Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 104, 73370-73371 [2022-25949]
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khammond on DSKJM1Z7X2PROD with NOTICES
73370
Federal Register / Vol. 87, No. 228 / Tuesday, November 29, 2022 / Notices
submit only information that you wish
to make available publicly. All
submissions should refer to File No.
SR–CboeBZX–2022–045 and should be
submitted BY December 20, 2022.
Rebuttal comments should be submitted
by January 3, 2023.
by the proposed rule change under the
Act. In this regard, the Commission
seeks commenters’ views regarding
whether a delay in the calculation of the
BZX Official Opening Price would affect
the trading of BZX-listed securities or
would impact any processes that rely on
the calculation of the BZX Official
Opening Price, including the calculation
and dissemination of initial LULD price
bands. The Commission also seeks
comment on the sufficiency of the
Exchange’s quantitative support for the
proposal (including any intereprations
thereof) and whether any additional
data would be useful in evaulating the
consistency of the proposed rule change
with the Act.
Comments may be submitted by any
of the following methods:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.38
Sherry R. Haywood,
Secretary.
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule–comments@
sec.gov. Please include File No. SR–
CboeBZX–2022–045 on the subject line.
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Rule
104
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 No.
SR–CboeBZX–2022–045. The 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
VerDate Sep<11>2014
16:29 Nov 28, 2022
Jkt 259001
[FR Doc. 2022–26051 Filed 11–28–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96377; File No. SR–NYSE–
2022–52]
November 22, 2022.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
14, 2022, New York Stock Exchange
LLC (‘‘NYSE’’ 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 amend
Rule 104 (Dealings and Responsibilities
of DMMs) to correct a cross-reference in
subsection (c)(5). 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
38 17
CFR 200.30–3(a)(57).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00092
Fmt 4703
Sfmt 4703
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
Rule 104 to correct a cross-reference in
subsection (c)(5).
Rule 104(c)(5) provides that ‘‘[t]he
requirements Rule 104(f)(2) and (3) will
be operative with respect to ETPs upon
implementation of the applicable Depth
Guidelines by the Exchange, but in any
event no later than eighteen weeks after
ETPs listed on the Exchange pursuant to
Rules 5P and 8P begin trading.’’ The
correct reference should be to Rule
104(c)(2) and (3). Current Rule 104(c),
titled ‘‘Functions of DMMs’’, was
formerly Rule 104(f). Earlier this year,
the Exchange re-numbered Rule 104(f),
which became current Rule 104(c).3 As
part of that filing, the Exchange
inadvertently failed to update the
reference to ‘‘the requirements of Rule
104(f)(2) and (3)’’ in current Rule
104(c).4 The Exchange accordingly
proposes to correct the cross-reference
in Rule 104(c)(5) by replacing ‘‘f’’ with
‘‘c’’.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b)(5) of the Exchange Act,5 in
that 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.
The Exchange believes that the
proposed change to Rule 104(c)(5) to
correct a cross-reference to a previously
renumbered subsection would remove
impediments to and perfect the
3 See Securities Exchange Act Release No. 95691
(September 7, 2022), 87 FR 56099 (September 13,
2022) (SR–NYSE–2022–32) (Order Approving a
Proposed Rule Change To Amend NYSE Rule 7.35B
Relating to the Closing Auction and Make Certain
Conforming and Non-Substantive Changes to NYSE
Rules 7.31, 7.35, 7.35B and 104).
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
E:\FR\FM\29NON1.SGM
29NON1
Federal Register / Vol. 87, No. 228 / Tuesday, November 29, 2022 / Notices
mechanism of a free and open market
and a national market system because
the proposed change is designed to
update an internal rule reference. 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. The Exchange further believes
that the proposed amendment would
not be inconsistent with the public
interest and the protection of investors
because investors will not be harmed
and in fact would benefit from increased
clarity, thereby reducing potential
confusion.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,6 the Exchange believes that the
proposed rule change would not impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change is not intended to
address competitive issues but is rather
concerned with making a correction to
the Exchange rules. Since the proposal
does not substantively modify system
functionality or processes on the
Exchange, the proposed changes will
not impose any burden on competition.
khammond on DSKJM1Z7X2PROD with NOTICES
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 7 and Rule
19b–4(f)(6) thereunder.8 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)
6 15
U.S.C. 78f(b)(8).
7 15 U.S.C. 78s(b)(3)(A)(iii).
8 17 CFR 240.19b–4(f)(6).
VerDate Sep<11>2014
16:29 Nov 28, 2022
Jkt 259001
of the Act 9 and Rule 19b–4(f)(6)(iii)
thereunder.10
A proposed rule change filed under
Rule 19b–4(f)(6) 11 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),12 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 allow the
Exchange to promptly correct a rule
reference and avoid any potential
investor or public confusion about the
rule. Accordingly, the Commission
hereby waives the 30-day operative
delay and designates the proposal
operative upon filing.13
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
under Section 19(b)(2)(B) 14 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:
9 15
U.S.C. 78s(b)(3)(A).
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.
11 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii).
13 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).
14 15 U.S.C. 78s(b)(2)(B).
10 17
PO 00000
Frm 00093
Fmt 4703
Sfmt 4703
73371
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–
NYSE–2022–52 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–NYSE–2022–52. 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–NYSE–2022–52 and should
be submitted on or before December 20,
2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022–25949 Filed 11–28–22; 8:45 am]
BILLING CODE 8011–01–P
15 17
E:\FR\FM\29NON1.SGM
CFR 200.30–3(a)(12), (59).
29NON1
]]>Agencies
[Federal Register Volume 87, Number 228 (Tuesday, November 29, 2022)]
[Notices]
[Pages 73370-73371]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25949]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96377; File No. SR-NYSE-2022-52]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rule 104
November 22, 2022.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on November 14, 2022, New York Stock Exchange LLC (``NYSE'' 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\ 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 Rule 104 (Dealings and
Responsibilities of DMMs) to correct a cross-reference in subsection
(c)(5). The proposed rule change is available on the Exchange's website
at www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Rule 104 to correct a cross-
reference in subsection (c)(5).
Rule 104(c)(5) provides that ``[t]he requirements Rule 104(f)(2)
and (3) will be operative with respect to ETPs upon implementation of
the applicable Depth Guidelines by the Exchange, but in any event no
later than eighteen weeks after ETPs listed on the Exchange pursuant to
Rules 5P and 8P begin trading.'' The correct reference should be to
Rule 104(c)(2) and (3). Current Rule 104(c), titled ``Functions of
DMMs'', was formerly Rule 104(f). Earlier this year, the Exchange re-
numbered Rule 104(f), which became current Rule 104(c).\3\ As part of
that filing, the Exchange inadvertently failed to update the reference
to ``the requirements of Rule 104(f)(2) and (3)'' in current Rule
104(c).\4\ The Exchange accordingly proposes to correct the cross-
reference in Rule 104(c)(5) by replacing ``f'' with ``c''.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 95691 (September 7,
2022), 87 FR 56099 (September 13, 2022) (SR-NYSE-2022-32) (Order
Approving a Proposed Rule Change To Amend NYSE Rule 7.35B Relating
to the Closing Auction and Make Certain Conforming and Non-
Substantive Changes to NYSE Rules 7.31, 7.35, 7.35B and 104).
\4\ 15 U.S.C. 78f(b).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b)(5) of the Exchange Act,\5\ in that 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed change to Rule 104(c)(5) to
correct a cross-reference to a previously renumbered subsection would
remove impediments to and perfect the
[[Page 73371]]
mechanism of a free and open market and a national market system
because the proposed change is designed to update an internal rule
reference. 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. The Exchange further believes that the
proposed amendment would not be inconsistent with the public interest
and the protection of investors because investors will not be harmed
and in fact would benefit from increased clarity, thereby reducing
potential confusion.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\6\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The proposed rule change is not intended to
address competitive issues but is rather concerned with making a
correction to the Exchange rules. Since the proposal does not
substantively modify system functionality or processes on the Exchange,
the proposed changes will not impose any burden on competition.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
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 \7\ and Rule 19b-4(f)(6) thereunder.\8\
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 \9\ and Rule 19b-
4(f)(6)(iii) thereunder.\10\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6).
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 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.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ 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.
---------------------------------------------------------------------------
\11\ 17 CFR 240.19b-4(f)(6).
\12\ 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 allow the Exchange to promptly correct a rule reference
and avoid any potential investor or public confusion about the rule.
Accordingly, the Commission hereby waives the 30-day operative delay
and designates the proposal operative upon filing.\13\
---------------------------------------------------------------------------
\13\ 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 under
Section 19(b)(2)(B) \14\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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-NYSE-2022-52 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-NYSE-2022-52. 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-NYSE-2022-52 and should be submitted on
or before December 20, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12), (59).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-25949 Filed 11-28-22; 8:45 am]
BILLING CODE 8011-01-P
