[Federal Register Volume 80, Number 225 (Monday, November 23, 2015)]
[Notices]
[Pages 73006-73009]
[FR Doc No: 2015-29709]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76454; File No. SR-BX-2015-067]

Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Sponsored Access

November 17, 2015.
    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 November 4, 2015, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I, II,
and III, below, which Items have been prepared by the Exchange. 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 amend BX Rule 4615 entitled, ``Sponsored
Participants'' to: (1) Define the term ``Sponsored Access'' and
``Customer Agreement;'' (2) specify the requirements to comply with
Rule 15c3-5 under the Securities Exchange Act of 1934 (``Market Access
Rule''); and (3) remove the requirement that each Sponsored Participant
and each Sponsoring Member must enter into certain agreements with the
Exchange.
    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqomxbx.cchwallstreet.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 Exchange 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 these 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 aspects of such
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the filing is to amend BX Rule 4615 entitled,
``Sponsored Participants'' to: (1) Define the term ``Sponsored
Access,'' and specifically stating that compliance with the Market
Access Rule is required, and defining ``Customer Agreement'' to refer
to the agreement that must be executed between the Sponsoring
Participant and the Sponsoring Member; (2) specify the requirements to
comply with the Market Access Rule; and (3) remove the requirement that
each Sponsored Participant and each Sponsoring Member must enter into
certain agreements with the Exchange to streamline its rule and remove
unnecessarily burdensome notice requirements to the Exchange.
Defining Sponsored Access
    A Sponsored Participant may be a member or a non-member of the
Exchange, such as an institutional investor, that gains access to the
Exchange \3\ and trades under a Sponsoring Member's execution and
clearing identity pursuant to sponsorship arrangements currently set
forth in BX Rule 4615. The Exchange is proposing to define the term
``Sponsored Access'' to clarify the type of market access arrangement
that is subject to BX Rule 4615. The Exchange proposes to amend BX Rule
4615(a) to add the following definition, ``Sponsored Access shall mean
an arrangement whereby a member permits its customers to enter orders
into the Exchange's System that bypass the member's trading system and
are routed directly to the Exchange, including routing through a
service bureau or other third party technology provider.'' This
definition was derived from the Commission's description of Sponsored
Access used in the release approving the Market Access Rule.\4\ The
Exchange believes that defining Sponsored Access in BX Rule 4615 will
provide market participants with greater clarity concerning Sponsored
Access and their obligations with respect to this type of access
arrangement.
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    \3\ For example, a broker-dealer may allow its customer--whether
an institution such as a hedge fund, mutual fund, bank or insurance
company, an individual, or another broker-dealer--to use the broker-
dealer's MPID, account or other mechanism or mnemonic used to
identify a market participant for the purposes of electronically
accessing the Exchange.
    \4\ The Market Access Rule, among other things, requires broker-
dealers providing others with access to an exchange or alternative
trading system to establish, document, and maintain a system of risk
management controls and supervisory procedures reasonably designed
to manage the financial, regulatory, and other risks of providing
such access. See Securities Exchange Act Release No. 63241 (November
3, 2010), 75 FR 69792 (November 15, 2010).
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Defining Customer Agreement
    The Exchange proposes to amend BX Rule 4615(b)(i) to define the
agreement that Sponsored Participants must enter into and maintain with
one or more Sponsoring Members to establish proper relationship(s) and
account(s) through which the Sponsored Participant may trade on the BX
Market, as a ``Customer Agreement.''
Market Access Rule
    Pursuant to BX Rule 4615, the Sponsoring Member is responsible for
the activities of the Sponsored Participant. Sponsored Participants are
required to have procedures in place to comply with Exchange rules, and
the Sponsoring Member takes responsibility for the Sponsored
Participant's activity on the Exchange. Members may have multiple
Sponsored Access relationships in place at a given time. The Exchange's
examination program assesses compliance with BX Rule 4615, among other
rules.\5\ The Exchange proposes to specifically enumerate within BX
Rule 4615 the member's obligation to comply with the Market Access
Rule, which members are currently required to comply with respecting
market access. The Exchange believes that specifying the obligation to
comply with the Market Access Rule specifically will reinforce that BX
Rule 4615 presupposes member compliance with the Market Access Rule.
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    \5\ The Exchange has a Regulatory Services Agreement with
Financial Industry Regulatory Authority (``FINRA'') to conduct
regulatory examinations, among other obligations.
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Elimination of Certain Contract Requirements
    At this time, the Exchange proposes to remove requirements to
submit certain forms to the Exchange. There are three forms that are
currently required by BX Rule 4615: (1) An agreement between the
Sponsored Participant and the Exchange (``Exchange Agreement''); (2) a

