81 FR 12177 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending the Fees for NYSE Proprietary Market Data as They Apply to Federal Agency Customers
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 45 (March 8, 2016)
Federal Register Volume 81, Issue 45 (March 8, 2016)
| Page Range | 12177-12178 | |
| FR Document | 2016-05120 |
[Federal Register Volume 81, Number 45 (Tuesday, March 8, 2016)] [Notices] [Pages 12177-12178] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-05120] [[Page 12177]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77280; File No. SR-NYSE-2016-19] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending the Fees for NYSE Proprietary Market Data as They Apply to Federal Agency Customers March 3, 2016. 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 February 29, 2016, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III 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 Substance of the Proposed Rule Change The Exchange proposes to amend the fees for NYSE proprietary market data as they apply to Federal agency customers. 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the NYSE Proprietary Market Data Fee Schedule (``Fee Schedule''), to provide that market data fees do not apply to any Federal agency for their use of NYSE real-time proprietary market data products. The term ``Federal agency'' as used in the Fee Schedule would include all Federal agencies subject to the Federal Acquisition Regulation (FAR),\4\ as well as any Federal agency not subject to FAR that has promulgated its own procurement rules.\5\ --------------------------------------------------------------------------- \4\ FAR is the principal set of rules governing the process by which the U.S. federal government purchases goods and services. \5\ See 48 CFR 2.101. FAR defines ``Federal agency'' as ``any executive agency or any independent establishment in the legislative or judicial branch of the Government (except the Senate, the House of Representatives, the Architect of the Capitol, and any activities under the Architect's direction).'' ``Executive agency'' is defined as ``an executive department, a military department, or any independent establishment within the meaning of 5 U.S.C. 101, 102, and 104(1), respectively, and any wholly owned Government corporation within the meaning of 31 U.S.C. 9101.'' --------------------------------------------------------------------------- The Exchange is proposing to specify that access fees, professional user fees and non-display fees do not apply to Federal agencies for those products to which those fees apply.\6\ The proposal is designed to allow the Exchange to provide Federal agencies with NYSE real-time proprietary market data products at no cost in support of Federal agencies' regulatory responsibilities. With the adoption of the proposed fee waiver, the Exchange is not waiving any of its contractual rights and all Federal agencies that subscribe to NYSE real-time proprietary market data products will be required to execute the appropriate subscriber agreement, which includes, among other things, provisions against the redistribution of data. --------------------------------------------------------------------------- \6\ These products are currently NYSE Integrated Feed, NYSE OpenBook, NYSE BBO, NYSE Trades, NYSE BQT, NYSE Order Imbalances, NYSE Alerts and NYSE Bonds. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\7\ in general, and Sections 6(b)(4) and 6(b)(5) of the Act,\8\ in particular, in that it provides an equitable allocation of reasonable fees among users and recipients of the data and is not designed to permit unfair discrimination among customers, issuers, and brokers. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4), (5). --------------------------------------------------------------------------- The Exchange believes the proposal to eliminate the access fees, display fees for professional users, and non-display fees associated with its proprietary market data products for customers that are Federal agencies is reasonable, equitable and not unfairly discriminatory because it is designed to facilitate federal government regulation without giving an undue advantage to one set of commercial users over another. The Exchange believes that it is reasonable to assess no fees to Federal agencies that subscribe to the Exchange's proprietary market data products because Federal agencies do not use the Exchange's proprietary market data for commercial gain, but only for regulatory purposes. 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. In setting the proposed fees, the Exchange considered the competitiveness of the market for proprietary data and all of the implications of that competition. The Federal agencies that will benefit from the proposed rule change, however, do not use the Exchange's proprietary market data products for commercial purposes and do not compete with commercial users of the data. The Exchange believes that it has considered all relevant factors and has not considered irrelevant factors in order to establish fair, reasonable, and not unreasonably discriminatory fees and an equitable allocation of fees among all users. 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 The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) \9\ of the Act and subparagraph (f)(2) of Rule 19b- 4 \10\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- [[Page 12178]] 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) \11\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \11\ 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: 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-NYSE-2016-19 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-NYSE-2016-19. 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-NYSE-2016-19 and should be submitted on or before March 29, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-05120 Filed 3-7-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices 12177
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s discrimination among customers,
COMMISSION Statement of the Purpose of, and the issuers, and brokers.
