Document ID: SEC-2013-1572-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE MKT, LLC
Posted Date: 2013-09-06T04:00Z

[Federal Register Volume 78, Number 173 (Friday, September 6, 2013)]
[Notices]
[Pages 54943-54944]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-21631]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70294; File No. SR-NYSEMKT-2013-72]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and 
Immediate Effectiveness of Proposed Rule Change To Delete Certain 
Obsolete Rules That Relate to Its Disciplinary Proceedings and Make a 
Conforming Change

August 30, 2013.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that, on August 23, 2013, NYSE MKT LLC (the ``Exchange'' or ``NYSE 
MKT'') 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 Exchange. 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\ 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 delete certain obsolete rules that relate 
to its disciplinary proceedings and make a conforming change. 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to delete certain obsolete rules that relate 
to its disciplinary proceedings and make a conforming change.
    In September 2008, NYSE Euronext acquired the American Stock 
Exchange LLC, now known as NYSE MKT.\3\ As part of the integration of 
the companies, in October 2008, the Exchange adopted disciplinary rules 
that were substantially the same as those of the New York Stock 
Exchange LLC (``NYSE'') and established certain transitional rules.\4\ 
Thereafter, the Exchange relocated its trading floor from 86 Trinity 
Place in New York, New York to the NYSE's facilities at 11 Wall Street 
in New York, New York.
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    \3\ See Securities Exchange Act Release No. 58673 (September 29, 
2008), 73 FR 57707 (October 3, 2008) (SR-Amex-2008-62 and SR-NYSE-
2008-60).
    \4\ See id. and Securities Exchange Act Release Nos. 58705 
(October 1, 2008), 73 FR 58995 (October 8, 2008) (SR-Amex-2008-63), 
and 58286 (August 1, 2008), 73 FR 46097 (August 7, 2008) (SR-Amex-
2008-64).
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    It is no longer necessary to maintain the transitional rules 
because all disciplinary proceedings under such rules have been 
completed. As such, the Exchange proposes to delete Part 1B of Rule 
476A and mark it ``Reserved,'' and delete in their entirety Rules 478T 
and

[[Page 54944]]

590, Parts 1-3, because each of these rules is obsolete. Part 1B of 
Rule 476A sets forth minor rule violations and fines that were 
applicable only to trading activity and conduct on legacy Exchange 
trading systems located at 86 Trinity Place. Similarly, the minor rule 
violations and fines listed in Parts 1-3 of Rule 590 applied only to 
transactions and/or conduct that occurred on or through the legacy 
systems or facilities of the Exchange located at 86 Trinity Place.\5\ 
Rule 478T sets forth temporary procedures that governed legacy 
disciplinary proceedings that were commenced by the Exchange and still 
pending as of October 1, 2008, the date when the Exchange adopted 
disciplinary rules substantially similar to those of the NYSE.\6\ All 
legacy proceedings have been completed. The Exchange also proposes a 
conforming change to Rule 0 to remove references to these obsolete 
rules.
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    \5\ See Rule 590, Part 1.
    \6\ See supra n.3.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\7\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\8\ in particular, because it 
promotes just and equitable principles of trade, removes impediments to 
and perfects the mechanism of a free and open market and a national 
market system, and, in general, helps to protect investors and the 
public interest by providing transparency as to which rules are 
operable and reducing potential confusion that may result from having 
obsolete rules in the Exchange's rulebook. The Exchange further 
believes that the proposal removes impediments to and perfects the 
mechanism of a free and open market by ensuring that persons subject to 
the Exchange's jurisdiction, regulators, and the public can more easily 
navigate the Exchange's rulebook and better understand what obligations 
attach and when.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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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 obsolete 
rules, thereby increasing transparency, reducing confusion, and making 
the Exchange's rules easier to understand.

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 significantly 
affect the protection of investors or the public interest, does not 
impose any significant burden on competition, and, by its terms, does 
not become operative for 30 days from the date on which it was filed, 
or such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6) thereunder.\10\
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's 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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    The Exchange has requested that the Commission waive the 30-day 
operative delay. The Commission believes that waiver of the 30-day 
operative delay is consistent with the protection of investors and the 
public interest in that the rules at issue are no longer operative and 
the proposed rule change will reduce confusion and add clarity to the 
Exchange's rulebook. Therefore, the Commission designates the proposal 
operative upon filing.\11\
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    \11\ For purposes only of waiving the 30-day operative delay, 
the Commission has 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 the 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) \12\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \12\ 15 U.S.C. 78s(b)(2)(B).
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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-NYSEMKT-2013-72 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEMKT-2013-72. 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 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; 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-NYSEMKT-2013-72 and should 
be submitted on or before September 27, 2013.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013-21631 Filed 9-5-13; 8:45 am]
BILLING CODE 8011-01-P