81 FR 18671 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Continuing Education Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 62 (March 31, 2016)
Federal Register Volume 81, Issue 62 (March 31, 2016)
| Page Range | 18671-18673 | |
| FR Document | 2016-07197 |
[Federal Register Volume 81, Number 62 (Thursday, March 31, 2016)] [Notices] [Pages 18671-18673] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-07197] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77444; File No. SR-Phlx-2016-34] Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Continuing Education Fee Schedule March 25, 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 March 15, 2016, NASDAQ PHLX LLC (``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Continuing Education fee schedule as described further below. The proposed rule change is being filed for immediate effectiveness. The text of the proposed rule change is available on the Exchange's Web site [[Page 18672]] at http://nasdaqomxphlx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to make changes to the Continuing Education fees set forth in subsection C, FINRA Fees, of section VII, Other Member Fees, to provide that the Continuing Education fee will be $55 if the Continuing Education session is conducted via Web delivery. The Continuing Education fee will remain $100 if the Continuing Education session is conducted at a testing center. The Exchange is also eliminating the $60 Continuing Education fee for the S501 Regulatory Element, which was discontinued by FINRA as of January 4, 2016.\3\ --------------------------------------------------------------------------- \3\ Currently, Section VII, subsection C, of the Exchange's fee schedule provides that the Continuing Education fee will be assessed as to each individual who is required to complete the Regulatory Element of the Continuing Education requirements pursuant to Exchange Rule 640. This fee, which is paid directly to FINRA, is $60.00 for each individual who is required to complete the Proprietary Trader Regulatory Element (S501) and $100.00 for each individual who is required to complete the S101 or S201 Regulatory Elements. --------------------------------------------------------------------------- On August 8, 2015, the Commission approved SR-FINRA-2015-015 relating to proposed changes to FINRA Rule 1250 to provide for Web- based delivery for completing the Regulatory Element of the Continuing Education requirements.\4\ Pursuant to the rule change, effective October 1, 2015, the Regulatory Element of the Continuing Education programs for the S101 and S201 is now administered through Web-based delivery.\5\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 75581 (July 31, 2015), 80 FR 47018 (August 6, 2015) (Order Approving a Proposed Rule Change to Provide a Web-based Delivery Method for Completing the Regulatory Element of the Continuing Education Requirements) (SR- FINRA-2015-015). FINRA elected to provide a Web-based delivery method for completing the Regulatory Element based on its evaluation of different delivery methods and in consultation with the Securities Industry Regulatory Council on Continuing Education (``CE Council''). The CE Council is composed of up to 20 industry members from broker-dealers, representing a broad cross section of industry firms, and representatives from FINRA and other SROs as well as liaisons from the SEC and the North American Securities Administrators Association. See http://www.cecouncil.com. The Exchange, with other SROs, is adopting the fee for Web based CE that was recommended by FINRA and approved by the CE Council. \5\ The Regulatory Element of the S101 and S201 Continuing Education programs will continue to be offered at testing centers until no later than six months after January 4, 2016. Test-center delivery of the Regulatory Element will be phased out by no later than six months after January 4, 2016. See Securities Exchange Act Release No. 75581 (July 31, 2015), 80 FR 47018 (August 6, 2015) (Order Approving a Proposed Rule Change To Provide a Web-Based Delivery Method for Completing the Regulatory Element of the Continuing Education) (SR-FINRA-2015-015). --------------------------------------------------------------------------- Pursuant to the approval order for SR-FINRA-2015-015, the fee for test-center delivery of the Regulatory Element of the S101 and S201 Continuing Education programs will continue to be $100 per session through no later than six months after January 4, 2016 when the program will no longer be offered at testing centers. However, the fee for Web- based delivery of the Regulatory Element of the S101 and S201 Continuing Education programs is now $55. The Exchange currently utilizes the S101 and S201 programs that are part of the Securities Industry Continuing Education Program.\6\ Consistent with SR-FINRA-2015-015, the Exchange recently filed a separate proposed rule change to follow the changes set forth in SR- FINRA-2015-015 with respect to Web-based delivery of the Regulatory Element of the Continuing Education programs.\7\ The CE Council determined to adopt a lower Web-delivery CE fee based on the difference between the cost of CE administered at a testing center and the cost of CE administered by Web delivery. FINRA made this change to its fees in SR-FINRA-2015-015 in response to the Council's decision. Consistent with SR-FINRA-2015-015, this proposed rule change will now amend the Exchange's fee schedule to provide that the continuing education fee is $100.00 ($55.00 if the Continuing Education is Web-based) for each individual who is required to complete the S101 or S201.