Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Temporary Period for Specified Commentaries to Rules 7.35, 7.35A, 7.35B, and 7.35C, 32059-32062 [2020-11474]
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Federal Register / Vol. 85, No. 103 / Thursday, May 28, 2020 / Notices
This notice issued in Washington, DC, on
May 22, 2020.
Virginia Burke,
FOIA/Privacy Act Officer/Management.
[FR Doc. 2020–11513 Filed 5–27–20; 8:45 am]
BILLING CODE 6051–01–P
POSTAL REGULATORY COMMISSION
[Docket Nos. MC2020–136 and CP2020–145]
New Postal Product
Postal Regulatory Commission.
Notice.
AGENCY:
ACTION:
The Commission is noticing a
recent Postal Service filing for the
Commission’s consideration concerning
a negotiated service agreement. This
notice informs the public of the filing,
invites public comment, and takes other
administrative steps.
DATES: Comments are due: May 30,
2020.
SUMMARY:
Submit comments
electronically via the Commission’s
Filing Online system at https://
www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
Table of Contents
I. Introduction
II. Docketed Proceeding(s)
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I. Introduction
The Commission gives notice that the
Postal Service filed request(s) for the
Commission to consider matters related
to negotiated service agreement(s). The
request(s) may propose the addition or
removal of a negotiated service
agreement from the market dominant or
the competitive product list, or the
modification of an existing product
currently appearing on the market
dominant or the competitive product
list.
Section II identifies the docket
number(s) associated with each Postal
Service request, the title of each Postal
Service request, the request’s acceptance
date, and the authority cited by the
Postal Service for each request. For each
request, the Commission appoints an
officer of the Commission to represent
the interests of the general public in the
proceeding, pursuant to 39 U.S.C. 505
(Public Representative). Section II also
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establishes comment deadline(s)
pertaining to each request.
The public portions of the Postal
Service’s request(s) can be accessed via
the Commission’s website (https://
www.prc.gov). Non-public portions of
the Postal Service’s request(s), if any,
can be accessed through compliance
with the requirements of 39 CFR
3011.301.1
The Commission invites comments on
whether the Postal Service’s request(s)
in the captioned docket(s) are consistent
with the policies of title 39. For
request(s) that the Postal Service states
concern market dominant product(s),
applicable statutory and regulatory
requirements include 39 U.S.C. 3622, 39
U.S.C. 3642, 39 CFR part 3030, and 39
CFR part 3040, subpart B. For request(s)
that the Postal Service states concern
competitive product(s), applicable
statutory and regulatory requirements
include 39 U.S.C. 3632, 39 U.S.C. 3633,
39 U.S.C. 3642, 39 CFR part 3035, and
39 CFR part 3040, subpart B. Comment
deadline(s) for each request appear in
section II.
II. Docketed Proceeding(s)
1. Docket No(s).: MC2020–136 and
CP2020–145; Filing Title: Request of the
United States Postal Service to Add
Global Expedited Package Services—
Non-Published Rates 15 (GEPS—NPR
15) to the Competitive Products List and
Notice of Filing GEPS—NPR 15 Model
Contract and Application for NonPublic Treatment of Materials Filed
Under Seal; Filing Acceptance Date:
May 21, 2020; Filing Authority: 39
U.S.C. 3642, 39 CFR 3040.130 et seq.,
and 39 CFR 3035.105; Public
Representative: Kenneth R. Moeller;
Comments Due: May 30, 2020.
This Notice will be published in the
Federal Register.
Erica A. Barker,
Secretary.
[FR Doc. 2020–11445 Filed 5–27–20; 8:45 am]
BILLING CODE 7710–FW–P
1 See Docket No. RM2018–3, Order Adopting
Final Rules Relating to Non-Public Information,
June 27, 2018, Attachment A at 19–22 (Order No.
4679).
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32059
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88933; File No. SR–NYSE–
2020–47]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Extend the
Temporary Period for Specified
Commentaries to Rules 7.35, 7.35A,
7.35B, and 7.35C
May 22, 2020.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on May 20,
2020, New York Stock Exchange LLC
(‘‘NYSE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend the
temporary period for specified
Commentaries to Rules 7.35, 7.35A,
7.35B, and 7.35C to end on the earlier
of a full reopening of the Trading Floor
facilities to DMMs or after the Exchange
closes on June 30, 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
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Federal Register / Vol. 85, No. 103 / Thursday, May 28, 2020 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to extend the
temporary period for specified
Commentaries to Rules 7.35, 7.35A,
7.35B, and 7.35C to end on the earlier
of a full reopening of the Trading Floor
facilities to DMMs or after the Exchange
closes on June 30, 2020. The current
temporary period that these Rules are in
effect ends on the earlier of the
reopening of the Trading Floor facilities
or after the Exchange closes on May 22,
2020.
