Notice2023-02713
Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Expiration Date of the Temporary Amendments to Rules 9261 and 9830
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
February 9, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 27 (Thursday, February 9, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 27 (Thursday, February 9, 2023)]
[Notices]
[Pages 8487-8491]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-02713]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96803; File No. SR-NYSE-2023-10]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Extending the Expiration Date of the Temporary Amendments to Rules 9261
and 9830
February 3, 2023.
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 January 30, 2023, New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes extending the expiration date of the
temporary amendments to Rules 9261 and 9830 as set forth in SR-NYSE-
2020-76 from January 31, 2023 to April 30, 2023, in conformity with
recent changes by the Financial Industry Regulatory Authority, Inc.
(``FINRA''). The proposed rule change would not make any changes to the
text of NYSE Rules 9261 and 9830. 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 extending the expiration date of the
temporary amendments as set forth in SR-NYSE-2020-76 \4\ to Rules 9261
(Evidence and Procedure in Hearing) and 9830 (Hearing) from January 31,
2023 to April 30, 2023 to harmonize with recent changes by FINRA to
extend the expiration date of the temporary amendments to its Rules
9261 and 9830. SR-NYSE-2020-76 temporarily granted to the Chief or
Deputy Chief Hearing Officer the authority to order that hearings be
conducted by video conference if warranted by the current COVID-19
public health risks posed by in-person hearings. The proposed rule
change would not make any changes to the text of Exchange Rules 9261
and 9830.\5\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 90024 (September 28,
2020), 85 FR 62353 (October 2, 2020) (SR-NYSE-2020-76) (``SR-NYSE-
2020-76'').
\5\ The Exchange may submit a separate rule filing to extend the
expiration date of the proposed extension beyond April 30, 2023 if
the Exchange requires additional temporary relief from the rule
requirements identified in NYSE-SR-2020-76. The amended NYSE rules
will revert back to their original state at the conclusion of the
temporary relief period and any extension thereof.
---------------------------------------------------------------------------
Background
In 2013, the NYSE adopted disciplinary rules that are, with certain
exceptions, substantially the same as the FINRA Rule 8000 Series and
Rule 9000 Series, and which set forth rules for conducting
investigations and enforcement actions.\6\ The NYSE disciplinary rules
were implemented on July 1, 2013.\7\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 68678 (January 16,
2013), 78 FR 5213 (January 24, 2013) (SR-NYSE-2013-02) (``2013
Notice''), 69045 (March 5, 2013), 78 FR 15394 (March 11, 2013) (SR-
NYSE-2013-02) (``2013 Approval Order''), and 69963 (July 10, 2013),
78 FR 42573 (July 16, 2013) (SR-NYSE-2013-49).
\7\ See NYSE Information Memorandum 13-8 (May 24, 2013).
---------------------------------------------------------------------------
In adopting disciplinary rules modeled on FINRA's rules, the NYSE
adopted the hearing and evidentiary processes set forth in Rule 9261
and in
[[Page 8488]]
Rule 9830 for hearings in matters involving temporary and permanent
cease and desist orders under the Rule 9800 Series. As adopted, the
text of Rule 9261 is identical to the counterpart FINRA rule. Rule 9830
is substantially the same as FINRA's rule, except for conforming and
technical amendments.\8\
---------------------------------------------------------------------------
\8\ See 2013 Approval Order, 78 FR 15394, n.7 & 15400; 2013
Notice, 78 FR 5228 & 5234.
---------------------------------------------------------------------------
In response to the COVID-19 global health crisis and the
corresponding need to restrict in-person activities, on August 31,
2020, FINRA filed with the Commission a proposed rule change for
immediate effectiveness, SR-FINRA-2020-027, which allowed FINRA's
Office of Hearing Officers (``OHO'') to conduct hearings, on a
temporary basis, by video conference, if warranted by the current
COVID-19-related public health risks posed by an in-person hearing.
Among the rules FINRA amended were Rules 9261 and 9830.\9\
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 89737 (September 2,
2020), 85 FR 55712 (September 9, 2020) (SR-FINRA-2020-027) (the
``August 31 FINRA Filing'').
