Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Withdrawal of Proposed Rule Change To Amend the NYSE Listed Company Manual To Adopt Listing Standards for Natural Asset Companies, 4354-4355 [2024-01189]
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Federal Register / Vol. 89, No. 15 / Tuesday, January 23, 2024 / Notices
khammond on DSKJM1Z7X2PROD with NOTICES
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 13h–1 (17 CFR
240.13h–1) and Form 13H—registration
of large traders 1 submitted pursuant to
Section 13(h) of 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.
Rule 13h–1 and Form 13H under
Section 13(h) of the Exchange Act
established a large trader reporting
framework.2 The framework assists the
Commission in identifying and
obtaining certain baseline information
about traders that conduct a substantial
amount of trading activity, as measured
by volume or market value, in the U.S.
securities markets.
The identification, recordkeeping, and
reporting framework provides the
Commission with a mechanism to
identify large traders and obtain
additional information on their trading
activity. Specifically, the system
requires large traders to identify
themselves to the Commission and file
certain interim updates with the
Commission on Form 13H. Upon receipt
of Form 13H, the Commission issues a
unique identification number to the
large trader, which the large trader then
provides to its registered broker-dealers.
Certain registered broker-dealers are
required to maintain transaction records
for each large trader and are required to
report that information to the
Commission upon request.3 In addition,
1 Rule 13h–1(a)(1) defines ‘‘large trader’’ as any
person that directly or indirectly, including through
other persons controlled by such person, exercises
investment discretion over one or more accounts
and effects transactions for the purchase or sale of
any NMS security for or on behalf of such accounts,
by or through one or more registered broker-dealers,
in an aggregate amount equal to or greater than the
identifying activity level or voluntarily registers as
a large trader by filing electronically with the
Commission Form 13H.
2 See Securities Exchange Act Release No. 64976
(July 27, 2011), 76 FR 46959 (August 3, 2011).
3 The Commission, pursuant to Rule 17a–25 (17
CFR 240.17a–25), currently collects transaction data
from registered broker-dealers through the
Electronic Blue Sheets (‘‘EBS’’) system to support
its regulatory and enforcement activities. The large
trader framework added two new fields, the time of
the trade and the identity of the trader, to the EBS
system. Additionally, pursuant to Rule 613 (17 CFR
242.613), the Commission requires each national
securities exchange and national securities
association to collect transaction data from
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certain registered broker-dealers are
required to adopt procedures to monitor
their customers for activity that would
trigger the identification requirements of
the rule.
The respondents to the collection of
information required by Rule 13h–1 and
Form 13H are large traders and
registered broker-dealers. The
Commission estimates that the total
annual time burden associated with
Rule 13h–1 and Form 13H is
approximately 131,415 hours per year.
This burden is comprised of 31,140
hours for initial filings by large traders
on Form 13H, 75,300 hours for updates
by large traders, 22,200 hours for brokerdealer reporting, and 2,775 hours for
broker-dealer monitoring.
Compliance with Rule 13h–1 is
mandatory. The information collection
under proposed Rule 13h–1 is
considered confidential subject to the
limited exceptions provided by the
Freedom of Information Act.4
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 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
March 25, 2024.
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.
registered broker-dealers through the consolidated
audit trail, to which the agency has access, to
support regulatory and enforcement activities. This
data includes the time of each trade and the LTID
number of the person exercising investment
discretion over the trade, the latter of which is
assigned by the Commission pursuant to Rule 13h–
1.
4 See 5 U.S.C. 552 and 15 U.S.C. 78m(h)(7).
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Dated: January 18, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–01271 Filed 1–22–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99355; File No. SR–NYSE–
2023–09]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Withdrawal of Proposed Rule Change
To Amend the NYSE Listed Company
Manual To Adopt Listing Standards for
Natural Asset Companies
January 17, 2024.
On September 27, 2023, New York
Stock Exchange LLC (the ‘‘Exchange’’ or
‘‘NYSE’’) filed with the Securities and
Exchange Commission (‘‘Commission’’),
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
proposed rule change to amend the
NYSE Listed Company Manual to adopt
a new listing standard for the listing of
Natural Asset Companies (‘‘NAC’’). The
proposed rule change was published for
comment in the Federal Register on
October 4, 2023.3 On November 7, 2023,
pursuant to Section 19(b)(2) of the Act,4
the Commission designated a longer
period within which to approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether to
disapprove the proposed rule change.5
On December 21, 2023, the Commission
instituted proceedings pursuant to
Section 19(b)(2)(B) of the Act 6 to
determine whether to approve or
disapprove the proposed rule change.7
On January 17, 2024, the Exchange
withdrew the proposed rule change
(SR–NYSE–2023–09).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 98665
(Sept. 29, 2023), 88 FR 68811 (Oct. 4, 2023) (SR–
NYSE–2023–09). Comments received on the NAC
Proposal are available at https://www.sec.gov/
comments/sr-nyse-2023-09/srnyse202309.htm.
