Notice2025-01085
Self-Regulatory Organizations; New York Stock Exchange LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Adopt a Provision That the Exchange Will Not Review a Compliance Plan Submitted by a Listed Company That Is Below Compliance With a Continued Listing Standard If the Company Owes Any Unpaid Fees to the Exchange and Will Instead Immediately Commence Suspension and Delisting Procedures If Such Fees Are Not Paid in Full
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
January 17, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 11 (Friday, January 17, 2025)</title>
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[Federal Register Volume 90, Number 11 (Friday, January 17, 2025)]
[Notices]
[Pages 6037-6040]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-01085]
[[Page 6037]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102169; File No. SR-NYSE-2024-44]
Self-Regulatory Organizations; New York Stock Exchange LLC; Order
Instituting Proceedings To Determine Whether To Approve or Disapprove a
Proposed Rule Change To Adopt a Provision That the Exchange Will Not
Review a Compliance Plan Submitted by a Listed Company That Is Below
Compliance With a Continued Listing Standard If the Company Owes Any
Unpaid Fees to the Exchange and Will Instead Immediately Commence
Suspension and Delisting Procedures If Such Fees Are Not Paid in Full
January 13, 2025.
I. Introduction
On September 27, 2024, New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to amend Sections 802.02 and
802.03 of the NYSE Listed Company Manual (``Manual'') to provide that
the Exchange (1) will not review a compliance plan submitted by a
domestic or non-U.S. listed company that is determined to be below
compliance with a continued listing standard unless the company has
paid in full all outstanding listing or annual fees due to the Exchange
and will immediately commence suspension and delisting procedures in
accordance with Section 804.00 of the Manual if such fees are not paid
in full by the plan submission deadline; or (2) with respect to any
unpaid fees that have become due and payable since the commencement of
its plan period, will immediately commence suspension and delisting
procedures in accordance with Section 804.00 of the Manual if such fees
are not paid in full at the time of any required periodic review of
such plan. The proposed rule change was published for comment in the
Federal Register on October 16, 2024.\3\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 101295 (Oct. 9,
2024), 89 FR 83527 (``Notice''). Comments on the proposed rule
change are available at: <a href="https://www.sec.gov/comments/sr-nyse-2024-44/srnyse202444.htm">https://www.sec.gov/comments/sr-nyse-2024-44/srnyse202444.htm</a>.
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On November 25, 2024, pursuant to Section 19(b)(2) of the Exchange
Act,\4\ the Commission designated a longer period within which to
either approve the proposed rule change, disapprove the proposed rule
change, or institute proceedings to determine whether to disapprove the
proposed rule change.\5\ This order institutes proceedings under
Section 19(b)(2)(B) of the Exchange Act \6\ to determine whether to
approve or disapprove the proposed rule change.
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\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 101738, 89 FR 95283
(December 2, 2024). The Commission designated January 14, 2025, as
the date by which it should approve, disapprove, or institute
proceedings to determine whether to disapprove the proposed rule
change.
\6\ 15 U.S.C. 78s(b)(2)(B).
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II. Description of the Proposed Rule Change
Currently, Sections 802.02 and 802.03 of the Manual provide that
when the Exchange identifies a domestic company subject to Section
802.02 of the Manual (``listed domestic company'') or a non-U.S.
company subject to Section 802.03 of the Manual (``listed non-U.S.
company'') as being below the continued listing criteria set forth in
Section 802.01 of the Manual (and the company is not able to otherwise
qualify under an original listing standard), the Exchange will notify
the company of such noncompliance by letter and give the company an
opportunity to provide the Exchange with a plan (``plan'') advising the
Exchange of definitive action the company has taken, or is taking, that
would bring it into conformity with continued listing standards within
18 months.\7\ If a company submits a plan pursuant to Sections 802.02
or 802.03 of the Manual, it must identify specific quarterly
milestones, in the case of listed domestic companies, or semi-annual
milestones, in the case of listed non-U.S. companies, against which the
Exchange will evaluate the company's progress.\8\ A company has 45
days, in the case of listed domestic companies, or 90 days, in the case
of listed non-U.S. companies, from receipt of the letter from the
Exchange identifying an event of noncompliance to submit its plan to
the Exchange for review (the ``plan submission deadline'').\9\
Otherwise, suspension and delisting procedures will commence in
accordance with Section 804.00 of the Manual.\10\
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\7\ See Sections 802.02 and 802.03 of the Manual. See also
Notice at 83527.