Statutory Basis for, the Proposed Rule The Exchange believes the proposal to
[Release No. 34–77280; File No. SR–NYSE– Change eliminate the access fees, display fees
2016–19] 1. Purpose for professional users, and non-display
fees associated with its proprietary
The Exchange proposes to amend the market data products for customers that
Self-Regulatory Organizations; New
NYSE Proprietary Market Data Fee are Federal agencies is reasonable,
York Stock Exchange LLC; Notice of
Schedule (‘‘Fee Schedule’’), to provide equitable and not unfairly
Filing and Immediate Effectiveness of that market data fees do not apply to
a Proposed Rule Change Amending discriminatory because it is designed to
any Federal agency for their use of facilitate federal government regulation
the Fees for NYSE Proprietary Market NYSE real-time proprietary market data
Data as They Apply to Federal Agency without giving an undue advantage to
products. The term ‘‘Federal agency’’ as one set of commercial users over
Customers used in the Fee Schedule would include another. The Exchange believes that it is
all Federal agencies subject to the reasonable to assess no fees to Federal
March 3, 2016.
Federal Acquisition Regulation (FAR),4 agencies that subscribe to the
Pursuant to Section 19(b)(1) 1 of the as well as any Federal agency not
Exchange’s proprietary market data
Securities Exchange Act of 1934 (the subject to FAR that has promulgated its
products because Federal agencies do
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 own procurement rules.5
The Exchange is proposing to specify not use the Exchange’s proprietary
notice is hereby given that, on February market data for commercial gain, but
29, 2016, New York Stock Exchange that access fees, professional user fees
and non-display fees do not apply to only for regulatory purposes.
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange Federal agencies for those products to B. Self-Regulatory Organization’s
Commission (the ‘‘Commission’’) the which those fees apply.6 The proposal Statement on Burden on Competition
proposed rule change as described in is designed to allow the Exchange to
provide Federal agencies with NYSE The Exchange does not believe that
Items I, II, and III below, which Items the proposed rule change will impose
real-time proprietary market data
have been prepared by the self- any burden on competition that is not
products at no cost in support of Federal
regulatory organization. The necessary or appropriate in furtherance
agencies’ regulatory responsibilities.
Commission is publishing this notice to With the adoption of the proposed fee of the purposes of the Act. In setting the
solicit comments on the proposed rule waiver, the Exchange is not waiving any proposed fees, the Exchange considered
change from interested persons. of its contractual rights and all Federal the competitiveness of the market for
agencies that subscribe to NYSE real- proprietary data and all of the
I. Self-Regulatory Organization’s implications of that competition. The
Statement of the Terms of Substance of time proprietary market data products
will be required to execute the Federal agencies that will benefit from
the Proposed Rule Change the proposed rule change, however, do
appropriate subscriber agreement,
The Exchange proposes to amend the which includes, among other things, not use the Exchange’s proprietary
fees for NYSE proprietary market data as provisions against the redistribution of market data products for commercial
they apply to Federal agency customers. data. purposes and do not compete with
commercial users of the data. The
The proposed rule change is available 2. Statutory Basis Exchange believes that it has considered
on the Exchange’s Web site at
The Exchange believes that the all relevant factors and has not
www.nyse.com, at the principal office of proposed rule change is consistent with considered irrelevant factors in order to
the Exchange, and at the Commission’s the provisions of Section 6 of the Act,7 establish fair, reasonable, and not
Public Reference Room. in general, and Sections 6(b)(4) and unreasonably discriminatory fees and an
II. Self-Regulatory Organization’s 6(b)(5) of the Act,8 in particular, in that equitable allocation of fees among all
Statement of the Purpose of, and it provides an equitable allocation of users.
