81 FR 1668 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 132.30(9) To Conform the Exchange's Rules to Industry-Wide Standards for Recording the Capacity in Which a Member Organization Executes a Transaction
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 8 (January 13, 2016)
Federal Register Volume 81, Issue 8 (January 13, 2016)
| Page Range | 1668-1670 | |
| FR Document | 2016-00463 |
[Federal Register Volume 81, Number 8 (Wednesday, January 13, 2016)] [Notices] [Pages 1668-1670] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-00463] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76845; File No. SR-NYSE-2016-07] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 132.30(9) To Conform the Exchange's Rules to Industry-Wide Standards for Recording the Capacity in Which a Member Organization Executes a Transaction January 7, 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 January 4, 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 Rule 132.30(9) to conform the Exchange's rules to industry-wide standards for the recording the capacity in which a member organization executes a transaction. 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 Supplementary Material .30 of Rule 132 to conform the Exchange's rules to industry-wide standards for recording the capacity in which a member organization executes a transaction. To effect this change, the Exchange would eliminate the current requirement to identify the account for which an order was executed and require instead that clearing members and member organizations submit account type indicators (``ATI'') reflecting the capacity in which the member organization executed a transaction (e.g., agency, principal or riskless principal). The Exchange believes that the proposed rule change would align the Exchange's rules with industry-wide conventions focusing on the capacity in which a broker- dealer acts in effecting a transaction and, by eliminating the complex set of ATIs developed over the years, significantly simplify order entry on the Exchange. Background Rule 132 requires clearing member organizations submitting transactions to comparison to include the audit trail data elements set forth in Supplementary Material .30. Rule 132.30(9) requires that all orders submitted to the Exchange include specified trade data elements, including ``[w]hether the account for which the order was executed was that of a member or member organization or of a non-member or non- member organization.'' The Exchange has periodically published guidance regarding the ATIs that can be used to satisfy this requirement.\4\ --------------------------------------------------------------------------- \4\ See, e.g., Information Memos 85-37 (Nov. 12, 1985); 88-29 (Oct. 19, 1988); 92-34 (Nov. 13, 1992); 96-36 (Dec. 5, 1996); 02-59 (Dec. 17, 2002); 09-31 (June 24, 2009); 12-25 (October 9, 2012); 14- 04 (January 30, 2014). The current list contains 24 distinct ATIs. --------------------------------------------------------------------------- ATIs are included as part of the audit trail data reported for each transaction on the Exchange. The Exchange also uses ATIs to capture program trade information for those portions of the program trades that are submitted to and executed on the Exchange.\5\ Since 2009, the Exchange has used ATI data to report program trading statistics for portions of program trades executed on the Exchange to the Commission on a weekly basis.\6\ --------------------------------------------------------------------------- \5\ Prior to 2009, member organizations reported program trading activity to the Exchange via the Daily Program Trading Report (``DPTR''). See Securities Exchange Act Release No. 60179 (June 26, 2009), 74 FR 31786, 31786 (July 2, 2009) (SR-NYSE-2009-61). The DPTR requirement was decommissioned in July 2009. See id. at 31787. \6\ See id. Since the decommissioning of DPTR in 2009, weekly statistics regarding program trades the Exchange provides to media outlets have also been derived from ATI data. Id. --------------------------------------------------------------------------- Proposed Rule Change The Exchange proposes to amend the current requirement in subsection (9) of Rule 132.30 that clearing member organizations identify whether the account for which an order was executed was that of a member or member organization or of a non-member or non-member organization. The current requirement can be satisfied by entering the appropriate ATI from a list of ATIs that have evolved over the past 30 years.\7\ --------------------------------------------------------------------------- \7\ See note 4, supra. --------------------------------------------------------------------------- In place of this cumbersome process, the Exchange proposes to require member organizations to identify the capacity in which the member organization executed the transaction as follows: Agency, principal or riskless principal.\8\ The ``principal'' category would include proprietary trades by a member on the trading Floor relating to the member's error account pursuant to Rule 134.\9\ --------------------------------------------------------------------------- \8\ In general, the term ``capacity'' refers to whether a broker-dealer acts as agent, i.e., directly on behalf of a customer, or whether the broker-dealer acts as principal, i.e., for its own account, in a transaction. A riskless principal transaction is one where a broker-dealer receives a customer order and then immediately executes an identical order in the marketplace, while taking on the role of principal, in order to fill the customer order pursuant to Rule 5320. \9\ Rule 134 requires a member or member organization who acquires or assumes a security position resulting from an error transaction to clear such error transaction in the member's or member organization's error account, or in the error account established for a group of members. Rule 123.22 further requires members to enter orders executed to offset transactions made in error into an electronic system and sends a copy of such order to an electronic system on the Floor within 60 seconds of execution. See also Rule 123(e) (defining system entry). This type of proprietary trade is currently identified by the ``Q'' account type indicator, which would be retained to identify these trading Floor-based executions. --------------------------------------------------------------------------- By requiring member organizations to identify the capacity in which a broker-dealer enters an order, the Exchange would be harmonizing its order entry requirements with those of other [[Page 1669]] national securities exchanges.\10\ The proposed change would also simplify the order entry process at the Exchange and eliminate the requirement for member organizations to use order entry requirements unique to the Exchange, thereby reducing complexity in the marketplace. This proposed amendment would not alter a member organization's obligation to meet order audit trail system requirements, as set forth in the Rule 7400 Series. --------------------------------------------------------------------------- \10\ See, e.g., BATS Exchange, Inc. (``BATS'') Rule 11.21; BATS Y-Exchange, Inc. (``BATS-Y'') Rule 11.21; EDGA Exchange, Inc. (``EDGA'') Rule 11.5; EDGX Exchange, Inc. Rule 11.5; and NASDAQ Stock Market LLC (``NASDAQ'') Rule 4611(a)(6). --------------------------------------------------------------------------- In connection with this proposed rule change, the Exchange proposes to retire the unique ATIs used to capture program trading information.\11\ The Exchange currently uses program trading ATIs to capture program trading information in order to provide weekly statistics regarding program trading to both the Commission and the public. However, no other national securities exchange either captures program trading information in the same manner or has an obligation to report weekly statistics regarding program trading. Given the fragmentation in the equities market, the Exchange believes that the statistics published by the Exchange regarding program trading are incomplete and potentially misleading regarding the scope of program trading occurring in equities markets. Accordingly, the Exchange believes it would benefit investors and the public for the Exchange to cease publishing program trading information, because such information is no longer representative of program trading in the equities market and could cause confusion regarding the true scope of program trading in the U.S. equities markets. --------------------------------------------------------------------------- \11\ ``Program Trading'' means either (1) index arbitrage, or (2) any trading strategy involving the related purchase or sale of a basket or group of 15 or more stocks. See Rule 7410(m). --------------------------------------------------------------------------- The Exchange will publish an Information Memo advising member organizations of the proposed change that will provide guidance of which ATIs should be submitted in connection with agency, principal, or riskless principal capacity. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\12\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\13\ in particular, because it is designed to promote just and equitable principles of trade and to remove impediments to and perfect the mechanism of a free and open market and a national market system. The Exchange believes that the proposed rule change would remove impediments to and perfect the mechanism of a free and open market and national market system because it would provide greater harmonization between order entry on the Exchange and other marketplaces, resulting in greater uniformity and more efficient order entry to enable member organizations to use the same order-market conventions across all equities markets. As such, the proposed rule change would foster cooperation and coordination with persons engaged in facilitating transactions in securities and would remove impediments to and perfect the mechanism of a free and open market and a national market system. In addition, the Exchange believes that the proposed change to cease providing program trading statistics to the Commission and the public based on current ATIs would benefit investors and the public because no other market provides similar statistics regarding program trading on their markets. Because of the fragmentation of trading in the equities market, the Exchange believes that the proposed change would eliminate a source of incomplete information about program trading that could potentially be misleading regarding the scope of program trading in the U.S. equities markets. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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. The proposed rule change is not intended to address competitive issues, but rather it is designed to provide greater harmonization between Exchange and other markets in the marking of orders, resulting in less burdensome and more efficient order entry. 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 Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \14\ and Rule 19b-4(f)(6) thereunder.\15\ Because the 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, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6)(iii) thereunder. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A)(iii). \15\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b4(f)(6)(iii),\17\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. --------------------------------------------------------------------------- \16\ 17 CFR 240.19b-4(f)(6). \17\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- 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) \18\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \18\ 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-2016-07 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-NYSE-2016-07. This file [[Page 1670]] 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-2016-07and should be submitted on or before February 3, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-00463 Filed 1-12-16; 8:45 am] BILLING CODE 8011-01-P
![1668 Federal Register / Vol. 81, No. 8 / Wednesday, January 13, 2016 / Notices
For the Commission, by the Division of and discussed any comments it received program trades that are submitted to and
Trading and Markets, pursuant to delegated on the proposed rule change. The text executed on the Exchange.5 Since 2009,
authority.15 of those statements may be examined at the Exchange has used ATI data to
Robert W. Errett, the places specified in Item IV below. report program trading statistics for
Deputy Secretary. The Exchange has prepared summaries, portions of program trades executed on
[FR Doc. 2016–00465 Filed 1–12–16; 8:45 am] set forth in sections A, B, and C below, the Exchange to the Commission on a
BILLING CODE 8011–01–P of the most significant parts of such weekly basis.6
statements.
Proposed Rule Change
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s The Exchange proposes to amend the
COMMISSION Statement of the Purpose of, and the current requirement in subsection (9) of
Statutory Basis for, the Proposed Rule Rule 132.30 that clearing member
[Release No. 34–76845; File No. SR–NYSE– Change
2016–07] organizations identify whether the
1. Purpose account for which an order was
Self-Regulatory Organizations; New executed was that of a member or
The Exchange proposes to amend
York Stock Exchange LLC; Notice of member organization or of a non-
Supplementary Material .30 of Rule 132
Filing and Immediate Effectiveness of member or non-member organization.
to conform the Exchange’s rules to
Proposed Rule Change To Amend Rule The current requirement can be satisfied
industry-wide standards for recording
132.30(9) To Conform the Exchange’s by entering the appropriate ATI from a
the capacity in which a member
Rules to Industry-Wide Standards for list of ATIs that have evolved over the
organization executes a transaction. To
Recording the Capacity in Which a past 30 years.7
effect this change, the Exchange would
Member Organization Executes a In place of this cumbersome process,
eliminate the current requirement to
Transaction the Exchange proposes to require
identify the account for which an order
member organizations to identify the
January 7, 2016. was executed and require instead that
capacity in which the member
Pursuant to Section 19(b)(1) 1 of the clearing members and member
organization executed the transaction as
Securities Exchange Act of 1934 (the organizations submit account type
follows: Agency, principal or riskless
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 indicators (‘‘ATI’’) reflecting the
principal.8 The ‘‘principal’’ category
notice is hereby given that on January 4, capacity in which the member
would include proprietary trades by a
2016, New York Stock Exchange LLC organization executed a transaction
member on the trading Floor relating to
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with (e.g., agency, principal or riskless
the member’s error account pursuant to
the Securities and Exchange principal). The Exchange believes that
Rule 134.9
Commission (the ‘‘Commission’’) the the proposed rule change would align
By requiring member organizations to
proposed rule change as described in the Exchange’s rules with industry-wide
identify the capacity in which a broker-
Items I, II, and III below, which Items conventions focusing on the capacity in
dealer enters an order, the Exchange
have been prepared by the self- which a broker-dealer acts in effecting a
would be harmonizing its order entry
regulatory organization. The transaction and, by eliminating the
requirements with those of other
Commission is publishing this notice to complex set of ATIs developed over the
solicit comments on the proposed rule years, significantly simplify order entry 5 Prior to 2009, member organizations reported
change from interested persons. on the Exchange. program trading activity to the Exchange via the
Background Daily Program Trading Report (‘‘DPTR’’). See
I. Self-Regulatory Organization’s Securities Exchange Act Release No. 60179 (June
Statement of the Terms of Substance of Rule 132 requires clearing member 26, 2009), 74 FR 31786, 31786 (July 2, 2009) (SR–
the Proposed Rule Change organizations submitting transactions to NYSE–2009–61). The DPTR requirement was
decommissioned in July 2009. See id. at 31787.
The Exchange proposes to amend comparison to include the audit trail 6 See id. Since the decommissioning of DPTR in
Rule 132.30(9) to conform the data elements set forth in 2009, weekly statistics regarding program trades the
Exchange’s rules to industry-wide Supplementary Material .30. Rule Exchange provides to media outlets have also been
132.30(9) requires that all orders derived from ATI data. Id.
standards for the recording the capacity 7 See note 4, supra.
in which a member organization submitted to the Exchange include 8 In general, the term ‘‘capacity’’ refers to whether
executes a transaction. The proposed specified trade data elements, including a broker-dealer acts as agent, i.e., directly on behalf
rule change is available on the ‘‘[w]hether the account for which the of a customer, or whether the broker-dealer acts as
Exchange’s Web site at www.nyse.com, order was executed was that of a principal, i.e., for its own account, in a transaction.
member or member organization or of a A riskless principal transaction is one where a
at the principal office of the Exchange, broker-dealer receives a customer order and then
and at the Commission’s Public non-member or non-member immediately executes an identical order in the
Reference Room. organization.’’ The Exchange has marketplace, while taking on the role of principal,
periodically published guidance in order to fill the customer order pursuant to Rule
II. Self-Regulatory Organization’s regarding the ATIs that can be used to 5320.
9 Rule 134 requires a member or member
Statement of the Purpose of, and satisfy this requirement.4
organization who acquires or assumes a security
Statutory Basis for, the Proposed Rule ATIs are included as part of the audit position resulting from an error transaction to clear
Change trail data reported for each transaction such error transaction in the member’s or member
asabaliauskas on DSK5VPTVN1PROD with NOTICES
In its filing with the Commission, the on the Exchange. The Exchange also organization’s error account, or in the error account
uses ATIs to capture program trade established for a group of members. Rule 123.22
self-regulatory organization included further requires members to enter orders executed
statements concerning the purpose of, information for those portions of the to offset transactions made in error into an
and basis for, the proposed rule change electronic system and sends a copy of such order
4 See, e.g., Information Memos 85–37 (Nov. 12, to an electronic system on the Floor within 60
15 17
1985); 88–29 (Oct. 19, 1988); 92–34 (Nov. 13, 1992); seconds of execution. See also Rule 123(e) (defining
CFR 200.30–3(a)(12). 96–36 (Dec. 5, 1996); 02–59 (Dec. 17, 2002); 09–31 system entry). This type of proprietary trade is
1 15 U.S.C.78s(b)(1).
(June 24, 2009); 12–25 (October 9, 2012); 14–04 currently identified by the ‘‘Q’’ account type
2 15 U.S.C. 78a.
(January 30, 2014). The current list contains 24 indicator, which would be retained to identify these
3 17 CFR 240.19b–4. distinct ATIs. trading Floor-based executions.
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![1670 Federal Register / Vol. 81, No. 8 / Wednesday, January 13, 2016 / Notices
number should be included on the Exchange Commission (‘‘Commission’’), SECURITIES AND EXCHANGE
subject line if email is used. To help the pursuant to Section 19(b)(1) of the COMMISSION
Commission process and review your Securities Exchange Act of 1934
[Release No. 34–76854; File No. SR–FINRA–
comments more efficiently, please use (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a 2015–48]
only one method. The Commission will proposed rule change to adopt FINRA
post all comments on the Commission’s Rule 6191(a) to implement the quoting Self-Regulatory Organizations;
Internet Web site (http://www.sec.gov/ and trading requirements of the Plan to Financial Industry Regulatory
rules/sro.shtml). Copies of the Implement a Tick Size Pilot Program.3 Authority, Inc.; Notice of Designation
submission, all subsequent The proposed rule change was of Longer Period for Commission
amendments, all written statements published for comment in the Federal Action on a Proposed Rule Change To
with respect to the proposed rule Register on November 25, 2015.4 The Establish Rules To Adopt FINRA Rule
change that are filed with the Commission has received two comment 6191(b) and Amend FINRA Rule 7440
Commission, and all written letters on the proposal.5 To Implement the Data Collection
communications relating to the Section 19(b)(2) of the Act 6 provides Requirements of the Plan To
proposed rule change between the that, within 45 days of the publication Implement a Tick Size Pilot Program
Commission and any person, other than of the notice of the filing of a proposed
those that may be withheld from the January 7, 2016.
rule change, or within such longer On November 13, 2015, the Financial
public in accordance with the period up to 90 days as the Commission
provisions of 5 U.S.C. 552, will be Industry Regulatory Authority, Inc.
