8814 Federal Register / Vol. 86, No. 25 / Tuesday, February 9, 2021 / Notices 

38See Amendment No. 1, supra note 4, at 6. 

39See Notice, supra note 3, at 84450. 

40See Amendment No. 1, supra note 4, at 7. 

41 15 U.S.C. 78f(b)(4). 

42 15 U.S.C. 78f(b)(5). 

43See Notice, supra note 3, at 84449 n.4. 

44See id. at 84450. 

45See id. at 84449 n.5; id. at 84450. See also 

NYSE Listed Company Manual Section 106.03. 

46 15 U.S.C. 78f(b)(8). 

47 15 U.S.C. 78f(b)(4). 

48 15 U.S.C. 78f(b)(5). 

49 15 U.S.C. 78s(b)(2). 

50 15 U.S.C. 78s(b)(2). 

51 17 CFR 200.30–3(a)(12). 

the Exchange,38 and not on an ongoing 

basis. 

Moreover, the Commission notes the 

Exchange’s representations that the 

proposed promotional services and 

listing ceremonies will be offered to all 

listed Companies on the same terms and 

conditions without differentiation,39

and that the Exchange will offer 

comparable promotional services and 

listing ceremonies of comparable value 

to each listed Company.40 Accordingly, 

the Commission believes that the 

proposed rule change, as modified by 

Amendment No. 1, is consistent with 

the requirements of the Act and, in 

particular, that the services are 

equitably allocated among issuers 

consistent with Section 6(b)(4) of the 

Act,41 and the rule does not unfairly 

discriminate between issuers consistent 

with Section 6(b)(5) of the Act.42 The 

Commission also notes that the 

Exchange has represented that if it 

expands the menu of promotional 

services offered, or elects to provide 

new products or services to listed 

Companies, the Exchange will 

incorporate such changes in a new 

proposed rule change.43

The Commission also believes that the 

Exchange is responding to competitive 

pressures in the market for listings in 

making this proposal. Specifically, the 

Exchange stated in its proposal that it 

expects to face competition as a new 

entrant in the market for exchange 

listings, and that it believes the 

promotional services and listing 

ceremonies that it proposes to offer to 

listed companies will facilitate LTSE’s 

ability to attract and retain listings.44 In 

particular, the Exchange maintains that 

it expects to face significant competition 

from NYSE and Nasdaq for listings, and 

that comparable offerings of 

promotional services and listing 

ceremonies are already provided by 

NYSE.45 Accordingly, the Commission 

believes that the proposed rule reflects 

the current competitive environment for 

exchange listings among national 

securities exchanges, and is appropriate 

and consistent with Section 6(b)(8) of 

the Act.46

IV. Solicitation of Comments on 

Amendment No. 1 

Interested persons are invited to 

submit written data, views, and 

arguments concerning whether 

Amendment No. 1 is consistent with the 

Act. Comments may be submitted by 

any of the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File No. SR– 

LTSE–2020–22 on the subject line. 

Paper Comments 

• 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–LTSE–2020–22. The file numbers 

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 (http://www.sec.gov/ 

rules/sro.shtml). 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 such 

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 publicly available. All 

submissions should refer to File No. 

SR–LTSE–2020–22 and should be 

submitted on or before March 2, 2021. 

V. Accelerated Approval of Proposed 

Rule Change, as Modified by 

Amendment No. 1 

The Commission finds good cause to 

approve the proposed rule change, as 

modified by Amendment No. 1, prior to 

the thirtieth day after the date of 

publication of notice of the amended 

proposal in the Federal Register. As 

discussed above, in Amendment No. 1, 

the Exchange clarified that: (i) The 

proposed promotional services and 

listing ceremonies will be offered to 

Companies on or around the time of 

listing, in connection with listing on the 

Exchange; and (ii) that the Exchange 

will offer comparable promotional 

services and listing ceremonies of 

comparable value to each listed 

Company. The Commission believes 

that these clarifications will help to 

ensure that individual listed Companies 

are not given specially negotiated 

packages of products and services to list 

or remain listed, as well as to ensure 

that the services are equitably allocated 

among issuers consistent with Section 

6(b)(4) of the Act 47 and that the rule 

does not unfairly discriminate between 

issuers consistent with Section 6(b)(5) of 

the Act.48 Accordingly, the Commission 

finds good cause, pursuant to Section 

19(b)(2) of the Act,49 to approve the 

proposed rule change, as modified by 

Amendment No. 1, on an accelerated 

basis. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,50 that the 

proposed rule change (SR–LTSE–2020– 

22), as modified by Amendment No. 1, 

be, and hereby is, approved on an 

accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.51

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–02592 Filed 2–8–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91053; File No. SR–CBOE– 

2021–010] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Establish a Policy 

Relating to Billing Errors 

February 3, 2021. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 


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1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(iii). 

4 17 CFR 240.19b–4(f)(6). 

5 17 CFR 240.19b–4(f)(6)(iii). 

6See SR–CboeBZX–2020–094; SR-CboeBYX– 

2020–034; SR-CboeEDGA–2020–032; SRCboeEDGX–2020–064. 7For example, if the Exchange becomes aware of 

a transaction fee billing error on January 4, 2021, 

the Exchange will resolve the error by crediting or 

debiting Members based on the fees or rebates that 

should have been applied to any impacted 

transactions during October, November and 

December 2020. The Exchange notes that because 

it bills in arrears, the Exchange would be able to 

correct the error in advance of issuing the January 

2021 invoice and therefore, transactions impacted 

through the date of discovery (in this example, 

January 4, 2021) and thereafter, would be billed 

correctly. 

8See e.g. Securities Exchange Act Release No. 

87650 (December 3, 2019), 84 FR 67304 (December 

9, 2019) (SR–NYSECHX–2019–024); Securities 

Exchange Act Release No. 84430 (October 16, 2018), 

83 FR 53347 (October 22, 2018) (SR–NYSENAT– 

2018–23); and Securities Exchange Act Release No. 

79060 (October 6, 2016), 81 FR 70716 (October 13, 

2016) (SR–ISEGemini–2016–11) . 

9See e.g., MEMX LLC, Rule 15.3, IEX Rule 

15.120, Nasdaq Rule Equity 7, Section 70, Nasdaq 

BX Rule Equity 7, Section 111, and Nasdaq PHLX 

Rule Equity 7, Section 2. 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on January 

25, 2021, Cboe Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘Cboe Options’’) 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 Exchange. The 

Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A)(iii) of 

the Act 3 and Rule 19b–4(f)(6) 

thereunder.4 The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe Exchange, Inc. (‘‘Cboe Options’’ 

or the ‘‘Exchange’’) is filing with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) a proposed rule 

change to establish a policy relating to 

billing errors. The Exchange has 

designated this proposal as noncontroversial and provided the 

Commission with the notice required by 

Rule 19b–4(f)(6)(iii) under the Act.5

The text of the proposed rule change 

is provided in Exhibit 5. The text of the 

proposed rule change is available on the 

Exchange’s website at http://

markets.cboe.com/, at the Exchange’s 

principal office and at the Public 

Reference Room of the Commission. 

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 

Exchange 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 these 

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 aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

Footnote 7 of its fees schedule which 

relates to billing errors and fee disputes. 

Footnote 7 currently provides that that 

any potential billing errors relating to 

fees assessed by Cboe Options must be 

brought to the attention of Cboe 

Options’ Accounting Department within 

three months from the invoice date. 

Additionally, all fees assessed shall be 

deemed final and non-refundable after 

three months from the invoice date. 

However, Footnote 7 further provides 

that the Exchange is not precluded from 

assessing fees more than three months 

after they were incurred if those fees 

were required to be paid pursuant to the 

Cboe Options Fee Schedule in effect at 

the time the fees were incurred. The 

Exchange proposes to eliminate the 

current language in Footnote 7 of the 

fees schedule and replace it with 

language recently adopted by its 

affiliated exchanges.6 Particularly, the 

Exchange proposes to provide: ‘‘All fees 

and rebates assessed prior to the three 

full calendar months before the month 

in which the Exchange becomes aware 

of a billing error shall be considered 

final. Any dispute concerning fees or 

rebates billed by the Exchange must be 

submitted to the Exchange in writing 

and must be accompanied by supporting 

documentation.’’ 

The proposed language would result 

in all fees and rebates assessed prior to 

the three full calendar months before 

the month in which the Exchange 

becomes aware of a billing error to be 

considered final. Particularly, the 

Exchange will resolve an error by 

crediting or debiting Trading Permit 

Holders (‘‘TPHs’’) and Non-TPHs based 

on the fees or rebates that should have 

been applied in the three full calendar 

months preceding the month in which 

the Exchange became aware of the error, 

including to all impacted transactions 

that occurred during those months.7 The 

Exchange will apply the three month 

look back regardless of whether the 

error was discovered by the Exchange or 

by a TPH or Non-TPH that submitted a 

fee dispute to the Exchange. The 

Exchange will continue to provide all 

disputes concerning fees and rebates 

assessed by the Exchange would have to 

be submitted to the Exchange in writing 

and accompanied by supporting 

documentation. 

