Federal Register / Vol. 88, No. 234 / Thursday, December 7, 2023 / Notices 85337 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 90610, 

86 FR 18596 (April 9, 2021) (S7–03–20). 

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

6 15 U.S.C. 78f(b)(8). 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4(f)(6). 

are available at www.prc.gov, Docket 

Nos. MC2024–90, CP2024–92. 

Sean Robinson, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2023–26826 Filed 12–6–23; 8:45 am] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99062; File No. SR– 

NYSEARCA–2023–81] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Update Citations to 

Rule 600(b) of Regulation National 

Market System 

December 1, 2023. 

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

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’) 2 and Rule 19b–4 

thereunder,3 notice is hereby given that 

on November 20, 2023, NYSE Arca, Inc. 

(‘‘Exchange’’) 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 Exchange. 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 update 

citations to Rule 600(b) of Regulation 

National Market System (‘‘Regulation 

NMS’’) in Rule 5.3–O (Criteria for 

Underlying Securities); Rule 5.4–O 

(Withdrawal of Approval of Underlying 

Securities); Rule 7.31–E (Orders and 

Modifiers); Rule 9.5320–E (Prohibition 

Against Trading Ahead of Customer 

Orders); and Rule 11.6810 (Consolidated 

Audit Trail—Definitions). 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 

The Exchange proposes to update 

citations to Rule 600(b) of Regulation 

NMS in Rule 5.3–O (Criteria for 

Underlying Securities); Rule 5.4–O 

(Withdrawal of Approval of Underlying 

Securities); Rule 7.31–E (Orders and 

Modifiers); Rule 9.5320–E (Prohibition 

Against Trading Ahead of Customer 

Orders); and Rule 11.6810 (Consolidated 

Audit Trail—Definitions). 

In 2021, the Securities and Exchange 

Commission (the ‘‘Commission’’) 

amended Regulation NMS under the Act 

in connection with the adoption of the 

Market Data Infrastructure Rules.4 As 

part of that initiative, the Commission 

adopted new definitions in Rule 600(b) 

of Regulation NMS and renumbered the 

remaining definitions, including the 

definition of Intermarket Sweep Order 

(formerly Rule 600(b)(30)), Listed 

Option (formerly Rule 600(b)(35)), and 

NMS Stock (formerly Rule 600(b)(47)). 

The Exchange accordingly proposes to 

update the relevant citations to Rule 

600(b) in its rules as follows. 

• The citation to the definition of 

Intermarket Sweep Order in Rule 7.31– 

E(e)(3) and Rule 9.5320–E, Commentary 

.04, would be changed to Rule 

600(b)(38). 

• The citation to the definition of 

NMS Stock in Rule 5.3–O, Rule 5.4–O, 

and Rule 11.6810(qq) would be changed 

to Rule 600(b)(55). 

• The citation to the definition of 

Listed Option in Rule 11.6810(y) would 

be changed to Rule 600(b)(43). 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

section 6(b)(5) of the Exchange Act,5 in 

that 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 that the 

proposed changes to its rules to correct 

citations to Rule 600(b) of Regulation 

NMS would remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system because the proposed change is 

designed to update an external rule 

reference. The Exchange believes that 

member organizations would benefit 

from the increased clarity, thereby 

reducing potential confusion and 

ensuring that persons subject to the 

Exchange’s jurisdiction, regulators, and 

the investing public can more easily 

navigate and understand the Exchange’s 

rules. The Exchange further believes 

that the proposed amendment would 

not be inconsistent with the public 

interest and the protection of investors 

because investors will not be harmed 

and in fact would benefit from increased 

clarity, thereby reducing potential 

confusion. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with section 6(b)(8) of 

the Act,6 the Exchange believes that the 

proposed rule change would not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change is not intended to 

address competitive issues but rather 

would modify Exchange rules to update 

citations to Rule 600(b) of Reg NMS. 

Since the proposal does not 

substantively modify system 

functionality or processes on the 

Exchange, the proposed changes will 

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 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 

Pursuant to section 19(b)(3)(A) of the 

Act 7 and Rule 19b–4(f)(6) 8 thereunder, 

the Exchange has designated this 

proposal as one that effects a change 

that: (i) does not significantly affect the 

protection of investors or the public 

interest; (ii) does not impose any 

significant burden on competition; and 


ddrumheller on DSK120RN23PROD with NOTICES1
85338 Federal Register / Vol. 88, No. 234 / Thursday, December 7, 2023 / Notices 

9 In addition, Rule 19b–4(f)(6) requires a selfregulatory 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. 

10 17 CFR 240.19b–4(f)(6)(iii). 

11For 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). 12 17 CFR 200.30–3(a)(12), (59). 

1 15 U.S.C. 78q(d). 

2 17 CFR 240.17d–2. 

3 15 U.S.C. 78s(g)(1). 

4 15 U.S.C. 78q(d) and 15 U.S.C. 78s(g)(2), 

respectively. 

5 15 U.S.C. 78q(d)(1). 

6See Securities Act Amendments of 1975, Report 

of the Senate Committee on Banking, Housing, and 

Urban Affairs to Accompany S. 249, S. Rep. No. 94– 

75, 94th Cong., 1st Session 32 (1975). 

(iii) by its terms, does not become 

operative for 30 days after the date of 

the filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest.9

A proposed rule change filed 

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

Act normally does not become operative 

for 30 days after the date of its filing. 

However, Rule 19b–4(f)(6)(iii) 10 permits 

the Commission to designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange requested that 

the Commission waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The proposed change raises no 

novel legal or regulatory issues and 

modifies the Exchange’s rules to correct 

citations to Rule 600(b) of Regulation 

NMS, which should help prevent 

confusion and result in increased clarity 

within the Exchange’s rules. Therefore, 

the Commission believes that waiver of 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change operative upon 

filing.11

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. 

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NYSEARCA–2023–81 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–2023–81. 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 (https://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 

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–NYSEARCA–2023–81 and should be 

submitted on or before December 28, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–26799 Filed 12–6–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99065; File No. 4–818] 

Program for Allocation of Regulatory 

Responsibilities Pursuant to Rule 17d– 

2; Notice of Filing of Proposed Plan for 

the Allocation of Regulatory 

Responsibilities Between the Financial 

Industry Regulatory Authority, Inc. and 

Nasdaq PHLX LLC 

December 1, 2023. 

Pursuant to section 17(d) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 17d–2 thereunder,2

notice is hereby given that on November 

17, 2023, the Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’) 

and Nasdaq PHLX LLC (‘‘PHLX’’) 

(together with FINRA, the ‘‘Parties’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’) 

a plan for the allocation of regulatory 

responsibilities, dated November 15, 

2023 (‘‘17d–2 Plan’’ or the ‘‘Plan’’). The 

Commission is publishing this notice to 

solicit comments on the 17d–2 Plan 

from interested persons. 

I. Introduction 

Section 19(g)(1) of the Act,3 among 

other things, requires every selfregulatory organization (‘‘SRO’’) 

registered as either a national securities 

exchange or national securities 

association to examine for, and enforce 

compliance by, its members and persons 

associated with its members with the 

Act, the rules and regulations 

thereunder, and the SRO’s own rules, 

unless the SRO is relieved of this 

responsibility pursuant to section 17(d) 

or section 19(g)(2) of the Act.4 Without 

this relief, the statutory obligation of 

each individual SRO could result in a 

pattern of multiple examinations of 

broker-dealers that maintain 

memberships in more than one SRO 

(‘‘common members’’). Such regulatory 

duplication would add unnecessary 

expenses for common members and 

their SROs. 

Section 17(d)(1) of the Act 5 was 

intended, in part, to eliminate 

unnecessary multiple examinations and 

regulatory duplication.6 With respect to 

a common member, section 17(d)(1) 

authorizes the Commission, by rule or 


ddrumheller on DSK120RN23PROD with NOTICES1