81 FR 12160 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Pricing Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 45 (March 8, 2016)
Federal Register Volume 81, Issue 45 (March 8, 2016)
| Page Range | 12160-12162 | |
| FR Document | 2016-05123 |
[Federal Register Volume 81, Number 45 (Tuesday, March 8, 2016)] [Notices] [Pages 12160-12162] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-05123] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77283; File No. SR-Phlx-2016-30] Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Pricing Schedule March 3, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on February 26, 2016, NASDAQ PHLX LLC (``Phlx'' or the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange's Pricing Schedule to update the Pricing Schedule in various ways, (1) remove unnecessary rule text and footnotes; (2) update names of Nasdaq exchanges to reflect a recent name change; (3) update the current definitions to add detail and rearrange rule text; and (4) rename the Payment for Order Flow Fee. The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxphlx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. [[Page 12161]] A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to update its Pricing Schedule in various ways, which are explained below, to clarify its pricing. The Exchange proposes to specifically (1) remove unnecessary rule text and footnotes; (2) update names of the Exchange to reflect a recent name change; (3) update the current definitions to add detail and rearrange rule text; and (4) rename the Payment of Order Flow Fee. Remove Unnecessary Rule Text and Footnotes The Exchange proposes to remove unnecessary footnote numbers throughout the Pricing Schedule. The rule text contained within the footnotes will remain in the Pricing Schedule, the actual footnote numbers are being removed because the Exchange believes they are distracting and do not add clarity to the Pricing Schedule. The Exchange also proposes to remove the references to SOX, HGX and OSX in Section II of the Pricing Schedule, titled ``Multiply Listed Options Fees,'' because these symbols are currently only listed on Phlx and there is no confusion that they are Singly Listed symbols. These symbols were previously listed on The NASDAQ Options Market, LLC for some time, but this is no longer the case. SOX, HGX and OSX will continue to be subject to Section III pricing. The Exchange is also removing references to XDM, XEH, XEV and XDV in Section III, titled ``Singly Listed Options,'' as the Exchange no longer lists options overlying these securities. These rule changes are non-substantive. Name Changes The Exchange's name was recently updated \3\ from ``NASDAQ OMX PHLX LLC'' to ``NASDAQ PHLX LLC.'' The Exchange is amending its name in the Pricing Schedule along with references to ``NASDAQ OMX PSX,'' changing it to ``NASDAQ PSX,'' and NASDAQ OMX BX, Inc.'s name will be changed to NASDAQ BX, Inc.\4\ The Exchange proposes to update these names within the Pricing Schedule. The Exchange proposes to remove all references to ``OMX'' within the Pricing Schedule. These rule changes are non- substantive. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 76654 (December 15, 2015), 80 FR 79396 (December 21, 2015) (SR-Phlx-2015-105). \4\ See Securities Exchange Act Release No. 76656 (December 15, 2015), 80 FR 79381 (December 21, 2015) (SR-BX-2015-080). --------------------------------------------------------------------------- Definitions The Exchange proposes to relocate rule text currently located within the footnotes to the text of certain definitions so the Exchange may consolidate information. These rule changes are non-substantive. Rename Payment for Order Flow as Marketing Fee The Exchange is proposing to rename the ``Payment for Order Flow'' Fee or ``PFOF'' as the ``Marketing Fee.'' The Exchange believes that this reference to this fee is more appropriate. This rule change is non-substantive. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \5\ in general, and furthers the objectives of Section 6(b)(5) of the Act \6\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest, by bringing additional clarity to the Exchange's rules regarding pricing. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Remove Unnecessary Rule Text and Footnotes The Exchange's proposal to remove unnecessary footnote numbers throughout the Pricing Schedule will bring clarity to the Pricing Schedule. The Exchange believes that removing the actual numbers, while retaining the rule text, will remove these distracting footnotes and make the Pricing Schedule easier to read. Also, the Exchange proposes to remove the references to SOX, HGX and OSX in Section II, titled ``Multiply Listed Options Fees,'' of the Pricing Schedule. This change is consistent with the Act and the protection of investors because these symbols are currently only listed on Phlx and there is no confusion that they are Singly Listed symbols. These symbols were listed on The NASDAQ Options Market, LLC for some time, but this is no longer the case. The Exchange's proposal to remove references to XDM, XEH, XEV and XDV in Section III, titled ``Singly Listed Options,'' is consistent with the Act because the Exchange no longer lists options overlying these securities and removing these references