User Agreement between the Sponsored Participant and its Sponsoring
Member that is provided to the Exchange; and (3) a Notice of Consent
provided to the Exchange by the Sponsoring Member. BX Rule 4615 will
continue to require that each Sponsored Participants enter into a
Customer Agreement with each Sponsoring member to establish proper
relationship(s) and account(s) through which the Sponsored Participant
may trade on the BX Market. These Customer Agreement(s) must
incorporate the Sponsorship Provisions set forth in paragraph (ii) in
BX Rule 4615.\6\ The Customer Agreement remains unaffected by this rule
proposal. Also, the Exchange is proposing to amend BX Rule 4615 to
identify the aforementioned agreement as the ``Customer Agreement.''
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    \6\ The Customer Agreement is required to include, among other
language, all orders entered by the Sponsored Participants and any
person acting on behalf of or in the name of such Sponsored
Participant and any executions occurring as a result of such orders
are binding in all respects on the Sponsoring Member and, also,
Sponsoring Member is responsible for any and all actions taken by
such Sponsored Participant and any person acting on behalf of or in
the name of such Sponsored Participant.
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    Today, only members may request connectivity to the Exchange. A
member may obtain one or more ports for the purpose of providing
Sponsored Access. If separate ports are requested by a member for the
purpose of providing Sponsored Access, the member must request those
ports from the Exchange and the member is responsible for the Sponsored
Participant's activity on the Exchange. In all circumstances, the
Exchange will only permit members to request connectivity to the market
and the member is responsible for all customer orders submitted through
the member's port.
    First, the Exchange believes that completing and submitting the
Exchange Agreement, User Agreement and Notice of Consent is
unnecessarily burdensome in light of the current structure in place at
the Exchange. Only members may request connectivity to the Exchange by
contacting BX Subscriber Services. Such connection by the member
requires approval by the Exchange for the purpose of testing as well as
other relevant information sharing with the Exchange by the member to
obtain a port. The Exchange is aware of the member responsible for each
of its ports, however the Exchange may not be aware of the member's
Sponsored Access arrangements due to varied ways that a member may
utilize a port. The Exchange believes the requirement to also complete
and submit an Exchange Agreement, User Agreement and Notice of Consent
with our BX Membership Department is viewed as unnecessarily burdensome
by members because of the multitude of relationships the member has
with various customers. Members have expressed to the Exchange that
they have multiple relationships with customers, which customer
relationships change over time.\7\ Members have indicated that the
necessity to continuously disclose the updated customer relationships
to the Exchange is burdensome and unnecessary as they remain
responsible for all activity conducted on the Exchange through a port
assigned to the member. Further such information is available to the
Exchange upon Exchange request from its regulatory group.\8\
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    \7\ For example, a broker-dealer's customers, which could
include hedge funds, institutional investors, individual investors,
and other broker-dealers.
    \8\ See BX Rule 8210.
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    Second, the Exchange believes that the Exchange Agreement between
the Sponsored Participant and the Exchange is also unnecessarily
burdensome. The requirement to provide this form was intended to give
the Exchange notification that such a relationship existed and to
ensure that the Sponsored Participant was informed of the Exchange's
Certificate of Incorporation, Bylaws, Rules and procedures. The
agreements also provided the Exchange with contractual privity, which
would no longer exist with the removal of the Exchange Agreement. The
Exchange does not believe the loss of privity with the Sponsored
Participant creates a concern as the Exchange has the ability to remove
access to the port \9\ at any time if the activity of the Sponsored
Participant warrants such removal. In addition, as discussed below, the
Sponsored Participant will be made aware of its obligations through the
Customer Agreement that it executed with the Sponsoring Member. As
noted above, the Exchange only permits its members to request
connectivity to the Exchange's System and members responsible for all
trades submitted through such ports. Pursuant to BX Rule 4615 the
trading activity of a Sponsored Participant must be monitored by the
Sponsoring Member for compliance with the terms of the Customer
Agreement with the Sponsoring Participant.\10\ Finally, the member
continues to be obligated to comply with BX Rule 4615 and the Market
Access Rule. The Sponsoring Member is responsible for any and all
actions taken by such Sponsored Participant and any person acting on
behalf of or in the name of such Sponsored Participant.
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    \9\ BX Rule 4611, entitled ``NASDAQ OMX BX Market Participant
Registration'' permits BX to impose upon any BX Market Maker, BX ECN
or Order Entry Firm such temporary restrictions upon the automated
entry or updating of orders or Quotes/Orders as BX may determine to
be necessary to protect the integrity of BX's systems.
    \10\ See BX Rule 4615(b)(ii)(G).
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    BX Rule 4615 requires that the Sponsored Participant and the
Sponsored Member maintain a Customer Agreement to ensure compliance
with the Exchange's Rules and obligations related to security, among
other things.\11\ BX Rule 4615 requires that the Customer Agreement
specify that the Sponsored Participant shall maintain, keep current and
provide to the Sponsoring Member a list of individuals authorized to
obtain access to the Exchange on behalf of the Sponsored Participant
and provide appropriate training. In addition, pursuant to the Customer
Agreement provisions, the Sponsored Participant is required to take
reasonable security precautions to prevent unauthorized use or access
to the Exchange, including unauthorized entry of information into the
Exchange, or the information and data made available therein. Finally,
the Customer Agreement must provide that the Sponsored Participant is
responsible for any and all orders, trades and other messages and
instructions entered, transmitted or received under identifiers,
passwords and security codes of authorized individuals, and for the
trading and other consequences thereof, including granting unauthorized
access to the Exchange. The contents and the requirement for a Customer
Agreement are unchanged.
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    \11\ See BX Rule 4615(b)(ii)(B).
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    Pursuant to BX Rule 4615 the Sponsoring Member must provide a
Notice of Consent to the Exchange. The Exchange believes that a Notice
of Consent provided to the Exchange by the Sponsoring Member is also
unnecessarily burdensome. The Notice of Consent notifies the Exchange
of the relationship between the Sponsoring Member and the Sponsored
Participant. However, as noted above, the Exchange's regulatory group
may request information about a particular customer relationship as it
deems necessary. \12\ Further, the Exchange is made aware of the
existence of ports when the Sponsoring Member requests connectivity to
the Exchange and the Members are responsible for all trading activity
by its Sponsored Participant. In addition, the Exchange, through its
Regulatory Services Agreement with the