Background
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To slow the spread of COVID–19
through social-distancing measures, on
March 18, 2020, the CEO of the
Exchange made a determination under
Rule 7.1(c)(3) that, beginning March 23,
2020, the Trading Floor facilities located
at 11 Wall Street in New York City
would close and the Exchange would
move, on a temporary basis, to fully
electronic trading.4 On May 14, 2020,
the CEO of the Exchange made a
determination under Rule 7.31(c)(3) to
reopen the Trading Floor on a limited
basis on May 26, 2020 to a subset of
Floor brokers, subject to safety measures
designed to prevent the spread of
COVID–19.5
With this partial reopening, beginning
May 26, 2020, Floor brokers present on
the Trading Floor will have access to
Floor-based trading systems and, thus,
be able to enter orders on behalf of their
customers as provided for under
Exchange rules, including D Orders,6
Opening and Closing D Orders,7 Pegged
Orders,8 and orders with a Yielding
Modifier,9 and have access to Closing
4 Pursuant to Rule 7.1(e), the CEO notified the
Board of Directors of the Exchange of this
determination. The Exchange’s current rules
establish how the Exchange will function fullyelectronically. The CEO also closed the NYSE
American Options Trading Floor, which is located
at the same 11 Wall Street facilities, and the NYSE
Arca Options Trading Floor, which is located in
San Francisco, CA. See Press Release, dated March
18, 2020, available here: https://ir.theice.com/press/
press-releases/all-categories/2020/03-18-2020204202110.
5 See Trader Update, available here: https://
www.nyse.com/trader-update/
history#110000251588. Pursuant to Rule 7.1(e), the
CEO notified the Board of Directors of the Exchange
of this determination. All Floor broker firms are
being provided the opportunity for a subset of their
staff to return to the Trading Floor.
6 See Rule 7.31(d)(4).
7 See Rules 7.31(c)(1)(C) and (c)(2)(C).
8 See Rule 7.31(h).
9 See Rule 7.31(i)(5).
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Auction Imbalance Information, as
provided for in Rule 7.35B(e)(1)(B).
DMMs will continue to be provided
access to the Trading Floor on trading
days when an IPO Auction or Core
Open Auction for a post-IPO public
offering is scheduled.10 Floor brokers
present on the Trading Floor will be
able to interact with DMMs in
connection with such Auctions. DMMs
will continue to otherwise be absent
from the Trading Floor and, thus, all
intra-day trading and other Auctions
will be conducted remotely by the
DMM 11 and Floor brokers will not be
able to enter orders that require DMM
involvement.12
Proposed Rule Change
For the period while the Trading
Floor has been temporarily closed, the
Exchange has modified the rules
governing Auctions to add
Commentaries to Rules 7.35, 7.35A,
7.35B, and 7.35C 13 that are in effect
until the earlier of the reopening of the
10 On March 25, 2020, the CEO of the Exchange
made a determination to partially reopen the
Trading Floor on trading days when there is an IPO
Auction to allow a DMM on the Trading Floor for
the limited purpose of effecting such IPO Auction
manually. See Securities Exchange Act Release Nos.
88488 (March 26, 2020), 85 FR 18286 (April 1,
2020) (SR–NYSE–2020–23) (Notice of filing and
immediate effectiveness of proposed rule change).
On April 1, 2020, the CEO of the Exchange made
a determination to partially reopen the Trading
Floor on trading days when a Core Open Auction
is scheduled in connection with a listed company’s
post-IPO public offering to allow a DMM on the
Trading Floor for the limited purpose of effecting
such Core Open Auctions manually. See Securities
Exchange Act Release No. 88546 (April 2, 2020), 85
FR 19782 (April 8, 2020) (SR–NYSE–2020–28)
(Notice of filing and immediate effectiveness of
proposed rule change).
11 If a DMM is unable to facilitate an Auction
electronically, the Exchange would facilitate such
Auction pursuant to Rule 7.35C.
12 See, e.g., Rules 76 (describing crossing orders)
and 7.35B(a)(1) (describing Floor broker interest
that is verbally represented by a Floor broker by the
end of Core Trading Hours, which must be
electronically accepted by the DMM before it can
participate in the Closing Auction).
