8011-01p
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93934; File No. SR-NYSE-2020-96]
New York Stock Exchange LLC; Order Granting Petition for Review and Scheduling
Filing of Statements Regarding an Order Disapproving Proposed Rule Change to Amend
its Rules Establishing Maximum Fee Rates to be Charged by Member Organizations for
Forwarding Proxy and Other Materials to Beneficial Owners
January 7, 2022.
This matter comes before the Securities and Exchange Commission (“Commission”) on
petition to review the disapproval, pursuant to delegated authority, of the New York Stock
Exchange LLC (“NYSE” or “Exchange”) proposed rule change (File No. SR-NYSE-2020-96) to
amend its rules establishing maximum fee rates to be charged by member organizations for
forwarding proxy and other materials to beneficial owners.
On December 15, 2020, the Commission issued a notice of filing of the proposed rule
change with the Commission pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934 (“Exchange Act”)1 and Rule 19b-42 thereunder.3 On February 1, 2021, pursuant to
Section 19(b)(2) of the Exchange Act,4 a longer time period was designated within which to act
on the proposed rule change.5 On March 18, 2021, proceedings were instituted under Section
19(b)(2)(B) of the Exchange Act6 to determine whether to approve or disapprove the proposed
rule change.7 On June 11, 2021, pursuant to Section 19(b)(2) of the Exchange Act,8 a longer
time period was designated for Commission action on the proceedings to determine whether to
approve or disapprove the proposed rule change.9 On August 18, 2021, after consideration of
the record for the proposed rule change, the Division of Trading and Markets (“Division”),
pursuant to delegated authority,10 issued an order disapproving the proposed rule change
(“Disapproval Order”).11

15 U.S.C. 78s(b)(1)

17 CFR 240.19b-4.

See Securities Exchange Act Release No. 90677 (December 15, 2020), 85 FR 83119
(December 21, 2020).

15 U.S.C. 78s(b)(2).

See Securities Exchange Act Release No. 91025 (February 1, 2021), 86 FR 8420
(February 5, 2021).

15 U.S.C. 78s(b)(2)(B).

See Securities Exchange Act Release No. 91359 (March 18, 2021), 86 FR 15734 (March
24, 2021).

15 U.S.C. 78s(b)(2).

See Securities Exchange Act Release No. 92154 (June 11, 2021), 86 FR 32301 (June 17,
2021).

17 CFR 200.30-3(a)(12).

See Securities Exchange Act Release No. 92700 (August 18, 2021), 86 FR 47351
(August 24, 2021).

Pursuant to Rule 430 of the Commission’s Rules of Practice,12 on August 25, 2021, the
Exchange filed a notice of intention to petition for review of the Disapproval Order, and on
September 1, 2021, the Exchange filed a petition for review of the Disapproval Order. Pursuant
to Rule 431(e) of the Commission Rules of Practice,13 a notice of intention to petition for
review results in an automatic stay of the action by delegated authority.
Pursuant to Rule 431 of the Commission’s Rules of Practice,14 the Exchange’s petition
for review of the Disapproval Order is granted. Further, the Commission hereby establishes
that any party to the action or other person may file a written statement in support of or in
opposition to the Disapproval Order on or before [insert date 21 days from date of publication
in the Federal Register].
For the reasons stated above, it is hereby:
ORDERED that the Exchange’s petition for review of the Division’s action to disapprove
the proposed rule change by delegated authority is GRANTED; and

17 CFR 201.430.

17 CFR 201.431(e).

17 CFR 201.431.

It is further ORDERED that any party or other person may file a statement in support of or
in opposition to the action made pursuant to delegated authority on or before [INSERT DATE 21
DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL REGISTER].
It is further ORDERED that the automatic stay of delegated action pursuant to
Commission Rule of Practice 431(e) is hereby discontinued.
The order disapproving the proposed rule change (File No. SR-NYSE-2020-96) shall
remain in effect.
By the Commission.

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-00500 Filed: 1/12/2022 8:45 am; Publication Date: 1/13/2022]