80 FR 80425 - Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish the Securities Trader and Securities Trader Principal Registration Categories and To Establish the Series 57 Examination as the Appropriate Qualification Examination for Securities Traders
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 247 (December 24, 2015)
Federal Register Volume 80, Issue 247 (December 24, 2015)
| Page Range | 80425-80428 | |
| FR Document | 2015-32387 |
[Federal Register Volume 80, Number 247 (Thursday, December 24, 2015)] [Notices] [Pages 80425-80428] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-32387] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76691; File No. SR-MIAX-2015-71] Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish the Securities Trader and Securities Trader Principal Registration Categories and To Establish the Series 57 Examination as the Appropriate Qualification Examination for Securities Traders December 18, 2015. Pursuant to the provisions of 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 December 8, 2015, Miami International Securities Exchange LLC (``MIAX'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') a proposed rule change as described in Items I, II, and III below, of which Items I and II were prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend MIAX Rule 203, Qualification and Registration of Members and Associated Persons, MIAX Rule 1302, Registration of Representatives, and MIAX Rule 1304, Continuing Education for Registered Persons, to establish the Securities Trader and Securities Trader Principal registration categories, to establish the Series 57 examination as the appropriate qualification examination for Securities Traders replacing the Series 56 examination, and to establish S101 as the appropriate continuing education program for Securities Traders replacing the S501, from and after January 4, 2016. The text of the proposed rule change is available on the Exchange's Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, at MIAX's principal office, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its rules to establish the Securities Trader and Securities Trader Principal registration categories, to establish the Series 57 examination as the appropriate qualification examination for Securities Traders and retire the Series 56 examination for Proprietary Traders, and to establish S101 as the appropriate continuing education program for Securities Traders and retire the S501 continuing education program for Proprietary Traders, from and after January 4, 2016. The Exchange also proposes to amend its rules to provide for Web-based delivery of the continuing education regulatory element for registered persons. This filing is, in all material respects, based upon SR-FINRA-2015-017 and SR-FINRA-2015-015, which were recently approved by the Commission.\3\ --------------------------------------------------------------------------- \3\ See Securities Exchange Release No. 75783 (August 28, 2015), 80 FR 53369 (September 3, 2015) (approving SR-FINRA-2015-017) and Securities Exchange Act Release No. 75581 (July 31, 2015), 80 FR 47018 (August 6, 2015) (approving SR-FINRA-2015-015) collectively referred herein as the ``FINRA Amendments''. According to the approval orders, the Financial Industry Regulatory Authority's (``FINRA'') expected effective date for the FINRA Amendments is January 4, 2016. --------------------------------------------------------------------------- The Exchange proposes to amend MIAX Rule 203, Qualification and Registration of Members and Associated Persons, to add the registration categories of Securities Trader and Securities Trader Principal. The Exchange also proposes to amend MIAX Rule 1302, Registration of Representatives, to replace the Proprietary Traders qualification examination (Series 56) with the Securities Trader qualification examination (Series 57) and to amend MIAX Rule 1304, Continuing Education for Registered Persons, to specify the S101 Regulatory Element Continuing Education Program as the Continuing Education (``CE'') requirement for Securities Traders replacing the S501. The Exchange further proposes to amend Rule 1304 to provide for Web-based delivery of the CE Regulatory Element set forth in that rule and to amend MIAX Rule 203 to make other minor non-substantive revisions. Securities Trader Registration Category Under the Exchange's registration rules relating to securities trading activity, Members that are individuals and associated persons of Members must register with the Exchange in an appropriate category of registration.\4\ Such persons must register with the Exchange through the Central Registration Depository system operated [[Page 80426]] by FINRA (the ``Web CRD'') under MIAX in the category of registration appropriate to the function to be performed.