Financial Industry Regulatory Authority (FINRA), reviews for member
compliance with BX Rule 4615 and the Market Access Rule. The Exchange
has the ability to remove access to the port \13\ at any time if the
activity of the Sponsored Participant would warrant such removal.
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    \12\ See BX Rule 8210.
    \13\ See note 9.
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    In light of the foregoing, the requirement to complete and submit
an Exchange Agreement and Notice of Consent with the BX Membership
Department is viewed as unnecessarily burdensome by members, who must
update their customer relationships internally and provides such
information upon Exchange request.
    Finally, the Exchange notes it is correcting a capitalization in BX
Rule 4615(ii)(C).
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \14\ in general, and furthers the objectives of Section
6(b)(5) of the Act \15\ 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, by enhancing the risk protections available to Exchange
members.
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    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
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Defining Sponsored Access
    Adding a definition of Sponsored Access will assist market
participants to understand the type of arrangements that are subject to
BX Rule 4615 and such clarity will serve to promote just and equitable
principles of trade. Members have indicated, and the Exchange believes,
that adding the Sponsored Access definition will provide members with
additional guidance with respect to BX Rule 4615.
Defining Customer Agreement
    Defining the agreement that Sponsored Participants must enter into
and maintain with one or more Sponsoring Members to establish proper
relationship(s) and account(s) through which the Sponsored Participant
may trade on the BX Market, as a ``Customer Agreement'' will also serve
to provide members with clarity on the agreement that the Exchange will
continue to require and the obligations that are contained within the
Customer Agreement. This amendment is non-substantive.
Market Access Rule
    Members continue to be required to comply with Rule 4615 and the
Market Access Rule. The Exchange believes that specifically enumerating
the member's responsibility to comply with the Market Access Rule will
provide member's with additional guidance concerning the application of
the Rule. This change is non-substantive as members are currently
responsible to comply with the Market Access Rule.
Elimination of Certain Contract Requirements
    Removing the requirement to submit and complete an Exchange
Agreement, User Agreement and Notice of Consent will remove impediments
to and perfect the mechanism of a free and open market by removing a
burdensome and time-consuming requirement for members. While
elimination of the Exchange Agreement requirement will also eliminate
the Exchange's contractual privity with the Sponsored Participant, he
Exchange notes that any potential concerns to the loss of privity are
mitigated by the Exchange's ability to restrict the Sponsored
Participant's access to a port \16\ at any time it is warranted by the
Sponsored Participant's trading activity. Also, members have indicated
that customer relationships must be frequently updated and it is
unnecessarily burdensome to continuously update the Exchange with this
information that is available upon request. Connectivity to the
Exchange is authorized by the Exchange and must be requested by a
member of the Exchange. Such connection requires approval by the
Exchange, testing and other security features as well as information
sharing with the Exchange by the member. In addition, BX Rule 4615
delineates the terms of the required contractual relationship between
the Sponsoring Member and the Sponsored Participant in the Customer
Agreement, which remains in effect. The Exchange believes that the
Notice of Consent is unnecessary as Sponsoring Members must request
connectivity to the Exchange as well as enter into a Customer Agreement
with the Sponsored Participant. Finally, as is the case with other
Exchange Rules, the Exchange examines for compliance with BX Rule 4615
and may request information about any customer relationship which
concerns the Exchange.
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    \16\ See note 9.
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    The requirement to also complete and submit an Exchange Agreement,
User Agreement and a Notice of Consent with our BX Membership
Department is viewed as unnecessarily burdensome by members, who must
update their customer relationships internally.