Statutory Basis for, the Proposed Rule reasonable fees among users and
C. Self-Regulatory Organization’s
Change recipients of the data and is not
designed to permit unfair Statement on Comments on the
Proposed Rule Change Received From
In its filing with the Commission, the Members, Participants, or Others
4 FAR is the principal set of rules governing the
self-regulatory organization included
process by which the U.S. federal government No written comments were solicited
statements concerning the purpose of, purchases goods and services.
and basis for, the proposed rule change 5 See 48 CFR 2.101. FAR defines ‘‘Federal or received with respect to the proposed
and discussed any comments it received agency’’ as ‘‘any executive agency or any rule change.
on the proposed rule change. The text independent establishment in the legislative or
judicial branch of the Government (except the III. Date of Effectiveness of the
of those statements may be examined at Senate, the House of Representatives, the Architect Proposed Rule Change and Timing for
the places specified in Item IV below. of the Capitol, and any activities under the Commission Action
The Exchange has prepared summaries, Architect’s direction).’’ ‘‘Executive agency’’ is
set forth in sections A, B, and C below,
defined as ‘‘an executive department, a military The foregoing rule change is effective
department, or any independent establishment upon filing pursuant to Section
asabaliauskas on DSK3SPTVN1PROD with NOTICES
of the most significant parts of such within the meaning of 5 U.S.C. 101, 102, and
104(1), respectively, and any wholly owned 19(b)(3)(A) 9 of the Act and
statements.
Government corporation within the meaning of 31 subparagraph (f)(2) of Rule 19b–4 10
U.S.C. 9101.’’ thereunder, because it establishes a due,
6 These products are currently NYSE Integrated
fee, or other charge imposed by the
Feed, NYSE OpenBook, NYSE BBO, NYSE Trades,
NYSE BQT, NYSE Order Imbalances, NYSE Alerts
Exchange.
1 15 U.S.C.78s(b)(1). and NYSE Bonds.
2 15 U.S.C. 78a. 7 15 U.S.C. 78f(b). 9 15 U.S.C. 78s(b)(3)(A).
3 17 CFR 240.19b–4. 8 15 U.S.C. 78f(b)(4), (5). 10 17 CFR 240.19b–4(f)(2).
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![12178 Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices
At any time within 60 days of the inspection and copying at the principal hearing. Interested persons may request
filing of such proposed rule change, the office of the Exchange. All comments a hearing by writing to the
Commission summarily may received will be posted without change; Commission’s Secretary and serving
temporarily suspend such rule change if the Commission does not edit personal applicants with a copy of the request,
it appears to the Commission that such identifying information from personally or by mail. Hearing requests
action is necessary or appropriate in the submissions. You should submit only should be received by the Commission
public interest, for the protection of information that you wish to make by 5:30 p.m. on March 28, 2016, and
investors, or otherwise in furtherance of available publicly. All submissions should be accompanied by proof of
the purposes of the Act. If the should refer to File Number SR–NYSE– service on applicants, in the form of an
Commission takes such action, the 2016–19 and should be submitted on or affidavit or, for lawyers, a certificate of
Commission shall institute proceedings before March 29, 2016. service. Hearing requests should state
under Section 19(b)(2)(B) 11 of the Act to For the Commission, by the Division of the nature of the writer’s interest, the
determine whether the proposed rule Trading and Markets, pursuant to delegated reason for the request, and the issues
change should be approved or authority.12 contested. Persons who wish to be
disapproved. Robert W. Errett, notified of a hearing may request
Deputy Secretary. notification by writing to the
IV. Solicitation of Comments
[FR Doc. 2016–05120 Filed 3–7–16; 8:45 am]
Commission’s Secretary.
Interested persons are invited to ADDRESSES: Secretary, U.S. Securities
submit written data, views, and BILLING CODE 8011–01–P
and Exchange Commission, 100 F Street
arguments concerning the foregoing, NE., Washington, DC 20549–1090;
including whether the proposed rule Applicant: 2000 Avenue of the Stars,
SECURITIES AND EXCHANGE
change is consistent with the Act. 12th Floor, Los Angeles, CA 90067.
COMMISSION
Comments may be submitted by any of
FOR FURTHER INFORMATION CONTACT:
the following methods: [Investment Company Act Release No.
