[Federal Register Volume 78, Number 207 (Friday, October 25, 2013)]
[Notices]
[Pages 64043-64046]
[FR Doc No: 2013-25120]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70728; File No. SR-NYSE-2013-67]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Proposed Rule Change Proposing to Amend the
Quantitative Continued Listing Standards Applicable to Companies Listed
Under Sections 102.01C and 103.01B of the Listed Company Manual

October 21, 2013.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on October 8, 2013, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to harmonize the quantitative continued
listing standards applicable to companies listed under Sections 102.01C
and 103.01B of the Listed Company Manual (the ``Manual''). Under the
proposed amendment, a company will be considered to be below compliance
standards if its average global market capitalization over a
consecutive 30 trading-day period is less than $50,000,000 and, at the
same time, its total stockholders' equity is less than $50,000,000. The
text of the proposed rule change is available on the Exchange's Web
site 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 harmonize the quantitative continued
listing standards applicable to companies listed under Sections 102.01C
and 103.01B of the Manual (``operating companies'').
    The Exchange's financial initial listing standards for domestic
operating companies are set forth in Section 102.01C of the Manual and
financial initial listing standards applicable to non-U.S. operating
companies are set forth in Section 103.01B of the Manual.\3\ The
Exchange's financial continued listing standards for operating
companies are set forth in Section 802.01B of the Manual.\4\ All
operating companies are subject to continued listing requirements to
maintain (i) a stock price on a 30-trading-day average basis of $1.00
and (ii) a total market capitalization on a 30-trading day average
basis of $15 million (the ``Minimum Listing Criteria''). All listed
operating companies are subject to additional financial continued
listing requirements which vary depending on the initial listing
standard in Section 102.01C or 103.01B under which the company
originally listed.
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    \3\ Non-U.S. companies are also permitted to list under the
domestic listing standards set forth in Section 102.01C.
    \4\ The Exchange also maintains continued listing standards with
respect to distribution of shares, set forth in Section 802.01A of
the Manual.
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    The following are the current continued listing standards specific
to operating companies listed under the various initial listing
standards:
     A company that qualified to list under the Earnings Test
set out in Sections 102.01C(I) or 103.01B(I), or pursuant to the
requirements set forth under the Assets and Equity Test set forth in
Section 102.01C(IV) or the ``Initial Listing Standard for Companies
Transferring from NYSE Arca'' (this standard is no longer in existence
and was operative from October 1, 2008 until August 31, 2009), will be
considered to be below compliance standards if average global market
capitalization over a consecutive 30 trading-day period is less than
$50,000,000 and, at the same time, total stockholders' equity is less
than $50,000,000.
     A company that qualified to list under the Valuation/
Revenue with Cash Flow Test set out in Section 102.01C(II)(a) or
Section 103.01B(II)(a) will be considered to be below compliance
standards if:
    [cir] average global market capitalization over a consecutive 30
trading-day period is less than $250,000,000 and, at the same time,
total revenues are less than $20,000,000 over the last 12 months
(unless the company qualifies as an original listing under one of the
other original listing standards); or
    [cir] average global market capitalization over a consecutive 30
trading-day period is less than $75,000,000.
     A company that qualified to list under the Pure Valuation/
Revenue Test set out in Section 102C.01(II)(b) or in Section
103.01B(II)(b) will be considered to be below compliance standards if:
    [cir] average global market capitalization over a consecutive 30
trading-day period is less than $375,000,000 and, at the same time,
total revenues are less than $15,000,000 over the last 12 months
(unless the company qualifies as an original listing under one of the
other original listing standards); or
    [cir] average global market capitalization over a consecutive 30
trading-day period is less than $100,000,000.
     A company that qualified to list under the Affiliated
Company Test set out in Section 102C.01(III) or Section 103.01B(III)
will be considered to be below compliance standards if:
    [cir] the listed company's parent/affiliated company ceases to
control the listed company, or the listed company's parent/affiliated
company itself falls below the continued listing standards applicable
to the parent/affiliated company, and
    [cir] average global market capitalization over a consecutive 30
trading-day period is less than $75,000,000 and, at the same time,
total stockholders' equity is less than $75,000,000.
    The Exchange proposes to amend the applicable continued listing
standards such that every operating company will be subject to the same
standards regardless of the standard under which such company initially
qualified. The proposed amendment to Section 802.01B of the Manual will
state that an operating company will be considered to be below
compliance standards if its average global market capitalization over a
consecutive 30 trading-day period is less than $50,000,000 and, at the
same time, its total stockholders' equity is less than $50,000,000 (the
``Proposed Continued Listing Standard'').\5\
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    \5\ Consistent with the Exchange's general practice in the case
of rule changes (unless the amended rule specifies otherwise), upon
effectiveness of the proposed amendment, all listed operating
companies would be subject to the Proposed Continued Listing
Standard rather than any of the other currently applicable continued
listing standards, including any company operating under a
compliance plan due to an event of non-compliance with a previously
applicable continued listing standard or any company awaiting appeal
of a delisting determination based on non-compliance with a
previously applicable continued listing standard.
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    Currently, to determine whether an operating company complies with
continued listing standards, the Exchange first looks to the financial
standard under which the company initially qualified for listing and
then applies the continued listing standard specified as applicable to
that initial listing standard. The practical impact of this policy is
that a company may be deemed noncompliant with the continued listing
standard associated with the initial financial listing standard under
which it originally qualified to list, notwithstanding the fact that it
would have remained in compliance if subject to one of the other
continued listing standards. This creates the anomalous result that two
companies could have identical quantitative characteristics, yet one
company would be deemed noncompliant and the other would remain
compliant, purely on the basis of the initial listing standards under
which the respective companies qualified to list many years previously.
The Exchange believes this potential for disparate treatment is unfair
to a listed company and its shareholders in the circumstance that a
company is deemed noncompliant or delisted notwithstanding the fact
that it would have remained compliant if one of the other continued
listing standards was applicable. Moreover, many listed companies
evolve subsequent to initial listing, and the idea that a company
should be subject indefinitely to continued listing criteria tailored
to the type of company it was at the time of initial listing no longer
seems appropriate.
    The Exchange notes that the approach of assigning different
quantitative continued listing requirements to