13 See Securities Exchange Act Release Nos.
88413 (March 18, 2020), 85 FR 16713 (March 24,
2020) (SR–NYSE–2020–19) (amending Rule 7.35C
to add Commentary .01); 88444 (March 20, 2020),
85 FR 17141 (March 26, 2020) (SR–NYSE–2020–22)
(amending Rules 7.35A to add Commentary .01,
7.35B to add Commentary .01, and 7.35C to add
Commentary .02); 88488 (March 26, 2020), 85 FR
18286 (April 1, 2020) (SR–NYSE–2020–23)
(amending Rule 7.35A to add Commentary .02);
88546 (April 2, 2020), 85 FR 19782 (April 8, 2020)
(SR–NYSE–2020–28) (amending Rule 7.35A to add
Commentary .03); 88562 (April 3, 2020), 85 FR
20002 (April 9, 2020) (SR–NYSE–2020–29)
(amending Rule 7.35C to add Commentary .03);
88705 (April 21, 2020), 85 FR 23413 (April 27,
2020) (SR–NYSE–2020–35) (amending Rule 7.35A
to add Commentary .04); 88725 (April 22, 2020), 85
FR 23583 (April 28, 2020) (SR–NYSE–2020–37)
(amending Rule 7.35 to add Commentary .01); and
88829 (May 6, 2020), 85 FR 28115 (May 12, 2020)
(SR–NYSE–2020–41) (amending Rule 7.35B to add
Commentary .02 to Rule 7.35B).
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Trading Floor facilities or after the
Exchange closes on May 22, 2020.14
Because DMM access to the Trading
Floor will not change with the partial
reopening on May 26, 2020, the
Exchange is proposing to extend the
following Commentaries related to the
absence of DMMs from the Trading
Floor, until such time that there is a full
reopening of the Trading Floor facilities
to DMMs:
• Commentary .01 to Rule 7.35; 15
• Commentaries .01, .02, .03, and .04
to Rule 7.35A;
• Commentary .01 to Rule 7.35B; 16
and
• Commentaries .01, .02, and .03 to
Rule 7.35C
To reflect that the Trading Floor
facilities will continue to be closed to
DMMs after May 22, 2020, except on
trading days when there is an IPO or
post-IPO public offering scheduled to
allow a DMM on the Trading Floor for
the limited purpose of effecting such
IPO Auction or Core Open Auction
manually, the Exchange proposes to
extend the end date of each of the above
Commentaries to provide that such
Rules would be in effect for the
temporary period that ends on the
earlier of a full reopening of the Trading
Floor facilities to DMMs or after the
Exchange closes on June 30, 2020.
The Exchange is not proposing any
substantive changes to these Rules.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the
Act,17 in general, and furthers the
objectives of Section 6(b)(5) of the Act,18
in particular, in that 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, and to remove
14 See Securities Exchange Act Release No. 88891
(May 15, 2020) (SR–NYSE–2020–45) (Notice of
filing and immediate effectiveness of proposed rule
change to extend the temporary period for
Commentaries to Rules 7.35, 7.35A, 7.35B, and
7.35C to end on the earlier of the reopening of the
Trading Floor facilities or after the Exchange closes
on May 22, 2020).
15 Although a subset of Floor brokers will be on
the Trading Floor after May 26, 2020, an IPO
Auction may still be conducted by a DMM remotely
as provided for in Commentary .04 to Rule 7.35A.
If a DMM chooses to conduct an IPO Auction
remotely, Floor brokers on the Trading Floor will
not have access to IPO Auction imbalance
information. For this reason, the Exchange is
proposing to extend the temporary rule providing
for the dissemination of Auction Imbalance
Information for IPO Auctions.
16 The Exchange is not proposing to extend the
effective date of Commentary .02 to Rule 7.35B.
17 15 U.S.C. 78f(b).
18 15 U.S.C. 78f(b)(5).
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impediments to and perfect the
mechanism of a free and open market
and a national market system.
To reduce the spread of COVID–19,
the CEO of the Exchange made a
determination under Rule 7.1(c)(3) that
beginning March 23, 2020, the Trading
Floor facilities located at 11 Wall Street
in New York City would close and the
Exchange would move, on a temporary
basis, to fully electronic trading. In
connection with such temporary closure
of the Trading Floor, the Exchange
adopted Commentaries to Rules 7.35,
7.35A, 7.35B, and 7.35C, which are in
effect until May 22, 2020. On May 14,
2020, the CEO made a determination
under Rule 7.1(c)(3) that, beginning May
26, 2020, the Trading Floor would be
partially reopened to allow a subset of
Floor brokers to return to the Trading
Floor. DMM access to the Trading Floor
will not change after May 22, 2020.
The Exchange believes that the
proposed rule change would remove
impediments to and perfect the
mechanism of a free and open market
and a national market system because
DMM access to the Trading Floor will
not change after May 22, 2020.
Accordingly, the Exchange believes that
the temporary rule changes in effect
pursuant to the Commentaries to Rules
7.35, 7.35A, 7.35B, and 7.35C (other
than Commentary .02 to Rule 7.35B),
which are intended to be in effect
during the temporary period while the
Trading Floor is closed to DMMs,
should be extended until such time that
there is a full reopening of the Trading
Floor facilities to DMMs. The Exchange
is not proposing any substantive
changes to these Rules.
