Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To Amend NYSE Arca Rule 5.2-E(j)(6) Relating to Options-Linked Securities, 37488-37491 [2020-13312]
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37488
Federal Register / Vol. 85, No. 120 / Monday, June 22, 2020 / Notices
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NASDAQ–2020–031 and
should be submitted on or before July
13, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–13309 Filed 6–19–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–89076; File No. SR–
CboeBZX–2020–036]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change To Amend Rule 14.11,
Other Securities
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–13310 Filed 6–19–20; 8:45 am]
June 16, 2020.
On April 29, 2020, Cboe BZX
Exchange, Inc. (‘‘Exchange’’ or ‘‘BZX’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend continued listing
requirements applicable to certain
exchange-traded products listed on the
Exchange by extending the period of
time after which an exchange-traded
product would need to have at least 50
beneficial holders or be subject to
delisting proceedings under BZX Rule
14.12. The proposed rule change was
published for comment in the Federal
Register on May 7, 2020.3 The
Commission has received comment
letters on the proposed rule change.4
Section 19(b)(2) of the Act 5 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 will either approve the
proposed rule change, disapprove the
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 88795
(May 1, 2020), 85 FR 27254.
4 Comments on the proposed rule change can be
found on the Commission’s website at: https://
www.sec.gov/comments/sr-cboebzx-2020-036/
srcboebzx2020036.htm.
5 15 U.S.C. 78s(b)(2).
1 15
VerDate Sep<11>2014
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 June 21, 2020.
The Commission is extending this 45day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the proposed rule change.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,6
designates August 5, 2020 as the date by
which the Commission shall either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–CboeBZX–2020–036).
18:08 Jun 19, 2020
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BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–89073; File No. SR–
NYSEArca–2020–46]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change To Amend NYSE Arca
Rule 5.2–E(j)(6) Relating to OptionsLinked Securities
June 16, 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 June 10,
2020, NYSE Arca, Inc. (‘‘NYSE Arca’’ 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
NYSE Arca Rule 5.2–E(j)(6) (‘‘IndexLinked Securities’’) to accommodate
Exchange listing and trading of Options6 Id.
7 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
PO 00000
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Linked Securities. 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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
NYSE Arca Rule 5.2–E(j)(6) provides
for Exchange listing and trading,
including listing pursuant to Rule 19b–
4(e) under the Act,4 of ‘‘Index-Linked
Securities.’’ 5
The Exchange proposes to amend
NYSE Arca Rule 5.2–E(j)(6) to add
Options-Linked Securities to the type of
Index-Linked Securities permitted to list
and trade on the Exchange.6
Proposed Rule 5.2–E(j)(6)(vii) would
provide that the payment at maturity
with respect to Options-Linked
Securities would be based on the
performance of one or more U.S.
exchange-traded options on any one or
combination of the following: (a)
Investment Company Units; (b)
Exchange-Traded Fund Shares; (c)
Index-Linked Securities; (d) securities
defined in Section 2 of Rule 8–E; 7 (e)
4 Rule 19b–4(e) under the Act provides that the
listing and trading of a new derivative securities
product by a self-regulatory organization (‘‘SRO’’)
shall not be deemed a proposed rule change,
pursuant to section (c)(1) of Rule 19b–4, if the
Commission has approved, pursuant to Section
19(b) of the Act, the SRO’s trading rules,
procedures, and listing standards for the product
class and the SRO has a surveillance program for
the product class.
5 Rule 5.2–E(j)(6) currently accommodates
Exchange listing of Equity Index-Linked Securities,
Commodity-Linked Securities, Currency-Linked
Securities, Fixed Income Index-Linked Securities,
Futures-Linked Securities and Multifactor IndexLinked Securities.
6 Index-Linked Securities are sometimes referred
to as ‘‘exchange-traded notes’’ or ‘‘ETNs.’’
7 The following securities currently are included
in Section 2 of NYSE Arca Rule 8–E: Portfolio
Depositary Receipts (Rule 8.100); Trust Issued
Receipts (Rule 8.200); Commodity-Based Trust
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Federal Register / Vol. 85, No. 120 / Monday, June 22, 2020 / Notices
the S&P 100 Index, the S&P 500 Index,
the Nasdaq 100 Index, the Dow Jones
Industrial Average, the MSCI EAFE
Index, the MSCI Emerging Markets
Index, the NYSE FANG Index or the
Russell 2000 Index; or (f) a basket or
index of any of the foregoing
(collectively, ‘‘Options Reference
Asset’’).8 To the extent that the Options
Reference Asset consists of options
based on Investment Company Units,
Exchange-Traded Fund Shares, IndexLinked Securities, or securities defined
in Section 2 of Rule 8–E, such
Investment Company Units, ExchangeTraded Fund Shares, Index-Linked
Securities, or securities defined in
Section 2 of Rule 8–E shall not seek to
provide investment results, before fees
and expenses, that correspond to the
inverse, a specific multiple, or a specific
inverse multiple of the percentage
performance on a given day of a
particular index or combination of
indexes.
