Document ID: SEC-2022-1246-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE American, LLC
Posted Date: 2022-09-20T04:00Z

[Federal Register Volume 87, Number 181 (Tuesday, September 20, 2022)]
[Notices]
[Pages 57532-57534]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-20272]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95770; File No. SR-NYSEAMER-2022-38]

Self-Regulatory Organizations; NYSE American LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Change To Amend Its 
Equities Price List

September 14, 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 August 31, 2022, NYSE American LLC (``NYSE American'' or 
the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I, 
II, and III 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its Equities Price List (``Price 
List'') to eliminate obsolete fees for the Exchange's off-hours trading 
facility. The Exchange proposes to implement the fee changes effective 
September 1, 2022. The proposed 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

[[Page 57533]]

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 amend its Price List to eliminate obsolete 
fees for the Exchange's off-hours trading facility known as Crossing 
Session II (``CS II'').
    The Exchange proposes to implement the fee changes effective 
September 1, 2022.
Background
    Currently, the Exchange charges a fee of $0.0004 per share (both 
sides) for executions in CS II.\4\ Fees for executions in CS II are 
capped at $100,000 per month per member organization.
---------------------------------------------------------------------------

    \4\ See note 10, supra. [sic]
---------------------------------------------------------------------------

    The Exchange recently determined to decommission CS II and delete 
the rules governing the off-hours trading facility, effective September 
1, 2022.\5\ Since the Exchange will no longer be offering an after-
hours trading session effective September 1, 2022, the Exchange 
accordingly proposes to delete the fees relating to CS II. To 
effectuate this change, the Exchange would delete Section IV of the 
Price List titled ``Fees for Off-Hours Trading Facility'' in its 
entirety as obsolete. Current Items V (Port Fees) and VI (ETP Fee) of 
the Price List would be re-numbered.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 95499 (August 12, 
2022), 87 FR 50894 (August 18, 2022) (SR-NYSEAMER-2022-35) (Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change to 
Delete Current Rule 7.39E).
---------------------------------------------------------------------------

    The proposed changes are not otherwise intended to address other 
issues, and the Exchange is not aware of any significant problems that 
market participants would have in complying with the proposed changes.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\6\ in general, and furthers the 
objectives of Sections 6(b)(4) and (5) of the Act,\7\ in particular, 
because it provides for the equitable allocation of reasonable dues, 
fees, and other charges among its members, issuers and other persons 
using its facilities and does not unfairly discriminate between 
customers, issuers, brokers or dealers.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4) & (5).
---------------------------------------------------------------------------

The Proposed Change Is Reasonable
    The Exchange believes that the proposed elimination of after-hours 
trading facility fees is reasonable because, effective September 1, 
2022, the fees are no longer charged. The Exchange believes it is 
reasonable to delete obsolete fees from the Price List because it would 
streamline the Price List and reduce confusion as to which fees are 
applicable on the Exchange. The Exchange believes that amending the 
Price List to remove fees that are no longer charged would promote the 
protection of investors and the public interest because it would 
promote clarity and transparency in the Price List, thereby enabling 
market participants to navigate the Exchange's Price List more easily.
The Proposal Is an Equitable Allocation of Fees
    The Exchange believes the proposal equitably allocates its fees 
among its market participants because the obsolete after-hours trading 
facility fees that the Exchange proposes to eliminate would be 
eliminated in their entirety, and would no longer be available to any 
member organization in any form. Similarly, the Exchange believes the 
proposal equitably allocates fees among its market participants because 
elimination of obsolete fees would apply to all similarly-situated 
member organizations on an equal basis. All such member organizations 
would continue to be subject to the same fee structure, and access to 
the Exchange's market would continue to be offered on fair and 
nondiscriminatory terms.
The Proposal Is Not Unfairly Discriminatory
    The Exchange believes that the proposal is not unfairly 
discriminatory because it neither targets nor will it have a disparate 
impact on any particular category of market participant. The Exchange 
believes that the proposal is not unfairly discriminatory because the 
proposed elimination of the obsolete fees would affect all similarly-
situated market participants on an equal and non-discriminatory basis. 
The Exchange believes that eliminating obsolete fees would no longer be 
available to any member organization on an equal basis. The Exchange 
also believes that the proposed change would protect investors and the 
public interest because the deletion of obsolete fees would make the 
Price List more accessible and transparent and facilitate market 
participants' understanding of the fees charged for services currently 
offered by the Exchange.
    Finally, the Exchange believes that it is subject to significant 
competitive forces, as described below in the Exchange's statement 
regarding the burden on competition. For the foregoing reasons, the 
Exchange believes that the proposal is consistent with the Act.

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\8\ 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. Instead, as discussed above, the proposal relates 
solely to elimination of obsolete fees for a decommissioned after-hours 
trading facility and, as such, would not have any impact on intra- or 
inter-market competition because the proposed change is solely designed 
to accurately reflect the services that the Exchange currently offers, 
thereby adding clarity to the Price List.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

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

    The foregoing rule change is effective upon filing pursuant to 
Section 19(b)(3)(A) \9\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \10\ thereunder, because it establishes a due, fee, or other charge 
imposed by the Exchange.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    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 under 
Section 19(b)(2)(B) \11\ of the Act to determine whether the proposed 
rule

[[Page 57534]]

change should be approved or disapproved.
---------------------------------------------------------------------------

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

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 [email protected]. Please include 
File Number SR-NYSEAMER-2022-38 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-2022-38. 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 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. 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-2022-38, and should be 
submitted on or before October 11, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

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

J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-20272 Filed 9-19-22; 8:45 am]
BILLING CODE 8011-01-P