[Federal Register Volume 79, Number 174 (Tuesday, September 9, 2014)]
[Notices]
[Pages 53482-53483]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-21390]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72972; File No. SR-NYSEMKT-2014-71]
Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Amending the NYSE MKT
Equities Price List and, through NYSE Amex Options LLC Amending the
NYSE Amex Options Fee Schedule To Establish Billing Practices with
Respect to Billing Disputes
September 3, 2014.
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 21, 2014, NYSE MKT LLC (the ``Exchange'' or ``NYSE
MKT'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III 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 the NYSE MKT Equities Price List
(``Price List'') and, through NYSE Amex Options LLC (``NYSE Amex
Options''), to amend the NYSE Amex Options Fee Schedule (``Fee
Schedule'' and, together with the Price List, ``Fee Schedules''), to
establish a billing practice with respect to billing disputes. 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
The Exchange proposes to amend the Fee Schedules to establish a
billing practice to prevent members\4\ from contesting their bills long
after they have been sent an invoice. In accordance with the proposed
rule change, members must submit all disputes no later than sixty
calendar days after receipt of an Exchange invoice. After sixty
calendar days, all fees assessed by the Exchange will be considered
final. The Exchange provides members with both daily and monthly fee
reports and thus believes members should be aware of any potential
billing errors within sixty calendar days of receiving an invoice.
Requiring that members dispute an invoice within this time period will
encourage them to review their invoices promptly so that any disputed
charges can be addressed in a timely manner while the information and
data underlying those charges (e.g., applicable fees and trade, 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.
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\4\ For the purposes of this filing, for NYSE MKT Equities, the
term ``members'' refers to ``member organization'' as defined in
Rule 2(b)--Equities, and for NYSE Amex Options, the term ``members''
refers to ``ATP Holder'' as defined in Rule 900.2NY(5).
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The Exchange believes the requirement to submit all billing
disputes in writing, and with supporting documentation, within sixty
calendar days from receipt of the invoice, is reasonable in the public
interest because the Exchange provides ample tools to properly and
swiftly monitor and account for various charges incurred in a given
month. Also, the proposal is equitable because it applies equally to
all members. The proposed provision regarding fee disputes in the Fee
Schedules promotes the protection of investors and the public interest
by providing a clear and concise mechanism in Exchange Rules for
members to dispute fees and for the Exchange to review such disputes in
a timely manner. In addition, the proposed 60-day limitation is fair
and equitable because it will be implemented prospectively on all
members, only applying to invoices issued after the proposed rule
change becomes operative. Moreover, the proposed billing dispute
language, which will lower the Exchange's administrative burden, is
substantially similar to billing dispute language adopted by other
exchanges.\10\
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\10\ See supra note 5.
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B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\11\ the Exchange
does not believe that the proposed rule change will impose any burden
on intermarket or intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As stated above,
the proposed rule change, which applies equally to all members, is
intended to reduce the Exchange's administrative burden, and is
substantially similar to rules adopted by other exchanges. Because the
Exchange does not propose any substantive changes regarding fees
applicable to members, the proposal does not impose any burden on
competition.
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\11\ 15 U.S.C. 78f(b)(8).
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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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \12\ and Rule 19b-4(f)(6) thereunder.\13\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, 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)
[[Page 53483]]
of the Act and Rule 19b-4(f)(6)(iii) thereunder.
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\12\ 15 U.S.C. 78s(b)(3)(A)(iii).
\13\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) \14\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\15\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
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\14\ 17 CFR 240.19b-4(f)(6).
\15\ 17 CFR 240.19b-4(f)(6)(iii).
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At any time within 60 days of the filing of such 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) \16\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\16\ 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 [email protected]. Please include
File Number SR-NYSEMKT-2014-71 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEMKT-2014-71. 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 offices 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-2014-
71, and should be submitted on or before September 30, 2014.
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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Kevin M. O' Neill,
Deputy Secretary.
[FR Doc. 2014-21390 Filed 9-8-14; 8:45 am]
BILLING CODE 8011-01-P