Jan. 17, 2024
Section 6(b)(5) of the Exchange Act1 is the authority the NYSE cites in support of its proposed rule change.2 It states in relevant part: An exchange shall not be registered as a national securities exchange unless the Commission determines that- . . . . . (5) The rules of the exchange are 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 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; and are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers, or to regulate by virtue of any authority conferred by this chapter matters not related to the purposes of this chapter or the administration of the exchange. 3 The NYSE’s proposed rule change runs contrary to this justified purpose and should be disapproved as a matter of course and to protect the independence and sovereignty of the United States, the primacy of property rights, and for the benefit of her citizens. There is no authority for privately owned companies to be listed on the NYSE. 1) 8 15 U.S.C. § 78f(b)(5) 2) 88 Fed. Reg. 68,811 68,817 (Oct. 4, 2023). 2) 15 U.S.C. § 78f(b)(5) Respectfully summited by Nicholas Manganaro