The Exchange believes that, by clearly
stating that this relief will be in effect
through the earlier of a full reopening of
the Trading Floor facilities to DMMs or
the close of the Exchange on June 30,
2020, market participants will have
advance notice of the temporary period
during which the Commentaries to
Rules 7.35, 7.35A, 7.35B, and 7.35C will
be in effect, including that Commentary
.02 to Rule 7.35B will sunset on May 22,
2020.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change would 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 extend the period during
which Commentary .01 to Rule 7.35;
Commentaries .01, .02, .03, and .04 to
Rule 7.35A; Commentary .01 to Rule
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7.35B; and Commentaries .01, .02, and
.03 to Rule 7.35C will be in effect. These
Commentaries are intended to be in
effect during the temporary period
while the Trading Floor is closed to
DMMs and currently expire on May 22,
2020. Because the Trading Floor will
remain temporarily closed to DMMs
past May 22, 2020, the Exchange
proposes to extend the temporary period
for these Commentaries to end on the
earlier of a full reopening of the Trading
Floor facilities to DMMs or after the
Exchange closes on June 30, 2020.
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 19 and Rule
19b–4(f)(6) thereunder.20 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
for 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 21 and Rule 19b–4(f)(6)
thereunder.22
A proposed rule change filed under
Rule 19b–4(f)(6) 23 normally does not
become operative for 30 days after the
date of the filing. However, pursuant to
Rule 19b–4(f)(6)(iii),24 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
immediately upon filing. The proposal
19 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
21 15 U.S.C. 78s(b)(3)(A).
22 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
23 17 CFR 240.19b–4(f)(6).
24 17 CFR 240.19b–4(f)(6)(iii).
20 17
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32061
would extend the temporary period
during which Commentary .01 to Rule
7.35; Commentaries .01, .02, .03, and .04
to Rule 7.35A; Commentary .01 to Rule
7.35B; and Commentaries .01, .02, and
.03 to Rule 7.35C will be in effect to end
on the earlier of a full reopening of the
Trading Floor facilities to DMMs or after
the Exchange closes on June 30, 2020.25
The proposal would not make any
substantive changes to these
Commentaries. The Exchange has
represented that these Commentaries are
intended to be in effect during the
temporary period while the Trading
Floor is closed to DMMs and currently
expire on May 22, 2020. According to
the Exchange, while the Trading Floor
will partially reopen to a subset of Floor
brokers on May 26, 2020, DMM access
to the Trading Floor will not change
after May 22, 2020.26 The Commission
notes that, without a waiver of the
operative delay, these Commentaries
would cease to apply while the
Exchange’s Trading Floor facilities are
still temporary closed to DMMs.27 For
these reasons, the Commission believes
that waiver of the 30-day operative
delay is consistent with the protection
of investors and the public interest.
Accordingly, the Commission hereby
waives the 30-day operative delay and
designates the proposal operative upon
filing.28
At any time within 60 days of the
filing of the 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
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.
25 Commentary .02 to Rule 7.35B will sunset on
May 22, 2020.
26 According to the Exchange, the Trading Floor
facilities will continue to be closed to DMMs,
except on trading days when an IPO Auction or
Core Open Auction for a post-IPO public offering
is scheduled to allow a DMM on the Trading Floor
for the limited purpose of effecting such IPO
Auction or Core Open Auction manually.
27 See supra note 26 and accompanying text.
28 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
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Federal Register / Vol. 85, No. 103 / Thursday, May 28, 2020 / Notices
Comments may be submitted by any of
the following methods:
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
[Release No. 34–88924; File No. SR–
NYSEArca–2020–07]
• 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–2020–47 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.
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All submissions should refer to File
Number SR–NYSE–2020–47. 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–2020–47, and
should be submitted on or before June
18, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.29
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–11474 Filed 5–27–20; 8:45 am]
BILLING CODE 8011–01–P
29 17
CFR 200.30–3(a)(12), (59).
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Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of
Amendment No. 2 and Order Granting
Accelerated Approval of a Proposed
Rule Change, as Modified by
Amendment No. 2, to List and Trade
Shares of the SPDR SSGA
Responsible Reserves ESG ETF under
NYSE Arca Rule 8.600–E
I. Introduction
On January 14, 2020, NYSE Arca, Inc.
(‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 list and trade shares
(‘‘Shares’’) of the SPDR SSGA
Responsible Reserves ESG ETF
(‘‘Fund’’), under NYSE Arca Rule 8.600–
E (Managed Fund Shares). The proposed
rule change was published for comment
in the Federal Register on January 30,
2020.3 On March 12, 2020, pursuant to
Section 19(b)(2) of the Act,4 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 disapprove the
proposed rule change.5 On April 22,
2020, the Exchange filed Amendment
No. 1 to the proposed rule change,
which replaced and superseded the
proposed rule change as originally
filed.6 On April 24, 2020, the
Commission published notice of
Amendment No. 1 and instituted
proceedings under Section 19(b)(2)(B) of
the Act 7 to determine whether to
approve or disapprove the proposed
rule change.8 On May 11, 2020, the
Exchange filed Amendment No. 2 to the
proposed rule change, which replaced
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 88031
(January 24, 2020), 85 FR 5493.
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 88364,
85 FR 15550 (March 18, 2020). The Commission
designated April 29, 2020, as the date by which the
Commission shall approve or disapprove, or
institute proceedings to determine whether to
disapprove, the proposed rule change.
6 Amendment No. 1 is available on the
Commission’s website at: https://www.sec.gov/
comments/sr-nysearca-2020-07/srnysearca2020077104394-215848.pdf.
7 15 U.S.C. 78s(b)(2)(B).
8 See Securities Exchange Act Release No. 88738,
85 FR 24050 (April 30, 2020).
2 17
Frm 00060
II. Description of the Proposed Rule
Change, as Modified by Amendment
No. 2 10
A. Description of the Fund
May 21, 2020.
PO 00000
and superseded the proposed rule
change, as modified by Amendment No.
1.9 The Commission has received no
comment letters on the proposal. The
Commission is publishing this notice to
solicit comments on Amendment No. 2
from interested persons, and is
approving the proposed rule change, as
modified by Amendment No. 2, on an
accelerated basis.
Fmt 4703
Sfmt 4703
The Exchange proposes to list and
trade Shares of the Fund under NYSE
Arca Rule 8.600–E, which governs the
listing and trading of Managed Fund
Shares on the Exchange. The Fund is a
series of the SSGA Active Trust
(‘‘Trust’’).11 SSGA Funds Management,
Inc. (‘‘Adviser’’) will be the investment
adviser to the Fund,12 State Street
9 In Amendment No. 2, the Exchange: (i) Clarified
that the Fund would not be permitted to invest in
sovereign debt obligations issued or guaranteed by
emerging market countries or their agencies; (ii)
represented that the Fund may not invest more than
5% of its total assets in any one Short-Term Fixed
Income Security (as defined below) at the time of
purchase (excluding U.S. Government securities
and inflation-protected public obligations
(‘‘TIPS’’)); (iii) clarified that the Fund’s holdings in
Short-Term Fixed Income Securities, and cash and
cash equivalents will allow the Fund to maintain
a maximum dollar-weighted average maturity of
sixty days or less and dollar-weighted average life
of 120 days or less and will have remaining
maturities of 397 calendar days or less; (iv)
represented that the Fund’s Short-Term Fixed
Income Securities all will be investment grade; (v)
represented that the Fund’s fixed income
investments as a whole, including Short-Term
Fixed Income Securities and cash equivalents, will
include at least 13 non-affiliated issuers; and (vi)
made technical, clarifying, and conforming changes.
Amendment No. 2 is available on the Commission’s
website at: https://www.sec.gov/comments/srnysearca-2020-07/srnysearca202007-7180920216791.pdf.
10 Additional information regarding the Fund, the
Trust, and the Shares can be found in Amendment
No. 2, supra note 9, and in the Registration
Statement, infra note 11.
11 The Exchange states that on December 20,
2019, the Trust filed with the Commission an
amendment to its registration statement on Form N–
1A under the Securities Act of 1933 (15 U.S.C. 77a)
(‘‘Securities Act’’) and the Investment Company Act
of 1940 (‘‘1940 Act’’) relating to the Fund (File Nos.
333–173276 and 811–22542) (‘‘Registration
Statement’’). The Exchange also states that the
Commission has issued an order granting certain
exemptive relief under the 1940 Act to the Trust.
See Investment Company Act Release No. 29524,
December 13, 2010) (File No. 812–13487)
(‘‘Exemptive Order’’). The Exchange represents that
investments made by the Fund will comply with
the conditions set forth in the Exemptive Order.