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 not necessary or appropriate in
furtherance of the purposes of the Act for the reasons below.
Defining Sponsored Access
    The addition of a definition for Sponsored Access will assist
market participants to understand the type of arrangement subject to BX
Rule 4615 and such clarity will serve to promote just and equitable
principles of trade.
Defining Customer Agreement
    Defining the agreement that Sponsored Participants must enter into
and maintain with one or more Sponsoring Members to establish proper
relationship(s) and account(s) through which the Sponsored Participant
may trade on the BX Market, as a ``Customer Agreement'' does not create
an undue burden on competition as this amendment is non-substantive and
the Exchange believes that providing guidance concerning the type of
arrangement subject to BX Rule 4615 will facilitate member compliance
and does not unduly burden competition.
Market Access Rule
    In addition, the Exchange believes that specifically enumerating
the member's obligation to comply with the Market Access Rule does not
create an undue burden on competition, but rather reinforces the
application of the Rule. This change is non-substantive as members are
currently responsible to comply with the Market Access Rule.
Elimination of Certain Contract Requirements
    Removing the requirement to complete an Exchange Agreement, User
Agreement and Notice of Consent under BX Rule 4615 does not create an
undue burden on competition. The Exchange believes that this
requirement is unnecessarily burdensome as the Exchange's regulatory
group may request information about a particular customer relationship
as it deems necessary.\17\ Further, the Exchange is made aware of the
existence of ports when the Sponsoring Member requests connectivity to
the Exchange and the

Members are responsible for all trading activity by its Sponsored
Participant. In order to obtain connectivity to the Exchange, members
are required to contact BX Subscriber Services and request a connection
to the market. Such connection requires approval by the Exchange,
testing and other security features as well as information sharing with
the Exchange by the member. Only members are permitted to request
connectivity to the Exchange. The requirement to also complete and
submit an Exchange Agreement, User Agreement and a Notice of Consent
with our BX Membership Department is viewed as unnecessarily burdensome
by members, who must update their customer relationships internally.
Additionally, the Exchange examines for compliance with BX Rule 4615
and may request information about any customer relationship which
concerns the Exchange.
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    \17\ See BX Rule 8210.
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    The Sponsoring Member remains responsible for customer activity
conducted on the Exchange through the Customer Agreement, among other
obligations. Additionally, Sponsored Participants that obtain access to
the Exchange's System are required to take reasonable security
precautions and prevent unauthorized use or access to the BX Market,
including unauthorized entry of information into the BX Market,\18\
pursuant to the Customer Agreement. Further, the Sponsored Participants
is responsible to establish adequate procedures and controls that
permit it to effectively monitor its employees', agents' and customers'
use and access to the BX Market for compliance with the terms of this
agreement.\19\ In addition, the Exchange, through its Regulatory
Services Agreement with FINRA conducts reviews of members for
compliance with BX Rule 4615 and the Market Access Rule. The Exchange
has the ability to remove access to the port \20\ at any time if the
activity of the Sponsored Participant would warrant such removal.
Finally, BX Rule 4615 is currently applicable to all BX members that
desire to sponsor access for its customers and applies to trading in
all securities on the Exchange.
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    \18\ See BX Rule 4615(b)(ii)(G).
    \19\ See BX Rule 4615(b)(ii)(H).
    \20\ See note 9.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change does not significantly
affect the protection of investors or the public interest; does not
impose any significant burden on competition; and by its terms does not
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) \21\ of the Act and Rule 19b-
4(f)(6) thereunder.\22\
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    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 17 CFR 240.19b-4(f)(6).
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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 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-BX-2015-067 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-BX-2015-067. 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-BX-2015-067 and should be
submitted on or December 14, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-29709 Filed 11-20-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: June 16, 2010 (Volume 75, Number 115)]
[Notices]
[Page 34115-34117]
[DOCID:fr16jn10-57]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2010-0030; FRL-8809-5]

Pesticides; Availability of Updated Schedule for Registration
Review

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY:  EPA is announcing the availability of an updated schedule for
the pesticide registration review program, the periodic review of all
registered pesticides mandated by section 3(g) of the Federal
Insecticide, Fungicide, and Rodenticide Act (FIFRA). The updated
schedule provides the timetable for opening dockets for the next 4
years of the registration review program - FY 2010 to 2013-and includes
information on the FY 2007 through FY 2009 registration review cases.

FOR FURTHER INFORMATION CONTACT:  Kevin Costello, Pesticide Re-
Evaluation Division (7508P), Office of Pesticide Programs,
Environmental Protection Agency, 1200 Pennsylvania Ave., NW.,
Washington, DC 20460-0001; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this Action Apply to Me?

    This action is directed to the public in general, and may be of
interest to a wide range of stakeholders including environmental, human
health, farm worker, and agricultural advocates; the chemical industry;
pesticide users; and members of the public interested in the sale,
distribution, or use of pesticides. Since others also may be
interested, the Agency has not attempted to describe all the specific
entities that may be affected by this action. If you have any questions
regarding the applicability of this action to a particular entity,
consult the person listed under FOR FURTHER INFORMATION CONTACT.

