[Federal Register Volume 88, Number 62 (Friday, March 31, 2023)]
[Notices]
[Pages 19334-19338]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-06657]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97206; File No. SR-NYSE-2023-19]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend Rule 308 as Defined in Rule 9232(b) and Delete and Replace 
Certain Obsolete References

March 27, 2023.
    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 March 17, 2023, New York Stock Exchange LLC (``NYSE'' or the 
``Exchange'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
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\ 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 (1) amend Rule 308 to reflect the 
consolidation of the Acceptability Board with the Hearing Board as 
defined in Rule 9232(b), and (2) delete and, where applicable, replace 
certain obsolete references in its rules and the Listed Company Manual. 
The proposed rule change is available on the Exchange's website at 
www.nyse.com, at the

[[Page 19335]]

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 (1) amend Rule 308 to reflect the 
consolidation of the Acceptability Board with the Hearing Board as 
defined in Rule 9232(b), and (2) delete and, where applicable, replace 
certain obsolete references in its rules and the Listed Company Manual.
Background
    Pursuant to Rule 308, Acceptability Committees are composed of at 
least three persons who are members of the Acceptability Board. Rule 
308 establishes procedures for Acceptability Committees to consider 
applications prior to disapproval by the Exchange (1) of prospective 
members or member organizations; (2) of any prospective member, 
principal executive, registered representative, or other person 
required by the Rules of the Exchange to be approved by the Exchange 
for employment or association with a member or member organization; (3) 
for any change in status of any person which change requires Exchange 
approval; and (4) of any prospective non-member broker/dealer accessee. 
Rule 308(c) provides that the Acceptability Board be appointed annually 
by, in part, the Chair of the Board of Directors (``Board'') subject to 
the approval of the Board, and that it be composed of such number of 
members and allied members \3\ who are not members of the Board, and 
registered employees and non-registered employees of members and member 
organizations.
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    \3\ The Exchange no longer has allied members, a former 
regulatory category based on a natural person's control of a member 
organization. Allied members were replaced by the new category of 
``principal executives'' in 2008. See Securities and Exchange Act 
Release No. 58103 (July 3, 2008), 73 FR 40403, 40403 (July 14, 2008) 
(SR-FINRA-2008-036) (Notice of Filing of a Proposed Rule Change 
Relating to the Incorporated NYSE Rules) (proposal by the Financial 
Industry Regulatory Authority (``FINRA'') to substitute ``principal 
executive'' for ``allied member'' in the Incorporated NYSE Rules); 
Securities and Exchange Act Release No. 58533 (September 12, 2008), 
73 FR 54652 (September 22, 2008) (SR-FINRA-2008-0036) (``Release No. 
58533'') (Order Approving Proposed Rule Change Relating to 
Incorporated NYSE Rules); Securities Exchange Act Release No. 58549 
(September 15, 2008), 73 FR 54444, 54445 (September 19, 2008) (SR-
NYSE-2008-80) (amending NYSE Incorporated Rules to conform to 
FINRA's proposed rule change); NYSE Rule 311.18 (``Principal 
executive'' includes ``an employee of a member organization 
designated to exercise senior principal executive responsibility 
over the various areas of the business of the member organization 
including: operations, compliance with rules and regulations of 
regulatory bodies, finances and credit, sales, underwriting, 
research and administration; and any employee of a member 
organization who is a functional equivalent of such person.''). As 
discussed below, the Exchange now proposes conforming, non-
substantive changes to delete and, where applicable, replace the 
remaining references to ``allied member'' in its rules with 
``principal executive.'' Former allied members and principal 
executives have had notice since 2008 that where the Exchange's 