companies that originally listed under different listing standards was
adopted in 2004, based on the assumption that a company should be
subject to a continued listing requirement that was related to the
elements in the financial listing standard under which it originally
listed.\6\ However, the Exchange's experience administering these
standards does not support the original assumption that the disparate
standards would enhance the quality of operating companies listed on
the Exchange. As discussed below, a review of data collected over more
than five years indicates that all of the companies that were delisted
under any of the other currently existing continued listing standards
during that period would also have been delisted if they had instead
been subject to the Proposed Continued Listing Standard, either
pursuant to the Proposed Continued Listing Standard itself or pursuant
to the Minimum Listing Criteria. Consequently, the Exchange derived no
appreciable regulatory benefit during that period from having multiple
continued listing standards rather than simply the Proposed Continued
Listing Standard and the Minimum Listing Criteria. Therefore, the
Exchange does not believe that it is necessary to continue to maintain
a complicated set of alternative continued listing standards.
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    \6\ See Securities Exchange Act Release No. 49154 (January 29,
2004), 69 FR 5633 (February 5, 2004) (SR-NYSE-2003-43).
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    The Exchange acknowledges that the other currently applicable
continued listing standards have higher minimum quantitative
requirements for average market capitalization than the Proposed
Continued Listing Standard. Most notably, the $50,000,000 minimum
average market capitalization requirement of the Proposed Continued
Listing Standard is lower than the minimum average market
capitalization requirements of all of the other currently existing
continued listing standards. However, the Exchange believes that, the
proposed adoption of the Proposed Continued Listing Standard will not
result in any meaningful weakening of the quality of companies listed
on the Exchange. In that regard, the Exchange notes that almost all
companies that are currently below compliance with their applicable
financial continued listing standard will also be below compliance with
the Proposed Continued Listing Standard at the time of its adoption.
Further, the Exchange notes that more than 87% of the operating
companies currently listed on the Exchange are already subject to a
continued listing standard identical to the Proposed Continued Listing
Standard. For those companies, therefore, there will be no change to
their continued listing obligations as a result of the proposed rule
change.
    With regard to companies that are currently subject to one of the
other continued listing standards, the Exchange believes that adoption
of the Proposed Continued Listing Standard will not result in the
continued listing of a meaningful number of companies that would be
subject to delisting under the current continued listing standards. In
reaching this conclusion, the Exchange reviewed all companies that were
identified as below compliance for any of the financial standards
between 2006 and 2012. Approximately 22% of the identified companies
during that period were subject to a continued listing standard other
than the Proposed Continued Listing Standard. Of those 22% of
companies, a majority would have been cited for noncompliance with
either the Proposed Continued Listing Standard or the Minimum Listing
Criteria.\7\ With respect to the minority of companies that would not
have fallen below either the Proposed Continued Listing Standard or the
Minimum Listing Criteria, all have regained compliance and currently
continue to be in compliance with the Exchange's quantitative continued
listing standards. Based on this empirical data, therefore, the
Exchange believes that the Proposed Continued Listing Standard, in
combination with the Minimum Listing Criteria, is a rigorous measure
that will capture the full universe of companies that are financially
unsuitable for listing and will successfully maintain the quality of
the Exchange's listing program.
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    \7\ Of the 22 total companies that make up this percentage,
eight would have fallen below the Proposed Continued Listing
Standard and an additional four were delisted for falling below the
Minimum Listing Criteria. An additional three of the 22 companies
voluntarily delisted as a result of merger transactions.
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    The Exchange believes that the proposed amendment is consistent
with Rule 3a51-1(a)(2)(ii) (the ``Penny Stock Rule'') \8\ under the
Act. Section (a)(2) of the Penny Stock Rule provides that a security is
not a penny stock for purposes of the rule if it is listed on a
national securities exchange that has established quantitative
continued listing standards that are reasonably related to certain
enumerated initial listing standards and that are consistent with the
maintenance of fair and orderly markets. The Penny Stock Rule's minimum
initial listing standards are stockholders' equity ($5,000,000), market
value of listed securities ($50,000,000) or net income ($750,000). The
Proposed Continued Listing Standard requires that a listed company
maintain an average global market capitalization over a consecutive 30
trading-day period of in excess of $50,000,000 \9\ and stockholder's
equity in excess of $50,000,000. The Exchange believes that global
market capitalization is a comparable measure to the Penny Stock Rule's
market value of listed securities requirement. Therefore, the Proposed
Continued Listing Standard contains measures that are both related to,
and equal to or far in excess of, the Penny Stock Rule's initial
listing standards. Therefore, the Exchange believes that the proposed
amendment is consistent with the Penny Stock Rule.
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    \8\ 17 CFR 240.3a51-1.
    \9\ For purposes of calculating global market capitalization,
the Exchange will only consider securities that are (1) publicly
traded (or quoted) or (2) convertible into a publicly traded (or
quoted) security.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Securities Exchange Act of 1934 (the ``Act''),\10\ in
general, and furthers the objectives of Section 6(b)(5) of the Act,\11\
in particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, 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. In particular,
the Exchange believes that the adoption of the Proposed Continued
Listing Standard is consistent with the protection of investors and the
public interest because: (i) The Exchange has many years of experience
utilizing the Proposed Continued Listing Standard as the applicable
continued listing standard for a large percentage of listed companies
and, in the Exchange's experience, companies that remain in compliance
with that standard are suitable for continued listing; and (ii) the
Proposed Continued Listing Standard is unlikely to allow companies to
remain listed that would not otherwise be suitable for listing, as the
Exchange's review of historical listing compliance matters indicates
that any company that falls below any other applicable quantitative
listing standard will generally also fall below the Proposed Continued
Listing Standard.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).