B. How Can I Get Copies of this Document and Other Related Information?

     EPA has established a docket for this action under docket
identification (ID) number EPA-HQ-OPP-2010-0030. Publicly available
docket materials are available either in the electronic docket at
http://www.regulations.gov, or, if only available in hard copy, at the
Office of Pesticide Programs (OPP) Regulatory Public Docket in Rm. S-
4400, One Potomac Yard (South Bldg.), 2777 S. Crystal Dr., Arlington,
VA. The hours of operation of this Docket Facility are from 8:30 a.m.
to 4 p.m., Monday through Friday, excluding legal holidays. The Docket
Facility telephone number is<PHONE_NUMBER>.

II. Background

A. What Action is the Agency Taking?

     EPA is issuing an updated schedule for the registration review
program, the Agency's periodic review of all registered pesticides
mandated by section 3(g) of FIFRA. This updated schedule provides the
timetable for opening dockets for the next 4 years of the program, FY
2010 to FY 2013.
     The Pesticide Registration Improvement Act of 2003 as amended in
2007 (PRIA II) requires EPA to complete registration review decisions
by October 1, 2022 for all pesticides registered as of October 1, 2007.
To ensure meeting this requirement, EPA will continue to open
approximately 70 pesticide registration review dockets annually
continuing through 2017, so that almost all pesticides registered at
the start of the program will have dockets opened by 2017. Some
biopesticide dockets will be opened in 2018 through 2020. The Agency
anticipates that this scheduling will provide adequate lead times to
complete registration review decisions by October 1, 2022 for all
pesticides registered as of October 1, 2007. EPA expects a total of
about 721 pesticide cases comprising 1,135 pesticide active ingredients
to undergo registration review by 2022.
     Each pesticide's place on the schedule is generally determined by
its baseline date -- the date of its last substantive review -- with
the oldest cases going first. The baseline date for a pesticide that
was subject to reregistration is the date of the Reregistration
Eligibility Decision (RED). The baseline date for pesticides that were
not subject to reregistration is the registration date of the first
product containing the active ingredient. Although, the schedule
generally is constructed chronologically, some registration review
cases are grouped in the schedule for greater efficiency. For example,
pesticides that are chemically related or use-related (e.g.,
organophosphate and carbamate chemical classes, the coppers group, and
the pyrethroids, pyrethrins, and syngergists group) generally will be
reviewed during the same time frame.
     The updated registration review schedule reflects EPA's decision
to review all pesticides in two groups -- the fumigants and the
triazines -- within the same time frame. In recent years, the Agency
moved these pesticides ahead in the schedule so that dockets for all
pesticides in these groups will open in FY 2013. While EPA is
implementing risk mitigation decisions for the soil fumigants, new
research is underway to address current data gaps and to refine
understanding of factors that affect how fumigants move in the
environment. New methods and technologies for fumigation are emerging.
By moving the soil fumigants forward in registration review from 2017
to 2013, the Agency will be able to consider new data and new
technologies sooner, determine whether mitigation included in its
decisions is effectively addressing risks as EPA believes it will, and
include other fumigants that were not part of the reregistration review
of these pesticides.
     EPA initiated a reevaluation of the triazine pesticide atrazine in
fall 2009. Given the availability of new scientific information as well
as the documented presence of atrazine in both drinking water sources
and other bodies of water, EPA has determined it appropriate to
consider the new research and to ensure that the Agency's regulatory
decisions about atrazine protect health and the environment. EPA's
reevaluation process is based on transparency and sound science,
including independent scientific peer review. The current atrazine
reevaluation will help address aspects of the atrazine registration
review scheduled to begin in 2013 that involve human health risk
assessment. As a result, the current reevaluation should reduce the
scope and resources needed to complete the atrazine registration
review.
     The registration review schedule for FY 2010 to FY 2013 and an
explanation of the schedule are available at: http://www.epa.gov/
oppsrrd1/registration_review/schedule.htm. Information about the
status of individual pesticides in registration review is available at:
http://www.epa.gov/oppsrrd1/registration_review/reg_ review_
status.htm. Background information on the registration review program
is provided at: http://www.epa.gov/oppsrrd1/registration_review/.

B. What is the Agency's Authority for Taking this Action?

     EPA is announcing this updated schedule for the registration
review program as provided in 40 CFR 155.42(d) and 155.44 of the
Procedural Regulations for Registration Review: Final Rule, document
number EPA-HQ-OPP-2004-0404-0052 at: http://www.regulations.gov. The
Agency may consider issues raised by the public or registrant when
reviewing a posted schedule, to schedule a pesticide registration
review, or to modify the schedule of a pesticide registration review as
appropriate. This schedule will be updated at least once every year.