rules use ``allied member'', the category of ``principal executive'' 
was intended. See Release No. 58533, 73 FR at 54653, n.5.
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    Rule 9232 (Criteria for Selection of Panelists, Replacement 
Panelists, and Floor-Based Panelists) establishes procedures for the 
selection and appointment of panelists to a Hearing Panel as defined in 
Rule 9120 (Definitions) to conduct disciplinary proceedings and issue a 
decision. Pursuant to Rule 9232(a), each panelist, except for the 
Hearing Officer, shall be a member of the NYSE hearing board (``Hearing 
Board'') provided for in Rule 9232(b). Rule 9232(b) states that the 
Board shall from time to time appoint a Hearing Board to be composed of 
such number of members and former allied members \4\ of the Exchange 
who are not members of the Exchange Board of Directors and registered 
employees and nonregistered employees of member organizations. Pursuant 
to Rule 9232(b), former members, allied members,\5\ or registered and 
non-registered employees of member organizations who have retired from 
the securities industry may be appointed to the Hearing Board. Rule 
9232(b) further provides that the members of the Hearing Board be 
appointed annually.
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    \4\ As discussed below, the Exchange proposes to replace 
``former allied members'' in Rule 9232(b) with ``principal 
executives.'' See also note 3, supra.
    \5\ The Exchange proposes to replace this reference with 
``principal executives.'' As proposed, principal executives who have 
retired from the securities industry may also be appointed to the 
Hearing Board.
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    All of the current members of the Acceptability Board are also 
members of the Hearing Board. Given the overlap in the composition of 
the Acceptability Board and the Hearing Board, and the fact that the 
Acceptability Board is appointed for no other purpose than providing a 
ready pool for staffing Acceptability Committees, the Exchange has 
determined to cease appointing a separate Acceptability Board. In this 
filing, the Exchange accordingly proposes to amend Rule 308 to reflect 
the consolidation but retain the current composition of Acceptability 
Committees. As noted, the Exchange also proposes to amend Rule 9232 to 
provide that the Hearing Board shall be composed, in part, of members 
and principal executives. As discussed in detail below, this proposed 
change will also harmonize Rule 9232 with Rule 308.
    Rule 9232(b) provides that the Hearing Board be appointed annually 
by the Board and serve at their pleasure. By contrast, Rule 308(c) 
provides that the Acceptability Board be appointed annually by the 
Chair, or officer, employee or committee or board to whom appropriate 
authority has been delegated, subject to the approval of the Board, to 
serve at the pleasure of the Board. Despite the apparent difference, 
the Exchange believes that as a practical matter the proposed change is 
consistent with current practice, as the board to whom authority has 
been delegated pursuant to Rule 308(c) is the Board itself. As a 
result, the Board appoints both the Hearing Board and the Acceptability 
Board. Moreover, the Exchange believes that having the full Board make 
appointments is the more conservative option for appointing Hearing 
Board members, who serve at the pleasure of the Board.
    Finally, in addition to replacing the remaining obsolete references 
to ``allied member,'' the Exchange proposes to replace obsolete 
references to ``specialists'' with ``DMM'' (i.e., Designated Market 
Maker) in its rules and the Listed Company Manual, among other non-
substantive clarifying changes, as described more fully below.
Proposed Rule Change
Acceptability Board
    The composition of and criteria for appointment to both the 
Acceptability Board and the Hearing Board are substantially similar. 
Current Rule 308(c) provides that the Acceptability Board shall be 
composed of ``members and allied members of the Exchange who are not 
members of the Board of Directors, and registered employees and non-
registered employees of members and member organizations, as the

[[Page 19336]]

