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Federal Register/Vol. 82, No. 147/Wednesday, August 2, 2017

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Federal Register/Vol. 82, No. 147/Wednesday, August 2, 2017 36010 Federal Register / Vol. 82, No. 147 / Wednesday, August 2, 2017 / Notices SECURITIES AND EXCHANGE II. Self-Regulatory Organization’s • Rule 257T—Equities (Deliveries COMMISSION Statement of the Purpose of, and After Ex-Date); Statutory Basis for, the Proposed Rule • 282.65T (Failure to Deliver and [Release No. 34–81232; File No. SR– Change Liability Notice Procedures); and NYSEAMER–2017–01] • Sec. 510T (Two Day Delivery Plan) In its filing with the Commission, the and Sec. 512T (Ex-Dividend Procedure). Self-Regulatory Organizations; NYSE self-regulatory organization included The Exchange proposes that the American LLC; Notice of Filing and statements concerning the purpose of, operative date for these changes would Immediate Effectiveness of Proposed and basis for, the proposed rule change be September 5, 2017 to conform to the Rule Change in Connection With the and discussed any comments it received compliance date for T+2. September 5, 2017 Compliance Date on the proposed rule change. The text for the Shortening of the Standard of those statements may be examined at Background Settlement Cycle From Three Business the places specified in Item IV below. On September 28, 2016, the Securities Days After the Trade Date to Two The Exchange has prepared summaries, and Exchange Commission (‘‘SEC’’) Business Days After the Trade Date set forth in sections A, B, and C below, proposed amendments to Rule 15c6– of the most significant parts of such 1(a) to shorten the standard settlement July 27, 2017. statements. cycle from T+3 to T+2.6 Following this Pursuant to Section 19(b)(1) 1 of the A. Self-Regulatory Organization’s action by the SEC, the Exchange Securities Exchange Act of 1934 (the Statement of the Purpose of, and the adopted new rules with the modifier ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 7 Statutory Basis for, the Proposed Rule ‘‘T’’ to reflect a T+2 settlement cycle. notice is hereby given that on July 26, Change Because the Exchange would not 2017, NYSE American LLC (the implement the new rules until after the ‘‘Exchange’’ or ‘‘NYSE AMER’’) filed 1. Purpose final implementation of T+2, the with the Securities and Exchange In connection with the September 5, Exchange retained the versions of rules Commission (the ‘‘Commission’’) the 2017 compliance date for shortening of reflecting T+3 settlement on its books. proposed rule change as described in the standard settlement cycle from T+3 In order to reduce the potential for Items I and II below, which Items have to T+2, the Exchange proposes to delete: confusion regarding which version of been prepared by the self-regulatory • Rule 14—Equities (Non-Regular the rule governs, the Exchange added organization. The Commission is Way Settlement Instructions for explanatory preambles as noted below. publishing this notice to solicit Orders); 4 In particular, the following preamble comments on the proposed rule change • Rule 64—Equities (Bonds, Rights was added to Rules 14, 64, 235, 236, from interested persons. and 100-Share-Unit Stocks), 257, and 282.65, and Sec. 510 and Sec. I. Self-Regulatory Organization’s • Rule 235—Equities (Ex-Dividend, 512 of the Company Guide: ‘‘This version of . will remain Statement of the Terms of Substance of Ex-Rights); 5 operative until the Exchange files the Proposed Rule Change • Rule 236—Equities (Ex-Warrants); • Rule 257—Equities (Deliveries After separate proposed rule changes as The Exchange proposes in connection Ex-Date); necessary to establish the operative date with the September 5, 2017 compliance • Rule 282.65 (Failure to Deliver and of . to delete this version of . and date for the shortening of the standard Liability Notice Procedures); and preamble, and to remove the preamble settlement cycle from three business • Sec. 510 (Three Day Delivery Plan) text from the version of . In addition days after the trade date (‘‘T+3’’) to two and Sec. 512 (Ex-Dividend Procedure) of to filing the necessary proposed rule business days after the trade date the Company Guide. changes, the Exchange will announce (‘‘T+2’’), to (1) delete NYSE American The Exchange further proposes to via Information Memo the operative Rules 14—Equities, 64—Equities, 235— delete the preamble and ‘‘T’’ modifier date of the deletion of this Rule and Equities, 236—Equities, 257—Equities, from the following rules: implementation of revised . .’’ 282—Equities. Supplementary Material The following preamble was added to • Rule 64T—Equities (Bonds, Rights .65, and Sections 510 and 512 of the Rules 14T, 64T, 235T, 236T, 257T, and and 100-Share-Unit Stocks); NYSE American Company Guide 282.65T, as well as Sections 510T and • Rule 236T—Equities (Ex-Warrants); (‘‘Company Guide’’); (2) delete the 512T of the Company Guide: ‘‘The Exchange will file separate preamble and ‘‘T’’ modifier from NYSE 4 The Exchange proposes to retain the title of American Rules 14T—Equities, 64T— current Rule 14 (‘‘Non-Regular Way Settlement proposed rule changes to establish the Equities, 235T—Equities, 236T— Instructions for Orders’’) and the legend that states operative date of . ., to delete . and Equities, 257T—Equities, and 282.65— ‘‘This Rule is not applicable to trading the Pillar the preamble text from . ., and to trading platform,’’ which was added in connection remove the preamble text from the Equities, and Sections 510T and 512T of with the Exchange’s transition to Pillar, an the Company Guide; and (3) establish integrated trading technology platform designed to version of . Until such time, . the operative date of Rules 14T— use a single specification for connecting to the will remain operative. In addition to Equities, 64T—Equities, 235T—Equities, equities and options markets operated by the filing the necessary proposed rule Exchange and its affiliates, NYSE Arca, Inc. (‘‘NYSE changes, the Exchange will announce 236T—Equities, 257T—Equities, and Arca’’) and New York Stock Exchange LLC 282 65T—Equities, and Sections 510T (‘‘NYSE’’). See Securities Exchange Act Release via Information Memo the and 512T of the Company Guide. The Nos. 80590 (May 4, 2017), 82 FR 21843 (May 10, implementation of this Rule and the proposed rule change is available on the 2017) (Approval Order) and 79993 (February 9, operative date of the deletion of . .’’ 2017), 82 FR 10814, 10815–16 (February 15, 2017) On March 22, 2017, the SEC adopted Exchange’s Web site at www.nyse.com, (SR–NYSEMKT–2017–01) (Notice) (the ‘‘Pillar at the principal office of the Exchange, Trading Rule Filing’’). The Exchange began trading the proposed amendment to Rule 15c6– and at the Commission’s Public on the Pillar platform on July 24, 2017. Reference Room. 5 The Exchange proposes to retain the title of 6 See Securities Exchange Act Release No. 78962 current Rule 235 (‘‘Ex-Dividend, Ex-Rights’’) and (September 28, 2016), 81 FR 69240 (October 5, the legend that states ‘‘This Rule is not applicable 2016) (File No. S7–22–16). 1 15 U.S.C. 78s(b)(1). to trading the Pillar trading platform,’’ which was 7 See Securities Exchange Act Release No. 80020 2 15 U.S.C. 78a. added in connection with the Exchange’s transition (February 13, 2017), 82 FR 10940 (February 16, 3 17 CFR 240.19b–4. to Pillar. See note 5, supra. 2017) (SR–NYSEMKT–2016–119). VerDate Sep<11>2014 19:43 Aug 01, 2017 Jkt 241001 PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 E:\FR\FM\02AUN1.SGM 02AUN1 sradovich on DSKBCFCHB2PROD with NOTICES Federal Register / Vol. 82, No. 147 / Wednesday, August 2, 2017 / Notices 36011 1(a) under the Act 8 with a compliance impediments to and perfect the of the Act and Rule 19b–4(f)(6)(iii) date of September 5, 2017.9 mechanism of a free and open market by thereunder.15 adding clarity as to which rules are At any time within 60 days of the Proposed Rule Change operative and when, thereby reducing filing of such proposed rule change, the In order to comply with the potential confusion, and making the Commission summarily may September 5, 2017 transition to T+2 Exchange’s rules easier to navigate. The temporarily suspend such rule change if settlement, the Exchange proposes to: Exchange also believes that eliminating it appears to the Commission that such • Delete Rules 64, 236, 257, 282.65, obsolete material from its rulebook also action is necessary or appropriate in the and Sec. 510 and Sec. 512 of the removes impediments to and perfects public interest, for the protection of Company Guide, including the the mechanism of a free and open investors, or otherwise in furtherance of preambles, in their entirety; the purposes of the Act. If the • market by removing confusion that may delete the text of Rules 14 and 235, result from having obsolete material in Commission takes such action, the including the preambles, and retain the the Exchange’s rulebook. The Exchange Commission shall institute proceedings title of each rule and the legend believes that eliminating such obsolete under Section 19(b)(2)(B) 16 of the Act to providing that the rule will not be material would not be inconsistent with determine whether the proposed rule applicable to trading in the Pillar change should be approved or 10 the public interest and the protection of platform; investors because investors will not be disapproved. • delete the preambles to Rules 14T, harmed and in fact would benefit from 64T, 235T, 236T, 257T, 282.65T and IV. Solicitation of Comments increased transparency, thereby Sec. 510T and 512T of the Company reducing potential confusion. Interested persons are invited to Guide; and submit written data, views, and • delete the ‘‘T’’ modifier in Rules B. Self-Regulatory Organization’s arguments concerning the foregoing, 64T, 236T, 257T, 282.65T and Sec.
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