Proposed Rule 5.2–E(j)(6)(B)(VII)
(Options-Linked Securities Listing
Standards) would set forth initial and
continued listing criteria applicable to
Options-Linked Securities. Proposed
Section VII(1) would provide that an
issue of Options-Linked Securities must
meet the initial listing standard set forth
in either (a) or (b) below:
(a) The Options Reference Asset to
which the security is linked shall have
been reviewed and approved for the
trading of Options-Linked Securities or
options or other derivatives by the
Commission under Section 19(b)(2) of
the Securities Exchange Act of 1934 and
rules thereunder and the conditions set
forth in the Commission’s approval
order, including with respect to
comprehensive surveillance sharing
agreements, continue to be satisfied.
(b) The pricing information for
components of the Options Reference
Asset must be derived from a market
which is an ISG member or affiliate or
with which the Exchange has a
comprehensive surveillance sharing
agreement.
In addition, an issue of OptionsLinked Securities must meet the
following initial listing criteria:
Shares (Rule 8.201); Currency Trust Shares (Rule
8.202); Commodity Index Trust Shares (Rule 8.203);
Commodity Futures Trust Shares (Rule 8.204);
Partnership Units (Rule 8.300); Paired Trust Shares
(Rule 8.400); Trust Units (Rule 8.500); Managed
Fund Shares (Rule 8.600); Managed Trust Securities
(Rule 8.700); and Managed Portfolio Shares (Rule
8.900–E).
8 Current Rule 5.2–E(j)(6)(vi) applicable to
Multifactor Index-Linked Securities would be
amended to add Options Reference Asset as a
Multifactor Reference Asset. In addition, the new
term ‘‘Options-Linked Securities’’ would be added
to certain headings in Rule 5.2–E(j)(6).
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(a) The value of the Options Reference
Asset must be calculated and widely
disseminated by one or more major
market data vendors on at least a 15second basis during the Core Trading
Session (as defined in NYSE Arca Rule
7.34–E); and
(b) in the case of Options-Linked
Securities that are periodically
redeemable, the indicative value of the
subject Options-Linked Securities must
be calculated and widely disseminated
by the Exchange or one or more major
market data vendors on at least a 15second basis during the Core Trading
Session.
Proposed Section VII(2) would
provide that an issue of Options-Linked
Securities must meet the following
continued listing criteria: 9
(a) The Exchange may halt trading in
the securities and will initiate delisting
proceedings pursuant to Rule 5.5–E(m)
if any of the initial listing criteria
described above are not continuously
maintained; and
(b) The Exchange may also halt
trading in the securities and will initiate
delisting proceedings pursuant to Rule
5.5–E(m) under any of the following
circumstances:
(i) If the aggregate market value or the
principal amount of the Options-Linked
Securities publicly held is less than
$400,000;
(ii) The value of the Options
Reference Asset is no longer calculated
or available and a new Options
Reference Asset is substituted, unless
the new Options Reference Asset meets
the requirements of this Rule 5.2–E(j)(6);
or
(iii) If such other event shall occur or
condition exists which in the opinion of
the Exchange makes further dealings on
the Exchange inadvisable.
The Exchange also proposes to amend
Commentary .01(a) and (b) to Rule 5.2–
E(j)(6), which relate to specified
requirements and obligations of an
Equity Trading Permit (ETP) Holder
acting as a registered Market Maker, to
include Options Linked Securities and
options to the financial instruments
covered by Commentary .01.10
As noted above, proposed NYSE Arca
Rule 5.2–E(j)(6)(vii) provides that the
Options Reference Asset for Options
Linked Securities consists of one or
more U.S. exchange-traded options on
any one or combination of the
following: (a) Investment Company
9 The continued listing criteria in proposed Rule
5.2–E(j)(6)(B)(VII)(2) are substantively identical to
continued listing criteria in Rule 5.2–E(j)(6)
applicable to other Index Linked Securities.
10 The Exchange also proposes to make certain
technical corrections to the existing rule text of
Commentary .01 to Rule 5.2–E(j)(6).
PO 00000
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37489
Units; 11 (b) Exchange-Traded Fund
Shares; 12 (c) Index-Linked Securities;
(d) securities defined in Section 2 of
Rule 8–E; (e) the S&P 100 Index, the
S&P 500 Index, the Nasdaq 100 Index,
the Dow Jones Industrial Average, the
MSCI EAFE Index, the MSCI Emerging
Markets Index, the NYSE FANG Index
or the Russell 2000 Index (collectively,
the ‘‘Indexes’’); or (f) a basket or index
of any of the foregoing.
With respect to underlying
components of the Options Reference
Asset, the Exchange notes that, to the
extent that Investment Company Units,
Exchange-Traded Fund Shares, IndexLinked Securities and securities defined
in Section 2 of Rule 8–E are listed and
traded on the Exchange, such securities
are subject to Exchange initial and
continued listing criteria under
applicable Exchange rules as approved
by the Commission. In addition, the
Commission has approved or issued a
notice of effectiveness to permit listing
on a national securities exchange of
securities based on certain Indexes.13
With respect underlying components of
the Options Reference Asset, the
Exchange notes that, to the extent that
securities comparable to Investment
Company Units, Exchange-Traded Fund
Shares, Index-Linked Securities and
securities defined in Section 2 of Rule
8–E are listed and traded on other
national securities exchanges, such
securities are subject to rules for initial
11 Investment Company Units are securities
described in NYSE Arca Rule 5.2–E(j)(3) or
comparable rules of other national securities
exchanges.