will bring clarity to the Pricing Schedule. The Exchange believes that these rule changes are consistent with the Act because they protect investors and the public interest by clarifying rules. Name Changes The Exchange's proposal to update the Exchange's name, the references to PSX and NASDAQ BX and remove all references to ``OMX'' will also clarify the Pricing Schedule by using the proper updated names. The Exchange believes that these rule changes are consistent with the Act because they protect investors and the public interest by clarifying its rules. These rule changes are non-substantive. Definitions The Exchange's proposal to relocate rule text within the footnotes will provide members with consolidated information in one place on the Pricing Schedule. The Exchange believes that these rule changes are consistent with the Act because they protect investors and the public interest by clarifying its rules. The Exchange is not altering the definitions; these changes are non-substantive. Rename Payment for Order Flow as Marketing Fee The Exchange's proposal to rename ``Payment for Order Flow'' Fee or ``PFOF'' as the ``Marketing Fee'' is consistent with the Act because this non-substantive change will not impact pricing and is simply a name change. 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 not necessary or appropriate in furtherance of the purposes of the Act. Remove Unnecessary Rule Text and Footnotes The Exchange's proposal to remove unnecessary footnotes throughout the Pricing Schedule, remove the references to SOX, HGX and OSX in Section II and remove references to XDM, XEH, XEV and XDV in Section III are non-substantive rule changes which will not impose an undue burden on competition. Name Changes The Exchange's proposal to update the Exchange's name, the references to PSX and NASDAQ BX and remove references to ``OMX'' are non-substantive rule changes which will not impose an undue burden on competition. [[Page 12162]] Definitions The Exchange's proposal to relocate rule text currently located within the footnotes will provide members with consolidated information in one place on the Pricing Schedule. The relocation of the rule text is a non-substantive rule change which will not impose an undue burden on competition. Rename Payment for Order Flow as Marketing Fee The Exchange's proposal to rename ``Payment for Order Flow'' or ``PFOF'' as ``Marketing Fee'' is a non-substantive rule change which will not impose an undue burden on competition. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or 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 from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act \7\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\8\ --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(a)(iii). \8\ 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. --------------------------------------------------------------------------- The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange has stated that it is requesting this waiver because the Exchange would like to update its Pricing Schedule immediately to reflect these non-substantive changes and avoid investor confusion. The Exchange believes that it is important to immediately update its Pricing Schedule to reflect current proposed rule changes to that document. Also, the Exchange believes that the amendments will bring clarity to the Pricing Schedule. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because this waiver will enable the Exchange to update its Pricing Schedule immediately with these non- substantive changes and thereby make the Pricing Schedule clearer for investors, avoiding potential points of confusion. For this reason, the Commission hereby waives the 30-day operative delay requirement and designates the proposed rule change as operative upon filing.\9\ --------------------------------------------------------------------------- \9\ For purposes only 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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-Phlx-2016-30 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-Phlx-2016-30. 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-Phlx-2016-30, and should be submitted on or before March 29, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-05123 Filed 3-7-16; 8:45 am] BILLING CODE 8011-01-P
![12160 Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices
Notice is hereby given that, under the conversations with fund representatives, SECURITIES AND EXCHANGE
Paperwork Reduction Act of 1995 (44 we estimate that the total cost burden of COMMISSION
U.S.C. 3501 et seq.) (‘‘Paperwork compliance with the information
Reduction Act’’), the Securities and collection requirements of Form N–14 is [Release No. 34–77283; File No. SR-Phlx-
Exchange Commission (the approximately $27,500 for preparing 2016–30]
‘‘Commission’’) has submitted to the and filing an initial registration
Office of Management and Budget statement on Form N–14 and Self-Regulatory Organizations;
(‘‘OMB’’) a request for extension of the approximately $16,000 for preparing NASDAQ PHLX LLC; Notice of Filing
previously approved collection of and filing an amendment to a and Immediate Effectiveness of
information discussed below. Proposed Rule Change To Amend the
registration statement on Form N–14.
