80 FR 64461 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Withdrawal of a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Amend NYSE Arca Equities Rule 8.600 To Adopt Generic Listing Standards for Managed Fund Shares

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 205 (October 23, 2015)

Page Range		64461-64462
FR Document		2015-26910

Federal Register, Volume 80 Issue 205 (Friday, October 23, 2015)

[Federal Register Volume 80, Number 205 (Friday, October 23, 2015)]
[Notices]
[Pages 64461-64462]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-26910]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76186; SR-NYSEArca-2015-02]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Withdrawal of a Proposed Rule Change, as Modified by Amendment No. 1 
Thereto, To Amend NYSE Arca Equities Rule 8.600 To Adopt Generic 
Listing Standards for Managed Fund Shares

October 19, 2015.
    On February 17, 2015, NYSE Arca, Inc. (``Exchange'') 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 amend NYSE Arca 
Equities Rule 8.600 to adopt generic listing standards for Managed Fund 
Shares. The proposed rule change was published for comment in the 
Federal Register on March 10, 2015.\3\ On April 17, 2015, pursuant to 
Section 19(b)(2) of the Act,\4\ the Commission designated a longer 
period within which to either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether to disapprove the proposed rule change.\5\ On June 3, 
2015, the Exchange filed Amendment No. 1 to the proposed rule change. 
On June 11, 2015, the Commission published a notice of filing

[[Page 64462]]

of Amendment No. 1 to the proposed rule change and an order instituting 
proceedings under Section 19(b)(2)(B) of the Act \6\ to determine 
whether to approve or disapprove the proposed rule change, as modified 
by Amendment No. 1 thereto.\7\ On September 2, 2015, pursuant to 
Section 19(b)(2) of the Act,\8\ the Commission designated a longer 
period within which to either approve or disapprove the proposed rule 
change.\9\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 74433 (Mar. 4, 
2015), 80 FR 12690.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 74755, 80 FR 22762 
(Apr. 23, 2015). The Commission determined that it was appropriate 
to designate a longer period within which to take action on the 
proposed rule change so that it has sufficient time to consider the 
proposed rule change and the comments received. Accordingly, the 
Commission designated June 8, 2015 as the date by which it should 
approve, disapprove, or institute proceedings to determine whether 
to disapprove the proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 75115 (Jun. 5, 
2015), 80 FR 33309.
    \8\ 15 U.S.C. 78s(b)(2).
    \9\ See Securities Exchange Act Release No. 75813, 80 FR 54330 
(Sept. 9, 2015). The Commission designated November 5, 2015 as the 
date by which the Commission should either approve or disapprove the 
proposed rule change.
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    On October 13, 2015, the Exchange withdrew the proposed rule change 
(SR-NYSEArca-2015-02), as modified by Amendment No. 1 thereto.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(57).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-26910 Filed 10-22-15; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 205 / Friday, October 23, 2015 / Notices 64461

