Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend Rule 7.25E, 19685-19687 [2023-06781]
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Federal Register / Vol. 88, No. 63 / Monday, April 3, 2023 / Notices
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U.S. Office of Personnel Management.
Stephen Hickman,
Federal Register Liaison.
[FR Doc. 2023–06814 Filed 3–31–23; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97214; File No. SR–
NYSEAMER–2023–23]
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Change To Amend Rule 7.25E
March 28, 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 March
22, 2023, 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, 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
Rule 7.25E, which governs the
allocation of securities to Designated
Market Makers. 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.
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
Fmt 4703
The Exchange proposes to amend
Rule 7.25E, which governs the
allocation of securities to Designated
Market Makers (‘‘DMMs’’). Specifically,
the Exchange proposes to require issuers
to select all DMM units to interview.
The Exchange also proposes to correct a
typographical error.
Background and Proposed Rule Change
Rule 7.25E currently provides two
options for the allocation of securities to
DMMs: (1) the issuer selects the DMM
unit; or (2) the issuer delegates selection
of the DMM unit to the Exchange.
If the issuer proceeds under the first
option, Rule 7.25E(b)(1)(A) provides
that the listing company will select a
minimum of four DMMs to interview
from the pool of DMMs eligible to
participate in the allocation process.4
The Exchange proposes amending Rule
7.25E(b)(1)(A) to require that issuers
select all DMM units to interview. To
effectuate this change, the Exchange
would delete ‘‘a minimum of four’’ and
add ‘‘all’’ after ‘‘select’’ and before
‘‘DMM units to interview.’’
The proposed change would conform
Rule 7.25E(b)(1)(A) with Rule
103B(III)(A)(1) of the Exchange’s
affiliate New York Stock Exchange LLC
(‘‘NYSE’’), which does not specify a
minimum number of DMMs to be
interviewed. The Exchange believes that
not specifying a number of DMMs to be
interviewed would ensure that all
eligible DMM units would have an
opportunity to participate in the
allocation process at all times
irrespective of the number of DMMs
operating on the Exchange.
In addition, the Exchange proposes a
non-substantive change to Rule
7.25E(b)(1)(A) to replace ‘‘shall’’ with
‘‘must’’ before ‘‘select.’’ Finally, the
Exchange also proposes to correct the
heading in Rule 7.25E(b)(1), which
should read ‘‘Issuer Selection.’’ These
proposed changes would further align
the Exchange’s Rule with NYSE Rule
103B.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the Act,5
in general, and furthers the objectives of
4 See Rule 7.25E(b)(1)(A). As of the date of this
filing, there are currently three active DMMs on the
Exchange.
5 15 U.S.C. 78f(b).
1 15
Frm 00081
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
BILLING CODE 6325–38–P
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03APN1
19686
Federal Register / Vol. 88, No. 63 / Monday, April 3, 2023 / Notices
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Section 6(b)(5),6 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 the proposed amendments to Rule
7.25E(b)(1)(A) to provide that issuers
interview all DMMs would promote just
and equitable principles of trade
because no eligible DMM unit would be
excluded from the issuer interview. For
the same reason, the Exchange believes
the proposal is designed to remove
impediments to, and perfect the
mechanism of a free and open market
and a national market system. The
Exchange believes that requiring all
DMM units to participate in issuer
interviews would also continue to foster
competition and optimal performance
among DMMs. In addition, the
Exchange believes that harmonizing the
Exchange’s rule with that of its NYSE
affiliate would provide greater
harmonization among affiliated
exchanges that have adopted
substantially similar requirements for
DMM interviews, thereby resulting in
similarly efficient administration of
listing interviews across exchanges.
Finally, the Exchange’s proposed
technical, non-substantive changes—
correcting a typographical error and
replacing ‘‘will’’ with ‘‘must’’—adds
clarity and transparency to the
Exchange’s Rules and reduces potential
investor confusion, which would
remove impediments to and perfect the
mechanism of a free and open market
and a national market system.