---------------------------------------------------------------------------
Given that FINRA and OHO administers disciplinary hearings on the
Exchange's behalf, and that the public health concerns addressed by
FINRA's amendments apply equally to Exchange disciplinary hearings, on
September 15, 2020, the Exchange filed to temporarily amend Rule 9261
and Rule 9830 to permit FINRA to conduct virtual hearings on its
behalf.\10\ In December 2020, FINRA filed a proposed rule change, SR-
FINRA-2020-042, to extend the expiration date of the temporary
amendments in SR-FINRA-2020-027 from December 31, 2020, to April 30,
2021.\11\ On December 22, 2020, the Exchange similarly filed to extend
the temporary amendments to Rule 9261 and Rule 9830 to April 30,
2021.\12\ On April 1, 2021, FINRA filed a proposed rule change, SR-
FINRA-2021-006, to extend the expiration date of the temporary rule
amendments to, among other rules, FINRA Rule 9261 and 9830 from April
30, 2021, to August 31, 2021.\13\ On April 20, 2021, the Exchange filed
to extend the temporary amendments to Rule 9261 and Rule 9830 to August
31, 2021.\14\ On August 13, 2021, FINRA filed a proposed rule change,
SR-FINRA-2021-019, to extend the expiration date of the temporary
amendments to, among other rules, FINRA Rule 9261 and 9830 from August
31, 2021, to December 31, 2021.\15\ On August 27, 2021, the Exchange
filed to extend the temporary amendments to Rule 9261 and Rule 9830 to
December 31, 2021.\16\ On December 7, 2021, FINRA filed a proposed rule
change, SR-FINRA-2021-031, to extend the expiration date of the
temporary amendments to, among other rules, FINRA Rule 9261 and 9830
from December 31, 2021, to March 31, 2022.\17\ On December 27, 2021,
the Exchange filed to extend the temporary amendments to Rule 9261 and
Rule 9830 to March 31, 2022, after which the temporary amendments will
expire absent another proposed rule change filing by the Exchange.\18\
On March 7, 2022, FINRA filed to extend the expiration date of the
temporary rule amendments to, among other rules, FINRA Rule 9261 and
9830 from March 31, 2022, to July 31, 2022.\19\ On March 29, 2022, the
Exchange filed to extend the temporary amendments to Rule 9261 and Rule
9830 to July 31, 2022.\20\ On July 8, 2022, FINRA filed to extend the
expiration date of the temporary rule amendments to, among other rules,
FINRA Rule 9261 and 9830 from July 31, 2022 to October 31, 2022.\21\ On
July 29, 2022, the Exchange filed to extend the temporary amendments to
Rule 9261 and Rule 9830 to October 31, 2022.\22\ On October 17, 2022,
FINRA filed to extend the expiration date of the temporary rule
amendments to, among other rules, FINRA Rule 9261 and 9830 from October
31, 2022 to January 31, 2023.\23\ On October 28, 2022, the Exchange
filed to extend the temporary amendments to Rule 9261 and Rule 9830 to
January 31, 2023, after which the temporary amendments will expire
absent another proposed rule change filing by the Exchange.\24\
---------------------------------------------------------------------------
\10\ See note 4, supra.
\11\ See Securities Exchange Act Release No. 90619 (December 9,
2020), 85 FR 81250 (December 15, 2020) (SR-FINRA-2020-042).
\12\ See Securities Exchange Act Release No. 90821 (December 30,
2020), 86 FR 644 (January 6, 2021) (SR-NYSE-2020-107).
\13\ See Securities Exchange Act Release No. 91495 (April 7,
2021), 86 FR 19306 (April 13, 2021) (SR-FINRA-2021-006).
\14\ See Securities Exchange Act Release No. 91629 (April 22,
2021), 86 FR 22505 (April 28, 2021) (SR-NYSE-2020-27).
\15\ See Securities Exchange Act Release No. 92685 (August 17,
2021), 86 FR 47169 (August 23, 2021) (SR-FINRA-2021-019).
\16\ See Securities Exchange Act Release No. 92907 (September 9,
2021), 86 FR 51421 (September 15, 2021) (SR-NYSE-2021-47).
\17\ See Securities Exchange Act Release No. 93758 (December 13,
2021), 86 FR 71695 (December 17, 2021) (SR-FINRA-2021-31).
\18\ See Securities Exchange Act Release No. 93920 (January 6,
2022), 87 FR 1794 (January 12, 2022) (SR-NYSE-2021-78).
\19\ See Securities Exchange Act Release No. 94430 (March 16,
2022), 87 FR 16262 (March 22, 2022) (SR-FINRA-2022-004).
\20\ See Securities Exchange Act Release No. 94585 (April 1,
2022), 87 FR 20479 (April 7, 2022) (SR-NYSE-2022-17).
\21\ See Securities Exchange Act Release No. 95281 (July 14,
2022), 87 FR 43335 (July 20, 2022) (SR-FINRA-2022-018).
\22\ See Securities Exchange Act Release No. 95473 (August 11,
2022), 87 FR 50648 (August17, 2022) (SR-NYSE-2022-35).
