80 FR 62142 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt an Issuer Incentive Program Applicable to Securities Listed on BATS Exchange, Inc.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 199 (October 15, 2015)
Federal Register Volume 80, Issue 199 (October 15, 2015)
| Page Range | 62142-62145 | |
| FR Document | 2015-26150 |
[Federal Register Volume 80, Number 199 (Thursday, October 15, 2015)] [Notices] [Pages 62142-62145] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-26150] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76113; File No. SR-BATS-2015-80] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt an Issuer Incentive Program Applicable to Securities Listed on BATS Exchange, Inc. October 8, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on September 30, 2015, BATS Exchange, Inc. (the ``Exchange'' or ``BATS'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fees applicable to securities listed on the Exchange, which are set forth in BATS Rule 14.13. The text of the proposed rule change is available at the Exchange's Web site at www.batstrading.com, at the 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 Exchange 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 these 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 On August 30, 2011, the Exchange received approval of rules applicable to the qualification, listing, and delisting of companies on the Exchange,\3\ which it modified on February 8, 2012 in order to adopt pricing for the listing of exchange traded products (``ETPs'') \4\ on the Exchange,\5\ which it subsequently modified again on June 4, 2014.\6\ On October 16, 2014, the Exchange modified Rule 14.13, entitled ``Company Listing Fees'' to eliminate the annual fees for ETPs not participating in the Exchange's Competitive Liquidity [[Page 62143]] Provider Program pursuant to Rule 11.8, Interpretation and Policy .02 (the ``CLP Program'').\7\ On May 22, 2015, the Exchange further modified Rule 14.13 to eliminate the $5,000 application fee for ETPs, effectively eliminating any compulsory fees for both new ETP issues and transfer listings in ETPs on the Exchange.\8\ The Exchange is now proposing to offer an incentive payment to ETPs that are listed on the Exchange based on the consolidated average daily volume (the ``CADV'') of the ETP (the ``Issuer Incentive Program''). The Exchange notes that the payments would be made payable to the ETP or fund, and not to the sponsor of the ETP.\9\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 65225 (August 30, 2011), 76 FR 55148 (September 6, 2011) (SR-BATS-2011-018). \4\ As defined in BATS Rule 11.8(e)(1)(A), the term ``ETP'' means any security listed pursuant to Exchange Rule 14.11. \5\ See Securities Exchange Act Release No. 66422 (February 17, 2012), 77 FR 11179 (February 24, 2012) (SR-BATS-2012-010). \6\ See Securities Exchange Act Release No. 72377 (June 12, 2014), 79 FR 34822 (June 18, 2014) (SR-BATS-2014-024). \7\ See Securities Exchange Act Release No. 73414 (October 23, 2014), 79 FR 64434 (October 29, 2014) (SR-BATS-2014-050). \8\ See Securities Exchange Act Release No. 75085 (June 1, 2015), 80 FR 32190 (June 5, 2015) (SR-BATS-2015-39). \9\ The sponsor of an ETP is the registered investment adviser that provides investment management services to such ETP. --------------------------------------------------------------------------- Specifically, the Exchange is proposing that the Issuer Incentive Program would allow the Exchange to provide payments to the fund on a quarterly basis that would be based on the CADV of the ETP for each trading day of the preceding calendar quarter that the ETP was listed on the Exchange, as follows: ------------------------------------------------------------------------ Annualized CADV Range payment ------------------------------------------------------------------------ 1,000,000-3,000,000 shares.................................. $3,000 3,000,001-5,000,000 shares.................................. 10,000 5,000,001-10,000,000 shares................................. 50,000 10,000,001-20,000,000 shares................................ 100,000 20,000,001-35,000,000 shares................................ 250,000 Greater than 35,000,000 shares.............................. 400,000 ------------------------------------------------------------------------ Because the payments would be provided for each trading day, where an ETP had a CADV of 4,000,000 over the course of a full calendar quarter that it was listed on the Exchange, the ETP would receive a payment of $2,500 (.25 * $10,000, the annualized payment for that CADV) for the quarter. Where the same ETP had a CADV of 4,000,000, but was only listed on the Exchange for exactly half of the trading days in the calendar quarter, the ETP would receive a payment of $1,250 ((.25 * $10,000) * .5). The Exchange is proposing the Issuer Incentive Program as a way to attract both new ETP issues and transfer ETP listings to the Exchange. The Exchange notes that the Issuer Incentive Program would also be applicable to ETPs currently listed on the Exchange. Traditionally, ETP issuers have paid between $5,000 and $55,000 on an annual basis in order to be listed on an exchange,\10\ a paradigm only recently broken by BATS implementing free ETP listings on the Exchange, as described above. If the only revenue source associated with listing these ETPs was the listing fee, the pay-per-listing model would make sense, however, the primary listing exchange also earns additional revenue from trading fees. Such additional trading fees are earned by exchanges from the outsized share of intraday trading volume that a primary listed security typically garners for the listing exchange