Form N–14 (17 CFR 239.23) is the Pricing Schedule
form for registration under the This includes, for example, the cost of
Securities Act of 1933 (15 U.S.C. 77a et goods and services purchased to prepare March 3, 2016.
seq.) (‘‘Securities Act’’) of securities and update registration statements on Pursuant to Section 19(b)(1) of the
issued by management investment Form N–14, such as for the services of Securities Exchange Act of 1934
companies registered under the outside counsel. Accordingly, we (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Investment Company Act of 1940 (15 calculate the total estimated annual cost notice is hereby given that on February
U.S.C. 80a–1 et seq.) (‘‘Investment burden of responding to Form N–14 to 26, 2016, NASDAQ PHLX LLC (‘‘Phlx’’
Company Act’’) and business be approximately $4,498,000. or the ‘‘Exchange’’) filed with the
development companies as defined by Estimates of the average burden hours Securities and Exchange Commission
Section 2(a)(48) of the Investment are made solely for the purposes of the (‘‘Commission’’) the proposed rule
Company Act in: (1) A transaction of the Paperwork Reduction Act and are not change as described in Items I and II
type specified in rule 145(a) under the derived from a comprehensive or even below, which Items have been prepared
Securities Act (17 CFR 230.145(a)); (2) a by the Exchange. The Commission is
representative survey or study of the
merger in which a vote or consent of the publishing this notice to solicit
costs of Commission rules and forms.
security holders of the company being comments on the proposed rule change
acquired is not required pursuant to The collection of information under
Form N–14 is mandatory. The from interested persons.
applicable state law; (3) an exchange
offer for securities of the issuer or information provided under Form N–14 I. Self-Regulatory Organization’s
another person; (4) a public reoffering or will not be kept confidential. An agency Statement of the Terms of Substance of
resale of any securities acquired in an may not conduct or sponsor, and a the Proposed Rule Change
offering registered on Form N–14; or (5) person is not required to respond to, a
The Exchange proposes to amend the
two or more of the transactions listed in collection of information unless it
Exchange’s Pricing Schedule to update
(1) through (4) registered on one displays a currently valid OMB control the Pricing Schedule in various ways,
registration statement. The principal number. (1) remove unnecessary rule text and
purpose of Form N–14 is to make The public may view the background footnotes; (2) update names of Nasdaq
material information regarding documentation for this information exchanges to reflect a recent name
securities to be issued in connection collection at the following Web site, change; (3) update the current
with business combination transactions definitions to add detail and rearrange
www.reginfo.gov. Comments should be
available to investors. The information rule text; and (4) rename the Payment
directed to: (i) Desk Officer for the
required to be filed with the for Order Flow Fee.
Commission permits verification of Securities and Exchange Commission,
compliance with securities law Office of Information and Regulatory The text of the proposed rule change
requirements and assures the public Affairs, Office of Management and is available on the Exchange’s Web site
availability and dissemination of such Budget, Room 10102, New Executive at http://
information. Without the registration Office Building, Washington, DC 20503, nasdaqomxphlx.cchwallstreet.com/, at
statement requirement, material or by sending an email to: Shagufta_ the principal office of the Exchange, and
information may not necessarily be Ahmed@omb.eop.gov; and (ii) Pamela at the Commission’s Public Reference
available to investors. Dyson, Director/Chief Information Room.
