Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE American Options Fee Schedule, 45456-45458 [2020-16265]
Download as PDF
<![CDATA[
khammond on DSKJM1Z7X2PROD with NOTICES
45456
Federal Register / Vol. 85, No. 145 / Tuesday, July 28, 2020 / Notices
hereby waives the operative delay and
designates the proposed rule change
operative upon filing.11
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.
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–NYSENAT–2020–21 and
should be submitted on or before
August 18, 2020.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
J. Matthew DeLesDernier,
Assistant Secretary.
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSENAT–2020–21 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSENAT–2020–21. 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
[FR Doc. 2020–16262 Filed 7–27–20; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–89376; File No. SR–
NYSEAMER–2020–57]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the NYSE
American Options Fee Schedule
July 22, 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 July 16,
2020 NYSE American LLC (‘‘NYSE
American’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘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 modify its
rules to conform the terminology in the
NYSE American Options Fee Schedule
(‘‘Fee Schedule’’) to Rule 960.1NY
(Requirements for Penny Interval
Program), which permits quoting in
penny increments for certain option
classes on a permanent basis. The
proposed rule change is available on the
Exchange’s website at www.nyse.com, at
the principal office of the Exchange, and
11 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
VerDate Sep<11>2014
16:43 Jul 27, 2020
Jkt 250001
PO 00000
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
Frm 00088
Fmt 4703
Sfmt 4703
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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to modify
its rules to conform the terminology in
the Fee Schedule to Rule 960.1NY
(Requirements for Penny Interval
Program), which permits quoting in
penny increments for certain option
classes on a permanent basis. In sum,
the Exchange proposes to define
‘‘Penny’’ and ‘‘Non-Penny’’ options,
with cross-reference to Rule 960.1NY
and to eliminate from the Fee Schedule
obsolete references to the ‘‘Pilot’’
program. This filing is technical in
nature as it merely updates the
nomenclature regarding transactions in
Penny and Non-Penny options and does
not modify any associated fees or credits
for such transactions.
Background
On April 1, 2020, the U.S. Securities
and Exchange Commission (the
‘‘Commission’’) approved Amendment
No. 5 to the Plan for the Purpose of
Developing and Implementing
Procedures Designed to Facilitate the
Listing and Trading of Standardized
Options to Adopt a Penny Interval
Program (‘‘Amendment No. 5’’).4 The
Exchange then filed to conform its
rules—including Rule 960.1NY—to
Amendment No. 5, which rules (like
Amendment No. 5) became operative
July 1, 2020 (the ‘‘Penny Program’’).5
The Penny Pilot, which was adopted in
4 See Securities Exchange Act Release No. 88532
(April 1, 2020), 85 FR 19545 (April 7, 2020) (File
No 4–443).
5 See Securities Exchange Act Release No. 88947
(May 26, 2020), 85 FR 33249 (June 1, 2020)
(NYSEAMER–2020–41) (immediately effective
filing that is operative on July 1, 2020, which
outlines the history of the Penny Pilot program and
details the process for the Penny Interval Program).
E:\FR\FM\28JYN1.SGM
28JYN1
Federal Register / Vol. 85, No. 145 / Tuesday, July 28, 2020 / Notices
2007 and extended and expanded over
the years, expired by its own terms on
June 30, 2020.6
Proposed Changes
The Exchange proposes to modify the
terminology in the Fee Schedule to align
with the terminology in the Penny
Program by amending the definitions for
‘‘Penny’’ and ‘‘Non-Penny’’ options and
eliminating all references to ‘‘Pilot.’’ 7
As proposed, a ‘‘‘Penny’ option refers to
option classes that participate in the
Penny Interval Program, as described in
Rule 960.1NY’’ and a ‘‘‘Non-Penny’
option refers to option classes that do
not participate in the Penny Interval
Program, as described in Rule
960.1NY.’’ 8
Consistent with the foregoing, the
Exchange proposes to eliminate from
the Fee Schedule all references to
‘‘Pilot’’ as that term relates to the
‘‘Penny Pilot’’ because such references
became obsolete as of July 1, 2020.9
For consistency in usage and
terminology, the Exchange proposes to
modify references to ‘‘Non-Penny’’ in
existing text to capitalize and hyphenate
the term 10 and, in note 1 to the
Complex CUBE Auction table in Section
I.G. In addition, the Exchange proposes
to remove the terms ‘‘Pilot’’ and ‘‘Pilot
issues’’ from the Complex CUBE
Auction table in Section I.G. The
Exchanges believes these changes would
add clarity, transparency and internal
consistency.
2. Statutory Basis
khammond on DSKJM1Z7X2PROD with NOTICES
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Securities Exchange Act of 1934
(the ‘‘Act’’),11 in general, and furthers
the objectives of Section 6(b)(5) of the
Act,12 in particular, in that it is designed
to prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest.
