Document ID: SEC-2015-1426-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Posted Date: 2015-08-25T04:00Z

[Federal Register Volume 80, Number 164 (Tuesday, August 25, 2015)]
[Notices]
[Pages 51617-51621]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-20934]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75740; File No. SR-NYSE-2015-36]

Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing of Proposed Rule Change Amending Section 907.00 of the 
Listed Company Manual (the ``Manual'') To (i) Amend the Suite of 
Complimentary Products and Services That Are Offered to Certain Current 
and Newly Listed Companies, (ii) Update the Value of Complimentary 
Products and Services Offered to Listed Companies, and (iii) Provide 
That Complimentary Products and Services Would Also Be Offered to 
Companies that Transfer Their Listing to the Exchange From Another 
National Securities Exchange

August 19, 2015.
    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 11, 2015, New York Stock Exchange LLC (``NYSE'' 
or 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.

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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 to amend section 907.00 of the listed company 
manual (the ``manual'') [sic] to (i)

[[Page 51618]]

amend the suite of complimentary products and services that are offered 
to certain current and newly listed companies, (ii) update the value of 
complimentary products and services offered to listed companies, and 
(iii) provide that complimentary products and services would also be 
offered to companies that transfer their listing to the exchange [sic] 
from another national securities exchange. The text of the proposed 
rule change is available on the Exchange's Web site 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
    In December 2013, The [sic] Exchange adopted a rule to expand the 
suite of complimentary products and services that it offers to certain 
current and newly listed companies on the Exchange. Under this rule, 
certain companies currently listed on the Exchange (``Eligible Current 
Listings'') are offered a suite of complimentary products and services 
that varies depending on the number of shares of common stock or other 
equity security that a company has outstanding. Similarly, the Exchange 
presently offers a suite of complimentary products and services to (i) 
any U.S. company that lists common stock on the Exchange for the first 
time and any non-U.S. company that lists an equity security on the 
Exchange under Section 102.01 or 103.00 of the Manual for the first 
time, regardless of whether such U.S. or non-U.S. company conducts an 
offering, and (ii) any U.S. or non-U.S. company emerging from a 
bankruptcy, spinoff (where a company lists new shares in the absence of 
a public offering), or carve-out (where a company carves out a business 
line or division, which then conducts a separate initial public 
offering) (collectively, ``Eligible New Listings'').
    Based on the Exchange's experience offering complimentary products 
and services to Eligible Current Listings and Eligible New Listings, 
the Exchange now proposes to amend Section 907.00 of the Manual to (i) 
amend the suite of complimentary products and services that are offered 
to Eligible Current Listings and Eligible New Listings, and (ii) update 
the value of complimentary products and services offered to such 
companies. The Exchange will further amend Section 907.00 of the Manual 
to specify that certain companies that transfer their listing of common 
stock or equity securities to the Exchange from another national 
securities exchange (``Eligible Transfer Companies'') will be eligible 
to receive an enhanced package of complimentary products and services 
that is comparable to the package offered to Eligible New Listings. 
Currently, companies that transfer their listing to the Exchange are 
offered complimentary products and services on the same terms as 
Eligible Current Listings.
    The Exchange proposes to update the approximate commercial values 
of the products and services it presently offers to Eligible Current 
Listings and Eligible New Listings. Based on conversations with the 
vendors, the Exchange believes that the updated values would more 
accurately reflect the cost associated with providing these products 
and services. Accordingly, the approximate commercial value of market 
surveillance products and services would change from $45,000 to $55,000 
per annum, the approximate commercial value of corporate governance 
tools would change from $20,000 to $50,000 per annum, the approximate 
commercial value of web-hosting products and services would change from 
a range of $12,000-16,000 to $16,000 per annum, the approximate 
commercial value of market analytics products and services would change 
from $20,000 to $30,000 per annum and the approximate commercial value 
of news distribution products and services would change from $10,000 to 
$20,000 per annum.
    The Exchange also proposes to add whistleblower hotline services 
(with a commercial value of approximately $4,000 annually) to the list 
of services that it offers to all listed companies for a period of 24 
months. The Exchange believes that having a whistleblower hotline 
service is an essential component of good corporate governance and 
providing this service to all listed companies would assist them in 
complying with, among other things, the requirements of the Sarbanes-
Oxley Act, Foreign Corrupt Practices Act and UK Bribery Act.
    The Exchange also proposes to include web-casting services (with a 
commercial value of approximately $6,500 annually) as a separate 
category of complimentary products and services offered to certain 
issuers.\4\ Web-casting services are an important tool utilized by 
listed companies in connection with their quarterly earnings release 
process. Accordingly, the Exchange believes that offering web-casts to 
certain issuers would assist them in engaging with their shareholders 
and effectively disclosing information in connection with their 
quarterly earnings releases.
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    \4\ The web-hosting product offered by the Exchange provides 
eligible issuers with a Web site containing business content that 
can be viewed by investors. Web-casting services enable companies to 
host interactive Web-casts to communicate with investors. Eligible 
companies will receive four interactive Web-casts each year.
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    The Exchange further proposes to amend Section 907.00 of the Manual 
to remove data room services and virtual investor relation tools as a 
complimentary product offered to all listed companies. Since such 
products were first offered by the Exchange, very few listed companies 
have requested to receive them. Based on this extremely low demand, 
therefore, the Exchange believes it is appropriate to discontinue these 
offerings. The Exchange proposes to replace these discontinued products 
by offering a whistleblower hotline for a period of 24 calendar months 
which, for the reasons stated above, it believes will be more useful to 
listed companies. In addition, all listed companies will continue to be 
eligible for some level of complimentary products and services via the 
Exchange's Market Access Center.
    Currently, all listed issuers receive some complimentary products 
and services through NYSE Market Access Center. The Exchange also 
offers Eligible Current Listings a suite of products and services that 
varies based on the number of shares such companies have issued and 
outstanding. Eligible Current Listings that have more than 270 million 
shares issued and outstanding (each a ``Tier One Eligible Current 
Listing'') are presently offered (i) a choice of market surveillance, 
corporate governance tools and advisory services or market analytics 
products and services, and (ii) web-hosting products and services, on a 
complimentary basis. Eligible Current Listings that have between 160 
million and 269.9 million shares issued and outstanding (each a ``Tier 
Two Eligible Current Listing'') are presently offered a

[[Page 51619]]

choice of market analytics, corporate governance tools or web-hosting 
products and services. The Exchange proposes to amend Section 907.00 to 
delete corporate governance tools and advisory services from the suite 
of products offered to a Tier One Eligible Current Listing and 
corporate governance tools from the suite of products offered to a Tier 
Two Eligible Current Listing. In both cases, the Exchange proposes to 
replace the deleted service with web-casting products and services. 
Based on conversations with Tier One and Two Eligible Current Listings, 
the Exchange has learned that the corporate governance services 
currently offered are not as helpful to these more established 
companies as they are to newly listed companies that are developing 
their corporate governance policies and procedures. Accordingly, the 
Exchange proposes to discontinue offering its corporate governance 
product to Tier One and Two Eligible Current Listings due to low demand 
for the service. For the reasons stated above, the Exchange believes 
Eligible Current Listings would find web-casting services to be more 
useful to them than the existing suites of corporate governance 
offerings.
    The Exchange currently offers Eligible New Listings different 
products and services based on such companies' global market value. 
Eligible New Listings with a global market value of $400 million or 
more (each a ``Tier A Eligible New Listing'') are presently offered (i) 
market surveillance products and services for a period of 12 calendar 
months from the date of listing or (ii) a choice of market analytics 
products and services or corporate governance tools for a period of 24 
calendar months from the date of listing. Eligible New Listings with a 
global market value of less than $400 million (each a ``Tier B Eligible 
New Listing'') are presently offered web-hosting and news distribution 
products and services for a period of 24 months from the date of 
listing. The Exchange proposes to amend Section 907.00 to provide that, 
in addition to the currently offered market surveillance products and 
services, Tier A Eligible New Listings would be offered market 
analytics, web-hosting, web-casting, corporate governance tools, and 
news distribution products and services, in each case, for a period of 
24 calendar months. Because the Exchange will offer each of these 
services to Tier A Eligible New Listings for a period of 24 months, it 
proposes to delete text from Section 907.00 that discusses providing 
certain services for only 12 months as well as options for continuing 
such services at the end of the initial 12 month period.
    The Exchange also proposes to amend Section 907.00 to provide that, 
in addition to the currently offered web-hosting and news distribution 
products and services, Tier B Eligible New Listings would be offered 
web-casting, market analytics and corporate governance tools, in each 
case, for a period of 24 calendar months.
    The Exchange believes that it is appropriate to expand the suite of 
complimentary products and services it offers to Tier A and Tier B 
Eligible New Listings because such companies are listing on the 
Exchange for the first time and frequently have greater needs with 
respect to developing their corporate governance and shareholder 
outreach capabilities. Further, the Nasdaq Stock Market (``Nasdaq'') 
offers comparable complimentary products and services to newly listed 
companies and the Exchange believes that the proposed changes would 
enable the Exchange to compete for new listings.\5\
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    \5\ Pursuant to Nasdaq Stock Market Rule IM-5900-7, Nasdaq 
offers newly listed companies a complimentary package of services 
that includes whistleblower hotline, investor relations Web site, 
press releases, interactive web-casting, market analytics tools and, 
depending on a company's size, market surveillance tools. This suite 
of products in this package is comparable to the suite that the 
Exchange proposes to offer as described herein.
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    The Exchange faces competition in the market for listing services. 
As part of this competition, the Exchange seeks to entice Nasdaq-listed 
companies to transfer their listing to the Exchange. Similarly, Nasdaq 
seeks to entice Exchange-listed companies to transfer to Nasdaq. The 
Exchange believes that one way Nasdaq seeks to entice Exchange-listed 
companies to transfer to Nasdaq is to offer such companies a suite of 
complimentary products and services that they do not currently receive 
on the Exchange.\6\ For example, Nasdaq offers transfer companies a 
package of complimentary products and services on the same terms that 
it offers such package to new listings.\7\ Because the Exchange 
believes that Nasdaq's approach may incentivize a company to transfer 
its listing, the Exchange proposes to amend Section 907.00 of the 
Manual to enhance the package of complimentary products and services 
offered to Eligible Transfer Companies beyond the package that transfer 
companies are currently eligible to receive as Eligible Current 
Listings. As revised, Section 907.00 of the Manual will entitle 
Eligible Transfer Companies to receive a package of complimentary 
products and services on largely the same terms as it offers such 
packages to Eligible New Listings.\8\ The one difference between the 
packages that the Exchange proposes to offer to Eligible Transfer 
Companies and Eligible New Listings is that the Exchange will not offer 
corporate governance tools to Eligible Transfer Companies. As described 
herein, in the Exchange's experience such tools are not as useful for 
established companies (which all Eligible Transfer Companies would 
presumably be) as they are for newly listed companies.
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    \6\ Under this proposed rule change, the Exchange will offer 
Tier One Currently Listed Companies a package of complimentary 
products and services with a maximum value of $77,500. Tier Two 
Currently Listed Companies will be offered a package of 
complimentary products and services with a maximum value of $30,000 
per year. By comparison, Nasdaq currently offers a suite of 
complimentary products and services valued at $125,500 per year for 
three years to transfer companies with a market capitalization of 
$750 million or more and a suite of complimentary products and 
services valued at $70,500 per year for two years to transfer 
companies with a market capitalization less than $750 million. 
Although the Exchange offers its packages to Eligible Current 
Listings indefinitely, it is worth noting that, due to the 
eligibility requirements to be deemed an Eligible Current Listing 
(i.e. shares issued and outstanding), approximately 60% of companies 
currently listed on the Exchange do not qualify for any additional 
complimentary products and services beyond the basic package that is 
offered to all listed companies. Conversely, because Nasdaq has no 
such minimum outstanding share requirement, any Exchange-listed 
company that transfers to Nasdaq is entitled, at a minimum to 
$70,500 in complimentary products and services per year for a period 
of two years.
    \7\ See Footnote 4 [sic], infra, [sic] for a description of the 
complimentary products and services that Nasdaq offers to newly 
listed companies. Nasdaq offers these same packages to companies 
that transfer from the Exchange to Nasdaq.
    \8\ Because the Exchange proposes to offer Eligible Transfer 
Companies a package of complimentary products and services 
comparable to the package that it offers to Eligible New Listings, 
the Exchange will utilize the same metric, i.e., global market 
value, to determine eligibility for each designation so as to avoid 
confusion. Currently, transfer companies may receive complimentary 
products and services if they qualify to be designated as an 
Eligible Current Listing, such designation being based on the number 
of outstanding shares of a company's equity securities. Under the 
proposed rule change, Eligible Transfer Companies with a global 
market value of $400 million or more will be eligible to receive a 
suite of complimentary products and services valued at $127,500 per 
year for two years and Eligible Transfer Companies with a global 
market value of less than $400 million will be eligible to receive a 
suite of complimentary products and services valued at $72,500 per 
year for two years.
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    The specific tools and services offered by the products discussed 
herein will be developed by the Exchange or by third-party vendors. 
NYSE Governance Services \9\ will offer and develop the

[[Page 51620]]

corporate governance tools discussed herein, but will not provide any 
other service discussed herein. NYSE Governance Services is an entity 
that is owned by the Exchange's parent company and is a leading 
provider of corporate governance, risk and compliance services to a 
diverse set of customers, including, among others, companies listed on 
the Exchange. Companies that are offered these products are under no 
obligation to accept them and a company's listing on the Exchange is 
not conditioned upon acceptance of any product or service. The Exchange 
notes that, from time to time, companies elect to purchase products and 
services from other vendors at their own expense rather than accepting 
comparable products and services offered by the Exchange.
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    \9\ The Exchange believes that NYSE Governance Services is not a 
``facility'' of the Exchange. 15 U.S.C. 78c(a)(2). The Act defines 
``facility'' to include an exchange's ``premises, tangible or 
intangible property whether on the premises or not, any right to the 
use of such premises or property or any service thereof for the 
purpose of effecting or reporting a transaction on an exchange 
(including, among other things, any system or communication to or 
from the exchange, by ticker or otherwise, maintained by or with the 
consent of the exchange), and any right of the exchange to the use 
of any property or service.'' NYSE Governance Services is a distinct 
entity that is separate from the Exchange and engages in a discrete 
line of business that is not ``for the purpose of effecting or 
reporting a transaction'' on an exchange. While this proposal is 
being filed with the Commission under Section 19(b)(2) of the Act 
because it relates to services offered in connection with a listing 
on the Exchange, the Exchange does not believe it is required to 
file NYSE Governance Services' price schedule or changes that do not 
relate to services offered in connection with a listing on the 
Exchange.
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    The Exchange has learned that companies listing on the Exchange for 
the first time often require a period of time after listing to complete 
the contracting and training process with vendors providing the 
complimentary products and services. Therefore, many companies are not 
able to begin using the suite of products offered to them immediately 
on the date of listing. To address this issue, the Exchange proposes to 
amend Section 907.00 to specify that if an Eligible New Listing or 
Eligible Transfer Company begins using a particular service within 30 
days after the date of listing, the complimentary period begins on such 
date of first use. In all other instances, the complimentary period 
will begin on the listing date.
    Lastly, the Exchange proposes to amend Section 907.00 to change the 
term ``newly listed issuer'' to ``Eligible New Listing'' and give such 
new term the definition it is given herein. Separately, because the 
Exchange proposes to offer an enhanced package of complimentary 
products and services to Eligible Transfer Companies (as opposed to the 
more limited package that transfer companies currently receive if they 
qualify as an Eligible Current Listing), the Exchange proposes to amend 
Section 907.00 to include a definition for such category of listed 
companies. Throughout the entirety of Section 907.00 of the Manual, the 
Exchange proposes to change the term ``currently listed issuers'' to 
``Eligible Current Listings.''\10\ As transfer companies will no longer 
be treated on the same terms as Eligible Current Listings, but will 
instead receive complimentary products and services as a separate 
category of issuer under the proposed rule, the Exchange does not 
believe there could be any inference that a transfer company is 
included in the definition of Eligible New Listing. Therefore, the 
Exchange proposes to delete obsolete text to this effect from Section 
907.00.
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    \10\ As described above in the definition of ``Eligible Current 
Listing,'' in order to qualify for such designation, a company must 
have equity securities listed on the Exchange.
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    The Exchange also proposes to amend the first paragraph of Section 
907.00 of the Manual to specify that it will offer certain 
complimentary products and services and access to discounted third-
party products and services through the NYSE Market Access Center to 
both currently and newly listed issuers, whereas previously it stated 
such services were only offered to currently listed issuers.
    The Exchange will implement the proposed rule upon approval. Any 
Eligible New Listing that listed on the Exchange prior to approval of 
the proposed rule will continue to receive services under the terms of 
the current rule. Therefore, for as long as any Eligible New Listing is 
receiving services under the terms of Section 907.00 of the Manual as 
currently in effect, the Exchange will maintain a link \11\ to such 
section in the Introductory Note to Section 907.00.
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    \11\ https://www.nyse.com/get-started/reference.
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    With respect to Eligible Current Listings, such companies will be 
offered Web-casting and whistleblower services as described herein from 
the date of approval. Further, as discussed above, the Exchange 
proposes to discontinue offering complimentary corporate governance 
services to Eligible Current Listings due to a low demand for that 
product. Notwithstanding the approval of the proposed rule change, 
however, to the extent that the Exchange has already paid a third-party 
provider (prior to approval) for corporate governance services to an 
Eligible Current Listing, such complimentary service will continue 
until the payments run out. Once any pre-approval payments run out, 
such services will be discontinued. The Exchange expects all corporate 
governance services to Eligible Current Listings to be completely 
discontinued no later than early 2016.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\12\ in general, and furthers the 
objectives of Sections 6(b)(4) \13\ of the Act, in particular, in that 
it is designed to provide for the equitable allocation of reasonable 
dues, fees, and other charges among its members and issuers and other 
persons using its facilities. The Exchange also believes that the 
proposed rule change is consistent with Section 6(b)(5)\14\ of the Act 
in that it is not designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(4).
    \14\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that it is reasonable to offer complimentary 
products and services to attract new listings, retain currently listed 
issuers, and respond to competitive pressures. The Exchange faces 
competition in the market for listing services and it competes, in 
part, by improving the quality of the services that it offers to listed 
companies. By offering products and services on a complimentary basis 
and ensuring that it is offering the services most valued by its listed 
issuers, the Exchange will improve the quality of the services that 
listed companies receive.
    The Exchange believes it is appropriate to expand the suite of 
complimentary products and services offered to Tier A and Tier B 
Eligible New Listings and to offer such complimentary products and 
services to Tier A and Tier B Eligible Transfer Companies because such 
services will ease the transition of companies that are becoming public 
for the first time or transferring their listing to a new exchange. 
Further, Nasdaq offers a comparable suite of complimentary products and 
services to new listings and transfers and the proposed rule change 
will enable the Exchange to more effectively compete for listings.
    The Exchange believes it is appropriate to remove corporate 
governance services from the list of complimentary products and 
services that it offers to Tier One and Tier Two Eligible Current 
Listings and to not offer such services to Eligible Transfer Companies 
because, as described herein, such services are less beneficial

[[Page 51621]]

to established companies than they are to Eligible New Listings. 
Further, very few Tier One and Tier Two Eligible Current Listings 
presently seek to receive such services.
    The Exchange believes that its proposal to enhance the package of 
complimentary products and services that it offers to Eligible Transfer 
Companies from the suite such companies are currently offered as 
Eligible Current Listings is consistent with Sections 6(b)(8) \15\ of 
the Act in that it does not impose any burden on competition that is 
not necessary or appropriate in furtherance of the purposes of the Act. 
As described above, the Exchange competes with Nasdaq for listings. 
Currently, Nasdaq offers the same suite of complimentary products and 
services to new listings as it does to listings that transfer to its 
market. The Exchange believes, therefore, that its proposal to more 
closely align \16\ the suite of complimentary products and services 
that it offers Eligible New Listings and Eligible Transfer Companies 
will enhance its ability to compete with Nasdaq by enabling it to offer 
transfers from Nasdaq a similar package to that currently offered to 
Exchange companies by Nasdaq.
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    \15\ 15 U.S.C. 78f(b)(8).
    \16\ As discussed above, the package of complimentary products 
and services offered to Eligible New Listings and Eligible Transfer 
Companies will be identical except that Eligible Transfer Companies 
will not be offered corporate governance tools.
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    With respect to the addition of Web-casting as a product offered to 
each tier of Eligible Current Listings, Eligible New Listings and 
Eligible Transfer Companies, the Exchange believes that it is 
reasonable to offer this product because listed companies have 
indicated to the Exchange that such Web-casting products would be 
beneficial to their shareholder outreach initiatives.
    Lastly, the Exchange believes it is reasonable, equitable and not 
unfairly discriminatory to offer complimentary whistleblower services 
to all companies listed on the Exchange in lieu of data room services 
and virtual investor relation tools for which there was very little 
demand. Companies are not forced or required to utilize the 
complimentary products and services as a condition of listing. All 
companies will continue to receive some level of free services.
    Allowing companies up to 30 days after their listing to start using 
the complimentary products and services is a reflection of the 
Exchange's experience that it can take companies a period of time to 
review and complete necessary contracts and training for services 
following their listing. Allowing this modest 30 day period, if the 
company needs it, helps ensure that the company will have the benefit 
of the full period permitted under the rule to actually use the 
services, thus giving companies the full intended benefit.

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 amends 
the suite of products and services offered to certain listed companies. 
The proposed rule change also allows for an enhanced package of 
complimentary products and services to be offered to Eligible Transfer 
Companies as opposed to the package they are currently offered as 
Eligible Current Listings. All similarly situated companies are 
eligible for the same package of services. Further, the Exchange notes 
that Nasdaq already offers a similar suite of complimentary products 
and services to companies initially listing or transferring their 
listing to its market. Therefore, the proposed changes to Section 
907.00 of the Manual will increase competition by enabling the Exchange 
to more effectively compete for listings.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove such proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule 
change should be 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-NYSE-2015-36 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.
    All submissions should refer to File Number SR-NYSE-2015-36. 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 Web site (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 Web site 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 such filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSE-2015-36, and should be 
submitted on or before September 15, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-20934 Filed 8-24-15; 8:45 am]
 BILLING CODE 8011-01-P