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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 proposed change is being
made to rationalize the continued listing standards for operating
companies listed on the Exchange. As the Exchange's research has
indicated that this change will be unlikely to have any meaningful
effect on the number of companies that will be delisted, the Exchange
believes that it will not have any effect on the competition among
listing markets and will result in no burden on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) by order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be 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_ADDRESS>Please include
File Number SR-NYSE-2013-67 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2013-67. 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 Web site (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 Web site 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 such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSE-2013-67 and should be
submitted on or before November 15, 2013.
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    \12\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-25120 Filed 10-24-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 80 (Wednesday, April 25, 2018)]
[Notices]
[Page 18018]
[FR Doc No: 2018-08672]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Notice of Commissioner and Staff Attendance at North American
Electric Reliability Corporation Meetings

    The Federal Energy Regulatory Commission hereby gives notice that
members of the Commission and/or Commission staff may attend the
following meetings:

North American Electric Reliability Corporation
Member Representatives Committee and Board of Trustees Meetings
Board of Trustees Corporate Governance and Human Resources Committee,
Finance and Audit Committee, Compliance Committee, and Technology and
Security Committee Meetings

    The Ritz-Carlton, Pentagon City, 1250 South Hayes Street,
Arlington, VA 22202.

May 9 (8:00 a.m.-5:00 p.m. eastern time) and May 10 (8:30 a.m.-12:00
p.m. eastern time), 2018

    Further information regarding these meetings may be found at:
http://www.nerc.com/Pages/Calendar.aspx.
    The discussions at the meetings, which are open to the public, may
address matters at issue in the following Commission proceedings:

Docket No. RR17-6, North American Electric Reliability Corporation

    For further information, please contact Jonathan First, 202-502-
8529, or [email protected].

    Dated: April 19, 2018.
Kimberly D. Bose,
Secretary.
[FR Doc. 2018-08672 Filed 4-24-18; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 210 (Monday, October 31, 2011)]
[Notices]
[Pages 67168-67169]
[FR Doc No: 2011-28108]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project Nos. 14176-000, 14188-000, 14200-000]

Riverbank Hydro No. 19 LLC; Lock Hydro Friends Fund XXXIV; FFP
Project 59 LLC; Notice of Competing Preliminary Permit Applications
Accepted for Filing and Soliciting Comments, Motions To Intervene, and
Competing Applications

    On May 2, 2011, Riverbank Hydro No. 19 LLC (Riverbank), and on May
3, 2011, Lock Hydro Friends Fund XXXIV (Lock Hydro), and FFP Project 59
LLC (FFP 59) filed preliminary permit applications, pursuant to section
4(f) of the Federal Power Act, proposing to study the feasibility of a
hydropower project at the U.S. Army Corps of Engineers' (Corps)
Kentucky River Lock & Dam No. 8, located on the Kentucky River, in