\23\ See Securities Exchange Act Release No. 96107 (October 19,
2022), 87 FR 64526 (October 25, 2022) (SR-FINRA-2022-029).
\24\ See Securities Exchange Act Release No. 96259 (November 8,
2022), 87 FR 68544 (November 15, 2022) (SR-NYSE-2022-50).
---------------------------------------------------------------------------
According to FINRA, due to the upward trend in the number of COVID-
19 cases since October 2022--when FINRA last filed to extend the
temporary relief, COVID-19 still remains a public health concern.\25\
For example, according to the Centers for Disease Control and
Prevention (``CDC''), approximately 61.73 percent of counties in the
United States have a medium or high COVID-19 Community Level based on
the CDC's most recent calculations.\26\ The daily average number of
hospital admissions is also on the rise.\27\ Much uncertainty also
remains as to whether there will be a significant increase in the
number of cases of COVID-19 in the future given the emergence of new
Omicron variants that the CDC currently is tracking \28\ and the
dissimilar vaccination rates (completed primary series and a first
booster dose) throughout the United States.\29\ Due to the continued
presence and uncertainty of COVID-19, FINRA believes that there is a
continued need for temporary relief beyond January 31, 2023.\30\ On
January 18, 2023, FINRA accordingly filed to extend the expiration date
of the temporary rule amendments to, among other rules, FINRA Rule 9261
and 9830 from January 31, 2023 to April 30, 2023.\31\
---------------------------------------------------------------------------
\25\ See Securities Exchange Act Release No. 96746 (January 25,
2023) (``SR-FINRA-2023-001'').
\26\ See CDC, COVID Data Tracker--COVID-19 Integrated County
View, <a href="https://covid.cdc.gov/covid-data-tracker/#county-view?list_select_state=all_states&list_select_county=all_counties&data-type=CommunityLevels&null=CommunityLevels">https://covid.cdc.gov/covid-data-tracker/#county-view?list_select_state=all_states&list_select_county=all_counties&data-type=CommunityLevels&null=CommunityLevels</a> (last visited Jan. 9,
2023).
\27\ See CDC, COVID Data Tracker Weekly Review--Daily Trend in
Number of New COVID-19 Hospital Admissions in the United States,
<a href="https://www.cdc.gov/coronavirus/2019-ncov/covid-data/covidview/index.html">https://www.cdc.gov/coronavirus/2019-ncov/covid-data/covidview/index.html</a> (last visited Jan. 9, 2023) (``The current 7-day daily
average for December 28, 2022-January 3, 2023, was 6,519. This is a
16.1% increase from the prior 7-day average (5,613) from December
21-27, 2022.'').
\28\ These new Omicron variants include BQ.1.1, XBB.1.5 and
BQ.1. See CDC, COVID Data Tracker--Variant Proportions, <a href="https://covid.cdc.govicovid-data-trackerNvariant-proportions">https://covid.cdc.govicovid-data-trackerNvariant-proportions</a> (last visited
Jan. 9, 2023).
\29\ A state-by-state comparison of vaccination rates is
available at <a href="https://covid.cdc.gov/covid-data-tracker/#vaccinations_vacc-people-additional-dose-totalpop">https://covid.cdc.gov/covid-data-tracker/#vaccinations_vacc-people-additional-dose-totalpop</a> (last visited
Jan. 9, 2023).
\30\ See SR-FINRA-2023-001.
\31\ See generally SR-FINRA-2023-001. As a further basis for
extending the temporary rule relief until April 30, 2023, FINRA
noted that its Board has approved the submission of a rule proposal
to the Commission to make permanent, with some modifications, the
temporary rules to allow hearings to be conducted by video
conference originally set forth in SR-FINRA-2020-027 and SR-FINRA-
2020-015. See <a href="https://www.finra.org/about/governance/finra-board-governors/meetings/update-finra-board-governors-meeting-december-2022">https://www.finra.org/about/governance/finra-board-governors/meetings/update-finra-board-governors-meeting-december-2022</a>. See id., at n 14. FINRA indicated that the extension of the
temporary rule amendments until April 30, 2023 would help avoid
FINRA's rules reverting to their original form and allow FINRA time
to file for (and the Commission time to approve) the permanent
rules. See id.
---------------------------------------------------------------------------
[[Page 8489]]
Proposed Rule Change
Consistent with FINRA's recent proposal, the Exchange proposes to
extend the expiration date of the temporary rule amendments to NYSE
Rules 9261 and 9830 as set forth in SR-NYSE-2020-76 from January 31,
2023 to April 30, 2023.
