80_FR_79890 80 FR 79645 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending Its Program That Allows Transactions To Take Place at a Price That Is Below $1 Per Option Contract Until January 5, 2017

80 FR 79645 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending Its Program That Allows Transactions To Take Place at a Price That Is Below $1 Per Option Contract Until January 5, 2017

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 245 (December 22, 2015)

Page Range79645-79647
FR Document2015-32049

Federal Register, Volume 80 Issue 245 (Tuesday, December 22, 2015)
[Federal Register Volume 80, Number 245 (Tuesday, December 22, 2015)]
[Notices]
[Pages 79645-79647]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-32049]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76668; File No. SR-NYSEMKT-2015-104]


Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and 
Immediate Effectiveness of Proposed Rule Change Extending Its Program 
That Allows Transactions To Take Place at a Price That Is Below $1 Per 
Option Contract Until January 5, 2017

December 16, 2015.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that on December 9, 2015, NYSE MKT LLC (the ``Exchange'' or 
``NYSE MKT'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
below, which Items have been prepared by the self-regulatory 
organization. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to extend its program that allows 
transactions to take place at a price that is below $1 per option 
contract until January 5, 2017. The proposed rule change is available 
on the Exchange's Web site at www.nyse.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 self-regulatory organization 
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
    The purpose of this filing is to extend the Pilot Program \4\ under 
Rule 968NY to allow accommodation transactions (``Cabinet Trades'') to 
take place at a price that is below $1 per option contract for one 
additional year. The Exchange proposes to extend the program, which is 
due to expire on January 5, 2016, until January 5, 2017.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 63475 (December 8, 
2010), 75 FR 77932 (December 14, 2010)(SR-NYSE Amex-2010-114).
---------------------------------------------------------------------------

    An ``accommodation'' or ``cabinet'' trade refers to trades in 
listed options on the Exchange that are worthless and typically not 
actively traded. Cabinet trading is generally conducted in accordance 
with the Exchange Rules, except as provided in Exchange Rule 968NY 
Accommodation Transactions (Cabinet Trades), which sets forth specific 
procedures for engaging in cabinet trades. Rule 968NY currently 
provides for cabinet transactions to occur via open outcry at a cabinet 
price of a $1 per option contract in any options series open for 
trading in the Exchange, except that the Rule is not applicable to 
trading in option classes participating in the Penny Pilot Program. 
Under the procedures, bids and offers (whether opening or closing a 
position) at a price of $1 per option contract may be represented in 
the trading crowd by a Floor Broker or by a Market Maker or provided in 
response to a request by a Trading Official, a Floor Broker or a Market 
Maker, but must yield priority to all resting orders in the Cabinet 
(those orders held by the Trading Official, and which resting cabinet 
orders may be closing only).

[[Page 79646]]

Provided that the buyer and the seller yield to orders resting in the 
cabinet book, opening cabinet bids can trade with opening cabinet 
offers at $1 per option contract.
    The Exchange has temporarily amended the procedures through January 
5, 2016 to allow transactions to take place in open outcry at a price 
of at least $0 but less than $1 per option contract. These lower-priced 
transactions are permitted to be traded pursuant to the same procedures 
applicable to $1 cabinet trades, except that (i) bids and offers for 
opening transactions are only permitted to accommodate closing 
transactions in order to limit use of the procedure to liquidations of 
existing positions, and (ii) the procedures are also made available for 
trading in option classes participating in the Penny Pilot Program.\5\ 
The Exchange believes that allowing a price of at least $0 but less 
than $1 better accommodates the closing of options positions in series 
that are worthless or not actively traded, particularly in the event 
where there has been a significant move in the price of the underlying 
security that results in a large number of series being out-of-the-
money. For example, a market participant might have a long position in 
a put series with a strike price of $30 and the underlying stock might 
be trading at $100. In such an instance, there might not otherwise be a 
market for that person to close-out the position even at the $1 cabinet 
price (e.g., the series might be quoted no bid).
---------------------------------------------------------------------------