as well as trading fees for orders participating in the opening and closing auctions. As the CADV increases for an ETP, so does the additional trading fee revenue earned by the primary listing exchange. As such, the Exchange is proposing to adopt the above described tiered payment structure for ETPs listed on the Exchange, which it believes creates a more equitable and appropriate relationship between the Exchange and issuers based on the revenue and expenses associated with listing ETPs on the Exchange. --------------------------------------------------------------------------- \10\ See, e.g., NYSE Arca Equities Schedule of Fees and Charges for Exchange Listing Services, available at: https://www.nyse.com/publicdocs/nyse/listing/nyse_arca_e_listing_fees.pdf; see also NASDAQ Rules 5930 and 5940. --------------------------------------------------------------------------- In addition to the proposed changes described above, the Exchange proposes to eliminate reference to fees for securities participating in the CLP Program because such program is no longer operational and has been replaced by the Supplemental Competitive Liquidity Provider Program, as described in Rule 11.8, Interpretation and Policy .03 (the ``ETP CLP Program''). The Exchange proposes to implement the amendments to Rule 14.13(b)(2)(C) effective October 1, 2015. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6 of the Act.\11\ Specifically, the Exchange believes that the proposed rule change is consistent with Section 6(b)(4) and 6(b)(5) of the Act,\12\ in that it provides for the equitable allocation of reasonable dues, fees and other charges among issuers and it does not unfairly discriminate between customers, issuers, brokers or dealers. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f. \12\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes that the proposed amendment to the annual listing fees in Rule 14.13(b)(2)(C) to provide payment to ETPs listed on the Exchange is a reasonable, fair and equitable, and not unfairly discriminatory allocation of fees and other charges because it would create a distribution of fees and other charges applicable to all issuers that reflect the additional revenue that an ETP listed on the Exchange creates for the Exchange through executions occurring in the auctions and additional shares executed on the Exchange. As the market is currently structured, ETPs typically pay a flat fee to an exchange for listing services regardless of the amount of additional revenue that the product will bring to the exchange. The Issuer Incentive Program, on the other hand, acknowledges the additional revenue brought to the Exchange by virtue of an ETP listing on the Exchange and is designed to reward the issuer of an ETP for such additional revenue, which the Exchange believes creates a more equitable and appropriate relationship between the Exchange and issuers based on the revenue and expenses associated with listing ETPs on the Exchange. As such, the Exchange believes that that it is reasonable, fair and equitable, and not unfairly discriminatory allocation of fees and other charges to provide payment to issuers of ETPs listed on the Exchange. Similarly, the Exchange believes that the proposed amendment to the annual listing fees in Rule 14.13(b)(2)(C) to provide tiered payments to issuers of ETPs listed on the Exchange based on the CADV of an ETP is a reasonable, fair and equitable, and not unfairly discriminatory allocation of fees and other charges because it would create a distribution of fees and other charges applicable to all issuers that are commensurate with the additional revenue that an ETP listed on the Exchange creates for the Exchange through executions occurring in the auctions and additional shares executed on the Exchange. As described above, where the CADV of an ETP increases, so does the additional trading fee revenue earned by the primary listing exchange. Accordingly, the tiers within the Issuer Incentive Program are designed to reward the issuer of an ETP on the basis of the additional revenue potential that the ETP brings to the Exchange. Further to this point, the Exchange does not believe that the proposal is unfairly discriminatory because, as described above, the annualized payments associated with the various CADV tiers in the Issuer Incentive Program are designed to account for the approximate additional revenue that the Exchange [[Page 62144]] will receive from an ETP listed on the Exchange within a particular CADV tier. The Exchange notes that certain ETPs in the proposed tiers with higher CADV would receive disproportionately higher rebates than ETPs in other tiers with lower CADV. The Exchange believes it is equitable and not unfairly discriminatory to provide a disproportionately higher payment to ETPs in higher tiers because such ETPs would likely bring a disproportionately larger amount of revenue to the Exchange from the auctions the Exchange would conduct for such securities and increased trading activity on the Exchange in such securities. The Exchange believes that the additional revenue it will generate from ETPs that receive payments through the Issuer Incentive Program, including ETPs that qualify for the higher tiers, will exceed the amount of such payments. To the extent the additional revenue generated by ETPs that receive payments through the Issuer Incentive Program does not exceed the amount of such payments, the Exchange will modify the structure of the Issuer Incentive Program such that the program does generate revenue for the Exchange. In addition, the Exchange does not believe that it is unfairly discriminatory to exclude ETPs with a CADV of less than 1,000,000 from the Issuer Incentive Program because such ETPs do not typically generate revenue to the same degree as the higher CADV products. The Exchange notes that ETPs with a CADV of less than 1,000,000 are eligible to participate in the ETP CLP Program, which is designed to incent market makers to provide liquidity in less actively traded products with the goal of facilitating the growth of such products.