Chairman of the Board of the Exchange shall deem necessary.'' Rule 
9232(b) provides that the Hearing Board \6\ shall be composed ``of such 
number of members and former allied members of the Exchange who are not 
members of the Exchange Board of Directors and registered employees and 
nonregistered employees of member organizations.'' Rule 9232 further 
provides that former members, allied members, or registered and non-
registered employees of member organizations who have retired from the 
securities industry may be appointed to the Hearing Board.
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    \6\ Hearing Board is currently lower case in Rule 9232(a) and 
(b). The Exchange proposes to capitalize the term.
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    Rule 308(c) would be amended to provide that Acceptability 
Committees will consist of at least three persons that are members of 
the Hearing Board and that are also members and principal executives of 
the Exchange who are not Board members, or that are registered 
employees and non-registered employees of member organizations, as the 
Chair of the Board shall deem necessary. Amended Rule 308 would further 
clarify that the term Chief Hearing Officer is defined in Rule 9120(c).
    As proposed, the Exchange would consolidate the Acceptability Board 
and the Hearing Board but not permit former members, former principal 
executives, or registered and non-registered employees of member 
organizations who have retired from the securities industry to be 
appointed to Acceptability Committees consistent with current Rule 
308(c).\7\ In addition, the Exchange would delete references to 
registered and non-registered employees of members. Only member 
organizations can have registered or non-registered employees. Under 
Rule 2(a), a member is a natural person associated with a member 
organization who has been approved by the Exchange and designated by 
such member organization to effect transactions on the trading floor of 
the Exchange or any facility thereof. With the exception of the 
proposed changes described above, the substantive processes set forth 
in Rule 308 for the appointment and composition of individual 
Acceptability Committees, including the requirement that Acceptability 
Committees consist of at least three persons meeting the criteria set 
forth in subdivision (d) of Rule 308 selected by the Chief Hearing 
Officer,\8\ would remain unchanged.
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    \7\ Legacy disciplinary Rule 476(b) permitted the appointment of 
former members, allied members, or registered and non-registered 
employees of members and member organizations who have retired from 
the securities industry to the Hearing Board provided for in that 
rule, which was carried forward to Rule 9232. Under Rule 9232, such 
persons are eligible to be appointed to Hearing Panels in connection 
with disciplinary matters. As noted, Rule 308(c) does not permit 
former members or allied members, or their registered and non-
registered employees who have retired, to be appointed to the 
Acceptability Board.
    \8\ Chief Hearing Officer is defined in Rule 9120(c). The Chief 
Hearing Officer is currently a FINRA employee appointed by the Board 
to serve the functions specified in the Exchange's rules.
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    To effectuate these changes, the Exchange would replace 
``Acceptability Board'' with ``Hearing Board'' in Rule 308(c) and (d). 
In addition, the Exchange would update the obsolete reference to Rule 
476(b) in Rule 308(c) with a reference to the definition of Chief 
Hearing Officer in the Rule 9000 Series, the Exchange's current 
disciplinary rules. The second paragraph in current Rule 308(c), which 
sets forth the appointment and composition requirements for the 
Acceptability Board, would be deleted. Proposed Rule 308(c) would read 
as follows (new text italicized, deleted text bracketed):

    (c) All proceedings under this rule shall be conducted in 
accordance with the provisions of this rule and shall be held before 
an Acceptability Committee consisting of at least three persons 
being members of the [Acceptability]Hearing Board described in Rule 
9232(b) that are members and principal executives of the Exchange 
who are not members of the Board of Directors, or are registered 
employees and non-registered employees of member organizations, as 
the Chair of the Board of the Exchange shall deem necessary, to be 
selected by the Chief Hearing Officer (as defined in Rule 
9120(c)[designated under Rule 476(b)]) in accordance with paragraph 
(d) of this rule.
    [The Chairman of the Board of the Exchange, or officer, employee 
or committee or board to whom appropriate authority has been 
delegated, subject to the approval of the Board of Directors, shall 
from time to time appoint an Acceptability Board to be composed of 
such number of members and allied members of the Exchange who are 
not members of the Board of Directors, and registered employees and 
non-registered employees of members and member organizations, as the 
Chairman of the Board of the Exchange shall deem necessary. The 
members of the Acceptability Board shall be appointed annually and 
shall serve at the pleasure of the Board of Directors.]
Amendments to Rule 9232(b)
    In 2013, the Exchange adopted Rule 9232 as part of its adoption of 
rules relating to investigation, discipline, and sanctions, and other 
procedural rules based on FINRA's rules.\9\ Current Rule 9232(b) 
provides that the Hearing Board shall be ``composed of such number of 
members and former allied members of the Exchange who are not members 
of the Exchange Board of Directors and registered employees and 
nonregistered employees of member organizations.'' The Rule further 
provides that former members, allied members, or registered and non-
registered employees of member organizations who have retired from the 
securities industry may be appointed to the Hearing Board.
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    \9\ See Securities Exchange Act Release No. 69045 (March 5, 
2013), 78 FR 15394 (March 11, 2013) (SR-NYSE-2013-02) (Order 
Approving Proposed Rule Change Adopting Investigation, Disciplinary, 
Sanction, and Other Procedural Rules That Are Modeled on the Rules 
of the Financial Industry Regulatory Authority and To Make Certain 
Conforming and Technical Changes).
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    The Exchange has determined to update the Rule since there are no 
longer former allied members serving on the Hearing Board. The Exchange 
accordingly proposes to replace ``former allied members'' in the first 
sentence of Rule 9232(b) with ``principal executives.'' In addition, 
the Exchange would amend the second sentence of Rule 9232(b) to replace 
``allied members'' with ``principal executives''. As amended, Rule 
9232(b) would permit principal executives who have retired from the 
securities industry to be appointed to the Hearing Board.
Obsolete References
    The Exchange proposes to replace obsolete references to ``allied 
member'' or ``allied members'' with ``principal executive'' or 
``principal executives,'' as applicable, in the following:

 Rule 17 (Use of Exchange Facilities and Vendor Services)
 Rule 25 (Exchange Liability for Legal Costs)
 Rule 93 (Trading for Joint Account)
 Rule 113 (DMM Unit's Public Customers) \10\
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    \10\ The Exchange proposes to also delete the orphan ``in 
which'' in Rule 113.20.
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 Rule 113 Former (DMMs' Public Customers)
 Rule 123 (Record of Orders) \11\
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    \11\ The Exchange proposes to also add a space between ``(d)'' 
and ``By Accounts'' in Rule 123.
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 Rule 344 (Research Analysts and Supervisory Analysts)
 Proxies (Rules 450-460)
 Rule 456 (Representations to Management)
     Rule 457 (Filing Participant Information (Schedule B))
     Rule 458 (Filing of Proxy Material (Schedule A))
     Rule 459 (Other Persons to File Information When 
Associated with Member)
     Rule 472 (Communications With The Public)
     Rule 600 (Arbitration) \12\
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    \12\ The Exchange would also add a space between ``(d)'' and 
``Class Action Claims'' in Rule 600.

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[[Page 19337]]

     Rule 607 (Designation of Number of Arbitrators) \13\
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    \13\ The Exchange would replace ``allied member'' in Rule 
607(a)(3)(iii). The references to ``allied member'' in Rule 
607(a)(2)(i) and (a)(3)(i) would be deleted.
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     Rule 629 (Schedule of Fees) \14\
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    \14\ The Exchange would also add a space between ``(i)'' and 
``Schedule of Fees'' in Rule 629.
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     Rule 630 (Uniform Arbitration Code)
     Rule 632 (Member Controversies)
     Rule 633 (Board of Arbitration)
     Rule 637 (Failure To Honor Award)
     Sections 402.09 (Exchange Proxy Contest Rules) and 703.18 
(Contingent Value Rights) of the Listed Company Manual.
    The Exchange proposes to delete references to ``allied member'' in 
the following rules:
     Rule 607 (Designation of Number of Arbitrators). Principal 
executives do not have associated persons. The references to a person 
associated with an allied member in Rule 607(a)(2)(i) and (a)(3)(i) are 
therefore obsolete.\15\
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    \15\ See note 13, supra.
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     Section 202.03 (Dealing with Rumors or Unusual Market 
Activity) of the Listed Company Manual. Rule 435 referred to in Section 
202.03 does not apply to allied members or principal executives, so 
deletion of the term from Section 202.03 would be appropriate.
    The Exchange further proposes to replace obsolete references to 
``specialist'' with ``DMM'' \16\ in the heading for Rules 99--114 
(Specialists, Odd-Lot Brokers, and Registered Traders) and in the 
following sections of the Listed Company Manual:
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    \16\ The specialist system was phased out and the DMM structure 
adopted in 2008. See Securities Exchange Act Release No. 58845 
(October 24, 2008), 73 FR 64379 (October 29, 2008) (SR-NYSE-2008-46) 
(Notice of Filing of Amendment Nos. 2 and 3 and Order Granting 
Accelerated Approval to a Proposed Rule Change, as Modified by 
Amendment Nos. 1, 2, and 3, to Create a New NYSE Market Model, with 
Certain Components to Operate as a One-Year Pilot, That Would Alter 
NYSE's Priority and Parity Rules, Phase Out Specialists by Creating 
a Designated Market Maker, and Provide Market Participants with 
Additional Abilities to Post Hidden Liquidity).
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     The summary under ``The Listing Process,'' which is 
Section 1 of the ``Sectional Organization Summary'' under the ``General 
Organization'' heading of the ``Organization of the Manual'' section in 
the Introduction to the Listed Company Manual;
     The third entry under the ``Miscellaneous and Related 
Matters'' heading below ``Reference Guide for Subsequent Listing 
Applications (703.00 & 903.02)''; and
     The heading for Section 806.00 titled ``Request of Listed 
Company for a Change of Specialist Unit or for Removal from the List'' 
in Section 8 (Suspension and Delisting) of the Listed Company Manual.
    Finally, the Exchange proposes to delete an obsolete reference to 
``the Medical Clinic located in the Exchange building'' in Rule 301(b) 
(Qualifications for Membership).