Jessamine and Garrard Counties, Kentucky. The sole purpose of a
preliminary permit, if issued, is to grant the permit holder priority
to file a license application during the permit term. A preliminary
permit does not authorize the permit holder to perform any land-
disturbing activities or otherwise enter upon lands or waters owned by
others without the owners' express permission.
    Riverbank's Project No. 14176-000 would consist of: (1) A forebay;
(2) an intake structure; (3) a powerhouse containing one generating
unit with a total capacity of 10.0 megawatts (MW); (4) a tailrace
structure; and (5) an 8.2-mile-long, 25 kilo-volt (kV) transmission
line. The project would have an estimated average annual generation of
33.0 gigawatt-hours (GWh), and operate run-of-river utilizing surplus
water from the Kentucky River Lock & Dam No. 8, as directed by the
Corps.
    Applicant Contact: Mr. Kuo-Bao Tong, Riverbank Power Corporation,
Royal Bank Plaza, South Tower, P.O. Box 166, 200 Bay Street, Suite
3230, Toronto, ON, Canada M5J2J4.<PHONE_NUMBER> x 154.
    Lock Hydro's Project No. 14188-000 would consist of: (1) One lock
frame modules, the frame module will be 75-feet long, 20-feet-high and
contain four generating units with a total combined capacity of 2.0 MW;
(2) a new switchyard containing a transformer; and (3) a proposed 3.0-
mile-long, 115 kV transmission line to an existing distribution line.
The proposed project would have an average annual generation of 8.766
GWh, and operate run-of-river utilizing surplus water from the Kentucky
River Lock & Dam No. 8, as directed by the Corps.
    Applicant Contact: Mr. Wayne F. Krouse, Hydro Green Energy, 5090
Richmond Avenue 390, Houston, TX 77056.<PHONE_NUMBER> x 709.
    FFP 59's Project No. 14200-000 would consist of: (1) An 300-foot-
long, 90-foot-wide approach channel; (2) a powerhouse, located on the
northeastern side of the dam, containing two generating units with a
total capacity of 6.8 MW; (3) a 300-foot-long, 220-foot-wide tailrace;
(4) a 4.16/25 KV substation; and (5) a 0.25-mile-long, 25 kV
transmission line. The proposed project would have an average annual
generation of 27.2 GWh, and operate run-of-river utilizing surplus
water from the Kentucky River Lock & Dam No. 8, as directed by the
Corps.
    Applicant Contact: Ms. Ramya Swaminathan, Free Flow Power Corp.,
239 Causeway Street, Suite 300, Boston, MA 02114.<PHONE_NUMBER>.
    FERC Contact: Michael Spencer<EMAIL_ADDRESS>(202) 502-
6093.
    Deadline for filing comments, motions to intervene, competing
applications (without notices of intent), or notices of intent to file
competing applications: 60 days from the issuance of this notice.
Competing applications and notices of intent must meet the requirements
of 18 CFR 4.36. Comments, motions to intervene, notices of intent, and
competing applications may be filed electronically via the Internet.
See 18 CFR 385.2001(a)(1)(iii) and the instructions on the Commission's
Web site http://www.ferc.gov/docs-filing/efiling.asp. Commenters can
submit brief comments up to 6,000 characters, without prior
registration, using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact information
at the end of your comments. For assistance, please contact FERC Online
Support. Although the Commission strongly encourages electronic filing,
documents may also be paper-filed. To paper-file, mail an original and
seven copies to: Kimberly D. Bose, Secretary, Federal

Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    More information about this project, including a copy of the
application, can be viewed or printed on the ``eLibrary'' link of the
Commission's Web site at http://www.ferc.gov/docs-filing/elibrary.asp.
Enter the docket number (P-14176-000, P-14188-000, or P-14200-000) in
the docket number field to access the document. For assistance, contact
FERC Online Support.

    Dated: October 25, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-28108 Filed 10-28-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 31 (Thursday, February 16, 2017)]
[Notices]
[Pages 10947-10949]
[FR Doc No: 2017-03107]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80018; File No. SR-NSX-2017-04]

Self-Regulatory Organizations; NYSE National, Inc., Formerly
National Stock Exchange, Inc.; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change Amending Rule 11.1, Hours of
Trading, Interpretations and Policies .01, To Cease Trading on the
Exchange's System as of February 1, 2017

February 10, 2017.
    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 February 1, 2017, NYSE National, Inc., formerly National
Stock Exchange, Inc. (``NYSE National'' or the ``Exchange''), filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the self-regulatory organization. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.

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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange proposes to amend Rule 11.1, Hours of Trading,
Interpretations and Policies .01, to cease trading on the Exchange's
System as of February 1, 2017. The proposed rule change is available on
the Exchange's Web site 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange, a corporation organized under the laws of the State
of Delaware, is a registered national securities exchange under Section
6 of the Exchange Act \4\ and operates as a self-regulatory
organization. Pursuant to a transaction that closed on January 31, 2017
and the related rules approved by the Commission on January 30, 2017
(the ``Transaction''), the Exchange is a wholly-owned subsidiary of
NYSE Group, Inc.\5\ For the reasons set forth below, the Exchange now
seeks to amend Rule 11.1, Hours of Trading, Interpretations and
Policies .01, to state that it will cease trading on the System as of
February 1, 2017 before market open.
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    \4\ 15 U.S.C. 78f.
    \5\ See Securities Exchange Act Release No. 34-79902 (January
30, 2017).
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    The Exchange's trading volumes are extremely low. Currently, the
Exchange currently [sic] has approximately 0.02% of market share among
national securities exchanges. In addition, the Exchange's affiliates
New York Stock Exchange LLC (``NYSE''), NYSE MKT LLC (``NYSE MKT''),
and NYSE Arca, Inc. (``NYSE Arca'') have migrated, or are migrating, to
Pillar, an integrated trading technology platform designed to use a
single specification for connecting to the equities and options markets
operated by the Exchange and its affiliates.\6\ Given the Exchange's
low trading volumes and the complexities and expense of operating the
System while simultaneously migrating to Pillar, the Exchange proposes
to cease trading as of February 1, 2017. The proposal would enable the
Exchange to focus its resources on the migration to the next generation
trading system, which is currently scheduled to occur in the first
quarter of 2018.
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    \6\ See Trader Update dated January 29, 2015, available here:
http://www1.nyse.com/pdfs/Pillar_Trader_Update_Jan_2015.pdf.
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    Accordingly, the Exchange proposes to amend .01, Interpretations
and Policies, under Rule 11.1 to delete ``Reserved'' and add the
following text: ``Cessation of Trading on the Exchange: The Exchange
shall cease trading on the System as of February 1, 2017. All Exchange
Rules will remain in full force and effect through and after February
1, 2017.''
    After trading ceases as described herein, the Exchange will remain
registered as a national securities exchange and continue discharging
its obligations as a self-regulatory organization including, among
other things, completing all open regulatory matters relating to
trading on the System up to and including the close of business on
February 1, 2017. The Exchange notes that it is not the Designated
Examining Authority (``DEA'') for any of its ETP Holders and that there
are no NYSE National-only ETP Holders, i.e., all NYSE National ETP
Holders are members of other self-regulatory organizations. Further,
the Exchange will retain disciplinary jurisdiction over all ETP Holders
and persons associated with ETP Holders pursuant to Chapter VIII of the
Exchange's Rules and Rule 8.1(b) in particular.\7\ The Exchange will
accordingly be able to enforce any rule violation occurring prior to
the close of business on February 1, 2017.
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    \7\ Rule 1.5P.(2) provides that the terms ``Person Associated
with an ETP Holder'' or ``Associated Person of an ETP Holder'' mean
``any partner, officer, director, or branch manager of an ETP Holder
(or any Person occupying a similar status or performing similar
functions), any Person directly or indirectly controlling,
controlled by, or under common control with an ETP Holder, or any
employee of such ETP Holder, except that any Person Associated with
an ETP Holder whose functions are solely clerical or ministerial
shall not be included in the meaning of such terms.''
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    Upon filing this proposed rule change, the Exchange will no longer
accept new ETP applications or further consider any pending
applications, and will promptly notify its ETP Holders through an [sic]
Regulatory Circular that the Exchange will terminate the ETP status of
all ETP Holders as of the close of business on February 1, 2017.
    This proposed rule change is not intended to affect the ownership
structure of the Exchange or alter any of the Exchange's self-
regulatory responsibilities.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Exchange Act \8\ in general, and with Section
6(b)(5) \9\ in particular, that the rules of an exchange be 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 regulating, clearing, settling,
processing information with respect to, and 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.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In particular, the Exchange believes that the proposed rule change
would remove impediments to and perfect the mechanism of a free and
open market and national market system because allowing the Exchange to
cease trading on its legacy system would facilitate the Exchange's
transition to Pillar, an integrated trading technology platform
designed to reduce complexity and enhance consistency, performance, and
resiliency. The Exchange believes that trading on Pillar will result in
more efficient processing of transactions and promote harmonized order
types and messaging on the Exchange and across its affiliates, thereby
removing impediments to and perfecting the mechanism of a free and open
market and national market system and ultimately benefitting all market
participants.
    Further, the Exchange notes that its parent company, NYSE Group,
Inc., announced on January 17, 2017, its intention to cease Exchange
trading operations immediately following the close of the Transaction.
Accordingly, the Exchange believes that ETP Holders have had sufficient
time prior to the [sic] February 1, 2017 to determine the exchanges and
trading venues to which they will direct orders after that date and to
make necessary adjustments to their respective trading systems. In
addition, all ETP Holders will be