\13\ --------------------------------------------------------------------------- \13\ Pursuant to Rule 11.8, Interpretation and Policy .03(n), a security participating in the ETP CLP Program will no longer be eligible to participate once such security sustains CADV of 1,000,000 shares or more for three consecutive months. --------------------------------------------------------------------------- The Exchange believes that the proposal creates a more equitable and appropriate relationship between the Exchange and issuers tied directly to the revenue and expenses associated with listing ETPs on the Exchange. As such, the Exchange believes that that it is reasonable, fair and equitable, and not unfairly discriminatory allocation of fees and other charges to offer payments to issuers of ETPs listed on the Exchange that are tiered on the basis of the CADV of the ETP. The Exchange is not currently proposing to extend the Issuer Incentive Program to corporate securities despite the fact that it currently maintains rules and fees necessary to support the listing of a corporate security on the Exchange.\14\ The Exchange believes it is reasonable and equitable to limit the Issuer Incentive Program to ETPs and not to extend such proposal to corporate listings because the economic structure of operating a listings program for ETPs is significantly different than operating a listings program for corporates. A primary distinction between ETPs and corporate listings is that the regulation and oversight of ETPs is scalable, such that while each new ETP requires surveillance and results in additional regulatory burden on the Exchange, such burden is rarely related to the governance structure of the fund as many funds are often issued through the same governance structure (e.g., a trust). In contrast, each corporate issuance is typically distinct from any other issuance, and thus, the regulatory burden does not as easily scale as the number of listings increases. In addition, corporate listings often demand additional oversight with respect to governance and services that are typically not provided for ETPs, including investor relations services, public relations, sales and marketing. These services often demand a large capital commitment from the listings exchange. Thus, while the Exchange believes that it can adopt a competitive and profitable program for ETPs that includes the Issuer Incentive Program as proposed, the Exchange would have to further analyze whether such a program could be applied to corporate securities and remain profitable. --------------------------------------------------------------------------- \14\ The Exchange notes that it does not currently list any corporate securities and would consider applicable fees and incentives in the future if the Exchange is to list one or more corporate securities, particularly if the Exchange was seeking to operate a competitive corporate listing business. To the extent the Exchange did propose to extend the Issuer Incentive Program to corporate securities it would file a separate proposal pursuant to Section 19(b)(1) of the Act and Rule 19b-4 thereunder. --------------------------------------------------------------------------- Based on the foregoing, the Exchange believes that the proposed amendment to Rule 14.13(b)(2)(C) to implement the Issuer Incentive Program is a reasonable, equitable, and non-discriminatory allocation of fees to issuers. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. With respect to the proposed new pricing for the listing of ETPs, the Exchange does not believe that the changes burden competition, but instead, enhance competition, as it is intended to increase the competitiveness of the Exchange's listings program by allowing the Exchange to provide ETPs with quarterly payments based on the CADV of the ETP, which the Exchange believes will be directly related to the amount of additional revenue that the Exchange receives from additional transactions in the ETP. As such, the proposal is a competitive proposal that is intended to attract additional ETP listings, which will, in turn, benefit the Exchange and all other BATS-listed ETPs. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \15\ and paragraph (f) of Rule 19b-4 thereunder.\16\ 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. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposal is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File No. SR-BATS-2015-80 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 No. SR-BATS-2015-80. This file number should be included on the subject line [[Page 62145]] 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 Web site (http://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 Web site 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 such filing will also be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File No. SR-BATS-2015-80 and should be submitted on or before November 5, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-26150 Filed 10-14-15; 8:45 am] BILLING CODE 8011-01-P
![62142 Federal Register / Vol. 80, No. 199 / Thursday, October 15, 2015 / Notices
C. Self-Regulatory Organization’s only one method. The Commission will Items I, II and III below, which Items
Statement on Comments on the post all comments on the Commission’s have been prepared by the Exchange.