As set forth in SR-FINRA-2023-001, due to the upward trend in the
number of COVID-19 cases since October 2022--when FINRA last filed to
extend the temporary relief, COVID-19 still remains a public health
concern. For example, according to the Centers for Disease Control and
Prevention (``CDC''), approximately 61.73 percent of counties in the
United States have a medium or high COVID-19 Community Level based on
the CDC's most recent calculations.\32\ The daily average number of
hospital admissions is also on the rise.\33\ Much uncertainty also
remains as to whether there will be a significant increase in the
number of cases of COVID-19 in the future given the emergence of new
Omicron variants that the CDC currently is tracking \34\ and the
dissimilar vaccination rates (completed primary series and a first
booster dose) throughout the United States.\35\ Due to the continued
presence and uncertainty of COVID-19, FINRA believes that there is a
continued need for temporary relief beyond January 31, 2023.\36\ FINRA
accordingly proposed to extend the expiration date of the temporary
rule amendments from January 31, 2023 to April 30, 2023.
---------------------------------------------------------------------------
\32\ See supra note 26 (CDC, COVID Data Tracker--COVID-19
Integrated County View).
\33\ See supra note 27 (CDC, COVID Data Tracker Weekly Review--
Daily Trend in Number of New COVID-19 Hospital Admissions in the
United States).
\34\ See supra note 28 (regarding the new Omicron variants
described in CDC, COVID Data Tracker--Variant Proportions).
\35\ See supra note 29 (regarding state-by-state comparison of
COVID-19 vaccination rates).
\36\ See SR-FINRA-2023-001.
---------------------------------------------------------------------------
The Exchange proposes to similarly extend the expiration date of
the temporary rule amendments to NYSE Rules 9261 and 9830 as set forth
in SR-NYSE-2020-76 from January 31, 2023 to April 30, 2023. The
Exchange agrees with FINRA that, due to the upward trend in the number
of COVID-19 cases since October 2022--when FINRA last filed to extend
the temporary relief, that COVID-19 still remains a public health
concern. The Exchange also agrees that due to the continued presence
and uncertainty of COVID-19, for the reasons set forth in SR-FINRA-
2023-001, there is a continued need for this temporary relief beyond
January 31, 2023. The proposed change would permit OHO to continue to
assess, based on critical COVID-19 data and criteria and the guidance
of health and security consultants, whether an in-person hearing would
compromise the health and safety of the hearing participants such that
the hearing should proceed by video conference. As noted in SR-FINRA-
2023-001, in deciding whether to schedule a hearing by video
conference, OHO may consider a variety of other factors in addition to
COVID-19 trends. Similarly, as noted in SR-FINRA-2023-001, in SR-FINRA-
2020-027, FINRA provided a non-exhaustive list of other factors OHO may
take into consideration, including a hearing participant's individual
health concerns and access to the connectivity and technology necessary
to participate in a video conference hearing.\37\ The Exchange believes
that this is a reasonable procedure to continue to follow for hearings
under Rules 9261 and 9830 chaired by a FINRA employee.
---------------------------------------------------------------------------
\37\ See SR-FINRA-2023-001.
---------------------------------------------------------------------------
As noted below, the Exchange has filed the proposed rule change for
immediate effectiveness and has requested that the SEC waive the
requirement that the proposed rule change not become operative for 30
days after the date of the filing, so the Exchange can implement the
proposed rule change immediately.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\38\ in general, and furthers the objectives of Section
6(b)(5),\39\ in particular, because 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. Additionally, the Exchange believes
the proposed rule change is designed to provide a fair procedure for
the disciplining of members and persons associated with members,
consistent with Sections 6(b)(7) and 6(d) of the Act.\40\
---------------------------------------------------------------------------
\38\ 15 U.S.C. 78f(b).
\39\ 15 U.S.C. 78f(b)(5).
\40\ 15 U.S.C. 78f(b)(7) and 78f(d).
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change supports the
objectives of the Act by providing greater harmonization between
Exchange rules and FINRA rules of similar purpose, resulting in less
burdensome and more efficient regulatory compliance. As such, the
proposed rule change will foster cooperation and coordination with
persons engaged in facilitating transactions in securities and will
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
The proposed rule change, which extends the expiration date of the
temporary amendments to Exchange rules consistent with FINRA's
extension to its Rules 9261 and 9830 as set forth in SR-FINRA-2023-001,
will permit the Exchange to continue to effectively conduct hearings
given the continued presence and uncertainty of COVID-19. Given that
COVID-19 remains a public health concern and the uncertainty around a
potential spike in cases of the disease, without this relief allowing
OHO to proceed by video conference, some or all hearings may have to be
postponed.
