Notice2022-25943
Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE American Options Fee Schedule Concerning the Options Regulatory Fee
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
November 29, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 228 (Tuesday, November 29, 2022)</title>
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[Federal Register Volume 87, Number 228 (Tuesday, November 29, 2022)]
[Notices]
[Pages 73376-73380]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-25943]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96373; File No. SR-NYSEAMER-2022-52]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE
American Options Fee Schedule Concerning the Options Regulatory Fee
November 22, 2022.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on November 14, 2022, NYSE American LLC (``NYSE American''
or the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the self-
regulatory organization. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 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 to amend the NYSE American Options Fee
Schedule (``Fee Schedule'') regarding the Options Regulatory Fee
(``ORF''), effective November 14, 2022.\4\ The proposed 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.
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\4\ The Exchange previously filed to amend the Fee Schedule on
September 28, 2022 (SR-NYSEAMER-2022-45) and withdrew such filing on
November 14, 2022.
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the Fee Schedule to (1) waive the
ORF for the period November 1, 2022 through January 31, 2023; (2)
eliminate the requirement that the Exchange may only modify the ORF
semi-annually; and (3) delete outdated language relating to the ORF for
August 30, 2019 (the ``August 2019 ORF'').
Background
As a general matter, the Exchange may only use regulatory funds
such as the ORF ``to fund the legal, regulatory, and surveillance
operations'' of the Exchange.\5\ More specifically, the ORF is designed
to recover a material portion, but not all, of the Exchange's costs for
the supervision and regulation of ATP Holders, including the Exchange's
regulatory program and legal expenses associated with options, such as
the costs related to in-house staff, third-party service providers, and
technology that facilitate surveillance, investigation, examinations
and enforcement (collectively, the ``ORF Costs''). ORF funds may also
be used for indirect expenses such as human resources and other
administrative costs. The Exchange monitors the amount of revenue
collected from the ORF to ensure that this revenue, in combination with
other regulatory fees and fines, does not exceed regulatory costs.
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\5\ The Exchange considers surveillance operations part of
regulatory operations. The limitation on the use of regulatory funds
also provides that they shall not be distributed. See Thirteenth
Amended and Restated Operating Agreement of NYSE American LLC,
Article IV, Section 4.05 and Securities Exchange Act Release No.
87993 (January 16, 2020), 85 FR 4050 (January 23, 2020) (SR-
NYSEAMER-2020-04).
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The ORF is assessed on ATP Holders for options transactions that
are cleared
[[Page 73377]]
by the ATP Holder through the Options Clearing Corporation (``OCC'') in
the Customer range regardless of the exchange on which the transaction
occurs.\6\ All options transactions must clear via a clearing firm and
such clearing firms can then choose to pass through all, a portion, or
none of the cost of the ORF to its customers, i.e., the entering firms.
Because the ORF is collected from ATP Holder clearing firms by the OCC
on behalf of NYSE American,\7\ the Exchange believes that using options
transactions in the Customer range serves as a proxy for how to
apportion regulatory costs among such ATP Holders. In addition, the
Exchange notes that the costs relating to monitoring ATP Holders with
respect to Customer trading activity are generally higher than the
costs associated with monitoring ATP Holders that do not engage in
Customer trading activity, which tends to be more automated and less
labor-intensive. By contrast, regulating ATP Holders that engage in
Customer trading activity is generally more labor intensive and
requires a greater expenditure of human and technical resources as the
Exchange needs to review not only the trading activity on behalf of
Customers, but also the ATP Holder's relationship with its Customers
via more labor-intensive exam-based programs.\8\ As a result, the costs
associated with administering the customer component of the Exchange's
overall regulatory program are materially higher than the costs
associated with administering the non-customer component (e.g., ATP
Holder proprietary transactions) of its regulatory program.
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\6\ See Fee Schedule, Section VII, Regulatory Fees, Options
Regulatory Fee (``ORF''), available here, <a href="https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf">https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf</a>.
\7\ See id. The Exchange uses reports from OCC when assessing
and collecting the ORF. The ORF is not assessed on outbound linkage
trades. An ATP Holder is not assessed the fee until it has satisfied
applicable technological requirements necessary to commence
operations on NYSE American. See id.
\8\ The Exchange notes that many of the Exchange's market
surveillance programs require the Exchange to look at and evaluate
activity across all options markets, such as surveillance for
position limit violations, manipulation, front-running and contrary
exercise advice violations/expiring exercise declarations. The
Exchange and other options SROs are parties to a 17d-2 agreement
allocating among the SROs regulatory responsibilities relating to
compliance by the common members with rules for expiring exercise
declarations, position limits, OCC trade adjustments, and Large
Option Position Report reviews. See, e.g., Securities Exchange Act
Release No. 85097 (February 11, 2019), 84 FR 4871 (February 19,
2019).
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ORF Collections and Monitoring of ORF
Exchange rules establish that the Exchange may only increase or
decrease the ORF semi-annually, that any such fee change will be
effective on the first business day of February or August, and that
market participants must be notified of any such change via Trader
Update at least 30 calendar days prior to the effective date of the
change.\9\
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\9\ See Fee Schedule, supra note 6.
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Because the ORF is based on options transactions volume, the amount
of ORF collected is variable. For example, if options transactions
reported to OCC in a given month increase, the ORF collected from ATP
Holders will likely increase as well. Similarly, if options
transactions reported to OCC in a given month decrease, the ORF
collected from ATP Holders will likely decrease as well. Accordingly,
the Exchange monitors the amount of ORF collected to ensure that it
does not exceed the ORF Costs. If the Exchange determines the amount of
ORF collected exceeds costs over an extended period, the Exchange may
adjust the ORF by submitting a fee change filing to the Securities and
Exchange Commission (the ``Commission'').
Temporary ORF Waiver
Based on the Exchange's recent review of regulatory costs and ORF
collections, the Exchange proposes to waive the ORF from November 1,
2022 through January 31, 2023 in order to help ensure that the amount
collected from the ORF, in combination with other regulatory fees and
fines, does not exceed the Exchange's total regulatory costs. The
Exchange proposes to resume assessing the ORF on February 1, 2023 at
the current rate of $0.0055 per contract. The Exchange notified ATP
Holders of the proposed change to the ORF via Trader Update on
September 29, 2022 (which was at least 30 calendar days prior to the
proposed operative date of the waiver, November 1, 2022) so that market
participants have an opportunity to configure their systems to account
for the waiver of the ORF. The Exchange's proposal to waive the ORF for
the month of January 2023 would similarly provide ATP Holders with
additional time in the new year to make any necessary adjustments or
preparations for the resumption of the ORF effective February 1, 2023.
The proposed waiver is based on recent options volumes. The options
industry has continued to experience extremely high options trading
volumes and volatility, and options volume in 2022 remains high,
particularly when compared to options volume in 2019 and 2020. The
persisting increased options volumes have, in turn, impacted the
Exchange's ORF collection.
For example, total average daily volume in 2022, to date, is 115%
higher than total average daily volume in 2019, and customer average
daily volume in 2022, to date, is 123% higher than customer average
daily volume in 2019. Below is industry data from OCC \10\ illustrating
the significant increase in options volume between 2019 and 2022:
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\10\ The OCC publishes options and futures volume in a variety
of formats, including daily and monthly volume by exchange,
available here: <a href="https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics">https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics</a>.
The volume discussed in this filing is based on a compilation of OCC
data for monthly volume of equity-based options and monthly volume
of ETF-based options, in contract sides.
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2019 2020 2021 2022
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Customer ADV.................................... 15,234,198 25,598,023 34,730,276 33,939,560
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Total ADV................................... 35,083,673 55,369,993 74,339,870 75,497,647
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In addition, the below industry data from OCC demonstrates the high
options trading volumes (especially when compared to 2019 and 2020) and
volatility that the industry has continued to experience in 2022:
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April 2022 May 2022 June 2022 July 2022 August 2022 September 2022
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Customer ADV................ 33,266,801 34,202,077 31,469,858 30,506,706 33,013,156 34,149,000
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[[Page 73378]]
Total ADV............... 73,140,597 76,254,734 70,628,926 68,535,963 73,487,342 77,134,470
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Because of the sustained impact of the unprecedented trading
volumes that have persisted through 2021 and 2022, along with the
difficulty of predicting when volumes may return to more normal levels,
the Exchange proposes to waive the ORF from November 1, 2022 through
January 31, 2023 to help ensure that ORF collection will not exceed ORF
Costs for 2022. The Exchange cannot predict whether options volume will
remain at these levels going forward and projections for future
regulatory costs are estimated, preliminary, and may change. However,
the Exchange believes that the proposed waiver of the ORF would allow
the Exchange to continue to monitor the amount collected from the ORF
to help ensure that ORF collection, in combination with other
regulatory fees and fines, does not exceed regulatory costs without the
need to account for any ORF collection during that timeframe. The
Exchange proposes to resume assessing the current ORF rate of $0.0055
per contract side as of February 1, 2023.