List of Subjects

    Environmental protection, Agricultural commodities, Pesticides and
pests.

    Dated: June 7, 2010.
 Richard P. Keigwin, Jr.,
Director, Pesticide Re-Evaluation Division, Office of Pesticide
Programs.
[FR Doc. 2010-14517 Filed 6-15-10; 8:45 a.m.]
BILLING CODE 6560-50-S


[Federal Register Volume 82, Number 217 (Monday, November 13, 2017)]
[Notices]
[Pages 52340-52342]
[FR Doc No: 2017-24439]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82019; File No. SR-Phlx-2017-91]

Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Pricing
Schedule Section II, Entitled Multiply Listed Options Fees

November 6, 2017.
    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 November 1, 2017, Nasdaq PHLX LLC (``Phlx'' 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 Exchange. 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\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes to amend the Pricing Schedule, Section II,
entitled ``Multiply Listed Options Fees,'' \3\ as further discussed
below.
---------------------------------------------------------------------------

    \3\ This includes options overlying equities, ETFs, ETNs and
indexes which are multiply listed.
---------------------------------------------------------------------------

    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqphlx.cchwallstreet.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 Exchange 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 these

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 aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to amend Section II of
the Exchange's Pricing Schedule to increase the assessment for select
Firm \4\ electronic simple orders.
---------------------------------------------------------------------------

    \4\ The term ``Firm'' applies to any transaction that is
identified by a member or member organization for clearing in the
Firm range at OCC.
---------------------------------------------------------------------------

    As set forth in Section II of the Pricing Schedule, the Exchange
currently charges a Penny Pilot Options Transaction Charge for
electronic simple orders that is $0.48 per contract for
Professional,\5\ Broker-Dealer \6\ and Firm orders, $0.22 per contract
for Specialist \7\ and Market Maker \8\ orders, and $0.00 for Customer
\9\ orders. In addition, the Exchange charges a reduced Penny Pilot
Options Transaction Charge for Firm electronic simple orders in AAPL,
BAC, EEM, FB, FXI, IWM, QQQ, TWTR, VXX and XLF (hereinafter, ``Select
Symbols'') that is $0.37 per contract (reduced from $0.48 per
contract).\10\ The reduced fee for Firm electronic simple orders in
Select Symbols (such reduced fee, the ``Select Firm Fee'') is to
incentivize Firms to transact more volume in Select Symbols, thereby
attracting more order flow to the Exchange.
---------------------------------------------------------------------------

    \5\ The term ``Professional'' applies to transactions for the
accounts of Professionals, as defined in Exchange Rule 1000(b)(14)
means any person or entity that (i) is not a broker or dealer in
securities, and (ii) places more than 390 orders in listed options
per day on average during a calendar month for its own beneficial
account(s). See Pricing Schedule, Preface.
    \6\ The term ``Broker-Dealer'' applies to any transaction which
is not subject to any of the other transaction fees applicable
within a particular category. See Pricing Schedule, Preface.
    \7\ The term ``Specialist'' applies to transactions for the
account of a Specialist (as defined in Exchange Rule 1020(a)). A
Specialist is an Exchange member who is registered as an options
specialist pursuant to Rule 1020(a). An options Specialist includes
a Remote Specialist which is defined as an options specialist in one
or more classes that does not have a physical presence on an
Exchange floor and is approved by the Exchange pursuant to Rule 501.
See Pricing Schedule, Preface.
    \8\ For purposes of the Pricing Schedule, the term ``Market
Maker'' will be utilized to describe the fees and rebates applicable
to Registered Options Traders (as defined in Exchange Rule 1014(b)),
Streaming Quote Traders (as defined in Exchange Rule 1014(b)(ii)(A))
and Remote Streaming Quote Traders (as defined in Exchange Rule
1014(b)(ii)(B)). See Pricing Schedule, Preface.
    \9\ The term ``Customer'' applies to any transaction that is
identified by a member or member organization for clearing in the
Customer range at The Options Clearing Corporation (``OCC'') which
is not for the account of a broker or dealer or for the account of a
``Professional'' (as that term is defined in Rule 1000(b)(14)). See
Pricing Schedule, Preface.
    \10\ See note 1 in Section II of the Pricing Schedule. Select
symbols represent high volume Penny Pilot options listed on the
Exchange.
---------------------------------------------------------------------------

    The Exchange now proposes to increase the $0.37 per contract Select
Firm Fee to raise revenue for the Exchange and help defray costs. As
proposed, note 1 in Section II of the Pricing Schedule will read,
``Firm electronic simple orders in AAPL, BAC, EEM, FB, FXI, IWM, QQQ,
TWTR, VXX and XLF will be assessed $0.45 per contract.''