\8\ The Exchange is also deleting an extraneous parenthesis. --------------------------------------------------------------------------- \6\ The Securities Industry/Regulatory Council on Continuing Education has advisory and consultative responsibilities with regard to the development, implementation and ongoing operation of the Securities Industry Continuing Education Program. \7\ See Securities Exchange Act Release No. 76880 (January 12, 2016), 81 FR 2928 (January 19, 2016). \8\ As noted above, the S501 Proprietary Trader Regulatory Element was discontinued as of January 4, 2016. The Exchange is therefore deleting the $60 S501 Proprietary Trader Regulatory Element fee. The Exchange will file another proposed rule change to eliminate the reference to the $100 Continuing Education fee when the test center option is eliminated for the S101 and S201 Regulatory Elements. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal to amend its fee schedule is consistent with section 6(b) of the Act \9\ in general, and furthers the objectives of section 6(b)(4) of the Act \10\ in particular, in that it is an equitable allocation of reasonable dues, fees and other charges among Exchange members and issuers and other persons using its facilities. The Exchange believes that the proposal to set the Continuing Education fee at $55 if the Continuing Education session is conducted via Web delivery is an equitable allocation of dues, fees and other charges because the fee change applies equally to all persons associated with members. In addition, the Exchange believes that the amended fee is an equitable allocation of dues, fees and other charges as it will apply uniformly to all persons associated with the members who choose to participate in the continuing education program through FINRA via Web delivery. As FINRA has stated in SR-FINRA-2015-015, the test center delivery method is expensive to operate and support, and web-based delivery is efficient and offers significant cost savings over test-center and in-firm deliveries. The proposed deletion of the $60 Continuing Education fee for the S501 Regulatory Element is reasonable because the S501 CE program has been discontinued by FINRA. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. Because the proposed rule change applies to all persons associated with members who are required to fulfill Continuing Education requirements, the proposal has no effect on competition. [[Page 18673]] C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to section 19(b)(3)(A)(ii) of the Act.\11\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-Phlx-2016-34 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-Phlx-2016-34. 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-Phlx-2016-34 and should be submitted on or before April 21, 2016. --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ Brent J. Fields, Secretary. [FR Doc. 2016-07197 Filed 3-30-16; 8:45 am] BILLING CODE 8011-01-P
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participants. Similar to what it has communications relating to the entities that will meet the definition of
noted in past Professional customer proposed rule change between the Professional under the new
filings, the Commission believes that the Commission and any person, other than Interpretation and Guidance.
line that CBOE now seeks to draw those that may be withheld from the Accordingly, the Commission finds
between ‘‘priority’’ customers and public in accordance with the good cause, pursuant to Section 19(b)(2)
Professional customers reflects CBOE’s provisions of 5 U.S.C. 552, will be of the Act,65 to approve the proposed
belief that the orders of a person who available for Web site viewing and rule change, as modified by Amendment
submits, on average, more than one printing in the Commission’s Public No. 1, on an accelerated basis.
order every minute of the trading day Reference Room, 100 F Street NE.,
Washington, DC 20549, on official VII. Conclusion
need not (or should not) be granted the
same benefit or incentive that is granted business days between the hours of It is therefore ordered, pursuant to
to customers who do not trade on such 10:00 a.m. and 3:00 p.m. Copies of such Section 19(b)(2) of the Act,66 that the
a scale.61 filing will also be available for proposed rule change (SR–CBOE–2016–
The Commission believes that the inspection and copying at the principal 005), as modified by Amendment No. 1,
grant of priority to certain participants office of the Exchange. All comments be, and hereby is, approved on an
over others in a manner that is received will be posted without change; accelerated basis.
consistent with the Act is most the Commission does not edit personal For the Commission, by the Division of
reasonably viewed as within the identifying information from Trading and Markets, pursuant to delegated
discretion of the Exchange.62 Thus, the submissions. You should submit only authority.67
Commission believes that CBOE’s information that you wish to make Robert W. Errett,
proposal, which establishes an objective available publicly. All submissions Deputy Secretary.
methodology for counting average daily should refer to File No. SR–CBOE– [FR Doc. 2016–07204 Filed 3–30–16; 8:45 am]
order submissions for Professional order 2016–005 and should be submitted on
BILLING CODE 8011–01–P
counting purposes, is consistent with or before April 21, 2016.
the Act. VI. Accelerated Approval of Proposed
V. Solicitation of Comments on Rule Change, as Modified by SECURITIES AND EXCHANGE
Amendment No. 1 to the Proposed Rule Amendment No. 1 COMMISSION
Change The Commission finds good cause to [Release No. 34–77444; File No. SR–Phlx–
Interested persons are invited to approve the proposed rule change, as 2016–34]
submit written data, views, and modified by Amendment No. 1, prior to
arguments concerning the foregoing, the thirtieth day after the date of Self-Regulatory Organizations;
including whether Amendment No. 1 to publication of notice of the amended NASDAQ PHLX LLC; Notice of Filing
the proposed rule change is consistent proposal in the Federal Register. The and Immediate Effectiveness of
with the Act. Comments may be revisions made to the proposal in Proposed Rule Change To Amend the
submitted by any of the following Amendment No. 1 63 changed how Exchange’s Continuing Education Fee
methods: complex orders will be counted with Schedule
respect to Professional order counting. March 25, 2016.