\8\ See Sections 802.02 and 802.03 of the Manual.
\9\ See Sections 802.02 and 802.03 of the Manual. See also
Notice at 83527.
\10\ See Sections 802.02 and 802.03 of the Manual; Notice at
83527.
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With respect to a plan submitted pursuant to Sections 802.02 or
802.03 of the Manual, Exchange staff will evaluate the plan, including
any supporting documentation, and determine whether the company has
made a reasonable demonstration in the plan of the company's ability to
come into conformity with the relevant continued listing standards
within 18 months.\11\ If the Exchange accepts the plan, the Exchange
will review the company for compliance with the plan either quarterly,
in the case of a listed domestic company, or semi-annually, in the case
of a listed non-U.S. company.\12\ If the Exchange determines that the
company has failed to meet the material aspects of the plan or any
quarterly or semi-annual milestones, as applicable, the Exchange will
review the circumstances and variance, and determine whether such
variance warrants commencement of suspension and delisting
procedures.\13\ In any event, a company that does not meet the
continued listing standards at the end of the 18 months will be subject
to the prompt initiation of suspension and delisting procedures in
accordance with Section 804.00 of the Manual.\14\
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\11\ See Sections 802.02 and 802.03 of the Manual. See also
Notice at 83528. The Exchange will make such determination within 45
days of receipt of the plan and will promptly notify the company of
its determination in writing. See Sections 802.02 and 802.03 of the
Manual.
\12\ See Sections 802.02 and 802.03 of the Manual. See also
Notice at 83528. The Exchange will deem the plan period over prior
to the end of the 18 months if a company is able to demonstrate
returning to compliance with the applicable continued listing
standards or achieving the ability to qualify under an original
listing standard, for a period of two consecutive quarters. See
Sections 802.02 and 802.03 of the Manual.
\13\ See Sections 802.02 and 802.03 of the Manual. If the
Exchange determines to proceed with suspension and delisting
procedures in accordance with Section 804.00 of the Manual, it may
do so regardless of the company's continued listing status at that
time. See id.
\14\ See id.
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The Exchange proposes to amend Sections 802.02 and 802.03 of the
Manual to provide that the Exchange will not review a plan submitted by
a listed domestic company or listed non-U.S. company (each referred to
herein as a ``listed company'' and, together, ``listed companies'')
that the Exchange has identified as being below the continued listing
standards set forth in Section 802.01 of the Manual unless the company
has previously paid in full any listing or annual fees due to the
Exchange.\15\ If the listed company is below continued listing
standards and has not paid in full all outstanding listing or annual
fees by the plan submission deadline, under the proposal, the Exchange
will immediately commence suspension and delisting procedures in
accordance with
[[Page 6038]]
Section 804.00 of the Manual.\16\ In addition, the Exchange proposes to
amend Sections 802.02 and 802.03 of the Manual to provide that in
connection with the Exchange's quarterly or semi-annual review of a
plan, as applicable, the Exchange will immediately commence suspension
and delisting procedures in accordance with Section 804.00 of the
Manual with respect to any listed domestic company or listed non-U.S.
company that has not paid any listing or annual fees that have become
due and payable since the commencement of its plan period.\17\
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\15\ See proposed amendments to Sections 802.02 and 802.03 of
the Manual; Notice at 83528.
\16\ See proposed amendments to Sections 802.02 and 802.03 of
the Manual; Notice at 83528.
\17\ See proposed amendments to Sections 802.02 and 802.03 of
the Manual; Notice at 83528.
