80 FR 76605 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Record Keeping Change and Substitution Listing Event Fees for Securities Listed Under the Rule 5700 Series
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 236 (December 9, 2015)
Federal Register Volume 80, Issue 236 (December 9, 2015)
| Page Range | 76605-76607 | |
| FR Document | 2015-30941 |
[Federal Register Volume 80, Number 236 (Wednesday, December 9, 2015)] [Notices] [Pages 76605-76607] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-30941] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76550; File No. SR-NASDAQ-2015-146] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Record Keeping Change and Substitution Listing Event Fees for Securities Listed Under the Rule 5700 Series December 3, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'')\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that, on November 23, 2015, The NASDAQ Stock Market LLC (``Nasdaq'' or ``Exchange'') 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 Nasdaq is proposing to adopt record keeping change and substitution listing event fees for securities listed under the Rule 5700 Series.\3\ The text of the proposed rule change is available at nasdaq.cchwallstreet.com, at Nasdaq's principal office, and at the Commission's Public Reference Room. --------------------------------------------------------------------------- \3\ The Exchange originally filed SR-NASDAQ-2015-118 on October 23, 2015, which was replaced by SR-NASDAQ-2015-139 on November 4, 2015. SR-NASDAQ-2015-139 was replaced by SR-NASDAQ-2015-141 on November 11, 2015. The instant proposal replaces SR-NASDAQ-2015-141 in its entirety. --------------------------------------------------------------------------- II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, Nasdaq 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 those 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 Nasdaq rules require issuers to notify Nasdaq about certain record keeping changes and substitution listing events. Specifically, Rule 5250(e)(3) defines a ``Record Keeping Change'' as any change to a company's name, the par value or title of its security, its symbol, or a similar change and requires a listed company to provide notification to Nasdaq no later than 10 days after the change. Rule 5005(a)(40) defines a ``Substitution Listing Event'' as certain changes in the equity or legal structure of a company\4\ and Rule 5250(e)(4) requires a listed company to provide notification to Nasdaq about these events no later than 15 calendar days prior to the implementation of the event. While most listed companies pay fees in connection with these notifications,\5\ issuers of securities listed under the Rule 5700 Series, including Linked Securities and Exchange Traded Products such as Portfolio Depository Receipts, Index Fund Shares, and Managed Fund Shares, are required to notify Nasdaq about Record Keeping Changes and Substitution Listing Events, but are not currently subject to the fees for such notifications. Nasdaq proposes to adopt a $2,500 fee for any such issuer providing a Record Keeping Change and a $5,000 fee for any such issuer effecting a Substitution Listing Event. These fees will apply for each security affected by the event. The fees will be used to address the costs associated with maintaining and revising Nasdaq's records, collecting and verifying the underlying information, and distributing the information to market participants when issuers with securities listed under the [[Page 76606]] Rule 5700 Series engage in these actions. In addition, in the case of a Substitution Listing Event, the fee will also offset the cost of Nasdaq's review of the substituted entity for compliance with the listing requirements. --------------------------------------------------------------------------- \4\ A ``Substitution Listing Event'' means: A reverse stock split, re-incorporation or a change in the company's place of organization, the formation of a holding company that replaces a listed company, reclassification or exchange of a company's listed shares for another security, the listing of a new class of securities in substitution for a previously-listed class of securities, a business combination described in IM-5101-2 (unless the transaction was publicly announced in a press release or Form 8- K prior to October 15, 2013), or any technical change whereby the Shareholders of the original company receive a share-for-share interest in the new company without any change in their equity position or rights. \5\ The fee is $7,500 for a company making a Record Keeping Change and $15,000 for a company executing a Substitution Listing Event. See Rules 5910(e) and (f) (Nasdaq Global and Global Select Markets) and Rules 5920(d) and (e) (Nasdaq Capital Market). Companies on the all-inclusive annual fee are not subject to these separate fees. See IM-5910-1(c) and IM-5920-1(c). --------------------------------------------------------------------------- 2. Statutory Basis Nasdaq believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\6\ in general, and with Sections 6(b)(4) and (5) of the Act,\7\ in particular, in that it provides for the equitable allocation of reasonable dues, fees, and other charges among its members, issuers and other persons using its facilities, and does not unfairly discriminate between customers, issuers, brokers or dealers. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f. \7\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The proposed Record Keeping Change and Substitution Listing Event fees are reasonable and equitably allocated in that they are designed to compensate Nasdaq for the work required in connection with effecting changes that the issuer has initiated. Record Keeping Changes require Nasdaq to update its systems and distribute information about the changes to the marketplace. Substitution Listing Events involve similar updates and information dissemination and also require Nasdaq to review the issuer's listing compliance. Other listed companies currently pay fees for these changes and it is reasonable and equitable to similarly allocate costs through these modest fees to issuers of securities listed under the Rule 5700 Series when they take actions resulting in Record Keeping Changes or Substitution Listing Events. In addition, while the proposed fees could be lower than those charged other companies for similar actions, Nasdaq believes it is not unfairly discriminatory to charge a slightly lower fee for these issuers. First, the listing fees for securities listed under the Rule 5700 Series are generally lower than the listing fees for other types of issuers, reflecting the passive nature of these issuers and the extreme focus on their expenses as a means for various products to compete.