Proposed Rule Change Received From Internet Web site (http://www.sec.gov/ The Commission is publishing this
Members, Participants, or Others rules/sro.shtml). Copies of the notice to solicit comments on the
The Exchange neither solicited nor submission, all subsequent proposed rule change from interested
received written comments on the amendments, all written statements persons.
proposed rule change. with respect to the proposed rule
change that are filed with the I. Self-Regulatory Organization’s
III. Date of Effectiveness of the Commission, and all written Statement of the Terms of Substance of
Proposed Rule Change and Timing for communications relating to the the Proposed Rule Change
Commission Action proposed rule change between the The Exchange filed a proposal to
Because the foregoing proposed rule Commission and any person, other than amend the fees applicable to securities
change does not: those that may be withheld from the listed on the Exchange, which are set
A. Significantly affect the protection public in accordance with the forth in BATS Rule 14.13.
of investors or the public interest; provisions of 5 U.S.C. 552, will be The text of the proposed rule change
B. impose any significant burden on available for Web site viewing and is available at the Exchange’s Web site
competition; and printing in the Commission’s Public at www.batstrading.com, at the
C. become operative for 30 days from Reference Room, 100 F Street NE., principal office of the Exchange, and at
the date on which it was filed, or such Washington, DC 20549 on official the Commission’s Public Reference
shorter time as the Commission may business days between the hours of Room.
designate, it has become effective 10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for II. Self-Regulatory Organization’s
pursuant to Section 19(b)(3)(A) of the
inspection and copying at the principal Statement of the Purpose of, and
Act 33 and Rule 19b–4(f)(6) 34
office of the Exchange. All comments Statutory Basis for, the Proposed Rule
thereunder. At any time within 60 days
received will be posted without change; Change
of the filing of the proposed rule change,
the Commission summarily may the Commission does not edit personal In its filing with the Commission, the
temporarily suspend such rule change if identifying information from Exchange included statements
it appears to the Commission that such submissions. You should submit only concerning the purpose of and basis for
action is necessary or appropriate in the information that you wish to make the proposed rule change and discussed
public interest, for the protection of available publicly. All submissions any comments it received on the
investors, or otherwise in furtherance of should refer to File Number SR–CBOE– proposed rule change. The text of these
the purposes of the Act. If the 2015–084 and should be submitted on statements may be examined at the
Commission takes such action, the or before November 5, 2015. places specified in Item IV below. The
Commission will institute proceedings For the Commission, by the Division of Exchange has prepared summaries, set
to determine whether the proposed rule Trading and Markets, pursuant to delegated forth in Sections A, B, and C below, of
change should be approved or authority.35 the most significant parts of such
disapproved. Robert W. Errett, statements.
Deputy Secretary.
IV. Solicitation of Comments A. Self-Regulatory Organization’s
[FR Doc. 2015–26155 Filed 10–14–15; 8:45 am] Statement of the Purpose of, and
Interested persons are invited to
submit written data, views, and
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule
arguments concerning the foregoing, Change
including whether the proposed rule SECURITIES AND EXCHANGE 1. Purpose
change is consistent with the Act. COMMISSION On August 30, 2011, the Exchange
Comments may be submitted by any of
[Release No. 34–76113; File No. SR–BATS– received approval of rules applicable to
the following methods:
2015–80] the qualification, listing, and delisting
Electronic Comments of companies on the Exchange,3 which
Self-Regulatory Organizations; BATS it modified on February 8, 2012 in order
• Use the Commission’s Internet
Exchange, Inc.; Notice of Filing and to adopt pricing for the listing of
comment form (http://www.sec.gov/ Immediate Effectiveness of a Proposed
rules/sro.shtml); or exchange traded products (‘‘ETPs’’) 4 on
Rule Change To Adopt an Issuer
• Send an email to rule-comments@ the Exchange,5 which it subsequently
Incentive Program Applicable to modified again on June 4, 2014.6 On
sec.gov. Please include File Number SR–
Securities Listed on BATS Exchange, October 16, 2014, the Exchange
CBOE–2015–084 on the subject line.