\5\ Currently, under MIAX Rule 1302(e), a person engaged solely in proprietary trading on the Exchange is required to register with the Exchange and be qualified by passing the Proprietary Traders qualification examination (Series 56), however, MIAX Rule 1302(e) also allows a person engaged in proprietary trading on the Exchange to pass the General Securities Registered Representative Examination (Series 7) and maintain a Series 7 registration without being required to pass the Proprietary Traders qualification examination (Series 56). --------------------------------------------------------------------------- \4\ Members that are individuals and associated persons of Members engaged or to be engaged in the securities business of a Member shall be registered with the Exchange in the category of registration appropriate to the function to be performed in a form and manner prescribed by the Exchange. Before the registration can become effective, the individual Member or individual associated person shall submit the appropriate application for registration, pass a qualification examination appropriate to the category of registration in a form and manner prescribed by the Exchange and submit any required registration and examination fees. See Exchange Rule 203(a). \5\ See Exchange Rule 203, Interpretation and Policy .01. --------------------------------------------------------------------------- In consultation with FINRA and other exchanges, the Exchange proposes to establish a new Securities Trader registration category by adopting a new Rule 203(d) applicable to persons engaged solely in proprietary trading on the Exchange. Such persons would be required to register with the Exchange as Securities Traders and be qualified by passing the new Securities Trader qualification examination (Series 57) being implemented by FINRA. Specifically, Rule 203(d)(1) would require Members that are individuals and associated persons of Members to register with the Exchange as a Securities Trader if, with respect to transactions in equity, preferred or convertible debt securities, or foreign currency options on the Exchange, such person is engaged in proprietary trading, the execution of transactions on an agency basis, or the direct supervision of such activities (other than any person associated with a Member whose trading activities are conducted principally on behalf of an investment company that is registered with the Commission pursuant to the Investment Company Act of 1940 and that controls, is controlled by or is under common control, with the Member). Subparagraph (d)(2) would require an applicant to become qualified as a Securities Trader under Rule 1302(e) as proposed to be amended before registering in the new Securities Trader category. Subparagraph (d)(3) would also provide that a person registered as a Securities Trader would not be qualified to function in any other registration category, unless he or she is also separately qualified and registered in such other registration category. Rule 1302(e) as proposed to be amended would require that a person engaged solely in proprietary trading on the Exchange pass the new Series 57 qualification examination for Securities Traders being implemented by FINRA. Rule 1302(e) would also allow a person engaged in proprietary trading on the Exchange to be grandfathered as a Securities Trader without having to take the Securities Trader qualification examination (Series 57), if such person has passed the General Securities Registered Representative Examination (Series 7) and maintains a Series 7 registration or has passed the Proprietary Traders qualification examination (Series 56) and maintains a Proprietary Trader registration as of January 4, 2016, provided that no more than two years have passed between the date that the person last registered as a Proprietary Trader and the date such person registers as a Securities Trader in the Web CRD. Following January 4, 2016, all new candidates for Securities Trader registration must pass the Series 57 examination. They will not be permitted to pass the Series 7 in order to register as Securities Traders. The Series 7 requirement will continue to apply to candidates for General Securities Representative registration, but will not qualify candidates to register as Securities Traders. A person registered as a Proprietary Trader in Web CRD system on January 4, 2016 will be grandfathered as a Securities Trader without having to take any additional examinations and without having to take any other actions. In addition, individuals who were registered as a Proprietary Trader in the Web CRD system prior to January 4, 2016 will be eligible to register as Securities Traders without having to take any additional examinations, provided that no more than two years have passed between the date they were last registered as a Proprietary Trader and the date they register as a Securities Trader. Persons registered in the new Securities Trader category would be subject to the continuing education requirements of Rule 1304. The S501 Proprietary Trader CE Program is currently specified as the CE Regulatory Element applicable for registrants registered as Proprietary Traders by passing the Series 56 qualification examination. The S101 Regulatory Element CE Program is the CE Regulatory Element that applies to persons with a Series 7 registration, including those registered as Proprietary Traders by passing the Series 7 qualification examination. MIAX Rule 1304(a) as proposed to be amended would specify the S101 Regulatory Element CE Program as the appropriate CE Regulatory Element applicable to Securities Traders. The rule would leave in place the Proprietary Trader CE Program through January 4, 2016, the phase out date for