Document ID: SEC-2017-0881-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE MKT LLC
Posted Date: 2017-05-30T04:00Z

[Federal Register Volume 82, Number 102 (Tuesday, May 30, 2017)]
[Notices]
[Pages 24763-24764]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-10974]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80746; File No. SR-NYSEMKT-2016-103]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of 
Designation of a Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change, as 
Modified by Amendments No. 1 and 2, Allowing the Exchange To Trade, 
Pursuant to Unlisted Trading Privileges, Any NMS Stock Listed on 
Another National Securities Exchange; Establishing Rules for the 
Trading Pursuant to UTP of Exchange-Traded Products; and Adopting New 
Equity Trading Rules Relating to Trading Halts of Securities Traded 
Pursuant to UTP on the Pillar Platform

May 23, 2017.
    On November 17, 2016, NYSE MKT LLC (``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 (1) allow the 
Exchange to trade, pursuant to unlisted trading privileges (``UTP''), 
any NMS Stock listed on another national securities exchange; (2) 
establish rules for the trading pursuant to UTP of exchange-traded 
products; and (3) adopt new equity trading rules relating to trading 
halts of securities traded pursuant to UTP on the Pillar platform. The 
proposed rule change was published for comment in the Federal Register 
on December 1, 2016.\3\ On January 4, 2017, pursuant to Section 
19(b)(2) of the Act,\4\ the Commission designated a longer period 
within which to approve the proposed rule change, disapprove the 
proposed rule change, or institute proceedings to determine whether to 
disapprove the proposed rule change.\5\ On February 24, 2017, the 
Commission instituted proceedings under Section 19(b)(2)(B) of the Act 
\6\ to determine whether to approve or disapprove the proposed rule 
change.\7\

[[Page 24764]]

On March 28, 2017, the Exchange filed Amendment No. 1 to the proposed 
rule change.\8\ Amendment No. 1 was published for comment in the 
Federal Register on April 27, 2017.\9\ On April 27, 2017, the Exchange 
filed Amendment No. 2 to the proposed rule change.\10\ The Commission 
has received no comments on 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. 79400 (Nov. 25, 
2016), 81 FR 86750.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 79738, 82 FR 3068 
(Jan. 10, 2017).
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 80097, 82 FR 12251 
(Mar. 1, 2017). Specifically, the Commission instituted proceedings 
to allow for additional analysis of the proposed rule change's 
consistency with Section 6(b)(5) of the Act, 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,'' and 
``to protect investors and the public interest.'' See id. at 12252.
    \8\ Amendment No. 1 is available at: https://www.sec.gov/comments/sr-nysemkt-2016-103/nysemkt2016103-1672987-149219.pdf.
    \9\ See Securities Exchange Act Release No. 80500 (Apr. 21, 
2017), 82 FR 19416.
    \10\ In Amendment No. 2, the Exchange: (1) Corrected the cross-
reference in footnote 66 of the filing to read ``See supra note 
63''; (2) amended proposed Rule 5.2E(j)(6)(B)(V)(2)(a) to read 
``may'' instead of ``will''; (3) amended proposed Rule 5.5E(m)(1)(c) 
to clarify that the regulatory function described therein would be 
exercised by ``the Exchange'' instead of ``Regulation''; (4) amended 
Supplementary Material .01 to proposed Rule 8.200E to erase the 
repetitive words ``are satisfied'' at the end of the introductory 
paragraph; and (5) amended proposed Rule 8.700E(h) to add at the 
beginning of the paragraph the sentence ``The Exchange will file 
separate proposals under Section 19(b) of the Securities Exchange 
Act of 1934 before listing and trading separate and distinct Managed 
Trust Securities.'' Amendment No. 2 is available at: https://www.sec.gov/comments/sr-nysemkt-2016-103/nysemkt2016103-1724667-150689.pdf. Because Amendment No. 2 to the proposed rule change does 
not materially alter the substance of the proposed rule change or 
raise unique or novel regulatory issues, Amendment No. 2 is not 
subject to notice and comment.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \11\ 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 extend the period for issuing an order 
approving or disapproving the proposed rule change, however, 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 1, 2016. May 30, 2017 is 180 days from 
that date, and July 29, 2017 is 240 days from that date.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    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 this proposed 
rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) 
of the Act,\12\ designates July 29, 2017 as the date by which the 
Commission shall either approve or disapprove the proposed rule change 
(File No. SR-NYSEMKT-2016-103).
---------------------------------------------------------------------------

    \12\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-10974 Filed 5-26-17; 8:45 am]
BILLING CODE 8011-01-P