12 The Exchange states that the Adviser is a
wholly-owned subsidiary of State Street Global
Advisors, Inc., which itself is a wholly-owned
subsidiary of State Street Corporation. The
Exchange states that the Adviser is not registered as
a broker-dealer but is affiliated with a broker-dealer
and has implemented and will maintain a fire wall
E:\FR\FM\28MYN1.SGM
28MYN1
]]>Agencies
[Federal Register Volume 85, Number 103 (Thursday, May 28, 2020)]
[Notices]
[Pages 32059-32062]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-11474]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88933; File No. SR-NYSE-2020-47]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Extend the Temporary Period for Specified Commentaries to Rules 7.35,
7.35A, 7.35B, and 7.35C
May 22, 2020.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on May 20, 2020, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II 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 extend the temporary period for specified
Commentaries to Rules 7.35, 7.35A, 7.35B, and 7.35C to end on the
earlier of a full reopening of the Trading Floor facilities to DMMs or
after the Exchange closes on June 30, 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 32060]]
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to extend the temporary period for specified
Commentaries to Rules 7.35, 7.35A, 7.35B, and 7.35C to end on the
earlier of a full reopening of the Trading Floor facilities to DMMs or
after the Exchange closes on June 30, 2020. The current temporary
period that these Rules are in effect ends on the earlier of the
reopening of the Trading Floor facilities or after the Exchange closes
on May 22, 2020.
Background
To slow the spread of COVID-19 through social-distancing measures,
on March 18, 2020, the CEO of the Exchange made a determination under
Rule 7.1(c)(3) that, beginning March 23, 2020, the Trading Floor
facilities located at 11 Wall Street in New York City would close and
the Exchange would move, on a temporary basis, to fully electronic
trading.\4\ On May 14, 2020, the CEO of the Exchange made a
determination under Rule 7.31(c)(3) to reopen the Trading Floor on a
limited basis on May 26, 2020 to a subset of Floor brokers, subject to
safety measures designed to prevent the spread of COVID-19.\5\
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\4\ Pursuant to Rule 7.1(e), the CEO notified the Board of
Directors of the Exchange of this determination. The Exchange's
current rules establish how the Exchange will function fully-
electronically. The CEO also closed the NYSE American Options
Trading Floor, which is located at the same 11 Wall Street
facilities, and the NYSE Arca Options Trading Floor, which is
located in San Francisco, CA. See Press Release, dated March 18,
2020, available here: https://ir.theice.com/press/press-releases/all-categories/2020/03-18-2020-204202110.
\5\ See Trader Update, available here: https://www.nyse.com/trader-update/history#110000251588. Pursuant to Rule 7.1(e), the CEO
notified the Board of Directors of the Exchange of this
determination. All Floor broker firms are being provided the
opportunity for a subset of their staff to return to the Trading
Floor.
---------------------------------------------------------------------------
With this partial reopening, beginning May 26, 2020, Floor brokers
present on the Trading Floor will have access to Floor-based trading
systems and, thus, be able to enter orders on behalf of their customers
as provided for under Exchange rules, including D Orders,\6\ Opening
and Closing D Orders,\7\ Pegged Orders,\8\ and orders with a Yielding
Modifier,\9\ and have access to Closing Auction Imbalance Information,
as provided for in Rule 7.35B(e)(1)(B).
---------------------------------------------------------------------------
\6\ See Rule 7.31(d)(4).
\7\ See Rules 7.31(c)(1)(C) and (c)(2)(C).
\8\ See Rule 7.31(h).
\9\ See Rule 7.31(i)(5).
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DMMs will continue to be provided access to the Trading Floor on
trading days when an IPO Auction or Core Open Auction for a post-IPO
public offering is scheduled.\10\ Floor brokers present on the Trading
Floor will be able to interact with DMMs in connection with such
Auctions. DMMs will continue to otherwise be absent from the Trading
Floor and, thus, all intra-day trading and other Auctions will be
conducted remotely by the DMM \11\ and Floor brokers will not be able
to enter orders that require DMM involvement.\12\
---------------------------------------------------------------------------
\10\ On March 25, 2020, the CEO of the Exchange made a
determination to partially reopen the Trading Floor on trading days
when there is an IPO Auction to allow a DMM on the Trading Floor for
the limited purpose of effecting such IPO Auction manually. See
Securities Exchange Act Release Nos. 88488 (March 26, 2020), 85 FR
18286 (April 1, 2020) (SR-NYSE-2020-23) (Notice of filing and
immediate effectiveness of proposed rule change). On April 1, 2020,
the CEO of the Exchange made a determination to partially reopen the
Trading Floor on trading days when a Core Open Auction is scheduled
in connection with a listed company's post-IPO public offering to
allow a DMM on the Trading Floor for the limited purpose of
effecting such Core Open Auctions manually. See Securities Exchange
Act Release No. 88546 (April 2, 2020), 85 FR 19782 (April 8, 2020)
(SR-NYSE-2020-28) (Notice of filing and immediate effectiveness of
proposed rule change).
\11\ If a DMM is unable to facilitate an Auction electronically,
the Exchange would facilitate such Auction pursuant to Rule 7.35C.
