[Federal Register Volume 82, Number 85 (Thursday, May 4, 2017)]
[Notices]
[Pages 20926-20927]
[FR Doc No: 2017-08977]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80550; File No. SR-NYSEMKT-2016-99]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of
Designation of a Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove a Proposed Rule Change
Amending Rule 104--Equities To Delete Subsection (g)(i)(A)(III)
Prohibiting Designated Market Makers From Establishing a New High (Low)
Price on the Exchange in a Security the DMM Has a Long (Short) Position
During the Last Ten Minutes Prior to the Close of Trading

April 28, 2017.
    On October 27, 2016, NYSE MKT (``NYSE MKT'' 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 amending Rule
104--Equities to delete subsection (g)(i)(A)(III), which prohibits
Designated Market Makers (``DMMs'') from establishing, during the last
ten minutes of trading before the close, a new high (low) price for the
day on the Exchange in a security in which the DMM has a long (short)
position. The proposed rule change was published for comment in the
Federal Register on November 17, 2016.\3\
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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. 79283 (Nov. 10,
2016), 81 FR 81210 (Nov. 17, 2016).
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    On December, 20, 2016, the Commission extended to February 15,
2017, the time period in which to approve the proposal, disapprove the
proposal, or institute proceedings to determine whether to approve or
disapprove the proposal.\4\ On February 15, 2017, the Commission
instituted

proceedings under Section 19(b)(2)(B) of the Act \5\ to determine
whether to approve or disapprove the proposed rule change.\6\ On March
16, 2017, the Exchange filed a response to the Order Instituting
Proceedings.\7\
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    \4\ See Securities Exchange Act Release No. 79611 (Dec. 20,
2016), 81 FR 95205 (Dec. 27, 2016).
    \5\ 15 U.S.C. 78s(b)(2)(B).
    \6\ See Securities Exchange Act Release No. 80043 (Feb. 15,
2017), 82 FR 11379 (Feb. 22, 2017) (``Order Instituting
Proceedings''). Specifically, the Commission instituted proceedings
to allow for additional analysis of the proposed rule change's
consistency with Section 6(b)(5) of the Act, which requires, among
other things, that the rules of a national securities exchange be
``designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade,'' and
``to protect investors and the public interest.'' See id., 81 FR at
11380.
    \7\ See letter to Brent J. Fields, Secretary, Commission, from
Elizabeth King, General Counsel and Corporate Secretary, New York
Stock Exchange LLC, dated March 16, 2017, available at https://www.sec.gov/comments/sr-nyse-2016-71/nyse201671-1645043-148163.pdf.
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    Section 19(b)(2) of the Act \8\ provides that, after initiating
disapproval proceedings, the Commission shall issue an order approving
or disapproving the proposed rule change not later than 180 days after
the date of publication of notice of the filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination. The
proposed rule change was published for notice and comment in the
Federal Register on November 17, 2016.\9\ The 180th day after
publication of the notice of the filing of the proposed rule change in
the Federal Register is May 16, 2017.
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    \8\ 15 U.S.C. 78s(b)(2).
    \9\ See supra note 3.
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    The Commission finds that it is appropriate to designate a longer
period within which to issue an order approving or disapproving 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,\10\ designates July 15, 2017, as the date by which the Commission
shall either approve or disapprove the proposed rule change (File No.
SR-NYSEMKT-2016-99).
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    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-08977 Filed 5-3-17; 8:45 am]
BILLING CODE 8011-01-P