81_FR_14547 81 FR 14495 - Sunshine Act Meeting

81 FR 14495 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 52 (March 17, 2016)

Page Range14495-14495
FR Document2016-06130

Federal Register, Volume 81 Issue 52 (Thursday, March 17, 2016) 
[Federal Register Volume 81, Number 52 (Thursday, March 17, 2016)]
[Notices]
[Page 14495]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-06130]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission (``Commission'') will hold an Open Meeting on 
Monday, March 21, 2016, at 11:00 a.m., in the Auditorium (L-002) at the 
Commission's headquarters building, to hear oral argument in an appeal 
from an initial decision of an administrative law judge by respondents 
Edgar Page (``Page'') and PageOne Financial, Inc. (``PageOne'').
    On March 10, 2015, after the Commission instituted proceedings, 
Page and PageOne submitted an offer of settlement, accepted by the 
Commission, pursuant to which they consented to entry of an order: 
finding that they violated the Investment Advisers Act of 1940 by 
failing to disclose a conflict of interest; imposing a censure and a 
cease-and-desist order; and ordering additional proceedings to 
determine what, if any, disgorgement, prejudgment interest, civil 
penalties, and other remedial action is in the public interest. In an 
initial decision issued June 25, 2015, the law judge barred Page from 
the securities industry, revoked PageOne's investment adviser 
registration, ordered Page and PageOne to disgorge $2,184,850.30, with 
prejudgment interest, jointly and severally, and declined to impose a 
civil penalty.
    Page and PageOne appealed the sanctions imposed in the initial 
decision. The Commission's Division of Enforcement cross-appealed the 
initial decision's imposition of a time-limited industry bar, as 
opposed to a permanent industry bar with a right to reapply. The oral 
argument is likely to address what penalties, if any, are appropriate 
in the public interest. Also likely to be considered at oral argument 
is whether these administrative proceedings violate the U.S. 
Constitution.
    For further information, please contact the Office of the Secretary 
at (202) 551-5400.

