Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change for Amendments to Rule 7.35 and Rule 7.35B, 35288-35289 [2024-09333]

Download as PDF 35288 Federal Register / Vol. 89, No. 85 / Wednesday, May 1, 2024 / Notices purposes of the Act. First, this proposed change would enable the Exchange to compete on more equal footing with at least one other options exchange that likewise prevents complex trading interest from being subject to simultaneous auctions.203 Furthermore, options exchanges are free to adopt (if they have not already done so) electronic crossing mechanisms with price improvement auctions that similarly prevent multiple complex auction mechanisms to occur in the same strategy at the same time. 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 ddrumheller on DSK120RN23PROD with NOTICES1 Pursuant to Section 19(b)(3)(A) of the Act 204 and Rule 19b–4(f)(6) 205 thereunder, the Exchange has designated this proposal as one that effects a change that: (i) does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) by its terms, does not become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest.206 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 shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 203 See supra note 179 (citing to MIAX Options User Manual, which prohibits more than one complex auction at a time—whether in the same mechanism (i.e., cPRIME) or in different auction mechanisms (i.e., cPRIME versus MIAX’s ‘‘Standard Complex auction’’). 204 15 U.S.C. 78s(b)(3)(A). 205 17 CFR 240.19b–4(f)(6). 206 In addition, Rule 19b–4(f)(6) requires a selfregulatory organization to give the Commission written notice of its intent to file 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. VerDate Sep<11>2014 16:59 Apr 30, 2024 Jkt 262001 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: • 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–2024–24 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–2024–24. 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–NYSEAMER–2024–24 and should be submitted on or before May 22, 2024. PO 00000 CFR 200.30–3(a)(12). Frm 00256 Fmt 4703 [FR Doc. 2024–09329 Filed 4–30–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Electronic Comments 207 17 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.207 Sherry R. Haywood, Assistant Secretary. Sfmt 4703 [Release No. 34–100027; File No. SR–NYSE– 2024–13] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change for Amendments to Rule 7.35 and Rule 7.35B April 25, 2024. On March 1, 2024, New York Stock Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) 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 Rule 7.35 and Rule 7.35B. The proposed rule change was published for comment in the Federal Register on March 18, 2024.3 The Commission has received no comment letters on the proposed rule change. Section 19(b)(2) of the Act 4 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding, or as to which the self-regulatory organization consents, the Commission will either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is May 2, 2024. The Commission is extending this 45day time period. The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change, so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 designates June 16, 2024, as the date by 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 99719 (Mar. 12, 2024), 89 FR 19370 (Mar. 18, 2024) (SR– NYSE–2024–13). 4 15 U.S.C. 78s(b)(2). 5 15 U.S.C. 78s(b)(2). 2 17 E:\FR\FM\01MYN1.SGM 01MYN1 Federal Register / Vol. 89, No. 85 / Wednesday, May 1, 2024 / Notices which the Commission shall either approve or disapprove the proposed rule change (File No. SR–NYSE–2024– 13). proceedings pursuant to Section 19(b)(2)(B) of the Act 6 to determine whether to disapprove the proposed rule change. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Sherry R. Haywood, Assistant Secretary. II. Description of the Proposed Rule Change 7 The Exchange proposes to list and trade Shares of the COtwo Advisors Physical European Carbon Allowance Trust (‘‘Trust’’) 8 under NYSE Arca Rule 8.201–E, which governs the listing and trading of Commodity-Based Trust Shares 9 on the Exchange. The sponsor of the Trust is COtwo Advisors LLC, a Delaware limited liability company (‘‘Sponsor’’). [FR Doc. 2024–09333 Filed 4–30–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–100029; File No. SR– NYSEARCA–2024–05] Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the COtwo Advisors Physical European Carbon Allowance Trust Under NYSE Arca Rule 8.201–E (Commodity-Based Trust Shares) April 25, 2024. I. Introduction On January 10, 2024, NYSE Arca, Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to list and trade shares (‘‘Shares’’) of the COtwo Advisors Physical European Carbon Allowance Trust under NYSE Arca Rule 8.201–E. The proposed rule change was published for comment in the Federal Register on January 26, 2024.3 On March 4, 2024, 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 The Commission has not received any comments on the proposed rule change. The Commission is publishing this order to institute 6 17 CFR 200.30–3(a)(57). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 99409 (January 22, 2024), 89 FR 5273 (‘‘Notice’’). 4 15 U.S.C. 78s(b)(2). 5 See Securities Exchange Act Release No. 99668, 89 FR 16808 (March 8, 2024). The Commission designated April 25, 2024, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change. ddrumheller on DSK120RN23PROD with NOTICES1 1 15 VerDate Sep<11>2014 16:59 Apr 30, 2024 Jkt 262001 Description of the Operation of the Trust According to the Exchange, the investment objective of the Trust will be for the Shares to reflect the performance of the price of EU Carbon Emission Allowances for stationary installations (‘‘EUAs’’), less the Trust’s expenses.10 The Trust intends to achieve its objective by investing all of its assets in EUAs on a non-discretionary basis (i.e., without regard to whether the value of EUAs is rising or falling over any particular period).11 The Trust will not hold any assets other than EUAs and, possibly, a very limited amount of cash to pay Trust expenses.12 The Trust will not invest in futures, options, options on futures, or swap contracts.13 The Trust will not hold or trade in commodity futures contracts, ‘‘commodity interests,’’ or any other instruments regulated by the 6 15 U.S.C. 78s(b)(2)(B). information regarding the Trust and the Shares can be found in the Notice, supra note 3. 