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 proposed
changes would continue to foster
competition and optimal performance
among DMMs, thereby enhancing the
quality of the services DMMs provide to
issuers. Further, the Exchange believes
that the proposed changes would not be
burdensome to issuers since issuers are
currently interviewing all DMMs. Even
assuming an increase in the burden on
issuers during the allocation process if
6 15
U.S.C. 78f(b)(5).
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the number of DMMs on the Exchange
should increase, the Exchange believes
that any such increased burden would
be small relative to the benefits that
additional competition among DMM
units may provide. Issuers could,
moreover, permit the Exchange to select
the DMM unit pursuant to the process
found in Rule 7.25E(b)(2).
IV. Solicitation of Comments
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Electronic Comments
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 and Rule 19b–4(f)(6)(iii)
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 9 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),10 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest.
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) 11 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
7 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
11 15 U.S.C. 78s(b)(2)(B).
8 17
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Frm 00082
Fmt 4703
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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:
• 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–2023–23 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–2023–23. 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–2023–23 and
should be submitted on or before April
24, 2023.
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Federal Register / Vol. 88, No. 63 / Monday, April 3, 2023 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–06781 Filed 3–31–23; 8:45 am]
BILLING CODE 8011–01–P
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97211; File No. SR–
NASDAQ–2023–006]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change To List and
Trade Shares of the SGI Dynamic
Tactical ETF Under Nasdaq Rule 5750
(‘‘Proxy Portfolio Shares’’)
March 28, 2023.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 17,
2023, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I and
II below, which Items have been
prepared by the Exchange. 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 proposed a rule change
relating to the SGI Dynamic Tactical
ETF (the ‘‘Fund’’) of The RBB Fund, Inc.
(the ‘‘Company’’), to list and trade
shares of the Fund under Nasdaq Rule
5750 (‘‘Proxy Portfolio Shares’’). The
shares of the Fund are collectively
referred to herein as the ‘‘Shares.’’
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II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
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
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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The Exchange has adopted Nasdaq
Rule 5750, which governs the listing
and trading of Proxy Portfolio Shares on
the Exchange.3
The Fund is an actively-managed
exchange-traded fund (‘‘ETF’’). The
Shares will be offered by the Company,
which was established as a Maryland
corporation on February 29, 1988.4 The
Company, which is registered with the
Commission as an investment company
under the 1940 Act, has filed a
registration statement on Form N–1A
(‘‘Registration Statement’’) relating to
the Fund with the Commission.5 The
Fund is a series of the Company.
Summit Global Investments, LLC
(‘‘Adviser’’) is the investment adviser to
the Fund. SG Trading Solutions, LLC, is
the sub-adviser (‘‘Sub-Adviser’’) to the
Fund. Quasar Distributors, LLC is the
principal underwriter and distributor of
the Fund’s Shares. U.S. Bank Global
Fund Services acts as the administrator,
transfer agent and provides fund
accounting services to the Fund. U.S.
Bank, N.A. acts as the custodian to the
Fund.
Nasdaq Rule 5750(b)(5) provides that
if the investment adviser to the
Investment Company (as defined herein)
issuing Proxy Portfolio Shares 6 is
3 The Exchange adopted Nasdaq Rule 5750 in
Securities Exchange Act Release No. 89110 (June
22, 2020), 85 FR 38461 (June 26, 2020) (SR–
NASDAQ–2020–032).
4 The Commission has issued an order, upon
which the Company may rely, granting certain
exemptive relief under the Investment Company
Act of 1940 (the ‘‘1940 Act’’). See Investment
Company Act Release No. 34857 (March 15, 2023)
(‘‘Exemptive Order’’). Investments made by the
Fund will comply with the conditions set forth in
the Application and the Exemptive Order. The
description of the operation of the Fund herein is
based, in part, on the Registration Statement and
Exemptive Order. The Exchange will not commence
trading in the Fund’s Proxy Portfolio Shares until
the Registration Statement is effective.
5 The Registration Statement (File No. 811–05518)
is available on the Commission’s website at https://
www.sec.gov/Archives/edgar/data/0000831114/
000139834422007151/fp0074774_485apos.htm.
6 The term ‘‘Proxy Portfolio Share’’ means a
security that: (A) represents an interest in an
investment company registered under the
Investment Company Act of 1940 (‘‘Investment
Company’’) organized as an open-end management
investment company, that invests in a portfolio of
securities selected by the Investment Company’s
investment adviser consistent with the Investment
Company’s investment objectives and policies; (B)
is issued in a specified aggregate minimum number
in return for a deposit of a specified Proxy Basket
or Custom Basket, as applicable, and/or a cash
PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
19687
registered as a broker-dealer or is
affiliated with a broker-dealer, such
investment adviser will erect and
maintain a ‘‘fire wall’’ between the
investment adviser and personnel of the
broker-dealer or broker-dealer affiliate,
as applicable, with respect to access to
information concerning the composition
of and/or changes to the Fund
Portfolio,7 the Proxy Basket and/or
Custom Basket, as applicable.8 In
addition, Nasdaq Rule 5750(b)(5) further
requires that changes to the Fund
Portfolio, the Proxy Basket and/or
Custom Basket must be subject to
procedures designed to prevent the use
and dissemination of material
nonpublic information regarding the
Fund Portfolio, and/or the Proxy Basket,
and/or Custom Basket, as applicable, or
changes thereto.9
amount with a value equal to the next determined
net asset value; (C) when aggregated in the same
specified minimum number, may be redeemed at a
holder’s request, which holder will be paid
specified Proxy Basket or Custom Basket, as
applicable, and/or a cash amount with a value equal
to the next determined net asset value; and (D) the
portfolio holdings for which are disclosed within at
least 60 days following the end of every fiscal
quarter.
7 The term ‘‘Fund Portfolio’’ means the identities
and quantities of the securities and other assets
held by the Investment Company that will form the
basis for the Investment Company’s calculation of
net asset value at the end of the business day.
8 The term ‘‘Proxy Basket’’ means the identities
and quantities of the securities and other assets
included in a basket that is designed to closely track
the daily performance of the Fund Portfolio, as
provided in the exemptive relief under the 1940 Act
applicable to a series of Proxy Portfolio Shares. The
website for each series of Proxy Portfolio Shares
shall disclose the following information regarding
the Proxy Basket as required under Rule 5750, to
the extent applicable: (A) Ticker symbol; (B) CUSIP
or other identifier; (C) Description of holding; (D)
Quantity of each security or other asset held; and
(E) Percentage weight of the holding in the
portfolio. For purposes of this proposed rule
change, the term Custom Basket means a portfolio
of securities that is different from the Proxy Basket
and is otherwise consistent with the exemptive
relief issued pursuant to the 1940 Act applicable to
a series of Proxy Portfolio Shares.
9 An investment adviser to an open-end fund is
required to be registered under the Investment
Advisers Act of 1940 (the ‘‘Advisers Act’’). As a
result, the Adviser, Sub-Adviser, and their related
personnel are subject to the provisions of Rule
204A–1 under the Advisers Act relating to codes of
ethics. This Rule requires investment advisers to
adopt a code of ethics that reflects the fiduciary
nature of the relationship to clients as well as
compliance with other applicable securities laws.
Accordingly, procedures designed to prevent the
communication and misuse of non-public
information by an investment adviser must be
consistent with Rule 204A–1 under the Advisers
Act. The Adviser and Sub-Adviser are each not
registered as a broker-dealer and are not affiliated
with broker-dealers. The Adviser and Sub-Adviser
will each implement and maintain a ‘‘fire wall’’
with respect to any future broker-dealer affiliates
regarding access to information concerning the
composition of and/or changes to the Fund
Portfolio, Proxy Portfolio, and/or Custom Basket, as
applicable. In addition, Rule 206(4)–7 under the
E:\FR\FM\03APN1.SGM
Continued
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]]>Agencies
[Federal Register Volume 88, Number 63 (Monday, April 3, 2023)]
[Notices]
[Pages 19685-19687]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-06781]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97214; File No. SR-NYSEAMER-2023-23]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend Rule
7.25E
March 28, 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 March 22, 2023, 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, 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 Rule 7.25E, which governs the
allocation of securities to Designated Market Makers. 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 7.25E, which governs the
allocation of securities to Designated Market Makers (``DMMs'').
Specifically, the Exchange proposes to require issuers to select all
DMM units to interview. The Exchange also proposes to correct a
typographical error.
Background and Proposed Rule Change
Rule 7.25E currently provides two options for the allocation of
securities to DMMs: (1) the issuer selects the DMM unit; or (2) the
issuer delegates selection of the DMM unit to the Exchange.
If the issuer proceeds under the first option, Rule 7.25E(b)(1)(A)
provides that the listing company will select a minimum of four DMMs to
interview from the pool of DMMs eligible to participate in the
allocation process.\4\ The Exchange proposes amending Rule
7.25E(b)(1)(A) to require that issuers select all DMM units to
interview. To effectuate this change, the Exchange would delete ``a
minimum of four'' and add ``all'' after ``select'' and before ``DMM
units to interview.''
---------------------------------------------------------------------------
\4\ See Rule 7.25E(b)(1)(A). As of the date of this filing,
there are currently three active DMMs on the Exchange.
---------------------------------------------------------------------------
The proposed change would conform Rule 7.25E(b)(1)(A) with Rule
103B(III)(A)(1) of the Exchange's affiliate New York Stock Exchange LLC
(``NYSE''), which does not specify a minimum number of DMMs to be
interviewed. The Exchange believes that not specifying a number of DMMs
to be interviewed would ensure that all eligible DMM units would have
an opportunity to participate in the allocation process at all times
irrespective of the number of DMMs operating on the Exchange.
In addition, the Exchange proposes a non-substantive change to Rule
7.25E(b)(1)(A) to replace ``shall'' with ``must'' before ``select.''
Finally, the Exchange also proposes to correct the heading in Rule
7.25E(b)(1), which should read ``Issuer Selection.'' These proposed
changes would further align the Exchange's Rule with NYSE Rule 103B.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\5\ in general, and furthers the objectives of
[[Page 19686]]
Section 6(b)(5),\6\ 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Specifically, the Exchange believes that the proposed amendments to
Rule 7.25E(b)(1)(A) to provide that issuers interview all DMMs would
promote just and equitable principles of trade because no eligible DMM
unit would be excluded from the issuer interview. For the same reason,
the Exchange believes the proposal is designed to remove impediments
to, and perfect the mechanism of a free and open market and a national
market system. The Exchange believes that requiring all DMM units to
participate in issuer interviews would also continue to foster
competition and optimal performance among DMMs. In addition, the
Exchange believes that harmonizing the Exchange's rule with that of its
NYSE affiliate would provide greater harmonization among affiliated
exchanges that have adopted substantially similar requirements for DMM
interviews, thereby resulting in similarly efficient administration of
listing interviews across exchanges.
Finally, the Exchange's proposed technical, non-substantive
changes--correcting a typographical error and replacing ``will'' with
``must''--adds clarity and transparency to the Exchange's Rules and
reduces potential investor confusion, which would remove impediments to
and perfect the mechanism of a free and open market and a national
market system.
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 proposed changes would continue to foster competition and optimal
performance among DMMs, thereby enhancing the quality of the services
DMMs provide to issuers. Further, the Exchange believes that the
proposed changes would not be burdensome to issuers since issuers are
currently interviewing all DMMs. Even assuming an increase in the
burden on issuers during the allocation process if the number of DMMs
on the Exchange should increase, the Exchange believes that any such
increased burden would be small relative to the benefits that
additional competition among DMM units may provide. Issuers could,
moreover, permit the Exchange to select the DMM unit pursuant to the
process found in Rule 7.25E(b)(2).
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 and Rule 19b-
4(f)(6)(iii) thereunder.
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\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) \9\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\10\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
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\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6)(iii).
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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) \11\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\11\ 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-2023-23 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-2023-23. 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-2023-23 and should be submitted
on or before April 24, 2023.
[[Page 19687]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-06781 Filed 3-31-23; 8:45 am]
BILLING CODE 8011-01-P