\12\ See, e.g., Rules 76 (describing crossing orders) and
7.35B(a)(1) (describing Floor broker interest that is verbally
represented by a Floor broker by the end of Core Trading Hours,
which must be electronically accepted by the DMM before it can
participate in the Closing Auction).
---------------------------------------------------------------------------
Proposed Rule Change
For the period while the Trading Floor has been temporarily closed,
the Exchange has modified the rules governing Auctions to add
Commentaries to Rules 7.35, 7.35A, 7.35B, and 7.35C \13\ that are in
effect until the earlier of the reopening of the Trading Floor
facilities or after the Exchange closes on May 22, 2020.\14\
---------------------------------------------------------------------------
\13\ See Securities Exchange Act Release Nos. 88413 (March 18,
2020), 85 FR 16713 (March 24, 2020) (SR-NYSE-2020-19) (amending Rule
7.35C to add Commentary .01); 88444 (March 20, 2020), 85 FR 17141
(March 26, 2020) (SR-NYSE-2020-22) (amending Rules 7.35A to add
Commentary .01, 7.35B to add Commentary .01, and 7.35C to add
Commentary .02); 88488 (March 26, 2020), 85 FR 18286 (April 1, 2020)
(SR-NYSE-2020-23) (amending Rule 7.35A to add Commentary .02); 88546
(April 2, 2020), 85 FR 19782 (April 8, 2020) (SR-NYSE-2020-28)
(amending Rule 7.35A to add Commentary .03); 88562 (April 3, 2020),
85 FR 20002 (April 9, 2020) (SR-NYSE-2020-29) (amending Rule 7.35C
to add Commentary .03); 88705 (April 21, 2020), 85 FR 23413 (April
27, 2020) (SR-NYSE-2020-35) (amending Rule 7.35A to add Commentary
.04); 88725 (April 22, 2020), 85 FR 23583 (April 28, 2020) (SR-NYSE-
2020-37) (amending Rule 7.35 to add Commentary .01); and 88829 (May
6, 2020), 85 FR 28115 (May 12, 2020) (SR-NYSE-2020-41) (amending
Rule 7.35B to add Commentary .02 to Rule 7.35B).
\14\ See Securities Exchange Act Release No. 88891 (May 15,
2020) (SR-NYSE-2020-45) (Notice of filing and immediate
effectiveness of proposed rule change to extend the temporary period
for Commentaries to Rules 7.35, 7.35A, 7.35B, and 7.35C to end on
the earlier of the reopening of the Trading Floor facilities or
after the Exchange closes on May 22, 2020).
---------------------------------------------------------------------------
Because DMM access to the Trading Floor will not change with the
partial reopening on May 26, 2020, the Exchange is proposing to extend
the following Commentaries related to the absence of DMMs from the
Trading Floor, until such time that there is a full reopening of the
Trading Floor facilities to DMMs:
Commentary .01 to Rule 7.35; \15\
---------------------------------------------------------------------------
\15\ Although a subset of Floor brokers will be on the Trading
Floor after May 26, 2020, an IPO Auction may still be conducted by a
DMM remotely as provided for in Commentary .04 to Rule 7.35A. If a
DMM chooses to conduct an IPO Auction remotely, Floor brokers on the
Trading Floor will not have access to IPO Auction imbalance
information. For this reason, the Exchange is proposing to extend
the temporary rule providing for the dissemination of Auction
Imbalance Information for IPO Auctions.
---------------------------------------------------------------------------
Commentaries .01, .02, .03, and .04 to Rule 7.35A;
Commentary .01 to Rule 7.35B; \16\ and
---------------------------------------------------------------------------
\16\ The Exchange is not proposing to extend the effective date
of Commentary .02 to Rule 7.35B.
---------------------------------------------------------------------------
Commentaries .01, .02, and .03 to Rule 7.35C
To reflect that the Trading Floor facilities will continue to be
closed to DMMs after May 22, 2020, except on trading days when there is
an IPO or post-IPO public offering scheduled to allow a DMM on the
Trading Floor for the limited purpose of effecting such IPO Auction or
Core Open Auction manually, the Exchange proposes to extend the end
date of each of the above Commentaries to provide that such Rules would
be in effect for the temporary period that ends on the earlier of a
full reopening of the Trading Floor facilities to DMMs or after the
Exchange closes on June 30, 2020.
The Exchange is not proposing any substantive changes to these
Rules.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\17\ in general, and furthers the objectives of Section 6(b)(5) of
the Act,\18\ in particular, in that 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, and to
remove
[[Page 32061]]
impediments to and perfect the mechanism of a free and open market and
a national market system.
