[Federal Register Volume 89, Number 214 (Tuesday, November 5, 2024)]
[Notices]
[Pages 87917-87918]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-25634]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101477; File No. SR-NYSE-2024-58]


Self-Regulatory Organizations; New York Stock Exchange LLC; Order 
Approving a Proposed Rule Change To Amend NYSE Rule 7.13

October 30, 2024

I. Introduction

    On September 12, 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 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend NYSE Rule 7.13 to remove references to 
the Chair of the Board of Directors of the Exchange (``Board''). The 
proposed rule change was published in the Federal Register on September 
30, 2024.\3\ The Commission received no comments on the proposal. This 
order approves the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 101150 (September 
24, 2024), 89 FR 79664.
---------------------------------------------------------------------------

II. Description of the Proposal

    The Exchange has proposed amending NYSE Rule 7.13 (Trading 
Suspensions) to remove references to the Chair of the Board. Under 
current NYSE Rule 7.13, the Chair or the chief executive officer of the 
Exchange (``CEO''), or the officer designee of the Chair or the CEO, 
has the power to suspend trading on any and all securities trading on 
the Exchange whenever in his or her

[[Page 87918]]

opinion such suspension would be in the public interest. No such action 
would continue longer than two days or as soon thereafter as a quorum 
of Directors can be assembled, unless the Board approves the 
continuation of such suspension. According to the Exchange, the Chair 
has not acted under NYSE Rule 7.13 since the rule was adopted.\4\
---------------------------------------------------------------------------

    \4\ Id. at 79665.
---------------------------------------------------------------------------

    Pursuant to the proposed rule change, the CEO or the officer 
designee of the CEO would continue to have the power to suspend trading 
in any and all securities trading on the Exchange whenever in his or 
her opinion such suspension would be in the public interest. Further, 
the requirement that no such action continue longer than two days or as 
soon thereafter as a quorum of Directors can be assembled, unless the 
Board approves the continuation of such suspension, would remain.

III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule 
change is consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities exchange.\5\ 
In particular, the Commission finds that the proposed rule change is 
consistent with Section 6(b) of the Act,\6\ in general, and furthers 
the objectives of Section 6(b)(5) of the Act,\7\ which requires, among 
other things, that the rules of a national securities 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.
---------------------------------------------------------------------------

    \5\ In approving this proposed rule change, the Commission notes 
that it has considered the proposed rule's impact on efficiency, 
competition, and capital formation. See 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission finds that the proposed rule change is consistent 
with the Act in that it removes references to the Chair, who is 
currently not required to act under NYSE Rule 7.13, while still 
preserving the ability of the CEO or his or her officer designee the 
authority to act under the rule when it would be in the public 
interest. As noted above, the Chair has not acted under NYSE Rule 7.13 
since the rule was adopted and therefore, the proposed rule change more 
accurately reflects Exchange practice. Moreover, the Commission notes 
that the Chair and the Board would continue to have an oversight role, 
since the requirement would remain that no suspension of trading 
continue longer than two days, or as soon thereafter as a quorum of 
Directors can be assembled, unless the Board approves the continuation 
of such suspension.
    Based on the foregoing, the Commission finds that the proposed rule 
change is consistent with the Act.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\8\ that the proposed rule change (SR-NYSE-2024-58) be, and hereby 
is, approved.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-25634 Filed 11-4-24; 8:45 am]
BILLING CODE 8011-01-P