announce the proposed rule change and change, the Commission summarily may should submit only information that
the implementation date in a Regulatory temporarily suspend such rule change if you wish to make available publicly. All
Notice. it appears to the Commission that such submissions should refer to File
action is necessary or appropriate in the Number SR–FINRA–2015–039 and
2. Statutory Basis
public interest, for the protection of should be submitted on or before
FINRA believes that the proposed investors, or otherwise in furtherance of November 13, 2015.
revisions to the Series 28 examination the purposes of the Act. If the For the Commission, by the Division
program are consistent with the Commission takes such action, the of Trading and Markets, pursuant to
provisions of Section 15A(b)(6) of the Commission shall institute proceedings delegated authority.31
Act,27 which requires, among other to determine whether the proposed rule Robert W. Errett,
things, that FINRA rules must be should be approved or disapproved.
designed to prevent fraudulent and Deputy Secretary.
manipulative acts and practices, to IV. Solicitation of Comments [FR Doc. 2015–26914 Filed 10–22–15; 8:45 am]
promote just and equitable principles of Interested persons are invited to BILLING CODE 8011–01–P
trade, and, in general, to protect submit written data, views and
investors and the public interest, and arguments concerning the foregoing,
Section 15A(g)(3) of the Act,28 which including whether the proposed rule SECURITIES AND EXCHANGE
authorizes FINRA to prescribe standards change is consistent with the Act. COMMISSION
of training, experience, and competence Comments may be submitted by any of [Release No. 34–76186; SR–NYSEArca–
for persons associated with FINRA the following methods: 2015–02]
members. FINRA believes that the
proposed revisions will further these Electronic Comments Self-Regulatory Organizations; NYSE
purposes by updating the examination • Use the Commission’s Internet Arca, Inc.; Notice of Withdrawal of a
program to reflect changes to the laws, comment form (http://www.sec.gov/ Proposed Rule Change, as Modified by
rules and regulations covered by the rules/sro.shtml); or Amendment No. 1 Thereto, To Amend
examination and to incorporate the • Send an email to rule- NYSE Arca Equities Rule 8.600 To
functions and associated tasks currently comments@sec.gov. Please include File Adopt Generic Listing Standards for
performed by an Introducing Broker- Number SR–FINRA–2015–039 on the Managed Fund Shares
Dealer Financial and Operations subject line.
October 19, 2015.
Principal. Paper Comments On February 17, 2015, NYSE Arca,
B. Self-Regulatory Organization’s • Send paper comments in triplicate Inc. (‘‘Exchange’’) filed with the
Statement on Burden on Competition to Robert W. Errett, Deputy Secretary, Securities and Exchange Commission
FINRA does not believe that the Securities and Exchange Commission, (‘‘Commission’’), pursuant to Section
proposed rule change will result in any 100 F Street NE., Washington, DC 19(b)(1) of the Securities Exchange Act
burden on competition that is not 20549–1090. of 1934 (‘‘Act’’) 1 and Rule 19b–4
necessary or appropriate in furtherance All submissions should refer to File thereunder,2 a proposed rule change to
of the purposes of the Act. The updated Number SR–FINRA–2015–039. This file amend NYSE Arca Equities Rule 8.600
examination aligns with the functions number should be included on the to adopt generic listing standards for
and associated tasks currently subject line if email is used. To help the Managed Fund Shares. The proposed
performed by an Introducing Broker- Commission process and review your rule change was published for comment
Dealer Financial and Operations comments more efficiently, please use in the Federal Register on March 10,
Principal and tests knowledge of the only one method. The Commission will 2015.3 On April 17, 2015, pursuant to
most current laws, rules, regulations post all comments on the Commission’s Section 19(b)(2) of the Act,4 the
and skills relevant to those functions Internet Web site (http://www.sec.gov/ Commission designated a longer period
and associated tasks. As such, the rules/sro.shtml). Copies of the within which to either approve the
proposed revisions would make the submission, all subsequent proposed rule change, disapprove the
examination more efficient and amendments, all written statements proposed rule change, or institute
effective. with respect to the proposed rule proceedings to determine whether to
change that are filed with the disapprove the proposed rule change.5
C. Self-Regulatory Organization’s On June 3, 2015, the Exchange filed
Commission, and all written
Statement on Comments on the Amendment No. 1 to the proposed rule
Proposed Rule Change Received From communications relating to the
proposed rule change between the change. On June 11, 2015, the
Members, Participants, or Others Commission published a notice of filing
Commission and any person, other than
Written comments were neither those that may be withheld from the
solicited nor received. public in accordance with the
31 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
III. Date of Effectiveness of the provisions of 5 U.S.C. 552, will be 2 17 CFR 240.19b–4.
Proposed Rule Change and Timing for available for Web site viewing and 3 See Securities Exchange Act Release No. 74433

