NYSE Regulatory Relief During an Emergency

The Business Continuity Planning Best Practices Committee of SIFMA provides comments to the Securities and Exchange Commission (SEC) on a rule change submitted by the New York Stock Exchange LLC (NYSE) to provide the NYSE with a basis of authority to grant exemptive regulatory relief during and emergency, File No. SR-NYSE-2007-02; Proposed Rule Change and Amendment No. 1 to Adopt New Rule 447 (“Emergency Powers”).   While SIFMA supports and endorses the NYSE proposal, SIFMA offers its observations and recommendations to improve Rule 447 and requests clarification to make clear that the authority the NYSE is seeking is limited.