may designate if it finds such longer (‘‘FINRA’’) filed with the Securities and
available for Web site viewing and period to be appropriate and publishes
printing in the Commission’s Public Exchange Commission (‘‘Commission’’),
its reasons for so finding or as to which pursuant to Section 19(b)(1) of the
Reference Room, 100 F Street NE., the self-regulatory organization
Washington, DC 20549 on official Securities Exchange Act of 1934
consents, the Commission shall either (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
business days between the hours of approve the proposed rule change,
10:00 a.m. and 3:00 p.m. Copies of the proposed rule change to adopt FINRA
disapprove the proposed rule change, or Rule 6191(b) and amend FINRA Rule
filing also will be available for institute proceedings to determine
inspection and copying at the principal 7440 to implement the data collection
whether the proposed rule change requirements of the Plan to Implement
office of the Exchange. All comments should be disapproved. The 45th day for
received will be posted without change; a Tick Size Pilot Program.3 The
this filing is January 9, 2016. proposed rule change was published for
the Commission does not edit personal
identifying information from The Commission is extending this 45- comment in the Federal Register on
submissions. You should submit only day time period. The Commission finds November 25, 2015.4 The Commission
information that you wish to make that it is appropriate to designate a has received two comment letters on the
longer period within which to take proposal.5
available publicly. All submissions
action on the proposed rule change so Section 19(b)(2) of the Act 6 provides
should refer to File Number SR–NYSE–
that it has sufficient time to consider the that, within 45 days of the publication
2016–07and should be submitted on or of the notice of the filing of a proposed
before February 3, 2016. proposal.
rule change, or within such longer
For the Commission, by the Division of Accordingly, pursuant to Section
period up to 90 days as the Commission
Trading and Markets, pursuant to delegated 19(b)(2) of the Act,7 the Commission
may designate if it finds such longer
authority.19 designates February 23, 2016, as the period to be appropriate and publishes
Robert W. Errett, date by which the Commission should its reasons for so finding or as to which
Deputy Secretary. either approve or disapprove or institute the self-regulatory organization
[FR Doc. 2016–00463 Filed 1–12–16; 8:45 am]
proceedings to determine whether to consents, the Commission shall either
disapprove the proposed rule change approve the proposed rule change,
BILLING CODE 8011–01–P
(File No. SR–FINRA–2015–47). disapprove the proposed rule change, or
For the Commission, by the Division of institute proceedings to determine
SECURITIES AND EXCHANGE Trading and Markets, pursuant to delegated whether the proposed rule change
COMMISSION authority.8 should be disapproved. The 45th day for
Robert W. Errett, this filing is January 9, 2016.
[Release No. 34–76855; File No. SR–FINRA– The Commission is extending this 45-
2015–47] Deputy Secretary.
[FR Doc. 2016–00469 Filed 1–12–16; 8:45 am] day time period. The Commission finds
Self-Regulatory Organizations; BILLING CODE 8011–01–P
that it is appropriate to designate a
Financial Industry Regulatory longer period within which to take
Authority, Inc.; Notice of Designation 1 15
action on the proposed rule change so
U.S.C. 78s(b)(1).
of Longer Period for Commission 2 17 CFR 240.19b–4.
that it has sufficient time to consider the
Action on a Proposed Rule Change To 3 See Securities Exchange Act Release No. 74892 proposal.
Establish Rules To Adopt FINRA Rule (May 6, 2015), 80 FR 27513 (May 13, 2015) (order
approving the Tick Size Pilot). 1 15 U.S.C. 78s(b)(1).
6191(a) To Implement the Quoting and 4 See Securities Exchange Act Release No. 76483 2 17 CFR 240.19b–4.
Trading Requirements of the (November 19, 2015), 80 FR 73853. 3 See Securities Exchange Act Release No. 74892
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Regulation NMS Plan To Implement a 5 See Letters from Mary Lou Von Kaenel, (May 6, 2015), 80 FR 27513 (May 13, 2015).
Tick Size Pilot Program Managing Director, Financial Information Forum, 4 See Securities Exchange Act Release No. 76484
dated December 16, 2015 and Theodore R. Lazo, (November 19, 2015), 80 FR 73858.
January 7, 2016. Managing Director and Associate General Counsel, 5 See Letters from Mary Lou Von Kaenel,
Securities Industry and Financial Markets Managing Director, Financial Information Forum,
On November 13, 2015, the Financial Association, dated December 18, 2015, to Robert W. dated December 16, 2015 and Manisha Kimmel,
Industry Regulatory Authority, Inc. Errett, Deputy Secretary, Commission. Chief Regulatory Officer, Wealth Management,
(‘‘FINRA’’) filed with the Securities and 6 15 U.S.C. 78s(b)(2).
Thomson Reuters, dated December 16, 2015 to
7 Id. Robert W. Errett, Deputy Secretary, Commission.
19 17 CFR 200.30–3(a)(12). 8 17 CFR 200.30–3(a)(31). 6 15 U.S.C. 78s(b)(2).
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Document Created: 2016-01-13 01:01:02
Document Modified: 2016-01-13 01:01:02
| 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 1668 |
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