Inc. modified Rule 14.13, entitled ‘‘Company
Paper Comments Listing Fees’’ to eliminate the annual
October 8, 2015.
• Send paper comments in triplicate Pursuant to Section 19(b)(1) of the fees for ETPs not participating in the
to Secretary, Securities and Exchange Securities Exchange Act of 1934 (the Exchange’s Competitive Liquidity
Commission, 100 F Street NE., ‘‘Act’’),1 and Rule 19b–4 thereunder,2
Washington, DC 20549–1090. notice is hereby given that on
3 See Securities Exchange Act Release No. 65225
(August 30, 2011), 76 FR 55148 (September 6, 2011)
All submissions should refer to File September 30, 2015, BATS Exchange, (SR–BATS–2011–018).
mstockstill on DSK4VPTVN1PROD with NOTICES
Number SR–CBOE–2015–084. This file Inc. (the ‘‘Exchange’’ or ‘‘BATS’’) filed 4 As defined in BATS Rule 11.8(e)(1)(A), the term
number should be included on the with the Securities and Exchange ‘‘ETP’’ means any security listed pursuant to
subject line if email is used. To help the Commission (‘‘Commission’’) the Exchange Rule 14.11.
5 See Securities Exchange Act Release No. 66422
Commission process and review your proposed rule change as described in (February 17, 2012), 77 FR 11179 (February 24,
comments more efficiently, please use 2012) (SR–BATS–2012–010).
35 17 CFR 200.30–3(a)(12). 6 See Securities Exchange Act Release No. 72377
33 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1). (June 12, 2014), 79 FR 34822 (June 18, 2014) (SR–
34 17 CFR 240.19b–4(f)(6). 2 17 CFR 240.19b–4. BATS–2014–024).
VerDate Sep<11>2014 17:19 Oct 14, 2015 Jkt 238001 PO 00000 Frm 00131 Fmt 4703 Sfmt 4703 E:\FR\FM\15OCN1.SGM 15OCN1](https://thefederalregister.org/doc/80_FR_62341/page/1.svg)
![Federal Register / Vol. 80, No. 199 / Thursday, October 15, 2015 / Notices 62145
if email is used. To help the September 25, 2015, New York Stock Section 902.03 of the Manual
Commission process and review your Exchange LLC (‘‘NYSE’’ or the currently provides, in part, for annual
comments more efficiently, please use ‘‘Exchange’’) filed with the Securities fees for listed equity securities.
only one method. The Commission will and Exchange Commission (the Currently, the annual fee for an issuer’s
post all comments on the Commission’s ‘‘Commission’’) the proposed rule primary class of common shares or, if no
Internet Web site (http://www.sec.gov/ change as described in Items I, II, and class of common shares is listed on the
rules/sro.shtml). Copies of the III below, which Items have been Exchange, the preferred stock of such
submission, all subsequent prepared by the self-regulatory issuer is the greater of $45,000 or $0.001
amendments, all written statements organization. The Commission is per share. The Exchange proposes to
with respect to the proposed rule publishing this notice to solicit increase these thresholds to $52,500 and
change that are filed with the comments on the proposed rule change $0.001025, respectively. Currently, the
Commission, and all written from interested persons. annual fee for each additional class of
communications relating to the common shares, each additional class of
I. Self-Regulatory Organization’s
proposed rule change between the preferred stock and each class of
Statement of the Terms of Substance of
Commission and any person, other than warrants is calculated as the greater of
the Proposed Rule Change
those that may be withheld from the a specified minimum fee or $0.001 per
public in accordance with the The Exchange proposes toamend[sic] share. The Exchange proposes to leave
provisions of 5 U.S.C. 552, will be sections 902.03, 902.04, 902.05 and the minimum fee for those three
available for Web site viewing and 902.06 of the Listed Company Manual categories unchanged, but to increase
printing in the Commission’s Public (the ‘‘Manual’’) to increase certain of the the fee per share for each category to
Reference Room, 100 F Street NE., fees set forth therein. The Exchange $0.001025 per share.