32020; 813–00385] James D. McGinnis, Attorney-Advisor,
Electronic Comments at (202) 551–3025, or Sara Crovitz,
• Use the Commission’s Internet Ares Management LLC; Notice of Assistant Chief Counsel, at (202) 551–
comment form (http://www.sec.gov/ Application 6720 (Division of Investment
rules/sro.shtml); or Management, Chief Counsel’s Office).
March 2, 2016.
• Send an email to rule- SUPPLEMENTARY INFORMATION: The
comments@sec.gov. Please include File AGENCY: Securities and Exchange following is a summary of the
Number SR–NYSE–2016–19 on the Commission (‘‘Commission’’). application. The complete application
subject line. ACTION: Notice of application for an may be obtained via the Commission’s
order under sections 6(b) and 6(e) of the Web site by searching for the file
Paper Comments Investment Company Act of 1940 (the number, or for an applicant using the
• Send paper comments in triplicate ‘‘Act’’) granting an exemption from all Company name box, at http://
to Secretary, Securities and Exchange provisions of the Act and the rules and www.sec.gov/search/search.htm or by
Commission, 100 F Street NE., regulations thereunder, except sections calling (202) 551–8090.
Washington, DC 20549–1090. 9, 17, 30, and 36 through 53 of the Act,
All submissions should refer to File and the rules and regulations Applicant’s Representations
Number SR–NYSE–2016–19. This file thereunder (the ‘‘Rules and 1. The Company is a Delaware limited
number should be included on the Regulations’’). With respect to sections liability company, and together with its
subject line if email is used. To help the ‘‘affiliates,’’ as defined in rule 12b–2
17(a), (d), (f), (g) and (j) and 30(a), (b),
Commission process and review your (e), and (h) of the Act, and the Rules and under the Securities Exchange Act of
comments more efficiently, please use Regulations, and rule 38a–1 under the 1934 (the ‘‘Exchange Act’’) (collectively,
only one method. The Commission will Act, the exemption is limited as set ‘‘Ares,’’ and each, an ‘‘Ares entity’’),
post all comments on the Commission’s forth in the application. may organize certain partnerships,
Internet Web site (http://www.sec.gov/ limited liability companies, business
rules/sro.shtml). Copies of the SUMMARY: Summary of Application: trusts or other entities (each a
submission, all subsequent Applicants request an order to exempt ‘‘Partnership’’ and, collectively, the
amendments, all written statements certain limited partnerships and other ‘‘Partnerships’’) as ‘‘employees’
with respect to the proposed rule entities (‘‘Partnerships’’) formed for the securities companies,’’ as defined in
change that are filed with the benefit of eligible employees of Ares section 2(a)(13) of the Act.
Commission, and all written Management LLC (the ‘‘Company’’) and 2. A Partnership may be organized
communications relating to the its affiliates from certain provisions of under the laws of the state of Delaware,
proposed rule change between the the Act. Each Partnership will be an another state, or a jurisdiction outside
Commission and any person, other than ‘‘employees’ securities company’’ the United States. A Partnership may be
those that may be withheld from the within the meaning of section 2(a)(13) of organized under the laws of a non-U.S.
public in accordance with the the Act. jurisdiction to address any tax, legal,
provisions of 5 U.S.C. 552, will be Applicant: The Company. accounting and regulatory
available for Web site viewing and DATES: Filing Dates: The application considerations applicable to certain
asabaliauskas on DSK3SPTVN1PROD with NOTICES
printing in the Commission’s Public was filed on May 11, 2015 and was Eligible Employees (as defined below)
Reference Room, 100 F Street NE., amended on October 29, 2015 and in other jurisdictions or the nature of
Washington, DC 20549 on official January 15, 2016. the program. Interests in a Partnership
business days between the hours of Hearing or Notification of Hearing: An (‘‘Interests’’) may be issued in one or
10:00 a.m. and 3:00 p.m. Copies of the order granting the application will be more series, each of which corresponds
filing also will be available for issued unless the Commission orders a to particular Partnership investments
(each, a ‘‘Series’’). Each Series will be an
11 15 U.S.C. 78s(b)(2)(B). 12 17 CFR 200.30–3(a)(12). ‘‘employees’ securities company’’
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Document Created: 2018-02-02 15:10:07
Document Modified: 2018-02-02 15:10:07
| 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 12177 |
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