81 FR 14506 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Sections 401 and 402 of the NYSE MKT Company Guide To Harmonize the Exchange's Immediate Release and Trading Halt Policies
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 52 (March 17, 2016)
Federal Register Volume 81, Issue 52 (March 17, 2016)
| Page Range | 14506-14509 | |
| FR Document | 2016-05972 |
[Federal Register Volume 81, Number 52 (Thursday, March 17, 2016)] [Notices] [Pages 14506-14509] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-05972] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77348; File No. SR-NYSEMKT-2016-29] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Sections 401 and 402 of the NYSE MKT Company Guide To Harmonize the Exchange's Immediate Release and Trading Halt Policies March 11, 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 29, 2016, NYSE MKT LLC (the ``Exchange'' or ``NYSE MKT'') filed with the Securities and Exchange Commission (``SEC'' or ``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 Sections 401 and 402 of the NYSE MKT Company Guide (the ``Company Guide'') to harmonize the Exchange's immediate release and trading halt policies with recent changes made to the comparable policies of the New York Stock Exchange (``NYSE''). 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 [[Page 14507]] 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 Sections 401 and 402 of the Company Guide to harmonize the Exchange's immediate release and trading halt policies with recent changes made to the comparable policies of the NYSE (referred to herein as the ``NYSE Amendment'').\3\ --------------------------------------------------------------------------- \3\ See Securities Exchange Release No. 75809 (September 2, 2015); 80 FR 54362 (September 9, 2015) (SR-NYSE-2015-38). --------------------------------------------------------------------------- Consistent with the NYSE Amendment, the Exchange proposes to amend Sections 401 and 402 of the Company Guide to (i) expand the pre-market hours during which listed companies are required to notify the Exchange prior to disseminating material news, and (ii) provide the Exchange with authority to halt trading (a) during pre-market hours at the request of a listed company, (b) when the Exchange believes it is necessary to request certain information from listed companies, and (c) when an Exchange-listed security is also listed on another national or foreign securities exchange and such other exchange halts trading in such security for regulatory reasons. The Exchange also proposes to add commentary to Section 402 of the Company Guide to provide guidance related to the release of material news after the close of trading on the Exchange. Sections 401 and 402 of the Company Guide give the Exchange authority to halt trading in a listed company's security under certain circumstances. Currently, the Exchange may impose a regulatory trading halt when a listed company announces material news \4\ shortly before the opening of trading on the Exchange or during the Exchange trading session (currently 9:30 a.m. to 4:00 p.m.). When that happens, the Exchange will typically institute a regulatory halt in trading, which halts trading on all market centers, to ensure full dissemination of the news to investors. The Exchange proposes to expand the hours and circumstances under which it can declare a regulatory trading halt. --------------------------------------------------------------------------- \4\ The Exchange considers material news to be any news that is reasonably likely to have a material impact on the price or trading volume of a listed security. --------------------------------------------------------------------------- Currently, Sections 401 and 402 of the Company Guide require listed companies to notify the Exchange at least ten minutes in advance of releasing material news if such release will take place shortly before the opening of trading on the Exchange or during Exchange market hours (the ``Material News Policy''). The Exchange proposes to amend Sections 401 and 402 to require companies to comply with the Material News Policy between 7:00 a.m. and 4:00 p.m. Eastern Time. In the Exchange's experience, most companies release news related to corporate actions and other material events between 7:00 a.m. and 9:30 a.m. Although trading on the Exchange does not begin until 9:30 a.m., the Exchange believes that material news released between 7:00 a.m. and 9:30 a.m. has the potential to cause volatility in both price and volume during pre-market trading that occurs on other market centers as well as once trading opens on the Exchange. However, because there is a lower volume of trading in such pre-market hours, the Exchange believes that a listed company is most well positioned to determine whether a trading halt is appropriate given the news it intends to release. Therefore, to facilitate an orderly opening and ensure thorough dissemination of material news, the Exchange believes it is beneficial to require companies to comply with the Material News Policy and advise whether a trading halt is appropriate during pre-market hours. As discussed above, when a listed company releases material news during the course of the trading day, the Exchange will typically halt trading temporarily to ensure full dissemination of the news. Under the proposed rules, between 7:00 a.m. and the opening of trading on the Exchange, the Exchange may implement a regulatory halt in circumstances where (i) the listed company has informed Exchange staff that it intends to make a public announcement of material news and (ii) the listed company requests that trading in its listed securities be halted pending dissemination of the public announcement (a ``Pre-Market Halt'').