[Federal Register Volume 82, Number 154 (Friday, August 11, 2017)]
[Notices]
[Pages 37625-37626]
[FR Doc No: 2017-16928]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81325; File No. SR-NYSEARCA-2017-82]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change in Connection With
the September 5, 2017 Compliance Date for the Shortening of the
Standard Settlement Cycle From Three Business Days After the Trade Date
to Two Business Days After the Trade Date

August 7, 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 July 26, 2017, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') 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.
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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 Substance
of the Proposed Rule Change

    The Exchange proposes in connection with the September 5, 2017,
compliance date for the shortening of the standard settlement cycle
from three business days after the trade date (``T+3'') to two business
days after the trade date (``T+2''), to (1) delete NYSE Arca Equities
Rule 7.4 (Ex-Dividend or Ex-Right Dates); (2) delete the preamble and
``T'' modifier from NYSE Arca Equities Rule 7.4T (``Rule 7.4T''); and
(3) establish the operative date of Rule 7.4T. 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
    In connection with the September 5, 2017, compliance date for
shortening of the standard settlement cycle from T+3 to T+2, the
Exchange proposes to (1) delete NYSE Arca Equities Rule 7.4 (``Rule
7.4''); (2) delete the preamble and ``T'' modifier from Rule 7.4T; and
(3) establish the operative date of Rule 7.4T as September 5, 2017.
Background
    On September 28, 2016, the Securities and Exchange Commission
(``SEC'') proposed amendments to Rule 15c6-1(a) to shorten the standard
settlement cycle from T+3 to T+2.\4\ Following this action by the SEC,
the Exchange adopted a new Rule 7.4 with the modifier ``T'' to reflect
a T+2 settlement cycle.\5\ Because the Exchange would not implement
Rule 7.4T until after the final implementation of T+2, the Exchange
retained the version of Rule 7.4 reflecting T+3 settlement on its
books. In order to reduce the potential for confusion regarding which
version of the rule governs, the Exchange added explanatory preambles
to Rule 7.4 and Rule 7.4T.
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    \4\ See Securities Exchange Act Release No. 78962 (September 28,
2016), 81 FR 69240 (October 5, 2016) (File No. S7-22-16).
    \5\ See Securities Exchange Act Release No. 79732 (January 4,
2017), 82 FR 3042 (January 10, 2017) (SR-NYSEArca-2016-145).
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    In particular, the following preamble was added to Rule 7.4:

    This version of Rule 7.4 will remain operative until the
Exchange files separate proposed rule changes as necessary to
establish the operative date of ``Rule 7.4T. Ex-Dividend or Ex-Right
Dates,'' to delete this version of Rule 7.4 and preamble, and to
remove the preamble text from the version of Rule 7.4T. In addition
to filing the necessary proposed rule changes, the Exchange will
announce via Information Memo the operative date of the deletion of
this Rule and implementation of ``Rule 7.4T. Ex-Dividend or Ex-Right
Dates.''

    The following preamble was added to Rule 7.4T:

    The Exchange will file separate proposed rule changes to
establish the operative date of Rule 7.4T, to delete ``Rule 7.4. Ex-
Dividend or Ex-Right Dates'' and the preamble text from Rule 7.4,
and to remove the preamble text from the version of Rule 7.4T. Until
such time, ``Rule 7.4. Ex-Dividend or Ex-Right Dates'' will remain
operative. In addition to filing the necessary proposed rule
changes, the Exchange will announce via Information Memo the
implementation of this Rule and the operative date of the deletion
of ``Rule 7.4. Ex-Dividend or Ex-Right Dates.''