12 Exchange-Traded Fund Shares are securities
described in NYSE Arca Rule 5.2–E(j)(8) or
comparable rules of other national securities
exchanges.
13 See, e.g., Securities Exchange Act Release Nos.
31591 (December 11, 1992), 57 FR 60253 (December
18, 1992) (SR–Amex–92–18) (approving the listing
and trading of Portfolio Depositary Receipts based
on the S&P 500 Index); 39525 (January 8, 1998), 63
FR 2438 (January 15, 1998) (SR–Amex–97–29)
(approving the listing and trading of DIAMONDS
Trust Units, Portfolio Depositary Receipts based on
the Dow Jones Industrial Average); 39011
(September 3, 1997), 62 FR 47840 (September 11,
1997) (SR–CBOE–97–26) (approving the listing and
trading of options on the Dow Jones Industrial
Average); 19907 (June 24, 1983), 48 FR 30814 (July
5, 1983) (SR–CBOE–83–08) (approving the listing
and trading of options on the S&P 500 Index on the
CBOE); 41119 (February 26, 1999), 64 FR 11510
(March 9, 1999) (SR–Amex–98–34) (Order
Approving and Notice of Filing and Order Granting
Accelerated Approval of Amendment Nos. 3 and 4
to the Proposed Rule Change Relating to the Listing
and Trading of Shares of the Nasdaq–100 Trust);
87437 (October 31, 2019), 84 FR 59900 (November
6, 2019) (SR–NYSEArca–2019–62) (Notice of Filing
of Amendment No. 1, and Order Granting
Accelerated Approval of a Proposed Rule Change,
as Modified by Amendment No. 1, Relating to the
Listing and Trading of Shares of the Innovator MSCI
EAFE Power Buffer ETFs and Innovator MSCI
Emerging Markets Power Buffer ETFs under NYSE
Arca Rule 8.600–E).
E:\FR\FM\22JNN1.SGM
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Federal Register / Vol. 85, No. 120 / Monday, June 22, 2020 / Notices
and continued listing criteria as
approved by the Commission for such
exchanges. With respect to options on
the Indexes, options on all of the
Indexes are currently traded on U.S.
options exchanges.
Finally, all Options-Linked Securities
listed pursuant to NYSE Arca Rule 5.2–
E(j)(6) would be included within the
definition of ‘‘security’’ or ‘‘securities’’
as such terms are used in the Exchange’s
rules and, as such, are subject to
Exchange rules and procedures that
currently govern the trading of
securities on the Exchange. In addition
to proposed NYSE Arca Rule 5.2–E
(j)(6)(vii) and proposed NYSE Arca Rule
5.2–E(j)(6)(B)(VII), all other provisions
of Rule 5.2–E(j)(6) will apply to
Options-Linked Securities as applicable.
The Exchange believes that the
proposed standards would continue to
ensure transparency surrounding the
listing process for Index-Linked
Securities. The Exchange also believes
that the standards for listing and trading
Options-Linked Securities are
reasonably designed to promote a fair
and orderly market for such securities.
The proposed addition of Options
Reference Asset, as described above,
would also work in conjunction with
the initial and continued listing criteria
related to surveillance procedures and
trading guidelines for Index-Linked
Securities.
The Exchange believes that its
surveillance procedures are adequate to
properly monitor the trading of OptionsLinked Securities in all trading sessions
and to deter and detect violations of
Exchange rules. The issuer of a series of
Options-Linked Securities will be
required to comply with Rule 10A–3
under the Act 14 for the initial and
continued listing of Index-Linked
Securities, as provided in NYSE Arca
Rule 5.2–E(j)(6)(A)(f). The Exchange
notes that the proposed change is not
intended to amend any other
component or requirement of NYSE
Arca Rule 5.2–E(j)(6). With respect to
options comprising the Options
Reference Asset, the pricing information
for components of the Options
Reference Asset must be derived from a
market which is an ISG member or
affiliate or with which the Exchange has
a comprehensive surveillance sharing
agreement.
Quotation and last sale information
for Options-Linked Securities,
Investment Company Units, ExchangeTraded Fund Shares, Index-Linked
Securities, and securities defined in
Section 2 of Rule 8–E are available via
the Consolidated Tape Association
(‘‘CTA’’) high speed line. Quotation and
last sale information for such securities
also will be available from the exchange
on which they are listed. Quotation and
last sale information for options on
Investment Company Units, ExchangeTraded Fund Shares, Index-Linked
Securities, securities defined in Section
2 of Rule 8–E and the Indexes will be
available via the Options Price
Reporting Authority and major market
data vendors. Information regarding
values of the Indexes is available from
major market data vendors.
The Exchange believes that the
proposed rule change will provide
investors with the ability to better
diversify and hedge their portfolios
using an exchange-listed security
without having to trade directly in the
underlying options contracts, and will
facilitate the listing and trading of
additional Index-Linked Securities that
will enhance competition among market
participants, to the benefit of investors
and the marketplace.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,15 in general, and
furthers the objectives of Sections
6(b)(5) of the Act,16 in particular,
because it is designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, to remove impediments to,
and perfect the mechanisms of, a free
and open market and a national market
system and, in general, to protect
investors and the public interest and
because it is not designed to permit
unfair discrimination between
customers, issuers, brokers, or dealers.