Electronic Comments Amendment No. 1 modified the
Pursuant to section 19(b)(1) of the
• Use the Commission’s Internet proposal to provide that a complex
Securities Exchange Act of 1934
comment form (http://www.sec.gov/ order compromised of nine legs or more
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
rules/sro.shtml); or will count as multiple orders with each
notice is hereby given that on March 15,
• Send an email to rule-comments@ option leg counting as its own separate
2016, NASDAQ PHLX LLC
sec.gov. Please include File No. SR– order instead of five legs or more as
(‘‘Exchange’’) filed with the Securities
CBOE–2016–005 on the subject line. previously proposed by the Exchange.64
and Exchange Commission (‘‘SEC’’ or
The Commission believes that this
Paper Comments ‘‘Commission’’) the proposed rule
modification responds to one of the
• Send paper comments in triplicate change as described in Items I, II, and
primary concerns raised by the
to Secretary, Securities and Exchange commenter on the proposal that III, below, which Items have been
Commission, 100 F Street NE., increasingly sophisticated customers prepared by the Exchange. The
Washington, DC 20549–1090. would be adversely affected by the Commission is publishing this notice to
All submissions should refer to File No. proposal, causing them to become solicit comments on the proposed rule
SR–CBOE–2016–005. This file number Professionals and lose their priority change from interested persons.
should be included on the subject line customer status. Amendment No. 1 I. Self-Regulatory Organization’s
if email is used. To help the effectively allows retail customers to use Statement of the Terms of Substance of
Commission process and review your more advanced trading strategies (i.e., the Proposed Rule Change
comments more efficiently, please use complex orders with up to eight legs) The Exchange proposes to amend the
only one method. The Commission will without having that activity counted as Continuing Education fee schedule as
post all comments on the Commission’s multiple orders for purposes of described further below. The proposed
Internet Web site (http://www.sec.gov/ Professional order counting. Thus, the rule change is being filed for immediate
rules/sro.shtml). Copies of the Commission believes that the changes in effectiveness.
mstockstill on DSK4VPTVN1PROD with NOTICES
submission, all subsequent Amendment No. 1 respond to one of the The text of the proposed rule change
amendments, all written statements concerns raised by the commenter by is available on the Exchange’s Web site
with respect to the proposed rule adopting a more permissive threshold
change that are filed with the for complex orders, and ultimately 65 15 U.S.C. 78s(b)(2)
Commission, and all written could decrease the number of persons or 66 See id.
67 17 CFR 200.30–3(a)(12).
61 See ISE Approval Order, supra note 12, at 5701. 63 See Amendment No. 1, supra note 6. 1 15 U.S.C. 78s(b)(1).
62 See id. at 5700. 64 See id. 2 17 CFR 240.19b–4.
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C. Self-Regulatory Organization’s those that may be withheld from the upon the desirability of a hearing on the
Statement on Comments on the public in accordance with the matter, the reason for the request, and
Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be the issues contested. Persons who wish
Members, Participants, or Others available for Web site viewing and to be notified of a hearing may request
No written comments were either printing in the Commission’s Public notification by writing to the
solicited or received. Reference Room, 100 F Street NE., Commission’s Secretary.
Washington, DC 20549, on official ADDRESSES: The Commission: Secretary,
III. Date of Effectiveness of the business days between the hours of U.S. Securities and Exchange
Proposed Rule Change and Timing for 10:00 a.m. and 3:00 p.m. Copies of the Commission, 100 F Street NE.,
Commission Action filing also will be available for Washington, DC 20549–1090.
