bids and disclose such information to the Self-Regulatory Organization. There are approximately 805 respondents per year that require an aggregate total of 161 hours to comply with this rule. Each respondent makes an estimated 1 annual response. Each response takes approximately 0.20 hours (12 minutes) to complete. Thus, the total compliance burden per year is 161 hours. The total internal labor cost of compliance for the respondents is approximately $11,270.00 per year, resulting in an internal cost of compliance per respondent of approximately $14.00 (i.e., $11,270.00/ 805 respondents). An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. The public may view background documentation for this information collection at the following website: www.reginfo.gov. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to (i) www.reginfo.gov/public/do/ PRAMain and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/ o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Dated: April 15, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–08338 Filed 4–17–20; 8:45 am] BILLING CODE 8011–01–P PO 00000 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–88630; File No. SR–NYSE– 2020–26] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend its Price List To Eliminate Certain Obsolete Fees April 14, 2020. 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 March 31, 2020, New York Stock Exchange LLC (‘‘NYSE’’ 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 its Price List to eliminate certain obsolete fees. The Exchange proposes to implement the fee changes effective April 1, 2020. 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, set forth in sections A, B, and C below, of the most significant parts of such statements. 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 Frm 00078 Fmt 4703 Sfmt 4703 21899 E:\FR\FM\20APN1.SGM 20APN1 21900 Federal Register / Vol. 85, No. 76 / Monday, April 20, 2020 / Notices 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 its Price List to eliminate certain obsolete fees. The Exchange proposes to implement the fee changes effective April 1, 2020. Proposed Rule Change The Exchange proposes to eliminate obsolete fees for trading Floor booth reservations, radio paging services and cellular phones, as follows. Next Generation Trading Floor Reservation Fee The Exchange offers a fee of $12,000 per position, subject to a cap of $240,000 per member organization, to reserve Next Generation Trading Floor booth trading positions.4 The fee was adopted in 2010 on connection with the creation of the Exchange’s ‘‘Next Generation Trading Floor.’’ The Exchange has not charged the fee in over seven years. The Exchange accordingly proposes to delete the Next Generation Trading Floor Reservation Fee as obsolete. Radio Paging Service The Exchange offers radio paging service fees to support Floor broker beepers of $408.50 for the unit and first channel and $139.75 for each additional channel. Floor brokers no longer use beepers, and the Exchange has not charged the fee in over two years. The Exchange accordingly proposes to delete the radio paging service fee as obsolete. jbell on DSKJLSW7X2PROD with NOTICES Cellular Phones The Exchange offers an annual ongoing maintenance fee for using Exchange-approved and provided portable phones on the trading Floor of $240.00 per phone, plus sales tax. In 2017, the Exchange amended Rule 36 to permit Floor brokers to use nonExchange approved and provided portable phones properly registered with the Exchange on the trading Floor.5 Exchange approved and provided portable phones were disabled as of September 18, 2017,6 and the fee has 4 See Securities Exchange Act Release No. 61672 (March 8, 2010), 75 FR 12321 (March 15, 2010) (SR– NYSE–2010–16). 5 See Securities Exchange Act Release No. 81103 (July 7, 2017), 82 FR 32396 (July 13, 2017) (SR– NYSE–2017–07). 6 See NYSE RB 17–03, dated July 21, 2017, available at https://www.nyse.com/publicdocs/nyse/ markets/nyse/rule-interpretations/2017/ NYSE%20RB%2017-03%20%20Date %20Revision.pdf. VerDate Sep<11>2014 18:34 Apr 17, 2020 Jkt 250001 not been charged since that time. The Exchange accordingly proposes to delete the annual portable phone maintenance fee as obsolete. The proposed change is not otherwise intended to address other issues, and the Exchange is not aware of any significant problems that market participants would have in complying with the proposed changes. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,7 in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act,8 in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among its members, issuers and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers, and because it is designed to promote just and equitable principles of trade, 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 Proposed Rule Change Is Reasonable The Exchange believes that it is reasonable to delete fees from the Price List because the related services are no longer offered and the fees are accordingly no longer charged. Deleting obsolete fees for services the Exchange no longer offers would add greater clarity of the Exchange’s rules and enable market participants to more easily navigate the Exchange’s Price List. The Proposed Rule Change Is an Equitable Allocation of Fees The Exchange believes the proposal equitably allocates fees among its market participants because elimination of obsolete fees would apply to all similarly-situated member organizations on an equal basis. All such member organizations would continue to be subject to the same fee structure, and access to the Exchange’s market would continue to be offered on fair and nondiscriminatory terms. The Proposed Change Is Not Unfairly Discriminatory and Would Protect Investors and the Public Interest The Exchange believes that the proposal is not unfairly discriminatory. The proposal is not unfairly discriminatory because it neither targets nor will it have a disparate impact on any particular category of market participant. The proposal does not permit unfair discrimination because elimination of obsolete fees would apply to all similarly situated member organizations on an equal basis. In addition, the Exchange believes that the proposed elimination of obsolete fees would remove impediments to and perfect the mechanism of a free and open market by eliminating references to services that are no longer offered, thereby improving the clarity of the Exchange’s rules and enabling market participants to more easily navigate the Exchange’s Price List. The Exchange also believes that the proposed change would protect investors and the public interest because the deletion of obsolete fees would make the Price List more accessible and transparent and facilitate market participants’ understanding of the fees charged for services currently offered by the Exchange. For the foregoing reasons, the Exchange believes that the proposal is consistent with the Act. B. Self-Regulatory Organization’s Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,9 the Exchange believes that the proposed rule change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Instead, as discussed above, the proposal relates solely to elimination of obsolete fees and, as such, would not have any impact on intra- or inter-market competition because the proposed change is solely designed to accurately reflect the services that the Exchange currently offers, thereby adding clarity to the Price List. 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 foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) 10 of the Act and subparagraph (f)(2) of Rule 19b–4 11 thereunder, because it establishes a due, 9 15 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(4) & (5). PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 U.S.C. 78f(b)(8). U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(2). 10 15 E:\FR\FM\20APN1.SGM 20APN1 Federal Register / Vol. 85, No. 76 / Monday, April 20, 2020 / Notices fee, or other charge imposed by the Exchange. 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) 12 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: jbell on DSKJLSW7X2PROD 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– NYSE–2020–26 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–NYSE–2020–26. 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 12 15 U.S.C. 78s(b)(2)(B). VerDate Sep<11>2014 18:34 Apr 17, 2020 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–NYSE–2020–26, and should be submitted on or before May 11, 2020. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–08209 Filed 4–17–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–312, OMB Control No. 3235–0354] Submission for OMB Review; 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 19b–1 Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 350l–3520), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. Section 19(b) of the Investment Company Act of 1940 (the ‘‘Act’’) (15 U.S.C. 80a–19(b)) authorizes the Commission to regulate registered investment company (‘‘fund’’) distributions of long-term capital gains made more frequently than once every twelve months. Accordingly, rule 19b– 1 under the Act (17 CFR 270.19b–1) regulates the frequency of fund distributions of capital gains. Rule 19b– 1(c) states that the rule does not apply to a unit investment trust (‘‘UIT’’) if it is engaged exclusively in the business of investing in certain eligible securities (generally, fixed-income securities), provided that: (i) The capital gains distribution falls within one of five 13 17 Jkt 250001 PO 00000 CFR 200.30–3(a)(12). Frm 00080 Fmt 4703 Sfmt 4703 21901 categories specified in the rule 1 and (ii) the distribution is accompanied by a report to the unitholder that clearly describes the distribution as a capital gains distribution (the ‘‘notice requirement’’).2 Rule 19b–1(e) permits a fund to apply to the Commission for permission to distribute long-term capital gains that would otherwise be prohibited by the rule if the fund did not foresee the circumstances that created the need for the distribution. The application must set forth the pertinent facts and explain the circumstances that justify the distribution.3 An application that meets those requirements is deemed to be granted unless the Commission denies the request within 15 days after the Commission receives the application. Commission staff estimates that three funds will file an application under rule 19b–1(e) each year.4 The staff understands that if a fund files an application it generally uses outside counsel to prepare the application. The cost burden of using outside counsel is discussed in Item 13 below. The staff estimates that, on average, a fund’s investment adviser would spend approximately 4 hours to review an application, including 3.5 hours by an assistant general counsel at a cost of $466 per hour and 0.5 hours by an administrative assistant at a cost of $81 per hour, and the fund’s board of directors would spend an additional 1 hour at a cost of $4,465 per hour, for a total of 5 hours.5 Thus, the staff 1 17 CFR 270.19b–1(c)(1). notice requirement in rule 19b–1(c)(2) supplements the notice requirement of section 19(a) [15 U.S.C. 80a-19(a)], which requires any distribution in the nature of a dividend payment to be accompanied by a notice disclosing the source of the distribution. 3 Rule 19b–1(e) also requires that the application comply with rule 0–2 [17 CFR 270.02] under the Act, which sets forth the general requirements for papers and applications filed with the Commission pursuant to the Act and rules thereunder. 4 This estimate is based on the average number of applications filed with the Commission pursuant to rule 19b–1(e) in the prior three-year period. 5 The estimate for assistant general counsels is from SIFMA’s Management & Professional Earnings in the Securities Industry 2013, modified by Commission staff to account for an 1800-hour workyear and inflation and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. The estimate for administrative assistants is from SIFMA’s Office Salaries in the Securities Industry 2013, modified by Commission staff to account for an 1800-hour work-year and inflation and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead. The staff previously estimated in 2009 that the average cost of board of director time was $4,000 per hour for the board as a whole, based on information received from funds and their counsel. Adjusting for inflation, the staff estimates that the current average cost of board of director time is approximately $4,465. 2 The E:\FR\FM\20APN1.SGM 20APN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 85, Number 76 (Monday, April 20, 2020)]
[Notices]
[Pages 21899-21901]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08209]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88630; File No. SR-NYSE-2020-26]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend its Price List To Eliminate Certain Obsolete Fees

April 14, 2020.
    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 March 31, 2020, New York Stock Exchange LLC (``NYSE'' 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its Price List to eliminate certain 
obsolete fees. The Exchange proposes to implement the fee changes 
effective April 1, 2020. 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, set forth in sections A, B, and C below, of the most 
significant parts of such statements.

[[Page 21900]]

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 its Price List to eliminate certain 
obsolete fees. The Exchange proposes to implement the fee changes 
effective April 1, 2020.
Proposed Rule Change
    The Exchange proposes to eliminate obsolete fees for trading Floor 
booth reservations, radio paging services and cellular phones, as 
follows.
Next Generation Trading Floor Reservation Fee
    The Exchange offers a fee of $12,000 per position, subject to a cap 
of $240,000 per member organization, to reserve Next Generation Trading 
Floor booth trading positions.\4\ The fee was adopted in 2010 on 
connection with the creation of the Exchange's ``Next Generation 
Trading Floor.'' The Exchange has not charged the fee in over seven 
years. The Exchange accordingly proposes to delete the Next Generation 
Trading Floor Reservation Fee as obsolete.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 61672 (March 8, 
2010), 75 FR 12321 (March 15, 2010) (SR-NYSE-2010-16).
---------------------------------------------------------------------------

Radio Paging Service
    The Exchange offers radio paging service fees to support Floor 
broker beepers of $408.50 for the unit and first channel and $139.75 
for each additional channel. Floor brokers no longer use beepers, and 
the Exchange has not charged the fee in over two years. The Exchange 
accordingly proposes to delete the radio paging service fee as 
obsolete.
Cellular Phones
    The Exchange offers an annual ongoing maintenance fee for using 
Exchange-approved and provided portable phones on the trading Floor of 
$240.00 per phone, plus sales tax. In 2017, the Exchange amended Rule 
36 to permit Floor brokers to use non-Exchange approved and provided 
portable phones properly registered with the Exchange on the trading 
Floor.\5\ Exchange approved and provided portable phones were disabled 
as of September 18, 2017,\6\ and the fee has not been charged since 
that time. The Exchange accordingly proposes to delete the annual 
portable phone maintenance fee as obsolete.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 81103 (July 7, 
2017), 82 FR 32396 (July 13, 2017) (SR-NYSE-2017-07).
    \6\ See NYSE RB 17-03, dated July 21, 2017, available at https://www.nyse.com/publicdocs/nyse/markets/nyse/rule-interpretations/2017/NYSE%20RB%2017-03%20%20Date%20Revision.pdf.
---------------------------------------------------------------------------

    The proposed change is not otherwise intended to address other 
issues, and the Exchange is not aware of any significant problems that 
market participants would have in complying with the proposed changes.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\7\ in general, and furthers the 
objectives of Sections 6(b)(4) and (5) of the Act,\8\ in particular, 
because it provides for the equitable allocation of reasonable dues, 
fees, and other charges among its members, issuers and other persons 
using its facilities and does not unfairly discriminate between 
customers, issuers, brokers or dealers, and because it is designed to 
promote just and equitable principles of trade, 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.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4) & (5).
---------------------------------------------------------------------------

The Proposed Rule Change Is Reasonable
    The Exchange believes that it is reasonable to delete fees from the 
Price List because the related services are no longer offered and the 
fees are accordingly no longer charged. Deleting obsolete fees for 
services the Exchange no longer offers would add greater clarity of the 
Exchange's rules and enable market participants to more easily navigate 
the Exchange's Price List.
The Proposed Rule Change Is an Equitable Allocation of Fees
    The Exchange believes the proposal equitably allocates fees among 
its market participants because elimination of obsolete fees would 
apply to all similarly-situated member organizations on an equal basis. 
All such member organizations would continue to be subject to the same 
fee structure, and access to the Exchange's market would continue to be 
offered on fair and nondiscriminatory terms.
The Proposed Change Is Not Unfairly Discriminatory and Would Protect 
Investors and the Public Interest
    The Exchange believes that the proposal is not unfairly 
discriminatory. The proposal is not unfairly discriminatory because it 
neither targets nor will it have a disparate impact on any particular 
category of market participant. The proposal does not permit unfair 
discrimination because elimination of obsolete fees would apply to all 
similarly situated member organizations on an equal basis. In addition, 
the Exchange believes that the proposed elimination of obsolete fees 
would remove impediments to and perfect the mechanism of a free and 
open market by eliminating references to services that are no longer 
offered, thereby improving the clarity of the Exchange's rules and 
enabling market participants to more easily navigate the Exchange's 
Price List. The Exchange also believes that the proposed change would 
protect investors and the public interest because the deletion of 
obsolete fees would make the Price List more accessible and transparent 
and facilitate market participants' understanding of the fees charged 
for services currently offered by the Exchange.
    For the foregoing reasons, the Exchange believes that the proposal 
is consistent with the Act.

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\9\ the Exchange 
believes that the proposed rule change would not impose any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act. Instead, as discussed above, the proposal relates 
solely to elimination of obsolete fees and, as such, would not have any 
impact on intra- or inter-market competition because the proposed 
change is solely designed to accurately reflect the services that the 
Exchange currently offers, thereby adding clarity to the Price List.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

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 foregoing rule change is effective upon filing pursuant to 
Section 19(b)(3)(A) \10\ of the Act and subparagraph (f)(2) of Rule 
19b-4 \11\ thereunder, because it establishes a due,

[[Page 21901]]

fee, or other charge imposed by the Exchange.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    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) \12\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \12\ 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-NYSE-2020-26 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-NYSE-2020-26. 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-NYSE-2020-26, and should be submitted on 
or before May 11, 2020.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-08209 Filed 4-17-20; 8:45 am]
BILLING CODE 8011-01-P

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