Semi-Annual Changes to ORF
As noted above, the Fee Schedule currently specifies that the
Exchange may only increase or decrease the ORF semi-annually and that
any such fee change will be effective on the first business day of
February or August.\11\ NYSE American proposes to eliminate this
requirement to afford the Exchange increased flexibility in amending
the ORF.\12\ Although the Exchange proposes to eliminate the
requirement to adjust the ORF only semi-annually, it would continue to
submit a proposed rule change for each modification of the ORF and
notify ATP Holders of any planned change to the ORF by Trader Update at
least 30 calendar days prior to the effective date of such change. The
Exchange believes that the prior notification to ATP Holders will
provide guidance on the timing of any changes to the ORF and ensure
that ATP Holders are prepared to configure their systems to properly
account for the ORF. The Exchange will also issue a Trader Update
informing ATP Holders of the ORF adjustment proposed in this filing, as
described below, at least 30 calendar days prior to the proposed
effective date.
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\11\ See Fee Schedule, supra note 6.
\12\ The Exchange notes that at least one other options exchange
has previously removed this requirement with respect to adjusting
the ORF. See, e.g., Securities Exchange Act Release No. 76950
(January 21, 2016), 81 FR 4687 (January 27, 2016) (SR-NASDAQ-2016-
003) (Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Amend the Options Regulatory Fee).
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August 2019 ORF
The Exchange proposes to delete language in the Fee Schedule
pertaining to the August 2019 ORF, which was relevant only for the
August 30, 2019 trading day and thus no longer reflects a fee currently
assessed by the Exchange. The Exchange believes this change would
improve the clarity of the Fee Schedule by removing obsolete language.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) \13\ of the Act, in general, and
Section 6(b)(4) and (5) \14\ of the Act, in particular, in that it is
designed to provide for the equitable allocation of reasonable dues,
fees, and other charges among its members and other persons using its
facilities and does not unfairly discriminate between customers,
issuers, brokers, or dealers.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(4) and (5).
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The Proposal Is Reasonable
The Exchange believes the proposed temporary waiver of the ORF is
reasonable because it would help ensure that collections from the ORF
do not exceed a material portion of the Exchange's ORF Costs. As noted
above, the Exchange may only use regulatory funds such as ORF ``to fund
the legal, regulatory, and surveillance operations'' of the
Exchange.\15\ In this regard, the ORF is designed to recover a material
portion, but not all, of the Exchange's ORF Costs.
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\15\ See note 5, supra.
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Although there can be no assurance that the Exchange's final costs
for 2022 will not differ materially from its expectations and prior
practice, nor can the Exchange predict with certainty whether options
volume will remain at the current level going forward, the Exchange
believes that the amount collected based on the current ORF rate, when
combined with regulatory fees and fines, may result in collections in
excess of the estimated ORF Costs for the year. Particularly, as noted
above, the options market has continued to experience unanticipated and
elevated volumes in 2022, particularly as compared to 2019 and 2020,
due in large part to the continued extreme volatility in the
marketplace as a result of the COVID-19 pandemic. This unprecedented
spike in volatility, which has persisted through 2021 and 2022,
resulted in significantly higher volume than was originally projected
by the Exchange, thereby resulting in substantially higher ORF
collections than projected (particularly as compared to ORF Costs which
had been projected to decrease in 2022). The Exchange therefore
believes that it would be reasonable to waive ORF from November 1, 2022
through January 31, 2023 to help ensure that ORF collection does not
exceed the ORF Costs for 2022.\16\ Particularly, the Exchange believes
that waiving the ORF from November 1, 2022 to January 31, 2023 and
taking into account all of the Exchange's other regulatory fees and
fines would allow the Exchange to continue covering a material portion
of ORF Costs, while lessening the potential for generating excess funds
that may otherwise occur using the current rate. The Exchange would
resume assessing its current ORF ($0.0055 per contract) as of February
1, 2023. The Exchange also believes that resumption of the ORF at the
current rate on February 1, 2023 (unless the Exchange determines it
necessary to adjust the ORF rate to help ensure that ORF collections do
not exceed ORF Costs) is reasonable because it would permit the
Exchange to resume collecting an ORF that is designed to recover a
material portion, but not all, of the Exchange's projected ORF Costs.
The Exchange would continue monitoring in advance of the resumption of
the ORF and when ORF collection resumes on February 1, 2023 and, if the
Exchange determines that, in light of projected volumes and ORF Costs,
the ORF rate should be modified to help ensure that ORF collections
would not exceed ORF Costs, adjust the ORF by submitting a filing a
proposed rule change and notifying ATP Holders of such change by Trader
Update.
