Federal Register / Vol. 83, No. 109 / Wednesday, June 6, 2018 / Notices 26329 

10For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

1117 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. 

transparency in Exchange rules 

regarding which data feeds the 

Exchange will use for NYSE National 

and clarify in the Exchange’s rules that 

Arca Securities will perform the 

inbound routing function for NYSE 

National. The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. 

Therefore, the Commission hereby 

waives the operative delay and 

designates the proposal as operative 

upon filing.10

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 shall institute proceedings 

to determine whether the proposed rule 

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: 

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– 

NYSEAMER–2018–24 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–NYSEAMER–2018–24. 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. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NYSEAMER–2018–24, and 

should be submitted on or before June 

27, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–12115 Filed 6–5–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83352; File No. SR– 

NYSEArca–2018–37] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Rule 7.37–E 

and Rule 7.45–E With Respect to NYSE 

National’s Reopening of Trading and 

Reactivating Connection to the 

Securities Information Processors 

May 31, 2018. 

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 May 18, 

2018, NYSE Arca, Inc. (the ‘‘Exchange’’ 

or ‘‘NYSE Arca’’) filed with the 

Securities and Exchange Commission 

(‘‘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 the Substance 

of the Proposed Rule Change 

The Exchange proposes to: (1) Amend 

Rule 7.37–E to specify in Exchange rules 

the Exchange’s use of data feeds from 

NYSE National, Inc. (‘‘NYSE National’’) 

for order handling and execution, order 

routing, and regulatory compliance; and 

(2) amend Rule 7.45–E to reflect that 

Archipelago Securities LLC (‘‘Arca 

Securities’’) would function as a routing 

broker for the Exchange’s affiliate, NYSE 

National. 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to update and 

amend the table in Rule 7.37–E that sets 

forth on a market-by-market basis the 

specific network processor and 

proprietary data feeds that the Exchange 

utilizes for the handling, execution and 

routing of orders, and for performing the 

regulatory compliance checks related to 

each of those functions. Specifically, the 

table would be amended to include 

NYSE National, which intends to 

reopen trading and reactivate its 

connections to the securities 

information processors (‘‘SIPs’’). To 

reflect that, the Exchange proposes to 

amend Rule 7.37–E to specify which 

data feeds the Exchange would use for 

NYSE National. As proposed, the 

Exchange would use the direct data 

feeds for NYSE National and would use 

the SIP data feeds as a secondary source. 

Additionally, the Exchange proposes 

to amend Rule 7.45–E to reflect that 

Arca Securities would function as a 


daltland on DSKBBV9HB2PROD with NOTICES
26330 Federal Register / Vol. 83, No. 109 / Wednesday, June 6, 2018 / Notices 

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

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

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(6). As required under Rule 

19b–4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the 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. 

8 17 CFR 240.19b–4(f)(6). 

9 17 CFR 240.19b–4(f)(6)(iii). 

10For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

routing broker for the Exchange’s 

affiliate, NYSE National. Specifically, 

the Exchange proposes to amend Rule 

7.45–E(c)(1) and (2) to reference NYSE 

National as an affiliate of the Exchange 

for the purposes of the inbound routing 

function performed by Arca Securities. 

The proposed rule change would 

provide more clarity and transparency 

to all the functions that Arca Securities 

performs on behalf of the Exchange and 

its affiliates, which now includes NYSE 

National. The Exchange is not proposing 

any substantive change to the rule. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),4 in general, and furthers the 

objectives of Section 6(b)(5),5 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. The Exchange believes 

its proposal to update the table in Rule 

7.37–E to include NYSE National will 

ensure that Rule 7.37–E correctly 

identifies and publicly states on a 

market-by-market basis all of the 

specific network processor and 

proprietary data feeds that the Exchange 

utilizes for the handling, execution and 

routing of orders, and for performing the 

regulatory compliance checks to each of 

those functions. The proposed rule 

change also removes impediments to 

and perfects the mechanism of a free 

and open market and protects investors 

and the public interest because it 

provides additional specificity, clarity 

and transparency. The Exchange 

believes the proposed rule change to 

amend Rule 7.45–E also removes 

impediments to and perfects the 

mechanism of a free and open market 

and protects investors and the public 

interest because the proposed rule 

change would enhance the clarity and 

transparency in Exchange Rules 

surrounding the inbound routing 

function performed by Arca Securities 

for the Exchange’s affiliate, NYSE 

National. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed change is not designed to 

address any competitive issue but rather 

would provide the public and investors 

with information about which data 

feeds the Exchange uses for execution 

and routing decisions, and provide 

clarity in Exchange rules that Arca 

Securities would perform the inbound 

routing function on behalf on the 

Exchange’s affiliate, NYSE National. 

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 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 6 and Rule 19b– 

4(f)(6) thereunder.7

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 8 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 9

permits the Commission to 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 proposed 

rule change may become operative upon 

filing. The Exchange states that waiver 

of the operative delay would be 

consistent with the protection of 

investors and the public interest 

because it will allow the Exchange to 

immediately provide enhanced 

transparency in Exchange rules 

regarding which data feeds the 

Exchange will use for NYSE National 

and clarify in the Exchange’s rules that 

Arca Securities will perform the 

inbound routing function for NYSE 

National. The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. 

Therefore, the Commission hereby 

waives the operative delay and 

designates the proposal as operative 

upon filing.10

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 shall institute proceedings 

to determine whether the proposed rule 

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: 

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– 

NYSEArca–2018–37 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–NYSEArca–2018–37. 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 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 109 / Wednesday, June 6, 2018 / Notices 26331 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Commission notes that throughout this 

Notice we have used the term ‘‘SPAC’’ or ‘‘SPACs.’’ 

These terms have the same meaning as an 

‘‘Acquisition Company’’ or ‘‘AC’’ which is the term 

used by NYSE in its current proposed rule filing 

and rule text. 

4See Securities Exchange Act Release No. 82180 

(November 30, 2017), 82 FR 57632 (December 6, 

2017) (‘‘Notice’’). 

5See Letters to Brent J. Fields, Secretary, 

Commission, from Michael Kitlas, dated November 

30, 2017 (‘‘Kitlas Letter’’) and Jeffrey P. Mahoney, 

General Counsel, Council of Institutional Investors, 

dated December 20, 2017 (‘‘CII Letter’’). 

6See Securities Exchange Act Release No. 82531 

(January 18, 2018), 83 FR 3371 (January 24, 2018) 

(‘‘Extension’’). 

7See Securities Exchange Act Release No. 82804 

(March 5, 2018), 83 FR 10530 (March 9, 2018). 

8See Letters to Brent J. Fields, Secretary, 

Commission, from Jeffrey P. Mahoney, General 

Counsel, Council of Institutional Investors, dated 

March 26, 2018 (‘‘CII Letter II’’). 

9 15 U.S.C. 78s(b)(2). 

10 Id. 

11 17 CFR 200.30–3(a)(31). 

1 15 U.S.C. 78q–1(c)(4)(B). 

2Securities Exchange Act Release No. 34–82342 

(Dec. 18, 2017), 82 FR 60778. 

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 available publicly. All 

submissions should refer to File 

Number SR–NYSEArca–2018–37, and 

should be submitted on or before June 

27, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–12112 Filed 6–5–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83355; File No. SR–NYSE– 

2017–53] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To Amend the Listed 

Company Manual for Special Purpose 

Acquisition Companies To Lower the 

Initial Holders Requirement From 300 

to 150 Round Lot Holders and To 

Eliminate Completely the 300 Public 

Stockholders Continued Listing 

Requirement, To Require at Least $5 

Million in Net Tangible Assets for Initial 

and Continued Listing, and To Impose 

a 30-Day Deadline To Demonstrate 

Compliance With Certain Initial Listing 

Requirements Following a Business 

Combination 

May 31, 2018. 

On November 16, 2017, New York 

Stock Exchange LLC (‘‘NYSE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend the Listed Company Manual for 

Special Purpose Acquisition Companies 

(‘‘SPACs’’) 3 to lower the initial holders 

requirement from 300 to 150 round lot 

holders and to eliminate the continued 

listing requirement of 300 public 

stockholders completely, to require at 

least $5 million in net tangible assets for 

initial listing and continued listing, and 

to allow companies 30 days to 

demonstrate compliance with the 

applicable holder requirements of 

Section 102.01A in the Listed Company 

Manual following a business 

combination. Finally, NYSE proposes to 

eliminate certain alternative initial 

listing distribution criteria for SPACs 

that list in connection with a transfer or 

quotation. The proposed rule change 

was published for comment in the 

Federal Register on December 6, 2017.4

In response, the Commission received 

two comments on the proposal.5 On 

January 18, 2018, the Commission 

extended the time period within which 

to approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether to approve or disapprove the 

proposed rule change to March 6, 2018.6

The Commission issued an order 

instituting proceedings under Section 

19(b)(2)(B) of the Act to determine 

whether to approve or disapprove the 

proposed rule change on March 5, 2018 

(‘‘OIP’’).7 The Commission received one 

additional comment letter in response to 

the OIP.8

Section 19(b)(2) of the Act 9 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of filing of the proposed rule 

change. The Commission may, however, 

extend the period for issuing an order 

approving or disapproving the proposed 

rule change by not more than 60 days 

if the Commission determines that a 

longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for notice and 

comment in the Federal Register on 

December 6, 2017. June 4, 2018 is 180 

days from that date, and August 3, 2018 

is 240 days from that date. The 

Commission finds it appropriate to 

designate a longer period within which 

to issue an order approving or 

disapproving the proposed rule change 

so that it has sufficient time to consider 

the proposed rule change and the 

comment letters. Accordingly, the 

Commission, pursuant to Section 

19(b)(2) of the Act,10 designates August 

3, 2018, as the date by which the 

Commission shall either approve or 

disapprove the proposed rule change 

(File No. SR–NYSE–2017–53). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–12113 Filed 6–5–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83361] 

Order Cancelling Registrations of 

Certain Transfer Agents 

June 1, 2018. 

On December 22, 2017, notice was 

published in the Federal Register that 

the Securities and Exchange 

Commission (‘‘Commission’’) intended 

to issue an order, pursuant to Section 

17A(c)(4)(B) of the Securities Exchange 

Act of 1934 (‘‘Act’’),1 cancelling the 

registrations of certain transfer agents.2

For the reasons discussed below, the 

Commission is cancelling the 

registration of the transfer agents 

identified in the attached Appendix. 

FOR FURTHER INFORMATION CONTACT: 

Moshe Rothman, Assistant Director, or 

Catherine Whiting, Special Counsel, at 

(202) 551–4990, U.S. Securities and 

Exchange Commission, Division of 

Trading and Markets, Room 7321 SP1, 


daltland on DSKBBV9HB2PROD with NOTICES