Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 0, 53934-53936 [2023-16987]
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Federal Register / Vol. 88, No. 152 / Wednesday, August 9, 2023 / Notices
soliciting comments for this collection
(OMB No. 3206–0275). The Office of
Management and Budget is particularly
interested in comments that:
1. Evaluate whether the proposed
collection of information is necessary
for the proper performance of functions
of the agency, including whether the
information will have practical utility;
2. Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the
methodology and assumptions used;
3. Enhance the quality, utility, and
clarity of the information to be
collected; and
4. Minimize the burden of the
collection of information on those who
are to respond, including through the
use of appropriate automated,
electronic, mechanical, or other
technological collection techniques or
other forms of information technology,
e.g., permitting electronic submissions
of responses.
Standard Form 3119 is used to collect
the necessary information on the
inaugural attempt, which eliminates the
need to re-contact the customer to
gather additional required information,
ensure that OPM can process the
apportionment correctly, and eliminate
any delay in payment to the customers.
Analysis
Agency: Office of Personnel
Management, Retirement Services.
Title: Application for Court-Ordered
Benefits for Former Spouses.
OMB Number: 3206–0275.
Frequency: On occasion.
Affected Public: Individuals or
Households.
Number of Respondents: 2,500.
Estimated Time per Respondent: 60
minutes.
Total Burden Hours: 2,500.
U.S. Office of Personnel Management.
Kayyonne Marston,
Federal Register Liaison.
[FR Doc. 2023–16996 Filed 8–8–23; 8:45 am]
BILLING CODE 6325–38–P
SECURITIES AND EXCHANGE
COMMISSION
lotter on DSK11XQN23PROD with NOTICES1
[SEC File No. 270–427, OMB Control No.
3235–0476]
Proposed Collection; Comment
Request; Extension: Rule 10b–17
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
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Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 10b–17 (17 CFR
240.10b–17), under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.). The Commission plans to submit
this existing collection of information to
the Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 10b–17 requires any issuer of a
class of securities publicly traded by the
use of any means or instrumentality of
interstate commerce or of the mails or
of any facility of any national securities
exchange to give notice of the following
specific distributions relating to such
class of securities: (1) a dividend or
other distribution in cash or in kind
other than interest payments on debt
securities; (2) a stock split or reverse
stock split; or (3) a rights or other
subscription offering.
There are approximately 7,588
respondents per year. These
respondents make approximately 29,952
responses per year. Each response takes
approximately 10 minutes to complete.
Thus, the total hour burden per year is
approximately 4,992 hours. The total
internal labor cost of compliance for
respondents associated with providing
notice under Rule 10b–17 is
approximately $431,258.88.
Written comments are invited on: (a)
whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information to be collected; and
(d) ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted by
October 10, 2023.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
Please direct your written comments
to: David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or send an email to: PRA_
Mailbox@sec.gov.
PO 00000
Frm 00077
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Dated: August 4, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–17033 Filed 8–8–23; 8:45 am]
BILLING CODE P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–98048; File No. SR–NYSE–
2023–25]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change to Amend Rule
0
August 3, 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 July 31,
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 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 0 (Regulation of the Exchange and
its Member Organizations) to adopt new
rule text based on FINRA Rule 0140
(Applicability). 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.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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Federal Register / Vol. 88, No. 152 / Wednesday, August 9, 2023 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
lotter on DSK11XQN23PROD with NOTICES1
1. Purpose
The Exchange proposes to amend
Rule 0 (Regulation of the Exchange and
its Member Organizations) to adopt new
rule text based on FINRA Rule 0140
(Applicability), Nasdaq Stock Market
LLC (‘‘Nasdaq’’) General 2 (Organization
and Administration), Section 6(a), and
Nasdaq BX, Inc. (‘‘Nasdaq BX’’) General
2 (Organization and Administration),
Section 6(a). Specifically, the Exchange
proposes a new subsection (b) in
conformity with FINRA Rule 0140(a)
(Applicability), Nasdaq General 2,
Section 6(a), and Nasdaq BX General 2,
Section 6(a).4 FINRA Rule 0140(a)
provides that FINRA’s rules apply to all
members and persons associated with a
member and that persons associated
with a member shall have the same
duties and obligations as a member
under FINRA’s rules. The Nasdaq
Exchanges’ Rules mirror FINRA Rule
0140(a) and similarly provide that
Nasdaq and Nasdaq BX rules, as
applicable, apply to all members and
persons associated with a member and
that persons associated with a member
shall have the same duties and
obligations as a member under such
rules. Proposed Rule 0(b) is
substantively the same as FINRA Rule
0140(a) except for the inclusion of
‘‘member organization’’ to reflect the
Exchange’s membership.5
The Exchange believes that the
proposed rule change would improve
the clarity of the Exchange’s rules by
reflecting that the Exchange’s rules
apply to persons associated with a
member organization and that such
persons have the same duties and
obligations as their Exchange member
organization employer. A member
organization’s compliance with
Exchange rules may depend on the
actions of persons associated with the
member organization. Accordingly, the
Exchange believes that the proposed
rule, which mirrors the rules of FINRA
and the Nasdaq Exchanges, would
promote consistency in the Exchange’s
rules by expressly providing that the
Exchange may enforce its rules with
respect to persons associated with a
member organization, including by
4 For purposes of this filing, Nasdaq and Nasdaq
BX are referred to collectively as the ‘‘Nasdaq
Exchanges.’’ Nasdaq General 2, Section 6(a) and
Nasdaq BX General 2, Section 6(a) are referred to
collectively as the ‘‘Nasdaq Exchanges’ Rules.’’
5 Under the Exchange’s rules, the equivalent to
the term ‘‘member’’ used in FINRA Rule 0140(a) is
‘‘member organization.’’ See Rules 2(a) & (b).
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taking appropriate disciplinary action
against such persons for their or their
member firm’s violation of NYSE rules.
The Exchange notes that the proposed
rule does not contemplate disciplinary
action against individuals not involved
in violations of Exchange rules.
2. Statutory Basis
The proposed rule change is
consistent with section 6(b) of the Act,6
in general, and furthers the objectives of
section 6(b)(5),7 in particular, because it
is designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities, to
remove impediments to, and perfect the
mechanism of, a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
The Exchange believes that the
proposed rule change would remove
impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, protect investors and the public
interest because the proposed changes
would add clarity to the Exchange’s
rules. As previously noted, the proposed
rule text conforms to current FINRA
Rule 0140(a) and the Nasdaq Exchanges’
Rules without substantive change. The
Exchange believes that adopting
separate rule text expressly providing
that all Exchange rules apply to persons
associated with a member organization
and that such persons have the same
duties and obligations as their Exchange
member organization employer would
benefit market participants by providing
increased clarity regarding the
Exchange’s ability to enforce
compliance with its rules by persons
associated with a member organization,
thereby reducing any potential
confusion with respect to the
Exchange’s interpretation or application
of its rules. Adding these clarifying
statements to the Exchange’s rules
would also further the goals of
transparency and consistency across the
Exchange’s rules and would provide
greater harmonization between
Exchange rules and FINRA and Nasdaq
Exchanges’ rules of similar purpose,
resulting in less burdensome and more
efficient regulatory compliance. For the
same reasons, the addition of the
proposed rule text would protect
investors and the public interest and
would therefore be consistent with
6 15
7 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00078
Fmt 4703
Sfmt 4703
53935
section 6(b)(5) 8 of the Act. Thus, the
proposed rule change would foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities and will
remove impediments to and perfect the
mechanism of a free and open market
and a national market system.
Finally, the Exchange believes that
the proposed change would be
consistent with section 6(b)(1) 9 of the
Act because it would provide increased
clarity regarding the Exchange’s ability
to enforce compliance with its rules by
persons associated with a member
organization, thereby reducing any
potential confusion with respect to the
Exchange’s interpretation or application
of its rules. As such, the proposed
change would enable the Exchange to be
so organized as to have the capacity to
be able to enforce compliance by its
exchange members and persons
associated with its exchange members
with the provisions of the Act, the rules
and regulations thereunder, and the
rules of the Exchange, consistent with
section 6(b)(1) 10 of the Act.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change is not intended to
address competitive issues but rather is
concerned solely with adding clarity
and transparency to the Exchange’s
rules and provide greater harmonization
with approved FINRA and Nasdaq
Exchanges’ rules.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to section
19(b)(3)(A)(iii) of the Act 11 and Rule
19b–4(f)(6) thereunder.12 Because the
proposed rule change does not: (i)
significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
8 15
U.S.C. 78f(b)(5).
U.S.C. 78f(b)(1).
10 15 U.S.C. 78f(b)(1).
11 15 U.S.C. 78s(b)(3)(A)(iii).
12 17 CFR 240.19b–4(f)(6).
9 15
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Federal Register / Vol. 88, No. 152 / Wednesday, August 9, 2023 / Notices
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.
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) 13 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:
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–
NYSE–2023–25 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–2023–25. 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
13 15
U.S.C. 78s(b)(2)(B).
VerDate Sep<11>2014
18:19 Aug 08, 2023
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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–NYSE–2023–25 and should be
submitted on or before August 30, 2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–16987 Filed 8–8–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–495, OMB Control No.
3235–0553]
Proposed Collection; Comment
Request; Extension: Rule 19b–7 and
Form 19b–7
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 19b–7 (17 CFR
240.19b–7) and Form 19b–7, under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) (‘‘Exchange Act’’).
The Commission plans to submit this
existing collection of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
The Exchange Act provides a
framework for self-regulation under
which various entities involved in the
securities business, including national
securities exchanges and national
securities associations (collectively, selfregulatory organizations or ‘‘SROs’’),
have primary responsibility for
14 17
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PO 00000
CFR 200.30–3(a)(12).
Frm 00079
Fmt 4703
Sfmt 4703
regulating their members or
participants. The role of the
Commission in this framework is
primarily one of oversight; the Exchange
Act charges the Commission with
supervising the SROs and assuring that
each complies with and advances the
policies of the Exchange Act.
The Exchange Act was amended by
the Commodity Futures Modernization
Act of 2000 (‘‘CFMA’’). Prior to the
CFMA, federal law did not allow the
trading of futures on individual stocks
or on narrow-based stock indexes
(collectively, ‘‘security futures
products’’). The CFMA removed this
restriction and provided that trading in
security futures products would be
regulated jointly by the Commission and
the Commodity Futures Trading
Commission (‘‘CFTC’’).
The Exchange Act requires all SROs
to submit to the SEC any proposals to
amend, add, or delete any of their rules.
Certain entities (Security Futures
Product Exchanges) would be noticeregistered national securities exchanges
only because they trade security futures
products. Similarly, certain entities
(Limited Purpose National Securities
Associations) would be limited-purpose
national securities associations only
because their members trade security
futures products. The Exchange Act, as
amended by the CFMA, established a
procedure for Security Futures Product
Exchanges and Limited Purpose
National Securities Associations to
provide notice of proposed rule changes
relating to certain matters.1 Rule 19b–7
and Form 19b–7 implemented this
procedure. Effective April 28, 2008, the
SEC amended Rule 19b–7 and Form
19b–7 to require that Form 19b–7 be
submitted electronically.2
The collection of information is
designed to provide the Commission
with the information necessary to
determine, as required by the Exchange
Act, whether the proposed rule change
is consistent with the Exchange Act and
the rules thereunder. The information is
used to determine if the proposed rule
change should remain in effect or be
abrogated.
1 These matters are higher margin levels, fraud or
manipulation, recordkeeping, reporting, listing
standards, or decimal pricing for security futures
products; sales practices for security futures
products for persons who effect transactions in
security futures products; or rules effectuating the
obligation of Security Futures Product Exchanges
and Limited Purpose National Securities
Associations to enforce the securities laws. See 15
U.S.C. 78s(b)(7)(A).
2 See Securities Exchange Act Release No. 57526
(March 19, 2008), 73 FR 16179 (March 27, 2008).
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]]>Agencies
[Federal Register Volume 88, Number 152 (Wednesday, August 9, 2023)]
[Notices]
[Pages 53934-53936]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-16987]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98048; File No. SR-NYSE-2023-25]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Amend Rule 0
August 3, 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 July 31, 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 and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Rule 0 (Regulation of the Exchange
and its Member Organizations) to adopt new rule text based on FINRA
Rule 0140 (Applicability). 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.
[[Page 53935]]
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 0 (Regulation of the Exchange
and its Member Organizations) to adopt new rule text based on FINRA
Rule 0140 (Applicability), Nasdaq Stock Market LLC (``Nasdaq'') General
2 (Organization and Administration), Section 6(a), and Nasdaq BX, Inc.
(``Nasdaq BX'') General 2 (Organization and Administration), Section
6(a). Specifically, the Exchange proposes a new subsection (b) in
conformity with FINRA Rule 0140(a) (Applicability), Nasdaq General 2,
Section 6(a), and Nasdaq BX General 2, Section 6(a).\4\ FINRA Rule
0140(a) provides that FINRA's rules apply to all members and persons
associated with a member and that persons associated with a member
shall have the same duties and obligations as a member under FINRA's
rules. The Nasdaq Exchanges' Rules mirror FINRA Rule 0140(a) and
similarly provide that Nasdaq and Nasdaq BX rules, as applicable, apply
to all members and persons associated with a member and that persons
associated with a member shall have the same duties and obligations as
a member under such rules. Proposed Rule 0(b) is substantively the same
as FINRA Rule 0140(a) except for the inclusion of ``member
organization'' to reflect the Exchange's membership.\5\
---------------------------------------------------------------------------
\4\ For purposes of this filing, Nasdaq and Nasdaq BX are
referred to collectively as the ``Nasdaq Exchanges.'' Nasdaq General
2, Section 6(a) and Nasdaq BX General 2, Section 6(a) are referred
to collectively as the ``Nasdaq Exchanges' Rules.''
\5\ Under the Exchange's rules, the equivalent to the term
``member'' used in FINRA Rule 0140(a) is ``member organization.''
See Rules 2(a) & (b).
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change would improve
the clarity of the Exchange's rules by reflecting that the Exchange's
rules apply to persons associated with a member organization and that
such persons have the same duties and obligations as their Exchange
member organization employer. A member organization's compliance with
Exchange rules may depend on the actions of persons associated with the
member organization. Accordingly, the Exchange believes that the
proposed rule, which mirrors the rules of FINRA and the Nasdaq
Exchanges, would promote consistency in the Exchange's rules by
expressly providing that the Exchange may enforce its rules with
respect to persons associated with a member organization, including by
taking appropriate disciplinary action against such persons for their
or their member firm's violation of NYSE rules. The Exchange notes that
the proposed rule does not contemplate disciplinary action against
individuals not involved in violations of Exchange rules.
2. Statutory Basis
The proposed rule change is consistent with section 6(b) of the
Act,\6\ in general, and furthers the objectives of section 6(b)(5),\7\
in particular, because it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, to remove
impediments to, and perfect the mechanism of, a free and open market
and a national market system and, in general, to protect investors and
the public interest.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change would remove
impediments to and perfect the mechanism of a free and open market and
a national market system and, in general, protect investors and the
public interest because the proposed changes would add clarity to the
Exchange's rules. As previously noted, the proposed rule text conforms
to current FINRA Rule 0140(a) and the Nasdaq Exchanges' Rules without
substantive change. The Exchange believes that adopting separate rule
text expressly providing that all Exchange rules apply to persons
associated with a member organization and that such persons have the
same duties and obligations as their Exchange member organization
employer would benefit market participants by providing increased
clarity regarding the Exchange's ability to enforce compliance with its
rules by persons associated with a member organization, thereby
reducing any potential confusion with respect to the Exchange's
interpretation or application of its rules. Adding these clarifying
statements to the Exchange's rules would also further the goals of
transparency and consistency across the Exchange's rules and would
provide greater harmonization between Exchange rules and FINRA and
Nasdaq Exchanges' rules of similar purpose, resulting in less
burdensome and more efficient regulatory compliance. For the same
reasons, the addition of the proposed rule text would protect investors
and the public interest and would therefore be consistent with section
6(b)(5) \8\ of the Act. Thus, the proposed rule change would foster
cooperation and coordination with persons engaged in facilitating
transactions in securities and will remove impediments to and perfect
the mechanism of a free and open market and a national market system.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Finally, the Exchange believes that the proposed change would be
consistent with section 6(b)(1) \9\ of the Act because it would provide
increased clarity regarding the Exchange's ability to enforce
compliance with its rules by persons associated with a member
organization, thereby reducing any potential confusion with respect to
the Exchange's interpretation or application of its rules. As such, the
proposed change would enable the Exchange to be so organized as to have
the capacity to be able to enforce compliance by its exchange members
and persons associated with its exchange members with the provisions of
the Act, the rules and regulations thereunder, and the rules of the
Exchange, consistent with section 6(b)(1) \10\ of the Act.
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\9\ 15 U.S.C. 78f(b)(1).
\10\ 15 U.S.C. 78f(b)(1).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
not intended to address competitive issues but rather is concerned
solely with adding clarity and transparency to the Exchange's rules and
provide greater harmonization with approved FINRA and Nasdaq Exchanges'
rules.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to section
19(b)(3)(A)(iii) of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on
[[Page 53936]]
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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\11\ 15 U.S.C. 78s(b)(3)(A)(iii).
\12\ 17 CFR 240.19b-4(f)(6).
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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) \13\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\13\ 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-NYSE-2023-25 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-2023-25. 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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-NYSE-2023-25 and should be
submitted on or before August 30, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-16987 Filed 8-8-23; 8:45 am]
BILLING CODE 8011-01-P
