Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change of Non-Substantive Conforming Changes to Rule 10.9120, 4981-4982 [2022-01853]
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Federal Register / Vol. 87, No. 20 / Monday, January 31, 2022 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94052; File No. SR–
NYSENAT–2022–01]
Self-Regulatory Organizations; NYSE
National, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change of Non-Substantive
Conforming Changes to Rule 10.9120
January 25, 2022.
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 January
10, 2022, NYSE National, Inc. (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 the Substance
of the Proposed Rule Change
The Exchange proposes nonsubstantive conforming changes to Rule
10.9120 of the Exchange’s disciplinary
rules. 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
Exchange 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
The Exchange proposes nonsubstantive conforming changes to Rule
10.9120 (Definitions) of the Exchange’s
disciplinary rules.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
VerDate Sep<11>2014
17:38 Jan 28, 2022
Jkt 256001
In 2018, the Exchange adopted rules
relating to investigation, discipline,
sanction, and other procedural rules
based on the rules of its affiliate NYSE
American LLC and the Financial
Industry Regulatory Authority
(‘‘FINRA’’).4 Rule 10.9120 defines
certain terms used in the Exchange’s
disciplinary rules, including
‘‘Department of Market Regulation’’ in
paragraph (i) and ‘‘Enforcement’’ in
paragraph (m). The definition of
Enforcement in Rule 10.9120(m)
includes the Department of Market
Regulation of FINRA as defined in Rule
10.9120(i).
In 2018, FINRA created a unified
enforcement function and eliminated
the separate enforcement function in the
Department of Market Regulation.5 In
order to reflect FINRA’s revised
organizational structure, the Exchange
accordingly proposes to delete the
definition of Department of Market
Regulation in Rule 10.9120(i) and mark
paragraph (i) ‘‘Reserved’’ in order to
maintain the Rule’s sequencing. In
addition, the Exchange proposes to
delete Department of Market Regulation
of FINRA from the definition of
Enforcement in Rule 10.9120(m). As
proposed, Rule 10.9120(m) would
provide that the term ‘‘Enforcement’’
refers to (A) any department reporting to
the Chief Regulatory Officer (defined as
‘‘CRO’’) of the Exchange with
responsibility for investigating or, when
appropriate after compliance with the
Rule 10.9000 Series, imposing sanctions
on an ETP Holder or Associated Person
and (B) the Department of Enforcement
of FINRA.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the Act,6
in general, and furthers the objectives of
Section 6(b)(5),7 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
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
4 See Securities Exchange Act Release No. 83289
(May 17, 2018), 83 FR 23968 (May 23, 2018) (SR–
NYSENat–2018–02).
5 See ‘‘FINRA Announces Enforcement Structure,
Senior Leadership Team,’’ July 26, 2018, available
at https://www.finra.org/media-center/newsreleases/2018/finra-announces-enforcementstructure-senior-leadership-team.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00150
Fmt 4703
Sfmt 4703
4981
general, to protect investors and the
public interest.
In particular, the Exchange believes
that the proposed non-substantive
conforming changes would remove
impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, protect investors and the public
interest because the proposed nonsubstantive changes would add clarity,
transparency and consistency to the
Exchange’s rules. The Exchange believes
that market participants would benefit
from the increased clarity, thereby
reducing potential confusion and
ensuring that persons subject to the
Exchange’s jurisdiction, regulators, and
the investing public can more easily
navigate and understand the Exchange’s
rules.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change is not intended to
address competitive issues but is rather
concerned with making non-substantive
conforming changes to the Exchange
rules.
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
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 prior to 30 days from the date
on which it was filed, or such shorter
time as the Commission may designate,
if consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 8 and Rule 19b–4(f)(6)
thereunder.9
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
1090.4(f)(6)(iii) requires a self-regulatory
organization to give the Commission written notice
of its intent to file the proposed rule change, along
with a brief description and text of the proposed
rule change, at least five business days prior to the
date of filing of the proposed rule change, or such
9 17
E:\FR\FM\31JAN1.SGM
Continued
31JAN1
4982
Federal Register / Vol. 87, No. 20 / Monday, January 31, 2022 / Notices
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
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–
NYSENAT–2022–01 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–NYSENAT–2022–01. 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–NYSENAT–2022–01 and
should be submitted on or before
February 22, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–01853 Filed 1–28–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94053; File No. SR–NYSE–
2022–04]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Proposed Rule Change To
Amend Rules 5P, 5.2(j)(8)(e), 8P, and
98
January 25, 2022.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on January
14, 2022, New York Stock Exchange
LLC (‘‘NYSE’’ 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 selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rules 5P, 5.2(j)(8)(e), 8P, and 98 to
permit the listing and trading of certain
Exchange Traded Products that have a
component NMS Stock listed on the
Exchange or that are based on, or
represent an interest in, an underlying
index or reference asset that includes an
NMS Stock listed on the Exchange. The
proposed rule change is available on the
Exchange’s website at www.nyse.com, at
the principal office of the Exchange, and
10 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
shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
VerDate Sep<11>2014
19:28 Jan 28, 2022
Jkt 256001
PO 00000
Frm 00151
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Rules 5P, 8P, 5.2(j)(8)(e) and 98 to
permit the listing of certain Exchange
Traded Products (‘‘ETPs’’) 4 that have a
component NMS Stock listed on the
Exchange or that are based on, or
represent an interest in, an underlying
index or reference asset that includes an
NMS Stock listed on the Exchange (an
‘‘NYSE Component Security’’ or,
collectively, ‘‘NYSE Component
Securities’’). The amendments would
also permit the trading of those ETPs on
the NYSE Trading Floor (‘‘Trading
Floor’’ or ‘‘Floor’’).5
Currently, Exchange rules do not
permit the listing of an ETP that has
underlying NYSE Component
Securities. The proposed changes would
permit the listing of ETPs that satisfy
the composition and concentration
requirements for equity-based products
set forth in the listing criteria of (1)
current Rules 5.2(j)(3) (Investment
Company Units), 5.2(j)(6) (Equity IndexLinked Securities), 8.100 (Portfolio
4 Rule 1.1(l) defines ‘‘Exchange Traded Product’’
as a security that meets the definition of ‘‘derivative
securities product’’ in Rule 19b–4(e) under the Act.
ETPs include, for example, securities listed and
traded on the Exchange pursuant to the following
Exchange rules: Rule 5.2(j)(3) (Investment Company
Units); Rule 5.2(j)(5) (Equity Gold Shares); Rule 5.2
(j)(6)(Equity Index-Linked Securities); Rule 8.100
(Portfolio Depositary Receipts); Rule 8.200 (Trust
Issued Receipts) (‘‘TIR’’)); Rule 8.201 (CommodityBased Trust Shares); Rule 8.202 (Currency Trust
Shares); Rule 8.203 (Commodity Index Trust
Shares); Rule 8.204 (Commodity Futures Trust
Shares); Rule 8.600 (Managed Fund Shares); and
Rule 8.700 (Managed Trust Securities).
5 The term ‘‘Trading Floor’’ is defined in Rule 6A
to mean the restricted-access physical areas
designated by the Exchange for the trading of
securities, commonly known as the ‘‘Main Room’’
and the ‘‘Buttonwood Room.’’
E:\FR\FM\31JAN1.SGM
31JAN1
]]>Agencies
[Federal Register Volume 87, Number 20 (Monday, January 31, 2022)]
[Notices]
[Pages 4981-4982]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01853]
[[Page 4981]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94052; File No. SR-NYSENAT-2022-01]
Self-Regulatory Organizations; NYSE National, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change of Non-
Substantive Conforming Changes to Rule 10.9120
January 25, 2022.
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 January 10, 2022, NYSE National, Inc. (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 the
Substance of the Proposed Rule Change
The Exchange proposes non-substantive conforming changes to Rule
10.9120 of the Exchange's disciplinary rules. 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 Exchange 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
The Exchange proposes non-substantive conforming changes to Rule
10.9120 (Definitions) of the Exchange's disciplinary rules.
In 2018, the Exchange adopted rules relating to investigation,
discipline, sanction, and other procedural rules based on the rules of
its affiliate NYSE American LLC and the Financial Industry Regulatory
Authority (``FINRA'').\4\ Rule 10.9120 defines certain terms used in
the Exchange's disciplinary rules, including ``Department of Market
Regulation'' in paragraph (i) and ``Enforcement'' in paragraph (m). The
definition of Enforcement in Rule 10.9120(m) includes the Department of
Market Regulation of FINRA as defined in Rule 10.9120(i).
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 83289 (May 17,
2018), 83 FR 23968 (May 23, 2018) (SR-NYSENat-2018-02).
---------------------------------------------------------------------------
In 2018, FINRA created a unified enforcement function and
eliminated the separate enforcement function in the Department of
Market Regulation.\5\ In order to reflect FINRA's revised
organizational structure, the Exchange accordingly proposes to delete
the definition of Department of Market Regulation in Rule 10.9120(i)
and mark paragraph (i) ``Reserved'' in order to maintain the Rule's
sequencing. In addition, the Exchange proposes to delete Department of
Market Regulation of FINRA from the definition of Enforcement in Rule
10.9120(m). As proposed, Rule 10.9120(m) would provide that the term
``Enforcement'' refers to (A) any department reporting to the Chief
Regulatory Officer (defined as ``CRO'') of the Exchange with
responsibility for investigating or, when appropriate after compliance
with the Rule 10.9000 Series, imposing sanctions on an ETP Holder or
Associated Person and (B) the Department of Enforcement of FINRA.
---------------------------------------------------------------------------
\5\ See ``FINRA Announces Enforcement Structure, Senior
Leadership Team,'' July 26, 2018, available at https://www.finra.org/media-center/news-releases/2018/finra-announces-enforcement-structure-senior-leadership-team.
---------------------------------------------------------------------------
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\6\ in general, and furthers the objectives of Section 6(b)(5),\7\
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 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
In particular, the Exchange believes that the proposed non-
substantive conforming changes would remove impediments to and perfect
the mechanism of a free and open market and a national market system
and, in general, protect investors and the public interest because the
proposed non-substantive changes would add clarity, transparency and
consistency to the Exchange's rules. The Exchange believes that market
participants would benefit from the increased clarity, thereby reducing
potential confusion and ensuring that persons subject to the Exchange's
jurisdiction, regulators, and the investing public can more easily
navigate and understand the Exchange's rules.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
not intended to address competitive issues but is rather concerned with
making non-substantive conforming changes to the Exchange rules.
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
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 prior to 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, if consistent
with the protection of investors and the public interest, the proposed
rule change has become effective pursuant to Section 19(b)(3)(A) of the
Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-
1090.4(f)(6)(iii) requires a self-regulatory organization to give
the Commission written notice of its intent to file the proposed
rule change, along with a brief description and text of the proposed
rule change, at least five business days prior to the date of filing
of the proposed rule change, or such shorter time as designated by
the Commission. The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
[[Page 4982]]
At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings 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:
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-NYSENAT-2022-01 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-NYSENAT-2022-01. 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-NYSENAT-2022-01 and should be submitted
on or before February 22, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-01853 Filed 1-28-22; 8:45 am]
BILLING CODE 8011-01-P