Commission Action printing in the Commission’s Public (Mar. 4, 2015), 80 FR 12690.
Reference Room, 100 F Street NE., 4 15 U.S.C. 78s(b)(2).
The foregoing rule change has become
Washington, DC 20549, on official 5 See Securities Exchange Act Release No. 74755,
effective pursuant to Section 19(b)(3)(A) 80 FR 22762 (Apr. 23, 2015). The Commission
mstockstill on DSK4VPTVN1PROD with NOTICES

business days between the hours of 10
of the Act 29 and paragraph (f)(1) of Rule determined that it was appropriate to designate a
a.m. and 3 p.m. Copies of such filing
19b–4 thereunder.30 At any time within longer period within which to take action on the
also will be available for inspection and proposed rule change so that it has sufficient time
60 days of the filing of the proposed rule
copying at the principal office of to consider the proposed rule change and the
FINRA. All comments received will be comments received. Accordingly, the Commission
27 15 U.S.C. 78o–3(b)(6). designated June 8, 2015 as the date by which it
28 15 U.S.C. 78o–3(g)(3). posted without change; the Commission should approve, disapprove, or institute
29 15 U.S.C. 78s(b)(3)(A). does not edit personal identifying proceedings to determine whether to disapprove the
30 17 CFR 240.19b–4(f)(1). information from submissions. You proposed rule change.

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64462 Federal Register / Vol. 80, No. 205 / Friday, October 23, 2015 / Notices

of Amendment No. 1 to the proposed I. Self-Regulatory Organization’s Floor Brokers with an enhanced
rule change and an order instituting Statement of the Terms of the Substance functionality called the complex
proceedings under Section 19(b)(2)(B) of of the Proposed Rule Change calculator that calculates and displays a
the Act 6 to determine whether to The Exchange proposes to extend the suggested price of each individual
approve or disapprove the proposed implementation rollout of its enhanced component of a multi-leg order, up to 15
rule change, as modified by Amendment Options Floor Broker Management legs, submitted on a net debit or credit
No. 1 thereto.7 On September 2, 2015, System, described in more detail below. basis.
pursuant to Section 19(b)(2) of the Act,8 The Exchange received approval to
II. Self-Regulatory Organization’s implement FBMS 2 as of June 1, 2013,3
the Commission designated a longer Statement of the Purpose of, and and delayed its implementation until
period within which to either approve Statutory Basis for, the Proposed Rule July 2013,4 until September 2013,5 until
or disapprove the proposed rule Change December 2013,6 and until March
change.9 2014.7 Implementation began on March
In its filing with the Commission, the
On October 13, 2015, the Exchange Exchange included statements 7, 2014, with FBMS 2 operating
withdrew the proposed rule change concerning the purpose of and basis for concurrently with FBMS 1. The
(SR–NYSEArca–2015–02), as modified the proposed rule change and discussed Exchange intended to retire FBMS 1
by Amendment No. 1 thereto. any comments it received on the after a specified implementation period
proposed rule change. The text of these for FBMS 2. FBMS 2 has been fully
For the Commission, by the Division of
statements may be examined at the rolled out to all Floor Brokers and in all
Trading and Markets, pursuant to delegated
places specified in Item IV below. The options. Nevertheless, the Exchange
authority.10
Exchange has prepared summaries, set delayed the retirement of FBMS 1 until
Robert W. Errett, September 1, 2014,8 November 3, 2014.9
forth in sections A, B, and C below, of
Deputy Secretary. and, most recently, until November 3,
the most significant aspects of such
[FR Doc. 2015–26910 Filed 10–22–15; 8:45 am]
statements. 2015,10 for reasons relating to the
BILLING CODE 8011–01–P performance of FBMS 2.11
A. Self-Regulatory Organization’s The purpose of the delay was
Statement of the Purpose of, and originally to repair FBMS 2, and then
SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule ultimately the Exchange determined to
COMMISSION Change replace it with a new system. The
Exchange contracted with a third-party
1. Purpose
entity to provide an alternative system
[Release No. 34–76187; File No. SR–Phlx– Currently and until November 3, (‘‘FBMS 3’’) to ultimately replace both
2015–80] 2015, the Exchange operates two Floor FBMS 1 and FBMS 2. The Exchange had
Broker Management Systems intended to implement FBMS 3 by
Self-Regulatory Organizations;
concurrently on the options trading November 3, 2015, but, based on recent
NASDAQ OMX PHLX LLC; Notice of floor: The original Floor Broker estimates from the third-party entity, it
Filing and Immediate Effectiveness of Management System operating since will not be ready until March 2016.
Proposed Rule Change Relating to the 2005 (‘‘FBMS 1’’); and the enhanced There were inadvertent delays in the
Options Floor Broker Management Floor Broker Management System construction of the new system.
System (‘‘FBMS 2’’). The purpose of the During this additional time period,
October 19, 2015.
proposal is to continue the concurrent the Exchange will continue to permit
operation of FBMS 1 and FBMS 2 for a Floor Brokers to use both FBMS 1 and
Pursuant to Section 19(b)(1) of the temporary period ending April 1, 2016 FBMS 2 based on their business needs
Securities Exchange Act of 1934 for the reasons stated below; otherwise and Floor Brokers can choose whether
(‘‘Act’’), 1 and Rule 19b–4 thereunder,2 the Exchange’s concurrent operation of to use one or both. Both FBMS 1 and
notice is hereby given that on October FBMS 1 and FBMS 2 would expire FBMS 2 will continue to be available in
7, 2015, NASDAQ OMX PHLX LLC November 3, 2015.
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the FBMS 1 enables Floor Brokers and/or 3 Securities Exchange Act Release No. 69471

