Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend Section 220 of the NYSE American Company Guide To Eliminate a Fee Cap on Original Listing Fees for Companies Listed on Foreign Stock Exchanges and Subject All Foreign Issuers to the Original Listing Fee Schedule Applicable to All Other Newly-Listed Companies, 63601-63603 [2020-22247]
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Federal Register / Vol. 85, No. 196 / Thursday, October 8, 2020 / Notices
and have the capacity to be able to carry
out the purposes of the Act and to
enforce compliance by the Exchange’s
Trading Permit Holders and persons
associated with its Trading Permit
Holders with the Act, the rules and
regulations thereunder, and the rules of
the Exchange.
The proposed rule change reflects the
Exchange’s stated goals to improve the
governance process of the Parent and
update the Parent Bylaws to reflect and
track the DGCL and current best
practices.19 The Exchange has
represented that it does not believe the
proposed rule changes are controversial
and that the proposed provisions are
common among comparable public
companies.20
The Commission believes that the
proposed rule change, as modified by
Amendment No. 1, is consistent with
the Exchange Act, including Section
6(b)(1) thereunder, in that the Exchange,
and its Parent on the Exchange’s behalf
as applicable, will remain so organized
and have the capacity to be able to carry
out the purposes of the Exchange Act
and to comply, and enforce compliance
by its members and persons associated
with its members, with the provisions of
the Exchange Act, the rules and
regulations thereunder, and the rules of
the Exchange.
While proposed Section 3.15 will
provide the Parent with special limited
powers to ensure continued operations
at the onset of an emergency situation
that otherwise prevents the Board from
obtaining the necessary quorum to
convene and exercise its power, that
section is intended only to provide
limited short-term flexibility to ensuring
continue operations of the Parent during
the initial stage of the emergency
situation. Pursuant to proposed
paragraph (f), a majority of the elected
directors are expected to reconvene as
soon as it is possible to do so. In
addition, the provisions in new Section
3.15 concerning amendments to the
Parent Bylaws remain subject to existing
Section 10.2 and, as applicable, the rule
filing requirements of Section 19 of the
Act.21
khammond on DSKJM1Z7X2PROD with NOTICES
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
19 See
Notice, supra note 3, at 51130.
20 The Exchange represents that other public
companies have provisions similar to what it is
proposing, and that some of its proposed rule
changes have been adopted by other securities and
commodities exchanges, including Nasdaq, Inc.,
Intercontinental Exchange, and the CME Group, Inc.
Id.
21 15 U.S.C. 78s. See also Amendment No. 1.
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17:48 Oct 07, 2020
Jkt 253001
including whether Amendment No. 1 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–
CboeEDGA–2020–021 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–CboeEDGA–2020–021. 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–CboeEDGA–2020–021 and
should be submitted on or before
October 29, 2020.
V. Accelerated Approval of Proposed
Rule Change, as Modified by
Amendment No. 1
The Commission finds good cause for
approving the proposed rule change, as
amended by Amendment No. 1, prior to
the 30th day after the date of
publication of notice in the Federal
PO 00000
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Fmt 4703
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63601
Register. Amendment No. 1 provided
additional detail and clarity on a few
points without materially changing the
proposal or the proposed rule text.22
The Commission notes that Amendment
No. 1 does not change the substance of
the proposed rule change as it was
initially filed, but merely adds detail to
a few select items of the proposal
regarding their intended scope. These
points of clarification add helpful detail
to support the proposal without
materially altering it. Accordingly, the
Commission finds good cause for
approving the proposed rule change, as
amended, on an accelerated basis,
pursuant to Section 19(b)(2) of the
Act.23
VI. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,24 that the
proposed rule change, as modified by
Amendment No. 1 (SR–CboeEDGA–
2020–021), be, and hereby is, approved
on an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.25
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–22252 Filed 10–7–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–90074; File No. SR–
NYSEAMER–2020–68]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Change To Amend Section 220 of the
NYSE American Company Guide To
Eliminate a Fee Cap on Original Listing
Fees for Companies Listed on Foreign
Stock Exchanges and Subject All
Foreign Issuers to the Original Listing
Fee Schedule Applicable to All Other
Newly-Listed Companies
October 2, 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
September 24, 2020, NYSE American
LLC (‘‘NYSE American’’ or the
‘‘Exchange’’) filed with the Securities
22 See supra note 4 for a description of
Amendment No. 1.
23 15 U.S.C. 78s(b)(2).
24 Id.
25 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
E:\FR\FM\08OCN1.SGM
08OCN1
63602
Federal Register / Vol. 85, No. 196 / Thursday, October 8, 2020 / Notices
and Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
concluded that it now typically expends
similar resources in relation to the
initial listing of those companies as for
other listing applicants and thus
believes that it is appropriate for listing
applicants who are listed on a foreign
stock exchange to pay original listing
fees pursuant to the same fee schedule
as other newly-listed companies.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Section 220 of the NYSE American
Company Guide (the ‘‘Company Guide’’)
to amend Section 220(b) to remove a
limitation on original listing fees for any
company listed on a foreign stock
exchange. The proposed 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.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,5 in general, and
furthers the objectives of Section
6(b)(4) 6 of the Act, in particular, in that
it is designed to provide for the
equitable allocation of reasonable dues,
fees, and other charges. The Exchange
also believes that the proposed rule
change is consistent with Section 6(b)(5)
of the Act,7 in that it is designed 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
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest and is not designed to
permit unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange operates in a highly
competitive marketplace for the listing
of equity securities. The Commission
has repeatedly expressed its preference
for competition over regulatory
intervention in determining prices,
products, and services in the securities
markets.
The Exchange believes that the ever
shifting market share among the
exchanges with respect to new listings
and the transfer of existing listings
between competitor exchanges
demonstrates that issuers can choose
different listing markets in response to
fee changes. Accordingly, competitive
forces constrain exchange listing fees.
Stated otherwise, changes to exchange
listing fees can have a direct effect on
the ability of an exchange to compete for
new listings and retain existing listings.
The Exchange believes that it does not
constitute an inequitable allocation of
fees and is not unfairly discriminatory
to remove the cap on original listing fees
for companies that are listed on a
foreign stock exchange and to charge the
same original listing fees to those
companies as are charged to other
newly-listed companies, because the
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.
khammond on DSKJM1Z7X2PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Section 220 of the Company Guide
provides that the original listing fee for
companies listed on foreign stock
exchanges, including the one-time
charge, is 50% of the rate for domestic
companies, with a maximum fee of
$32,500.4 The Exchange proposes to
amend Section 220 to eliminate this cap
on original listing fees for companies
listed on foreign stock exchanges and to
specify instead that all foreign issuers
will be subject to the original listing fee
schedule applicable to all other newlylisted companies as set forth in Section
140. Over time, the Exchange has
4 Section 220(b) specifies that additional and
annual fees for companies listed on a foreign stock
exchange are the same as charged for domestic
companies pursuant to Sections 141 and 142. As
amended, Section 220(b) would clarify that all
foreign issuers are subject to the applicable fee
provisions of Sections 141 and 142.
VerDate Sep<11>2014
17:48 Oct 07, 2020
Jkt 253001
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
7 15 U.S.C. 78f(b)(5).
Exchange expends similar resources in
the listing of those companies as for the
listing of domestic companies. In
addition, the Exchange notes that
companies listed on foreign stock
exchanges will pay according to the
same fee schedule as all other listed
companies under the amended rule.
For the foregoing reasons, the
Exchange believes that the proposal is
consistent with the Act.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
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.
Intramarket Competition
As amended, all newly listed
companies would pay original listing
fees on the same basis. The Exchange
does not believe that the proposed rule
change would have any meaningful
effect on the competition among issuers
listed on the Exchange.
Intermarket Competition
The Exchange operates in a highly
competitive market in which issuers can
readily choose to list new securities on
other exchanges and transfer listings to
other exchanges if they deem fee levels
at those other venues to be more
favorable. Because competitors are free
to modify their own fees in response,
and because issuers may change their
listing venue, the Exchange does not
believe its proposed fee change can
impose any burden on intermarket
competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 8 of the Act and
subparagraph (f)(2) of Rule 19b–4 9
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
5 15
6 15
PO 00000
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Fmt 4703
8 15
9 17
Sfmt 4703
E:\FR\FM\08OCN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
08OCN1
Federal Register / Vol. 85, No. 196 / Thursday, October 8, 2020 / Notices
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 10 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
khammond on DSKJM1Z7X2PROD with NOTICES
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEAMER–2020–68 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–2020–68. 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
10 15
U.S.C. 78s(b)(2)(B).
VerDate Sep<11>2014
17:48 Oct 07, 2020
Jkt 253001
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–2020–68 and
should be submitted on or before
October 29, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–22247 Filed 10–7–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–90085; File No. SR–
NYSEAMER–2020–69]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Harmonize Rules 9261
and 9830 With Recent Changes by the
Financial Industry Regulatory
Authority, Inc.
October 2, 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
September 23, 2020, NYSE American
LLC (‘‘NYSE American’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to harmonize
Rules 9261 and 9830 with recent
changes by the Financial Industry
Regulatory Authority, Inc. (‘‘FINRA’’)
that temporarily grants the Chief or
Deputy Chief Hearing Officer the
authority to order that hearings be
conducted by video conference if
warranted by public health risks posed
by in-person hearings during the
ongoing novel coronavirus (‘‘COVID–
19’’) pandemic. As proposed, these
11 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
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
63603
temporary amendments would be in
effect through December 31, 2020. The
proposed rule change is available on the
Exchange’s website at www.nyse.com, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to harmonize
Rules 9261 (Evidence and Procedure in
Hearing) and 9830 (Hearing) with recent
changes by FINRA to its Rules 9261 and
9830 that temporarily grants to the Chief
or Deputy Chief Hearing Officer the
authority to order that hearings be
conducted by video conference if
warranted by public health risks posed
by in-person hearings during the
ongoing COVID–19 pandemic. As
proposed, these temporary amendments
would be in effect through December 31,
2020.4
Background
In 2016, NYSE American (then known
as NYSE MKT LLC) adopted
disciplinary rules that are, with certain
exceptions, substantially the same as the
Rule 8000 Series and Rule 9000 Series
of FINRA and its affiliate, the New York
Stock Exchange LLC (‘‘NYSE’’), and
which set forth rules for conducting
investigations and enforcement actions.5
4 The Exchange may submit a separate rule filing
to extend the expiration date of the proposed
temporary amendments if the Exchange requires
temporary relief from the rule requirements
identified in this proposal beyond December 31,
2020. The amended NYSE American rules will
revert back to their current state at the conclusion
of the temporary relief period and any extension
thereof.