6 See Securities Exchange Act Release No. 87633
(November 26, 2019) 84 FR 66251 (December 3,
2019) (NYSEAMER–2019–51).
7 See generally proposed Fee Schedule.
8 See proposed Fee Schedule, KEY TERMS and
DEFINITIONS.
9 See proposed Fee Schedule, Sections I.G and I.H
(deleting reference to ‘‘Pilot’’ throughout).
10 See id. The Exchange also proposes the nonsubstantive change of adding a period to the last
sentence of note 1 to the Complex CUBE Auction
table in Section I.G. See proposed Fee Schedule,
Sections I.G.
11 15 U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(5).
VerDate Sep<11>2014
16:43 Jul 27, 2020
Jkt 250001
In particular, the proposed rule
change, which conforms the
terminology in the Fee Schedule to Rule
960.1NY, promotes just and equitable
principles of trade because it does not
alter any existing fees or credits but
instead is technical in nature insofar as
it amends the definitions for ‘‘Penny’’
and ‘‘Non-Penny’’ options, consistent
with Exchange rules, and removes
references to the now-expired (Penny)
‘‘Pilot.’’ This proposed change would
provide internal consistency within
Exchange rules and operate to protect
investors and the investing public by
making the Exchange rules easier to
navigate and comprehend. The
proposed change would render the rules
more accurate and reduce potential
investor confusion, thus helping to
facilitate the maintenance of a fair and
orderly market.
Regarding the proposed technical
changes (see supra notes 9 and 10), the
Exchange believes the changes would
add clarity and transparency to the Fee
Schedule making it easier to navigate
and comprehend to the benefit of all
market participants.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act, 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 proposal, which modifies the
terminology in the Fee Schedule to align
with the terminology in the Exchange’s
rules, is not a competitive filing.
Instead, the proposed change is meant
to add clarity and transparency to the
Fee Schedule to the benefit of all market
participants that trade on the Exchange.
Given the technical nature of this filing,
the Exchange anticipates that other
options exchanges will similarly update
their fee schedules (as needed) to align
with any rule(s) adopted in
conformance with Amendment No. 5.
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 13 and Rule
PO 00000
13 15
U.S.C. 78s(b)(3)(A)(iii).
Frm 00089
Fmt 4703
Sfmt 4703
45457
19b–4(f)(6) thereunder.14 Because the
foregoing 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 after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 15 and Rule 19b–
4(f)(6) 16 thereunder. The Exchange has
proposed to implement the proposed
rule change immediately upon filing
and has asked the Commission to waive
the 30-day operative delay for this
filing.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because it will allow the Exchange to
modify the terminology in its fee
schedule to conform it to the Penny
Program, which is currently described
in NYSE American Rule 960.1NY. The
proposed rule change does not raise any
novel issues and is technical in nature
as it is designed to update the language
in the Exchange’s fee schedule to reflect
the language used throughout the
Exchange’s rulebook. The Commission
believes that the proposed rule change
proposes ministerial changes which are
designed to alleviate the potential for
investor confusion. Accordingly, the
Commission designates the proposed
rule change as operative upon filing.17
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.
14 17
CFR 240.19b–4(f)(6).
U.S.C. 78s(b)(3)(A).
16 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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.
17 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
15 15
E:\FR\FM\28JYN1.SGM
28JYN1
45458
Federal Register / Vol. 85, No. 145 / Tuesday, July 28, 2020 / Notices
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:
[FR Doc. 2020–16265 Filed 7–27–20; 8:45 am]
BILLING CODE 8011–01–P
Electronic Comments
DEPARTMENT OF STATE
• 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–
NYSEAMER–2020–57 on the subject
line
[Public Notice 11171]
Paper Comments
khammond on DSKJM1Z7X2PROD with NOTICES
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
J. Matthew DeLesDernier,
Assistant Secretary.
16:43 Jul 27, 2020
Notice of request for public
comment and submission to OMB of
proposed collection of information.
ACTION:
The Department of State has
submitted the information collection
described below to the Office of
Management and Budget (OMB) for
approval. In accordance with the
Paperwork Reduction Act of 1995 we
are requesting comments on this
collection from all interested
individuals and organizations. The
purpose of this Notice is to allow 30
days for public comment.
DATES: Submit comments up to August
27, 2020.
ADDRESSES: Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
FOR FURTHER INFORMATION CONTACT:
Direct requests for additional
information regarding the collection
listed in this notice, including requests
for copies of the proposed collection
instrument and supporting documents,
to Andrea Battista, who may be reached
at BattistaAL@state.gov or 202–663–
3136.
SUPPLEMENTARY INFORMATION:
• Title of Information Collection:
Request for Advisory Opinion.
• OMB Control Number: 1405–0174.
• Type of Request: Revision of a
Currently Approved Collection.
