Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rules 9521 and 9522 To Correct Obsolete References to a FINRA Department, 78071-78073 [2023-25009]
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Federal Register / Vol. 88, No. 218 / Tuesday, November 14, 2023 / Notices
www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
Table of Contents
khammond on DSKJM1Z7X2PROD with NOTICES
I. Introduction
II. Docketed Proceeding(s)
I. Introduction
The Commission gives notice that the
Postal Service filed request(s) for the
Commission to consider matters related
to negotiated service agreement(s). The
request(s) may propose the addition or
removal of a negotiated service
agreement from the Market Dominant or
the Competitive product list, or the
modification of an existing product
currently appearing on the Market
Dominant or the Competitive product
list.
Section II identifies the docket
number(s) associated with each Postal
Service request, the title of each Postal
Service request, the request’s acceptance
date, and the authority cited by the
Postal Service for each request. For each
request, the Commission appoints an
officer of the Commission to represent
the interests of the general public in the
proceeding, pursuant to 39 U.S.C. 505
(Public Representative). Section II also
establishes comment deadline(s)
pertaining to each request.
The public portions of the Postal
Service’s request(s) can be accessed via
the Commission’s website (https://
www.prc.gov). Non-public portions of
the Postal Service’s request(s), if any,
can be accessed through compliance
with the requirements of 39 CFR
3011.301.1
The Commission invites comments on
whether the Postal Service’s request(s)
in the captioned docket(s) are consistent
with the policies of title 39. For
request(s) that the Postal Service states
concern Market Dominant product(s),
applicable statutory and regulatory
requirements include 39 U.S.C. 3622, 39
U.S.C. 3642, 39 CFR part 3030, and 39
CFR part 3040, subpart B. For request(s)
that the Postal Service states concern
Competitive product(s), applicable
statutory and regulatory requirements
include 39 U.S.C. 3632, 39 U.S.C. 3633,
39 U.S.C. 3642, 39 CFR part 3035, and
39 CFR part 3040, subpart B. Comment
deadline(s) for each request appear in
section II.
SECURITIES AND EXCHANGE
COMMISSION
II. Docketed Proceeding(s)
[Release No. 34–98874; File No. SR–NYSE–
2023–39]
1. Docket No(s).: MC2024–43 and
CP2024–43; Filing Title: USPS Request
to Add Priority Mail Express
International, Priority Mail International
& First-Class Package International
Service Contract 30 to Competitive
Product List and Notice of Filing
Materials Under Seal; Filing Acceptance
Date: November 7, 2023; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3040.130 through 3040.135, and 39 CFR
3035.105; Public Representative: Katalin
K. Clendenin; Comments Due:
November 16, 2023.
2. Docket No(s).: MC2024–44 and
CP2024–44; Filing Title: USPS Request
to Add Priority Mail & USPS Ground
Advantage Contract 99 to Competitive
Product List and Notice of Filing
Materials Under Seal; Filing Acceptance
Date: November 7, 2023; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3040.130 through 3040.135, and 39 CFR
3035.105; Public Representative:
Christopher C. Mohr; Comments Due:
November 16, 2023.
3. Docket No(s).: MC2024–45 and
CP2024–45; Filing Title: USPS Request
to Add Priority Mail & USPS Ground
Advantage Contract 100 to Competitive
Product List and Notice of Filing
Materials Under Seal; Filing Acceptance
Date: November 7, 2023; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3040.130 through 3040.135, and 39 CFR
3035.105; Public Representative:
Christopher C. Mohr; Comments Due:
November 16, 2023.
4. Docket No(s).: MC2024–46 and
CP2024–46; Filing Title: USPS Request
to Add Priority Mail Contract 788 to
Competitive Product List and Notice of
Filing Materials Under Seal; Filing
Acceptance Date: November 7, 2023;
Filing Authority: 39 U.S.C. 3642, 39 CFR
3040.130 through 3040.135, and 39 CFR
3035.105; Public Representative:
Christopher C. Mohr; Comments Due:
November 16, 2023.
This Notice will be published in the
Federal Register.
Erica A. Barker,
Secretary.
[FR Doc. 2023–25033 Filed 11–13–23; 8:45 am]
BILLING CODE 7710–FW–P
1 See
Docket No. RM2018–3, Order Adopting
Final Rules Relating to Non-Public Information,
June 27, 2018, Attachment A at 19–22 (Order No.
4679).
