Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Permit the Exchange To Declare a Regulatory Halt, 60428-60430 [2022-21561]

Download as PDF 60428 Federal Register / Vol. 87, No. 192 / Wednesday, October 5, 2022 / Notices SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 34720; 812–15366] Constitution Capital Private Markets Fund, LLC and Constitution Capital PM, LP Securities and Exchange Commission (‘‘Commission’’ or ‘‘SEC’’). ACTION: Notice. jspears on DSK121TN23PROD with NOTICES AGENCY: Notice of an application under section 6(c) of the Investment Company Act of 1940 (the ‘‘Act’’) for an exemption from sections 18(a)(2), 18(c) and 18(i) of the Act and for an order pursuant to section 17(d) of the Act and rule 17d–1 under the Act. SUMMARY OF APPLICATION: Applicants request an order to permit certain registered closed-end investment companies to issue multiple classes of shares of beneficial interest with varying sales loads and to impose asset-based distribution and/or service fees. APPLICANTS: Constitution Capital Private Markets Fund, LLC (the ‘‘Initial Fund’’), and Constitution Capital PM, LP (the ‘‘Adviser’’). FILING DATES: The application was filed on July 12, 2022, and amended on September 19, 2022. HEARING OR NOTIFICATION OF HEARING: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing on any application by emailing the SEC’s Secretary at Secretarys-Office@sec.gov and serving the Applicants with a copy of the request by email, if an email address is listed for the relevant Applicant below, or personally or by mail, if a physical address is listed for the relevant Applicant below. Hearing requests should be received by the Commission by 5:30 p.m. on October 25, 2022, and should be accompanied by proof of service on the Applicants, in the form of an affidavit, or, for lawyers, a certificate of service. Pursuant to rule 0– 5 under the Act, hearing requests should state the nature of the writer’s interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by emailing the Commission’s Secretary. ADDRESSES: The Commission: Secretarys-Office@sec.gov. Applicants: Joshua Deringer, Joshua.deringer@ faegredrinker.com. FOR FURTHER INFORMATION CONTACT: Steven I. Amchan, Senior Counsel, or VerDate Sep<11>2014 18:05 Oct 04, 2022 Jkt 259001 Terri Jordan, Branch Chief, at (202) 551– 6825 (Division of Investment Management, Chief Counsel’s Office). SUPPLEMENTARY INFORMATION: For Applicants’ representations, legal analysis, and conditions, please refer to Applicants’ first amended and restated application, dated September 19, 2022, which may be obtained via the Commission’s website by searching for the file number at the top of this document, or for an Applicant using the Company name search field on the SEC’s EDGAR system. The SEC’s EDGAR system may be searched at https://www.sec.gov/edgar/searchedgar/ legacy/companysearch.html. You may also call the SEC’s Public Reference Room at (202) 551–8090. For the Commission, by the Division of Investment Management, under delegated authority. Dated: September 30, 2022. J. Matthew DeLesDernier, Deputy Secretary. immediately prior to the initial pricing based on the rules of its affiliate New York Stock Exchange LLC. 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. BILLING CODE 8011–01–P A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change SECURITIES AND EXCHANGE COMMISSION 1. Purpose [FR Doc. 2022–21645 Filed 10–4–22; 8:45 am] [Release No. 34–95945; File No. SR– NYSEAMER–2022–44] Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Permit the Exchange To Declare a Regulatory Halt September 29, 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 September 23, 2022, 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 permit the Exchange to declare a regulatory halt in a security that has not been listed on a national securities exchange 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 The Exchange proposes to permit the Exchange to declare a regulatory halt in a security that has not been listed on a national securities exchange immediately prior to the initial pricing based on the rules of its affiliate New York Stock Exchange LLC (‘‘NYSE’’). More specifically, the Exchange proposes to add a new subsection (e) to Rule 7.18E (Halts) that would, except for a non-substantive conforming change, be identical to subsection (d) of NYSE Rule 123D (Halts in Trading). Overview Rule 7.18E governs halts in trading on the Pillar trading platform, and how orders are processed during halts, suspensions, or pauses. Rule 7.18E was adopted in connection with the Exchange’s transition from a floor-based market to a fully automated market on the Pillar trading platform. At the time, halts were governed by Rule 123D— Equities (Openings and Halts in Trading), which was in turn based on NYSE Rule 123D.4 In 2017, Rule 123D— Equities was designated as inapplicable to trading on Pillar and deleted in its entirety.5 4 See Securities Exchange Act Release Nos. 80590 (May 4, 2017), 82 FR 21843 (May 10, 2017) and 79993 (February 9, 2017), 82 FR 10814 (February 15, 2017) (SR–NYSEMKT–2017–01). 