the registration category of Proprietary Trader. From and after January 4, 2016, the S101 would become the appropriate CE Regulatory Element applicable to individuals maintaining a Series 7 or a Series 57. The S101 CE Regulatory Element content is being updated by FINRA to provide for a more comprehensive, complete and customized CE approach covering key aspects of a particular registered person's registration. Securities Trader Principal Registration Category In consultation with FINRA and other exchanges, the Exchange further proposes to establish a new Securities Trader Principal registration category by adopting a new Rule 203(c) applicable to persons responsible for the supervision of persons engaged in proprietary trading on the Exchange. Persons responsible for the supervision of persons engaged in proprietary trading on the Exchange would be required to register with the Exchange as Securities Trader Principals. The proposed rule change should allow MIAX to more easily track principals with supervisory responsibility over specific securities trading activities. Securities Trader Principals would be required to qualify by first registering as a Securities Trader under Rule 1302(e), and passing the new Securities Trader qualification examination (Series 57) being implemented by FINRA as well as passing the General Securities Principal qualification examination (Series 24). Specifically, Rule 203(c)(1) would require Members that are individuals and associated persons of Members within the definition of Options Principal in Rule 100 and who will have supervisory responsibility over the securities trading activities described in Rule 203(d) (i.e., the activities engaged in by Securities Traders) to become qualified and registered as a Securities Trader Principal. To qualify for registration as a Securities Trader Principal, such person shall become qualified and registered as a Securities Trader under Rule 1302(e) and pass the General Securities Principal qualification examination (Series 24). A person who is qualified and registered as a Securities Trader Principal under the proposed rule would only have supervisory responsibility over the securities trading activities specified in Rule 203(d), unless such person were separately qualified and registered in another appropriate principal registration [[Page 80427]] category, such as the General Securities Principal registration category. Subparagraph (c)(2) would make clear that a registered General Securities Principal would not be qualified to supervise the securities trading activities described in Rule 203(d), unless such person also qualified and registered as a Securities Trader under Rule 1302(e) by passing the Securities Trader qualification examination and registering as a Securities Trader Principal. A person registered as a Proprietary Trader Principal in the Web CRD system on January 4, 2016 will be eligible to register as a Securities Trader Principal without having to take any additional examinations. An individual who was registered as a Proprietary Trader Principal in the Web CRD system prior to the effective date of the proposed rule change will also be eligible to register as a Securities Trader Principal without having to take any additional examinations, provided that no more than two years have passed between the date they were last registered as an Options Principal and the date they register as a Securities Trader Principal. Members, however, will be required to affirmatively register persons transitioning to the proposed registration category as Securities Trader Principals on or after January 4, 2016. Delivery of the Regulatory Element In consultation with FINRA and other exchanges, the Exchange further proposes to provide for Web-based delivery of the CE Regulatory for registered persons. As proposed to be amended, MIAX Rule 1304 would specify in a new subparagraph (a)(4) that the CE Regulatory Element set forth in the rule will be administered through Web-based delivery or such other technological manner and format as specified by the Exchange from and after January 4, 2016. Most registered persons currently complete the Regulatory Element in a test center and the remainder do so in-firm. Given the advances in Web-based technology, the Exchange believes that there is diminishing utility in the test center and in- firm CE delivery methods. The Exchange notes that the Web-based format will include safeguards to authenticate the identity of the CE candidate. Moreover, according to FINRA, registered persons have raised concerns with the current test center delivery method because of the travel involved, the limited time currently available to complete a Regulatory Element session and the use of rigorous security measures at test centers, which are appropriate for taking qualification examinations, but onerous for a CE program.\6\ Also, according to FINRA, the test center is expensive to operate.\7\ --------------------------------------------------------------------------- \6\ See supra note 3. \7\ Id. --------------------------------------------------------------------------- Other Clarifying Changes In addition to the changes set forth above, the Exchange proposes to make the following non-substantive clarifying changes to Rule 203: (i) Re-letter the paragraphs following new Rules 203(c) and (d), (ii) remove the word ``Exam'' in the parenthetical in subparagraph (e) for consistency with other references to examinations in MIAX's rulebook, (iii) add a colon at the end of the subparagraph (f), and (iv) correct the reference to the Securities Exchange Act of 1934, as the ``Act'' to the defined term of ``Exchange Act'' in subparagraph (f)(1). These clarifying changes would make the rule more concise, clear and understandable, and eliminate the potential for confusion. Within 30 days of filing the proposed rule change, the Exchange will issue a Regulatory Circular announcing the operative date of the rule change, which will not be sooner than January 4, 2016. 2. Statutory Basis MIAX believes that its proposed rule change is consistent with Section 6(b) of the Act \8\ in general, and furthers the objectives of Section 6(b)(5) of the Act \9\ in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange further believes its proposed rule change is consistent with Section 6(c) of the Act \10\ in general, and in particular, furthers the objectives of Section 6(c)(3) of the Act,\11\ which authorizes the Exchange to prescribe standards of training, experience and competence for Members and persons associated with the Members. The Exchange believes that the requirements of the Securities Trader and Securities Trader Principal registration categories, the new Securities Trader qualification examination and continuing education requirement, as well as Web-based delivery of the continuing education requirement, should help ensure that proprietary traders and the principals who supervise proprietary traders and proprietary trading are, and will continue to be, properly trained and qualified to perform their functions which should protect investors and the public interest. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(c). \11\ 15 U.S.C. 78f(c)(3). --------------------------------------------------------------------------- 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. Implementation of the proposed changes to MIAX registration rules in coordination with the FINRA Amendments does not present any competitive issues, but rather is designed to provide less burdensome and more efficient regulatory compliance for Members and enhance the ability of the Exchange to fairly and efficiently regulate Members, which will further enhance competition. Additionally, the proposed rule change should not affect intra-market competition because all similarly situated representatives and principals will be required to complete the same qualification examinations and maintain the same registrations. Finally, the proposed rule change does not impose any additional examination burdens on persons who are already registered. There is no obligation to take the proposed new Series 57 examination in order to continue in their present duties, so the proposed rule change is not expected to disadvantage current registered persons relative to new entrants in this regard. 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 Because the foregoing proposed rule change 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 after the date of the filing, or such shorter time as the Commission may designate, it has become effective pursuant to 19(b)(3)(A) [[Page 80428]] of the Act \12\ and Rule 19b-4(f)(6) \13\ thereunder. The Exchange has requested that the Commission waive the thirty-day operative delay so that the proposal may become operative as of January 4, 2016. The Exchange states that waiving the thirty-day delay would enable it to implement the Securities Trader and Securities Trader Principal registration categories, and their respective examination and continuing education requirements, at the same time as FINRA and the other national securities exchanges. The Commission believes that waiving the thirty day delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the thirty-day operative delay and designates the proposal operative as of January 4, 2016.\14\ --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give 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. The Exchange has satisfied this requirement. \14\ For purposes of waiving the 30-day 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 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. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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: 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- MIAX-2015-71 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-MIAX-2015-71. 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-MIAX-2015-71 and should be submitted on or before January 14, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-32387 Filed 12-23-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 247 / Thursday, December 24, 2015 / Notices 80425
the Commission pursuant to Exchange Securities and Exchange Commission program for Securities Traders and
Act Section 12(g) because it is (‘‘Commission’’) a proposed rule change retire the S501 continuing education
delinquent in its periodic filings with as described in Items I, II, and III below, program for Proprietary Traders, from
the Commission, having not filed any of which Items I and II were prepared and after January 4, 2016. The Exchange