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\16\ The Exchange's proposal to also waive the ORF for the month
of January 2023 would provide ATP Holders with additional time in
the new year to make any necessary adjustments or preparations for
the resumption of the ORF effective February 1, 2023.
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The Exchange believes that the proposed elimination of language
specifying that the Exchange may only increase or decrease the ORF
semi-
[[Page 73379]]
annually and that any such fee change must be effective on the first
business day of February or August is reasonable because it is designed
to afford the Exchange increased flexibility in making necessary
adjustments to the ORF, as the Exchange is required to monitor the
amount collected from the ORF to ensure that it, in combination with
its other regulatory fees and fines, does not exceed ORF Costs. The
Exchange also believes the proposed change is reasonable because the
Exchange will continue to provide market participants with 30 days
advance notice of changes to the ORF, thereby providing ATP Holders
with adequate time to make any necessary adjustments to accommodate the
change.
The Exchange also believes that the proposed deletion of language
relating to the August 2019 ORF is reasonable because it would remove
obsolete language and thus improve the clarity of the Fee Schedule.
The Proposal Is an Equitable Allocation of Fees
The Exchange believes its proposal is an equitable allocation of
fees among its market participants. The Exchange believes that the
proposed waiver would not place certain market participants at an
unfair disadvantage because all options transactions must clear via a
clearing firm. Such clearing firms can then choose to pass through all,
a portion, or none of the cost of the ORF to its customers, i.e., the
entering firms. Because the ORF is collected from ATP Holder clearing
firms by the OCC on behalf of NYSE American, the Exchange believes that
using options transactions in the Customer range serves as a proxy for
how to apportion ORF Costs among such ATP Holders. In addition, the
Exchange notes that the costs relating to monitoring ATP Holders with
respect to Customer trading activity are generally higher than the
costs associated with monitoring ATP Holders that do not engage in
Customer trading activity, which tends to be more automated and less
labor-intensive. By contrast, regulating ATP Holders that engage in
Customer trading activity is generally more labor intensive and
requires a greater expenditure of human and technical resources as the
Exchange needs to review not only the trading activity on behalf of
Customers, but also the ATP Holder's relationship with its Customers
via more labor-intensive exam-based programs. As a result, the costs
associated with administering the customer component of the Exchange's
overall regulatory program are materially higher than the costs
associated with administering the non-customer component (e.g., ATP
Holder proprietary transactions) of its regulatory program. Thus, the
Exchange believes that a temporary waiver of the ORF is an equitable
allocation of fees because it would apply equally to all ATP Holders on
all their transactions that clear in the Customer range at the OCC. The
Exchange also believes that recommencing the ORF on February 1, 2023 at
the current rate, unless the Exchange determines it necessary to adjust
the ORF to ensure that ORF collections do not exceed ORF Costs, is
equitable because the Exchange would resume assessing an ORF designed
to recover a material portion, but not all, of the Exchange's projected
ORF Costs, and the ORF would likewise resume applying equally to all
ATP Holders on options transactions in the Customer range.
The Exchange also believes that the proposed change to eliminate
the requirement that the Exchange modify the ORF only semi-annually in
February or August is equitable because the change would impact all ATP
Holders subject to the ORF uniformly, and all ATP Holders would
continue to receive at least 30 days' advance notice of changes to the
ORF. The proposed change to remove language relating to the August 2019
ORF is also equitable because it would eliminate language from the Fee
Schedule that is no longer applicable to any ATP Holders.
