Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List, 2985-2987 [2023-00775]
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Federal Register / Vol. 88, No. 11 / Wednesday, January 18, 2023 / Notices
degree to which fee changes in this
market may impose any burden on
competition is extremely limited.
Intra-Market Competition
The proposed amendments do not
impose an undue burden on intramarket competition. The Exchange
believes that increasing the Tier 2 QCC
Rebate from $0.17 to $0.20 per contract
does not impose an undue burden on
competition because all market
participants are eligible to transact QCC
Orders, either electronically or on the
Trading Floor, and would, therefore, be
eligible to receive QCC Rebates for all
qualifying executed QCC Orders,
without limitation.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act.21
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is: (i) necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) 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
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:
lotter on DSK11XQN23PROD with NOTICES1
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–
Phlx–2023–02 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–Phlx–2023–02. 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–Phlx–2023–02, and should
be submitted on or before February 8,
2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–00776 Filed 1–17–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
U.S.C. 78s(b)(3)(A)(ii).
VerDate Sep<11>2014
17:41 Jan 17, 2023
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Its
Price List
January 11, 2023.
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934
1 15
Jkt 259001
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on January 3,
2023, 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, 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 its
Price List (the ‘‘Price List’’) with respect
to certain regulatory fees related to the
Central Registration Depository (‘‘CRD’’
or ‘‘CRD system’’), which are collected
by the Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’). The
Exchange proposes to implement the fee
change on January 3, 2023. 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
[Release No. 34–96636; File No. SR–NYSE–
2023–02]
22 17
21 15
2985
PO 00000
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
Frm 00109
Fmt 4703
Sfmt 4703
The Exchange proposes to amend the
Price List with respect to certain
regulatory fees collected by FINRA for
use of CRD.4 The Exchange proposes to
2 15
U.S.C. 78a.
CFR 240.19b–4.
4 CRD is the central licensing and registration
system for the U.S. securities industry. The CRD
system enables individuals and firms seeking
registration with multiple states and self-regulatory
organizations to do so by submitting a single form,
fingerprint card, and a combined payment of fees
to FINRA. Through the CRD system, FINRA
maintains the qualification, employment, and
3 17
Continued
E:\FR\FM\18JAN1.SGM
18JAN1
2986
Federal Register / Vol. 88, No. 11 / Wednesday, January 18, 2023 / Notices
lotter on DSK11XQN23PROD with NOTICES1
implement the fee changes effective
January 3, 2023.
FINRA collects and retains certain
regulatory fees via CRD for the
registration of associated persons of
Exchange member organizations that are
not FINRA members (‘‘Non-FINRA
Member Organizations’’).5 CRD fees are
user-based, and there is no distinction
in the cost incurred by FINRA if the
user is a FINRA member or a NonFINRA Member Organization.
FINRA recently amended two of the
fees assessed for use of the CRD
system.6 Accordingly, the Exchange
proposes to amend the Price List to
mirror the fees assessed by FINRA,
which will be implemented
concurrently with the amended FINRA
fee as of January 2023.7 Specifically, the
Exchange proposes to amend the Price
List to modify the fee charged to NonFINRA Member Organizations for
additional processing of each initial or
amended Form U4, Form U5 or Form
BD that includes the initial reporting,
amendment, or certification of one or
more disclosure events or proceedings
from $110 to $155 8 and the fee for
processing and posting to the CRD
system each set of fingerprints
submitted electronically to FINRA, plus
any other charge that may be imposed
by the U.S. Department of Justice for
processing each set of fingerprints, from
$15 to $20.9
The Exchange notes that the proposed
change is not otherwise intended to
address any other issues surrounding
regulatory fees, and the Exchange is not
aware of any problems that member
disciplinary histories of registered associated
persons of broker-dealers.
5 The Exchange originally adopted fees for use of
the CRD system in 2001 and amended those fees in
2013 and 2022. See Securities Exchange Act Release
Nos. 45112 (November 28, 2001), 66 FR 63086
(December 4, 2001) (SR–NYSE–2001–47); 68587
(January 4, 2013), 78 FR 2467 (January 11, 2013)
(SR–NYSE–2012–77); Securities Exchange Act
Release Nos. 93904 (January 5, 2022), 87 FR 1463
(January 11, 2022) (SR–NYSE–2021–77). While the
Exchange lists these fees in its Price List, it does
not collect or retain these fees.
6 See Securities Exchange Act Release No. 90176
(October 14, 2020), 85 FR 66592 (October 20, 2020)
(SR–FINRA–2020–032).