5 See Securities Exchange Act Release No. 82212 (December 4, 2017), 82 FR 58036 (December 8, 2017) (SR–NYSEAmer–2017–34). E:\FR\FM\05OCN1.SGM 05OCN1 Federal Register / Vol. 87, No. 192 / Wednesday, October 5, 2022 / Notices The NYSE adopted its version of Rule 7.18 governing halts on the Pillar trading platform in 2015. In 2017, NYSE Rule 123D was designated as inapplicable to trading in Pillar. Following completion of the transition to Pillar in August 2019, the NYSE deleted NYSE Rule 123D as obsolete, but retained subsection (d), among others, governing initial listing regulatory halts.6 As described below, the Exchange now proposes to adopt subsection (d) of NYSE Rule 123D. Proposed Rule Change The Exchange proposes to amend Rule 7.18E to adopt a regulatory halt condition for initial Exchange listings based on NYSE Rule 123D(d). As proposed, new Rule 7.18E(d) would be titled ‘‘Initial Listing Regulatory Halt.’’ The proposed rule would provide that Exchange may declare a regulatory halt in a security that is the subject of an initial pricing on the Exchange of a security that has not been listed on a national securities exchange immediately prior to the initial pricing, and that the regulatory halt will be terminated when the security opens. The rule is identical to NYSE Rule 123D(d) except for the removal of the reference to the Designated Market Maker (‘‘DMM’’) opening the security since NYSE American DMMs are not responsible for opening or closing individual securities on the Exchange. The Exchange believes that it would be consistent with the protection of investors and the public interest for the Exchange, as a primary listing exchange, to have to the limited authority to declare a regulatory halt for security that is the subject of an initial pricing on the Exchange of a security that has not been listed on a national securities exchange immediately prior to the initial pricing. jspears on DSK121TN23PROD with NOTICES 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Act,7 in general, and furthers the objectives of Section 6(b)(5),8 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 6 See Securities Exchange Act Release Nos. 85962 (May 29, 2019), 84 FR 26188 (June 5, 2019) and 81225 (July 27, 2017), 82 FR 36033 (August 2, 2017) (SR–NYSE–2017–35); Securities Exchange Act Release No. 90750 (December 21, 2020), 85 FR 85769 (December 29, 2020) (SR–NYSE–2020–101). Rule 123D was also renamed ‘‘Halts in Trading’’ in 2020. See id. 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(5). VerDate Sep<11>2014 18:05 Oct 04, 2022 Jkt 259001 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. Specifically, the Exchange believes that proposed Rule 7.18E(e) would remove impediments to and perfect the mechanism of a free and open market and a national market system because it would provide the Exchange with the authority to declare a regulatory halt in a security that the subject of an initial pricing on the Exchange of a security that has not previously been listed on a national securities exchange immediately prior to the initial pricing. The Exchange believes that permitting the Exchange to declare a regulatory halt in such securities before trading on the Exchange begins would promote fair and orderly markets and, in the case of securities where the initial listing is not a transfer from another national securities exchange, avoid potential price disparities or anomalies that may occur during any trading before the first transaction on the primary listing exchange. The Exchange therefore believes that having the proposed authority to declare a regulatory halt is consistent with the protection of investors and the public interest and would promote fair and orderly markets by helping to protect against volatility in pricing before the initial transaction on the primary listing exchange. 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 Exchange believes that the benefit to investors to halt trading in a security before the initial listing on the primary listing exchange outweighs any burden on competition that may result from a regulatory halt in such security. 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 9 and Rule 9 15 PO 00000 U.S.C. 78s(b)(3)(A)(iii). Frm 00065 Fmt 4703 Sfmt 4703 60429 19b–4(f)(6) thereunder.10 Because the proposed rule change does not: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative 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 11 and Rule 19b–4(f)(6)(iii) thereunder.12 A proposed rule change filed under Rule 19b–4(f)(6) 13 normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b–4(f)(6)(iii),14 the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiver of the operative delay is consistent with the protection of investors and the public interest because it will, without delay, permit the Exchange to initiate a regulatory halt in a security that is the subject of an initial pricing on the exchange in order to promote fair and orderly markets and avoid potential price disparities or anomalies. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing.15 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 10 17 CFR 240.19b–4(f)(6). U.S.C. 78s(b)(3)(A). 12 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, 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. 13 17 CFR 240.19b–4(f)(6). 14 17 CFR 240.19b–4(f)(6)(iii). 15 For purposes only of accelerating the operative date of this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 11 15 E:\FR\FM\05OCN1.SGM 05OCN1 60430 Federal Register / Vol. 87, No. 192 / Wednesday, October 5, 2022 / Notices under Section 19(b)(2)(B) 16 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: jspears on DSK121TN23PROD 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–2022–44 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–2022–44. 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–2022–44, and 16 15 U.S.C. 78s(b)(2)(B). VerDate Sep<11>2014 20:58 Oct 04, 2022 should be submitted on or before October 26, 2022. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 J. Matthew DeLesDernier, Deputy Secretary. [FR Doc. 2022–21561 Filed 10–4–22; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Proposed Policy on Enabling the Use of Unleaded Aviation Gasoline in Piston Engine Aircraft and Aircraft Engines Through the Fleet Authorization Process Federal Aviation Administration, DOT. ACTION: Notice of availability; request for comments. AGENCY: This notice announces the availability of a draft Policy Statement PS–AIR–20–2000–DRAFT, Enabling the Use of Unleaded Aviation Gasoline in Piston Engine Aircraft and Aircraft Engines through the Fleet Authorization Process. The FAA invites public comment on PS–AIR–20–2000–DRAFT. DATES: The FAA must receive comments on these proposed documents by December 5, 2022. ADDRESSES: PS–AIR–20–2000–DRAFT can be viewed and receive comment submissions through the FAA’s Aviation Safety Draft Documents website, https://www.faa.gov/aircraft/ draft_docs. FOR FURTHER INFORMATION CONTACT: Ansel James, Research Coordination Branch, AIR–670, Policy and Innovation Division, Aircraft Certification Service, Federal Aviation Administration, 107 Charles W Grant Pkwy., Atlanta, GA 30354–3705; telephone and fax (404) 474–5427; email ansel.s.james@faa.gov. SUPPLEMENTARY INFORMATION: SUMMARY: Background PS–AIR–20–2000–DRAFT describes the Fleet Authorization process to allow eligible aircraft and aircraft engines to operate using qualified unleaded aviation gasoline (avgas). The use of unleaded avgas in aircraft has been addressed by Congress in section 565, Aviation Fuel, of the FAA Reauthorization Act of 2018, (Pub. L. 115–254). Section 565 includes language that requires the FAA to adopt a process, other than the traditional 17 17 Jkt 259001 PO 00000 CFR 200.30–3(a)(12). Frm 00066 Fmt 4703 Sfmt 4703 means of certification, to authorize the use of unleaded avgas in aircraft and aircraft engines. This policy statement defines that process. Comments Invited The FAA invites public comments on the draft policy statement concerning the proposed Fleet Authorization process for enabling the use of unleaded aviation gasoline in piston engine aircraft. The FAA will consider the public comments submitted during this comment period through the FAA’s Aviation Safety Draft Documents website in finalizing PS–AIR–20–2000– DRAFT. Issued in Washington, DC, on September 29, 2022. Bruce E. DeCleene, Deputy Director, Policy and Innovation Division, Aircraft Certification Service. [FR Doc. 2022–21530 Filed 10–4–22; 8:45 am] BILLING CODE 4910–13–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Notice of Submission Deadline for Schedule Information for Chicago O’Hare International Airport, John F. Kennedy International Airport, Los Angeles International Airport, Newark Liberty International Airport, and San Francisco International Airport for the Summer 2023 Scheduling Season Department of Transportation, Federal Aviation Administration (FAA). ACTION: Notice of submission deadline. AGENCY: Under this notice, the FAA announces the submission deadline of October 6, 2022, for Summer 2023 flight schedules at Chicago O’Hare International Airport (ORD), John F. Kennedy International Airport (JFK), Los Angeles International Airport (LAX), Newark Liberty International Airport (EWR), and San Francisco International Airport (SFO). DATES: Schedules should be submitted by October 6, 2022. ADDRESSES: Schedules may be submitted to the Slot Administration Office by email to: 7-AWA-slotadmin@ faa.gov. FOR FURTHER INFORMATION CONTACT: Al Meilus, Manager, Slot Administration and Capacity Analysis, FAA ATO System Operations Services, AJR–G, Federal Aviation Administration, 800 Independence Avenue SW, Washington, DC 20591; telephone (202) 267–2822; email Al.Meilus@faa.gov. SUPPLEMENTARY INFORMATION: This document provides routine notice to SUMMARY: E:\FR\FM\05OCN1.SGM 05OCN1