Washington, DC 20549, on official proposes to immediately reflect the Sections 902.04, 902.05 and 902.06 of
business days between the hours of proposed changes in the Manual, but the Manual set forth, in part, the annual
10:00 a.m. and 3:00 p.m. Copies of such not to implement the proposed fee fees for closed-end funds, structured
filing will also be available for changes until January 1, 2016. The text products and short-term securities,
inspection and copying at the principal of the proposed rule change is available respectively. In each case, the current
office of the Exchange. All comments on the Exchange’s Web site at annual fee for these securities is
received will be posted without change; www.nyse.com, at the principal office of calculated as the greater of a specified
the Commission does not edit personal the Exchange, and at the Commission’s minimum fee or $0.001 per share. The
identifying information from Public Reference Room. Exchange proposes to leave the
submissions. You should submit only II. Self-Regulatory Organization’s minimum fee for those three categories
information that you wish to make Statement of the Purpose of, and of securities unchanged, but to increase
available publicly. All submissions Statutory Basis for, the Proposed Rule the fee per share for each category to
should refer to File No. SR–BATS– Change $0.001025 per share.5
2015–80 and should be submitted on or As described below, the Exchange
before November 5, 2015. In its filing with the Commission, the proposes to make the aforementioned
self-regulatory organization included fee increases to better reflect the
For the Commission, by the Division of statements concerning the purpose of,
Trading and Markets, pursuant to delegated Exchange’s costs related to listing equity
authority.17
and basis for, the proposed rule change securities and the corresponding value
and discussed any comments it received of such listing to issuers.
Robert W. Errett,
on the proposed rule change. The text
Deputy Secretary. of those statements may be examined at 2. Statutory Basis
[FR Doc. 2015–26150 Filed 10–14–15; 8:45 am] the places specified in Item IV below. The Exchange believes that the
BILLING CODE 8011–01–P The Exchange has prepared summaries, proposed rule change is consistent with
set forth in sections A, B, and C below, section 6(b) of the Act,6 in general, and
of the most significant parts of such furthers the objectives of sections
SECURITIES AND EXCHANGE statements. 6(b)(4) 7 of the Act, in particular, in that
COMMISSION it is designed to provide for the
A. Self-Regulatory Organization’s
[Release No. 34–76110 ; File No. SR–NYSE– Statement of the Purpose of, and the equitable allocation of reasonable dues,
2015–44]
Statutory Basis for, the Proposed Rule fees, and other charges among its
Change members and issuers and other persons
Self-Regulatory Organizations; New using its facilities. The Exchange also
York Stock Exchange LLC; Notice of 1. Purpose believes that the proposed rule change
Filing and Immediate Effectiveness of is consistent with section 6(b)(5) 8 of the
The Exchange proposes to amend
Proposed Rule Change Amending Act in that it is not designed to permit
sections 902.03, 902.04, 902.05 and
Sections 902.03, 902.04, 902.05 and unfair discrimination between
902.06 of the Manual to increase certain
902.06 of the Listed Company Manual customers, issuers, brokers, or dealers.
of the fees set forth therein. The
To Increase Certain of the Fees Set The Exchange believes that it is
Exchange proposes to immediately
Forth Therein reasonable to amend section 902.03 of
reflect the proposed changes in the
October 8, 2015 Manual, but not to implement the the Manual to increase the minimum
Pursuant to section 19(b)(1) 1 of the proposed fee changes until January 1, annual fee for an issuer’s primary class
mstockstill on DSK4VPTVN1PROD with NOTICES
Securities Exchange Act of 1934 (the 2016.4 of common shares and primary class of
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 5 With respect to closed-end funds, the increase
4 The Exchange has proposed changes to the
notice is hereby given that, on to the fee per share will be applicable to both the
Manual, as reflected in Exhibit 5 attached hereto,
in a manner that would permit readers of the primary listed security and each additional class of
17 17 CFR 200.30–3(a)(12). listed equity securities.
Manual to identify the changes that would be
1 15 U.S.C. 78s(b)(1). 6 15 U.S.C. 78f(b).
implemented on January 1, 2016. The Commission
2 15 U.S.C. 78a. 7 15 U.S.C. 78f(b)(4).
notes that Exhibit 5 is attached to the filing, not to
3 17 CFR 240.19b–4. this Notice. 8 15 U.S.C. 78f(b)(5).
VerDate Sep<11>2014 17:19 Oct 14, 2015 Jkt 238001 PO 00000 Frm 00134 Fmt 4703 Sfmt 4703 E:\FR\FM\15OCN1.SGM 15OCN1](https://thefederalregister.org/doc/80_FR_62341/page/4.svg)
Document Created: 2018-02-27 08:52:10
Document Modified: 2018-02-27 08:52:10
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 62142 |
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR