Notice2022-20143
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change in Connection With the iShares® Gold Trust Micro
Primary source
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Published
September 19, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 180 (Monday, September 19, 2022)</title>
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[Federal Register Volume 87, Number 180 (Monday, September 19, 2022)]
[Notices]
[Pages 57244-57246]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-20143]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95752; File No. SR-NYSEARCA-2022-58]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change in Connection With
the iShares[supreg] Gold Trust Micro
September 13, 2022.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on August 31, 2022, NYSE Arca, Inc. (``NYSE Arca'' or
``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 Substance
of the Proposed Rule Change
The Exchange proposes, in connection with the iShares[supreg] Gold
Trust Micro (the ``Trust''), to (1) delete a duplicative
representation, and (2) amend a representation regarding the
availability of gold spot prices on the Trust's website. The proposed
rule change is available on the Exchange's website at <a href="http://www.nyse.com">www.nyse.com</a>, 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, in connection with the Trust, to (1) delete
a duplicative representation, and (2) amend a representation regarding
the availability of gold spot prices on the Trust's website. Shares
(``Shares'') of the Trust are currently listed on the Exchange under
NYSE Arca Rule 8.201-E.\4\
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\4\ See Securities Exchange Act Release No. 91669 (April 26,
2021), 86 FR 22996 (April 30, 2021) (SR-NYSEArca-2021-25) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To List
and Trade Shares of the iShares[supreg] Gold Trust Micro Under NYSE
Arca Rule 8.201-E (Commodity-Based Trust Shares) (``Notice'')).
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In the proposed rule change filed with the Commission regarding the
listing and trading of the Shares, the Exchange described the
information available to the public regarding the price of gold and the
gold market information as follows:
Investors may obtain on a 24-hour basis gold pricing information
based on the spot price for an ounce of gold from various financial
information service providers. Investors may obtain gold pricing
information based on the spot price for an ounce of gold from
various financial information service providers. Current spot
[[Page 57245]]
prices also are generally available with bid/ask spreads from gold
bullion dealers. In addition, the Trust's website will provide
pricing information for gold spot prices and the Shares.\5\
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\5\ See id., 86 FR at 23000.
The Exchange proposes two changes to these representations, as
follows.
First, the Exchange proposes the non-substantive change of deleting
the following representation: ``Investors may obtain gold pricing
information based on the spot price for an ounce of gold from various
financial information service providers'' as duplicative of the first
sentence.
Second, the Exchange proposes to amend the representation regarding
the availability of gold spot prices on the Trust's website
(<a href="http://www.ishares.com">www.ishares.com</a>). Specifically, the Notice stated that the Trust's
website would provide pricing information for gold spot prices and the
Shares. Currently, the website provides the London Bullion Market
Association (``LBMA'') Gold Price PM, the price utilized by the Trustee
to value the Trust's gold as described in the prospectus, free of
charge to anyone accessing the website. The LBMA Gold Price PM is also
available, free of charge to the public, on LBMA's website.\6\ Given
the availability of information regarding the delayed spot price of
gold from various sources that are also free of charge, the Trust will
no longer provide delayed pricing information for gold spot prices free
of charge on its website.\7\ The Exchange accordingly proposes to
delete the reference to the Trust's website providing pricing
information for gold spot prices. The Exchange believes that removing
the delayed spot gold prices from the website will not harm investors
because the same information is currently available to investors from
other sources.
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\6\ See <a href="https://www.lbma.org.uk/prices-and-data/precious-metal-prices#/table">https://www.lbma.org.uk/prices-and-data/precious-metal-prices#/table</a>.
\7\ As noted, the Trust's website currently provides delayed
information regarding the spot price of gold.
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Other than the proposed changes to the two representations as
described herein, the Trust would continue to comply with all other
requirements set forth in the Notice and in NYSE Arca Rule 8.201-E,
respectively.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\8\ in general, and furthers the
objectives of Section 6(b)(1) \9\ in particular, in that it enables the
Exchange to be so organized as to have the capacity to be able to carry
out the purposes of the Act and to comply, and to enforce compliance by
its exchange members and persons associated with its exchange members,
with the provisions of the Act, the rules and regulations thereunder,
and the rules of the Exchange. The Exchange also believes that the
proposed rule change is consistent with Section 6(b)(5) of the Act,\10\
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 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.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(1).