With respect to underlying
components of the Options Reference
Asset, the Exchange notes that
Investment Company Units, ExchangeTraded Fund Shares, Index-Linked
Securities and securities defined in
Section 2 of Rule 8–E are subject to
Exchange initial and continued listing
criteria under applicable Exchange rules
as approved by the Commission. With
respect underlying components of the
Options Reference Asset, the Exchange
notes that, to the extent that securities
comparable to Investment Company
Units, Exchange-Traded Fund Shares,
Index-Linked Securities and securities
defined in Section 2 of Rule 8–E are
15 15
14 17
CFR 240.10A–3.
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18:08 Jun 19, 2020
16 15
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PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00075
Fmt 4703
listed and traded on other national
securities exchanges, such securities are
subject to rules for initial and continued
listing criteria as approved by the
Commission for such exchanges. In
addition, the Commission has approved
or issued a notice of effectiveness to
permit listing on a national securities
exchange of securities based on certain
Indexes.17 With respect to options on
the Indexes, options on all of the
Indexes are currently traded on U.S.
options exchanges. All options included
in the Options Reference Asset will be
U.S. exchange-traded.
Under proposed NYSE Arca Rule 5.2–
E(j)(6)(vii), to the extent that the Options
Reference Asset consists of options
based on Investment Company Units,
Exchange-Traded Fund Shares, IndexLinked Securities, or securities defined
in Section 2 of Rule 8–E, such
Investment Company Units, ExchangeTraded Fund Shares, Index-Linked
Securities, or securities defined in
Section 2 of Rule 8–E shall not seek to
provide investment results, before fees
and expenses, that correspond to the
inverse, a specific multiple, or a specific
inverse multiple of the percentage
performance on a given day of a
particular index or combination of
indexes.
Under proposed NYSE Arca Rule 5.2–
E(j)(6)(B)(VII)(1), an issue of OptionsLinked Securities would be required to
meet the initial listing standard in either
(a) or (b) as follows: (a) The Options
Reference Asset to which the security is
linked shall have been reviewed and
approved for the trading of OptionsLinked Securities or options or other
derivatives by the Commission under
Section 19(b)(2) of the Securities
Exchange Act of 1934 and rules
thereunder and the conditions set forth
in the Commission’s approval order,
including with respect to
comprehensive surveillance sharing
agreements, continue to be satisfied; or
(b) The pricing information for
components of the Options Reference
Asset must be derived from a market
which is an ISG member or affiliate or
with which the Exchange has a
comprehensive surveillance sharing
agreement.
In addition, an issue of OptionsLinked Securities must meet the
following initial listing criteria in NYSE
Arca Rule 5.2–E(j)(6)(B)(VII): (a) The
value of the Options Reference Asset
must be calculated and widely
disseminated by one or more major
market data vendors on at least a 15second basis during the Core Trading
Session (as defined in NYSE Arca Rule
17 See
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Federal Register / Vol. 85, No. 120 / Monday, June 22, 2020 / Notices
7.34–E); and (b) In the case of OptionsLinked Securities that are periodically
redeemable, that the indicative value of
the subject Option-Linked Securities
must be calculated and widely
disseminated by the Exchange or one or
more major market data vendors on at
least a 15-second basis during the Core
Trading Session.
Options-Linked Securities also will be
subject to the continued listing criteria
in proposed Rule 5.2–E(j)(6)(B)(VII)(2)
as described above. Finally, all OptionsLinked Securities listed pursuant to
NYSE Arca Rule 5.2–E(j)(6) would be
included within the definition of
‘‘security’’ or ‘‘securities’’ as such terms
are used in the Exchange’s rules and, as
such, are subject to Exchange rules and
procedures that currently govern the
trading of securities on the Exchange. In
addition to proposed NYSE Arca Rule
5.2–E(j)(6)(vii) and proposed Rule 5.2–
E(j)(6)(B)(VII), all other provisions of
Rule 5.2–E(j)(6) will apply to OptionsLinked Securities as applicable.
The Exchange also proposes to amend
Commentary .01(a) and (b) to Rule 5.2–
E(j)(6), which relate to specified
requirements and obligations of an
Equity Trading Permit (ETP) Holder
acting as a registered Market Maker, to
include Options Linked Securities and
options to the financial instruments
covered by Commentary .01.
The Exchange also proposes to make
certain technical corrections to the
existing rule text of Commentary .01 to
Rule 5.2–E(j)(6).
The Exchange believes that the
proposed standards would continue to
ensure transparency surrounding the
listing process for Index-Linked
Securities. The Exchange also believes
that the standards for listing and trading
Options-Linked Securities are
reasonably designed to promote a fair
and orderly market for such securities.
The proposed addition of Options
Reference Asset, as described above,
would also work in conjunction with
the initial and continued listing criteria
related to surveillance procedures and
trading guidelines for Index-Linked
Securities. The Exchange believes that
its surveillance procedures are adequate
to properly monitor the trading of
Options-Linked Securities in all trading
sessions and to deter and detect
violations of Exchange rules. Trading in
the securities may be halted under the
conditions specified in NYSE Arca Rule
5.2–E(j)(6)(E).