    \5\ Currently, the $1 cabinet trading procedures are limited to 
options classes traded in $0.05 or $0.10 standard increment. The $1 
cabinet trading procedures are not available in Penny Pilot Program 
classes because in those classes an option series can trade in a 
standard increment as low as $0.01 per share (or $1.00 per option 
contract with a 100 share multiplier). Because the temporary 
procedures allow trading below $0.01 per share (or $1.00 per option 
contract with a 100 share multiplier), the procedures are available 
for all classes, including those classes participating in the Penny 
Pilot Program.
---------------------------------------------------------------------------

    As with other accommodation liquidations under Rule 968NY, 
transactions that occur for less than $1 will not be disseminated to 
the public on the consolidated tape. In addition, as with other 
accommodation liquidations under Rule 968NY the transactions will be 
exempt from the Consolidated Options Audit Trail (``COATS'') 
requirements of Exchange Rule 955NY Order Format and System Entry 
Requirements. However, the Exchange will maintain quotation, order and 
transaction information for the transactions in the same format as the 
COATS data is maintained. In this regard, all transactions for less 
than $1 must be reported to the Exchange following the close of each 
business day.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
Section 6(b) \6\ of the Securities Exchange Act of 1934 (the ``Act''), 
in general, and furthers the objectives of Section 6(b)(5) \7\ in 
particular in that it is designed to promote just and equitable 
principles of trade, to prevent fraudulent and manipulative acts, to 
remove impediments to and to perfect the mechanism for a free and open 
market and a national market system and, in general, to protect 
investors and the public interest. The Exchange believes that allowing 
for liquidations at a price less than $1 per option contract will 
better facilitate the closing of options positions that are worthless 
or not actively trading, especially in Penny Pilot issues where Cabinet 
Trades are not otherwise permitted.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The proposed rule change is 
to extend an established pilot program for one additional year and 
continue to facilitate ATP Holders ability to close positions in 
worthless or not actively traded series.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule does not (i) significantly 
affect the protection of investors or the public interest; (ii) impose 
any significant burden on competition; and (iii) become operative for 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate if consistent with the protection of 
investors and the public interest, provided that the self-regulatory 
organization has given the Commission written notice of its intent to 
file the proposed rule change at least five business days prior to the 
date of filing of the proposed rule change or such shorter time as 
designated by the Commission,\8\ the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6) thereunder.\10\
---------------------------------------------------------------------------

    \8\ The Exchange has fulfilled this requirement.
    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    Under Rule 19b-4(f)(6) of the Act,\11\ the proposal does not become 
operative for 30 days after the date of its filing, or such shorter 
time as the Commission may designate if consistent with the protection 
of investors and the public interest. The Exchange has requested that 
the Commission waive the 30-day operative delay period after which a 
proposed rule change under Rule 19b-4(f)(6) becomes operative so that 
the pilot may continue without interruption. The Commission believes 
that waiver of the 30-day operative delay is consistent with the 
protection of investors and the public interest because it will allow 
the pilot to continue uninterrupted, thereby avoiding any potential 
investor confusion that could result from a temporary interruption in 
the pilot and allowing members to continue to benefit from the program. 
Based on the foregoing, the Commission hereby waives the 30-day 
operative delay and designates the proposal operative upon filing.\12\
---------------------------------------------------------------------------

    \11\ Id.
    \12\ For purposes only of waiving the operative delay, the 
Commission has considered the proposed rule's impact on efficiency, 
competition, and capital formation. See 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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. If the Commission 
takes such action, the Commission shall institute proceedings under 
Section 19(b)(2)(B) \13\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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 79647]]

Electronic Comments

     Use 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-NYSEMKT-2015-104 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-NYSEMKT-2015-104. 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 such 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-NYSEMKT-2015-104, and should 
be submitted on or before January 12, 2016.
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-32049 Filed 12-21-15; 8:45 am]
BILLING CODE 8011-01-P



                                                                             Federal Register / Vol. 80, No. 245 / Tuesday, December 22, 2015 / Notices                                                  79645