2. Statutory Basis

    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\11\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\12\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Exchange believes its proposal to increase the Select Firm Fee
from $0.37 to $0.45 per contract is reasonable because the proposed
increase will help defray costs, and remains lower than the $0.48 per
contract Penny Pilot Options Transaction Charge assessed to all other
Firm electronic simple orders.\13\ Furthermore, the Exchange notes that
the proposed fee remains competitive with the fees of another options
market.\14\ Accordingly, the Exchange believes that the proposed $0.45
per contract fee for Firm electronic simple orders in Select Symbols,
which represent high volume Penny Pilot options listed on the Exchange,
will continue to be competitive and attract order flow to the Exchange,
to the benefit of all market participants.
---------------------------------------------------------------------------

    \13\ See Pricing Schedule, Section II.
    \14\ See, e.g., MIAX Options Fee Schedule at: https://www.miaxoptions.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_10112017.pdf.
---------------------------------------------------------------------------

    In addition, the Exchange believes the proposed $0.45 per contract
Select Firm Fee is equitable and not unfairly discriminatory because
the Exchange will apply the same fee to all similarly situated members.
For the reasons discussed above, the proposed fee provides an incentive
for Firms to transact order flow on the Exchange, which order flow
brings increased liquidity to the Exchange for the benefit of all
Exchange participants. To the extent the purpose of the proposed Select
Firm Fee is achieved, all market participants should benefit from the
improved market liquidity.

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 not necessary or appropriate in
furtherance of the purposes of the Act. As discussed above, the
Exchange believes that the proposed Select Firm Fee remains competitive
and will continue to attract order flow to the Exchange. The Exchange
notes that it operates in a highly competitive market in which market
participants can readily favor competing venues if they deem fee levels
at a particular venue to be excessive, or rebate opportunities
available at other venues to be more favorable. In such an environment,
the Exchange must continually adjust its fees to remain competitive
with other exchanges. For the reasons described above, the Exchange
believes that the proposed fee changes reflect this competitive
environment.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\15\
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

    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 protected]. Please include
File Number SR-Phlx-2017-91 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-Phlx-2017-91. 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. 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-Phlx-2017-91 and should be
submitted on or before December 4, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------

    \16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-24439 Filed 11-9-17; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 176 (Monday, September 12, 2011)]
[Notices]
[Pages 56244-56246]
[FR Doc No: 2011-23169]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65264; File No. SR-NYSE-2011-44]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Amending Section 501.00 of the Listed Company Manual To Expand the
Waiver Provision To Apply to Foreign Issuers

September 6, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on August 22, 2011, New York
Stock Exchange LLC (``NYSE'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change described in Items
I and II below, which items have been prepared primarily by NYSE.\2\
NYSE filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) and Rule 19b-4(f)(6) thereunder so that the proposed
rule change was effective upon filing with the Commission.\3\ The
Commission is publishing this notice to solicit

comments on the proposed rule change from interested parties.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ The text of the proposed rule change is attached as Exhibit
5 to NYSE's filing, which is available at http://www.nyse.com.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii) and 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

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

    NYSE proposes to amend Section 501.00 of the NYSE's Listed Company
Manual (``Manual'') to expand the waiver provision so that it applies
to all ``foreign issuers'' that otherwise qualify for the waiver rather
than just to ``foreign private issuers.''

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, NYSE 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 these statements may be examined at the places specified in
Item IV below. NYSE has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\4\
---------------------------------------------------------------------------

    \4\ The Commission has modified the text of the summaries
prepared by NYSE.
---------------------------------------------------------------------------

(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Section 501.00 of the Manual provides that all securities listed on
NYSE (with the exception of securities which are specifically permitted
to be book-entry only) must be eligible for a direct registration
system (``DRS'') operated by a securities depository.\5\ When Section
501.00 was initially adopted, NYSE recognized that the laws or
regulations of certain foreign countries might make it impossible for
companies or listing applicants incorporated in those countries to
comply with the DRS eligibility requirement of Section 501.00.
Consequently, the current rule contains a provision providing that NYSE
would waive the application of Section 501.00 to any listed company
that is a ``foreign private issuer'' \6\ that submits to NYSE a letter
from an independent home country counsel certifying that a home country
law or regulation prohibits such compliance. NYSE now proposes to amend
the waiver provision to extend its application to all ``foreign
issuers'' as that term is used in Securities Exchange Act Rule 3b-4,\7\
rather than only to ``foreign private issuers.'' NYSE believes this
amendment is necessary because the same legal or regulatory impediments
to DRS eligibility exist for a ``foreign issuer'' that is incorporated
in a foreign jurisdiction but that does not qualify for ``foreign
private issuer'' status exists for a ``foreign private issuer''
incorporated in the same jurisdiction that is currently eligible to use
the waiver provision in Section 501.00. Absent this extension of the
scope of the waiver provision, the DRS eligibility requirement would
render it impossible for a ``foreign issuer'' to list if it was not a
``foreign private issuer'' but was incorporated in a foreign
jurisdiction whose law or regulation made compliance with Section
501.00 impossible.
---------------------------------------------------------------------------

