81 FR 20716 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing of a Proposed Rule Change To Amend the Exchange's Amended and Restated By-Laws

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 68 (April 8, 2016)

Page Range		20716-20718
FR Document		2016-08042
Federal Register, Volume 81 Issue 68 (Friday, April 8, 2016)
[Federal Register Volume 81, Number 68 (Friday, April 8, 2016)]
[Notices]
[Pages 20716-20718]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-08042]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77507; File No. SR-MIAX-2016-08]


Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing of a Proposed Rule Change To Amend the 
Exchange's Amended and Restated By-Laws

April 4, 2016.
    Pursuant to the provisions of 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 29, 2016, Miami International Securities 
Exchange LLC (``MIAX'' or ``Exchange'') filed with the Securities and 
Exchange Commission (``Commission'') a 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing a proposal to amend the Exchange's Amended 
and Restated By-Laws.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, at 
MIAX's principal office, 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 amend its Amended and Restated By-Laws 
(``By-Laws'') to eliminate the last sentence of Article II, Section 
2.2(d),\3\ the last sentence of Article II, Section 2.2(g)(ii) \4\ and 
the last sentence of Article IV, Section 4.2(b) \5\ as well as the 
defined

[[Page 20717]]

terms set forth in Article I (p) and (oo) \6\ which are used only in 
connection with the foregoing By-Law provisions proposed to be 
eliminated. Article I of the By-Laws will be re-lettered accordingly. 
These By-Law provisions restrict an individual who is a Director,\7\ 
Observer \8\ or committee member of MIAX from also serving as a member 
of the board of directors or similar governing body of a Specified 
Entity and would cause such individual to immediately cease being a 
Director, Observer or committee member, as applicable, of the 
Exchange's Board of Directors (``Board'') upon such individual becoming 
a member of the board of directors or similar governing body of a 
Specified Entity. The term ``Specified Entity'' generally refers to any 
U.S. securities option exchange (or facility thereof) or U.S. 
alternative trading system on which securities options are traded which 
competes with the Exchange, or an affiliate of the foregoing.\9\
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    \3\ Article II, Section 2.2(d) of the By-Laws reads in relevant 
part: In the event a Director appointed after the Effective Date 
becomes a member of the board of directors or similar governing body 
of a Specified Entity, such individual shall immediately cease to be 
a Director of the Company and the resulting vacancy shall be filled 
pursuant to the provisions of Article II, Section 2.2(e).
    \4\ Article II, Section 2.2(g)(ii) of the By-Laws reads in 
relevant part: In the event an individual designated as an Observer 
becomes a member of the board of directors or similar governing body 
of a Specified Entity after the Effective Date, such individual 
shall immediately cease to be an Observer and the resulting vacancy 
shall be filled pursuant to the provisions of Article II, Section 
2.2(e).
    \5\ Article IV, Section 4.2(b) of the By-Laws reads in relevant 
part: In the event a committee member appointed after the Effective 
Date becomes a member of the board of directors or similar governing 
body of a Specified Entity, such individual shall immediately cease 
to be even a committee member and the resulting vacancy shall be 
filled pursuant to the provisions of Article IV.
    \6\ The term ``Specified Entity'' means (i) any U.S. securities 
option exchange (or facility thereof) or U.S. alternative trading 
system on which securities options are traded (other than the 
Company or any of its affiliates) that lists for trading any option 
contract that competes with an Exchange Contract, (ii) any person 
that owns or controls such U.S. securities option exchange or U.S. 
alternative trading system, and (iii) any affiliate of a person 
described in clause (i) or (ii) above. See By-Laws Article I (oo). 
The term ``Exchange Contract'' means a contract that is then listed 
for trading by the Exchange or that is contemplated by the then 
current business plan of the Company to be listed for trading by the 
Exchange within ninety (90) days following such date. See By-Laws 
Article I (p).
    \7\ The term ``Director'' means the persons elected or appointed 
to the [MIAX] Board of Directors from time to time in accordance 
with the LLC Agreement [of MIAX] and these By-Laws in their capacity 
as managers of the Company. See By-Laws Article I (j).
    \8\ The term ``Observer'' means a person invited to attend 
meetings of the [MIAX] Board of Directors in a nonvoting observer 
capacity as further described in Article II, Section 2.2(g)(i)-(iii) 
of the By-Laws. See By-Laws Article II, Section 2.2(g).
    \9\ See supra note 6.
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    This restriction was added to the By-Laws in connection with the 
Equity Rights Program (``ERP'') \10\ established by the Exchange in 
2013.\11\ This prohibition was intended to prevent any potential 
conflicts of interest that might arise by virtue of such MIAX Director, 
Observer or committee member also serving as a member of the governing 
body of a competitor. MIAX has since learned through experience that 
such prohibition is unnecessarily restrictive because (1) any such 
potential conflicts of interest are more effectively and more 
efficiently addressed by other means, and (2) it results in the 
unavailability to MIAX (or to its competitors) of many excellent Board 
(or other governing body) candidates.