We estimate that approximately 124 Officer, Securities and Exchange II. Self-Regulatory Organization’s
funds each file one new registration Commission, c/o Remi Pavlik-Simon, Statement of the Purpose of, and
statement on Form N–14 annually, and 100 F Street NE., Washington, DC 20549 Statutory Basis for, the Proposed Rule
that 68 funds each file one amendment or send an email to: PRA_Mailbox@ Change
to a registration statement on Form N– sec.gov. Comments must be submitted to
14 annually. Based on conversations OMB within 30 days of this notice. In its filing with the Commission, the
with fund representatives, we estimate Exchange included statements
that the reporting burden is Dated: March 1, 2016. concerning the purpose of and basis for
approximately 620 hours per Robert W. Errett, the proposed rule change and discussed
respondent for a new Form N–14 Deputy Secretary. any comments it received on the
registration statement and 300 hours per [FR Doc. 2016–05044 Filed 3–7–16; 8:45 am] proposed rule change. The text of these
respondent for amending the Form N– statements may be examined at the
asabaliauskas on DSK3SPTVN1PROD with NOTICES
BILLING CODE 8011–01–P
14 registration statement. This time is places specified in Item IV below. The
spent, for example, preparing and Exchange has prepared summaries, set
reviewing the registration statements. forth in sections A, B, and C below, of
Accordingly, we calculate the total the most significant aspects of such
estimated annual internal burden of statements.
responding to Form N–14 to be
approximately 97,280 hours. In addition 1 15 U.S.C. 78s(b)(1).
to the burden hours, based on 2 17 CFR 240.19b–4.
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![12162 Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices
Definitions because this waiver will enable the those that may be withheld from the
The Exchange’s proposal to relocate Exchange to update its Pricing Schedule public in accordance with the
rule text currently located within the immediately with these non-substantive provisions of 5 U.S.C. 552, will be
footnotes will provide members with changes and thereby make the Pricing available for Web site viewing and
consolidated information in one place Schedule clearer for investors, avoiding printing in the Commission’s Public
on the Pricing Schedule. The relocation potential points of confusion. For this Reference Room, 100 F Street NE.,
of the rule text is a non-substantive rule reason, the Commission hereby waives Washington, DC 20549 on official
change which will not impose an undue the 30-day operative delay requirement business days between the hours of
burden on competition. and designates the proposed rule change 10:00 a.m. and 3:00 p.m. Copies of such
as operative upon filing.9 filing also will be available for
Rename Payment for Order Flow as At any time within 60 days of the inspection and copying at the principal
Marketing Fee filing of the proposed rule change, the office of the Exchange. All comments
The Exchange’s proposal to rename Commission summarily may received will be posted without change;
‘‘Payment for Order Flow’’ or ‘‘PFOF’’ as temporarily suspend such rule change if the Commission does not edit personal
‘‘Marketing Fee’’ is a non-substantive it appears to the Commission that such identifying information from
rule change which will not impose an action is: (i) Necessary or appropriate in submissions. You should submit only
undue burden on competition. the public interest; (ii) for the protection information that you wish to make
of investors; or (iii) otherwise in available publicly. All submissions
C. Self-Regulatory Organization’s furtherance of the purposes of the Act. should refer to File Number SR-Phlx–
Statement on Comments on the If the Commission takes such action, the 2016–30, and should be submitted on or
Proposed Rule Change Received From Commission shall institute proceedings before March 29, 2016.
Members, Participants, or Others to determine whether the proposed rule For the Commission, by the Division of
No written comments were either should be approved or disapproved. Trading and Markets, pursuant to delegated
solicited or received. authority.10
IV. Solicitation of Comments
III. Date of Effectiveness of the Robert W. Errett,
Interested persons are invited to Deputy Secretary.