• Originating Office: Directorate of
Defense Trade Controls, Bureau of
Political Military Affairs, Department of
State (T/PM/DDTC).
• Form Number: DS–7786.
• Respondents: Individuals and
companies registered with DDTC and
engaged in the business of
SUMMARY:
• 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–NYSEAMER–2020–57. 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–NYSEAMER–2020–57 and
should be submitted on or before
August 18, 2020.
VerDate Sep<11>2014
30-Day Notice of Proposed Information
Collection: Request for Advisory
Opinion
Jkt 250001
PO 00000
18 17
CFR 200.30–3(a)(12).
Frm 00090
Fmt 4703
Sfmt 4703
manufacturing, brokering, exporting, or
temporarily importing defense hardware
or defense technology data.
• Estimated Number of Respondents:
125.
• Estimated Number of Responses:
125.
• Average Time per Response: 2
hours.
• Total Estimated Burden Time: 250
hours.
• Frequency: On occasion.
• Obligation to Respond: Voluntary.
We are soliciting public comments to
permit the Department to:
• Evaluate whether the proposed
information collection is necessary for
the proper functions of the Department.
• Evaluate the accuracy of our
estimate of the time and cost burden for
this proposed collection, including the
validity of the methodology and
assumptions used.
• Enhance the quality, utility, and
clarity of the information to be
collected.
• Minimize the reporting burden on
those who are to respond, including the
use of automated collection techniques
or other forms of information
technology.
Please note that comments submitted
in response to this Notice are public
record. Before including any detailed
personal information, you should be
aware that your comments as submitted,
including your personal information,
will be available for public review.
Abstract of Proposed Collection
The Directorate of Defense Trade
Controls (DDTC), located in the
Political-Military Affairs Bureau of the
Department of State, has the principal
mission of licensing the export and
temporary import of defense articles or
defense services as enumerated in the
United States Munitions List (USML),
and to ensure that the sale, transfer, or
brokering of such items are in the
interest of United States national
security and foreign policy.
Sections 126.9 and 129.9 of the
International Traffic in Arms
Regulations (ITAR, 22 CFR 120–130)
may be used by entities and individuals
involved in the brokering, manufacture,
export, and temporary import of defense
articles and defense services to request
an advisory opinion as to whether
DDTC would be likely to grant a license
or other approval for the export of a
particular defense article or defense
service to a particular country; for
general or regulatory guidance; or
whether certain activity constitutes
brokering under the meaning of the
ITAR. Except for determinations made
with reference to ITAR § 129.9(b),
E:\FR\FM\28JYN1.SGM
28JYN1
]]>Agencies
[Federal Register Volume 85, Number 145 (Tuesday, July 28, 2020)]
[Notices]
[Pages 45456-45458]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-16265]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-89376; File No. SR-NYSEAMER-2020-57]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the
NYSE American Options Fee Schedule
July 22, 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 July 16, 2020 NYSE American LLC (``NYSE American'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to modify its rules to conform the
terminology in the NYSE American Options Fee Schedule (``Fee
Schedule'') to Rule 960.1NY (Requirements for Penny Interval Program),
which permits quoting in penny increments for certain option classes on
a permanent basis. 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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to modify its rules to conform the
terminology in the Fee Schedule to Rule 960.1NY (Requirements for Penny
Interval Program), which permits quoting in penny increments for
certain option classes on a permanent basis. In sum, the Exchange
proposes to define ``Penny'' and ``Non-Penny'' options, with cross-
reference to Rule 960.1NY and to eliminate from the Fee Schedule
obsolete references to the ``Pilot'' program. This filing is technical
in nature as it merely updates the nomenclature regarding transactions
in Penny and Non-Penny options and does not modify any associated fees
or credits for such transactions.
Background
On April 1, 2020, the U.S. Securities and Exchange Commission (the
``Commission'') approved Amendment No. 5 to the Plan for the Purpose of
Developing and Implementing Procedures Designed to Facilitate the
Listing and Trading of Standardized Options to Adopt a Penny Interval
Program (``Amendment No. 5'').\4\ The Exchange then filed to conform
its rules--including Rule 960.1NY--to Amendment No. 5, which rules
(like Amendment No. 5) became operative July 1, 2020 (the ``Penny
Program'').\5\ The Penny Pilot, which was adopted in
[[Page 45457]]
2007 and extended and expanded over the years, expired by its own terms
on June 30, 2020.\6\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 88532 (April 1,
2020), 85 FR 19545 (April 7, 2020) (File No 4-443).
\5\ See Securities Exchange Act Release No. 88947 (May 26,
2020), 85 FR 33249 (June 1, 2020) (NYSEAMER-2020-41) (immediately
effective filing that is operative on July 1, 2020, which outlines
the history of the Penny Pilot program and details the process for
the Penny Interval Program).