The Exchange believes that the
proposed rule change will provide
investors with the ability to better
diversify and hedge their portfolios
using an exchange listed security
without having to trade directly in the
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18:08 Jun 19, 2020
Jkt 250001
underlying options contracts, and will
facilitate the listing and trading of
additional Index-Linked Securities that
will enhance competition among market
participants, to the benefit of investors
and the marketplace.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,18 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. The
proposed rule change will facilitate the
listing and trading of additional IndexLinked Securities that will enhance
competition among market participants,
to the benefit of investors and the
marketplace.
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
Within 45 days of the date of
publication of this notice in the Federal
Register or up to 90 days (i) as the
Commission may designate if it finds
such longer period to be appropriate
and publishes its reasons for so finding
or (ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve or disapprove
the proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEArca–2020–46 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
18 15
PO 00000
U.S.C. 78f(b)(8).
Frm 00076
Fmt 4703
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEArca–2020–46. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
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–NYSEArca–2020–46, and
should be submitted on or before July
13, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–13312 Filed 6–19–20; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice 11140]
Modified Display Dates Due to the
COVID–19 Pandemic, for Culturally
Significant Objects Imported for
Exhibition
The Department understands
that, due to museum closures and other
effects of the COVID–19 pandemic,
many exhibition venues throughout the
United States are modifying the dates of
exhibitions for which they had already
SUMMARY:
19 17
Sfmt 4703
37491
E:\FR\FM\22JNN1.SGM
CFR 200.30–3(a)(12).
22JNN1
Agencies
[Federal Register Volume 85, Number 120 (Monday, June 22, 2020)]
[Notices]
[Pages 37488-37491]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-13312]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-89073; File No. SR-NYSEArca-2020-46]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To Amend NYSE Arca Rule 5.2-E(j)(6) Relating to
Options-Linked Securities
June 16, 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 June 10, 2020, NYSE Arca, Inc. (``NYSE Arca'' 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.
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\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 NYSE Arca Rule 5.2-E(j)(6) (``Index-
Linked Securities'') to accommodate Exchange listing and trading of
Options-Linked Securities. 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
NYSE Arca Rule 5.2-E(j)(6) provides for Exchange listing and
trading, including listing pursuant to Rule 19b-4(e) under the Act,\4\
of ``Index-Linked Securities.'' \5\
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\4\ Rule 19b-4(e) under the Act provides that the listing and
trading of a new derivative securities product by a self-regulatory
organization (``SRO'') shall not be deemed a proposed rule change,
pursuant to section (c)(1) of Rule 19b-4, if the Commission has
approved, pursuant to Section 19(b) of the Act, the SRO's trading
rules, procedures, and listing standards for the product class and
the SRO has a surveillance program for the product class.
\5\ Rule 5.2-E(j)(6) currently accommodates Exchange listing of
Equity Index-Linked Securities, Commodity-Linked Securities,
Currency-Linked Securities, Fixed Income Index-Linked Securities,
Futures-Linked Securities and Multifactor Index-Linked Securities.
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The Exchange proposes to amend NYSE Arca Rule 5.2-E(j)(6) to add
Options-Linked Securities to the type of Index-Linked Securities
permitted to list and trade on the Exchange.\6\
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\6\ Index-Linked Securities are sometimes referred to as
``exchange-traded notes'' or ``ETNs.''
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Proposed Rule 5.2-E(j)(6)(vii) would provide that the payment at
maturity with respect to Options-Linked Securities would be based on
the performance of one or more U.S. exchange-traded options on any one
or combination of the following: (a) Investment Company Units; (b)
Exchange-Traded Fund Shares; (c) Index-Linked Securities; (d)
securities defined in Section 2 of Rule 8-E; \7\ (e)
[[Page 37489]]
the S&P 100 Index, the S&P 500 Index, the Nasdaq 100 Index, the Dow
Jones Industrial Average, the MSCI EAFE Index, the MSCI Emerging
Markets Index, the NYSE FANG Index or the Russell 2000 Index; or (f) a
basket or index of any of the foregoing (collectively, ``Options
Reference Asset'').\8\ To the extent that the Options Reference Asset
consists of options based on Investment Company Units, Exchange-Traded
Fund Shares, Index-Linked Securities, or securities defined in Section
2 of Rule 8-E, such Investment Company Units, Exchange-Traded Fund
Shares, Index-Linked Securities, or securities defined in Section 2 of
Rule 8-E shall not seek to provide investment results, before fees and
expenses, that correspond to the inverse, a specific multiple, or a
specific inverse multiple of the percentage performance on a given day
of a particular index or combination of indexes.
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\7\ The following securities currently are included in Section 2
of NYSE Arca Rule 8-E: Portfolio Depositary Receipts (Rule 8.100);
Trust Issued Receipts (Rule 8.200); Commodity-Based Trust Shares
(Rule 8.201); Currency Trust Shares (Rule 8.202); Commodity Index
Trust Shares (Rule 8.203); Commodity Futures Trust Shares (Rule
8.204); Partnership Units (Rule 8.300); Paired Trust Shares (Rule
8.400); Trust Units (Rule 8.500); Managed Fund Shares (Rule 8.600);
Managed Trust Securities (Rule 8.700); and Managed Portfolio Shares
(Rule 8.900-E).
