Document ID: SEC-2022-1238-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2022-09-19T04:00Z

[Federal Register Volume 87, Number 180 (Monday, September 19, 2022)]
[Notices]
[Pages 57244-57246]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-20143]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95752; File No. SR-NYSEARCA-2022-58]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change in Connection With 
the iShares[supreg] Gold Trust Micro

September 13, 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 August 31, 2022, NYSE Arca, Inc. (``NYSE Arca'' or 
``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 self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes, in connection with the iShares[supreg] Gold 
Trust Micro (the ``Trust''), to (1) delete a duplicative 
representation, and (2) amend a representation regarding the 
availability of gold spot prices on the Trust's website. 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, in connection with the Trust, to (1) delete 
a duplicative representation, and (2) amend a representation regarding 
the availability of gold spot prices on the Trust's website. Shares 
(``Shares'') of the Trust are currently listed on the Exchange under 
NYSE Arca Rule 8.201-E.\4\
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    \4\ See Securities Exchange Act Release No. 91669 (April 26, 
2021), 86 FR 22996 (April 30, 2021) (SR-NYSEArca-2021-25) (Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To List 
and Trade Shares of the iShares[supreg] Gold Trust Micro Under NYSE 
Arca Rule 8.201-E (Commodity-Based Trust Shares) (``Notice'')).
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    In the proposed rule change filed with the Commission regarding the 
listing and trading of the Shares, the Exchange described the 
information available to the public regarding the price of gold and the 
gold market information as follows:

    Investors may obtain on a 24-hour basis gold pricing information 
based on the spot price for an ounce of gold from various financial 
information service providers. Investors may obtain gold pricing 
information based on the spot price for an ounce of gold from 
various financial information service providers. Current spot

[[Page 57245]]

prices also are generally available with bid/ask spreads from gold 
bullion dealers. In addition, the Trust's website will provide 
pricing information for gold spot prices and the Shares.\5\
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    \5\ See id., 86 FR at 23000.