7 The Exchange notes that it has only adopted the
CRD system fees charged by FINRA to Non-FINRA
Member Organizations when such fees are
applicable. In this regard, certain FINRA CRD
system fees and requirements are specific to FINRA
members, but do not apply to NYSE-only member
organizations. Non-FINRA Member Organizations
have been charged CRD system fees since 2001. See
note 5, supra. Member organizations that are also
FINRA members are charged CRD system fees
according to Section 4 of Schedule A to the FINRA
By-Laws.
8 See section (4)(b)(3) of Schedule A to the FINRA
By-laws.
9 See section (4)(b)(4) of Schedule A to the FINRA
By-laws.
VerDate Sep<11>2014
17:41 Jan 17, 2023
Jkt 259001
organizations would have in complying
with the proposed change.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act,10 in general, and
furthers the objectives of section
6(b)(4) 11 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,12 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 believes that the
proposed fee change is reasonable
because the fee will be identical to that
adopted by FINRA as of January 2023
for use of the CRD system to submit an
initial or amended Form U4, Form U5
or Form BD that includes the initial
reporting, amendment, or certification
of one or more disclosure events or
proceedings and the posting to CRD
each set of fingerprints submitted
electronically to FINRA. The costs of
operating and improving the CRD
system are similarly borne by FINRA
when a Non-FINRA Member
Organization uses the CRD system;
accordingly, the fees collected for such
use should, as proposed by the
Exchange, mirror the fees assessed to
FINRA members. In addition, as FINRA
noted in amending its fees, it believes
that its proposed pricing structure is
reasonable and correlates fees with the
components that drive its regulatory
costs to the extent feasible. The
Exchange further believes that the
change is reasonable because it will
provide greater specificity regarding the
CRD system fees that are applicable to
Non-FINRA Member Organizations. All
similarly situated member organizations
are subject to the same fee structure, and
every member organization must use the
CRD system for registration and
disclosure. Accordingly, the Exchange
believes that the fees collected for such
use should likewise increase in lockstep
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
12 15 U.S.C. 78f(b)(5).
with the fees assessed to FINRA
members, as is proposed by the
Exchange.
The Exchange further believes that the
proposed fee change provides for the
equitable allocation of reasonable fees
and other charges, and does not unfairly
discriminate between customers,
issuers, brokers, and dealers. The fee
applies equally to all individuals and
firms required to report information the
CRD system, and the proposed change
will result in the same regulatory fees
being charged to all member
organizations required to report
information to CRD and for services
performed by FINRA regardless of
whether such member organizations are
FINRA members. Accordingly, the
Exchange believes that the fee collected
for such use should increase in lockstep
with the fee adopted by FINRA as of
January 2023, as is proposed by the
Exchange.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with section 6(b)(8) of
the Act,13 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. Specifically,
the Exchange believes that the proposed
change will reflect fees that will be
assessed by FINRA as of January 2023
and will thus result in the same
regulatory fees being charged to all
member organizations required to report
information to the CRD system and for
services performed by FINRA,
regardless of whether or not such
member organizations are FINRA
members.
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 has become
effective upon filing pursuant to section
19(b)(3)(A) 14 of the Act and paragraph
(f) thereunder. At any time within 60
days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
10 15
11 15
PO 00000
Frm 00110
Fmt 4703
13 See
14 15
Sfmt 4703
E:\FR\FM\18JAN1.SGM
15 U.S.C. 78f(b)(8).
U.S.C. 78s(b)(3)(A).
18JAN1
Federal Register / Vol. 88, No. 11 / Wednesday, January 18, 2023 / Notices
investors, or otherwise in furtherance of
the purposes of the Act.
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 rule-comments@
sec.gov. Please include File Number SR–
NYSE–2023–02 on the subject line.
Paper Comments
lotter on DSK11XQN23PROD with NOTICES1
• 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–2023–02. 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–2023–02 and should
be submitted on or before February 8,
2023.
VerDate Sep<11>2014
17:41 Jan 17, 2023
Jkt 259001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–00775 Filed 1–17–23; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Data Collection Available for Public
Comments
60-Day notice and request for
comments.
ACTION:
The Small Business
Administration (SBA) intends to request
approval, from the Office of
Management and Budget (OMB) for the
collection of information described
below. The Paperwork Reduction Act
(PRA) requires Federal agencies to
publish a notice in the Federal Register
concerning each proposed collection of
information before submission to OMB,
and to allow 60 days for public
comment in response to the notice. This
notice complies with that requirement.
DATES: Submit comments on or before
March 20, 2023.
ADDRESSES: Send all comments to Office
of Innovation & Technology, Small
Business Administration, 409 3rd Street,
6th Floor, Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT:
Elden Hawkes, Jr., Office, Innovation &
Technology, technology@sba.gov, or
Curtis B. Rich, Agency Clearance
Officer, 202–205–7030, curtis.rich@
sba.gov.