8 On May 12, 2023, the Trust filed with the Commission a registration statement on Form S–1 (File No. 333–271910) (‘‘Registration Statement’’) under the Securities Act of 1933. The Exchange represents that the Registration Statement is not yet effective, and the Shares will not trade on the Exchange until such time that the Registration Statement is effective. The Exchange further represents that the Trust will not be registered as an investment company under the Investment Company Act of 1940, as amended, and that the Trust is not a commodity pool for purposes of the Commodity Exchange Act, as amended. See Notice, supra note 3, 89 FR at 5274. 9 The Exchange represents that the Shares will satisfy the requirements of NYSE Arca Rule 8.201– E and thereby qualify for listing on the Exchange, and that the Trust relies on the exemption contained in Rule 10A–3(c)(7) regarding the application of Rule 10A–3 (17 CFR 240.10A–3) under the Act. See Notice, supra note 3, 89 FR at 5274. 10 See Notice, supra note 3, 89 FR at 5274. 11 See id. 12 See id. The Trust may also cause the Sponsor to receive EUAs from the Trust in such a quantity as may be necessary to pay the Sponsor’s annual fee. See id. 13 See id. 7 Additional PO 00000 Frm 00257 Fmt 4703 Sfmt 4703 35289 Commodity Exchange Act.14 The Trust’s cash custodian may hold cash proceeds from EUA sales to pay Trust expenses. All EUAs will be held in the Union Registry (defined below).15 The Trust will value its Shares daily based on the value of EUAs as reflected by the EUA End of Day Index value, as published by the European Energy Exchange AG (‘‘EEX’’).16 The administrator of the Trust will determine the net asset value (‘‘NAV’’) of the Trust once each Exchange trading day, which will be released after the end of the Core Trading Session, which is typically 4 p.m. New York time 17 When the Trust sells or redeems its Shares, it will do so in ‘‘in-kind’’ transactions with authorized participants in blocks of 50,000 Shares.18 EUAs and the EUA Markets According to the Exchange, the European Union Emissions Trading System (‘‘EU ETS’’) is a ‘‘cap and trade’’ system that caps the total volume of greenhouse gas emissions from installations and aircraft operators.19 The EU ETS is administered by the EU Commission, which issues a predefined amount of EUAs through auctions or free allocation.20 An EUA represents the right to emit one metric ton of carbon 14 See id. id. 16 See id. at 5279. The EUA End of Day Index methodology is available at https://www.eex.com/ fileadmin/EEX/Downloads/Trading/Specifications/ Indeces/DE/20211005_Index_Description_v010.pdf. According to the Exchange, the value of the EUA End of Day Index is calculated based on an algorithm using data regarding the prices of qualifying trades and the average bids and asks of orders that meet certain order quantity requirements. See Notice, supra note 3, 89 FR at 5276. In order for data regarding trades and orders to be used for calculating the value of the EUA End of Day Index, the trades or orders must satisfy certain requirements regarding (i) quantity of traded contracts, (ii) quantity of contracts per order, (iii) minimum duration of the cumulated valid best bid and best ask, and (iv) maximum spread per contract. The EUA End of Day Index calculation methodology depends on the number of valid trades and orders which fulfil the product-specific parameters. See id. The data used for calculating the EUA End of Day Index can also come from fair values collected in a price committee or from other price sources. See id. The EUA End of Day Index price calculated is then validated against actual market prices. See id. 17 See id. at 5279. The administrator also converts the value of Euro denominated assets into US Dollar equivalent using published foreign currency exchange prices by an independent pricing vendor. See id. 18 See id. at 5278. 19 There are two types of EU emissions allowances: (i) general allowances for stationary installations, or EUA; and (ii) allowances for the aviation sector. See id. at 5274. The Trust will not hold any assets other than EUAs and, possibly, a very limited amount of cash to pay Trust expenses. See id. 20 See id. at 5274–75. 15 See E:\FR\FM\01MYN1.SGM 01MYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 89, Number 85 (Wednesday, May 1, 2024)]
[Notices]
[Pages 35288-35289]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-09333]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100027; File No. SR-NYSE-2024-13]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change for Amendments to Rule 7.35 and Rule 7.35B

April 25, 2024.
    On March 1, 2024, New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') 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 Rule 7.35 and Rule 7.35B. The proposed 
rule change was published for comment in the Federal Register on March 
18, 2024.\3\ The Commission has received no comment letters on the 
proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 99719 (Mar. 12, 
2024), 89 FR 19370 (Mar. 18, 2024) (SR-NYSE-2024-13).
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding, or as to which the self-regulatory organization 
consents, the Commission will either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is May 2, 2024. The Commission is extending this 45-day time period.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change, so that it has 
sufficient time to consider the proposed rule change. Accordingly, the 
Commission, pursuant to Section 19(b)(2) of the Act,\5\ designates June 
16, 2024, as the date by

[[Page 35289]]

which the Commission shall either approve or disapprove the proposed 
rule change (File No. SR-NYSE-2024-13).
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-09333 Filed 4-30-24; 8:45 am]
BILLING CODE 8011-01-P

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.