                                                  arrangements, average price accounts,                   respondents, including through the use                www.nyse.com, at the principal office of
                                                  and depository institutions, in a                       of automated collection techniques or                 the Exchange, and at the Commission’s
                                                  standardized format when requested by                   other forms of information technology.                Public Reference Room.
                                                  the Commission staff. In addition,                      Consideration will be given to
                                                                                                                                                                II. Self-Regulatory Organization’s
                                                  Paragraph (a)(3)(c) of Rule 17a–25                      comments and suggestions submitted in
                                                                                                                                                                Statement of the Purpose of, and
                                                  requires broker-dealers to submit, and                  writing within 60 days of this
                                                                                                                                                                Statutory Basis for, the Proposed Rule
                                                  keep current, contact person                            publication.
                                                                                                            An agency may not conduct or                        Change
                                                  information for electronic blue sheets
                                                  (‘‘EBS’’) requests. The Commission uses                 sponsor, and a person is not required to                 In its filing with the Commission, the
                                                  the information for enforcement                         respond to, a collection of information               self-regulatory organization included
                                                  inquiries or investigations and trading                 under the PRA unless it displays a                    statements concerning the purpose of,
                                                  reconstructions, as well as for                         currently valid OMB control number.                   and basis for, the proposed rule change
                                                  inspections and examinations.                             Please direct your written comments                 and discussed any comments it received
                                                     The Commission estimates that it                     to: Pamela Dyson, Director/Chief                      on the proposed rule change. The text
                                                  sends approximately 7,697 electronic                    Information Office, Securities and                    of those statements may be examined at
                                                  blue sheet requests per year to clearing                Exchange Commission, c/o Remi Pavlik-                 the places specified in Item IV below.
                                                  broker-dealers that in turn submit an                   Simon, 100 F Street NE., Washington,                  The Exchange has prepared summaries,
                                                  average 124,912 responses.1 It is                       DC 20549 or send an email to: PRA_                    set forth in sections A, B, and C below,
                                                  estimated that each broker-dealer that                  Mailbox@sec.gov.                                      of the most significant parts of such
                                                  responds electronically will take 8                       Dated: December 16, 2015.                           statements.
                                                  minutes, and each broker-dealer that                    Robert W. Errett,                                     A. Self-Regulatory Organization’s
                                                  responds manually will take 11⁄2 hours                  Deputy Secretary.                                     Statement of the Purpose of, and
                                                  to prepare and submit the securities                    [FR Doc. 2015–32053 Filed 12–21–15; 8:45 am]          Statutory Basis for, the Proposed Rule
                                                  trading data requested by the                                                                                 Change
                                                                                                          BILLING CODE 8011–01–P
                                                  Commission. The annual aggregate hour
                                                  burden for electronic and manual                                                                              1. Purpose
                                                  response firms is estimated to be 8,114                 SECURITIES AND EXCHANGE                                  The purpose of this filing is to extend
                                                  (59,958 × 8 ÷ 60 = 7,994 hours) + (80                   COMMISSION                                            the Pilot Program 4 under Rule 968NY to
                                                  × 1.5 = 120 hours), respectively.2 In                                                                         allow accommodation transactions
                                                  addition, the Commission estimates that                 [Release No. 34–76668; File No. SR–                   (‘‘Cabinet Trades’’) to take place at a
                                                                                                          NYSEMKT–2015–104]
                                                  it will request 8 broker-dealers to supply                                                                    price that is below $1 per option
                                                  the contact information identified in                   Self-Regulatory Organizations; NYSE                   contract for one additional year. The
                                                  Rule 17a–25(c) and estimates the total                  MKT LLC; Notice of Filing and                         Exchange proposes to extend the
                                                  aggregate burden hours to be 2. Thus,                   Immediate Effectiveness of Proposed                   program, which is due to expire on
                                                  the annual aggregate burden for all                     Rule Change Extending Its Program                     January 5, 2016, until January 5, 2017.
                                                  respondents to the collection of                        That Allows Transactions To Take                         An ‘‘accommodation’’ or ‘‘cabinet’’
                                                  information requirements of Rule 17a–                   Place at a Price That Is Below $1 Per                 trade refers to trades in listed options on