    The Exchange proposes two changes to these representations, as 
follows.
    First, the Exchange proposes the non-substantive change of deleting 
the following representation: ``Investors may obtain gold pricing 
information based on the spot price for an ounce of gold from various 
financial information service providers'' as duplicative of the first 
sentence.
    Second, the Exchange proposes to amend the representation regarding 
the availability of gold spot prices on the Trust's website 
(www.ishares.com). Specifically, the Notice stated that the Trust's 
website would provide pricing information for gold spot prices and the 
Shares. Currently, the website provides the London Bullion Market 
Association (``LBMA'') Gold Price PM, the price utilized by the Trustee 
to value the Trust's gold as described in the prospectus, free of 
charge to anyone accessing the website. The LBMA Gold Price PM is also 
available, free of charge to the public, on LBMA's website.\6\ Given 
the availability of information regarding the delayed spot price of 
gold from various sources that are also free of charge, the Trust will 
no longer provide delayed pricing information for gold spot prices free 
of charge on its website.\7\ The Exchange accordingly proposes to 
delete the reference to the Trust's website providing pricing 
information for gold spot prices. The Exchange believes that removing 
the delayed spot gold prices from the website will not harm investors 
because the same information is currently available to investors from 
other sources.
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    \6\ See https://www.lbma.org.uk/prices-and-data/precious-metal-prices#/table.
    \7\ As noted, the Trust's website currently provides delayed 
information regarding the spot price of gold.
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    Other than the proposed changes to the two representations as 
described herein, the Trust would continue to comply with all other 
requirements set forth in the Notice and in NYSE Arca Rule 8.201-E, 
respectively.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\8\ in general, and furthers the 
objectives of Section 6(b)(1) \9\ in particular, in that it enables the 
Exchange to be so organized as to have the capacity to be able to carry 
out the purposes of the Act and to comply, and to enforce compliance by 
its exchange members and persons associated with its exchange members, 
with the provisions of the Act, the rules and regulations thereunder, 
and the rules of the Exchange. The Exchange also believes that the 
proposed rule change is consistent with Section 6(b)(5) of the Act,\10\ 
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.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(1).
    \10\ 15 U.S.C. 78f(b)(5).
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    The Exchange proposes to delete a duplicative representation and 
amend a representation to reflect that that the Trust will no longer 
provide delayed pricing information for gold spot prices free of charge 
on its website. The Exchange believes that these proposed non-
substantive clarifying changes would contribute to the orderly 
operation of the Exchange and would enable the Exchange to be so 
organized as to have the capacity to carry out the purposes of the Act 
and comply with the provisions of the Act by its members and persons 
associated with members by adding clarity, transparency and consistency 
to the Exchange's rules with respect to the listing requirements for 
the Shares. The Exchange believes that the change would be consistent 
with the public interest and the protection of investors because 
investors will not be harmed and in fact would benefit from the 
increased clarity and transparency that the changes would introduce, 
thereby reducing potential confusion.
    In addition, the Exchange believes that amending the Notice to 
reflect that the Trust will no longer provide delayed pricing 
information for gold spot prices free of charge on its website would be 
consistent with the public interest and the protection of investors 
because the same information that the Trust posts on its website (i.e., 
the delayed spot price of gold) is currently available to investors in 
the same form and equally free of charge on the LBMA's website. As 
noted, there is a considerable amount of gold price and gold market 
information available on public websites and through professional as 
well as subscription services, including the spot price of gold. 
Specifically, investors may obtain on a 24-hour basis gold pricing 
information based on the spot price for an ounce of gold from various 
financial information service providers. Current spot prices also are 
generally available with bid/ask spreads from gold bullion dealers. The 
delayed spot price of gold available to investors directly from the 
LBMA's website would be the same as that currently available on the 
Trust's website and would be equally free of charge.\11\ The Exchange 
accordingly believes that, given the widespread availability of delayed 
information on the spot price of gold and gold prices at no charge, 
investors will continue to have ready access to the same information on 
the spot price of gold that the Trust currently provides on its website 
and investors will not be harmed by the Trust no longer providing the 
spot price of gold on its website.
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    \11\ See note 6, supra.
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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 change is not 
designed to address any competitive issue but rather to delete a 
duplicative representation and amend a representation regarding the 
availability of information on the spot price of gold on the website of 
the Trust whose Shares are currently listed on the Exchange based on 
the availability of the same information in the same format and equally 
free of charge from other sources.

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 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)

[[Page 57246]]

of the Act \12\ and Rule 19b-4(f)(6) thereunder.\13\
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-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 shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    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) \14\ permits the Commission 
to designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has 
requested that the Commission waive the 30-day operative delay so that 
the proposal may become operative immediately upon filing. The 
Commission notes that the Exchange represents that the delayed spot 
price of gold is widely available, including from public websites, and 
through professional and subscription services, and investors may 
obtain on a 24-hour basis gold pricing information based on the spot 
price for an ounce of gold from various financial information service 
providers. The Exchange further represents that the delayed spot price 
of gold available to investors directly from the LBMA's website would 
be the same as that currently available on the Trust's website and 
would be equally free of charge. Thus, the Commission believes that 
waiver of the 30-day operative delay is consistent with the protection 
of investors and the public interest because the proposed rule change 
does not raise any new or novel issues. Accordingly, the Commission 
hereby waives the 30-day operative delay and designates the proposed 
rule change operative upon filing.\15\
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    \14\ 17 CFR 240.19b-4(f)(6)(iii).
    \15\ For 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).
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    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.

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-NYSEARCA-2022-58 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-2022-58. 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-
NYSEARCA-2022-58 and should be submitted on or before October 11, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12), (59).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-20143 Filed 9-16-22; 8:45 am]
BILLING CODE 8011-01-P