\5\ While trading on the Exchange does not begin until 9:30 a.m. Eastern Time, trading (including trading in Exchange listed securities) begins on NYSE Arca Equities, Inc., the Nasdaq Stock Market and other national securities exchanges at 4:00 a.m. Eastern Time. When the Exchange implements a regulatory trading halt to allow for the release of material news, other national securities exchanges that trade Exchange-listed securities also halt trading in such security until the Exchange lifts the halt.\6\ --------------------------------------------------------------------------- \5\ However, the proposed rule will state that if it appears that dissemination of material news will not be complete prior to the opening of trading on the Exchange at 9:30 a.m., the Exchange may temporarily halt trading in order to facilitate an orderly opening process. This is consistent with the Exchange's current practice. \6\ See, for example, NYSE Arca Equities Rule 7.18 and Nasdaq Stock Market Rule 4120(a)(2) for the authority to initiate a trading halt. --------------------------------------------------------------------------- The Exchange notes that the volume of trading in the hours before trading begins on the Exchange is generally lighter and conducted predominantly by professional investors. Because of this reduced trading volume and the fact that the Exchange itself is not yet open for trading during these hours, the Exchange believes it is appropriate to institute a Pre-Market Halt only at the request of a listed company. The Exchange notes that the NYSE Amendment contains a similar provision and Nasdaq Stock Market (``Nasdaq'') has adopted a comparable rule with respect to trading halts between the hours of 7:00 a.m. and 9:30 a.m.\7\ Lastly, when a trading halt is implemented during Exchange market hours, Rule 123D--Equities specifies that a Floor Governor or two Floor Officials must approve the halt in trading. However, because a Pre-Market Halt will only be instituted at the request of a listed company and because Floor Governors and Floor Officials are not typically on the trading floor during pre-market hours, the Exchange proposes to include a statement that, notwithstanding anything to the contrary in Rule 123D(1)--Equities, the approval of the Floor Governors or Floor Officials is not required for a Pre-Market Halt. --------------------------------------------------------------------------- \7\ See Section 202.06(B) of the NYSE Listed Company Manual and Nasdaq Stock Market Rule 4120(a)(1) (which applies between the hours of 4:00 a.m. and 9:30 a.m.). --------------------------------------------------------------------------- The Exchange proposes to further amend Section 402 of the Company Guide to add proposed Commentary .02, which will set forth circumstances in which it may institute a regulatory halt while it awaits information requested from a listed company. Sections 401 and 402 currently limit the Exchange's authority to halt trading to situations when a listed company intends to release material news shortly before and during market hours. However, in the Exchange's experience there are other scenarios when it may be advisable to halt trading for the protection of investors. For example, if there is [[Page 14508]] uncertainty surrounding material news issued by a listed company or a company's compliance with the Exchange's continued listing standards, the Exchange believes it may be appropriate to halt trading while it gathers information to resolve such ambiguity. Accordingly, the Exchange proposes to add proposed Commentary .02 to Section 402 to state that if it is necessary to request information from a listed company relating to (i) material news, (ii) the listed company's compliance with Exchange continued listing requirements, or (iii) any other information which is necessary to protect investors and the public interest, the Exchange may halt trading in such listed company's security until it has received and evaluated the requested information.\8\ --------------------------------------------------------------------------- \8\ The proposed change in this regard mirrors Section 202.06(B) of the NYSE Listed Company Manual and Nasdaq Stock Market Rule 4120(a)(5). --------------------------------------------------------------------------- As discussed above, the Exchange believes that the release of material news immediately prior to the commencement of trading on the Exchange has the potential to cause significant volatility to the opening process. Similarly, material news released immediately after 4:00 p.m. Eastern Time can interfere with the closing process. Although trading on the Exchange stops at 4:00 p.m. Eastern Time, the order book for each listed security is manually closed by the security's Designated Market Maker (``DMM''), a process that can take several minutes before the closing auction is completed. Because trading continues after 4:00 p.m. Eastern Time on other exchanges, if a listed company releases material news immediately after 4:00 p.m. Eastern Time there can be significant price movement on other markets when compared to the last sale price on the Exchange. The result, therefore, is that a DMM can be executing trades at the Exchange closing price while the same security is simultaneously trading on other exchanges at a very different price. As this discrepancy can cause confusion to investors, the Exchange proposes to include advisory text as proposed new Commentary .03 to Section 402 of the Company Guide requesting that listed companies intending to release material news after the close of trading on the Exchange wait until the earlier of the publication of their security's official closing price on the Exchange or 15 minutes after the scheduled closing time on the Exchange.