Agencies

[Federal Register Volume 87, Number 192 (Wednesday, October 5, 2022)]
[Notices]
[Pages 60428-60430]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-21561]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95945; File No. SR-NYSEAMER-2022-44]


Self-Regulatory Organizations; NYSE American LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Permit 
the Exchange To Declare a Regulatory Halt

September 29, 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 September 23, 2022, 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to permit the Exchange to declare a 
regulatory halt in a security that has not been listed on a national 
securities exchange immediately prior to the initial pricing based on 
the rules of its affiliate New York Stock Exchange LLC. 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 permit the Exchange to declare a 
regulatory halt in a security that has not been listed on a national 
securities exchange immediately prior to the initial pricing based on 
the rules of its affiliate New York Stock Exchange LLC (``NYSE''). More 
specifically, the Exchange proposes to add a new subsection (e) to Rule 
7.18E (Halts) that would, except for a non-substantive conforming 
change, be identical to subsection (d) of NYSE Rule 123D (Halts in 
Trading).
Overview
    Rule 7.18E governs halts in trading on the Pillar trading platform, 
and how orders are processed during halts, suspensions, or pauses. Rule 
7.18E was adopted in connection with the Exchange's transition from a 
floor-based market to a fully automated market on the Pillar trading 
platform. At the time, halts were governed by Rule 123D--Equities 
(Openings and Halts in Trading), which was in turn based on NYSE Rule 
123D.\4\ In 2017, Rule 123D--Equities was designated as inapplicable to 
trading on Pillar and deleted in its entirety.\5\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release Nos. 80590 (May 4, 
2017), 82 FR 21843 (May 10, 2017) and 79993 (February 9, 2017), 82 
FR 10814 (February 15, 2017) (SR-NYSEMKT-2017-01).
    \5\ See Securities Exchange Act Release No. 82212 (December 4, 
2017), 82 FR 58036 (December 8, 2017) (SR-NYSEAmer-2017-34).