periodic reports since it filed a Form by the Exchange. The Commission is also proposes to amend its rules to
20–FR–12G on August 31, 2004. On publishing this notice to solicit provide for Web-based delivery of the
February 19, 2015, Corporation Finance comments on the proposed rule change continuing education regulatory
sent a delinquency letter to SHVLF from interested persons. element for registered persons. This
requesting compliance with its periodic filing is, in all material respects, based
I. Self-Regulatory Organization’s
filing requirements but SHVLF did not upon SR–FINRA–2015–017 and SR–
Statement of the Terms of Substance of
receive the delinquency letter due to its FINRA–2015–015, which were recently
the Proposed Rule Change
failure to maintain a valid address on approved by the Commission.3
file with the Commission as required by The Exchange proposes to amend The Exchange proposes to amend
Commission rules (Rule 301 of MIAX Rule 203, Qualification and MIAX Rule 203, Qualification and
Regulation S–T, 17 CFR 232.301 and Registration of Members and Associated Registration of Members and Associated
Section 5.4 of EDGAR Filer Manual). As Persons, MIAX Rule 1302, Registration Persons, to add the registration
of December 9, 2015, the common of Representatives, and MIAX Rule categories of Securities Trader and
shares of SHVLF were quoted on OTC 1304, Continuing Education for Securities Trader Principal. The
Link, had seven market makers, and Registered Persons, to establish the Exchange also proposes to amend MIAX
were eligible for the ‘‘piggyback’’ Securities Trader and Securities Trader Rule 1302, Registration of
exception of Exchange Act Rule 15c2– Principal registration categories, to Representatives, to replace the
11(f)(3). establish the Series 57 examination as Proprietary Traders qualification
The Commission is of the opinion that the appropriate qualification examination (Series 56) with the
the public interest and the protection of examination for Securities Traders Securities Trader qualification
investors require a suspension of trading replacing the Series 56 examination, examination (Series 57) and to amend
in the securities of the above-listed and to establish S101 as the appropriate MIAX Rule 1304, Continuing Education
companies. Therefore, it is ordered, continuing education program for for Registered Persons, to specify the
pursuant to Section 12(k) of the Securities Traders replacing the S501, S101 Regulatory Element Continuing
Securities Exchange Act of 1934, that from and after January 4, 2016. Education Program as the Continuing
trading in the securities of the above- The text of the proposed rule change Education (‘‘CE’’) requirement for
listed companies is suspended for the is available on the Exchange’s Web site Securities Traders replacing the S501.
period from 9:30 a.m. EST on December at http://www.miaxoptions.com/filter/ The Exchange further proposes to
22, 2015, through 11:59 p.m. EST on wotitle/rule_filing, at MIAX’s principal amend Rule 1304 to provide for Web-
January 6, 2016. office, and at the Commission’s Public based delivery of the CE Regulatory
By the Commission. Reference Room. Element set forth in that rule and to
amend MIAX Rule 203 to make other
Jill M. Peterson, II. Self-Regulatory Organization’s
minor non-substantive revisions.
Assistant Secretary. Statement of the Purpose of, and
[FR Doc. 2015–32576 Filed 12–22–15; 4:15 pm] Statutory Basis for, the Proposed Rule Securities Trader Registration Category
BILLING CODE P Change Under the Exchange’s registration
In its filing with the Commission, the rules relating to securities trading
Exchange included statements activity, Members that are individuals
SECURITIES AND EXCHANGE concerning the purpose of and basis for and associated persons of Members
COMMISSION the proposed rule change and discussed must register with the Exchange in an
[Release No. 34–76691; File No. SR–MIAX– any comments it received on the appropriate category of registration.4
2015–71] proposed rule change. The text of these Such persons must register with the
statements may be examined at the Exchange through the Central
Self-Regulatory Organizations; Miami places specified in Item IV below. The Registration Depository system operated
International Securities Exchange, Exchange has prepared summaries, set
LLC; Notice of Filing and Immediate forth in sections A, B, and C below, of 3 See Securities Exchange Release No. 75783
Effectiveness of a Proposed Rule the most significant aspects of such (August 28, 2015), 80 FR 53369 (September 3, 2015)
(approving SR–FINRA–2015–017) and Securities
Change To Establish the Securities statements. Exchange Act Release No. 75581 (July 31, 2015), 80
Trader and Securities Trader Principal FR 47018 (August 6, 2015) (approving SR–FINRA–
Registration Categories and To A. Self-Regulatory Organization’s 2015–015) collectively referred herein as the
Establish the Series 57 Examination as Statement of the Purpose of, and ‘‘FINRA Amendments’’. According to the approval
the Appropriate Qualification Statutory Basis for, the Proposed Rule orders, the Financial Industry Regulatory
Change Authority’s (‘‘FINRA’’) expected effective date for
Examination for Securities Traders the FINRA Amendments is January 4, 2016.