The foregoing rule change has become inspection and copying at the principal FOR FURTHER INFORMATION CONTACT:
effective pursuant to section office of the Exchange. All comments Jessica Shin, Attorney-Adviser, at (202)
19(b)(3)(A)(ii) of the Act.11 received will be posted without change; 551–5921 or Chief Counsel’s Office at
At any time within 60 days of the the Commission does not edit personal (202) 551–6821; SEC, Division of
filing of the proposed rule change, the identifying information from Investment Management, Chief
Commission summarily may submissions. You should submit only Counsel’s Office, 100 F Street NE.,
temporarily suspend such rule change if information that you wish to make Washington, DC 20549–8010.
it appears to the Commission that such available publicly. All submissions
action is: (i) Necessary or appropriate in should refer to File Number SR–Phlx– Curian Series Trust [File No. 811–
the public interest; (ii) for the protection 2016–34 and should be submitted on or 22495]
of investors; or (iii) otherwise in before April 21, 2016. Summary: Applicant seeks an order
furtherance of the purposes of the Act. For the Commission, by the Division of declaring that it has ceased to be an
If the Commission takes such action, the Trading and Markets, pursuant to delegated investment company. On December 10,
Commission shall institute proceedings authority.12 2015, January 21, 2016, and February 2,
to determine whether the proposed rule Brent J. Fields, 2016, applicant made liquidating
should be approved or disapproved.
Secretary. distributions to its shareholders, based
IV. Solicitation of Comments [FR Doc. 2016–07197 Filed 3–30–16; 8:45 am] on net asset value. Expenses of $172,315
Interested persons are invited to BILLING CODE 8011–01–P incurred in connection with the
submit written data, views, and liquidation were paid by applicant’s
arguments concerning the foregoing, investment adviser.
including whether the proposed rule SECURITIES AND EXCHANGE Filing Date: The application was filed
change is consistent with the Act. COMMISSION on February 26, 2016.
Comments may be submitted by any of [Release No. IC–32051]
Applicant’s Address: 7601
the following methods: Technology Way, Denver, Colorado
Notice of Applications for 80237.
Electronic Comments
Deregistration Under Section 8(f) of the ALTMFX Trust [File No. 811–22989]
• Use the Commission’s Internet Investment Company Act of 1940
comment form (http://www.sec.gov/ Summary: Applicant seeks an order
rules/sro.shtml); or March 25, 2016. declaring that it has ceased to be an
• Send an email to rule-comments@ The following is a notice of investment company. On December 3,
sec.gov. Please include File Number SR– applications for deregistration under 2015 and December 29, 2015, applicant
Phlx–2016–34 on the subject line. section 8(f) of the Investment Company made liquidating distributions to its
Act of 1940 for the month of March shareholders, based on net asset value.
Paper Comments 2016. A copy of each application may be Expenses of approximately $31,641
• Send paper comments in triplicate obtained via the Commission’s Web site incurred in connection with the
to Brent J. Fields, Secretary, Securities by searching for the file number, or for liquidation were paid by applicant,
and Exchange Commission, 100 F Street an applicant using the Company name applicant’s custodian, and applicant’s
NE., Washington, DC 20549–1090. box, at http://www.sec.gov/search/ administrator.
All submissions should refer to File search.htm or by calling (202) 551– Filing Date: The application was filed
Number SR–Phlx–2016–34. This file 8090. An order granting each on February 29, 2016.
number should be included on the application will be issued unless the Applicant’s Address: Three Canal
subject line if email is used. To help the SEC orders a hearing. Interested persons Plaza, Suite 600, Portland, Maine 04101.
Commission process and review your may request a hearing on any
Lazard Alternative Emerging Markets
comments more efficiently, please use application by writing to the SEC’s
1099 Fund [File No. 811–22590]
only one method. The Commission will Secretary at the address below and
post all comments on the Commission’s serving the relevant applicant with a Summary: Applicant, a closed-end
Internet Web site (http://www.sec.gov/ copy of the request, personally or by investment company, seeks an order
rules/sro.shtml). Copies of the mail. Hearing requests should be declaring that it has ceased to be an
submission, all subsequent received by the SEC by 5:30 p.m. on investment company. On December 31,
amendments, all written statements April 19, 2016, and should be 2015, applicant transferred its
mstockstill on DSK4VPTVN1PROD with NOTICES
with respect to the proposed rule accompanied by proof of service on remaining assets and known liabilities
change that are filed with the applicants, in the form of an affidavit or, to a liquidating trust, based on net asset
Commission, and all written for lawyers, a certificate of service. value. Each shareholder of applicant has
communications relating to the Pursuant to Rule 0–5 under the Act, received a pro rata interest in the
proposed rule change between the hearing requests should state the nature liquidating trust. Expenses of
Commission and any person, other than of the writer’s interest, any facts bearing approximately $125,000 incurred in
connection with the liquidation were
11 15 U.S.C. 78s(b)(3)(A)(ii). 12 17 CFR 200.30–3(a)(12). paid by applicant’s investment adviser.
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Document Created: 2016-03-31 00:56:09
Document Modified: 2016-03-31 00:56:09
| 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 18671 |
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