\10\ 15 U.S.C. 78f(b)(5).
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The Exchange proposes to delete a duplicative representation and
amend a representation to reflect that that the Trust will no longer
provide delayed pricing information for gold spot prices free of charge
on its website. The Exchange believes that these proposed non-
substantive clarifying changes would contribute to the orderly
operation of the Exchange and would enable the Exchange to be so
organized as to have the capacity to carry out the purposes of the Act
and comply with the provisions of the Act by its members and persons
associated with members by adding clarity, transparency and consistency
to the Exchange's rules with respect to the listing requirements for
the Shares. The Exchange believes that the change would be consistent
with the public interest and the protection of investors because
investors will not be harmed and in fact would benefit from the
increased clarity and transparency that the changes would introduce,
thereby reducing potential confusion.
In addition, the Exchange believes that amending the Notice to
reflect that the Trust will no longer provide delayed pricing
information for gold spot prices free of charge on its website would be
consistent with the public interest and the protection of investors
because the same information that the Trust posts on its website (i.e.,
the delayed spot price of gold) is currently available to investors in
the same form and equally free of charge on the LBMA's website. As
noted, there is a considerable amount of gold price and gold market
information available on public websites and through professional as
well as subscription services, including the spot price of gold.
Specifically, investors may obtain on a 24-hour basis gold pricing
information based on the spot price for an ounce of gold from various
financial information service providers. Current spot prices also are
generally available with bid/ask spreads from gold bullion dealers. The
delayed spot price of gold available to investors directly from the
LBMA's website would be the same as that currently available on the
Trust's website and would be equally free of charge.\11\ The Exchange
accordingly believes that, given the widespread availability of delayed
information on the spot price of gold and gold prices at no charge,
investors will continue to have ready access to the same information on
the spot price of gold that the Trust currently provides on its website
and investors will not be harmed by the Trust no longer providing the
spot price of gold on its website.
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\11\ See note 6, supra.
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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 not
designed to address any competitive issue but rather to delete a
duplicative representation and amend a representation regarding the
availability of information on the spot price of gold on the website of
the Trust whose Shares are currently listed on the Exchange based on
the availability of the same information in the same format and equally
free of charge from other sources.
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 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 prior to
30 days from the date on which it was filed, 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)
[[Page 57246]]
of the Act \12\ and Rule 19b-4(f)(6) thereunder.\13\
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization 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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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act normally does not become operative for 30 days after the date of
its filing. However, Rule 19b-4(f)(6)(iii) \14\ permits the Commission
to designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. The
Commission notes that the Exchange represents that the delayed spot
price of gold is widely available, including from public websites, and
through professional and subscription services, and investors may
obtain on a 24-hour basis gold pricing information based on the spot
price for an ounce of gold from various financial information service
providers. The Exchange further represents that the delayed spot price
of gold available to investors directly from the LBMA's website would
be the same as that currently available on the Trust's website and
would be equally free of charge. Thus, the Commission believes that
waiver of the 30-day operative delay is consistent with the protection
of investors and the public interest because the proposed rule change
does not raise any new or novel issues. Accordingly, the Commission
hereby waives the 30-day operative delay and designates the proposed
rule change operative upon filing.\15\
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\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such 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.
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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#88fafde4eda5ebe7e5e5ede6fcfbc8fbedeba6efe7fe"><span class="__cf_email__" data-cfemail="5123243d347c323e3c3c343f2522112234327f363e27">[email protected]</span></a>. Please include
File Number SR-NYSEARCA-2022-58 on the subject line.
Paper Comments
<bullet> 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-NYSEARCA-2022-58. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10 a.m. and 3 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-
NYSEARCA-2022-58 and should be submitted on or before October 11, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12), (59).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-20143 Filed 9-16-22; 8:45 am]
BILLING CODE 8011-01-P
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