The Exchange notes that the proposed 

language continues to encourage TPHs 

and Non-TPHs to promptly review their 

Exchange invoices so that any disputed 

charges can be addressed in a timely 

manner. The Exchange notes that it 

provides TPHs with both daily and 

monthly fee reports and thus believes 

they should be aware of any potential 

billing errors within three months. 

Requiring that TPHs and Non-TPHs 

submit disputes in writing and provide 

supporting documentation encourages 

them to promptly review their invoices 

so that any disputed charges can be 

addressed in a timely manner while the 

information and data underlying those 

charges (e.g., applicable fees and order 

information) is still easily and readily 

available. This practice will avoid issues 

that may arise when TPHs or Non-TPHs 

do not dispute an invoice in a timely 

manner and will conserve Exchange 

resources that would have to be 

expended to resolve untimely billing 

disputes. As such, the requirement 

continues to alleviate administrative 

burdens related to billing disputes, 

which could divert staff resources away 

from the Exchange’s regulatory and 

business purposes. The proposed rule 

change to eliminate the requirement that 

the Exchange assess fees beyond three 

months if they were required to be 

assessed pursuant to the fees schedule 

at the time incurred (i.e., all fees and 

rebates would be final after three 

months regardless of how far back a 

billing error occurred) would provide 

both the Exchange and TPHs and NonTPHs finality and the ability to close 

their books after a known period of 

time. 

The Exchange notes that a number of 

exchanges have explicitly stated that 

they consider all fees to be final after a 

similar period of time.8 Additionally, 

several other exchanges have adopted 

similar provisions in their rules that 

provide for a process for their members 

and non-members to submit fee 

disputes.9 Moreover, the proposed 

language is identical to the language 

recently adopted on the Exchange’s 


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10See supra note 6. 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(5). 

13 Id. 

14See supra notes 6 and 9. 

15See supra notes 6 and 8. 

16 15 U.S.C. 78s(b)(3)(A). 

17 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 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. 

18 17 CFR 240.19b–4(f)(6)(iii). 

19For 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. 15 U.S.C. 78c(f). 

affiliated exchanges.10 As such, the 

proposed change will also harmonize 

and conform the Exchange’s billing 

practices with that of its affiliated 

exchanges. The proposed billing policy 

will apply to all charges and rebates 

reflected in the Exchange’s fees 

schedules. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.11 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 12 requirements that the rules of 

an exchange be 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 regulating, clearing, settling, 

processing information with respect to, 

and 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 consistent with 

the Section 6(b)(5) 13 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

With respect to the proposed language 

regarding the billing procedure, the 

Exchange believes continuing to require 

the submission of all billing disputes in 

writing, and with supporting 

documentation is reasonable because 

the Exchange provides TPHs with ample 

tools to monitor and account for various 

charges incurred in a given month. 

Additionally, the Exchange notes that 

most TPHs and Non-TPHs that pay 

exchange fees are sophisticated entities, 

so it is appropriate to expect them to 

promptly review their invoices for 

errors and to be capable of identifying 

such errors. The proposed provision 

also continues to promote the protection 

of investors and the public interest by 

providing a clear and concise 

mechanism for TPH and Non-TPHs to 

dispute fees and for the Exchange to 

review such disputes in a timely 

manner. Moreover, the proposed billing 

dispute language, which lowers the 

Exchange’s administrative burden, is 

similar to billing dispute language of 

other exchanges, and the same as the 

Exchange’s affiliates.14 In addition, the 

billing procedure is fair, equitable, and 

not unfairly discriminatory because it 

will apply equally to all TPHs (and NonTPHs that pay Exchange fees). 

The Exchange also believes that 

providing that all fees and rebates are 

final after three months (i.e., always 

resolving billing errors only for the three 

full calendar months preceding the 

month in which the Exchange became 

aware of the error), is reasonable as both 

the Exchange and TPHs and Non-TPHs 

have an interest in knowing when its fee 

assessments are final and when reliance 

can be placed on those assessments. 

Indeed, without some deadline on 

billing errors, the Exchange and TPHs 

and Non-TPHs would never be able to 

close their books with any confidence. 

Furthermore, as noted above, a number 

of Exchanges similarly consider their 

fees final after a similar period of time.15

The proposed change is also equitable, 

and not unfairly discriminatory because 

it will apply equally to all TPHs (and 

Non-TPHs that pay Exchange fees) and 

apply in cases where either the TPH (or 

Non-TPH) discovers the error or the 

Exchange discovers the error. Lastly, the 

proposed changes to the fees schedule 

will align the Exchange’s billing 

practices with those of its affiliated 

exchanges. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change would impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. With respect 

to the billing procedure and billing error 

policy, the proposed rule change would 

provide a clear process that would 

apply equally to all TPHs. Additionally, 

the proposed rule change is similar to 

rules of other exchanges. The Exchange 

does not believe such proposed changes 

would impair the ability of TPHs or 

competing order execution venues to 

maintain their competitive standing in 

the financial markets. Moreover, 

because the proposed changes would 

apply equally to all TPHs, the proposal 

does not impose any burden on 

competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No comments were solicited or 

received on the proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing 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 for 30 days from the 

date on which it was filed, or such 

shorter time as the Commission may 

designate, it has become effective 

pursuant to Section 19(b)(3)(A) of the 

Act 16 and Rule 19b–4(f)(6) 17

thereunder. 

The Exchange has asked the 

Commission to waive the 30-day 

operative delay.18 The Commission 

finds that waiving the 30-day operative 

delay is consistent with the protection 

of investors and the public interest 

because waiver of the operative delay 

will allow the Exchange to provide a 

clear process for billing errors and fee 

disputes without delay. Moreover, the 

proposed rule changes are comparable 

to other policies and practices 

established by other exchanges and 

therefore does not raise any new or 

novel issues. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.19

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. If the 

Commission takes such action, the 

Commission will institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

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: 


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20 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4For the purposes of Section 907.00, the term 

‘‘Eligible New Listing’’ means (i) any U.S. company 

that lists common stock on the Exchange for the 

first time and any non-U.S. company that lists an 

equity security on the Exchange under Section 

102.01 or 103.00 of the Manual for the first time, 

regardless of whether such U.S. or non-U.S. 

company conducts an offering and (ii) any U.S. or 

non-U.S. company emerging from a bankruptcy, 

spinoff (where a company lists new shares in the 

absence of a public offering), and carve-out (where 

a company carves out a business line or division, 

which then conducts a separate initial public 

offering). 

5For purposes of Section 907.00, the term 

‘‘Eligible Transfer Company’’ means any U.S. or 

non-U.S. company that transfers its listing of 

common stock or equity securities, respectively, to 

the Exchange from another national securities 

exchange. For purposes of Section 907.00, an 

‘‘equity security’’ means common stock or common 

share equivalents such as ordinary shares, New 

York shares, global shares, American Depository 

Receipts, or Global Depository Receipts. 

6Section 907.00 provides for separate service 

entitlements for Acquisition Companies listed 

under Section 102.06 and the issuers of Equity 

Investment Tracking Stocks listed under Section 

102.07. 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CBOE–2021–010 on the subject line. 

Paper Comments 

• 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–CBOE–2021–010. 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 (http://www.sec.gov/ 

rules/sro.shtml). 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; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–CBOE– 

2021–010 and should be submitted on 

or before March 2, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–02591 Filed 2–8–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91048; File No. SR–NYSE– 

2021–09] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

Section 907.00 of the Manual 

February 3, 2021. 

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 January 

26, 2021, 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Section 907.00 of the Manual to clarify 

the application of that rule. The 

proposed rule change is available on the 

Exchange’s website at www.nyse.com, 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 

Section 907.00 of the Manual sets 

forth complimentary products and 

services that issuers are entitled to 

receive in connection with their NYSE 

listing. The Exchange offers certain 

complimentary products and services 

and access to discounted third-party 

products and services through the NYSE 

Market Access Center to listed issuers. 

The Exchange also provides 

complimentary market surveillance 

products and services (with a 

commercial value of approximately 

$55,000 annually), Web-hosting 

products and services (with a 

commercial value of approximately 

$16,000 annually), web-casting services 

(with a commercial value of 

approximately $6,500 annually), market 

analytics products and services (with a 

commercial value of approximately 

$30,000 annually), and news 

distribution products and services (with 

a commercial value of approximately 

$20,000 annually) to Eligible New 

Listings 4 and Eligible Transfer 

Companies 5 based on the following 

tiers: 6

Tier A: For Eligible New Listings and 

Eligible Transfer Companies with a global 

market value of $400 million or more, in each 

case calculated as of the date of listing on the 

Exchange, the Exchange offers market 

surveillance, market analytics, web-hosting, 

webcasting, and news distribution products 

and services. 

Tier B: For Eligible New Listings and 

Eligible Transfer Companies with a global 

market value of less than $400 million, in 

each case calculated as of the date of listing 

on the Exchange, the Exchange offers Webhosting, market analytics, web-casting, and 

news distribution products and services. 

On January 11, 2021, the Commission 

approved the Exchange’s proposal to 

provide all the additional 

complimentary products and services 

described above to Eligible New Listings 


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