                                                  25 is estimated at 8,116 hours (7,994 +                 Option Contract Until January 5, 2017                 the Exchange that are worthless and
                                                  120 + 2).                                                                                                     typically not actively traded. Cabinet
                                                     Written comments are invited on: (a)                 December 16, 2015.                                    trading is generally conducted in
                                                  Whether the proposed collection of                         Pursuant to Section 19(b)(1) 1 of the              accordance with the Exchange Rules,
                                                  information is necessary for the proper                 Securities Exchange Act of 1934 (the                  except as provided in Exchange Rule
                                                  performance of the functions of the                     ‘‘Act’’) 2 and Rule 19b–4 thereunder,3                968NY Accommodation Transactions
                                                  agency, including whether the                           notice is hereby given that on December               (Cabinet Trades), which sets forth
                                                  information shall have practical utility;               9, 2015, NYSE MKT LLC (the                            specific procedures for engaging in
                                                  (b) the accuracy of the agency’s estimate               ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with              cabinet trades. Rule 968NY currently
                                                  of the burden of the proposed collection                the Securities and Exchange                           provides for cabinet transactions to
                                                  of information; (c) ways to enhance the                 Commission (the ‘‘Commission’’) the                   occur via open outcry at a cabinet price
                                                  quality, utility, and clarity of the                    proposed rule change as described in                  of a $1 per option contract in any
                                                  information to be collected; and (d)                    Items I and II below, which Items have                options series open for trading in the
                                                  ways to minimize the burden of the                      been prepared by the self-regulatory                  Exchange, except that the Rule is not
                                                  collection of information on                            organization. The Commission is                       applicable to trading in option classes
                                                                                                          publishing this notice to solicit                     participating in the Penny Pilot
                                                     1 A single EBS request has a unique number           comments on the proposed rule change                  Program. Under the procedures, bids
                                                  assigned to each request (e.g. ‘‘0900001’’). However,   from interested persons.                              and offers (whether opening or closing
                                                  the number of broker-dealer responses generated
                                                                                                                                                                a position) at a price of $1 per option
                                                  from one EBS request can range from one to several      I. Self-Regulatory Organization’s
                                                  thousand. EBS requests are sent directly to clearing                                                          contract may be represented in the
                                                                                                          Statement of the Terms of the Substance
                                                  firms, as the clearing firm is the repository for                                                             trading crowd by a Floor Broker or by
                                                  trading data for securities transactions information
                                                                                                          of the Proposed Rule Change
                                                                                                                                                                a Market Maker or provided in response
                                                  provided by itself and correspondent firms.                The Exchange proposes to extend its
                                                  Clearing brokers respond for themselves and other
                                                                                                                                                                to a request by a Trading Official, a
                                                  firms they clear for. There were 124,912 responses
                                                                                                          program that allows transactions to take              Floor Broker or a Market Maker, but
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  during the 25 month period for an average of            place at a price that is below $1 per                 must yield priority to all resting orders
                                                  4,996.5 responses per month or an average of 59,958     option contract until January 5, 2017.                in the Cabinet (those orders held by the
                                                  annual responses.                                       The proposed rule change is available
                                                     2 Few of respondents submit manual EBS
                                                                                                                                                                Trading Official, and which resting
                                                                                                          on the Exchange’s Web site at                         cabinet orders may be closing only).
                                                  responses. The small percentage of respondents that
                                                  submit manual responses do so by hand, via email,
                                                                                                            1 15 U.S.C.78s(b)(1).
                                                  spreadsheet, disk, or other electronic media. Thus,                                                             4 See Securities Exchange Act Release No. 63475
                                                                                                            2 15 U.S.C. 78a.
                                                  the number of manual submissions (80) has                                                                     (December 8, 2010), 75 FR 77932 (December 14,
                                                  minimal effect on the total annual burden hours.          3 17 CFR 240.19b–4.                                 2010)(SR–NYSE Amex–2010–114).