1. Purpose 4 Members that are individuals and associated
December 18, 2015. persons of Members engaged or to be engaged in the
Pursuant to the provisions of Section The Exchange proposes to amend its securities business of a Member shall be registered
19(b)(1) of the Securities Exchange Act rules to establish the Securities Trader with the Exchange in the category of registration
appropriate to the function to be performed in a
mstockstill on DSK4VPTVN1PROD with NOTICES
of 1934 (‘‘Act’’) 1 and Rule 19b–4 and Securities Trader Principal
form and manner prescribed by the Exchange.
thereunder,2 notice is hereby given that registration categories, to establish the Before the registration can become effective, the
on December 8, 2015, Miami Series 57 examination as the individual Member or individual associated person
International Securities Exchange LLC appropriate qualification examination shall submit the appropriate application for
for Securities Traders and retire the registration, pass a qualification examination
(‘‘MIAX’’ or ‘‘Exchange’’) filed with the appropriate to the category of registration in a form
Series 56 examination for Proprietary and manner prescribed by the Exchange and submit
1 15 U.S.C. 78s(b)(1). Traders, and to establish S101 as the any required registration and examination fees. See
2 17 CFR 240.19b–4. appropriate continuing education Exchange Rule 203(a).
VerDate Sep<11>2014 17:57 Dec 23, 2015 Jkt 238001 PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 E:\FR\FM\24DEN1.SGM 24DEN1](https://thefederalregister.org/doc/80_FR_80672/page/1.svg)
![80428 Federal Register / Vol. 80, No. 247 / Thursday, December 24, 2015 / Notices
of the Act 12 and Rule 19b–4(f)(6) 13 All submissions should refer to File 15, 2015, BATS Exchange, Inc. (the
thereunder. The Exchange has requested Number SR–MIAX–2015–71. This file ‘‘Exchange’’ or ‘‘BATS’’) filed with the
that the Commission waive the thirty- number should be included on the Securities and Exchange Commission
day operative delay so that the proposal subject line if email is used. To help the (‘‘Commission’’) the proposed rule
may become operative as of January 4, Commission process and review your change as described in Items I, II, and
2016. The Exchange states that waiving comments more efficiently, please use III below, which Items have been
the thirty-day delay would enable it to only one method. The Commission will prepared by the Exchange. The
implement the Securities Trader and post all comments on the Commission’s Exchange has designated the proposed
Securities Trader Principal registration Internet Web site (http://www.sec.gov/ rule change as one establishing or
categories, and their respective rules/sro.shtml). changing a member due, fee, or other
examination and continuing education Copies of the submission, all charge imposed by the Exchange under
requirements, at the same time as subsequent amendments, all written Section 19(b)(3)(A)(ii) of the Act 3 and
FINRA and the other national securities statements with respect to the proposed Rule 19b–4(f)(2) thereunder,4 which
exchanges. The Commission believes rule change that are filed with the renders the proposed rule change
that waiving the thirty day delay is Commission, and all written effective upon filing with the
consistent with the protection of communications relating to the Commission. The Commission is
investors and the public interest. proposed rule change between the publishing this notice to solicit
Therefore, the Commission hereby Commission and any person, other than comments on the proposed rule change
waives the thirty-day operative delay those that may be withheld from the from interested persons.
and designates the proposal operative as public in accordance with the
provisions of 5 U.S.C. 552, will be I. Self-Regulatory Organization’s
of January 4, 2016.14
available for Web site viewing and Statement of the Terms of Substance of
At any time within 60 days of the
printing in the Commission’s Public the Proposed Rule Change
filing of the proposed rule change, the
Commission summarily may Reference Room, 100 F Street NE., The Exchange filed a proposal to
temporarily suspend such rule change if Washington, DC 20549, on official amend the fee schedule applicable to
it appears to the Commission that such business days between the hours of Members 5 and non-members of the
action is necessary or appropriate in the 10:00 a.m. and 3:00 p.m. Copies of the Exchange pursuant to BATS Rules
public interest, for the protection of filing also will be available for 15.1(a) and (c) (‘‘Fee Schedule’’) to
investors, or otherwise in furtherance of inspection and copying at the principal adopt fees for the recently adopted
the purposes of the Act. If the office of the Exchange. All comments ALLB routing strategy. The Exchange
Commission takes such action, the received will be posted without change; also proposes to amend the Fee Codes
Commission shall institute proceedings the Commission does not edit personal
and Associated Fees table of the Fee
to determine whether the proposed rule identifying information from
Schedule to indicate the amount of the
should be approved or disapproved. submissions. You should submit only
fees and rebates as five decimal points,
information that you wish to make
IV. Solicitation of Comments rather than four decimal points, by
available publicly. All submissions
adding a zero to the end of each fee and
Interested persons are invited to should refer to File Number SR–MIAX–
rebate.