Proposed Rule Change and Timing for submit written data, views, and
Commission Action arguments concerning the foregoing,
[FR Doc. 2016–05123 Filed 3–7–16; 8:45 am]
BILLING CODE 8011–01–P
Because the foregoing proposed rule including whether the proposed rule
change does not: (i) Significantly affect change is consistent with the Act.
the protection of investors or the public Comments may be submitted by any of SECURITIES AND EXCHANGE
interest; (ii) impose any significant the following methods: COMMISSION
burden on competition; and (iii) become
operative for 30 days from the date on Electronic Comments [Release No. 34–77277; File No. 4–657]
which it was filed, or such shorter time • Use the Commission’s Internet
as the Commission may designate, it has comment form (http://www.sec.gov/ Joint Industry Plan; Notice of Filing
become effective pursuant to Section rules/sro.shtml); or and Immediate Effectiveness of
19(b)(3)(A)(iii) of the Act 7 and • Send an email to rule-comments@ Amendment to the Plan To Implement
subparagraph (f)(6) of Rule 19b–4 sec.gov. Please include File Number SR– a Tick Size Pilot Program To Add
thereunder.8 Phlx–2016–30 on the subject line. National Stock Exchange, Inc. as a
The Exchange has asked the Participant
Paper Comments
Commission to waive the 30-day March 3, 2016.
operative delay so that the proposal may • Send paper comments in triplicate Pursuant to Section 11A(a)(3) of the
become operative immediately upon to Brent J. Fields, Secretary, Securities Securities Exchange Act of 1934
filing. The Exchange has stated that it is and Exchange Commission, 100 F Street (‘‘Exchange Act’’) 1 and Rule 608
requesting this waiver because the NE., Washington, DC 20549–1090. thereunder,2 notice is hereby given that
Exchange would like to update its All submissions should refer to File on February 5, 2016, National Stock
Pricing Schedule immediately to reflect Number SR-Phlx–2016–30. This file Exchange, Inc. (‘‘NSX’’ or the
these non-substantive changes and number should be included on the ‘‘Exchange’’) filed with the Securities
avoid investor confusion. The Exchange subject line if email is used. To help the and Exchange Commission
believes that it is important to Commission process and review your (‘‘Commission’’) 3 an amendment to the
immediately update its Pricing comments more efficiently, please use Plan to Implement a Tick Size Pilot
Schedule to reflect current proposed only one method. The Commission will Program (‘‘Plan’’).4 The amendment
rule changes to that document. Also, the post all comments on the Commission’s
Exchange believes that the amendments Internet Web site (http://www.sec.gov/ 10 17 CFR 200.30–3(a)(12).
will bring clarity to the Pricing rules/sro.shtml). Copies of the 1 15 U.S.C. 78k–1(a)(3).
Schedule. The Commission believes that submission, all subsequent 2 17 CFR 242.608.
waiving the 30-day operative delay is amendments, all written statements 3 See letter from James G. Buckley, Chief
consistent with the protection of Regulatory Officer, National Stock Exchange, Inc.,
with respect to the proposed rule to Brent J. Fields, Secretary, Securities and
investors and the public interest change that are filed with the Exchange Commission, dated February 4, 2016.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Commission, and all written 4 On May 6, 2015, the Commission issued an
7 15 U.S.C. 78s(b)(3)(a)(iii). communications relating to the order approving the Plan, as modified by the
8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– Commission, to be implemented within one year
proposed rule change between the
4(f)(6) requires a self-regulatory organization to give after the date of publication of the Order for a two-
the Commission written notice of its intent to file Commission and any person, other than year Pilot Period (the ‘‘Approval Order’’). See
the proposed rule change at least five business days Securities Exchange Act Release No. 74892 (May 6,
prior to the date of filing of the proposed rule 9 For purposes only of waiving the 30-day 2015), 80 FR 27513 (May 13, 2015). Thereafter, in
change, or such shorter time as designated by the operative delay, the Commission has considered the November 2015, the Commission issued an order
Commission. The Exchange has satisfied this proposed rule’s impact on efficiency, competition, granting the Participants an exemption from
requirement. and capital formation. See 15 U.S.C. 78c(f). implementing the Plan until October 3, 2016. See
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Document Created: 2018-02-02 15:10:21
Document Modified: 2018-02-02 15:10:21
| 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 | 81 FR 12160 |
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