[Federal Register: November 7, 2005 (Volume 70, Number 214)]
[Notices]
[Page 67508-67509]
[DOCID:fr07no05-109]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52711; File No. SR-ISE-2004-04]

Self-Regulatory Organizations; International Securities Exchange,
Inc.; Order Approving Proposed Rule Change and Amendments No. 1 and 2
Relating to Exposure Periods in the Facilitation and Solicited Order
Mechanisms

November 1, 2005.

I. Introduction

    On February 23, 2004, the International Securities Exchange, Inc.
(``ISE'' 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 reduce the exposure period in
its Facilitation and Solicited Order Mechanisms from ten seconds to
three seconds. The ISE filed Amendments No. 1 and 2 to the proposal on
September 7, 2005, and September 20, 2005, respectively.\3\ The
proposed rule change, as amended, was published for comment in the
Federal Register on September 28, 2005.\4\ The Commission received no
comment letters regarding the proposal. This order approves the
proposed rule change, as amended.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 superseded and replaced the ISE's original
filing in its entirety. Amendment No. 2 corrected a non-substantive
typographical error in the text of the proposed rule change, and two
incorrect references in footnotes to the Form 19b-4 for Amendment
No. 1 and Exhibit 1 thereto.
    \4\ See Securities Exchange Act Release No. 52479 (September 21,
2005), 70 FR 56755.
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II. Description of Proposal

    Supplementary Material .04 to ISE Rule 716, ``Block Trades,''
currently provides ISE members with 10 seconds to respond to broadcast
messages for orders entered into the ISE's Facilitation and Solicited
Order Mechanisms. The ISE proposes to amend ISE Rule 716, Supplementary
Material .04 to reduce the exposure period in the Facilitation and
Solicited Order Mechanisms from 10 seconds to three seconds.\5\
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    \5\ ISE Rule 716 originally required that orders be exposed in
the Facilitation Mechanism for 30 seconds. In September 2002, the
Commission approved an ISE proposal to reduce this exposure period
from 30 seconds to 10 seconds. See Securities Exchange Act Release
No. 46514 (September 18, 2002), 67 FR 60627 (September 25, 2005)
(order approving File No. SR-ISE-2001-19). The Commission approved
the ISE's Solicited Order Mechanism in June 2004 with an exposure
period of 10 seconds. See Securities Exchange Act Release No. 49943
(June 30, 2004), 69 FR 41317 (July 8, 2004) (order approving File
No. SR-ISE-2001-22).
---------------------------------------------------------------------------

    Similar to the Facilitation and Solicited Order Mechanisms, the
ISE's Price Improvement Mechanism (``PIM'') provides an auction process
through which an ISE member may trade with its customer's order as
principal or execute its customer's order against orders the member has
solicited.\6\ The exposure period for orders entered into the ISE's PIM
is three seconds. The ISE notes that the PIM is an interactive auction
in which ISE members receive and may respond to multiple price updates
within the three-second exposure period. In contrast, ISE members
receive only one message at the start of an auction for orders entered
into the Facilitation and Solicited Order Mechanisms. The ISE believes
that there is no reason for providing different exposure periods in the
three mechanisms because, in each of the three mechanisms, ISE members
are notified of orders and enter their interest in trading with such
orders in the same technical manner.
---------------------------------------------------------------------------

    \6\ See ISE Rule 723, ``Price Improvement Mechanism for Crossing
Transactions.'' See also Securities Exchange Act Release No. 50819
(December 8, 2004), 69 FR 75093 (December 15, 2004) (order approving
File No. SR-ISE-2003-06) (``PIM Order'').
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III. Discussion

    After careful consideration, the Commission finds that the proposed
rule change, as amended, is consistent with Section 6(b) of the Act,\7\
in general, and furthers the objectives of Section 6(b),\8\ in
particular, in that it is designed to promote just and equitable
principles of trade, 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.\9\ In particular, the
Commission believes that reducing the exposure period for orders
entered into the ISE's Facilitation and Solicited Order Mechanisms from
10 seconds to three seconds could facilitate the prompt execution of
these orders while providing participants in ISE's market with an
adequate opportunity to compete and provide price improvement for the
orders.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
    \9\ In approving this proposal, the Commission has considered
its impact on efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
---------------------------------------------------------------------------

    In approving the ISE's PIM, the Commission concluded that the
three-second PIM auction should afford electronic crowds sufficient
time to compete for orders submitted to the PIM.\10\ In reaching this
conclusion, the

Commission stated that the critical issue is determining whether the
three-second timeframe would give participants in a fully automated
marketplace sufficient time to respond to a PIM broadcast, to compete,
and to provide price improvement for orders, and whether electronic
systems were available to ISE members that would allow them to respond
to PIM broadcasts in a meaningful way within the proposed
timeframe.\11\ The Commission noted that the ISE is a fully electronic
exchange where crowd members interact by electronic means, and that
electronic systems were readily available, if not already in place,
that would allow ISE members to respond to PIM broadcasts.\12\
---------------------------------------------------------------------------

    \10\ See PIM Order, supra note 6.
    \11\ See PIM Order, supra note 6.
    \12\ See PIM Order, supra note 6.
---------------------------------------------------------------------------

    The Commission believes that its rationale for approving the three-
second PIM auction applies equally to auctions in the Facilitation and
Solicited Order Mechanisms. In this regard, the Commission notes that
in contrast to the PIM, which provides an interactive auction in which
ISE members may receive and respond to multiple price updates within
the three-second exposure period, the Facilitation and Solicited Order
Mechanisms provide ISE members with only one message at the start of
the auctions. Accordingly, the Commission believes that the electronic
systems that would allow ISE members to receive and respond to multiple
price updates during a three-second PIM auction also should allow them
to respond in a meaningful way to three-second auctions in the
Facilitation and Solicited Order Mechanisms.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\13\ that the proposed rule change (SR-ISE-2004-04), as amended, is
approved.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. 05-22179 Filed 11-4-05; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: June 30, 2006 (Volume 71, Number 126)]
[Notices]
[Page 37560]
[DOCID:fr30jn06-62]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. ER06-792-000; ER06-792-001]