submit written data, views, and 2015–71 and should be submitted on or
before January 14, 2016. The text of the proposed rule change
arguments concerning the foregoing, is available at the Exchange’s Web site
including whether the proposed rule For the Commission, by the Division of at www.batstrading.com, at the
change is consistent with the Act. Trading and Markets, pursuant to delegated
authority.15 principal office of the Exchange, and at
Comments may be submitted by any of the Commission’s Public Reference
the following methods: Robert W. Errett,
Room.
Deputy Secretary.
Electronic Comments II. Self-Regulatory Organization’s
[FR Doc. 2015–32387 Filed 12–23–15; 8:45 am]
• Use the Commission’s Internet BILLING CODE 8011–01–P Statement of the Purpose of, and
comment form (http://www.sec.gov/ Statutory Basis for, the Proposed Rule
rules/sro.shtml); or Change
• Send an email to rule-comments@ SECURITIES AND EXCHANGE
sec.gov. Please include File Number SR- In its filing with the Commission, the
COMMISSION
MIAX–2015–71 on the subject line. Exchange included statements
[Release No. 34–76688; File No. SR–BATS– concerning the purpose of and basis for
Paper Comments 2015–114] the proposed rule change and discussed
• Send paper comments in triplicate Self-Regulatory Organizations; BATS
any comments it received on the
to Brent J. Fields, Secretary, Securities proposed rule change. The text of these
Exchange, Inc.; Notice of Filing and statements may be examined at the
and Exchange Commission, 100 F Street Immediate Effectiveness of a Proposed
NE., Washington, DC 20549–1090. places specified in Item IV below. The
Rule Change Related to ALLB Routing Exchange has prepared summaries, set
12 15
and Other Fees for Use of BATS forth in Sections A, B, and C below, of
U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
Exchange, Inc. the most significant parts of such
4(f)(6) requires a self-regulatory organization to give December 18, 2015. statements.
the Commission written notice of its intent to file
mstockstill on DSK4VPTVN1PROD with NOTICES
the proposed rule change at least five business days Pursuant to Section 19(b)(1) of the
prior to the date of filing of the proposed rule Securities Exchange Act of 1934 (the 3 15 U.S.C. 78s(b)(3)(A)(ii).
change, or such shorter time as designated by the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 4 17 CFR 240.19b–4(f)(2).
Commission. The Exchange has satisfied this 5 The term ‘‘Member’’ is defined as ‘‘any
requirement.
notice is hereby given that on December
registered broker or dealer that has been admitted
14 For purposes of waiving the 30-day operative to membership in the Exchange. A Member will
15 17 CFR 200.30–3(a)(12).
delay, the Commission has considered the proposed have the status of a ‘‘member’’ of the Exchange as
1 15 U.S.C. 78s(b)(1).
rule’s impact on efficiency, competition, and capital that term is defined in Section 3(a)(3) of the Act.’’
formation. See 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. See Exchange Rule 1.5(n).
VerDate Sep<11>2014 17:57 Dec 23, 2015 Jkt 238001 PO 00000 Frm 00117 Fmt 4703 Sfmt 4703 E:\FR\FM\24DEN1.SGM 24DEN1](https://thefederalregister.org/doc/80_FR_80672/page/4.svg)
Document Created: 2015-12-24 02:25:06
Document Modified: 2015-12-24 02:25:06
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 80425 |
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