advised that the Exchange will terminate their ETP status as of
February 1, 2017.

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 decision to cease
trading activity as of February 1, 2017 will result in one less
operational trading venue for equity securities. The Exchange notes
that there are numerous stock exchanges and other trading venues
available to market participants to trade equity securities, including
the Exchange's affiliates. The Exchange currently has approximately
0.02% of market share among national stock exchanges. In light of the
low trading volume on the Exchange and the ability of ETP Holders to
trade equity securities on other venues, the Exchange does not believe
that its proposal will have any substantial competitive impact.

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)(iii) of the Act \10\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\11\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative before 30 days from the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest.
---------------------------------------------------------------------------

    \12\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Exchange has asked the Commission to waive the 30-day operative
delay. Such waiver will allow the Exchange to cease trading on the
System as of February 1, 2017, before market open.\13\
---------------------------------------------------------------------------

    \13\ The Exchange also asked the Commission to waive the 5-day
pre-filing requirement in Rule 19b-4(f)(6). The Commission waived
the requirement.
---------------------------------------------------------------------------

    The Exchange has represented that (i) ETP Holders have had
sufficient time to determine to which exchanges and trading venues they
may direct orders after trading ceases on the Exchange and to make
necessary adjustments to their respective trading systems; (ii) the
Exchange will advise all ETP Holders that the Exchange will terminate
their ETP status as of February 1, 2017; and (iii) the Exchange, as of
the date of filing the instant proposed rule change, had approximately
0.02% of market share among national securities exchanges. For these
reasons, the Commission believes that waiving the 30-day operative
delay is consistent with the protection of investors and the public
interest. Therefore, the Commission hereby waives the 30-day operative
delay and designates the proposed rule change to be operative upon
filing with the Commission.\14\
---------------------------------------------------------------------------

    \14\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) 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.