Norge Power Marketing Corporation; Notice of Issuance of Order

June 23, 2006.
    Norge Power Marketing Corporation (Norge) filed an application for
market-based rate authority, with an accompanying rate schedule. The
proposed market-based rate schedule provides for the sale of energy and
capacity. Norge also requested waivers of various Commission
regulations. In particular, Norge requested that the Commission grant
blanket approval under 18 CFR part 34 of all future issuances of
securities and assumptions of liability by Norge.
    On June 21, 2006, pursuant to delegated authority, the Director,
Division of Tariffs and Market Development--West, granted the requests
for blanket approval under part 34. The Director's order also stated
that the Commission would publish a separate notice in the Federal
Register establishing a period of time for the filing of protests.
Accordingly, any person desiring to be heard or to protest the blanket
approvals of issuances of securities or assumptions of liability by
Norge should file a motion to intervene or protest with the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426, in accordance with Rules 211 and 214 of the Commission's Rules
of Practice and Procedure. 18 CFR 385.211, 385.214 (2004).
    Notice is hereby given that the deadline for filing motions to
intervene or protest is July 21, 2006.
    Absent a request to be heard in opposition by the deadline above,
Norge is authorized to issue securities and assume obligations or
liabilities as a guarantor, indorser, surety, or otherwise in respect
of any security of another person; provided that such issuance or
assumption is for some lawful object within the corporate purposes of
Norge, compatible with the public interest, and is reasonably necessary
or appropriate for such purposes.
    The Commission reserves the right to require a further showing that
neither public nor private interests will be adversely affected by
continued approvals of Norge's issuances of securities or assumptions
of liability.
    Copies of the full text of the Director's Order are available from
the Commission's Public Reference Room, 888 First Street, NE.,
Washington, DC 20426. The Order may also be viewed on the Commission's
Web site at http://www.ferc.gov, using the eLibrary link. Enter the

docket number excluding the last three digits in the docket number
filed to access the document. Comments, protests, and interventions may
be filed electronically via the Internet in lieu of paper. See, 18 CFR
385.2001(a)(1)(iii) and the instructions on the Commission's Web site
under the ``e-Filing'' link. The Commission strongly encourages
electronic filings.

Magalie R. Salas,
Secretary.
 [FR Doc. E6-10298 Filed 6-29-06; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 86, Number 199 (Tuesday, October 19, 2021)]
[Notices]
[Pages 57815-57816]
[FR Doc No: 2021-22731]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 5124-022]

Washington Electric Cooperative, Inc.; Notice of Availability of
Draft Environmental Assessment

    In accordance with the National Environmental Policy Act of 1969
and the Federal Energy Regulatory Commission's (Commission)
regulations, 18 CFR part 380, the Office of Energy Projects has
reviewed the application for license for the North Branch No. 3
Hydroelectric Project, located on the North Branch of the Winooski
River in Washington County, Vermont, and has prepared a Draft
Environmental Assessment (DEA) for the project. No federal land is
occupied by project works or located within the project boundary.
    The DEA contains staff's analysis of the potential environmental
impacts of the project and concludes that licensing the project, with
appropriate environmental protective measures, would not constitute a
major federal action that would significantly affect the quality of the
human environment.
    The Commission provides all interested persons with an opportunity
to view and/or print the EA via the internet through the Commission's
Home Page (http://www.ferc.gov/), using the ``eLibrary'' link. Enter
the docket number, excluding the last three digits in the docket number
field, to access the document. At this time, the Commission has
suspended access to the Commission's Public Reference Room, due to the
proclamation declaring a National Emergency concerning the Novel
Coronavirus Disease (COVID-19), issued by the President on March 13,
2020. For assistance, contact FERC Online Support at
[email protected], or toll-free at<PHONE_NUMBER>, or for TTY,
(202) 502-8659.
    You may also register online at https://ferconline.ferc.gov/eSubscription.aspx to be notified via email of new filings and
issuances related to this or other pending projects.

For assistance, contact FERC Online Support.
    Any comments should be filed within 30 days from the date of this
notice.
    The Commission strongly encourages electronic filing. Please file
comments using the Commission's eFiling system at https://ferconline.ferc.gov/FERCOnline.aspx. Commenters can submit brief
comments up to 6,000 characters, without prior registration, using the
eComment system at https://ferconline.ferc.gov/Quick Comment.aspx. You
must include your name and contact information at the end of your
comments. For assistance, please contact FERC Online Support. In lieu
of electronic filing, you may submit a paper copy. Submissions sent via
the U.S. Postal Service must be addressed to: Kimberly D. Bose,
Secretary, Federal Energy Regulatory Commission, 888 First Street NE,
Room 1A, Washington, DC 20426. Submissions sent via any other carrier
must be addressed to: Kimberly D. Bose, Secretary, Federal Energy
Regulatory Commission, 12225 Wilkins Avenue, Rockville, Maryland 20852.
The first page of any filing should include docket number P-5124-022.
    Any questions regarding this notice may be directed to Michael Tust
at<PHONE_NUMBER> or [email protected].

    Dated: October 13, 2021.
Kimberly D. Bose,
Secretary.
[FR Doc. 2021-22731 Filed 10-18-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 81, Number 65 (Tuesday, April 5, 2016)]
[Proposed Rules]
[Pages 19526-19527]
[FR Doc No: 2016-07816]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R04-OAR-2015-0696; FRL-9944-54-Region 4]

 Air Plan Approval; South Carolina; Transportation Conformity
Update

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: The Environmental Protection Agency (EPA) is proposing to
approve a State Implementation Plan (SIP) revision submitted by the
State of South Carolina, through the South Carolina Department of
Health and Environmental Control, on October 13, 2015. This revision
consists of transportation conformity criteria and procedures related
to interagency consultation and enforceability of certain
transportation-related control measures and mitigation measures. The
intended effect of this approval is to update the transportation
conformity criteria and procedures in the South Carolina SIP to
reorganize previous exhibits into a single Memorandum of Agreement
document as well as to update signatories to add the newly established
Lowcountry Area Transportation Study to the list of Metropolitan
Planning Organizations, created to represent a new urbanized area
designated as a result of the 2010 Census. This proposed action is
being taken pursuant to the Clean Air Act.

DATES: Written comments must be received on or before May 5, 2016.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R04-
OAR-2015-0696 at http://

www.regulations.gov. Follow the online instructions for submitting
comments. Once submitted, comments cannot be edited or removed from
Regulations.gov. EPA may publish any comment received to its public
docket. Do not submit electronically any information you consider to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Multimedia submissions (audio,
video, etc.) must be accompanied by a written comment. The written
comment is considered the official comment and should include
discussion of all points you wish to make. EPA will generally not
consider comments or comment contents located outside of the primary
submission (i.e. on the web, cloud, or other file sharing system). For
additional submission methods, the full EPA public comment policy,
information about CBI or multimedia submissions, and general guidance
on making effective comments, please visit http://www2.epa.gov/dockets/commenting-epa-dockets.