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The Exchange states that the process of reviewing and analyzing
plans and reviewing the periodic updates with respect to plans is
resource-intensive and costly for the Exchange and that, given the
significant amount of work required, the Exchange believes it is
important to ensure that companies that wish to have a plan accepted or
continued by the Exchange have paid all outstanding annual and listing
fees prior to acceptance of a plan or at the time of any required
review of such plan.\18\ In addition, the Exchange states that listed
companies are already required by Exchange rules to pay fees, as set
forth in Section 902.00 et seq. of the Manual \19\ and their listing
agreements,\20\ and the proposal ``would simply require listed
companies to pay fees to the Exchange that were already due and
payable.'' \21\ In addition, the Exchange states that it currently has
the authority under Section 802.01D of the Manual to delist companies
for violations of their agreements with the Exchange, including their
listing agreements.\22\ The Exchange states that the proposal will help
the Exchange to ensure that it has sufficient resources to fund its
regulatory activities relating to the review and approval and the
ongoing monitoring of plans submitted by companies that are below
continued listing standards.\23\
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\18\ See Notice at 83528.
\19\ The listing fees and annual fees for all categories of
listed securities are set forth in Section 902.00 et seq. of the
Manual. See Notice at 83528 n.4.
\20\ The Exchange states that the NYSE listing agreement
includes an agreement by the listing applicant to ``pay when due all
fees associated with its listing of securities on the Exchange, in
accordance with the Exchange's rules.'' Notice at 83528.
\21\ Id.
\22\ See id. Section 802.01D of the Manual provides that the
Exchange may in its sole discretion subject a company to the
procedures outlined in Sections 802.02 and 802.03 of the Manual if
the company, its transfer agent, or registrar, violates any of its,
or their, listing or other agreements with the Exchange. In
addition, Section 802.01D of the Manual provides that the Exchange
is not limited by the criteria set forth in the rule and ``[o]ther
factors which may lead to a company's delisting include . . . [a]
breach by the company of the terms of its listing agreement.''
\23\ See Notice at 83528.
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III. Proceedings To Determine Whether To Approve or Disapprove SR-NYSE-
2024-44 and Grounds for Disapproval Under Consideration
The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Exchange Act \24\ to determine whether the proposed
rule change should be approved or disapproved. Institution of such
proceedings is appropriate at this time in view of the legal and policy
issues raised by the proposed rule change. Institution of proceedings
does not indicate that the Commission has reached any conclusions with
respect to any of the issues involved.
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\24\ 15 U.S.C. 78s(b)(2)(B).
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Pursuant to Section 19(b)(2)(B) of the Exchange Act,\25\ the
Commission is providing notice of the grounds for disapproval under
consideration. The Commission is instituting proceedings to allow for
additional analysis of the proposed rule change's consistency with the
Exchange Act and, in particular, with Section 6(b)(5) of the Exchange
Act, which requires, among other things, that the rules of a national
securities exchange be designed to ``promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system and, in general,
to protect investors and the public interest'' and not be ``designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers;'' \26\ and with Section 6(b)(7) of the Exchange Act, which
requires, among other things, that the rules of a national securities
exchange ``provide a fair procedure for'', among other things, ``the
prohibition or limitation by the exchange of any person with respect to
access to services offered by the exchange.'' \27\
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\25\ Id.
\26\ 15 U.S.C. 78f(b)(5).
\27\ 15 U.S.C. 78f(b)(7).
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The Commission has previously stated that the development and
enforcement of meaningful exchange listing standards \28\ is of
critical importance to financial markets and the investing public.
Among other things, such listing standards help ensure that exchange-
listed companies will have sufficient public float, investor base, and
trading interest to provide the depth and liquidity to promote fair and
orderly markets. Meaningful listing standards also are important given
investor expectations regarding the nature of securities that have
achieved an exchange listing, and the role of an exchange in overseeing
its market and assuring compliance with its listing standards.\29\
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\28\ The Commission notes that this reference to ``listing
standards'' is referring to both initial and continued listing
standards.
\29\ See, e.g., Securities Exchange Act Release Nos. 88716 (Apr.
