Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE Amex LLC; Order Granting Approval to Proposed Rule Changes, as Modified by Amendments Nos. 1 and 2, Adopting NYSE Rule 107C To Establish a Retail Liquidity Program for NYSE-Listed Securities on a Pilot Basis Until 12 Months From Implementation Date, and Adopting NYSE Amex Rule 107C To Establish a Retail Liquidity Program for NYSE Amex Equities Traded Securities on a Pilot Basis Until 12 Months From Implementation Date, and Granting Exemptions Pursuant to Rule 612(c) of Regulation NMS

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-67347; File Nos. SR-NYSE-2011-55; SR-NYSEAmex-2011-84] I. Introduction On October 19, 2011, the New York Stock Exchange LLC (“NYSE”) and NYSE Amex LLC (“NYSE Amex” and together with NYSE, the “Exchanges”) each filed with the Securities and Exchange Commission (“Commission”) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)  [ 1 ] and Rule 19b-4 thereunder, [ 2 ] a proposed rule change to establish a Retail Liquidity Program (“Program”) on a pilot basis for a period of one year from the date of implementation, if approved. The proposed rule changes were published for comment in the Federal Register on November 9, 2011. [ 3 ] The Commission received 28 comments on the NYSE proposal  [ 4 ] and 4 comments on the NYSE Amex proposal. [ 5 ] On December 19, 2011, the Commission extended the time for Commission action on the proposed rule changes until February 7, 2012. [ 6 ] In connection ( printed page 40674) with the proposals, the Exchanges requested exemptive relief from Rule 612 of Regulation NMS, [ 7 ] which among other things prohibits a national securities exchange from accepting or ranking orders priced greater than $1.00 per share in an increment smaller than $0.01. [ 8 ] The Exchanges submitted a consolidated response letter on January 3, 2012. [ 9 ] On January 17, 2012, the Exchanges each filed Amendment No. 1 t…