FOR FURTHER INFORMATION CONTACT: Kelly Sheckler of the Air Regulatory
Management Section at the Air Planning and Implementation Branch, Air,
Pesticides and Toxics Management Division, U.S. Environmental
Protection Agency, Region 4, 61 Forsyth Street SW., Atlanta, Georgia
30303-8960. Ms. Sheckler's telephone number is<PHONE_NUMBER>. She can
also be reached via electronic mail at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In the Final Rules Section of this Federal
Register, EPA is approving the State's implementation plan revision as
a direct final rule without prior proposal because the Agency views
this as a noncontroversial submittal and anticipates no adverse
comments. A detailed rationale for the approval is set forth in the
direct final rule. If no adverse comments are received in response to
this rule, no further activity is contemplated. If EPA receives adverse
comments, the direct final rule will be withdrawn and all public
comments received will be addressed in a subsequent final rule based on
this proposed rule. EPA will not institute a second comment period on
this document. Any parties interested in commenting on this document
should do so at this time.

    Dated: March 25, 2016.
Heather McTeer Toney,
Regional Administrator, Region 4.
[FR Doc. 2016-07816 Filed 4-4-16; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 87, Number 149 (Thursday, August 4, 2022)]
[Notices]
[Pages 47770-47771]
[FR Doc No: 2022-16755]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2022-0002; Internal Agency Docket No. FEMA-B-2254]

Proposed Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, Department of Homeland
Security.

ACTION: Notice.

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SUMMARY: Comments are requested on proposed flood hazard
determinations, which may include additions or modifications of any
Base Flood Elevation (BFE), base flood depth, Special Flood Hazard Area
(SFHA) boundary or zone designation, or regulatory floodway on the
Flood Insurance Rate Maps (FIRMs), and where applicable, in the
supporting Flood Insurance Study (FIS) reports for the communities
listed in the table below. The purpose of this notice is to seek
general information and comment regarding the preliminary FIRM, and
where applicable, the FIS report that the Federal Emergency Management
Agency (FEMA) has provided to the affected communities. The FIRM and
FIS report are the basis of the floodplain management measures that the
community is required either to adopt or to show evidence of having in
effect in order to qualify or remain qualified for participation in the
National Flood Insurance Program (NFIP).

DATES: Comments are to be submitted on or before November 2, 2022.

ADDRESSES: The Preliminary FIRM, and where applicable, the FIS report
for each community are available for inspection at both the online
location https://hazards.fema.gov/femaportal/prelimdownload and the
respective Community Map Repository address listed in the tables below.
Additionally, the current effective FIRM and FIS report for each
community are accessible online through the FEMA Map Service Center at
https://msc.fema.gov for comparison.
    You may submit comments, identified by Docket No. FEMA-B-2254, to
Rick Sacbibit, Chief, Engineering Services Branch, Federal Insurance
and Mitigation Administration, FEMA, 400 C Street SW, Washington, DC
20472,<PHONE_NUMBER>, or (email) [email protected].

FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
400 C Street SW, Washington, DC 20472,<PHONE_NUMBER>, or (email)
[email protected]; or visit the FEMA Mapping and Insurance
eXchange (FMIX) online at https://www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: FEMA proposes to make flood hazard
determinations for each community listed below, in accordance with
section 110 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4104, and 44 CFR 67.4(a).
    These proposed flood hazard determinations, together with the
floodplain management criteria required by 44 CFR 60.3, are the minimum
that are required. They should not be construed to mean that the
community must change any existing ordinances that are more stringent
in their floodplain management requirements. The community may at any
time enact stricter requirements of its own or pursuant to policies
established by other Federal, State, or regional entities. These flood
hazard determinations are used to meet the floodplain management
requirements of the NFIP.
    The communities affected by the flood hazard determinations are
provided in the tables below. Any request for reconsideration of the
revised flood hazard information shown on the Preliminary FIRM and FIS
report that satisfies the data requirements outlined in 44 CFR 67.6(b)
is considered an appeal. Comments unrelated to the flood hazard
determinations also will be considered before the FIRM and FIS report
become effective.
    Use of a Scientific Resolution Panel (SRP) is available to
communities in support of the appeal resolution process. SRPs are
independent panels of experts in hydrology, hydraulics, and other
pertinent sciences established to review conflicting scientific and
technical data and provide recommendations for resolution. Use of the
SRP only may be exercised after FEMA and local communities have been
engaged in a collaborative consultation process for at least 60 days
without a mutually acceptable resolution of an appeal. Additional
information regarding the SRP process can be found online at https://www.floodsrp.org/pdfs/srp_overview.pdf.
    The watersheds and/or communities affected are listed in the tables
below. The Preliminary FIRM, and where applicable, FIS report for each
community are available for inspection at both the online location
https://hazards.fema.gov/femaportal/prelimdownload and the respective
Community Map Repository address listed in the tables. For communities

with multiple ongoing Preliminary studies, the studies can be
identified by the unique project number and Preliminary FIRM date
listed in the tables. Additionally, the current effective FIRM and FIS
report for each community are accessible online through the FEMA Map
Service Center at https://msc.fema.gov for comparison.

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

Michael M. Grimm,
Assistant Administrator for Risk Management, Department of Homeland
Security, Federal Emergency Management Agency.

------------------------------------------------------------------------
                                             Community map repository
               Community                             address
------------------------------------------------------------------------
              Cass County, Nebraska and Incorporated Areas
        Project: 17-07-0403S Preliminary Date: February 17, 2022
------------------------------------------------------------------------
City of Plattsmouth....................  City Hall, 136 North 5th
                                          Street, Plattsmouth, NE 68048.
Unincorporated Areas of Cass County....  Cass County Courthouse, 346
                                          Main Street, Plattsmouth, NE
                                          68048.
------------------------------------------------------------------------
              Sarpy County, Nebraska and Incorporated Areas
        Project: 17-07-0403S Preliminary Date: February 17, 2022
------------------------------------------------------------------------
City of Bellevue.......................  Planning Department, 1510 Wall
                                          Street, Bellevue, NE 68005.
City of Gretna.........................  City Hall, 204 North McKenna
                                          Avenue, Gretna, NE 68028.
City of La Vista.......................  City Hall, 8116 Park View
                                          Boulevard, La Vista, NE 68128.
City of Papillion......................  City Hall, 122 East 3rd Street,
                                          Papillion, NE 68046.
City of Springfield....................  City Hall, 170 North 3rd
                                          Street, Springfield, NE 68059.
Unincorporated Areas of Sarpy County...  Sarpy County Administration
                                          Building, Planning and
                                          Building Department, 1210
                                          Golden Gate Drive, Papillion,
                                          NE 68046.
------------------------------------------------------------------------

[FR Doc. 2022-16755 Filed 8-3-22; 8:45 am]
BILLING CODE 9110-12-P


[Federal Register: December 15, 2005 (Volume 70, Number 240)]
[Notices]
[Page 74310]
[DOCID:fr15de05-57]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER06-291-000]

New York Independent System Operator, Inc.; Notice of Filing

December 7, 2005.
    Take notice that on December 5, 2005, the New York Independent
System Operator, Inc. (NYISO) pursuant to section 205 of the Federal
Power Act amending its tariff to temporarily defer the expiration of
tariff provisions governing the calculation of Voltage Support Service
payments.
    NYISO states that it has electronically served a copy of this
filing on the official representative of each of its customers, on each
participant on its Market Participants committees, and on the New York
State Public Service Commission. NYISO further states that copies of
the filing were mailed to electric utility regulatory agencies of New
Jersey and Pennsylvania.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date.
Anyone filing a motion to intervene or protest must serve a copy of
that document on the Applicant and all the parties in this proceeding.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. eastern time on December 15, 2005.