The Proposed Fee Is Not Unfairly Discriminatory
The Exchange believes that the proposal is not unfairly
discriminatory. The Exchange believes that the proposed waiver of the
ORF would not place certain market participants at an unfair
disadvantage because all options transactions must clear via a clearing
firm. Such clearing firms can then choose to pass through all, a
portion, or none of the cost of the ORF to its customers, i.e., the
entering firms. Because the ORF is collected from ATP Holder clearing
firms by the OCC on behalf of NYSE American, the Exchange believes that
using options transactions in the Customer range serves as a proxy for
how to apportion regulatory costs among such ATP Holders. In addition,
the Exchange notes that the costs relating to monitoring ATP Holders
with respect to Customer trading activity are generally higher than the
costs associated with monitoring ATP Holders that do not engage in
Customer trading activity, which tends to be more automated and less
labor-intensive. By contrast, regulating ATP Holders that engage in
Customer trading activity is generally more labor intensive and
requires a greater expenditure of human and technical resources as the
Exchange needs to review not only the trading activity on behalf of
Customers, but also the ATP Holder's relationship with its Customers
via more labor-intensive exam-based programs. As a result, the costs
associated with administering the customer component of the Exchange's
overall regulatory program are materially higher than the costs
associated with administering the non-customer component (e.g., ATP
Holder proprietary transactions) of its regulatory program. Thus, the
Exchange believes the temporary waiver of the ORF and the proposed
modification of language relating to the Exchange's ability to modify
the ORF are not unfairly discriminatory because the changes would apply
to all ATP Holders subject to the ORF and the Exchange would provide
all such ATP Holders with 30 days' advance notice of planned changes to
the ORF. The Exchange also believes that recommencing the ORF on
February 1, 2023 at the current rate, unless the Exchange determines it
necessary to adjust the ORF to ensure that ORF collections do not
exceed ORF Costs, is not unfairly discriminatory because the Exchange
would resume assessing an ORF designed to recover a material portion,
but not all, of the Exchange's projected ORF Costs, and the ORF would
resume applying equally to all ATP Holders based on their transactions
that clear in the Customer range at the OCC.
The Exchange believes that the proposed change to eliminate the
semi-annual change requirement is not unfairly discriminatory because
the change would apply to all ATP Holders subject to the ORF.
Furthermore, all ATP Holders would continue to be notified of changes
to the ORF at least 30 days prior to the effectiveness of any such
change. The proposed change to remove language relating to the August
2019 ORF is also not unfairly discriminatory because it would eliminate
language from the Fee Schedule describing a fee that was effective only
for August 30, 2019 and thus no longer impacts any ATP Holders.
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.
Intramarket Competition. The Exchange believes the proposed change
would not impose an undue burden on
[[Page 73380]]
competition because the ORF is charged to all ATP Holders on all their
transactions that clear in the Customer range at the OCC; thus, the
amount of ORF imposed is based on the amount of Customer volume
transacted. The Exchange believes that the proposed temporary waiver of
the ORF would not place certain market participants at an unfair
disadvantage because all options transactions must clear via a clearing
firm. Such clearing firms can then choose to pass through all, a
portion, or none of the cost of the ORF to its customers, i.e., the
entering firms. In addition, because the ORF is collected from ATP
Holder clearing firms by the OCC on behalf of NYSE American, the
Exchange believes that using options transactions in the Customer range
serves as a proxy for how to apportion regulatory costs among such ATP
Holders. The Exchange also believes recommencing the ORF on February 1,
2023 at the current rate (unless the Exchange determines it necessary
at that time to adjust the ORF to ensure that ORF collections do not
exceed ORF Costs) would not impose an undue burden on competition
because it would permit the Exchange to resume collecting an ORF that
is designed to recover a material portion, but not all, of the
Exchange's projected ORF Costs and the ORF would, as currently, apply
to all ATP Holders on their options transactions that clear in the
Customer range at the OCC. The Exchange further believes that the
proposed change to remove the semi-annual requirement would not impose
any burden on competition because the change would impact all ATP
Holders subject to the ORF, and the Exchange will continue to provide
advance notice of changes to the ORF to all ATP Holders via Trader
Update. The Exchange also believes that the proposed change to
eliminate language relating to the August 2019 ORF would not impact
intramarket competition because it would simply add clarity to the Fee
Schedule by removing text describing a fee that is no longer effective.
Intermarket Competition. The proposed fee change is not designed to
address any competitive issues. Rather, the proposed change is designed
to help the Exchange adequately fund its regulatory activities while
seeking to ensure that total collections from regulatory fees do not
exceed total regulatory costs and to promote clarity in the Fee
Schedule by deleting obsolete text.
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
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \17\ of the Act and subparagraph (f)(2) of Rule
19b-4 \18\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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\17\ 15 U.S.C. 78s(b)(3)(A).
\18\ 17 CFR 240.19b-4(f)(2).
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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. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \19\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\19\ 15 U.S.C. 78s(b)(2)(B).
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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#7a080f161f57191517171f140e093a091f19541d150c"><span class="__cf_email__" data-cfemail="9be9eef7feb6f8f4f6f6fef5efe8dbe8fef8b5fcf4ed">[email protected]</span></a>. Please include
File No. SR-NYSEAMER-2022-52 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 No. SR-NYSEAMER-2022-52. 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 10:00 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 No. SR-NYSEAMER-2022-52, and should be submitted
on or before December 20, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-25943 Filed 11-28-22; 8:45 am]
BILLING CODE 8011-01-P
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