\6\ See Securities Exchange Act Release No. 87633 (November 26,
2019) 84 FR 66251 (December 3, 2019) (NYSEAMER-2019-51).
---------------------------------------------------------------------------
Proposed Changes
The Exchange proposes to modify the terminology in the Fee Schedule
to align with the terminology in the Penny Program by amending the
definitions for ``Penny'' and ``Non-Penny'' options and eliminating all
references to ``Pilot.'' \7\ As proposed, a ```Penny' option refers to
option classes that participate in the Penny Interval Program, as
described in Rule 960.1NY'' and a ```Non-Penny' option refers to option
classes that do not participate in the Penny Interval Program, as
described in Rule 960.1NY.'' \8\
---------------------------------------------------------------------------
\7\ See generally proposed Fee Schedule.
\8\ See proposed Fee Schedule, KEY TERMS and DEFINITIONS.
---------------------------------------------------------------------------
Consistent with the foregoing, the Exchange proposes to eliminate
from the Fee Schedule all references to ``Pilot'' as that term relates
to the ``Penny Pilot'' because such references became obsolete as of
July 1, 2020.\9\
---------------------------------------------------------------------------
\9\ See proposed Fee Schedule, Sections I.G and I.H (deleting
reference to ``Pilot'' throughout).
---------------------------------------------------------------------------
For consistency in usage and terminology, the Exchange proposes to
modify references to ``Non-Penny'' in existing text to capitalize and
hyphenate the term \10\ and, in note 1 to the Complex CUBE Auction
table in Section I.G. In addition, the Exchange proposes to remove the
terms ``Pilot'' and ``Pilot issues'' from the Complex CUBE Auction
table in Section I.G. The Exchanges believes these changes would add
clarity, transparency and internal consistency.
---------------------------------------------------------------------------
\10\ See id. The Exchange also proposes the non-substantive
change of adding a period to the last sentence of note 1 to the
Complex CUBE Auction table in Section I.G. See proposed Fee
Schedule, Sections I.G.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Securities Exchange Act of 1934 (the ``Act''),\11\ in
general, and furthers the objectives of Section 6(b)(5) of the Act,\12\
in particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and, in
general, to protect investors and the public interest.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
In particular, the proposed rule change, which conforms the
terminology in the Fee Schedule to Rule 960.1NY, promotes just and
equitable principles of trade because it does not alter any existing
fees or credits but instead is technical in nature insofar as it amends
the definitions for ``Penny'' and ``Non-Penny'' options, consistent
with Exchange rules, and removes references to the now-expired (Penny)
``Pilot.'' This proposed change would provide internal consistency
within Exchange rules and operate to protect investors and the
investing public by making the Exchange rules easier to navigate and
comprehend. The proposed change would render the rules more accurate
and reduce potential investor confusion, thus helping to facilitate the
maintenance of a fair and orderly market.
Regarding the proposed technical changes (see supra notes 9 and
10), the Exchange believes the changes would add clarity and
transparency to the Fee Schedule making it easier to navigate and
comprehend to the benefit of all market participants.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act, 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 proposal, which modifies the terminology in
the Fee Schedule to align with the terminology in the Exchange's rules,
is not a competitive filing. Instead, the proposed change is meant to
add clarity and transparency to the Fee Schedule to the benefit of all
market participants that trade on the Exchange. Given the technical
nature of this filing, the Exchange anticipates that other options
exchanges will similarly update their fee schedules (as needed) to
align with any rule(s) adopted in conformance with Amendment No. 5.
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 \13\ and Rule 19b-4(f)(6) thereunder.\14\
Because the foregoing 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 after the date of the filing, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \15\ and Rule 19b-4(f)(6) \16\ thereunder. The
Exchange has proposed to implement the proposed rule change immediately
upon filing and has asked the Commission to waive the 30-day operative
delay for this filing.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(3)(A)(iii).
\14\ 17 CFR 240.19b-4(f)(6).
\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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.
---------------------------------------------------------------------------
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because it will allow the Exchange to modify the terminology in its fee
schedule to conform it to the Penny Program, which is currently
described in NYSE American Rule 960.1NY. The proposed rule change does
not raise any novel issues and is technical in nature as it is designed
to update the language in the Exchange's fee schedule to reflect the
language used throughout the Exchange's rulebook. The Commission
believes that the proposed rule change proposes ministerial changes
which are designed to alleviate the potential for investor confusion.
Accordingly, the Commission designates the proposed rule change as
operative upon filing.\17\
---------------------------------------------------------------------------
\17\ For purposes only of waiving the operative delay for this
proposal, 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.
[[Page 45458]]
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-NYSEAMER-2020-57 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-NYSEAMER-2020-57. 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-NYSEAMER-2020-57 and should be submitted
on or before August 18, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------
\18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-16265 Filed 7-27-20; 8:45 am]
BILLING CODE 8011-01-P