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    \10\ Pursuant to the ERP, units representing the right to 
acquire equity in the Exchange's parent holding company, Miami 
International Holdings, Inc., were issued to participating Members 
in exchange for payment of an initial purchase price or the 
prepayment of certain transaction fees and the achievement of 
certain liquidity addition volume thresholds on the Exchange over a 
fixed period of time. The By-Laws were also then amended to 
incorporate rights granted to Members participating in the ERP to 
appoint representation on the MIAX Board.
    \11\ See Securities Exchange Act Release No. 70498 (September 
25, 2013), 78 FR 60348 (October 1, 2013) (SR-MIAX-2013-43) and 
Securities Exchange Act Release No. 71172 (December 23, 2013), 78 FR 
79530 (December 30, 2013) (SR-MIAX-2013-58).
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    MIAX has found that potential conflicts of interest are best 
addressed through such vehicles as the covenant of good faith and fair 
dealing and fiduciary duties applicable to limited liability company 
(``LLC'') managers under the Delaware Limited Liability Company Act 
(``LLC Act'') \12\ and self-regulatory obligations imposed upon 
directors of a self-regulatory organization (``SRO'') such as MIAX 
under the Act,\13\ which generally apply to Directors, Observers and 
committee members of MIAX, as well as the confidentiality agreements 
that MIAX generally enters into with Directors, Observers and committee 
members, By-Law provisions directly addressing potential conflicts of 
interest \14\ and MIAX policies relating to confidentiality of MIAX 
information and addressing the aforementioned fiduciary and other 
obligations of company directors generally and as directors of a SRO. 
MIAX has also found that any potential benefit that could be derived 
from prohibiting a MIAX Director, Observer or committee member from 
also serving as member of a governing body of a competitor is by far 
out-weighed by the loss to MIAX of the experience, knowledge and 
expertise of potential Board members who are disqualified from such 
service simply by virtue of their service as a member of a governing 
body of a competitor. The proposed rule change is designed to enable 
MIAX to engage the best suited and most qualified leaders to serve in 
the capacity of Director, Observer or committee member, regardless of 
their service on the governing body of a competitor.
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    \12\ 6 Del. C. Sec.  18-101 et seq. Fiduciary duties of LLC 
managers include the duty of loyalty (requires managers to serve the 
best interest of the company and avoid conflicts of interest) and 
the duty of care (requires managers to act as a prudent person would 
in similar circumstances).
    \13\ 15 U.S.C. 78 et seq.
    \14\ See By-Laws Article II, Section 2.20.
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    Further, MIAX has reviewed the rules of other U.S. securities 
option exchanges and noted that most other option exchanges do not 
restrict their board (or other governing body) members from sitting on 
the board of directors or other governing body of another options 
exchange.\15\
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    \15\ None of the BATS Exchange, Inc., BOX Options Exchange LLC, 
Chicago Board Options Exchange, Incorporated, Nasdaq OMX PHLX LLC, 
Nasdaq Options Market or International Securities Exchange, LLC have 
such a restriction. Only one U.S. securities options exchange 
restricts those of its directors designated by its founding firm 
members (i.e., investors in its strategic founding transaction) from 
sitting on the board of directors or other governing body of another 
options exchange. See Amended and Restated Limited Liability Company 
Agreement of NYSE Amex Options LLC, Article VIII, 8.1(h). See also 
Securities Exchange Act Release No. 71408 (January 27, 2014), 79 FR 
5481 (January 31, 2014) (SR-NYSEMKT-2014-08) (Exhibit 5A).
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2. Statutory Basis
    MIAX believes that this proposed rule change is consistent with 
Section 6(b) of the Act \16\ in general, and furthers the objectives of 
Sections 6(b)(1) and 6(b)(5) of the Act \17\ in particular, in that it 
enables the Exchange to be so organized as to have the capacity to 
carry out the purposes of the Act and to comply, and to enforce 
compliance by its Members and persons associated with its Members with, 
the provisions of the Act, the rules and regulations thereunder, and 
the rules of the Exchange; and that it is designed to promote just and 
equitable principles of trade, to foster cooperation and coordination 
with persons engaged in facilitating transactions in securities, to 
remove impediments to and perfect the mechanisms of a free and open 
market and a national market system and, in general, to protect 
investors and the public interest.
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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(1) and (b)(5).
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    MIAX is proposing to eliminate the restriction in its By-Laws 
prohibiting a Director, Observer or committee member of the Exchange's 
Board of Directors from simultaneously serving as a member of the 
governing body of a competitor. This proposed rule change is consistent 
with and will facilitate a Board structure and composition by MIAX that 
will strengthen its ability to carry out the purposes of the Act and 
comply with the provisions of the Act and the rules and regulations 
thereunder, and to enforce compliance by Exchange Members and persons 
associated with Exchange Members with the provisions of the Act and the 
rules and regulations thereunder and the rules of the Exchange. This 
proposed rule change is also consistent with the