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[[Page 60429]]

    The NYSE adopted its version of Rule 7.18 governing halts on the 
Pillar trading platform in 2015. In 2017, NYSE Rule 123D was designated 
as inapplicable to trading in Pillar. Following completion of the 
transition to Pillar in August 2019, the NYSE deleted NYSE Rule 123D as 
obsolete, but retained subsection (d), among others, governing initial 
listing regulatory halts.\6\ As described below, the Exchange now 
proposes to adopt subsection (d) of NYSE Rule 123D.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release Nos. 85962 (May 29, 
2019), 84 FR 26188 (June 5, 2019) and 81225 (July 27, 2017), 82 FR 
36033 (August 2, 2017) (SR-NYSE-2017-35); Securities Exchange Act 
Release No. 90750 (December 21, 2020), 85 FR 85769 (December 29, 
2020) (SR-NYSE-2020-101). Rule 123D was also renamed ``Halts in 
Trading'' in 2020. See id.
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Proposed Rule Change
    The Exchange proposes to amend Rule 7.18E to adopt a regulatory 
halt condition for initial Exchange listings based on NYSE Rule 
123D(d).
    As proposed, new Rule 7.18E(d) would be titled ``Initial Listing 
Regulatory Halt.'' The proposed rule would provide that Exchange may 
declare a regulatory halt in a security that is the subject of an 
initial pricing on the Exchange of a security that has not been listed 
on a national securities exchange immediately prior to the initial 
pricing, and that the regulatory halt will be terminated when the 
security opens. The rule is identical to NYSE Rule 123D(d) except for 
the removal of the reference to the Designated Market Maker (``DMM'') 
opening the security since NYSE American DMMs are not responsible for 
opening or closing individual securities on the Exchange. The Exchange 
believes that it would be consistent with the protection of investors 
and the public interest for the Exchange, as a primary listing 
exchange, to have to the limited authority to declare a regulatory halt 
for security that is the subject of an initial pricing on the Exchange 
of a security that has not been listed on a national securities 
exchange immediately prior to the initial pricing.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Act,\7\ in general, and furthers the objectives of Section 6(b)(5),\8\ 
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. Specifically, the Exchange believes that proposed 
Rule 7.18E(e) would remove impediments to and perfect the mechanism of 
a free and open market and a national market system because it would 
provide the Exchange with the authority to declare a regulatory halt in 
a security that the subject of an initial pricing on the Exchange of a 
security that has not previously been listed on a national securities 
exchange immediately prior to the initial pricing. The Exchange 
believes that permitting the Exchange to declare a regulatory halt in 
such securities before trading on the Exchange begins would promote 
fair and orderly markets and, in the case of securities where the 
initial listing is not a transfer from another national securities 
exchange, avoid potential price disparities or anomalies that may occur 
during any trading before the first transaction on the primary listing 
exchange. The Exchange therefore believes that having the proposed 
authority to declare a regulatory halt is consistent with the 
protection of investors and the public interest and would promote fair 
and orderly markets by helping to protect against volatility in pricing 
before the initial transaction on the primary listing exchange.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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 Exchange believes that 
the benefit to investors to halt trading in a security before the 
initial listing on the primary listing exchange outweighs any burden on 
competition that may result from a regulatory halt in such security.

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 \9\ and Rule 19b-4(f)(6) thereunder.\10\ 
Because the proposed rule change does not: (i) significantly affect the 
protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative 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 \11\ and Rule 19b-
4(f)(6)(iii) thereunder.\12\
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    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 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, 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative immediately upon filing.
---------------------------------------------------------------------------

    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    The Commission believes that waiver of the operative delay is 
consistent with the protection of investors and the public interest 
because it will, without delay, permit the Exchange to initiate a 
regulatory halt in a security that is the subject of an initial pricing 
on the exchange in order to promote fair and orderly markets and avoid 
potential price disparities or anomalies. Accordingly, the Commission 
hereby waives the 30-day operative delay and designates the proposal 
operative upon filing.\15\
---------------------------------------------------------------------------

    \15\ For purposes only of accelerating the operative date of 
this proposal, the Commission has considered the proposed rule's 
impact on efficiency, competition, and capital formation. 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    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

[[Page 60430]]

under Section 19(b)(2)(B) \16\ of the Act to determine whether the 
proposed rule change should be approved or disapproved.
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    \16\ 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-2022-44 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-2022-44. 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-2022-44, and should be 
submitted on or before October 26, 2022.
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    \17\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-21561 Filed 10-4-22; 8:45 am]
BILLING CODE 8011-01-P
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