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
To reduce the spread of COVID-19, the CEO of the Exchange made a
determination under Rule 7.1(c)(3) that beginning March 23, 2020, the
Trading Floor facilities located at 11 Wall Street in New York City
would close and the Exchange would move, on a temporary basis, to fully
electronic trading. In connection with such temporary closure of the
Trading Floor, the Exchange adopted Commentaries to Rules 7.35, 7.35A,
7.35B, and 7.35C, which are in effect until May 22, 2020. On May 14,
2020, the CEO made a determination under Rule 7.1(c)(3) that, beginning
May 26, 2020, the Trading Floor would be partially reopened to allow a
subset of Floor brokers to return to the Trading Floor. DMM access to
the Trading Floor will not change after May 22, 2020.
The Exchange believes that the proposed rule change would remove
impediments to and perfect the mechanism of a free and open market and
a national market system because DMM access to the Trading Floor will
not change after May 22, 2020. Accordingly, the Exchange believes that
the temporary rule changes in effect pursuant to the Commentaries to
Rules 7.35, 7.35A, 7.35B, and 7.35C (other than Commentary .02 to Rule
7.35B), which are intended to be in effect during the temporary period
while the Trading Floor is closed to DMMs, should be extended until
such time that there is a full reopening of the Trading Floor
facilities to DMMs. The Exchange is not proposing any substantive
changes to these Rules.
The Exchange believes that, by clearly stating that this relief
will be in effect through the earlier of a full reopening of the
Trading Floor facilities to DMMs or the close of the Exchange on June
30, 2020, market participants will have advance notice of the temporary
period during which the Commentaries to Rules 7.35, 7.35A, 7.35B, and
7.35C will be in effect, including that Commentary .02 to Rule 7.35B
will sunset on May 22, 2020.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change would
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 extend
the period during which Commentary .01 to Rule 7.35; Commentaries .01,
.02, .03, and .04 to Rule 7.35A; Commentary .01 to Rule 7.35B; and
Commentaries .01, .02, and .03 to Rule 7.35C will be in effect. These
Commentaries are intended to be in effect during the temporary period
while the Trading Floor is closed to DMMs and currently expire on May
22, 2020. Because the Trading Floor will remain temporarily closed to
DMMs past May 22, 2020, the Exchange proposes to extend the temporary
period for these Commentaries to end on the earlier of a full reopening
of the Trading Floor facilities to DMMs or after the Exchange closes on
June 30, 2020.
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 \19\ and Rule 19b-4(f)(6) thereunder.\20\
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 for 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 \21\ and Rule 19b-
4(f)(6) thereunder.\22\
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\19\ 15 U.S.C. 78s(b)(3)(A)(iii).
\20\ 17 CFR 240.19b-4(f)(6).
\21\ 15 U.S.C. 78s(b)(3)(A).
\22\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \23\ normally
does not become operative for 30 days after the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\24\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The proposal would extend
the temporary period during which Commentary .01 to Rule 7.35;
Commentaries .01, .02, .03, and .04 to Rule 7.35A; Commentary .01 to
Rule 7.35B; and Commentaries .01, .02, and .03 to Rule 7.35C will be in
effect to end on the earlier of a full reopening of the Trading Floor
facilities to DMMs or after the Exchange closes on June 30, 2020.\25\
The proposal would not make any substantive changes to these
Commentaries. The Exchange has represented that these Commentaries are
intended to be in effect during the temporary period while the Trading
Floor is closed to DMMs and currently expire on May 22, 2020. According
to the Exchange, while the Trading Floor will partially reopen to a
subset of Floor brokers on May 26, 2020, DMM access to the Trading
Floor will not change after May 22, 2020.\26\ The Commission notes
that, without a waiver of the operative delay, these Commentaries would
cease to apply while the Exchange's Trading Floor facilities are still
temporary closed to DMMs.\27\ For these reasons, the Commission
believes that waiver of the 30-day operative delay is consistent with
the protection of investors and the public interest. Accordingly, the
Commission hereby waives the 30-day operative delay and designates the
proposal operative upon filing.\28\
---------------------------------------------------------------------------
\23\ 17 CFR 240.19b-4(f)(6).
\24\ 17 CFR 240.19b-4(f)(6)(iii).
\25\ Commentary .02 to Rule 7.35B will sunset on May 22, 2020.
\26\ According to the Exchange, the Trading Floor facilities
will continue to be closed to DMMs, except on trading days when an
IPO Auction or Core Open Auction for a post-IPO public offering is
scheduled to allow a DMM on the Trading Floor for the limited
purpose of effecting such IPO Auction or Core Open Auction manually.
\27\ See supra note 26 and accompanying text.
\28\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the 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 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.
[[Page 32062]]
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-2020-47 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-2020-47. 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-2020-47, and should be submitted on
or before June 18, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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\29\ 17 CFR 200.30-3(a)(12), (59).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-11474 Filed 5-27-20; 8:45 am]
BILLING CODE 8011-01-P