[[Page 20718]]

protection of investors and the public interest. Specifically, the 
proposed rule change will allow for the selection by MIAX of nominees 
best qualified to serve as Directors, Observers or committee members on 
the Exchange's Board of Directors based on the overall strategic needs 
of the Board, the Exchange and its constituents, regardless of such 
individuals' service as a member of the governing body of a competitor. 
(Conversely, this proposed rule change will also allow for the 
selection by MIAX's competitors of nominees best qualified to serve on 
their governing bodies, regardless of such individuals' service on the 
Exchange's Board). In addition, the proposed rule change will alleviate 
the disruption that might occur if a Director, Observer or committee 
member of MIAX were to become a member of the board of directors or 
similar governing body of a Specified Entity and thereby immediately 
cease to be a Director, Observer or committee member of MIAX, thus 
resulting in the loss of a valuable Director, Observer or committee 
member and a vacancy on the MIAX Board which the Exchange would have to 
divert efforts to refill, and potentially disrupting compliance with 
MIAX's Board composition requirements as set forth in its By-Laws.

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 change to the 
By-Laws relates to the corporate governance of MIAX, and as such, is 
not a competitive filing and does not impose a burden on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission shall: (a) By order approve 
or disapprove such proposed rule change, or (b) institute proceedings 
to determine whether the proposed rule change should be 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 Comments

     Use 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-MIAX-2016-08 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-MIAX-2016-08. 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-MIAX-2016-08 and should be 
submitted on or before April 29, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-08042 Filed 4-7-16; 8:45 am]
 BILLING CODE 8011-01-P
20716 Federal Register / Vol. 81, No. 68 / Friday, April 8, 2016 / Notices