The ability to conduct hearings by video conference will permit the
adjudicatory functions of the Exchange's disciplinary rules to continue
unabated, thereby avoiding protracted delays. The Exchange believes
that this is especially important in matters where temporary and
permanent cease and desist orders are sought because the proposed rule
change would enable those hearings to continue to proceed without
delay, thereby enabling the Exchange to continue to take immediate
action to stop significant, ongoing customer harm, to the benefit of
the investing public.
As set forth in detail in the SR-NYSE-2020-76, the temporary relief
to permit hearings to be conducted via video conference maintains fair
process and will continue to provide fair process consistent with
Sections 6(b)(7) and 6(d) of the Act \41\ while striking an appropriate
balance between providing fair process and enabling the Exchange to
fulfill its statutory obligations to protect investors and maintain
fair and orderly markets while avoiding the COVID-19-related public
health risks for hearing participants. The Exchange notes that this
proposal, like SR-NYSE-2020-76, provides only temporary
[[Page 8490]]
relief. As proposed, the changes would be in place through April 30,
2023. As noted in SR-NYSE-2020-76 and above, the amended rules will
revert back to their original state at the conclusion of the temporary
relief period and, if applicable, any extension thereof.
---------------------------------------------------------------------------
\41\ 15 U.S.C. 78f(b)(7) and 78f(d).
---------------------------------------------------------------------------
Accordingly, the proposed rule change extending this temporary
relief is in the public interest and consistent with the Act's purpose.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed temporary rule
change will impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
rule change is not intended to address competitive issues but is rather
intended solely to extend temporary relief necessitated by the
continued presence and uncertainty of COVID-19 and the related health
and safety risks of conducting in-person activities. The Exchange
believes that the proposed rule change will prevent unnecessary
impediments to critical adjudicatory processes and its ability to
fulfill its statutory obligations to protect investors and maintain
fair and orderly markets that would otherwise result if the temporary
amendments were to expire on January 31, 2023.
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \42\ and Rule 19b-4(f)(6) thereunder.\43\
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) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------
\42\ 15 U.S.C. 78s(b)(3)(A)(iii).
\43\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \44\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\45\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange has
indicated that there is a continued need to extend the temporary relief
because the Exchange agrees with FINRA that the COVID-19 related health
concerns necessitating this relief will continue beyond January 31,
2023.\46\ The Exchange also states that extending the temporary relief
provided in SR-NYSE-2020-76 immediately upon filing and without a 30-
day operative delay will allow the Exchange to continue critical
adjudicatory and review processes so that the Exchange may continue to
operate effectively and meet its critical investor protection goals,
while also protecting the health and safety of hearing
participants.\47\ The Commission also notes that this proposal extends
without change the temporary relief previously provided by SR-NYSE-
2020-76.\48\ As proposed, the temporary changes would be in place
through April 30, 2023 and the amended rules will revert back to their
original state at the conclusion of the temporary relief period and, if
applicable, any extension thereof.\49\ For these reasons, the
Commission believes that waiver of the 30-day operative delay for this
proposal is consistent with the protection of investors and the public
interest. Accordingly, the Commission hereby waives the 30-day
operative delay and designates the proposal operative upon filing.\50\
---------------------------------------------------------------------------
\44\ 17 CFR 240.19b-4(f)(6).
\45\ 17 CFR 240.19b-4(f)(6)(iii).
\46\ See supra Item II; see also SR-FINRA-2023-001.
\47\ See SR-FINRA-2023-001 (noting the same in granting FINRA's
request to waive the 30-day operative delay so that SR-FINRA-2023-
001 would become operative immediately upon filing).
\48\ See supra note 4.
\49\ See supra note 5. As noted above, the Exchange states that
if it requires temporary relief from the rule requirements
identified in this proposal beyond April 30, 2023, it may submit a
separate rule filing to extend the effectiveness of the temporary
relief under these rules.
\50\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule change's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of 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) \51\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\51\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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#295b5c454c044a4644444c475d5a695a4c4a074e465f"><span class="__cf_email__" data-cfemail="0e7c7b626b236d6163636b607a7d4e7d6b6d20696178">[email protected]</span></a>. Please include
File Number SR-NYSE-2023-10 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-NYSE-2023-10. 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
[[Page 8491]]
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-NYSE-2023-10 and should be submitted on
or before March 2, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\52\
---------------------------------------------------------------------------
\52\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-02713 Filed 2-8-23; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on February 9, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.