                                             VerDate Sep<11>2014   17:21 Dec 21, 2015   Jkt 238001   PO 00000   Frm 00091   Fmt 4703   Sfmt 4703   E:\FR\FM\22DEN1.SGM   22DEN1


                                                  79646                      Federal Register / Vol. 80, No. 245 / Tuesday, December 22, 2015 / Notices

                                                  Provided that the buyer and the seller                  must be reported to the Exchange                        business days prior to the date of filing
                                                  yield to orders resting in the cabinet                  following the close of each business                    of the proposed rule change or such
                                                  book, opening cabinet bids can trade                    day.                                                    shorter time as designated by the
                                                  with opening cabinet offers at $1 per                                                                           Commission,8 the proposed rule change
                                                                                                          2. Statutory Basis
                                                  option contract.                                                                                                has become effective pursuant to
                                                     The Exchange has temporarily                            The Exchange believes the proposed                   Section 19(b)(3)(A) of the Act 9 and Rule
                                                  amended the procedures through                          rule change is consistent with Section                  19b–4(f)(6) thereunder.10
                                                  January 5, 2016 to allow transactions to                6(b) 6 of the Securities Exchange Act of
                                                                                                          1934 (the ‘‘Act’’), in general, and                        Under Rule 19b–4(f)(6) of the Act,11
                                                  take place in open outcry at a price of
                                                                                                          furthers the objectives of Section                      the proposal does not become operative
                                                  at least $0 but less than $1 per option
                                                  contract. These lower-priced                            6(b)(5) 7 in particular in that it is                   for 30 days after the date of its filing, or
                                                  transactions are permitted to be traded                 designed to promote just and equitable                  such shorter time as the Commission
                                                  pursuant to the same procedures                         principles of trade, to prevent                         may designate if consistent with the
                                                  applicable to $1 cabinet trades, except                 fraudulent and manipulative acts, to                    protection of investors and the public
                                                  that (i) bids and offers for opening                    remove impediments to and to perfect                    interest. The Exchange has requested
                                                  transactions are only permitted to                      the mechanism for a free and open                       that the Commission waive the 30-day
                                                  accommodate closing transactions in                     market and a national market system                     operative delay period after which a
                                                  order to limit use of the procedure to                  and, in general, to protect investors and               proposed rule change under Rule 19b–
                                                  liquidations of existing positions, and                 the public interest. The Exchange                       4(f)(6) becomes operative so that the
                                                  (ii) the procedures are also made                       believes that allowing for liquidations at              pilot may continue without
                                                  available for trading in option classes                 a price less than $1 per option contract                interruption. The Commission believes
                                                  participating in the Penny Pilot                        will better facilitate the closing of                   that waiver of the 30-day operative
                                                  Program.5 The Exchange believes that                    options positions that are worthless or                 delay is consistent with the protection
                                                  allowing a price of at least $0 but less                not actively trading, especially in Penny               of investors and the public interest
                                                  than $1 better accommodates the closing                 Pilot issues where Cabinet Trades are                   because it will allow the pilot to
                                                  of options positions in series that are                 not otherwise permitted.                                continue uninterrupted, thereby
                                                  worthless or not actively traded,                                                                               avoiding any potential investor
                                                  particularly in the event where there has               B. Self-Regulatory Organization’s                       confusion that could result from a
                                                  been a significant move in the price of                 Statement on Burden on Competition                      temporary interruption in the pilot and
                                                  the underlying security that results in a                  The Exchange does not believe that                   allowing members to continue to benefit
                                                  large number of series being out-of-the-                the proposed rule change will impose                    from the program. Based on the
                                                  money. For example, a market                            any burden on competition that is not                   foregoing, the Commission hereby
                                                  participant might have a long position                  necessary or appropriate in furtherance                 waives the 30-day operative delay and
                                                  in a put series with a strike price of $30              of the purposes of the Act. The                         designates the proposal operative upon
                                                  and the underlying stock might be                       proposed rule change is to extend an                    filing.12
                                                  trading at $100. In such an instance,                   established pilot program for one                          At any time within 60 days of the