\8\ In that regard, the proposed $5,000 Substitution Listing Event fee is the same amount as the minimum Entry Fee paid under Rules 5930 and 5940 for these products, and will similarly offset the costs of reviewing the substitute entity for compliance with the listing requirements. On the other hand, the $7,500 Record Keeping Fee and $15,000 Substitution Listing Fee charged other companies would exceed the minimum entry fee that companies listed under the Rule 5700 Series are charged, and charging such a higher amount for these changes would be incongruent with the lower entry fees they are charged. Further, other companies that could pay the Record Keeping Fee and Substitution Listing Fee had the option to avoid the fee by electing to be on Nasdaq's all-inclusive annual fee, which eliminates the fees for these events. Securities listed under the Rule 5700 Series do not have the option to elect an all-inclusive fee alternative, and it is therefore reasonable and equitable to charge them a lower amount. Nasdaq also notes that other market centers also charge lower fees when these types of issuers make changes.\9\ Nasdaq believes that the lower existing fees, lack of an all-inclusive fee alternative, and competitive considerations are reasonable, fair and equitable reasons to propose charging issuers of securities listed under the Rule 5700 Series different fees than other Nasdaq-listed companies.\10\ --------------------------------------------------------------------------- \8\ For example, entry fees for securities listed on the Nasdaq Global Market under the Rule 5700 Series range from $5,000 to $45,000 pursuant to Rules 5930 and 5940, whereas entry fees for other companies listed on the Nasdaq Global Market range from $125,000 to $225,000 pursuant to Rule 5910(a). \9\ NYSE Arca charges $2,500 for equivalent events. See NYSE Arca Equities: Listing Fees. BATS does not charge a fee for equivalent events. See Chapter XIV of the Rules of the BATS Exchange and Rule 14.13 of the BATS Exchange Listing Rules. \10\ Nasdaq also notes that Rules 5910(f) and 5920(e) provide that the Substitution Listing Event Fee is not applicable to securities that are listed on a national securities exchange other than Nasdaq and not designated by Nasdaq as Nasdaq national market system securities. Nasdaq IM-5220 describes the only current circumstance where Nasdaq does not designate a security as a Nasdaq national market system security. Specifically, IM-5220 provides that Nasdaq will not designate securities that are listed on the New York Stock Exchange (NYSE) when the issuing company also lists those securities on The Nasdaq Global Market, and that such securities therefore will not become subject to the Nasdaq UTP Plan, the national market system plan governing securities designated by Nasdaq. Because NYSE does not list exchange traded products (such products are listed on the affiliated NYSE Arca Exchange), this fee exemption is not necessary in Rules 5930 and 5940 because the securities listed under the Rule 5700 Series would not be dually listed on the NYSE. If Nasdaq later determines to dually list products listed under the Rule 5700 Series, including those listed on NYSE Arca or BATS Exchange, Nasdaq would file a rule change and address whether the Substitution Listing Event Fee should be applicable to those securities. --------------------------------------------------------------------------- Finally, Nasdaq believes that the proposed fees are consistent with the investor protection objectives of Section 6(b)(5) of the Act \11\ in that they are designed to promote just and equitable principles of trade, to remove impediments to a free and open market and national market system, and in general to protect investors and the public interest. Specifically, the proposed change will help ensure adequate resources are available for Nasdaq to process Record Keeping Changes and Substitution Listing Events and distribute information to the marketplace about these changes and events. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition Nasdaq 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. The market for listing services is extremely competitive and listed companies may freely choose alternative venues based on the aggregate fees assessed, and the value provided by the listing. This rule proposal does not burden competition with other listing venues, which are similarly free to set their fees, but rather reflects the competition between listing venues and will further enhance such competition. For these reasons, Nasdaq does not believe that the proposed rule change will result in any burden on competition for listings. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act\12\. 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. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: [[Page 76607]] 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 Number SR-NASDAQ-2015-146 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 Number SR-NASDAQ-2015-146. This file number should be included on the subject line 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 the filing also will 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 Number SR-NASDAQ-2015-146 and should be submitted on or before December 30, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ Robert W. Errett, Deputy Secretary. --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2015-30941 Filed 12-8-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 236 / Wednesday, December 9, 2015 / Notices 76605
section 805(b) of the Payment, Clearing SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
and Settlement Supervision Act,27 COMMISSION Statement of the Purpose of, and
including that it is consistent with Statutory Basis for, the Proposed Rule
promoting robust risk management and [Release No. 34–76550; File No. SR– Change
promoting safety and soundness. The NASDAQ–2015–146] 1. Purpose
Commission believes that the proposal
Self-Regulatory Organizations; The Nasdaq rules require issuers to notify
is consistent with promoting risk
NASDAQ Stock Market LLC; Notice of Nasdaq about certain record keeping
management because, with this change,
Filing and Immediate Effectiveness of changes and substitution listing events.