\8\ Current Rule 5.2-E(j)(6)(vi) applicable to Multifactor
Index-Linked Securities would be amended to add Options Reference
Asset as a Multifactor Reference Asset. In addition, the new term
``Options-Linked Securities'' would be added to certain headings in
Rule 5.2-E(j)(6).
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Proposed Rule 5.2-E(j)(6)(B)(VII) (Options-Linked Securities
Listing Standards) would set forth initial and continued listing
criteria applicable to Options-Linked Securities. Proposed Section
VII(1) would provide that an issue of Options-Linked Securities must
meet the initial listing standard set forth in either (a) or (b) below:
(a) The Options Reference Asset to which the security is linked
shall have been reviewed and approved for the trading of Options-Linked
Securities or options or other derivatives by the Commission under
Section 19(b)(2) of the Securities Exchange Act of 1934 and rules
thereunder and the conditions set forth in the Commission's approval
order, including with respect to comprehensive surveillance sharing
agreements, continue to be satisfied.
(b) The pricing information for components of the Options Reference
Asset must be derived from a market which is an ISG member or affiliate
or with which the Exchange has a comprehensive surveillance sharing
agreement.
In addition, an issue of Options-Linked Securities must meet the
following initial listing criteria:
(a) The value of the Options Reference Asset must be calculated and
widely disseminated by one or more major market data vendors on at
least a 15-second basis during the Core Trading Session (as defined in
NYSE Arca Rule 7.34-E); and
(b) in the case of Options-Linked Securities that are periodically
redeemable, the indicative value of the subject Options-Linked
Securities must be calculated and widely disseminated by the Exchange
or one or more major market data vendors on at least a 15-second basis
during the Core Trading Session.
Proposed Section VII(2) would provide that an issue of Options-
Linked Securities must meet the following continued listing criteria:
\9\
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\9\ The continued listing criteria in proposed Rule 5.2-
E(j)(6)(B)(VII)(2) are substantively identical to continued listing
criteria in Rule 5.2-E(j)(6) applicable to other Index Linked
Securities.
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(a) The Exchange may halt trading in the securities and will
initiate delisting proceedings pursuant to Rule 5.5-E(m) if any of the
initial listing criteria described above are not continuously
maintained; and
(b) The Exchange may also halt trading in the securities and will
initiate delisting proceedings pursuant to Rule 5.5-E(m) under any of
the following circumstances:
(i) If the aggregate market value or the principal amount of the
Options-Linked Securities publicly held is less than $400,000;
(ii) The value of the Options Reference Asset is no longer
calculated or available and a new Options Reference Asset is
substituted, unless the new Options Reference Asset meets the
requirements of this Rule 5.2-E(j)(6); or
(iii) If such other event shall occur or condition exists which in
the opinion of the Exchange makes further dealings on the Exchange
inadvisable.
The Exchange also proposes to amend Commentary .01(a) and (b) to
Rule 5.2-E(j)(6), which relate to specified requirements and
obligations of an Equity Trading Permit (ETP) Holder acting as a
registered Market Maker, to include Options Linked Securities and
options to the financial instruments covered by Commentary .01.\10\
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\10\ The Exchange also proposes to make certain technical
corrections to the existing rule text of Commentary .01 to Rule 5.2-
E(j)(6).
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As noted above, proposed NYSE Arca Rule 5.2-E(j)(6)(vii) provides
that the Options Reference Asset for Options Linked Securities consists
of one or more U.S. exchange-traded options on any one or combination
of the following: (a) Investment Company Units; \11\ (b) Exchange-
Traded Fund Shares; \12\ (c) Index-Linked Securities; (d) securities
defined in Section 2 of Rule 8-E; (e) the S&P 100 Index, the S&P 500
Index, the Nasdaq 100 Index, the Dow Jones Industrial Average, the MSCI
EAFE Index, the MSCI Emerging Markets Index, the NYSE FANG Index or the
Russell 2000 Index (collectively, the ``Indexes''); or (f) a basket or
index of any of the foregoing.
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\11\ Investment Company Units are securities described in NYSE
Arca Rule 5.2-E(j)(3) or comparable rules of other national
securities exchanges.
\12\ Exchange-Traded Fund Shares are securities described in
NYSE Arca Rule 5.2-E(j)(8) or comparable rules of other national
securities exchanges.
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With respect to underlying components of the Options Reference
Asset, the Exchange notes that, to the extent that Investment Company
Units, Exchange-Traded Fund Shares, Index-Linked Securities and
securities defined in Section 2 of Rule 8-E are listed and traded on
the Exchange, such securities are subject to Exchange initial and
continued listing criteria under applicable Exchange rules as approved
by the Commission. In addition, the Commission has approved or issued a
notice of effectiveness to permit listing on a national securities
exchange of securities based on certain Indexes.\13\ With respect
underlying components of the Options Reference Asset, the Exchange
notes that, to the extent that securities comparable to Investment
Company Units, Exchange-Traded Fund Shares, Index-Linked Securities and
securities defined in Section 2 of Rule 8-E are listed and traded on
other national securities exchanges, such securities are subject to
rules for initial
[[Page 37490]]
and continued listing criteria as approved by the Commission for such
exchanges. With respect to options on the Indexes, options on all of
the Indexes are currently traded on U.S. options exchanges.
