[Federal Register Volume 86, Number 92 (Friday, May 14, 2021)]
[Notices]
[Pages 26582-26583]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-10174]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91807; File No. SR-NYSE-2020-89]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Change, as Modified by Amendment No. 2, To Amend Rule 7.35C

May 10, 2021.
    On October 23, 2020, New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule

[[Page 26583]]

19b-4 thereunder,\2\ a proposed rule change to: (1) Provide the 
Exchange the authority to facilitate a Trading Halt Auction if a 
security has not reopened following a Level 1 or Level 2 trading halt 
due to extraordinary market volatility under Rule 7.12 (``MWCB Halt'') 
by 3:30 p.m.; (2) widen the Auction Collar for an Exchange-facilitated 
Trading Halt Auction following an MWCB Halt; (3) provide that certain 
DMM Interest would not be cancelled following an Exchange-facilitated 
Auction; and (4) change the Auction Reference Price for Exchange-
facilitated Core Open Auctions. The proposed rule change was published 
for comment in the Federal Register on November 12 2020.\3\ On December 
18, 2020, pursuant to Section 19(b)(2) of the Act,\4\ the Commission 
designated a longer period within which to approve the proposed rule 
change, disapprove the proposed rule change, or institute proceedings 
to determine whether to disapprove the proposed rule change to February 
10, 2020.\5\ On February 5, 2021, the Exchange filed Amendment No. 1 to 
the proposed rule change which replaced and superseded the proposed 
rule change in its entirety.\6\ On February 10, 2021, the Commission 
published notice of Amendment No. 1 and instituted proceedings pursuant 
to Section 19(b)(2)(B) of the Act \7\ to determine whether to approve 
or disapprove the proposed rule change, as modified by Amendment No. 
1.\8\ On March 17, 2021, the Exchange filed Amendment No. 2 to the 
proposed rule change, which replaced and superseded the proposed rule 
change, as modified by Amendment No. 1, in its entirety.\9\ The 
Commission has received no comments on the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 90363 (Nov. 5, 
2020), 85 FR 71964 (Nov. 12, 2020) (``Notice'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 90726 (Dec. 20, 
2020), 85 FR 84431 (Dec. 28, 2020).
    \6\ In Amendment No. 1, the Exchange removed one of the proposed 
changes from the original proposal. Specifically, the Exchange 
removed the proposed change to adopt a new definition of Auction 
Reference Price for exchange-facilitated Core Open Auctions and to 
amend the temporary rule related to such auctions set forth in 
Commentary .04 to Rule 7.35C. This aspect of the original proposal 
is now the subject of a separate proposed rule change filed by the 
Exchange on February 8, 2021 (SR-NYSE-2021-13).
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 91095 (Feb. 10, 
2021), 86 FR 9978 (Feb. 17, 2020).
    \9\ In Amendment No. 2, the Exchange removed several more 
proposed changes from the original proposal, as modified by 
Amendment No. 1. Specifically, the Exchange removed the proposed 
changes to make permanent the temporary rules pertaining to: (i) 
Permitting the CEO to determine that the Exchange will facilitate a 
Trading Halt Auction in one or more securities following a MWCB Halt 
if the security has not reopened by 3:30 p.m. Eastern Time, and (ii) 
establishing wider Auction Collars for Trading Halt Auctions 
following a MWCB Halt.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \10\ provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving the proposed rule change not later than 180 days after the 
date of publication of notice of filing of the proposed rule change. 
The Commission may extend the period for issuing an order approving or 
disapproving the proposed rule change, however, by not more than 60 
days if the Commission determines that a longer period is appropriate 
and publishes the reasons for such determination. The proposed rule 
change was published for comment in the Federal Register on November 12 
2020.\11\ The 180th day after publication of the Notice is May 11, 
2021. The Commission is extending the time period for approving or 
disapproving the proposal for an additional 60 days.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).
    \11\ See supra note 3.
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change so that it has 
sufficient time to consider the proposed rule change as amended by 
Amendment No. 2. Accordingly, the Commission, pursuant to Section 
19(b)(2) of the Act,\12\ designates July 10, 2021, as the date by which 
the Commission shall either approve or disapprove, or institute 
proceedings to determine whether to disapprove, the proposed rule 
change (File No. SR-NYSE-2020-89).
---------------------------------------------------------------------------

    \12\ Id.
    \13\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-10174 Filed 5-13-21; 8:45 am]
BILLING CODE 8011-01-P