    On March 22, 2017, the SEC adopted the proposed amendment to Rule
15c6-1(a) under the Act \6\ with a compliance date of September 5,
2017.\7\
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    \6\ See 17 CFR 240.15c6-1(a).
    \7\ See Securities Exchange Act Release No. 80295 (March 22,
2017), 82 FR 15564 (March 29, 2017) (File No. S7-22-16).
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Proposed Rule Change
    In order to comply with the September 5, 2017, transition to T+2
settlement, the Exchange proposes to:
     Delete Rule 7.4, including the preamble, in its entirety;
     delete the preamble to Rule 7.4T; and
     delete the ``T'' modifier in Rule 7.4T, which
distinguished it from Rule 7.4.
    The Exchange proposes that the changes described herein would take
effect on September 5, 2017, to coincide with the transition to T+2.
The Exchange will announce via Information Memo the implementation of
Rule 7.4T and the operative date of the deletion of Rule 7.4.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\8\ in general, and further the objectives
of Section 6(b)(5) of the Act,\9\ in particular, because it is designed
to prevent fraudulent and manipulative acts and practices, promote just
and equitable principles of trade, 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.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
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    In particular, the Exchange believes that the proposed changes
remove impediments to and perfect the mechanism of a free and open
market by

adding clarity as to which rules are operative and when, thereby
reducing potential confusion, and making the Exchange's rules easier to
navigate. The Exchange also believes that eliminating obsolete material
from its rulebook also removes impediments to and perfects the
mechanism of a free and open market by removing confusion that may
result from having obsolete material in the Exchange's rulebook. The
Exchange believes that eliminating such obsolete material would not be
inconsistent with the public interest and the protection of investors
because investors will not be harmed and in fact would benefit from
increased transparency, thereby reducing potential confusion.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change would
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed change is not
designed to address any competitive issue but rather facilitate the
industry's transition to a T+2 regular-way settlement cycle. The
Exchange also believes that the proposed rule change will serve to
promote clarity and consistency, thereby reducing burdens on the
marketplace and facilitating investor protection.

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 \10\ and Rule 19b-
4(f)(6) thereunder.\11\
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    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of its
intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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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_ADDRESS>Please include
File Number SR-NYSEARCA-2017-82 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEARCA-2017-82. 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 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; 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-NYSEARCA-2017-82 and should
be submitted on or before September 1, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-16928 Filed 8-10-17; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 96 (Wednesday, May 18, 2022)]
[Notices]
[Page 30214]
[FR Doc No: 2022-10604]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 539-000]

Lock 7 Hydro Partners; Notice of Authorization for Continued
Project Operation

    The license for the Mother Ann Lee Hydroelectric Project No. 539
was issued for a period ending April 30, 2022.
    Section 15(a)(1) of the FPA, 16 U.S.C. 808(a)(1), requires the
Commission, at the expiration of a license term, to issue from year-to-
year an annual license to the then licensee(s) under the terms and
conditions of the prior license until a new license is issued, or the
project is otherwise disposed of as provided in section 15 or any other
applicable section of the FPA. If the project's prior license waived
the applicability of section 15 of the FPA, then, based on section 9(b)
of the Administrative Procedure Act, 5 U.S.C. 558(c), and as set forth
at 18 CFR 16.21(a), if the licensee of such project has filed an
application for a subsequent license, the licensee may continue to
operate the project in accordance with the terms and conditions of the
license after the minor or minor part license expires, until the
Commission acts on its application. If the licensee of such a project
has not filed an application for a subsequent license, then it may be
required, pursuant to 18 CFR 16.21(b), to continue project operations
until the Commission issues someone else a license for the project or
otherwise orders disposition of the project.
    If the project is subject to section 15 of the FPA, notice is
hereby given that an annual license for Project No. 539 is issued to
Lock 7 Hydro Partners for a period effective May 1, 2022 through April
30, 2023, or until the issuance of a new license for the project or
other disposition under the FPA, whichever comes first. If issuance of
a new license (or other disposition) does not take place on or before
April 30, 2023, notice is hereby given that, pursuant to 18 CFR
16.18(c), an annual license under section 15(a)(1) of the FPA is
renewed automatically without further order or notice by the
Commission, unless the Commission orders otherwise.
    If the project is not subject to section 15 of the FPA, notice is
hereby given that Lock 7 Hydro Partners is authorized to continue
operation of the Mother Ann Lee Hydroelectric Project under the terms
and conditions of the prior license until the issuance of a new license
for the project or other disposition under the FPA, whichever comes
first.

    Dated: May 11, 2022.
Kimberly D. Bose,
Secretary.
[FR Doc. 2022-10604 Filed 5-17-22; 8:45 am]
BILLING CODE 6717-01-P