STANS is now designed to recognize Specifically, Rule 5250(e)(3) defines a
the possibility that implied volatility Proposed Rule Change To Adopt
Record Keeping Change and ‘‘Record Keeping Change’’ as any
could change during the two business change to a company’s name, the par
day liquidation time horizon and lead to Substitution Listing Event Fees for
Securities Listed Under the Rule 5700 value or title of its security, its symbol,
corresponding changes in the market or a similar change and requires a listed
Series
prices of the options. This change to company to provide notification to
STANS is consistent with promoting December 3, 2015. Nasdaq no later than 10 days after the
robust risk management because it is Pursuant to Section 19(b)(1) of the change. Rule 5005(a)(40) defines a
designed so that OCC now will be less Securities Exchange Act of 1934 ‘‘Substitution Listing Event’’ as certain
likely to face operational disruption in (‘‘Act’’)1 and Rule 19b–4 thereunder,2 changes in the equity or legal structure
the event of a participant default. notice is hereby given that, on of a company4 and Rule 5250(e)(4)
This change also is consistent with November 23, 2015, The NASDAQ requires a listed company to provide
Stock Market LLC (‘‘Nasdaq’’ or notification to Nasdaq about these
promoting safety and soundness of OCC.
‘‘Exchange’’) filed with the Securities events no later than 15 calendar days
As a result of this proposal, STANS is
and Exchange Commission prior to the implementation of the
now designed to recognize a range of event. While most listed companies pay
(‘‘Commission’’) the proposed rule
possible changes in implied volatility fees in connection with these
change as described in Items I, II, and
during the two business day liquidation notifications,5 issuers of securities listed
III, below, which Items have been
time horizon that could lead to prepared by the Exchange. The under the Rule 5700 Series, including
corresponding changes in the market Commission is publishing this notice to Linked Securities and Exchange Traded
prices of Shorter Tenor Options. This solicit comments on the proposed rule Products such as Portfolio Depository
change is designed to enable OCC to change from interested persons. Receipts, Index Fund Shares, and
more accurately calculate the amount of Managed Fund Shares, are required to
margin a member must post, and, I. Self-Regulatory Organization’s notify Nasdaq about Record Keeping
therefore, make it less likely, in the Statement of the Terms of Substance of Changes and Substitution Listing
event of a member default, that OCC the Proposed Rule Change Events, but are not currently subject to
will need to access mutualized clearing Nasdaq is proposing to adopt record the fees for such notifications. Nasdaq
fund deposits to cover losses associated keeping change and substitution listing proposes to adopt a $2,500 fee for any
with such member’s default, which is event fees for securities listed under the such issuer providing a Record Keeping
consistent with promoting safety and Rule 5700 Series.3 The text of the Change and a $5,000 fee for any such
soundness. proposed rule change is available at issuer effecting a Substitution Listing
nasdaq.cchwallstreet.com, at Nasdaq’s Event. These fees will apply for each
For these reasons, the Commission
principal office, and at the security affected by the event. The fees
does not object to the advance notice. will be used to address the costs
Commission’s Public Reference Room.