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78071
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Rules 9521 and 9522 To Correct
Obsolete References to a FINRA
Department
November 7, 2023.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (‘‘Act’’)
and Rule 19b–4 thereunder,2 notice is
hereby given that on October 26, 2023,
New York Stock Exchange LLC
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘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
Rules 9521 (Purposes and Definitions)
and 9522 (Initiation of Eligibility
Proceeding; Member Regulation
Consideration) to correct an obsolete
reference to a department of the
Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’). 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
2 17
PO 00000
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
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78072
Federal Register / Vol. 88, No. 218 / Tuesday, November 14, 2023 / Notices
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 proposes to
amend Rules 9521 (Purposes and
Definitions) and 9522 (Initiation of
Eligibility Proceeding; Member
Regulation Consideration) to correct an
obsolete reference to a FINRA
department.
khammond on DSKJM1Z7X2PROD with NOTICES
Background and Proposed Rule Change
In 2013, the NYSE adopted
disciplinary rules that are, with certain
exceptions, substantially the same as the
FINRA Rule 8000 Series and Rule 9000
Series, and which set forth rules for
conducting investigations and
enforcement actions.3 The NYSE
disciplinary rules were implemented on
July 1, 2013.4
In adopting disciplinary rules
modeled on FINRA’s rules, the NYSE
adopted the procedures set forth in the
Rule 9520 Series for a covered person to
become or remain associated with a
member organization notwithstanding
the existence of a statutory
disqualification as defined in Section
3(a)(39) of the Act, and for a current
member organization or covered person
to obtain relief from the eligibility or
qualification requirements of the
Exchange’s Rules, which the rule refers
to as ‘‘eligibility proceedings.’’ Rule
9521 sets forth certain definitions
relating to eligibility proceedings. Rule
9521(b)(1) defines the term
‘‘Application’’ to mean FINRA’s Form
MC–400 for covered persons or Form
MC–400A for member organizations
filed with FINRA’s Department of
Registration and Disclosure (abbreviated
as ‘‘RAD’’ in the Exchange’s rules). Rule
9522, which governs initiation of an
eligibility proceeding by the Exchange,
contains references to RAD in
subdivisions (b)(1), (c) and (e)(3)(A).
In 2020, FINRA changed RAD’s name
to ‘‘Credentialing, Registration,
Education and Disclosure’’ (abbreviated
as ‘‘CRED’’ in FINRA’s rules) and
amended, among others, FINRA Rules
9521 and 9522 to reflect the name
change.5 The Exchange proposes to
3 See Securities Exchange Act Release No. 68678
(January 16, 2013), 78 FR 5213 (January 24, 2013)
(SR–NYSE–2013–02) (‘‘2013 Notice’’); Release No.
69045 (March 5, 2013), 78 FR 15394 (March 11,
2013) (SR–NYSE–2013–02) (‘‘2013 Approval
Order’’).
4 See NYSE Information Memorandum 13–8 (May
24, 2013).
5 See Securities Exchange Act Release No. 90344
(November 4, 2020), 85 FR 71695 (November 10,
2020) (SR–FINRA–2020–039) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change
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conform the references in the
Exchange’s rules. To effectuate this
change, the Exchange would retain the
reference to ‘‘FINRA’s Department’’ in
Rule 9521(b)(1) and change the capital
‘‘D’’ in department to lowercase. The
Exchange would replace ‘‘Registration
and Disclosure (‘RAD’)’’ in Rule
9521(b)(1) with ‘‘Credentialing,
Registration, Education and Disclosure
(‘CRED’)’’. The Exchange would also
replace ‘‘RAD’’ with ‘‘CRED’’ in Rules
9522(b)(1) (one reference), (c) (two
references) and (e)(3)(A) (one reference).
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b)(5) of the Exchange Act,6 in
that it is designed to prevent fraudulent
and manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
The Exchange believes that the
proposed change to Rules 9521 and
9522 to update and replace obsolete
references to a FINRA department
would increase the clarity and
transparency of the Exchange’s rules
and remove impediments to and perfect
the mechanism of a free and open
market by ensuring that persons subject
to the Exchange’s jurisdiction,
regulators, and the investing public
could more easily navigate and
understand the Exchange rules. The
Exchange further believes that the
proposed change would not be
inconsistent with the public interest and
the protection of investors because
investors will not be harmed and in fact
would benefit from increased clarity,
thereby reducing potential confusion.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,7 the Exchange believes that the
proposed rule change would not impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change is not intended to
address competitive issues but is rather
concerned with deleting and replacing
obsolete references in its rules. Since
To Amend FINRA Rules To Reflect Name Changes
to Two FINRA Departments: The Office of Dispute
Resolution and the Department of Registration and
Disclosure).
6 15 U.S.C. 78f(b)(5).