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\13\ See, e.g., Securities Exchange Act Release Nos. 31591
(December 11, 1992), 57 FR 60253 (December 18, 1992) (SR-Amex-92-18)
(approving the listing and trading of Portfolio Depositary Receipts
based on the S&P 500 Index); 39525 (January 8, 1998), 63 FR 2438
(January 15, 1998) (SR-Amex-97-29) (approving the listing and
trading of DIAMONDS Trust Units, Portfolio Depositary Receipts based
on the Dow Jones Industrial Average); 39011 (September 3, 1997), 62
FR 47840 (September 11, 1997) (SR-CBOE-97-26) (approving the listing
and trading of options on the Dow Jones Industrial Average); 19907
(June 24, 1983), 48 FR 30814 (July 5, 1983) (SR-CBOE-83-08)
(approving the listing and trading of options on the S&P 500 Index
on the CBOE); 41119 (February 26, 1999), 64 FR 11510 (March 9, 1999)
(SR-Amex-98-34) (Order Approving and Notice of Filing and Order
Granting Accelerated Approval of Amendment Nos. 3 and 4 to the
Proposed Rule Change Relating to the Listing and Trading of Shares
of the Nasdaq-100 Trust); 87437 (October 31, 2019), 84 FR 59900
(November 6, 2019) (SR-NYSEArca-2019-62) (Notice of Filing of
Amendment No. 1, and Order Granting Accelerated Approval of a
Proposed Rule Change, as Modified by Amendment No. 1, Relating to
the Listing and Trading of Shares of the Innovator MSCI EAFE Power
Buffer ETFs and Innovator MSCI Emerging Markets Power Buffer ETFs
under NYSE Arca Rule 8.600-E).
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Finally, all Options-Linked Securities listed pursuant to NYSE Arca
Rule 5.2-E(j)(6) would be included within the definition of
``security'' or ``securities'' as such terms are used in the Exchange's
rules and, as such, are subject to Exchange rules and procedures that
currently govern the trading of securities on the Exchange. In addition
to proposed NYSE Arca Rule 5.2-E (j)(6)(vii) and proposed NYSE Arca
Rule 5.2-E(j)(6)(B)(VII), all other provisions of Rule 5.2-E(j)(6) will
apply to Options-Linked Securities as applicable.
The Exchange believes that the proposed standards would continue to
ensure transparency surrounding the listing process for Index-Linked
Securities. The Exchange also believes that the standards for listing
and trading Options-Linked Securities are reasonably designed to
promote a fair and orderly market for such securities. The proposed
addition of Options Reference Asset, as described above, would also
work in conjunction with the initial and continued listing criteria
related to surveillance procedures and trading guidelines for Index-
Linked Securities.
The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of Options-Linked Securities in all
trading sessions and to deter and detect violations of Exchange rules.
The issuer of a series of Options-Linked Securities will be required to
comply with Rule 10A-3 under the Act \14\ for the initial and continued
listing of Index-Linked Securities, as provided in NYSE Arca Rule 5.2-
E(j)(6)(A)(f). The Exchange notes that the proposed change is not
intended to amend any other component or requirement of NYSE Arca Rule
5.2-E(j)(6). With respect to options comprising the Options Reference
Asset, the pricing information for components of the Options Reference
Asset must be derived from a market which is an ISG member or affiliate
or with which the Exchange has a comprehensive surveillance sharing
agreement.
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\14\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------
Quotation and last sale information for Options-Linked Securities,
Investment Company Units, Exchange-Traded Fund Shares, Index-Linked
Securities, and securities defined in Section 2 of Rule 8-E are
available via the Consolidated Tape Association (``CTA'') high speed
line. Quotation and last sale information for such securities also will
be available from the exchange on which they are listed. Quotation and
last sale information for options on Investment Company Units,
Exchange-Traded Fund Shares, Index-Linked Securities, securities
defined in Section 2 of Rule 8-E and the Indexes will be available via
the Options Price Reporting Authority and major market data vendors.
Information regarding values of the Indexes is available from major
market data vendors.
The Exchange believes that the proposed rule change will provide
investors with the ability to better diversify and hedge their
portfolios using an exchange-listed security without having to trade
directly in the underlying options contracts, and will facilitate the
listing and trading of additional Index-Linked Securities that will
enhance competition among market participants, to the benefit of
investors and the marketplace.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\15\ in general, and furthers the
objectives of Sections 6(b)(5) of the Act,\16\ in particular, because
it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to, and
perfect the mechanisms of, a free and open market and a national market
system and, in general, to protect investors and the public interest
and because it is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
With respect to underlying components of the Options Reference
Asset, the Exchange notes that Investment Company Units, Exchange-
Traded Fund Shares, Index-Linked Securities and securities defined in
Section 2 of Rule 8-E are subject to Exchange initial and continued
listing criteria under applicable Exchange rules as approved by the
Commission. With respect underlying components of the Options Reference
Asset, the Exchange notes that, to the extent that securities
comparable to Investment Company Units, Exchange-Traded Fund Shares,
Index-Linked Securities and securities defined in Section 2 of Rule 8-E
are listed and traded on other national securities exchanges, such
securities are subject to rules for initial and continued listing
criteria as approved by the Commission for such exchanges. In addition,
the Commission has approved or issued a notice of effectiveness to
permit listing on a national securities exchange of securities based on
certain Indexes.\17\ With respect to options on the Indexes, options on
all of the Indexes are currently traded on U.S. options exchanges. All
options included in the Options Reference Asset will be U.S. exchange-
traded.