protection of investors and the public number should be included on the and Exchange Commission
interest. subject line if email is used. To help the (‘‘Commission’’) a proposed rule change
FINRA has asked the Commission to Commission process and review your as described in Items I, II, and III below,
waive the 30-day operative delay. The comments more efficiently, please use which Items have been prepared by the
Commission believes that waiving the only one method. The Commission will Exchange. The Commission is
30-day operative delay is consistent post all comments on the Commission’s publishing this notice to solicit
with the protection of investors and the Internet Web site (http://www.sec.gov/ comments on the proposed rule change
public interest. Such waiver will allow rules/sro.shtml). Copies of the from interested persons.
the proposed rule change to become submission, all subsequent
operative on or about April 4, 2016, the amendments, all written statements I. Self-Regulatory Organization’s
date that Nasdaq has designated (and with respect to the proposed rule Statement of the Terms of Substance of
represented to FINRA) as the date by change that are filed with the the Proposed Rule Change
which it will complete the systems Commission, and all written The Exchange is filing a proposal to
development work to support the communications relating to the amend the Exchange’s Amended and
proposed FTP file. This will ensure that proposed rule change between the Restated By-Laws.
additional pricing information relating Commission and any person, other than The text of the proposed rule change
to OTC transactions in NextShares will those that may be withheld from the is available on the Exchange’s Web site
be available to market participants public in accordance with the at http://www.miaxoptions.com/filter/
without delay and will supplement the provisions of 5 U.S.C. 552, will be wotitle/rule_filing, at MIAX’s principal
FTP file that is already available for available for Web site viewing and office, and at the Commission’s Public
trades in NextShares executed on the printing in the Commission’s Public Reference Room.
Nasdaq exchange. Therefore, the Reference Room, 100 F Street NE.,
II. Self-Regulatory Organization’s
Commission hereby waives the 30-day Washington, DC 20549 on official
Statement of the Purpose of, and
operative delay and designates the business days between the hours of
Statutory Basis for, the Proposed Rule
proposed rule change to be operative on 10:00 a.m. and 3:00 p.m. Copies of such
or about April 4, 2016.12 Change
filing also will be available for
At any time within 60 days of the inspection and copying at the principal In its filing with the Commission, the
filing of the proposed rule change, the offices of FINRA. All comments Exchange included statements
Commission summarily may received will be posted without change; concerning the purpose of and basis for
temporarily suspend such rule change if the Commission does not edit personal the proposed rule change and discussed
it appears to the Commission that such identifying information from any comments it received on the
action is: (i) Necessary or appropriate in submissions. You should submit only proposed rule change. The text of these
the public interest; (ii) for the protection information that you wish to make statements may be examined at the
of investors; or (iii) otherwise in available publicly. All submissions places specified in Item IV below. The
furtherance of the purposes of the Act. should refer to File Number SR–FINRA– Exchange has prepared summaries, set
If the Commission takes such action, the 2016–012, and should be submitted on forth in sections A, B, and C below, of
Commission shall institute proceedings or before April 29, 2016. the most significant aspects of such
to determine whether the proposed rule For the Commission, by the Division of statements.
should be approved or disapproved. Trading and Markets, pursuant to delegated A. Self-Regulatory Organization’s
IV. Solicitation of Comments authority.13 Statement of the Purpose of, and
Robert W. Errett, Statutory Basis for, the Proposed Rule
Interested persons are invited to
Deputy Secretary. Change
submit written data, views, and
arguments concerning the foregoing, [FR Doc. 2016–08041 Filed 4–7–16; 8:45 am]
1. Purpose
including whether the proposed rule BILLING CODE 8011–01–P

change is consistent with the Act. The Exchange proposes to amend its
Comments may be submitted by any of Amended and Restated By-Laws (‘‘By-
the following methods: SECURITIES AND EXCHANGE Laws’’) to eliminate the last sentence of
COMMISSION Article II, Section 2.2(d),3 the last
Electronic Comments sentence of Article II, Section 2.2(g)(ii) 4
[Release No. 34–77507; File No. SR–MIAX–
• Use the Commission’s Internet 2016–08] and the last sentence of Article IV,
comment form (http://www.sec.gov/ Section 4.2(b) 5 as well as the defined
rules/sro.shtml); or Self-Regulatory Organizations; Miami
• Send an email to rule-comments@ International Securities Exchange LLC; 3 Article II, Section 2.2(d) of the By-Laws reads in