\9\ The Exchange proposes to specify that trading on the Exchange typically closes at 4:00 p.m. Eastern Time, except that on certain days trading closes early at 1:00 p.m. Eastern Time. --------------------------------------------------------------------------- \9\ Although the Exchange typically closes at 4:00 p.m. Eastern Time, there are certain days each year when it closes at 1:00 p.m. Eastern Time. The phrase ``15 minutes after the scheduled closing time'' will account for these early closings. --------------------------------------------------------------------------- Lastly, the Exchange proposes to include in proposed Commentary .02 to Section 402 a provision stating that it may halt trading in an American Depositary Receipt (``ADR'') or other security listed on the Exchange, when the Exchange-listed security (or the security underlying the ADR) is listed on or registered with another national securities exchange or foreign exchange or market and such other exchange (or regulatory authority overseeing such exchange) halts trading in such security for regulatory reasons.\10\ --------------------------------------------------------------------------- \10\ The Exchange notes that the NYSE follows this practice under Section 202.06(B) of the Listed Company Manual and Nasdaq does so under Nasdaq Stock Market Rule 4120(a)(4). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) \11\ of the Act, in general, and furthers the objectives of Section 6(b)(5) of the Act,\12\ in particular in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, 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 and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed amendment is consistent with the investor protection objectives of section 6(b)(5) because it gives the Exchange greater flexibility to implement regulatory trading halts in a listed security when such halts may be necessary for the protection of investors. Specifically, the proposed rule change will alter the hours in which listed companies are required to comply with the Material News Policy such that the hours are from 7:00 a.m. to 4:00 p.m. Eastern Time (rather than just shortly before the opening of trading on the Exchange and during the Exchange trading session, as is currently the case). The proposed rule change will also enable the Exchange to (i) implement a Pre-Market Halt at the request of a listed company when the company intends to issue material news between 7:00 a.m. and 9.30 a.m. Eastern Time, (ii) halt trading when it believes it is necessary to request certain information from listed companies, and (iii) halt trading in an ADR or other Exchange-listed security when the Exchange-listed security or the security underlying the ADR is listed on or registered with another national securities exchange or foreign exchange or market and is halted on such other exchange or market for regulatory reasons. Additionally, the Exchange proposes to include advisory text in Section 402 of the Company Guide requesting that listed companies intending to release material news after the close of trading on the Exchange wait until the earlier of the publication of their security's official closing price on the Exchange or 15 minutes after the scheduled closing time on the Exchange. The Exchange believes this change will eliminate confusion to investors when a DMM is executing a trade at the Exchange closing price while the same security is simultaneously trading on other exchanges at a very different price. The Exchange believes that each of the proposed changes enumerated above is consistent with the investor protection objectives of section 6(b)(5) because they provide the Exchange with additional authority to halt trading in circumstances where material news that may impact trading is to be released by listed companies or has not yet been fully disseminated. The Exchange believes that material news is highly relevant to investors when deciding to buy or sell securities and thus providing the Exchange with additional authority to halt trading while such news is released and disseminated is protective of investors. In addition, the Exchange believes the proposed rule change is consistent with the protection of investors because it will specify in Exchange rules the scenarios in which a trading halt may be necessary, thereby promoting transparency in Exchange rules and making them easier to navigate. In giving the Exchange authority to declare regulatory trading halts in situations described herein, the proposed rule change enables the Exchange to act in the best interest of protecting investors. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes that the proposed amendments to Sections 401 and 402 of the Company Guide do not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. As discussed herein, the Exchange's [[Page 14509]] proposed amendments to Sections 401 and 402 are designed to give the Exchange greater flexibility to halt trading in a particular listed security when the Exchange believes a halt is necessary or appropriate. Currently, Sections 401 and 402 only permit the Exchange to implement regulatory trading halts for the dissemination of material news. As currently drafted, the Exchange believes these rules are unnecessarily restrictive and do not cover the full spectrum of situations where a trading halt may be necessary for the protection of investors. In addition, the Exchange believes that its proposed changes are consistent with the NYSE and Nasdaq rules with respect to trading halts. For the foregoing reasons, therefore, the Exchange does not believe that such changes impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule 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 prior to 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) of the Act \13\ and Rule 19b- 4(f)(6) \14\ thereunder. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- 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 under Section 19(b)(2)(B) of the Act \15\ to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \15\ 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-NYSEMKT-2016-29 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEMKT-2016-29. 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-NYSEMKT-2016-29, and should be submitted on or before April 7, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Lynn M. Powalski, Deputy Secretary. [FR Doc. 2016-05972 Filed 3-16-16; 8:45 am] BILLING CODE 8011-01-P
![14506 Federal Register / Vol. 81, No. 52 / Thursday, March 17, 2016 / Notices
environment, the Exchange must IV. Solicitation of Comments For the Commission, by the Division of
continually adjust its fees to remain Trading and Markets, pursuant to delegated
competitive with other exchanges and Interested persons are invited to authority.18
with alternative trading systems that submit written data, views, and Lynn M. Powalski,
have been exempted from compliance arguments concerning the foregoing, Deputy Secretary.
with the statutory standards applicable including whether the proposed rule [FR Doc. 2016–05978 Filed 3–16–16; 8:45 am]
to exchanges. Because competitors are change is consistent with the Act. BILLING CODE 8011–01–P
free to modify their own fees in Comments may be submitted by any of
response, and because market the following methods:
participants may readily adjust their SECURITIES AND EXCHANGE
order routing practices, the Exchange Electronic Comments COMMISSION
believes that the degree to which fee • Use the Commission’s Internet [Release No. 34–77348; File No. SR–
changes in this market may impose any comment form (http://www.sec.gov/ NYSEMKT–2016–29]
burden on competition is extremely
rules/sro.shtml); or
limited. Self-Regulatory Organizations; NYSE
In this instance, the proposed changes • Send an email to rule-comments@ MKT LLC; Notice of Filing and
to the fees and rebates provided to sec.gov. Please include File Number SR– Immediate Effectiveness of Proposed
member firms under the market quality NASDAQ–2016–032 on the subject line. Rule Change Amending Sections 401
incentive programs of Rule 7014 do not and 402 of the NYSE MKT Company
impose a burden on competition Paper Comments
Guide To Harmonize the Exchange’s
because the Exchange’s execution • Send paper comments in triplicate Immediate Release and Trading Halt
services are completely voluntary and to Secretary, Securities and Exchange Policies
subject to extensive competition both Commission, 100 F Street NE.,
from other exchanges and from off- March 11, 2016.
Washington, DC 20549–1090.
exchange venues. Pursuant to Section 19(b)(1) of the
Rather than placing a burden on All submissions should refer to File Securities Exchange Act of 1934
competition, the proposed fees and Number SR–NASDAQ–2016–032. This (‘‘Act’’),1 and Rule 19b-4 thereunder,2
rebates are reflective of the fierce file number should be included on the notice is hereby given that on February
competition among market venues to subject line if email is used. To help the 29, 2016, NYSE MKT LLC (the
attract order flow, including displayed Commission process and review your ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with
liquidity, to the benefit of all market comments more efficiently, please use the Securities and Exchange
participants. All of the proposed only one method. The Commission will Commission (‘‘SEC’’ or ‘‘Commission’’)
changes to the incentive programs under post all comments on the Commission’s the proposed rule change as described
Rule 7014 are designed to improve their Internet Web site (http://www.sec.gov/ in Items I and II below, which Items
effectiveness in achieving their stated rules/sro.shtml). Copies of the have been prepared by the Exchange.
purposes. If any of the changes submission, all subsequent The Commission is publishing this
proposed herein are unattractive to amendments, all written statements notice to solicit comments on the
market participants, it is likely that the proposed rule change from interested
with respect to the proposed rule
Exchange will lose market share as a persons.
change that are filed with the
result.