Magalie R. Salas,
Secretary.
 [FR Doc. E5-7354 Filed 12-14-05; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 87, Number 113 (Monday, June 13, 2022)]
[Notices]
[Pages 35806-35812]
[FR Doc No: 2022-12648]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95061; File No. SR-NYSE-2022-23]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
for Amendments to the Exchange's Rules Regarding Continuing Education
Requirements

June 7, 2022.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on May 25, 2022, 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 amendments to the Exchange's rules regarding
continuing education requirements (Rule 345A) applicable to members or
member organizations. The proposed rule change also makes conforming
amendments to the Exchange's rules regarding registration requirements
(Rule 1210). Among other changes, the proposed rule change requires
that the Regulatory Element of continuing education be completed
annually rather than every three years and provides a path through
continuing education for individuals to maintain their qualification
following the termination of a registration. 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.

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 its continuing education
requirements in Rule 345A and amend related registration requirements
provided under various Commentaries to Rule 1210. This proposed rule
change is based on a filing recently submitted by the Financial
Industry Regulatory Authority, Inc. (``FINRA''), and is intended to
harmonize the Exchange's continuing education rules with those of FINRA
so as to promote uniform standards across the securities industry.\4\
The proposed rule change is discussed in detail below.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 93097 (September 21,
2021), 86 FR 53358 (September 27, 2021) (SR-FINRA-2021-015) (``FINRA
Rule Change'').
---------------------------------------------------------------------------

    The proposed changes are based on the changes approved by the
Commission in the approval order for SR-FINRA-2021-015.\5\ The Exchange
is proposing to adopt such changes substantially in the same form as
proposed by FINRA, with only minor changes necessary to conform to the
Exchange's existing rules such as to remove cross-references and rules
that are applicable to FINRA members but not to Exchange members.
---------------------------------------------------------------------------

    \5\ Id.
---------------------------------------------------------------------------

Continuing Education Rules
(i) Background
    The continuing education program for registered persons of broker-
dealers (``CE Program'') currently requires registered persons to
complete continuing education consisting of a Regulatory Element and a
Firm Element. The Regulatory Element, which is administered by FINRA on
behalf of the Exchange, focuses on regulatory requirements and industry
standards, while the Firm Element is provided by each firm and focuses
on securities products, services and strategies the firm offers, firm
policies and industry trends. The CE Program is codified under the
rules of the self-regulatory organizations (``SROs''). The CE Program
for registered persons of Exchange members is codified under 345A.\6\
---------------------------------------------------------------------------

    \6\ See also Commentary .06 to Rule 1210 (All Registered Persons
Must Satisfy the Regulatory Element of Continuing Education).
---------------------------------------------------------------------------

a. Regulatory Element
    Rule 345A(a) (Regulatory Element) currently requires a registered
person to complete the applicable Regulatory Element initially within
120 days after the person's second registration anniversary date and,
thereafter, within 120 days after every third registration anniversary
date.\7\ The Exchange may extend these time frames for good cause
shown.\8\ Registered persons who have not completed the Regulatory
Element within the prescribed time frames will have their Exchange
registrations deemed inactive and will be designated as ``CE inactive''
in the CRD system until the requirements of the Regulatory Element have
been satisfied.\9\ A CE inactive person is prohibited from performing,
or being compensated for, any activities requiring FINRA registration,
including supervision. Moreover, if registered persons remain CE
inactive for two consecutive years, they must requalify by retaking
required examinations (or obtain a waiver of the applicable
qualification examinations).\10\
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    \7\ See Rule 345A(a)(1) and Rule 345A, Supplementary Material
.30. An individual's registration anniversary date is generally the
date they initially registered with the Exchange in the Central
Registration Depository (``CRD[supreg]'') system. However, an
individual's registration anniversary date would be reset if the
individual has been out of the industry for two or more years and is
required to requalify by examination, or obtain an examination
waiver, in order to reregister. An individual's registration
anniversary date would also be reset if the individual obtains a
conditional examination waiver that requires them to complete the
Regulatory Element by a specified date. Non-registered individuals
who are participating in the waiver program under Commentary .08 to
Rule 1210 (Waiver of Examinations for Individuals Working for a
Financial Services Industry Affiliate of a Member Organization)
(``FSAWP participants'') are also subject to the Regulatory Element.
The Regulatory Element for FSAWP participants correlates to their
most recent registration(s), and it must be completed based on the
same cycle had they remained registered. FSAWP participants are
eligible for a single, fixed seven-year waiver period from the date
of their initial designation, subject to specified conditions.
Registered persons who become subject to a significant disciplinary
action, as specified in Rule 345A(a)(3) (Disciplinary Actions), may
be required to retake the Regulatory Element within 120 days of the
effective date of the disciplinary action, if they remain
registered. Further, their cycle for participation in the Regulatory
Element may be adjusted to reflect the effective date of the
disciplinary action rather than their registration anniversary date.
    \8\ See Rule 345A(a)(2) (Failure to Complete).
    \9\ Id. Individuals must complete the entire Regulatory Element
session to be considered to have ``completed'' the Regulatory
Element; partial completion is the same as non-completion. With this
proposed rule change, the Exchange proposes to adopt additional rule
text found in the FINRA rules with respect to termination of
registrations that become inactive. To maintain consistency with
FINRA rules, the Exchange proposes to amend current Rule 345A(a)(2)
by adopting the following rule text within current Rule 345A(a)(2):
``A registration that remains inactive for a period of two
consecutive years will be administratively terminated by the
Exchange. A person whose registration(s) is so terminated or who
otherwise fails to complete required Regulatory Element for two
consecutive years may reactivate the registration(s) only by
reapplying for registration and meeting the qualification
requirements of the applicable provisions of Rules 1210 and 1220.
The two-year period under this Section (a)(2) is calculated from the
date a person's registration(s) is deemed inactive.''
    \10\ This CE inactive two-year period is calculated from the
date such persons become CE inactive, and it continues to run
regardless of whether they terminate their registrations before the
end of the two-year period. Therefore, if registered persons
terminate their registrations while in a CE inactive status, they
must satisfy all outstanding Regulatory Element prior to the end of
the CE inactive two-year period in order to reregister with a member
without having to requalify by examination or having to obtain an
examination waiver.
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    The Regulatory Element consists of a subprogram for registered
persons generally, and a subprogram for principals and supervisors.\11\
While some of the current Regulatory Element content is unique to
particular registration categories, most of the content has broad
application to both representatives and principals.\12\
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    \11\ The S101 (General Program for Registered Persons) and the
S201 (Registered Principals and Supervisors).
    \12\ The current content is presented in a single format leading
individuals through a case that provides a story depicting
situations that they may encounter in the course of their work.
---------------------------------------------------------------------------