5 See Securities Exchange Act Release Nos. 77241
(February 26, 2016), 81 FR 11311 (March 3, 2016)
(SR–NYSEMKT–2016–30) (‘‘2016 Notice’’).
E:\FR\FM\08OCN1.SGM
08OCN1
]]>Agencies
[Federal Register Volume 85, Number 196 (Thursday, October 8, 2020)]
[Notices]
[Pages 63601-63603]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-22247]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-90074; File No. SR-NYSEAMER-2020-68]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend Section
220 of the NYSE American Company Guide To Eliminate a Fee Cap on
Original Listing Fees for Companies Listed on Foreign Stock Exchanges
and Subject All Foreign Issuers to the Original Listing Fee Schedule
Applicable to All Other Newly-Listed Companies
October 2, 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 September 24, 2020, NYSE American LLC (``NYSE American''
or the ``Exchange'') filed with the Securities
[[Page 63602]]
and Exchange Commission (the ``Commission'') the proposed rule change
as described in Items I, II, and III below, which Items have been
prepared by the self-regulatory organization. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Section 220 of the NYSE American
Company Guide (the ``Company Guide'') to amend Section 220(b) to remove
a limitation on original listing fees for any company listed on a
foreign stock exchange. The proposed 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
Section 220 of the Company Guide provides that the original listing
fee for companies listed on foreign stock exchanges, including the one-
time charge, is 50% of the rate for domestic companies, with a maximum
fee of $32,500.\4\ The Exchange proposes to amend Section 220 to
eliminate this cap on original listing fees for companies listed on
foreign stock exchanges and to specify instead that all foreign issuers
will be subject to the original listing fee schedule applicable to all
other newly-listed companies as set forth in Section 140. Over time,
the Exchange has concluded that it now typically expends similar
resources in relation to the initial listing of those companies as for
other listing applicants and thus believes that it is appropriate for
listing applicants who are listed on a foreign stock exchange to pay
original listing fees pursuant to the same fee schedule as other newly-
listed companies.
---------------------------------------------------------------------------
\4\ Section 220(b) specifies that additional and annual fees for
companies listed on a foreign stock exchange are the same as charged
for domestic companies pursuant to Sections 141 and 142. As amended,
Section 220(b) would clarify that all foreign issuers are subject to
the applicable fee provisions of Sections 141 and 142.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\5\ in general, and furthers the
objectives of Section 6(b)(4) \6\ of the Act, in particular, in that it
is designed to provide for the equitable allocation of reasonable dues,
fees, and other charges. The Exchange also believes that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\7\ in that
it is designed 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 mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange operates in a highly competitive marketplace for the
listing of equity securities. The Commission has repeatedly expressed
its preference for competition over regulatory intervention in
determining prices, products, and services in the securities markets.
The Exchange believes that the ever shifting market share among the
exchanges with respect to new listings and the transfer of existing
listings between competitor exchanges demonstrates that issuers can
choose different listing markets in response to fee changes.
Accordingly, competitive forces constrain exchange listing fees. Stated
otherwise, changes to exchange listing fees can have a direct effect on
the ability of an exchange to compete for new listings and retain
existing listings.
The Exchange believes that it does not constitute an inequitable
allocation of fees and is not unfairly discriminatory to remove the cap
on original listing fees for companies that are listed on a foreign
stock exchange and to charge the same original listing fees to those
companies as are charged to other newly-listed companies, because the
Exchange expends similar resources in the listing of those companies as
for the listing of domestic companies. In addition, the Exchange notes
that companies listed on foreign stock exchanges will pay according to
the same fee schedule as all other listed companies under the amended
rule.
For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
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.
Intramarket Competition
As amended, all newly listed companies would pay original listing
fees on the same basis. The Exchange does not believe that the proposed
rule change would have any meaningful effect on the competition among
issuers listed on the Exchange.
Intermarket Competition
The Exchange operates in a highly competitive market in which
issuers can readily choose to list new securities on other exchanges
and transfer listings to other exchanges if they deem fee levels at
those other venues to be more favorable. Because competitors are free
to modify their own fees in response, and because issuers may change
their listing venue, the Exchange does not believe its proposed fee
change can impose any burden on intermarket competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \8\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \9\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if
[[Page 63603]]
it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \10\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\10\ 15 U.S.C. 78s(b)(2)(B).
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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-2020-68 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-2020-68. 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-2020-68 and should be submitted
on or before October 29, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-22247 Filed 10-7-20; 8:45 am]
BILLING CODE 8011-01-P