sec.gov. Please include File Number SR– Notice of Filing of a Proposed Rule relevant part: In the event a Director appointed after
the Effective Date becomes a member of the board
FINRA–2016–012 on the subject line. Change To Amend the Exchange’s of directors or similar governing body of a Specified
Amended and Restated By-Laws Entity, such individual shall immediately cease to
Paper Comments be a Director of the Company and the resulting
• Send paper comments in triplicate April 4, 2016. vacancy shall be filled pursuant to the provisions
to Secretary, Securities and Exchange Pursuant to the provisions of Section of Article II, Section 2.2(e).
4 Article II, Section 2.2(g)(ii) of the By-Laws reads
Commission, 100 F Street NE., 19(b)(1) of the Securities Exchange Act
in relevant part: In the event an individual
Washington, DC 20549–1090. of 1934 (‘‘Act’’) 1 and Rule 19b–4 designated as an Observer becomes a member of the
mstockstill on DSK4VPTVN1PROD with NOTICES

thereunder,2 notice is hereby given that board of directors or similar governing body of a
All submissions should refer to File on March 29, 2016, Miami International Specified Entity after the Effective Date, such
Number SR–FINRA–2016–012. This file Securities Exchange LLC (‘‘MIAX’’ or individual shall immediately cease to be an
Observer and the resulting vacancy shall be filled
12 For purposes only of waiving the operative
‘‘Exchange’’) filed with the Securities pursuant to the provisions of Article II, Section
delay for this proposal, the Commission has 2.2(e).
13 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on 5 Article IV, Section 4.2(b) of the By-Laws reads
1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See in relevant part: In the event a committee member
15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. appointed after the Effective Date becomes a

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20718 Federal Register / Vol. 81, No. 68 / Friday, April 8, 2016 / Notices