                                                  there might not otherwise be a market                   additional year and continue to                         filing of such proposed rule change, the
                                                  for that person to close-out the position               facilitate ATP Holders ability to close                 Commission summarily may
                                                  even at the $1 cabinet price (e.g., the                 positions in worthless or not actively                  temporarily suspend such rule change if
                                                  series might be quoted no bid).                         traded series.                                          it appears to the Commission that such
                                                     As with other accommodation                                                                                  action is necessary or appropriate in the
                                                                                                          C. Self-Regulatory Organization’s
                                                  liquidations under Rule 968NY,                                                                                  public interest, for the protection of
                                                                                                          Statement on Comments on the
                                                  transactions that occur for less than $1                                                                        investors, or otherwise in furtherance of
                                                                                                          Proposed Rule Change Received From
                                                  will not be disseminated to the public                                                                          the purposes of the Act. If the
                                                                                                          Members, Participants, or Others
                                                  on the consolidated tape. In addition, as                                                                       Commission takes such action, the
                                                  with other accommodation liquidations                     No written comments were solicited                    Commission shall institute proceedings
                                                  under Rule 968NY the transactions will                  or received with respect to the proposed                under Section 19(b)(2)(B) 13 of the Act to
                                                  be exempt from the Consolidated                         rule change.                                            determine whether the proposed rule
                                                  Options Audit Trail (‘‘COATS’’)                         III. Date of Effectiveness of the                       change should be approved or
                                                  requirements of Exchange Rule 955NY                     Proposed Rule Change and Timing for                     disapproved.
                                                  Order Format and System Entry                           Commission Action
                                                  Requirements. However, the Exchange                                                                             IV. Solicitation of Comments
                                                  will maintain quotation, order and                         Because the foregoing proposed rule
                                                  transaction information for the                         does not (i) significantly affect the                     Interested persons are invited to
                                                  transactions in the same format as the                  protection of investors or the public                   submit written data, views, and
                                                  COATS data is maintained. In this                       interest; (ii) impose any significant                   arguments concerning the foregoing,
                                                  regard, all transactions for less than $1               burden on competition; and (iii) become                 including whether the proposed rule
                                                                                                          operative for 30 days from the date on                  change is consistent with the Act.
                                                     5 Currently, the $1 cabinet trading procedures are   which it was filed, or such shorter time                Comments may be submitted by any of
                                                  limited to options classes traded in $0.05 or $0.10     as the Commission may designate if                      the following methods:
                                                  standard increment. The $1 cabinet trading              consistent with the protection of
                                                  procedures are not available in Penny Pilot Program
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  classes because in those classes an option series can
                                                                                                          investors and the public interest,                        8 The  Exchange has fulfilled this requirement.
                                                                                                                                                                    9 15 U.S.C. 78s(b)(3)(A).
                                                  trade in a standard increment as low as $0.01 per       provided that the self-regulatory
                                                                                                                                                                    10 17 CFR 240.19b–4(f)(6).
                                                  share (or $1.00 per option contract with a 100 share    organization has given the Commission
                                                                                                                                                                    11 Id.
                                                  multiplier). Because the temporary procedures           written notice of its intent to file the                  12 For purposes only of waiving the operative
                                                  allow trading below $0.01 per share (or $1.00 per
                                                  option contract with a 100 share multiplier), the
                                                                                                          proposed rule change at least five                      delay, the Commission has considered the proposed
                                                  procedures are available for all classes, including                                                             rule’s impact on efficiency, competition, and capital
                                                                                                            6 15   U.S.C. 78f(b).                                 formation. See 15 U.S.C. 78c(f).
                                                  those classes participating in the Penny Pilot
                                                  Program.                                                  7 15   U.S.C. 78f(b)(5).                                13 15 U.S.C. 78s(b)(2)(B).