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with section 6(b) of the Act,\17\ in general, and furthers the 
objectives of section 6(b)(1) \18\ in particular, in that it enables 
the Exchange to be so organized as to have the capacity to be able to 
carry out the purposes of the Act and to comply, and to enforce 
compliance by its exchange members and persons associated with its 
exchange members, with the provisions of the Act, the rules and 
regulations thereunder, and the rules of the Exchange. The Exchange 
also believes that the proposed rule change is consistent with section 
6(b)(5) of the Act,\19\ in that it is designed to prevent fraudulent 
and manipulative acts and practices, to promote just and equitable 
principles of trade, to foster cooperation and coordination with 
persons engaged in 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. In addition, the Exchange believes that the proposed 
rule change is designed to provide fair procedures for the denial of 
membership to any person seeking Exchange membership, the barring of 
any person from becoming associated with a member, and the prohibition 
or limitation by the Exchange of any person with respect to access to 
services offered by the Exchange or a member thereof, consistent with 
the objectives of section 6(b)(7) \20\ and section 6(d)(2) \21\of the 
Act.
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    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(1).
    \19\ 15 U.S.C. 78f(b)(5).
    \20\ 15 U.S.C. 78f(b)(7).
    \21\ 15 U.S.C. 78f(d)(2).
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    Amending Rule 308 to reflect the consolidation of the Acceptability 
Board with the Hearing Board would continue to contribute to the 
orderly operation of the Exchange. As proposed, given the overlap in 
the membership of the two boards, the Exchange would appoint the same 
individuals to a single board that would be available to serve on both 
Hearing Panels for disciplinary actions (the Hearing Board's current 
function) and Acceptability Committees for acceptability hearings (the 
Acceptability Board's sole current function). The proposed change would 
streamline the process of appointing individuals to boards charged with 
specific functions under the Exchange's rules and eliminate duplication 
in the appointment of Exchange boards, which would enable the Exchange 
to continue to be so organized as to have the capacity to carry out the 
purposes of the Act and comply with the provisions of the Act by its 
members and persons associated with members, thereby furthering the 
objectives of section 6(b)(1) \22\ of the Act.
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    \22\ 15 U.S.C. 78f(b)(1).
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    The Exchange further believes that the proposed change would be 
beneficial to both investors and the public interest, thereby promoting 
the maintenance of a fair and orderly market and the protection of 
investors and the public interest consistent with section 6(b)(5) of 
the Act.\23\ The proposed changes would continue to permit the 
appointment of individuals that meet the same qualifications and 
requirements to consider applications prior to disapproval by the 
Exchange under current Rule 308. More specifically, the Exchange 
believes that there would be no material difference between the 
requirements for Acceptability Board composition under current Rule 
308(c) and proposed Rule 9232(b) insofar as both rules require that the 
applicable body be composed of (1) members and allied members (now 
principal executives) \24\ of the Exchange who are not members of the 
Board, and (2) registered employees and non-registered employees of 
member organizations. Proposed Rule 308(c) makes it clear that the 
proposed Acceptability Committee can only include members and principal 
executives of the Exchange who are members of the Board of Directors, 
or that are registered employees and non-registered employees of member 
organizations. Both rules also require that the board be appointed 
annually and serve at the pleasure of the Board, so there will be no 
change in the frequency of appointment.
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    \23\ 15 U.S.C. 78f(b)(5).
    \24\ See note 3, supra.
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    Moreover, the Exchange believes that as a practical matter the 
proposed change is consistent with current practice, as the board to 
whom authority has been delegated pursuant to Rule 308(c) is the Board 
itself, and as a result the Board appoints both the Hearing Board and 
the Acceptability Board. The Exchange believes that having the full 
Board make appointments is the more