    \5\ Section 501.01 of the Manual provides that a ``securities
depository'' means a clearing agency, as defined in Section 3(a)(23)
of the Securities Exchange Act of 1934, that is registered with the
Securities and Exchange Commission pursuant to Section 17A(b)(2) of
that Act.
    \6\ The term ``foreign private issuer'' as used in Section
501.00 has the meaning set forth in Securities Exchange Act Rule 3b-
4. Under Rule 3b-4, the term ``foreign private issuer'' means any
foreign issuer other than a foreign government except for an issuer
meeting the following conditions as of the last business day of its
most recently completed second fiscal quarter: (a) More than 50
percent of the issuer's outstanding voting securities are directly
or indirectly held of record by residents of the United States and
(b) Any of the following: (i) the majority of the executive officers
or directors are United States citizens or residents; (ii) more than
50 percent of the assets of the issuer are located in the United
States; or (iii) the business of the issuer is administered
principally in the United States.
    \7\ For purposes of Securities Exchange Act Rule 3b-4, the term
``foreign issuer'' means any issuer which is a foreign government, a
national of any foreign country, or a corporation or other
organization incorporated or organized under the laws of any foreign
country.
---------------------------------------------------------------------------

    NYSE rules provide limited exemptions with respect to corporate
governance practices and interim earnings reporting for ``foreign
private issuers.'' \8\ NYSE does not intend to expand the scope of such
relief to ``foreign issuers'' that do not qualify for ``foreign private
issuer'' status. However, NYSE believes that the proposed amendment to
Section 501.00 is appropriate in light of the specific and discrete
problem faced by ``foreign issuers'' that are not ``foreign private
issuers'' but that are prohibited by home country law or regulation
from becoming DRS eligible.
---------------------------------------------------------------------------

    \8\ Section 103.00 of the Manual.
---------------------------------------------------------------------------

2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \9\ of the
Act of 1934, in general, and furthers the objectives of Section 6(b)(5)
of the Act,\10\ in particular in that 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 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. NYSE believes that the
proposed amendment is also consistent with the investor protection
objectives of the Act in that it will provide a very limited exception
to the DRS eligibility requirement of Section 501.00 that will be
available only to ``foreign issuers'' that provide a letter from home
country counsel certifying that compliance with that requirement is
prohibited by home country law or regulation.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

 (B) Self-Regulatory Organization's Statement on Burden on Competition

    NYSE 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.

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

    No written comments relating to the proposed rule change have been
solicited or received. NYSE will notify the Commission of any written
comments received by NYSE.

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

    NYSE has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\
Because the 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) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest, the proposed rule
change has become effective pursuant to Section 19(b)(3)(A)(iii) of the
Act \13\ and Rule 19b-4(f)(6) thereunder.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78(b)(3)(A)(iii).
    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ 15 U.S.C. 78(b)(3)(A)(iii).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \14\ normally
does not

become operative prior to 30 days after the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\15\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. NYSE has requested
that the Commission waive the 30-day delayed operative date so that the
proposed rule change may take effect upon filing with the Commission
pursuant to Section 19(b)(3)(A) and Rule 19b-4(f)(6) thereunder and
also become operative on the same date. NYSE believes that the waiver
of the 30-day operative delay is consistent with the protection of
investors and the public interest because the proposed change is of a
limited scope consistent with relief currently applicable to foreign
private issuers and because it would facilitate a prompt listing of
securities on NYSE that may otherwise be subject to conflicts based on
the listing company's home country law or regulation.\16\
---------------------------------------------------------------------------

    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 17 CFR 240.19b-4(f)(6)(iii).
    \16\ NYSE's justification for the waiver of the 30-day operative
delay was modified in part based on a telephone call with John
Carey, Chief Counsel, NYSE, and Susan Petersen, Special Counsel,
Commission (September 2, 2011).
---------------------------------------------------------------------------

    The Commission has determined that waiving the 30-day operative
delay of NYSE's proposal is consistent with the protection of investors
and the public interest because we concur with NYSE's assessment that
the amendment is of a limited scope consistent with relief currently
applicable to foreign private issuers and that it would facilitate a
prompt listing of securities on NYSE that may otherwise be subject to
conflicts based on the listing company's home country law or
regulation.\17\ Accordingly, the Commission waives the 30-day operative
delay requirement and designates the proposed rule change to be
operative upon filing with the Commission.
---------------------------------------------------------------------------

    \17\ For purposes only of waiving the 30-day operative delay,
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 sixty days of the filing of such 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.

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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-2011-44 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-2011-44. This file
number should be included on the subject line if e-mail 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 Section, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filings also will be available for
inspection and copying at the principal office of NYSE and on NYSE's
Web site, http://www.nyse.com. 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-2011-44 and should be submitted on or before
October 3, 2011.

    For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-23169 Filed 9-9-11; 8:45 am]
BILLING CODE 8011-01-P