III. Conclusion associated with maintaining and
II. Self-Regulatory Organization’s revising Nasdaq’s records, collecting
It is therefore noticed, pursuant to Statement of the Purpose of, and and verifying the underlying
section 806(e)(1)(I) of the Payment, Statutory Basis for, the Proposed Rule information, and distributing the
Clearing and Settlement Supervision Change information to market participants when
Act,28 that the Commission does not In its filing with the Commission, issuers with securities listed under the
object to the proposed change, and Nasdaq included statements concerning
authorizes OCC to implement the the purpose of, and basis for, the 4 A ‘‘Substitution Listing Event’’ means: A reverse
proposed rule change and discussed any stock split, re-incorporation or a change in the
change in this advance notice (SR– company’s place of organization, the formation of
OCC–2015–804) as of the date of this comments it received on the proposed a holding company that replaces a listed company,
notice or the date of an order by the rule change. The text of those reclassification or exchange of a company’s listed
Commission approving a proposed rule statements may be examined at the shares for another security, the listing of a new class
places specified in Item IV below. The of securities in substitution for a previously-listed
change that reflects rule changes that are class of securities, a business combination
consistent with this advance notice (SR– Exchange has prepared summaries, set described in IM–5101–2 (unless the transaction was
OCC–2015–016), whichever is later. forth in sections A, B, and C below, of publicly announced in a press release or Form 8–
the most significant parts of such K prior to October 15, 2013), or any technical
By the Commission. statements. change whereby the Shareholders of the original
company receive a share-for-share interest in the
Robert W. Errett,
new company without any change in their equity
mstockstill on DSK4VPTVN1PROD with NOTICES
Deputy Secretary. 1 15 U.S.C. 78s(b)(1). position or rights.
2 17 CFR 240.19b–4. 5 The fee is $7,500 for a company making a
[FR Doc. 2015–30971 Filed 12–8–15; 8:45 am]
3 The Exchange originally filed SR–NASDAQ– Record Keeping Change and $15,000 for a company
BILLING CODE 8011–01–P 2015–118 on October 23, 2015, which was replaced executing a Substitution Listing Event. See Rules
by SR–NASDAQ–2015–139 on November 4, 2015. 5910(e) and (f) (Nasdaq Global and Global Select
SR–NASDAQ–2015–139 was replaced by SR– Markets) and Rules 5920(d) and (e) (Nasdaq Capital
NASDAQ–2015–141 on November 11, 2015. The Market). Companies on the all-inclusive annual fee
27 12 U.S.C. 5464(b). instant proposal replaces SR–NASDAQ–2015–141 are not subject to these separate fees. See IM–5910–
28 12 U.S.C. 5465(e)(1)(I). in its entirety. 1(c) and IM–5920–1(c).
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![Federal Register / Vol. 80, No. 236 / Wednesday, December 9, 2015 / Notices 76607
Electronic Comments SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
COMMISSION Statement of the Purpose of, and the
• Use the Commission’s Internet Statutory Basis for, the Proposed Rule
comment form (http://www.sec.gov/ [Release No. 34–76553; File No. SR–NYSE– Change
rules/sro.shtml); or 2015–59]
1. Purpose
• Send an email to rule-comments@
Self-Regulatory Organizations; New The Exchange proposes to amend
sec.gov. Please include File Number SR–
York Stock Exchange LLC; Notice of Rule 107C, which governs the
NASDAQ–2015–146 on the subject line.
Filing and Immediate Effectiveness of Exchange’s Retail Liquidity Program
Paper Comments Proposed Rule Change Amending Rule (the ‘‘Program’’), to distinguish between
107C To Distinguish Between Retail orders routed on behalf of other broker-
• Send paper comments in triplicate Orders Routed on Behalf of Other dealers and orders routed on behalf of
to Secretary, Securities and Exchange Broker-Dealers and Retail Orders That introduced retail accounts that are
Commission, 100 F Street NE., Are Routed on Behalf of Introduced carried on a fully disclosed basis, as
Washington, DC 20549–1090. Retail Accounts That Are Carried on a further described below.
All submissions should refer to File Fully Disclosed Basis The Exchange established the
Number SR–NASDAQ–2015–146. This December 3, 2015.
Program in an attempt to attract retail
file number should be included on the order flow to the Exchange, primarily by
Pursuant to Section 19(b)(1) of the
subject line if email is used. To help the offering pricing incentives. Under the
Securities Exchange Act of 1934
Commission process and review your Program, Retail Member Organizations 3
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
comments more efficiently, please use (‘‘RMOs’’) are permitted to submit Retail
notice is hereby given that on November
Orders,4 and receive rebates for added
only one method. The Commission will 19, 2015, New York Stock Exchange
liquidity that are higher than the
post all comments on the Commission’s LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
exchanges [sic] standard rebates for
Internet Web site (http://www.sec.gov/ with the Securities and Exchange
added liquidity.5
rules/sro.shtml). Copies of the Commission (‘‘SEC’’ or ‘‘Commission’’)
Rule 107C(b)(1) currently states that
submission, all subsequent the proposed rule change as described
‘‘[t]o qualify as a Retail Member
amendments, all written statements in Items I and II below, which Items
Organization, a member organization
with respect to the proposed rule have been prepared by the Exchange.
must conduct a retail business or handle
change that are filed with the The Commission is publishing this
retail orders on behalf of another broker-
Commission, and all written notice to solicit comments on the
dealer.’’ Rather than stating that one
communications relating to the proposed rule change from interested
way to qualify as an RMO is to ‘‘handle’’
proposed rule change between the persons.
retail orders on behalf of another broker-
Commission and any person, other than I. Self-Regulatory Organization’s dealer, the Exchange proposes to state
those that may be withheld from the Statement of the Terms of Substance of that a member organization may qualify
public in accordance with the the Proposed Rule Change as an RMO if it ‘‘routes’’ retail orders on
provisions of 5 U.S.C. 552, will be The Exchange proposes to amend behalf of another broker-dealer. The
available for Web site viewing and Rule 107C (‘‘Retail Liquidity Program’’) Exchange believes that providing
printing in the Commission’s Public to distinguish between retail orders routing services on behalf of other
Reference Room, 100 F Street NE., routed on behalf of other broker-dealers broker-dealers with retail order flow
Washington, DC 20549, on official and retail orders that are routed on better represents the function that
business days between the hours of behalf of introduced retail accounts that member organizations would be
10:00 a.m. and 3:00 p.m. Copies of the are carried on a fully disclosed basis. performing on behalf of other broker-
filing also will be available for The proposed rule change is available dealers. Thus, the Exchange believes
inspection and copying at the principal on the Exchange’s Web site at that the description would be more
office of the Exchange. All comments www.nyse.com, at the principal office of transparent if it referred to routing
the Exchange, and at the Commission’s services provided to another broker-
received will be posted without change;
Public Reference Room. dealer with retail customers. The
the Commission does not edit personal
Exchange also proposes to distinguish
identifying information from II. Self-Regulatory Organization’s such routing services on behalf of
submissions. You should submit only Statement of the Purpose of, and another broker-dealer from services
information that you wish to make Statutory Basis for, the Proposed Rule provided by broker-dealers that carry
available publicly. All submissions Change retail customer accounts on a fully
should refer to File Number SR– disclosed basis, as described below.
NASDAQ–2015–146 and should be In its filing with the Commission, the
self-regulatory organization included
submitted on or before December 30, 3 As defined in Rule 107C(a)(2), a Retail Member
statements concerning the purpose of,
2015. Organization is a member organization (or division
and basis for, the proposed rule change thereof) that has been approved by the Exchange
For the Commission, by the Division of and discussed any comments it received under Rule 107C to submit Retail Orders.
Trading and Markets, pursuant to delegated on the proposed rule change. The text 4 As defined in Rule 107C(a)(3), a Retail Order is
authority.13 of those statements may be examined at an agency order or a riskless principal order that
meets the criteria of FINRA Rule 5320.03 that
mstockstill on DSK4VPTVN1PROD with NOTICES
Robert W. Errett, the places specified in Item IV below.
originates from a natural person and is submitted
Deputy Secretary. The Exchange has prepared summaries, to the Exchange by a Retail Member Organization,
[FR Doc. 2015–30941 Filed 12–8–15; 8:45 am] set forth in sections A, B, and C below, provided that no change is made to the terms of the
of the most significant parts of such order with respect to price or side of market and
BILLING CODE 8011–01–P the order does not originate from a trading
statements.
algorithm or any other computerized methodology.
5 See the Exchange’s Price List, available at
1 15 U.S.C. 78s(b)(1). https://www.nyse.com/publicdocs/nyse/markets/
13 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. nyse/NYSE_Price_List.pdf.
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Document Created: 2015-12-14 13:32:52
Document Modified: 2015-12-14 13:32:52
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 76605 |
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