7 15 U.S.C. 78f(b)(8).
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the proposal does not substantively
modify system functionality or
processes on the Exchange, the
proposed changes will not impose any
burden on competition.
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) of the Act 8 and Rule 19b–
4(f)(6) 9 thereunder. Because the
foregoing 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
for 30 days from the date on which it
was filed, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 10 and Rule 19b–
4(f)(6) 11 thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 12 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),13 the
Commission may designate a shorter
time if such action is consistent with
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposed
rule change may become operative
immediately upon filing. The
Commission believes that waving the
30-day operative delay is consistent
with the protection of investors and the
public interest, because it will allow the
Exchange to correct obsolete references
to a FINRA department in its rule text.
Accordingly, the Commission
designates the proposed rule change to
be operative upon filing.14
8 15
U.S.C. 78(b)(3)(A).
CFR 240.19b–4(f)(6).
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 For purposes only of waiving the 30-day
operative delay, the Commission also has
9 17
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Federal Register / Vol. 88, No. 218 / Tuesday, November 14, 2023 / Notices
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
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission will institute proceedings
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:
khammond on DSKJM1Z7X2PROD with NOTICES
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
NYSE–2023–39 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–2023–39. 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
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
VerDate Sep<11>2014
16:48 Nov 13, 2023
Jkt 262001
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–2023–39 and should be
submitted on or before December 5,
2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–25009 Filed 11–13–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–98877; File No. SR–
NYSENAT–2023–24]
Self-Regulatory Organizations; NYSE
National, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Rules 10.9521
and 10.9522 To Correct Obsolete
References to a FINRA Department
November 7, 2023.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (‘‘Act’’)
and Rule 19b–4 thereunder,2 notice is
hereby given that on October 26, 2023,
NYSE National, Inc. (‘‘NYSE National’’
or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘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
Rules 10.9521 (Purposes and
Definitions) and 10.9522 (Initiation of
Eligibility Proceeding; Member
Regulation Consideration) to correct an
obsolete reference to a department of the
Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’). The
proposed change is available on the
Exchange’s website at www.nyse.com, at
the principal office of the Exchange, and
15 17
CFR 200.30–3(a)(12), (59).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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78073
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
Rules 10.9521 (Purposes and
Definitions) and 10.9522 (Initiation of
Eligibility Proceeding; Member
Regulation Consideration) to correct an
obsolete reference to a FINRA
department.
Background and Proposed Rule Change
In 2018, NYSE National adopted
disciplinary rules that are, with certain
exceptions, substantially the same as the
disciplinary rules of its affiliate NYSE
American LLC, which are in turn
substantially similar to the FINRA Rule
8000 Series and Rule 9000 Series, and
which set forth rules for conducting
investigations and enforcement actions.3
In adopting disciplinary rules
modeled on FINRA’s rules, NYSE
National adopted procedures set forth in
the Rule 10.9520 Series for an
Associated Person to become or remain
associated with an ETP Holder
notwithstanding the existence of a
statutory disqualification as defined in
Section 3(a)(39) of the Act, and for a
current ETP Holder or Associated
Person to obtain relief from the
eligibility or qualification requirements
of the Exchange’s Rules, which the rule
refers to as ‘‘eligibility proceedings.’’
Rule 10.9521 sets forth certain
definitions relating to eligibility
proceedings. Rule 10.9521(b)(1) defines
the term ‘‘Application’’ to mean
3 See Securities Exchange Act Release Nos. 83289
(May 17, 2018), 83 FR 23968, 23976 (May 23, 2018)
(SR–NYSENAT–2018–02) (Notice of Filing of
Amendment No. 1 and Order Granting Accelerated
Approval of a Proposed Rule Change, as Amended
by Amendment No. 1, To Support the Re-Launch
of NYSE National, Inc. on the Pillar Trading
Platform).
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]]>Agencies
[Federal Register Volume 88, Number 218 (Tuesday, November 14, 2023)]
[Notices]
[Pages 78071-78073]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-25009]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98874; File No. SR-NYSE-2023-39]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rules 9521 and 9522 To Correct Obsolete References to a FINRA
Department
November 7, 2023.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') and Rule 19b-4 thereunder,\2\ notice is hereby given
that on October 26, 2023, New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Rules 9521 (Purposes and
Definitions) and 9522 (Initiation of Eligibility Proceeding; Member
Regulation Consideration) to correct an obsolete reference to a
department of the Financial Industry Regulatory Authority, Inc.