    The Regulatory Element was originally designed at a time when most
individuals had to complete the Regulatory Element at a test center,
and its design was shaped by the limitations of the test center-based
delivery model. In 2015, FINRA transitioned the delivery of the
Regulatory Element to an online platform (``CE Online''), which allows
individuals to complete the content online at a location of their
choosing, including their private residence. This online delivery
provides FINRA with much greater flexibility in updating content in a
timelier fashion, developing content tailored to each registration
category and presenting the material in an optimal learning format.
b. Firm Element
    Rule 345A(b) (Firm Element) currently requires each firm to develop
and administer an annual Firm Element training program for covered
registered persons.\13\ The rule requires firms to

conduct an annual needs analysis to determine the appropriate
training.\14\ Currently, at a minimum, the Firm Element must cover
training in ethics and professional responsibility as well as the
following items concerning securities products, services and strategies
offered by the member: (1) general investment features and associated
risk factors; (2) suitability and sales practice considerations; and
(3) applicable regulatory requirements.\15\
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    \13\ The rule defines ``covered registered persons'' as any
registered person who has direct contact with customers in the
conduct of a member's securities sales and trading activities, and
the immediate supervisors of any such persons. See Rule 345A(b)(1)
(Persons Subject to the Firm Element).
    \14\ See Rule 345A(b)(2) (Standards).
    \15\ Id.
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    A firm, consistent with its needs analysis, may determine to apply
toward the Firm Element other required training. The current rule does
not expressly recognize other required training, such as training
relating to the anti-money laundering (``AML'') compliance program and
training relating to the annual compliance meeting, for purposes of
satisfying Firm Element training.
c. Termination of a Registration
    Currently, individuals whose registrations as representatives or
principals have been terminated for two or more years may reregister as
representatives or principals only if they requalify by retaking and
passing the applicable representative- or principal-level examination
or if they obtain a waiver of such examination(s) (the ``two-year
qualification period'').\16\ The two-year qualification period was
adopted prior to the creation of the CE Program and was intended to
ensure that individuals who reregister are relatively current on their
regulatory and securities knowledge.
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    \16\ See Commentary .07 to Rule 1210 (Lapse of Registration and
Expiration of SIE). The two-year qualification period is calculated
from the date individuals terminate their registration and the date
the Exchange receives a new application for registration. The two-
year qualification period does not apply to individuals who
terminate a limited registration category that is a subset of a
broader registration category for which they remain qualified. For
instance, it would not apply to an individual who maintains his
registration as a General Securities Representative but who
terminates his registration as an Investment Company and Variable
Contracts Products Representative. Such individuals have the option
of reregistering in the more limited registration category without
having to requalify by examination or obtain an examination waiver
so long as they continue to remain qualified for the broader
registration category. Further, the two-year qualification period
only applies to the representative- and principal-level
examinations; it does not extend to the Securities Industry
Essentials (``SIE'') examination. The SIE examination is valid for
four years, but having a valid SIE examination alone does not
qualify an individual for registration as a representative or
principal. Individuals whose registrations as representatives or
principals have been revoked pursuant to Rule 8310 (Sanctions for
Violation of the Rules) may only requalify by retaking the
applicable representative- or principal-level examination in order
to reregister as representatives or principals, in addition to
satisfying the eligibility conditions for association with a firm.
Waivers are granted either on a case-by-case basis under Commentary
.02 to Rule 1210 (Qualification Examinations and Waivers of
Examinations) or as part of the waiver program under Commentary .08
to Rule 1210.
---------------------------------------------------------------------------

(ii) Proposed Rule Change
    After extensive work with the Securities Industry/Regulatory
Council on Continuing Education (``CE Council'') and discussions with
stakeholders, including industry participants and the North American
Securities Administrators Association (``NASAA''), FINRA adopted the
following changes to the CE Program under its rules.\17\ In order to
promote uniform standards across the securities industry, the Exchange
now proposes to adopt substantially similar changes to its continuing
education rules.
---------------------------------------------------------------------------

    \17\ See supra note 4. FINRA's changes are based on the CE
Council's September 2019 recommendations to enhance the CE Program.
See Recommended Enhancements for the Securities Industry Continuing
Education Program, available at http://cecouncil.org/media/266634/council-recommendations-final-.pdf. The CE Council is composed of
securities industry representatives and representatives of SROs. The
CE Council was formed in 1995 upon a recommendation from the
Securities Industry Task Force on Continuing Education and was
tasked with facilitating the development of uniform continuing
education requirements for registered persons of broker-dealers.
---------------------------------------------------------------------------

a. Transition to Annual Regulatory Element for Each Registration
Category
    As noted above, currently, the Regulatory Element generally must be
completed every three years, and the content is broad in nature. Based
on changes in technology and learning theory, the Regulatory Element
content can be updated and delivered in a timelier fashion and tailored
to each registration category, which would further the goals of the
Regulatory Element.\18\ Therefore, to provide registered persons with
more timely and relevant training on significant regulatory
developments, the Exchange proposes amending Rule 345A(a) to require
registered persons to complete the Regulatory Element annually by
December 31.\19\ The proposed amendment would also require registered
persons to complete Regulatory Element content for each representative
or principal registration category that they hold, which would also
further the goals of the Regulatory Element.\20\ Under the proposed
rule change, firms would have the flexibility to require their
registered persons to complete the Regulatory Element sooner than
December 31, which would allow firms to coordinate the timing of the
Regulatory Element with other training requirements, including the Firm
Element.\21\ For example, a firm could require its registered persons
to complete both their Regulatory Element and Firm Element by October 1
of each year.
---------------------------------------------------------------------------

    \18\ When the CE Program was originally adopted in 1995,
registered persons were required to complete the Regulatory Element
on their second, fifth and 10th registration anniversary dates. See
Securities Exchange Act Release No. 35341 (February 8, 1995), 60 FR
8426 (February 14, 1995) (Order Approving File Nos. SR-AMEX-94-59;
SR-CBOE-94-49; SR-CHX-94-27; SR-MSRB-94-17; SR-NASD-94-72; SR-NYSE-
94-43; SR-PSE-94-35; and SR-PHLX-94-52). The change to the current
three-year cycle was made in 1998 to provide registered persons more
timely and effective training, consistent with the overall purpose
of the Regulatory Element. See Securities Exchange Act Release No.
39712 (March 3, 1998), 63 FR 11939 (March 11, 1998) (Order Approving
File Nos. SR-CBOE-97-68; SR-MSRB-98-02; SR-NASD-98-03; and SR-NYSE-
97-33).
    \19\ See proposed Rules 345A(a)(1) and Rule 345A, Supplementary
Material .30.
    \20\ See proposed Rules 1210, Commentary .06 and 345A(a)(1).
    \21\ See proposed Rules 345A(a)(1) and Rule 345A, Supplementary
Material .30.
---------------------------------------------------------------------------

    Individuals who would be registering as a representative or
principal for the first time on or after the implementation date of the
proposed rule change would be required to complete their initial
Regulatory Element for that registration category in the next calendar
year following their registration.\22\ In addition, subject to
specified conditions, individuals who would be reregistering as a
representative or principal on or after the implementation date of the
proposed rule change would also be required to complete their initial
Regulatory Element for that registration category in the next calendar
year following their reregistration.\23\
---------------------------------------------------------------------------

    \22\ See proposed Rule 345A(a)(1).
    \23\ See proposed Rule 345A, Supplementary Material .30.
---------------------------------------------------------------------------

    Consistent with current requirements, individuals who fail to
complete their Regulatory Element within the prescribed period would be
automatically designated as CE inactive.\24\ However, the proposed rule
change preserves the Exchange's ability to extend the time by which a
registered person must complete the Regulatory Element for good cause
shown.\25\
---------------------------------------------------------------------------

    \24\ See proposed Rule 345A(a)(2).
    \25\ Id. The proposed rule change clarifies that the request for
an extension of time must be in writing and include supporting
documentation, which is consistent with current practice.
---------------------------------------------------------------------------

    The Exchange also proposes amending Rule 345A(a) to clarify that:
(1) individuals who are designated as CE inactive would be required to
complete all of their pending and

upcoming annual Regulatory Element, including any annual Regulatory
Element that becomes due during their CE inactive period, to return to
active status; \26\ (2) the two-year CE inactive period is calculated
from the date individuals become CE inactive, and it continues to run
regardless of whether individuals terminate their registrations; \27\
(3) individuals who become subject to a significant disciplinary action
may be required to complete assigned continuing education content as
prescribed by the Exchange; \28\ (4) individuals who have not completed
any Regulatory Element content for a registration category in the
calendar year(s) prior to reregistering would not be approved for
registration for that category until they complete that Regulatory
Element content, pass an examination for that registration category or
obtain an unconditional examination waiver for that registration
category, whichever is applicable; \29\ and (5) the Regulatory Element
requirements apply to individuals who are registered, or in the process
of registering, as a representative or principal. In addition, the
Exchange proposes making conforming amendments to Commentary .07 to
Rule 1210.
---------------------------------------------------------------------------

    \26\ See proposed Rule 345A(a)(2).
    \27\ See proposed Rule 345A(a)(2).
    \28\ See proposed Rule 345A(a)(3). As previously noted, Rule
345A(a)(3) currently provides that such individuals may be required
to retake the Regulatory Element. See supra note 7.
    \29\ See proposed Rule 345A, Supplementary Material .30.
---------------------------------------------------------------------------

    Under the proposed rule change, the amount of content that
registered persons would be required to complete in a three-year,
annual cycle for a particular registration category is expected to be
comparable to what most registered persons are currently completing
every three years. In some years, there may be more required content
for some registration categories depending on the volume of rule
changes and regulatory issues. In addition, an individual who holds
multiple registrations may be required to complete additional content
compared to an individual who holds a single registration because, as
noted above, individuals would be required to complete content specific
to each registration category that they hold.\30\ However, individuals
with multiple registrations would not be subject to duplicative
regulatory content in any given year. The more common registration
combinations would likely share much of their relevant regulatory
content each year. For example, individuals registered as General
Securities Representatives and General Securities Principals would
receive the same content as individuals solely registered as General
Securities Representatives, supplemented with a likely smaller amount
of supervisory-specific content on the same topics. The less common
registration combinations may result in less topic overlap and more
content overall.
---------------------------------------------------------------------------

    \30\ As discussed in the economic impact assessment in the FINRA
Rule Change, individuals with multiple registrations represent a
smaller percentage of the population of registered persons.
---------------------------------------------------------------------------

b. Recognition of Other Training Requirements for Firm Element and
Extension of Firm Element to All Registered Persons
    To better align the Exchange's rulebook with FINRA's rulebook, and,
in addition, to better align the Firm Element requirement with other
required training, the Exchange proposes amending Rule 345A(b) to
expressly allow firms to consider training relating to the AML
compliance program and the annual compliance meeting toward satisfying
an individual's annual Firm Element requirement.\31\ The Exchange also
proposes amending the rule to extend the Firm Element requirement to
all registered persons, including individuals who maintain solely a
permissive registration consistent with Commentary .01 to Rule 1210
(Permissive Registrations), thereby further aligning the Firm Element
requirement with other broadly-based training requirements.\32\ In
conjunction with this proposed change, the Exchange proposes modifying
the current minimum training criteria under Rule 345A(b) to instead
provide that the training must cover topics related to the role,
activities or responsibilities of the registered person and to
professional responsibility.\33\
---------------------------------------------------------------------------

    \31\ See proposed Rule 345A(b)(2)(iv).
    \32\ See proposed Rule 345A(b)(1). As noted earlier, the current
requirement only applies to ``covered registered persons'' and not
all registered persons.
    \33\ See proposed Rule 345A(b)(2)(ii).
---------------------------------------------------------------------------

c. Maintenance of Qualification After Termination of Registration
    The Exchange proposes adopting Section (c) under Rule 345A and
Supplementary Material .70 and .80 to Rule 345A to provide eligible
individuals who terminate any of their representative or principal
registrations the option of maintaining their qualification for any of
the terminated registrations by completing continuing education.\34\
The proposed rule change would not eliminate the two-year qualification
period. Rather, it would provide such individuals an alternative means
of staying current on their regulatory and securities knowledge
following the termination of a registration(s). Eligible individuals
who elect not to participate in the proposed continuing education
program would continue to be subject to the current two-year
qualification period. The proposed rule change is generally aligned
with other professional continuing education programs that allow
individuals to maintain their qualification to work in their respective
fields during a period of absence from their careers (including an
absence of more than two years) by satisfying continuing education
requirements for their credential.
---------------------------------------------------------------------------

    \34\ The proposed option would also be available to individuals
who terminate any permissive registrations as provided under
Commentary .01 to Rule 1210. However, the proposed option would not
be available to individuals who terminate a limited registration
category that is a subset of a broader registration category for
which they remain qualified. As previously noted, such individuals
currently have the option of reregistering in the more limited
registration category without having to requalify by examination or
obtain an examination waiver so long as they continue to remain
qualified for the broader registration category. In addition, the
proposed option would not be available to individuals who are
maintaining an eliminated registration category, such as the
category for Corporate Securities Representative, or individuals who
have solely passed the Securities Industry Essentials examination,
which does not, in and of itself, confer registration.
---------------------------------------------------------------------------

    The proposed rule change would impose the following conditions and
limitations:
     individuals would be required to be registered in the
terminated registration category for at least one year immediately
prior to the termination of that category; \35\
---------------------------------------------------------------------------

    \35\ See proposed Rule 345A(c)(1).
---------------------------------------------------------------------------

     individuals could elect to participate when they terminate
a registration or within two years from the termination of a
registration; \36\
---------------------------------------------------------------------------

    \36\ See proposed Rule 345A(c)(2). Individuals who elect to
participate at the later date would be required to complete, within
two years from the termination of their registration, any continuing
education that becomes due between the time of their Form U5
(Uniform Termination Notice for Securities Industry Registration)
submission and the date that they commence their participation. In
addition, FINRA would enhance its systems to notify individuals of
their eligibility to participate, enable them to affirmatively opt
in, and notify them of their annual continuing education requirement
if they opt in.
---------------------------------------------------------------------------

     individuals would be required to complete annually all
prescribed continuing education; \37\
---------------------------------------------------------------------------

    \37\ See proposed Rule 345A(c)(3). However, upon a participant's
request and for good cause shown, the Exchange would have the
ability to grant an extension of time for the participant to
complete the prescribed continuing education. A participant who is
also a registered person must directly request an extension of the
prescribed continuing education from the Exchange. The continuing
education content for participants would consist of a combination of
Regulatory Element content and content selected by FINRA and the CE
Council from the Firm Element content catalog. The content would
correspond to the registration category for which individuals wish
to maintain their qualifications. Participants who are maintaining
their qualification status for a principal registration category
that includes one or more corequisite representative registrations
must also complete required annual continuing education for the
corequisite registrations in order to maintain their qualification
status for the principal registration category. The proposed rule
change clarifies that the prescribed continuing education must be
completed by December 31 of the calendar year, which is consistent
with the timing for the proposed annual Regulatory Element.

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

     individuals would have a maximum of five years in which to
reregister; \38\
---------------------------------------------------------------------------

    \38\ See proposed Rule 345A(c). In addition, individuals
applying for reregistration must satisfy all other requirements
relating to the registration process (e.g., submit a Form U4
(Uniform Application for Securities Industry Registration or
Transfer) and undergo a background check).
---------------------------------------------------------------------------

     individuals who have been CE inactive for two consecutive
years, or who become CE inactive for two consecutive years during their
participation, would not be eligible to participate or continue; \39\
and
---------------------------------------------------------------------------

    \39\ See proposed Rules 345A(c)(4) and (c)(5).
---------------------------------------------------------------------------

     individuals who are subject to a statutory
disqualification, or who become subject to a statutory disqualification
following the termination of their registration or during their
participation, would not be eligible to participate or continue.\40\
---------------------------------------------------------------------------

    \40\ See proposed Rules 345A(c)(1) and (c)(6). Further, any
content completed by participants would be retroactively nullified
upon disclosure of the statutory disqualification. The following
example illustrates the application of the proposed rule change to
individuals who become subject to a statutory disqualification while
participating in the proposed continuing education program.
Individual A participates in the proposed continuing education
program for four years and completes the prescribed content for each
of those years. During year five of his participation, he becomes
subject to a statutory disqualification resulting from a foreign
regulatory action. In that same year, the Exchange receives a Form
U4 submitted by a member on behalf of Individual A requesting
registration with the Exchange. The Form U4 discloses the statutory
disqualification event. The Exchange would then retroactively
nullify any content that Individual A completed while participating
in the proposed continuing education program. Therefore, in this
example, in order to become registered with the Exchange, he would
be required to requalify by examination. This would be in addition
to satisfying the eligibility conditions for association with an
Exchange member firm. See Exchange Act Sections 3(a)(39) and
15(b)(4).
---------------------------------------------------------------------------

    The proposed rule change also includes a look-back provision that
would, subject to specified conditions, extend the proposed option to
individuals who have been registered as a representative or principal
within two years immediately prior to the effective date of the
proposed rule change and individuals who have been FSAWP participants
immediately prior to the effective date of the proposed rule
change.\41\
---------------------------------------------------------------------------

    \41\ See proposed Supplementary Material .70 to Rule 345A. Such
individuals would be required to elect whether to participate by the
date the proposed rule change becomes effective. If such individuals
elect to participate, they would be required to complete their
initial annual content by the end of the calendar year in which the
proposed rule change becomes effective. In addition, if such
individuals elect to participate, their initial participation period
would be adjusted based on the date that their registration was
terminated. The current waiver program for FSAWP participants would
not be available to new participants upon the date the proposed rule
change becomes effective. See proposed Commentary .08 to Rule 1210.
However, individuals who are FSAWP participants immediately prior to
the effective date of the proposed rule change could elect to
continue in that waiver program until the program has been retired.
As noted above, FSAWP participants may participate for up to seven
years in that waiver program, subject to specified conditions. See
supra note 7. As discussed above, the proposed rule change provides
a five-year participation period for participants in the proposed
continuing education program. So as not to disadvantage FSAWP
participants, the Exchange has determined to preserve that waiver
program for individuals who are participating in the FSAWP
immediately prior to the effective date of the proposed rule change.
Because the proposed rule change transitions the Regulatory Element
to an annual cycle, FSAWP participants who remain in that waiver
program following the effective date of the proposed rule change
would be subject to an annual Regulatory Element requirement. See
proposed Rule 345A(a)(1). Finally, the proposed rule change
preserves the Exchange's ability to extend the time by which FSAWP
participants must complete the Regulatory Element for good cause
shown. See proposed Rule 345A(a)(2).
---------------------------------------------------------------------------

    In addition, the proposed rule change includes a re-eligibility
provision that would allow individuals to regain eligibility to
participate each time they reregister with a firm for a period of at
least one year and subsequently terminate their registration, provided
that they satisfy the other participation conditions and
limitations.\42\ Additionally, the Exchange proposes making conforming
amendments to Rule 1210, including adding references to proposed Rule
345A(c) under Commentary .07 to Rule 1210. Finally, the Exchange
proposes certain additional amendments to its rules to further align
the Exchange's rules with those of FINRA, including making changes to
certain rules to correct typographical and grammatical errors. More
specifically, the Exchange proposes to amend current Rule 345A(a)(2) to
clarify that the provisions under the rule apply to a ``registered
person'' by inserting the word ``registered'' in front of ``person.''
The Exchange also proposes to adopt Sections (a)(4) and (5) under Rule
345A which describes the manner in which the Regulatory Element is
delivered and the designation of a contact person by a member or member
organization to the Exchange for receiving notifications regarding the
Regulatory Element, respectively.
---------------------------------------------------------------------------

    \42\ See proposed Supplementary Material .80 to Rule 345A.
---------------------------------------------------------------------------

    The proposed rule change will have several important benefits. It
will provide individuals with flexibility to address life and career
events and necessary absences from registered functions without having
to requalify each time. It will also incentivize them to stay current
on their respective securities industry knowledge following the
termination of any of their registrations. The continuing education
under the proposed option will be as rigorous as the continuing
education of registered persons, which promotes investor protection.
Further, the proposed rule change will enhance diversity and inclusion
in the securities industry by attracting and retaining a broader and
diverse group of professionals.
    Significantly, the proposed rule change will be of particular value
to women, who continue to be the primary caregivers for children and
aging family members and, as a result, are likely to be absent from the
industry for longer periods.\43\ In addition, the proposed rule change
will provide longer-term relief for women, individuals with low incomes
and other populations, including older workers, who are at a higher
risk of a job loss during certain economic downturns and who are likely
to remain unemployed for longer periods.\44\
---------------------------------------------------------------------------

    \43\ See The Female Face of Family Caregiving (November 2018),
available at https://www.nationalpartnership.org/our-work/resources/economic-justice/femaleface-family-caregiving.pdf.
    \44\ See The COVID-19 Recession is the Most Unequal in Modern
U.S. History (September 30, 2020), available at https://www.washingtonpost.com/graphics/2020/business/coronavirus-recessionequality/ and Unemployment's Toll on Older Workers Is Worst
in Half a Century (October 21, 2020), available at https://www.aarp.org/work/working-at-50-plus/info-2020/pandemic-unemployment-older-workers.
---------------------------------------------------------------------------

d. CE Program Implementation
    As stated in the FINRA Rule Change, FINRA and the CE Council also
plan to enhance the CE Program in other ways, and these additional
enhancements do not require any changes to the FINRA rules.\45\ As it
relates to the rule changes themselves, the FINRA changes relating to
the Maintaining Qualifications Program and the Financial Services
Affiliate Waiver Program (FSAWP)

became effective March 15, 2022.\46\ The Exchange's proposed changes to
the Maintaining Qualifications Program (Section (c) of Rule 345A and
Supplementary Materials .70 and .80 to Rule 345A) and to the FSAWP
(Commentary .08 to Rule 1210) will become effective on the date this
proposed rule change is filed. All other changes related to the FINRA
Rule Change and to the Exchange's rules relating to the Regulatory
Element, Firm Element and the two-year qualification period, will have
an implementation date of January 1, 2023.\47\
---------------------------------------------------------------------------

    \45\ See supra note 4. As described in more detail in the FINRA
Rule Change, FINRA will work with the CE Council to develop and
incorporate additional resources in connection with the Regulatory
and Firm Elements. Similar to FINRA, these additional enhancements
do not require any changes to the Exchange rules.
    \46\ See FINRA Regulatory Notice 21-41 at https://www.finra.org/rulesguidance/notices/21-41.
    \47\ Id.
---------------------------------------------------------------------------

2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''),\48\ in general, and
furthers the objectives of Section 6(b)(5),\49\ 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.
---------------------------------------------------------------------------

    \48\ 15 U.S.C. 78f(b).
    \49\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    As noted above, the proposed rule change seeks to align the
Exchange Rules with the recent change to FINRA rules which has been
approved by the Commission.\50\ The Exchange believes the proposed rule
change is consistent with the provisions of Section 6(b)(5) of the
Act,\51\ which requires, among other things, that Exchange Rules must
be designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, and, in general, to
protect investors and the public interest, and Section 6(c)(3) of the
Act,\52\ which authorizes the Exchange to prescribe standards of
training, experience and competence for persons associated with the
Exchange.
---------------------------------------------------------------------------

    \50\ See supra note 4.
    \51\ 15 U.S.C. 78f(b)(5).
    \52\ 15 U.S.C. 78f(c)(3).
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    The Exchange believes that the proposed change to the Regulatory
Element and Firm Element will ensure that all registered persons
receive timely and relevant training, which will, in turn, enhance
compliance and investor protection. Further, the Exchange believes that
establishing a path for individuals to maintain their qualification
following the termination of a registration will reduce unnecessary
impediments to requalification and promote greater diversity and
inclusion in the securities industry without diminishing investor
protection.
    The Exchange believes the proposal is consistent with the Act for
the reasons described above and for the reasons outlined in the
approval order for SR-FINRA-2021-015.\53\
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    \53\ See supra note 4.
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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 Exchange believes that
the proposed rule change, which harmonizes its rules with the recent
rule change adopted by FINRA, will reduce the regulatory burden placed
on market participants engaged in trading activities across different
markets. The Exchange believes that the harmonization of the CE program
requirements across the various markets will reduce burdens on
competition by removing impediments to participation in the national
market system and promoting competition among participants across the
multiple national securities exchanges.

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

    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 \54\ and Rule 19b-
4(f)(6) thereunder.\55\
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    \54\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \55\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing. However,
pursuant to Rule 19b-4(f)(6)(iii), the Commission may designate a
shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has asked the
Commission to waive the 30-day operative delay so that this proposed
rule change may become operative immediately upon filing. In addition,
Rule 19b-4(f)(6)(iii) \56\ requires a self-regulatory organization to
give the Commission written notice of its intent to file a proposed
rule change under that subsection at least five business days prior to
the date of filing, or such shorter time as designated by the
Commission. The Exchange has provided such notice.
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    \56\ 17 CFR 240.19b-4(f)(6)(iii).
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    Waiver of the 30-day operative delay would allow the Exchange to
more quickly align certain of its proposed changes with changes that
FINRA implemented on March 15, 2022, thereby reducing the possibility
of a significant regulatory gap between the FINRA and Exchange rules,
providing more uniform standards across the securities industry, and
helping to avoid confusion for registered persons of the Exchange that
are also FINRA members. For this reason, the Commission believes that
waiver of the 30-day operative delay for this proposal is consistent
with the protection of investors and the public interest. Accordingly,
the Commission hereby waives the 30-day operative delay and designates
the proposal operative upon filing.\57\
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    \57\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule change's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    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 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 (http://www.sec.gov/rules/sro.shtml); or

     Send an email to [email protected]. Please include
File Number SR-NYSE-2022-23 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-2022-23. 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 (http://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 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSE-2022-23 and should be submitted on
or before July 5, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\58\
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    \58\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-12648 Filed 6-10-22; 8:45 am]
BILLING CODE 8011-01-P