[[Page 19338]]

conservative option for appointing Hearing Board members, who serve at 
the pleasure of the Board. For this reason, the Exchange believes that 
the proposed change would be beneficial to both investors and the 
public interest, thereby promoting the maintenance of a fair and 
orderly market and the protection of investors and the public interest. 
In addition, because the substance and process set forth in Rule 308 
would remain unchanged, the Exchange believes that the proposed changes 
would continue to provide fair procedures for the denial of membership 
to any person seeking Exchange membership, the barring of any person 
from becoming associated with a member, and the prohibition or 
limitation by the Exchange of any person with respect to access to 
services offered by the Exchange or a member thereof consistent with 
the objectives of section 6(b)(7) \25\ and section 6(d)(2) \26\ of the 
Act.
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    \25\ 15 U.S.C. 78f(b)(7).
    \26\ 15 U.S.C. 78f(d)(2).
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    Finally, the Exchange believes that deletion and, where applicable, 
replacement of the obsolete references in its rules and the Listed 
Company Manual to superseded membership categories (allied members) and 
market participants (specialists), and the outdated reference to the 
Exchange's medical clinic, would increase the clarity and transparency 
of the Exchange's rules and remove impediments to and perfect the 
mechanism of a free and open market by ensuring that persons subject to 
the Exchange's jurisdiction, regulators, and the investing public could 
more easily navigate and understand the Exchange Bylaws and rules. The 
Exchange further believes that the proposed amendments would not be 
inconsistent with the public interest and the protection of investors 
because investors will not be harmed and in fact would benefit from 
increased transparency and clarity, thereby reducing potential 
confusion.

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 rule change is 
not intended to address competitive issues but rather is concerned 
solely with streamlining the process of appointing individuals to 
boards charged with specific functions under the Exchange's rules and 
eliminating duplication in the appointment of Exchange boards and with 
deleting and, where applicable, replacing, references to obsolete 
references in its rules.

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) of the Act \27\ and Rule 19b-4(f)(6) \28\ thereunder. 
Because the foregoing 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 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 \29\ and Rule 19b-4(f)(6) \30\ 
thereunder.
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    \27\ 15 U.S.C. 78s(b)(3)(A).
    \28\ 17 CFR 240.19b-4(f)(6).
    \29\ 15 U.S.C. 78s(b)(3)(A).
    \30\ 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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    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 will institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.

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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NYSE-2023-19 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-NYSE-2023-19. 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 website (https://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 website 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. Persons submitting 
comments are cautioned that we do not redact or edit personal 
identifying information from comment submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSE-2023-19 and should be 
submitted on or before April 21, 2023.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\31\
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    \31\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-06657 Filed 3-30-23; 8:45 am]
BILLING CODE 8011-01-P