21, 2020), 85 FR 23393 (Apr. 27, 2020) (SR-NASDAQ-2020-001) (Order
Approving a Proposed Rule Change To Modify the Delisting Process for
Securities With a Bid Price at or Below $0.10 and for Securities
That Have Had One or More Reverse Stock Splits With a Cumulative
Ratio of 250 Shares or More to One Over the Prior Two-Year Period);
88389 (Mar. 16, 2020), 85 FR 16163 (Mar. 20, 2020) (SR-NASDAQ-2019-
089) (Notice of Filing of Amendment No. 1 and Order Granting
Accelerated Approval of a Proposed Rule Change, as Modified by
Amendment No. 1, To Amend Rule 5815 To Preclude Stay During Hearing
Panel Review of Staff Delisting Determinations in Certain
Circumstances). See also Securities Exchange Act Release No. 81856
(Oct. 11, 2017), 82 FR 48296, 48298 (Oct. 17, 2017) (SR-NYSE-2017-
31) (Notice of Filing of Amendment No. 1 and Order Granting
Accelerated Approval of a Proposed Rule Change, as Modified by
Amendment No. 1, To Amend the Listed Company Manual To Adopt Initial
and Continued Listing Standards for Subscription Receipts) (stating
that ``[a]dequate standards are especially important given the
expectations of investors regarding exchange trading and the
imprimatur of listing on a particular market'' and that ``[o]nce a
security has been approved for initial listing, maintenance criteria
allow an exchange to monitor the status and trading characteristics
of that issue . . . so that fair and orderly markets can be
maintained'').
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As discussed above, Sections 802.02 and 802.03 of the Manual set
forth specific procedures for listed domestic companies and listed non-
U.S. companies that are identified as being below the Exchange's
continued listing criteria, including procedures for companies to
submit a plan to regain compliance.\30\ The Commission has stated that
such rules enhance investor protection by ensuring that companies that
fail to satisfy the continued listing criteria are identified,
reviewed, and then subjected to specified delisting procedures.\31\
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\30\ See Sections 802.02 and 802.03 of the Manual.
\31\ See, e.g., Securities Exchange Act Release No. 41502 (Jun.
9, 1999), 64 FR 32588, 32594 (Jun. 17, 1999) (SR-NYSE-99-13).
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The Exchange now proposes to amend Sections 802.02 and 802.03 of
the Manual to provide that the Exchange will not review a compliance
plan submitted by a listed domestic company or listed non-U.S. company
that is determined to be below compliance with the continued listing
standards set forth in Section 802.01 of the Manual unless the company
has paid in full all outstanding listing or annual fees due to the
Exchange, and the Exchange will immediately commence suspension and
delisting procedures in accordance with
[[Page 6039]]
Section 804.00 of the Manual with respect to a listed company if such
fees are not paid in full by the plan submission deadline. In addition,
the Exchange proposes to amend Sections 802.02 and 802.03 of the Manual
to provide that in connection with the Exchange's quarterly or semi-
annual review of a plan, as applicable, the Exchange will immediately
commence suspension and delisting procedures in accordance with Section
804.00 of the Manual with respect to any listed company that has not
paid any listing or annual fees that have become due and payable since
the commencement of its plan period.
The Commission has concerns about whether the Exchange's proposal
is designed to promote just and equitable principles of trade and, in
general, to protect investors and the public interest and is not
designed to permit unfair discrimination between issuers, as required
by Section 6(b)(5) of the Exchange Act. As discussed above, the
Exchange states in support of its proposal that the process of
reviewing and analyzing plans and reviewing the periodic updates with
respect to plans is resource-intensive and costly for the Exchange and
that, given the significant amount of work required, the Exchange
believes it is important to ensure that companies that wish to have a
plan accepted or continued by the Exchange have paid all outstanding
annual and listing fees prior to acceptance of a plan or at the time of
any required review of such plan.\32\ However, the Exchange does not
give further detail regarding the resources and costs involved in
reviewing plans under Sections 802.02 and 802.03 of the Manual
submitted by listed companies that fall below the continued listing
criteria in Section 802.01 of the Manual or for the quarterly or semi-
annual reviews of compliance with these plans, including with respect
to quarterly or semi-annual reviews that occur later in the process.
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\32\ See Notice at 83528.
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Further, the Exchange's Manual outlines other processes that apply
to issuers that are not in compliance with certain Exchange rules
pursuant to which an issuer that falls out of compliance is not
eligible to follow the procedures in Sections 802.02 and 802.03 of the
Manual and instead may follow alternative procedures specific to the
rule violation. For example, Section 802.01E of the Manual applies to a
listed company that incurs a late filing delinquency by failing to
timely file certain reports with the Commission, and provides, among
other things, that the Exchange will notify a company of its filing
delinquency and require the company to contact the Exchange to discuss
the status of the report subject to the filing delinquency within a
certain time period and that, during the six-month period from the date
of the filing delinquency, the Exchange will monitor the company and
the status of the delinquent report and any subsequent reports until
the filing delinquency is cured.\33\ If the company fails to cure the
filing delinquency within the initial six-month cure period, the
Exchange may, in its sole discretion, grant an additional six-month
period to a company to cure the filing delinquency depending on the
company's specific circumstances.\34\ Section 802.01E of the Manual,
however, does not explicitly require a company that incurs a late
filing delinquency to have paid all outstanding annual and listing fees
prior to the Exchange's undertaking to monitor such company or when
considering whether to grant the company an initial or additional six-
month period to cure the delinquency, nor does it require the Exchange
to immediately commence suspension and delisting procedures with
respect to such company if such fees are not paid in full when the
Exchange is considering granting the initial or additional cure period
or while the Exchange is monitoring such company.\35\ The Exchange has
not addressed how the Exchange's review of compliance plans under
Sections 802.02 and 802.03 of the Manual is more resource intensive and
costly for the Exchange than other processes set forth in the Manual
applicable to issuers who are violating Exchange rules and are working
to come back into compliance, such as, for example, the process set
forth in Section 802.01E of the Manual for delinquent filers.\36\ As a
result, the proposal raises questions as to whether it is consistent
with the provisions of Section 6(b)(5) of the Exchange Act that, among
other things, require that the rules of the Exchange not be designed to
permit unfair discrimination between issuers.
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\33\ See Section 802.01E of the Manual.
\34\ See id. Section 802.01E of the Manual also allows the
Exchange to truncate any delinquency cure period or not grant any
cure period on the basis of an analysis of all relevant factors
including specified ones set forth in the rule. See id.
\35\ See id.
\36\ As another example, Section 802.01F of the Manual applies
to a listed issuer that is not compliant with the provisions of
Section 303A.14 of the Manual (Erroneously Awarded Compensation)
(referred to as a ``clawback requirement delinquency'') and provides
a process for an issuer subject to a clawback requirement
delinquency to come back into compliance with Exchange rules that is
similar to the process set forth in Section 802.01E of the Manual
described above. Similarly, Section 802.01F of the Manual does not
explicitly require a company that incurs a clawback requirement
delinquency to have paid all outstanding annual and listing fees
prior to the Exchange's undertaking to monitor such company or when
considering whether to grant the company an initial or additional
six-month period to cure the delinquency, nor does it require the
Exchange to immediately commence suspension and delisting procedures
with respect to such company if such fees are not paid in full when
the Exchange is considering granting the initial or additional cure
period or while the Exchange is monitoring such company. See Section
802.01F of the Manual.
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Similarly, the Exchange has not addressed or adequately justified
why it is proposing to suspend and delist only companies subject to
Sections 802.02 and 802.03 of the Manual that have not paid outstanding
fees by the plan submission deadline, rather than proposing a provision
to suspend and delist any listed company that is delinquent in paying
its outstanding fees. The Exchange has not adequately justified why it
is treating issuers subject to Sections 802.02 and 802.03 of the Manual
different from other listed issuers.
Furthermore, as discussed above, the Exchange states that it has
the authority and discretion under its current rules to immediately
suspend and delist a company that has not paid required fees when
due.\37\ The Exchange has not sufficiently explained why its proposal
to immediately suspend and delist listed companies subject to Sections
802.02 and 802.03 of the Manual that have failed to pay all outstanding
fees by the plan submission deadline is designed to protect investors
and the public interest and not designed to permit unfair
discrimination between issuers, consistent with Section 6(b)(5) of the
Exchange Act, given that the Exchange already has the discretion to
suspend and delist such a company under its current rules.
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\37\ See supra notes 20-22 and accompanying text.
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In addition, the Commission has concerns about whether the
Exchange's proposal provides for a fair procedure for the prohibition
or limitation by the Exchange of any person with respect to access to
services offered, as required by Section 6(b)(7) of the Exchange Act.
The Exchange's proposal would require the Exchange to immediately
suspend and delist a company that already has a plan in place with the
Exchange pursuant to Section 802.02 or 802.03 of the Manual, if, at its
quarterly or semi-annual review, as applicable, the company has not
paid any listing or annual fees that have become due and payable since
the commencement of its plan period. It is unclear from the proposal
whether, in such a situation, the listed company
[[Page 6040]]
would have prior notice regarding the suspension and delisting and/or a
period to pay any unpaid fees prior to such suspension and delisting.
For example, it is unclear if immediate suspension and delisting would
occur even if the fees became due only one day prior to a quarterly or
semi-annual review.
As a result, the Commission believes there are questions as to
whether the proposal is consistent with Sections 6(b)(5) and 6(b)(7) of
the Exchange Act.\38\ For this reason, it is appropriate to institute
proceedings pursuant to Section 19(b)(2)(B) of the Exchange Act \39\ to
determine whether the proposal should be approved or disapproved.
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\38\ 15 U.S.C. 78f(b)(5) and (7).
\39\ 15 U.S.C. 78s(b)(2)(B).
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IV. Procedure: Request for Written Comments
The Commission requests that interested persons provide written
submissions of their data, views, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposed rule change
is consistent with Sections 6(b)(5) and 6(b)(7) of the Exchange Act
\40\ or any other provision of the Exchange Act, or the rules and
regulations thereunder. Although there do not appear to be any issues
relevant to approval or disapproval that would be facilitated by an
oral presentation of data, views, and arguments, the Commission will
consider, pursuant to Rule 19b-4 under the Exchange Act,\41\ any
request for an opportunity to make an oral presentation.\42\
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\40\ 15 U.S.C. 78f(b)(5) and (b)(7).
\41\ 17 CFR 240.19b-4.
\42\ Section 19(b)(2) of the Exchange Act, as amended by the
Securities Acts Amendments of 1975, Public Law 94-29 (June 4, 1975),
grants to the Commission flexibility to determine what type of
proceeding--either oral or notice and opportunity for written
comments--is appropriate for consideration of a particular proposal
by a self-regulatory organization. See Securities Acts Amendments of
1975, Senate Comm. on Banking, Housing & Urban Affairs, S. Rep. No.
75, 94th Cong., 1st Sess. 30 (1975).
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Interested persons are invited to submit written data, views, and
arguments regarding whether the proposed rule change should be approved
or disapproved by February 7, 2025. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
February 21, 2025. The Commission asks that commenters address the
sufficiency of the Exchange's statements in support of the proposal, in
addition to any other comments they may wish to submit about the
proposed rule change. 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#bbc9ced7de96d8d4d6d6ded5cfc8fbc8ded895dcd4cd"><span class="__cf_email__" data-cfemail="b5c7c0d9d098d6dad8d8d0dbc1c6f5c6d0d69bd2dac3">[email protected]</span></a>. Please include
file number SR-NYSE-2024-44 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-2024-44. 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-2024-44 and should be
submitted on or before February 7, 2025. Rebuttal comments should be
submitted by February 21, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\43\
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\43\ 17 CFR 200.30-3(a)(57).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-01085 Filed 1-16-25; 8:45 am]
BILLING CODE 8011-01-P
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