Notice2024-26098
Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Describe an Enhancement to How NYSE Would Make Certain Information It Receives From Its Listed Companies Publicly Available
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 12, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 218 (Tuesday, November 12, 2024)</title>
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[Federal Register Volume 89, Number 218 (Tuesday, November 12, 2024)]
[Notices]
[Pages 89061-89063]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-26098]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101516; File No. SR-NYSE-2024-68]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Describe an Enhancement to How NYSE Would Make Certain Information It
Receives From Its Listed Companies Publicly Available
November 5, 2024.
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 October 28, 2024, 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.
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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 describe how it intends to make certain
information the Exchange receives from its listed companies publicly
available. 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,
[[Page 89062]]
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
Pursuant to the Exchange's role as a listing venue, NYSE receives
certain information from listed companies. This information may include
action items such as stock splits, new listings, spin-offs, suspensions
and delistings, name or trading symbol changes, and information about
mergers and acquisitions, among other data. NYSE currently publishes
this information on its website and makes it publicly available to
investors and market participants.\4\ NYSE also receives from listed
companies certain information related to dividends which NYSE also
currently publishes on its website and makes publicly available to
investors and market participants.\5\ Both data sets are currently
published on the NYSE's website prior to, or at approximately the same
time as, that information is sent to NYSE market data systems, which
ultimately sends the information to the NYSE's market data subscribers
throughout the trading day.\6\
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\4\ See <a href="https://www.nyse.com/corporate-actions">https://www.nyse.com/corporate-actions</a>.
\5\ See <a href="https://www.nyse.com/ex-date-dividends">https://www.nyse.com/ex-date-dividends</a>.
\6\ Market data subscribers receive corporate action and
dividend information in several reports made available by New York
Stock Exchange, LLC. See <a href="https://www.nyse.com/market-data/corporate-actions/corporate-actions-for-nyse-group-listings">https://www.nyse.com/market-data/corporate-actions/corporate-actions-for-nyse-group-listings</a>.
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The purpose of this proposed rule change is to describe an
enhancement to how NYSE would publicly disseminate information received
by the Exchange in its role as a listing venue. More specifically, in
addition to the two places the NYSE currently publishes the information
described above, NYSE proposes to contemporaneously publish a file that
contains information received by the Exchange in its role as a listing
venue and any new information it may receive in the future in its role
as a listing venue in another format on a separate portion of its
website.\7\ The proposed new file would be available to all market
participants and would serve as the sole source of this information for
NYSE market data systems. The proposed change would ensure that NYSE
market data systems would only be able to access information NYSE
receives in its role as a listing venue through publicly-available
sources at the same time as, or later than, other market participants.
The information described above will be made available on the
Exchange's public website for free to any party, for any purpose
(including redistribution).
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\7\ The proposed file would be posted on the NYSE website at
<a href="http://www.ftp.nyse.com">www.ftp.nyse.com</a>.
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Because of the technology changes associated with this proposed
rule change, the Exchange will announce the implementation date by
Trader Update, which, subject to effectiveness of this proposed rule
change, will be no later than in the fourth quarter of 2024.
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \8\ that an exchange have rules that
are designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
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\8\ 15 U.S.C. 78f(b)(5).
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NYSE believes that the proposed rule change is designed to prevent
fraudulent and manipulative acts and practices, and is designed to
promote just and equitable principles of trade and to protect investors
and the public interest. The information provided by NYSE on its public
website is disseminated by NYSE in its capacity as a provider of
financial data for the benefit of investors and market participants,
not in its capacity as an exchange. With this proposal, NYSE market
data systems would not have unique access to any information, including
information provided to the Exchange in its role as a listing venue and
any new information the Exchange may receive in the future in its role
as a listing venue, and therefore NYSE would not have any competitive
advantage relative to any market participant with respect to the
gathering and dissemination of such information. The information
described above will be made available on the Exchange's public website
for free to any party, for any purpose (including redistribution).
Consequently, the publication of information the Exchange receives from
listed companies in its role as a listing venue, together with the
information published by listed companies that is generally available
in the public domain, including on the Commission's website and other
sources, would enable any market participant to contemporaneously
assemble its own set of market data products containing the same
information.
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 purpose of the Act. NYSE believes the proposal
will benefit investors and the marketplace because information the
Exchange receives from listed companies in its role as a listing venue
that NYSE provides to its subscribers, would be exclusively sourced
from publicly available files. Because the information would be made
publicly available on its website, and the NYSE market data systems
would be a consumer of these publicly available files, NYSE would have
no material advantage in the gathering and processing of the
information relative to any other market participant that chooses to
gather and process the same information.
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, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6) thereunder.\10\
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
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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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.
[[Page 89063]]
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="https://www.sec.gov/rules/sro.shtml">https://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="b8cacdd4dd95dbd7d5d5ddd6cccbf8cbdddb96dfd7ce">[email protected]</span></a>. Please include
file number SR-NYSE-2024-68 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-2024-68. 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="https://www.sec.gov/rules/sro.shtml">https://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. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-NYSE-2024-68 and should be
submitted on or before December 3, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-26098 Filed 11-8-24; 8:45 am]
BILLING CODE P
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