Accordingly, the Exchange does not Commission, and all written I. Self-Regulatory Organization’s
believe that the proposed changes will communications relating to the Statement of the Terms of Substance of
impair the ability of members or proposed rule change between the the Proposed Rule Change
competing order execution venues to Commission and any person, other than The Exchange proposes to amend
maintain their competitive standing in those that may be withheld from the Sections 401 and 402 of the NYSE MKT
the financial markets. public in accordance with the Company Guide (the ‘‘Company Guide’’)
provisions of 5 U.S.C. 552, will be to harmonize the Exchange’s immediate
C. Self-Regulatory Organization’s
available for Web site viewing and release and trading halt policies with
Statement on Comments on the
printing in the Commission’s Public recent changes made to the comparable
Proposed Rule Change Received From
Reference Room, 100 F Street NE., policies of the New York Stock
Members, Participants, or Others
Washington, DC 20549, on official Exchange (‘‘NYSE’’). The proposed rule
No written comments were either business days between the hours of change is available on the Exchange’s
solicited or received. 10:00 a.m. and 3:00 p.m. Copies of the Web site at www.nyse.com, at the
III. Date of Effectiveness of the filing also will be available for principal office of the Exchange, and at
Proposed Rule Change and Timing for inspection and copying at the principal the Commission’s Public Reference
Commission Action office of the Exchange. All comments Room.
The foregoing rule change has become received will be posted without change; II. Self-Regulatory Organization’s
effective pursuant to Section 19(b)(3)(A) the Commission does not edit personal Statement of the Purpose of, and
of the Act and paragraph (f) of Rule identifying information from Statutory Basis for, the Proposed Rule
19b–4 thereunder. At any time within submissions. You should submit only Change
asabaliauskas on DSK3SPTVN1PROD with NOTICES
60 days of the filing of the proposed rule information that you wish to make In its filing with the Commission, the
change, the Commission summarily may available publicly. All submissions self-regulatory organization included
temporarily suspend such rule change if should refer to File Number SR– statements concerning the purpose of,
it appears to the Commission that such NASDAQ–2016–032 and should be and basis for, the proposed rule change
action is necessary or appropriate in the submitted on or before April 7, 2016.
public interest, for the protection of 18 17 CFR 200.30–3(a)(12).
investors, or otherwise in furtherance of 1 15 U.S.C. 78s(b)(1).
the purposes of the Act. 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 81, No. 52 / Thursday, March 17, 2016 / Notices 14509
proposed amendments to Sections 401 IV. Solicitation of Comments For the Commission, by the Division of
and 402 are designed to give the Trading and Markets, pursuant to delegated
Exchange greater flexibility to halt Interested persons are invited to authority.16
trading in a particular listed security submit written data, views, and Lynn M. Powalski,
when the Exchange believes a halt is arguments concerning the foregoing, Deputy Secretary.
necessary or appropriate. Currently, including whether the proposed rule [FR Doc. 2016–05972 Filed 3–16–16; 8:45 am]
Sections 401 and 402 only permit the change is consistent with the Act. BILLING CODE 8011–01–P
Exchange to implement regulatory Comments may be submitted by any of
trading halts for the dissemination of the following methods:
material news. As currently drafted, the SECURITIES AND EXCHANGE
Electronic Comments COMMISSION
Exchange believes these rules are
unnecessarily restrictive and do not • Use the Commission’s Internet [Release No. 34–77351; File No. SR–Phlx–
cover the full spectrum of situations comment form (http://www.sec.gov/ 2016–33]
where a trading halt may be necessary rules/sro.shtml); or
for the protection of investors. In Self-Regulatory Organizations;
• Send an email to rule-comments@ NASDAQ PHLX LLC; Notice of Filing
addition, the Exchange believes that its sec.gov. Please include File Number SR–
proposed changes are consistent with and Immediate Effectiveness of
NYSEMKT–2016–29 on the subject line. Proposed Rule Change to Rebates and
the NYSE and Nasdaq rules with respect
Paper Comments Fees for Adding and Removing
to trading halts. For the foregoing
Liquidity in SPY
reasons, therefore, the Exchange does
• Send paper comments in triplicate
not believe that such changes impose March 11, 2016.