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\17\ See note 13, supra.
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Under proposed NYSE Arca Rule 5.2-E(j)(6)(vii), to the extent that
the Options Reference Asset consists of options based on Investment
Company Units, Exchange-Traded Fund Shares, Index-Linked Securities, or
securities defined in Section 2 of Rule 8-E, such Investment Company
Units, Exchange-Traded Fund Shares, Index-Linked Securities, or
securities defined in Section 2 of Rule 8-E shall not seek to provide
investment results, before fees and expenses, that correspond to the
inverse, a specific multiple, or a specific inverse multiple of the
percentage performance on a given day of a particular index or
combination of indexes.
Under proposed NYSE Arca Rule 5.2-E(j)(6)(B)(VII)(1), an issue of
Options-Linked Securities would be required to meet the initial listing
standard in either (a) or (b) as follows: (a) The Options Reference
Asset to which the security is linked shall have been reviewed and
approved for the trading of Options-Linked Securities or options or
other derivatives by the Commission under Section 19(b)(2) of the
Securities Exchange Act of 1934 and rules thereunder and the conditions
set forth in the Commission's approval order, including with respect to
comprehensive surveillance sharing agreements, continue to be
satisfied; or (b) The pricing information for components of the Options
Reference Asset must be derived from a market which is an ISG member or
affiliate or with which the Exchange has a comprehensive surveillance
sharing agreement.
In addition, an issue of Options-Linked Securities must meet the
following initial listing criteria in NYSE Arca Rule 5.2-
E(j)(6)(B)(VII): (a) The value of the Options Reference Asset must be
calculated and widely disseminated by one or more major market data
vendors on at least a 15-second basis during the Core Trading Session
(as defined in NYSE Arca Rule
[[Page 37491]]
7.34-E); and (b) In the case of Options-Linked Securities that are
periodically redeemable, that the indicative value of the subject
Option-Linked Securities must be calculated and widely disseminated by
the Exchange or one or more major market data vendors on at least a 15-
second basis during the Core Trading Session.
Options-Linked Securities also will be subject to the continued
listing criteria in proposed Rule 5.2-E(j)(6)(B)(VII)(2) as described
above. Finally, all Options-Linked Securities listed pursuant to NYSE
Arca Rule 5.2-E(j)(6) would be included within the definition of
``security'' or ``securities'' as such terms are used in the Exchange's
rules and, as such, are subject to Exchange rules and procedures that
currently govern the trading of securities on the Exchange. In addition
to proposed NYSE Arca Rule 5.2-E(j)(6)(vii) and proposed Rule 5.2-
E(j)(6)(B)(VII), all other provisions of Rule 5.2-E(j)(6) will apply to
Options-Linked Securities as applicable.
The Exchange also proposes to amend Commentary .01(a) and (b) to
Rule 5.2-E(j)(6), which relate to specified requirements and
obligations of an Equity Trading Permit (ETP) Holder acting as a
registered Market Maker, to include Options Linked Securities and
options to the financial instruments covered by Commentary .01.
The Exchange also proposes to make certain technical corrections to
the existing rule text of Commentary .01 to Rule 5.2-E(j)(6).
The Exchange believes that the proposed standards would continue to
ensure transparency surrounding the listing process for Index-Linked
Securities. The Exchange also believes that the standards for listing
and trading Options-Linked Securities are reasonably designed to
promote a fair and orderly market for such securities. The proposed
addition of Options Reference Asset, as described above, would also
work in conjunction with the initial and continued listing criteria
related to surveillance procedures and trading guidelines for Index-
Linked Securities. The Exchange believes that its surveillance
procedures are adequate to properly monitor the trading of Options-
Linked Securities in all trading sessions and to deter and detect
violations of Exchange rules. Trading in the securities may be halted
under the conditions specified in NYSE Arca Rule 5.2-E(j)(6)(E).
The Exchange believes that the proposed rule change will provide
investors with the ability to better diversify and hedge their
portfolios using an exchange listed security without having to trade
directly in the underlying options contracts, and will facilitate the
listing and trading of additional Index-Linked Securities that will
enhance competition among market participants, to the benefit of
investors and the marketplace.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\18\ 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. The proposed rule change will facilitate the
listing and trading of additional Index-Linked Securities that will
enhance competition among market participants, to the benefit of
investors and the marketplace.
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\18\ 15 U.S.C. 78f(b)(8).
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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
Within 45 days of the date of publication of this notice in the
Federal Register or up to 90 days (i) as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or (ii) as to which the self-regulatory
organization consents, the Commission will:
(A) By order approve or disapprove the proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NYSEArca-2020-46 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2020-46. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal 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-NYSEArca-2020-46, and should be
submitted on or before July 13, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-13312 Filed 6-19-20; 8:45 am]
BILLING CODE 8011-01-P