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 98879
(Nov. 7, 2023), 88 FR 78075 (Nov. 14, 2023). The
Commission designated January 2, 2024, as the date
by which the Commission shall approve or
disapprove, or institute proceedings to determine
whether to disapprove, the proposed rule change.
6 15 U.S.C. 78s(b)(2)(B).
7 See Securities Exchange Act Release No. 99225
(Dec. 21, 2023), 88 FR 89788 (Dec. 28, 2023).
8 17 CFR 200.30–3(a)(12).
2 17
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Federal Register / Vol. 89, No. 15 / Tuesday, January 23, 2024 / Notices
The Exchange has designated this
proposed rule change as ‘‘noncontroversial’’ under Section 19(b)(3)(A)
of the Act 8 and provided the
Commission with the notice required by
Rule 19b–4(f)(6) thereunder.9
The text of the proposed rule change
is available at the Exchange’s website at
https://www.iexexchange.io/, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–01189 Filed 1–22–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99383; File No. SR–IEX–
2024–02]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Extend the
Temporary Remote Inspection Relief to
IEX Members To Include Calendar Year
2024 Inspection Obligations Through
the Earlier of the Effective Date of the
Recently Approved FINRA Pilot
Program on Remote Inspections, or
June 30, 2024
January 17, 2024.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on January
8, 2024, the Investors Exchange LLC
(‘‘IEX’’ or ‘‘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
Pursuant to the provisions of Section
19(b)(1) under the Act,4 and Rule 19b–
4 thereunder,5 the Exchange is filing
with the Commission a proposed rule
change to amend Supplementary
Material .15 of IEX Rule 5.110
(Supervision) to extend the temporary
remote inspection relief to IEX
Members 6 to include calendar year
2024 inspection obligations through the
earlier of the effective date of the
recently-approved FINRA pilot program
on remote inspections (the ‘‘Remote
Inspections Pilot Program’’) 7, or June
30, 2024.
khammond on DSKJM1Z7X2PROD with NOTICES
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(1).
5 17 CFR 240.19b–4.
6 See IEX Rule 1.160(s).
7 See Securities Exchange Act Release No. 97398
(April 28, 2023), 88 FR 28620 (May 4, 2023)
(‘‘Remote Inspections Pilot Program Proposal’’);
Securities Exchange Act Release No. 98982
(November 17, 2023), 88 FR 82464 (November 24,
2 15
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II. Self-Regulatory Organization’s
Statement of the Purpose of, and the
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 these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
IEX proposes to extend the temporary
remote inspection relief of
Supplementary Material .15 to IEX Rule
5.110 to IEX Members to include
calendar year 2024 inspection
obligations through the earlier of the
effective date of the Remote Inspections
Pilot Program, or June 30, 2024. IEX
makes this proposal to provide its
Members continuity related to
conducting inspections as part of
satisfying the obligations of IEX Rule
5.110(c) (Internal Inspections) at offices
and locations requiring inspection
during the first half of calendar year
2024.10 IEX believes the proposed
2023) (‘‘Remote Inspections Pilot Program Approval
Order’’) (SR–FINRA–2023–007).
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4.
10 SEC staff and FINRA have stated in guidance
that inspections must include a physical, on-site
review component. See SEC National Examination
Risk Alert, Volume I, Issue 2 (November 30, 2011)
and FINRA Regulatory Notice 11–54 (November
2011) (joint SEC and FINRA guidance stating, a
‘‘broker-dealer must conduct onsite inspections of
each of its office locations; [OSJs] and non-OSJ
branches that supervise non-branch locations at
least annually, all non-supervising branch offices at
least every three years; and non-branch offices
periodically.’’) (footnote defining an OSJ omitted).
See also SEC Division of Market Regulation, Staff
Legal Bulletin No. 17: Remote Office Supervision
(March 19, 2004) (stating, in part, that brokerdealers that conduct business through
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4355
extension is necessary to provide firms
the time to prepare for the
implementation of the Remote
Inspections Pilot Program. The SEC
approved the Remote Inspections Pilot
Program on November 17, 2023, but
FINRA has not yet announced the
implementation timeline.11 IEX plans to
make a rule filing to incorporate the
Remote Inspections Pilot Program into
IEX Rule 5.110 (and specify the end date
of the temporary remote inspection
relief of Supplementary Material .15 to
IEX Rule 5.110) after FINRA provides
details about the implementation plan
in the Pilot Program Regulatory Notice.