    Dated: March 14, 2016.
Lynn M. Powalski,
Deputy Secretary.
[FR Doc. 2016-06130 Filed 3-15-16; 11:15 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 52 / Thursday, March 17, 2016 / Notices 14495 For the Commission, by the Division of Dated: March 14, 2016. forth in sections A, B, and C below, of Trading and Markets, pursuant to delegated Lynn M. Powalski, the most significant aspects of such authority.34 Deputy Secretary. statements. Lynn M. Powalski, [FR Doc. 2016–06130 Filed 3–15–16; 11:15 am] Deputy Secretary. A. Self-Regulatory Organization’s BILLING CODE 8011–01–P Statement of the Purpose of, and [FR Doc. 2016–05977 Filed 3–16–16; 8:45 am] Statutory Basis for, the Proposed Rule BILLING CODE 8011–01–P Change SECURITIES AND EXCHANGE COMMISSION 1. Purpose SECURITIES AND EXCHANGE COMMISSION [Release No. 34–77350; File No. SR–BX– The Exchange is proposing to amend 2016–014] the fee schedule under BX Rule 7018(a), Sunshine Act Meeting relating to fees and credits provided for Self-Regulatory Organizations; orders in securities priced and $1 or Notice is hereby given, pursuant to NASDAQ BX, Inc.; Notice of Filing and more per share that execute on BX. the provisions of the Government in the Immediate Effectiveness of a Proposed Under BX Rule 7018(a), the Exchange Sunshine Act, Public Law 94–409, that Rule Change To Amend Exchange provides credits to member firms that the Securities and Exchange Rule 7018 access liquidity on BX. The Exchange is Commission (‘‘Commission’’) will hold March 11, 2016. proposing to eliminate two credit tiers, an Open Meeting on Monday, March 21, Pursuant to Section 19(b)(1) of the as well as to amend the criteria of two 2016, at 11:00 a.m., in the Auditorium Securities Exchange Act of 1934 other credit tiers, each for orders that (L–002) at the Commission’s (‘‘Act’’),1 and Rule 19b–4 thereunder,2 access liquidity (excluding orders with headquarters building, to hear oral notice is hereby given that on February midpoint pegging and excluding orders argument in an appeal from an initial 29, 2016, NASDAQ BX, Inc. (‘‘BX’’ or that receive price improvement and decision of an administrative law judge ‘‘Exchange’’) filed with the Securities execute against an order with midpoint by respondents Edgar Page (‘‘Page’’) and and Exchange Commission (‘‘SEC’’ or pegging). PageOne Financial, Inc. (‘‘PageOne’’). ‘‘Commission’’) the proposed rule Specifically, the first eliminated On March 10, 2015, after the change as described in Items I, II, and credit tier is for a member that adds and Commission instituted proceedings, III below, which Items have been accesses liquidity equal to or exceeding Page and PageOne submitted an offer of prepared by the Exchange. The 0.50% of total consolidated volume settlement, accepted by the Commission is publishing this notice to (‘‘TCV’’) during a month to receive a Commission, pursuant to which they solicit comments on the proposed rule credit of $0.0017 per share executed. consented to entry of an order: finding change from interested persons. The second eliminated credit tier is for that they violated the Investment a member that accesses liquidity equal Advisers Act of 1940 by failing to I. Self-Regulatory Organization’s to or exceeding 0.05% of TCV during a disclose a conflict of interest; imposing Statement of the Terms of Substance of month to receive a credit of $0.0008 per a censure and a cease-and-desist order; the Proposed Rule Change share executed. and ordering additional proceedings to The Exchange proposes to amend the Members that previously would have determine what, if any, disgorgement, fee schedule under Exchange Rule qualified under the eliminated tiers may prejudgment interest, civil penalties, 7018(a) with respect to execution and continue to qualify for and receive and other remedial action is in the routing of orders in securities priced at either an equal or higher credit. public interest. In an initial decision $1 or more per share. Specifically, members that previously issued June 25, 2015, the law judge This filing is being made for qualified for the credit of $0.0017 per barred Page from the securities industry, immediate effectiveness and will share executed for adding and accessing revoked PageOne’s investment adviser become operative March 1, 2016. liquidity equal to or exceeding 0.50% of registration, ordered Page and PageOne The text of the proposed rule change TCV during a month may still receive to disgorge $2,184,850.30, with is also available on the Exchange’s Web the same credit, but for meeting the prejudgment interest, jointly and site at http:// lower TCV threshold and through solely severally, and declined to impose a civil nasdaqomxbx.cchwallstreet.com, at the accessing liquidity (no longer includes penalty. principal office of the Exchange, and at adding liquidity) equal to or exceeding Page and PageOne appealed the the Commission’s Public Reference 0.20% of TCV during a month. sanctions imposed in the initial Room. Otherwise, members may receive a decision. The Commission’s Division of II. Self-Regulatory Organization’s lower credit. For [sic] members that Enforcement cross-appealed the initial Statement of the Purpose of, and previously qualified for the credit of decision’s imposition of a time-limited Statutory Basis for, the Proposed Rule $0.0008 per share executed for accessing industry bar, as opposed to a permanent Change liquidity equal to or exceeding 0.05% of industry bar with a right to reapply. The In its filing with the Commission, the TCV during a month will receive a oral argument is likely to address what Exchange included statements higher credit of $0.0015 per share penalties, if any, are appropriate in the concerning the purpose of and basis for executed for meeting the same monthly public interest. Also likely to be threshold. asabaliauskas on DSK3SPTVN1PROD with NOTICES the proposed rule change and discussed considered at oral argument is whether any comments it received on the The first amended credit tier reduces these administrative proceedings violate proposed rule change. The text of these the threshold to qualify for a credit of the U.S. Constitution. statements may be examined at the $0.0016 per share executed. The current For further information, please places specified in Item IV below. The threshold requires a member to access contact the Office of the Secretary at Exchange has prepared summaries, set liquidity equal to or exceeding 0.15% of (202) 551–5400. TCV during a month. The proposed rule 1 15 U.S.C. 78s(b)(1). change lowers this threshold for a 34 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. member to access liquidity equal to or VerDate Sep<11>2014 17:03 Mar 16, 2016 Jkt 238001 PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 E:\FR\FM\17MRN1.SGM 17MRN1


Document Created: 2016-03-17 00:58:17
Document Modified: 2016-03-17 00:58:17
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 14495 
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