SUMMARY:
The
Federal and State Technology
Partnership (FAST) Program is a
competitive grants program designed to
strengthen the technological
competitiveness of small businesses
seeking funding from the Small
Business Innovation Research (SBIR)
and Small Business Technology
Transfer (STTR) programs. Congress
established the FAST Program under the
Consolidated Appropriations Act of
2001, codified at 15 U.S.C. 657d(c). The
program expired on September 30, 2005,
and was reestablished under the
Consolidated Appropriations Act of
2010.
FAST provides funding to
organizations to execute state/regional
programs that increase the number of
SBIR/STTR proposals (through outreach
and financial support); increase the
number of SBIR/STTR awards (through
technical assistance and mentoring);
SUPPLEMENTARY INFORMATION:
15 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00111
Fmt 4703
Sfmt 4703
2987
and better prepare SBIR/STTR awardees
for commercialization success (through
technical assistance and mentoring).
The FAST Quarterly Reporting Form
will collect data from FAST award
recipients which will be used to
improve program performance. The
Quarterly Reports will collect ongoing
performance and outcome data from
FAST awardees on a required, quarterly
basis. As well as improving program
management, the data collected will
inform the Annual Reports to the Senate
Committee on Small Business &
Entrepreneurship; the Senate Committee
on Commerce, Science, and
Transportation; the House Committee
on Science, Space, and Technology; and
the House Committee on Small
Business, as required in the Small
Business Act 34(c)(1)(2).
Solicitation of Public Comments
SBA is requesting comments on (a)
Whether the collection of information is
necessary for the agency to properly
perform its functions; (b) whether the
burden estimates are accurate; (c)
whether there are ways to minimize the
burden, including through the use of
automated techniques or other forms of
information technology; and (d) whether
there are ways to enhance the quality,
utility, and clarity of the information.
Summary of Information Collection
OMB Control Number: 3245–0405.
Title: FAST Program Quarterly
Reporting Form.
Description of Respondents: FAST
award recipients, including Small
Business and Technology Development
Centers (SBTDCs), State and local
economic development agencies, and
other FAST award recipients.
Form Number: N/A.
Total Estimated Annual Responses:
200.
Total Estimated Annual Hour Burden:
400.
Curtis Rich,
Agency Clearance Officer.
[FR Doc. 2023–00853 Filed 1–17–23; 8:45 am]
BILLING CODE 8026–09–P
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
Small Business Administration.
30-Day notice.
AGENCY:
ACTION:
The Small Business
Administration (SBA) is seeking
approval from the Office of Management
and Budget (OMB) for the information
collection described below. In
SUMMARY:
E:\FR\FM\18JAN1.SGM
18JAN1
]]>Agencies
[Federal Register Volume 88, Number 11 (Wednesday, January 18, 2023)]
[Notices]
[Pages 2985-2987]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-00775]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96636; File No. SR-NYSE-2023-02]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Its Price List
January 11, 2023.
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 3, 2023, 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, 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 its Price List (the ``Price List'')
with respect to certain regulatory fees related to the Central
Registration Depository (``CRD'' or ``CRD system''), which are
collected by the Financial Industry Regulatory Authority, Inc.
(``FINRA''). The Exchange proposes to implement the fee change on
January 3, 2023. 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 the Price List with respect to
certain regulatory fees collected by FINRA for use of CRD.\4\ The
Exchange proposes to
[[Page 2986]]
implement the fee changes effective January 3, 2023.
---------------------------------------------------------------------------
\4\ CRD is the central licensing and registration system for the
U.S. securities industry. The CRD system enables individuals and
firms seeking registration with multiple states and self-regulatory
organizations to do so by submitting a single form, fingerprint
card, and a combined payment of fees to FINRA. Through the CRD
system, FINRA maintains the qualification, employment, and
disciplinary histories of registered associated persons of broker-
dealers.
---------------------------------------------------------------------------
FINRA collects and retains certain regulatory fees via CRD for the
registration of associated persons of Exchange member organizations
that are not FINRA members (``Non-FINRA Member Organizations'').\5\ CRD
fees are user-based, and there is no distinction in the cost incurred
by FINRA if the user is a FINRA member or a Non-FINRA Member
Organization.
---------------------------------------------------------------------------
\5\ The Exchange originally adopted fees for use of the CRD
system in 2001 and amended those fees in 2013 and 2022. See
Securities Exchange Act Release Nos. 45112 (November 28, 2001), 66
FR 63086 (December 4, 2001) (SR-NYSE-2001-47); 68587 (January 4,
2013), 78 FR 2467 (January 11, 2013) (SR-NYSE-2012-77); Securities
Exchange Act Release Nos. 93904 (January 5, 2022), 87 FR 1463
(January 11, 2022) (SR-NYSE-2021-77). While the Exchange lists these
fees in its Price List, it does not collect or retain these fees.
---------------------------------------------------------------------------
FINRA recently amended two of the fees assessed for use of the CRD
system.\6\ Accordingly, the Exchange proposes to amend the Price List
to mirror the fees assessed by FINRA, which will be implemented
concurrently with the amended FINRA fee as of January 2023.\7\
Specifically, the Exchange proposes to amend the Price List to modify
the fee charged to Non-FINRA Member Organizations for additional
processing of each initial or amended Form U4, Form U5 or Form BD that
includes the initial reporting, amendment, or certification of one or
more disclosure events or proceedings from $110 to $155 \8\ and the fee
for processing and posting to the CRD system each set of fingerprints
submitted electronically to FINRA, plus any other charge that may be
imposed by the U.S. Department of Justice for processing each set of
fingerprints, from $15 to $20.\9\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 90176 (October 14,
2020), 85 FR 66592 (October 20, 2020) (SR-FINRA-2020-032).
\7\ The Exchange notes that it has only adopted the CRD system
fees charged by FINRA to Non-FINRA Member Organizations when such
fees are applicable. In this regard, certain FINRA CRD system fees
and requirements are specific to FINRA members, but do not apply to
NYSE-only member organizations. Non-FINRA Member Organizations have
been charged CRD system fees since 2001. See note 5, supra. Member
organizations that are also FINRA members are charged CRD system
fees according to Section 4 of Schedule A to the FINRA By-Laws.
\8\ See section (4)(b)(3) of Schedule A to the FINRA By-laws.
\9\ See section (4)(b)(4) of Schedule A to the FINRA By-laws.
---------------------------------------------------------------------------
The Exchange notes that the proposed change is not otherwise
intended to address any other issues surrounding regulatory fees, and
the Exchange is not aware of any problems that member organizations
would have in complying with the proposed change.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\10\ in general, and furthers the
objectives of section 6(b)(4) \11\ 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,\12\
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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(4).
\12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed fee change is reasonable
because the fee will be identical to that adopted by FINRA as of
January 2023 for use of the CRD system to submit an initial or amended
Form U4, Form U5 or Form BD that includes the initial reporting,
amendment, or certification of one or more disclosure events or
proceedings and the posting to CRD each set of fingerprints submitted
electronically to FINRA. The costs of operating and improving the CRD
system are similarly borne by FINRA when a Non-FINRA Member
Organization uses the CRD system; accordingly, the fees collected for
such use should, as proposed by the Exchange, mirror the fees assessed
to FINRA members. In addition, as FINRA noted in amending its fees, it
believes that its proposed pricing structure is reasonable and
correlates fees with the components that drive its regulatory costs to
the extent feasible. The Exchange further believes that the change is
reasonable because it will provide greater specificity regarding the
CRD system fees that are applicable to Non-FINRA Member Organizations.
All similarly situated member organizations are subject to the same fee
structure, and every member organization must use the CRD system for
registration and disclosure. Accordingly, the Exchange believes that
the fees collected for such use should likewise increase in lockstep
with the fees assessed to FINRA members, as is proposed by the
Exchange.
The Exchange further believes that the proposed fee change provides
for the equitable allocation of reasonable fees and other charges, and
does not unfairly discriminate between customers, issuers, brokers, and
dealers. The fee applies equally to all individuals and firms required
to report information the CRD system, and the proposed change will
result in the same regulatory fees being charged to all member
organizations required to report information to CRD and for services
performed by FINRA regardless of whether such member organizations are
FINRA members. Accordingly, the Exchange believes that the fee
collected for such use should increase in lockstep with the fee adopted
by FINRA as of January 2023, as is proposed by the Exchange.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with section 6(b)(8) of the Act,\13\ 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. Specifically, the Exchange believes that the
proposed change will reflect fees that will be assessed by FINRA as of
January 2023 and will thus result in the same regulatory fees being
charged to all member organizations required to report information to
the CRD system and for services performed by FINRA, regardless of
whether or not such member organizations are FINRA members.
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\13\ See 15 U.S.C. 78f(b)(8).
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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 has become effective upon filing pursuant
to section 19(b)(3)(A) \14\ of the Act and paragraph (f) thereunder. At
any time within 60 days of the filing of the proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of
[[Page 2987]]
investors, or otherwise in furtherance of the purposes of the Act.
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\14\ 15 U.S.C. 78s(b)(3)(A).
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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-NYSE-2023-02 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-2023-02. 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-2023-02 and should be submitted on
or before February 8, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-00775 Filed 1-17-23; 8:45 am]
BILLING CODE 8011-01-P