The COVID–19 pandemic caused a
host of operational disruptions to the
securities industry and impacted IEX
Members, regulators, investors, and
other stakeholders. In response to the
pandemic, IEX adopted Supplementary
Material .15 of IEX Rule 5.110 to
provide Members the temporary option
of satisfying their inspection obligations
for offices of supervisory jurisdiction,
branch offices, or non-branch locations
under IEX Rule 5.110 (Supervision)
remotely for calendar years 2021, 2022,
and 2023, subject to specified
conditions,12 due to the logistical
challenges of going on-site while public
health and safety concerns related to
COVID–19 persisted. Supplementary
Material .15 of IEX Rule 5.110 lapsed on
December 31, 2023.
The pandemic accelerated the
industry’s adoption of a broad remote
work environment and IEX recognizes
that the pandemic has profoundly
changed attitudes on where work can
occur. As a result of this change many
firms have adopted, in varying scale,
hybrid work models involving
personnel who are working at least part
time from alternative work locations
(e.g., private residences). As part of an
effort to modernize its rules to reflect
evolving technologies and business
models, in April 2023, FINRA filed the
geographically dispersed offices have not
adequately discharged their supervisory obligations
where there are no on-site routine or ‘‘for cause’’
inspections of those offices).
11 In the Remote Inspections Pilot Program
Proposal, FINRA stated it will announce the
effective date of the program in a Regulatory Notice
(‘‘Pilot Program Regulatory Notice’’). See Remote
Inspections Pilot Program Proposal, 88 FR 28620,
28635.
12 See Securities Exchange Act Release No. 92222
(June 22, 2021), 86 FR 34069 (June 28, 2021) (SR–
IEX–2021–09) (providing remote inspection relief to
Members for calendar year 2021), Securities
Exchange Act Release No. 96460 (December 7,
2022), 87 FR 76222 (December 13, 2022) (SR–IEX–
2022–12) (providing remote inspection relief to
Members for calendar year 2022), and Securities
Exchange Act Release No. 96606 (January 6, 2023),
88 FR 2140 (January 12, 2023) (SR–IEX–2022–14)
(providing remote inspection relief to Members for
calendar year 2023).
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]]>Agencies
[Federal Register Volume 89, Number 15 (Tuesday, January 23, 2024)]
[Notices]
[Pages 4354-4355]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-01189]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99355; File No. SR-NYSE-2023-09]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Withdrawal of Proposed Rule Change To Amend the NYSE Listed
Company Manual To Adopt Listing Standards for Natural Asset Companies
January 17, 2024.
On September 27, 2023, New York Stock Exchange LLC (the
``Exchange'' or ``NYSE'') filed with the Securities and Exchange
Commission (``Commission''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to amend the NYSE Listed Company
Manual to adopt a new listing standard for the listing of Natural Asset
Companies (``NAC''). The proposed rule change was published for comment
in the Federal Register on October 4, 2023.\3\ On November 7, 2023,
pursuant to Section 19(b)(2) of the Act,\4\ the Commission designated a
longer period within which to approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether to disapprove the proposed rule change.\5\ On
December 21, 2023, the Commission instituted proceedings pursuant to
Section 19(b)(2)(B) of the Act \6\ to determine whether to approve or
disapprove the proposed rule change.\7\ On January 17, 2024, the
Exchange withdrew the proposed rule change (SR-NYSE-2023-09).
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 98665 (Sept. 29,
2023), 88 FR 68811 (Oct. 4, 2023) (SR-NYSE-2023-09). Comments
received on the NAC Proposal are available at https://www.sec.gov/comments/sr-nyse-2023-09/srnyse202309.htm.
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 98879 (Nov. 7,
2023), 88 FR 78075 (Nov. 14, 2023). The Commission designated
January 2, 2024, as the date by which the Commission shall approve
or disapprove, or institute proceedings to determine whether to
disapprove, the proposed rule change.
\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ See Securities Exchange Act Release No. 99225 (Dec. 21,
2023), 88 FR 89788 (Dec. 28, 2023).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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[[Page 4355]]
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-01189 Filed 1-22-24; 8:45 am]
BILLING CODE 8011-01-P