                                             VerDate Sep<11>2014   17:21 Dec 21, 2015   Jkt 238001   PO 00000   Frm 00092     Fmt 4703   Sfmt 4703   E:\FR\FM\22DEN1.SGM    22DEN1


                                                                               Federal Register / Vol. 80, No. 245 / Tuesday, December 22, 2015 / Notices                                                79647

                                                  Electronic Comments                                       SMALL BUSINESS ADMINISTRATION                           Estimated Annual Hour Burden:
                                                                                                                                                                  62,370.
                                                     • Use the Commission’s Internet                        Reporting and Recordkeeping
                                                  comment form (http://www.sec.gov/                                                                               Curtis B. Rich,
                                                                                                            Requirements Under OMB Review
                                                  rules/sro.shtml); or                                                                                            Management Analyst.
                                                     • Send an email to rule-comments@                      AGENCY:    Small Business Administration.             [FR Doc. 2015–32032 Filed 12–21–15; 8:45 am]
                                                                                                                                                                  BILLING CODE 8025–01–P
                                                  sec.gov. Please include File Number SR–                   ACTION:   30-Day Notice.
                                                  NYSEMKT–2015–104 on the subject
                                                  line.                                                     SUMMARY:   The Small Business                         SMALL BUSINESS ADMINISTRATION
                                                                                                            Administration (SBA) is publishing this
                                                  Paper Comments                                            notice to comply with requirements of                 Data Collection Available for Public
                                                    • Send paper comments in triplicate                     the Paperwork Reduction Act (PRA) (44                 Comments
                                                  to Secretary, Securities and Exchange                     U.S.C. Chapter 35), which requires
                                                                                                            agencies to submit proposed reporting                       60 Day Notice and request for
                                                                                                                                                                  ACTION:
                                                  Commission, 100 F Street NE.,                                                                                   comments.
                                                                                                            and recordkeeping requirements to
                                                  Washington, DC 20549–1090.
                                                                                                            OMB for review and approval, and to
                                                                                                                                                                  SUMMARY:    The Small Business
                                                  All submissions should refer to File                      publish a notice in the Federal Register
                                                                                                                                                                  Administration (SBA) intends to request
                                                  Number SR–NYSEMKT–2015–104. This                          notifying the public that the agency has
                                                                                                                                                                  approval, from the Office of
                                                  file number should be included on the                     made such a submission. This notice                   Management and Budget (OMB) for the
                                                  subject line if email is used. To help the                also allows an additional 30 days for                 collection of information described
                                                  Commission process and review your                        public comments.                                      below. The Paperwork Reduction Act
                                                  comments more efficiently, please use                     DATES: Submit comments on or before                   (PRA) of 1995, 44 U.S.C. Chapter 35
                                                  only one method. The Commission will                      January 21, 2016.                                     requires federal agencies to publish a
                                                  post all comments on the Commission’s                                                                           notice in the Federal Register
                                                  Internet Web site (http://www.sec.gov/                    ADDRESSES:   Comments should refer to
                                                                                                                                                                  concerning each proposed collection of
                                                                                                            the information collection by name and/
                                                  rules/sro.shtml). Copies of the                                                                                 information before submission to OMB,
                                                                                                            or OMB Control Number and should be
                                                  submission, all subsequent                                                                                      and to allow 60 days for public
                                                                                                            sent to: Agency Clearance Officer, Curtis
                                                  amendments, all written statements                                                                              comment in response to the notice. This
                                                                                                            Rich, Small Business Administration,                  notice complies with that requirement.
                                                  with respect to the proposed rule                         409 3rd Street SW., 5th Floor,
                                                  change that are filed with the                                                                                  DATES: Submit comments on or before
                                                                                                            Washington, DC 20416; and SBA Desk
                                                  Commission, and all written                               Officer, Office of Information and                    February 22, 2016.
                                                  communications relating to the                            Regulatory Affairs, Office of                         ADDRESSES: Send all comments to, Jodie
                                                  proposed rule change between the                          Management and Budget, New                            Fenner, Administrative Support
