Federal Register / Vol. 87, No. 20 / Monday, January 31, 2022 / Notices 4981 

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. 83289 

(May 17, 2018), 83 FR 23968 (May 23, 2018) (SR– 

NYSENat–2018–02). 

5See ‘‘FINRA Announces Enforcement Structure, 

Senior Leadership Team,’’ July 26, 2018, available 

at https://www.finra.org/media-center/newsreleases/2018/finra-announces-enforcementstructure-senior-leadership-team. 

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

7 15 U.S.C. 78f(b)(5). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

1090.4(f)(6)(iii) requires a self-regulatory 

organization to give the Commission written notice 

of its intent to file the proposed rule change, along 

with a brief description and text of the proposed 

rule change, at least five business days prior to the 

date of filing of the proposed rule change, or such 

Continued 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94052; File No. SR– 

NYSENAT–2022–01] 

Self-Regulatory Organizations; NYSE 

National, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change of Non-Substantive 

Conforming Changes to Rule 10.9120 

January 25, 2022. 

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 

10, 2022, NYSE National, Inc. (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 the Substance 

of the Proposed Rule Change 

The Exchange proposes nonsubstantive conforming changes to Rule 

10.9120 of the Exchange’s disciplinary 

rules. 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 

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 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 nonsubstantive conforming changes to Rule 

10.9120 (Definitions) of the Exchange’s 

disciplinary rules. 

In 2018, the Exchange adopted rules 

relating to investigation, discipline, 

sanction, and other procedural rules 

based on the rules of its affiliate NYSE 

American LLC and the Financial 

Industry Regulatory Authority 

(‘‘FINRA’’).4 Rule 10.9120 defines 

certain terms used in the Exchange’s 

disciplinary rules, including 

‘‘Department of Market Regulation’’ in 

paragraph (i) and ‘‘Enforcement’’ in 

paragraph (m). The definition of 

Enforcement in Rule 10.9120(m) 

includes the Department of Market 

Regulation of FINRA as defined in Rule 

10.9120(i). 

In 2018, FINRA created a unified 

enforcement function and eliminated 

the separate enforcement function in the 

Department of Market Regulation.5 In 

order to reflect FINRA’s revised 

organizational structure, the Exchange 

accordingly proposes to delete the 

definition of Department of Market 

Regulation in Rule 10.9120(i) and mark 

paragraph (i) ‘‘Reserved’’ in order to 

maintain the Rule’s sequencing. In 

addition, the Exchange proposes to 

delete Department of Market Regulation 

of FINRA from the definition of 

Enforcement in Rule 10.9120(m). As 

proposed, Rule 10.9120(m) would 

provide that the term ‘‘Enforcement’’ 

refers to (A) any department reporting to 

the Chief Regulatory Officer (defined as 

‘‘CRO’’) of the Exchange with 

responsibility for investigating or, when 

appropriate after compliance with the 

Rule 10.9000 Series, imposing sanctions 

on an ETP Holder or Associated Person 

and (B) the Department of Enforcement 

of FINRA. 

2. Statutory Basis 

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),7 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. 

In particular, the Exchange believes 

that the proposed non-substantive 

conforming changes would remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system and, in 

general, protect investors and the public 

interest because the proposed nonsubstantive changes would add clarity, 

transparency and consistency to the 

Exchange’s rules. The Exchange believes 

that market participants 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. 

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 rule change is not intended to 

address competitive issues but is rather 

concerned with making non-substantive 

conforming changes to the Exchange 

rules. 

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 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 prior to 30 days from the date 

on which it was filed, or such shorter 

time as the Commission may designate, 

if consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 8 and Rule 19b–4(f)(6) 

thereunder.9


khammond on DSKJM1Z7X2PROD with NOTICES
4982 Federal Register / Vol. 87, No. 20 / Monday, January 31, 2022 / Notices 

shorter time as designated by the Commission. The 

Exchange has satisfied this requirement. 

10 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. 

4Rule 1.1(l) defines ‘‘Exchange Traded Product’’ 

as a security that meets the definition of ‘‘derivative 

securities product’’ in Rule 19b–4(e) under the Act. 

ETPs include, for example, securities listed and 

traded on the Exchange pursuant to the following 

Exchange rules: Rule 5.2(j)(3) (Investment Company 

Units); Rule 5.2(j)(5) (Equity Gold Shares); Rule 5.2 

(j)(6)(Equity Index-Linked Securities); Rule 8.100 

(Portfolio Depositary Receipts); Rule 8.200 (Trust 

Issued Receipts) (‘‘TIR’’)); Rule 8.201 (CommodityBased Trust Shares); Rule 8.202 (Currency Trust 

Shares); Rule 8.203 (Commodity Index Trust 

Shares); Rule 8.204 (Commodity Futures Trust 

Shares); Rule 8.600 (Managed Fund Shares); and 

Rule 8.700 (Managed Trust Securities). 

5The term ‘‘Trading Floor’’ is defined in Rule 6A 

to mean the restricted-access physical areas 

designated by the Exchange for the trading of 

securities, commonly known as the ‘‘Main Room’’ 

and the ‘‘Buttonwood Room.’’ 

At any time within 60 days of the 

filing of such 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 

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: 

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– 

NYSENAT–2022–01 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–NYSENAT–2022–01. 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–NYSENAT–2022–01 and 

should be submitted on or before 

February 22, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01853 Filed 1–28–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94053; File No. SR–NYSE– 

2022–04] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing of Proposed Rule Change To 

Amend Rules 5P, 5.2(j)(8)(e), 8P, and 

98 

January 25, 2022. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on January 

14, 2022, New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory 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 

Rules 5P, 5.2(j)(8)(e), 8P, and 98 to 

permit the listing and trading of certain 

Exchange Traded Products that have a 

component NMS Stock listed on the 

Exchange or that are based on, or 

represent an interest in, an underlying 

index or reference asset that includes an 

NMS Stock listed on the Exchange. 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 amend 

Rules 5P, 8P, 5.2(j)(8)(e) and 98 to 

permit the listing of certain Exchange 

Traded Products (‘‘ETPs’’) 4 that have a 

component NMS Stock listed on the 

Exchange or that are based on, or 

represent an interest in, an underlying 

index or reference asset that includes an 

NMS Stock listed on the Exchange (an 

‘‘NYSE Component Security’’ or, 

collectively, ‘‘NYSE Component 

Securities’’). The amendments would 

also permit the trading of those ETPs on 

the NYSE Trading Floor (‘‘Trading 

Floor’’ or ‘‘Floor’’).5

Currently, Exchange rules do not 

permit the listing of an ETP that has 

underlying NYSE Component 

Securities. The proposed changes would 

permit the listing of ETPs that satisfy 

the composition and concentration 

requirements for equity-based products 

set forth in the listing criteria of (1) 

current Rules 5.2(j)(3) (Investment 

Company Units), 5.2(j)(6) (Equity IndexLinked Securities), 8.100 (Portfolio 


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