Securities and Exchange Commission their employees to enter, route, and (April 29, 2013), 78 FR 26096 (May 3, 2013) (SR–
report transactions stemming from Phlx–2013–09).
(‘‘SEC’’ or ‘‘Commission’’) the proposed 4 Securities Exchange Act Release No. 69811
rule change as described in Items I and options orders received on the (June 20, 2013), 78 FR 38422 (June 26, 2013) (SR–
II, below, which Items have been Exchange. FBMS 1 also establishes an Phlx–2013–67).
prepared by the Exchange. The electronic audit trail for options orders 5 Securities Exchange Act Release No. 70141

Commission is publishing this notice to represented by Floor Brokers on the (August 8, 2013), 78 FR 49565 (August 14, 2013)
Exchange. Floor Brokers can also use (SR–Phlx–2013–83).
solicit comments on the proposed rule 6 Securities Exchange Act Release No. 70629
FBMS 1 to submit orders to Phlx XL,
change from interested persons. (October 8, 2013), 78 FR 62852 (October 22, 2013)
rather than executing the orders in the (SR–Phlx–2013–100).
6 15
trading crowd. 7 Securities Exchange Act Release No. 71212
U.S.C. 78s(b)(2)(B). FBMS 2 was launched in March 2014. (December 31, 2013), 79 FR 888 (January 7, 2014)
7 See Securities Exchange Act Release No. 75115 With FBMS 2, all options transactions (SR–Phlx–2013–129).
(Jun. 5, 2015), 80 FR 33309. 8 Securities Exchange Act Release No. 72135 (May
on the Exchange involving at least one
8 15 U.S.C. 78s(b)(2). 9, 2014), 79 FR 27966 (May 15, 2014) (SR–Phlx–
mstockstill on DSK4VPTVN1PROD with NOTICES

9 See Securities Exchange Act Release No. 75813,
Floor Broker are required to be executed 2014–33).
80 FR 54330 (Sept. 9, 2015). The Commission
by FBMS 2. In connection with order 9 Securities Exchange Act Release No. 73246

designated November 5, 2015 as the date by which execution, the Exchange allows FBMS 2 (September 29, 2014), 79 FR 59874 (October 3,
to execute two-sided orders entered by 2014) (SR–Phlx–2014–59).
the Commission should either approve or 10 Securities Exchange Act Release No. 73586
disapprove the proposed rule change. Floor Brokers, including multi-leg
(November 13, 2014), 79 FR 68931 (November 19,
10 17 CFR 200.30–3(a)(57). orders up to 15 legs, after the Floor 2014) (SR–Phlx–2014–71).
1 15 U.S.C. 78s(b)(1). Broker has represented the orders in the 11 The Exchange previously described those
2 17 CFR 240.19b–4. trading crowd. FBMS 2 also provides performance issues. Id.

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Document Created: 2015-12-14 15:31:54
Document Modified: 2015-12-14 15:31:54

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 64461