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_ADDRESS>Please include
File Number SR-NSX-2017-04 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-NSX-2017-04. 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 Web site (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 Web site 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 such filing also will be available
for inspection and copying at the principal offices of the Exchange.
All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-NSX-2017-04,
and should be submitted on or before March 9, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-03107 Filed 2-15-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 224 (Monday, November 21, 2011)]
[Rules and Regulations]
[Pages 71880-71881]
[FR Doc No: 2011-29910]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 26

[EPA-HQ-OPP-2010-0785; FRL-9325-5]
RIN 2070-AJ76

Protections for Subjects in Human Research Involving Pesticides;
Notification of Submission to the Secretary of Agriculture

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notification of submission to the Secretary of Agriculture.

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SUMMARY: This document notifies the public that the Administrator of
EPA has forwarded to the Secretary of the United States Department of
Agriculture (USDA) a draft final rule as required by section 25(a) of
the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA).

ADDRESSES: EPA has established a docket for this action under docket
identification (ID) number EPA-HQ-OPP-2010-0785. All documents in the
docket are listed in the docket index available in http://www.regulations.gov. Although listed in the index, some information is
not publicly available, e.g., Confidential Business Information (CBI)
or other information whose disclosure is restricted by statute. Certain
other material, such as copyrighted material, is not placed on the
Internet and will be publicly available only in hard copy form.
Publicly available docket materials are available in the electronic
docket at http://www.regulations.gov, or, if only available in hard
copy, at the OPP Regulatory Public Docket in Rm. S-4400, One Potomac
Yard (South Bldg.), 2777 S. Crystal Dr., Arlington, VA. The Docket
Facility is open from 8:30 a.m. to 4 p.m., Monday through Friday,
excluding legal holidays. The Docket Facility telephone number is (703)
305-5805.

FOR FURTHER INFORMATION CONTACT: Kelly Sherman, Immediate Office of the
Director (7501P), Office of Pesticide Programs, Environmental
Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460-
0001; telephone number:<PHONE_NUMBER>; email address:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Does this action apply to me?

    This action is directed to the public in general. It simply
announces the submission of a draft final rule to the Secretary of USDA
and does not otherwise affect any specific entities. This action may,
however, be of particular interest to pesticide registrants (NAICS code
325320) who sponsor or conduct human research for pesticides, and to
other entities that sponsor or conduct human research for pesticides
(NAICS code 541710). Since other entities may also be interested, the
Agency has not attempted to describe all the specific entities that may
be interested in this action. If you have any questions regarding this
action, consult the person listed under FOR FURTHER INFORMATION
CONTACT.

II. What action is EPA taking?

    As described in the Agency's semi-annual Regulatory Agenda, the
draft final rule would take final action with regard to the proposed
rule issued on February 2, 2011 (76 FR 5735). The amendments would make
no changes to the Common Rule or EPA's codification of the Common Rule.
EPA proposed these amendments as a result of a settlement agreement.
    Section 25(a)(2)(B) of FIFRA requires the EPA Administrator to
provide the Secretary of USDA with a copy of any draft final rule at
least 30 days before signing it in final form for publication in the
Federal Register. The draft final rule is not available to the public
until after it has been signed by EPA. If the Secretary of USDA
comments in writing regarding the draft final rule within 15 days after
receiving it, the EPA Administrator shall include in the final rule,
when published in the Federal Register, the comments of the Secretary
of USDA, if requested by the Secretary of USDA, and the EPA
Administrator's response to those comments. If the Secretary of USDA
does not comment in writing within 15 days after receiving the draft
final rule, the EPA Administrator may sign the final rule for
publication in the Federal Register any time after the 15-day period.

III. Do any statutory and Executive Order reviews apply to this
notification?

    No. This document is not a rule. It is merely a notification of
submission to the Secretary of USDA. As such, none

of the regulatory assessment requirements apply to this document.

IV. Will this notification be subject to the Congressional Review Act?

    No. This action is not a rule for purposes of the Congressional
Review Act (CRA), 5 U.S.C. 804(3), and will not be submitted to
Congress and the Comptroller General. EPA will submit the final rule to
Congress and the Comptroller General as required by CRA.

List of Subjects in 40 CFR Part 26

    Environmental protection, Human research, Pesticides.

    Dated: November 4, 2011.
Steven Bradbury,
Director, Office of Pesticide Programs.
[FR Doc. 2011-29910 Filed 11-18-11; 8:45 am]
BILLING CODE 6560-50-P