                                                  Commission and any person, other than                     Executive Office Building, Washington,                Assistant, Office of the Ombudsman,
                                                  those that may be withheld from the                       DC 20503.                                             Small Business Administration, 409 3rd
                                                  public in accordance with the                                                                                   Street SW., Washington, DC 20416.
                                                                                                            FOR FURTHER INFORMATION CONTACT:                      FOR FURTHER INFORMATION CONTACT:
                                                  provisions of 5 U.S.C. 552, will be
                                                                                                            Curtis Rich, Agency Clearance Officer,                Jodie Fenner, Administrative Support
                                                  available for Web site viewing and
                                                                                                            (202) 205–7030 curtis.rich@sba.gov.                   Assistant, jodie.fenner@sba.gov 202–
                                                  printing in the Commission’s Public
                                                  Reference Room, 100 F Street NE.,                            Copies: A copy of the Form OMB 83–                 205–9632, or Curtis B. Rich,
                                                  Washington, DC 20549 on official                          1, supporting statement, and other                    Management Analyst, 202–205–7030
                                                  business days between the hours of                        documents submitted to OMB for                        curtis.rich@sba.gov.
                                                                                                            review may be obtained from the                       SUPPLEMENTARY INFORMATION: The Small
                                                  10:00 a.m. and 3:00 p.m. Copies of such
                                                                                                            Agency Clearance Officer.                             Business Regulatory Enforcement
                                                  filing also will be available for
                                                  inspection and copying at the principal                   SUPPLEMENTARY INFORMATION:     The Small              Fairness Act of 1966, 15 U.S.C. Sec.
                                                                                                            Business Act, as amended by the Small                 657(b)(2)(B), requires the SBA National
                                                  office of the Exchange. All comments
                                                                                                            Business Innovation Research (SBIR)                   Ombudsman to establish a means for
                                                  received will be posted without change;
                                                                                                            and Small Business Technology                         SBA to receive comments on regulatory
                                                  the Commission does not edit personal                                                                           and compliance actions from small
                                                  identifying information from                              Transfer Program (STTR)
                                                                                                            Reauthorization Act of 2011, requires                 entities regarding their disagreements
                                                  submissions. You should submit only                                                                             with a Federal Agency action. The
                                                  information that you wish to make                         SBA to collect regarding the SBIR and
                                                                                                            STTR awards made by the federal                       Ombudsman uses it to obtain the
                                                  available publicly. All submissions                                                                             agency’s response, encourage a fresh
                                                  should refer to File Number SR–                           agencies that participate in those
                                                                                                            programs. SBA is required to maintain                 look by the agency at a high level, and
                                                  NYSEMKT–2015–104, and should be                                                                                 build a more small business-friendly
                                                                                                            this information in searchable electronic
                                                  submitted on or before January 12, 2016.                                                                        regulatory environment.
                                                                                                            databases and also to report the
                                                    For the Commission, by the Division of                  information to Congress annually.                       Title: ‘‘Federal Agency Comment
                                                  Trading and Markets, pursuant to delegated                                                                      Form’’.
                                                                                                              Title: SBA to collect regarding the                   Description of Respondents: Small
                                                  authority.14
                                                                                                            SBIR and STTR awards and Small                        business entities.
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  Robert W. Errett,                                         Business Transfer (STTR) Tech-Net                       Form Number: SBA Form 1993.
                                                  Deputy Secretary.                                         Database.                                               Annual Responses: 350.
                                                  [FR Doc. 2015–32049 Filed 12–21–15; 8:45 am]                Description of Respondents: SBA to                    Annual Burden: 263.
                                                  BILLING CODE 8011–01–P                                    collect regarding the SBIR and STTR                   Curtis Rich,
                                                                                                            awards.                                               Management Analyst.
                                                                                                              Form Number: N/A.                                   [FR Doc. 2015–32066 Filed 12–21–15; 8:45 am]
                                                    14 17   CFR 200.30–3(a)(12).                              Estimated Annual Responses: 13,500.                 BILLING CODE P




                                             VerDate Sep<11>2014     17:21 Dec 21, 2015   Jkt 238001   PO 00000   Frm 00093   Fmt 4703   Sfmt 9990   E:\FR\FM\22DEN1.SGM   22DEN1



Document Created: 2015-12-22 02:31:22
Document Modified: 2015-12-22 02:31:22
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 79645 

2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR