[Federal Register Volume 75, Number 82 (Thursday, April 29, 2010)]
[Notices]
[Pages 22671-22673]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-9872]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61952; File No. SR-NYSE-2010-32]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Its Immediate Release Policy To Remove the Address Contact
Information
April 21, 2010.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Exchange Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is
hereby given that, on April 9, 2010, New York Stock Exchange LLC (the
``NYSE'' or the ``Exchange'') filed with the Securities and Exchange
Commission the proposed rule changes as described in Items I and II
below, which items have been prepared by the Exchange. The Exchange has
designated this proposal eligible for immediate effectiveness pursuant
to Rule 19b-4(f)(6)\4\ under the Exchange Act. The Commission is
publishing this notice to solicit comments on the proposed rule changes
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.
\4\ 17 CFR 240.19b-4(f)(6).
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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 202.06 of the Listed Company
Manual (the ``Manual'') to remove the contact information provided in
that rule for national news wire services.
The text of the proposed rule change is available on the Exchange's
Web site (http://www.nyse.com), at the Exchange's Office of the
Secretary, at the Commission's Public Reference room, and on the
Commission's Web site at http://www.sec.gov.
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
[[Page 22672]]
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 these statements may be examined at the places
specified in Item IV below. The NYSE has prepared summaries, set forth
in Sections A, B and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Section 202.06 of the Manual sets forth the permissible procedures
for the dissemination by listed companies of material news as required
by Section 202.05. Section 202.06 permits the dissemination of material
news by means of any Regulation FD compliant method (or methods).
However, the Exchange encourages companies to disseminate material news
by issuing press releases through the national news wire services,
including Associated Press, Bloomberg Business News, Dow Jones &
Company, Inc., Reuters America and United Press International. As a
convenience, the Exchange has included in Section 202.06(c) \5\ [sic]
contact information for these national news wire services. It has come
to the Exchange's attention that some of this information provided in
the rule is no longer accurate. Consequently, the Exchange proposes to
delete this contact information from Section 202.06. This contact
information is provided for information purposes only and does not
constitute a substantive part of the rule, so the Exchange believes it
is appropriate to delete it rather than submit a rule filing every time
it becomes aware that the information for one of the news services
becomes inaccurate. Moreover, contact information for the news services
can be readily located by listed companies by other means, so its
inclusion in Section 202.06(c) [sic] is not essential. The Exchange
would be happy to assist any company in obtaining this information if
the company experiences difficulty in locating it itself.
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\5\ The Commission notes that the correct cite is Section
202.06(C).
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) \6\ of the Exchange Act, in general, and furthers the
objectives of Section 6(b)(5) of the Exchange Act \7\ in particular in
that it is designed to promote just and equitable principles of trade,
to foster cooperation and coordination with persons engaged in
regulating, clearing, settling, processing information with respect to,
and 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. The Exchange believes that the proposed amendment is
consistent with the public interest in that it does not change in any
way the substantive obligations of listed companies under Section
202.06.
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\6\ 15 U.S.C. 78f(b).
\7\ 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 Exchange Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i) Does not significantly affect
the protection of investors or the public interest; (ii) does not
impose any significant burden on competition; and (iii) does not become
operative for 30 days after the date of the filing, 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) of the Act \8\ and
Rule 19b-4(f)(6) thereunder.\9\
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). Pursuant to Rule 19b-4(f)(6)(iii)
under the Act, the Exchange is required 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\10\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii)\11\ 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.
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\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
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The Commission believes that waiver of the operative delay is
consistent with the protection of investors and the public interest
because the proposed rule change would merely delete inaccurate and, as
such, potentially confusing contact information from Section 202.06.
This information was provided by the Exchange for information purposes
only, does not constitute a substantive part of the rule, and can be
easily located by listed companies by other means. Additionally,
deletion of the language from Section 202.06(C) does not change in any
way the substantive obligations of listed companies. As such, the
Commission believes that the proposed rule change raises no new
regulatory issues. For these reasons, the Commission designates that
the proposed rule change become operative immediately upon filing.\12\
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\12\ 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. 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 may summarily abrogate the 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 e-mail to [email protected]. Please include
File No. SR-NYSE-2010-32 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 No. SR-NYSE-2010-32. This file
number should be included on the subject line if e-mail is used. To
help the
[[Page 22673]]
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 a.m. and 3
p.m. Copies of such filing also will be available for inspection and
copying at the principal office of NYSE. 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 No. SR-NYSE-2010-32 and should be submitted on or
before May 20, 2010.
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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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-9872 Filed 4-28-10; 8:45 am]
BILLING CODE 8011-01-P