protection of investors and the public to determine whether the proposed rule For the Commission, by the Division of
interest. Specifically, the proposed rule change should be disapproved. Trading and Markets, pursuant to delegated
change will allow for the selection by authority.18
MIAX of nominees best qualified to IV. Solicitation of Comments Robert W. Errett,
serve as Directors, Observers or Deputy Secretary.
Interested persons are invited to
committee members on the Exchange’s submit written data, views, and
[FR Doc. 2016–08042 Filed 4–7–16; 8:45 am]
Board of Directors based on the overall BILLING CODE 8011–01–P
arguments concerning the foregoing,
strategic needs of the Board, the
including whether the proposed rule
Exchange and its constituents,
regardless of such individuals’ service change is consistent with the Act. SECURITIES AND EXCHANGE
as a member of the governing body of Comments may be submitted by any of COMMISSION
a competitor. (Conversely, this proposed the following methods:
[Release No. 34–77512; File No. SR–
rule change will also allow for the Electronic Comments NYSEArca–2016–17]
selection by MIAX’s competitors of
nominees best qualified to serve on their • Use the Commission’s Internet Self-Regulatory Organizations; NYSE
governing bodies, regardless of such comment form (http://www.sec.gov/ Arca, Inc.; Notice of Designation of a
individuals’ service on the Exchange’s rules/sro.shtml); or Longer Period for Commission Action
Board). In addition, the proposed rule • Send an email to rule-comments@ on a Proposed Rule Change To List
change will alleviate the disruption that and Trade Shares of the JPMorgan
sec.gov. Please include File Number SR–
might occur if a Director, Observer or Diversified Alternative ETF
committee member of MIAX were to MIAX–2016–08 on the subject line.
become a member of the board of April 4, 2016.
Paper Comments
directors or similar governing body of a On February 5, 2016, NYSE Arca, Inc.
Specified Entity and thereby • Send paper comments in triplicate filed with the Securities and Exchange
immediately cease to be a Director, to Secretary, Securities and Exchange Commission (‘‘Commission’’), pursuant
Observer or committee member of Commission, 100 F Street NE., to Section 19(b)(1) of the Securities
MIAX, thus resulting in the loss of a Washington, DC 20549–1090. Exchange Act of 1934 (‘‘Act’’) 1 and Rule
valuable Director, Observer or 19b–4 thereunder,2 a proposed rule
All submissions should refer to File change to list and trade shares of the
committee member and a vacancy on
Number SR–MIAX–2016–08. This file JPMorgan Diversified Alternative ETF.
the MIAX Board which the Exchange
would have to divert efforts to refill, and number should be included on the The proposed rule change was
potentially disrupting compliance with subject line if email is used. To help the published for comment in the Federal
MIAX’s Board composition Commission process and review your Register on February 25, 2016.3 The
comments more efficiently, please use Commission received no comment
requirements as set forth in its By-Laws.
only one method. The Commission will letters on the proposed rule change.
B. Self-Regulatory Organization’s post all comments on the Commission’s Section 19(b)(2) of the Act 4 provides
Statement on Burden on Competition Internet Web site (http://www.sec.gov/ that, within 45 days of the publication
The Exchange does not believe that rules/sro.shtml). Copies of the of notice of the filing of a proposed rule
the proposed rule change will impose change, or within such longer period up
submission, all subsequent
any burden on competition that is not to 90 days as the Commission may
amendments, all written statements
necessary or appropriate in furtherance designate if it finds such longer period
with respect to the proposed rule to be appropriate and publishes its
of the purposes of the Act. The change that are filed with the
proposed change to the By-Laws relates reasons for so finding or as to which the
Commission, and all written self-regulatory organization consents,
to the corporate governance of MIAX, communications relating to the
and as such, is not a competitive filing the Commission shall either approve the
proposed rule change between the proposed rule change, disapprove the
and does not impose a burden on Commission and any person, other than proposed rule change, or institute
competition. those that may be withheld from the proceedings to determine whether the
C. Self-Regulatory Organization’s public in accordance with the proposed rule change should be
Statement on Comments on the provisions of 5 U.S.C. 552, will be disapproved. The 45th day after
Proposed Rule Change Received From available for Web site viewing and publication of the notice for this
Members, Participants, or Others printing in the Commission’s Public proposed rule change is April 8, 2016.
Written comments were neither Reference Room, 100 F Street NE., The Commission is extending this 45-
solicited nor received. Washington, DC 20549, on official day time period.
business days between the hours of The Commission finds that it is
III. Date of Effectiveness of the appropriate to designate a longer period
10:00 a.m. and 3:00 p.m. Copies of the
Proposed Rule Change and Timing for within which to take action on the
filing also will be available for
Commission Action proposed rule change so that it has
inspection and copying at the principal
Within 45 days of the date of sufficient time to consider the proposed
office of the Exchange. All comments
publication of this notice in the Federal rule change. Accordingly, the
received will be posted without change; Commission, pursuant to Section
Register or within such longer period (i) the Commission does not edit personal 19(b)(2) of the Act,5 designates May 23,
mstockstill on DSK4VPTVN1PROD with NOTICES

as the Commission may designate up to identifying information from
90 days of such date if it finds such submissions. You should submit only 18 17 CFR 200.30–3(a)(12).
longer period to be appropriate and
information that you wish to make 1 15 U.S.C. 78s(b)(1).
publishes its reasons for so finding or
available publicly. All submissions 2 17 CFR 240.19b–4.
(ii) as to which the Exchange consents, 3 See Securities Exchange Act Release No. 77179
the Commission shall: (a) By order should refer to File Number SR–MIAX–
(February 19, 2016), 81 FR 9521.
approve or disapprove such proposed 2016–08 and should be submitted on or 4 15 U.S.C. 78s(b)(2).

rule change, or (b) institute proceedings before April 29, 2016. 5 15 U.S.C. 78s(b)(2).

VerDate Sep<11>2014 17:48 Apr 07, 2016 Jkt 238001 PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 E:\FR\FM\08APN1.SGM 08APN1
Document Created: 2018-02-07 13:49:54
Document Modified: 2018-02-07 13:49:54
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 20716