to Secretary, Securities and Exchange
any burden on competition that is not Pursuant to Section 19(b)(1) of the
Commission, 100 F Street NE.,
necessary or appropriate in furtherance Securities Exchange Act of 1934
Washington, DC 20549–1090.
of the purposes of the Act. (‘‘Act’’),1 and Rule 19b–4 thereunder,2
All submissions should refer to File notice is hereby given that on February
C. Self-Regulatory Organization’s
Number SR–NYSEMKT–2016–29. This 29, 2016, NASDAQ PHLX LLC
Statement on Comments on the (‘‘Exchange’’) filed with the Securities
file number should be included on the
Proposed Rule Change Received From and Exchange Commission (‘‘SEC’’ or
subject line if email is used. To help the
Members, Participants, or Others ‘‘Commission’’) the proposed rule
Commission process and review your
No written comments were solicited comments more efficiently, please use change as described in Items I, II, and
or received with respect to the proposed only one method. The Commission will III, below, which Items have been
rule change. post all comments on the Commission’s prepared by the Exchange. The
Internet Web site (http://www.sec.gov/ Commission is publishing this notice to
III. Date of Effectiveness of the rules/sro.shtml). Copies of the solicit comments on the proposed rule
Proposed Rule Change and Timing for submission, all subsequent change from interested persons.
Commission Action amendments, all written statements I. Self-Regulatory Organization’s
Because the foregoing proposed rule with respect to the proposed rule Statement of the Terms of Substance of
change does not: (i) Significantly affect change that are filed with the the Proposed Rule Change
the protection of investors or the public Commission, and all written The Exchange proposes to amend the
interest; (ii) impose any significant communications relating to the Exchange’s Pricing Schedule at Section
burden on competition; and (iii) become proposed rule change between the I, entitled ‘‘Rebates and Fees for Adding
operative prior to 30 days from the date Commission and any person, other than and Removing Liquidity in SPY.’’
on which it was filed, or such shorter those that may be withheld from the While changes to the Pricing
time as the Commission may designate, public in accordance with the Schedule pursuant to this proposal are
it has become effective pursuant to provisions of 5 U.S.C. 552, will be effective upon filing, the Exchange has
Section 19(b)(3)(A) of the Act 13 and available for Web site viewing and designated these changes to be operative
Rule 19b–4(f)(6) 14 thereunder. printing in the Commission’s Public on March 1, 2016.
Reference Room, 100 F Street NE., The text of the proposed rule change
At any time within 60 days of the
Washington, DC 20549 on official is available on the Exchange’s Web site
filing of the proposed rule change, the
business days between the hours of at http://
Commission summarily may
10:00 a.m. and 3:00 p.m. Copies of the nasdaqomxphlx.cchwallstreet.com/, at
temporarily suspend such rule change if
filing also will be available for the principal office of the Exchange, and
it appears to the Commission that such
inspection and copying at the principal at the Commission’s Public Reference
action is necessary or appropriate in the Room.
public interest, for the protection of office of the Exchange. All comments
investors, or otherwise in furtherance of received will be posted without change; II. Self-Regulatory Organization’s
the purposes of the Act. If the the Commission does not edit personal Statement of the Purpose of, and
Commission takes such action, the identifying information from Statutory Basis for, the Proposed Rule
Commission shall institute proceedings submissions. You should submit only Change
asabaliauskas on DSK3SPTVN1PROD with NOTICES
under Section 19(b)(2)(B) of the Act 15 to information that you wish to make In its filing with the Commission, the
determine whether the proposed rule available publicly. All submissions Exchange included statements
change should be approved or should refer to File Number SR– concerning the purpose of and basis for
disapproved. NYSEMKT–2016–29, and should be the proposed rule change and discussed
submitted on or before April 7, 2016.
13 15 U.S.C. 78s(b)(3)(A). 16 17 CFR 200.30–3(a)(12).
14 17 CFR 240.19b–4(f)(6). 1 15 U.S.C. 78s(b)(1).
15 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4.
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Document Created: 2016-03-17 00:58:24
Document Modified: 2016-03-17 00:58:24
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 81 FR 14506 |
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