(``FINRA''). 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 78072]]
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 proposes to amend Rules 9521 (Purposes and
Definitions) and 9522 (Initiation of Eligibility Proceeding; Member
Regulation Consideration) to correct an obsolete reference to a FINRA
department.
Background and Proposed Rule Change
In 2013, the NYSE adopted disciplinary rules that are, with certain
exceptions, substantially the same as the FINRA Rule 8000 Series and
Rule 9000 Series, and which set forth rules for conducting
investigations and enforcement actions.\3\ The NYSE disciplinary rules
were implemented on July 1, 2013.\4\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 68678 (January 16,
2013), 78 FR 5213 (January 24, 2013) (SR-NYSE-2013-02) (``2013
Notice''); Release No. 69045 (March 5, 2013), 78 FR 15394 (March 11,
2013) (SR-NYSE-2013-02) (``2013 Approval Order'').
\4\ See NYSE Information Memorandum 13-8 (May 24, 2013).
---------------------------------------------------------------------------
In adopting disciplinary rules modeled on FINRA's rules, the NYSE
adopted the procedures set forth in the Rule 9520 Series for a covered
person to become or remain associated with a member organization
notwithstanding the existence of a statutory disqualification as
defined in Section 3(a)(39) of the Act, and for a current member
organization or covered person to obtain relief from the eligibility or
qualification requirements of the Exchange's Rules, which the rule
refers to as ``eligibility proceedings.'' Rule 9521 sets forth certain
definitions relating to eligibility proceedings. Rule 9521(b)(1)
defines the term ``Application'' to mean FINRA's Form MC-400 for
covered persons or Form MC-400A for member organizations filed with
FINRA's Department of Registration and Disclosure (abbreviated as
``RAD'' in the Exchange's rules). Rule 9522, which governs initiation
of an eligibility proceeding by the Exchange, contains references to
RAD in subdivisions (b)(1), (c) and (e)(3)(A).
In 2020, FINRA changed RAD's name to ``Credentialing, Registration,
Education and Disclosure'' (abbreviated as ``CRED'' in FINRA's rules)
and amended, among others, FINRA Rules 9521 and 9522 to reflect the
name change.\5\ The Exchange proposes to conform the references in the
Exchange's rules. To effectuate this change, the Exchange would retain
the reference to ``FINRA's Department'' in Rule 9521(b)(1) and change
the capital ``D'' in department to lowercase. The Exchange would
replace ``Registration and Disclosure (`RAD')'' in Rule 9521(b)(1) with
``Credentialing, Registration, Education and Disclosure (`CRED')''. The
Exchange would also replace ``RAD'' with ``CRED'' in Rules 9522(b)(1)
(one reference), (c) (two references) and (e)(3)(A) (one reference).
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 90344 (November 4,
2020), 85 FR 71695 (November 10, 2020) (SR-FINRA-2020-039) (Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend FINRA Rules To Reflect Name Changes to Two FINRA Departments:
The Office of Dispute Resolution and the Department of Registration
and Disclosure).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b)(5) of the Exchange Act,\6\ in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed change to Rules 9521 and
9522 to update and replace obsolete references to a FINRA department
would increase the clarity and transparency of the Exchange's rules and
remove impediments to and perfect the mechanism of a free and open
market by ensuring that persons subject to the Exchange's jurisdiction,
regulators, and the investing public could more easily navigate and
understand the Exchange rules. The Exchange further believes that the
proposed change would not be inconsistent with the public interest and
the protection of investors because investors will not be harmed and in
fact would benefit from increased clarity, thereby reducing potential
confusion.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\7\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The proposed rule change is not intended to
address competitive issues but is rather concerned with deleting and
replacing obsolete references in its rules. Since the proposal does not
substantively modify system functionality or processes on the Exchange,
the proposed changes will not impose any burden on competition.
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\7\ 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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) \9\ thereunder. Because
the foregoing 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 for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6) \11\ thereunder.
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\8\ 15 U.S.C. 78(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\13\ the Commission
may designate a shorter time if such action is consistent with
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately upon filing. The
Commission believes that waving the 30-day operative delay is
consistent with the protection of investors and the public interest,
because it will allow the Exchange to correct obsolete references to a
FINRA department in its rule text. Accordingly, the Commission
designates the proposed rule change to be operative upon filing.\14\
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\12\ 17 CFR 240.19b-4(f)(6).
\13\ 17 CFR 240.19b-4(f)(6)(iii).
\14\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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[[Page 78073]]
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 investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings 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:
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-2023-39 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-2023-39. 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-2023-39 and should be
submitted on or before December 5, 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), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-25009 Filed 11-13-23; 8:45 am]
BILLING CODE 8011-01-P
