81 FR 21428 - Equity Market Structure Advisory Committee

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 69 (April 11, 2016)

Page Range		21428-21429
FR Document		2016-08228

The Securities and Exchange Commission Equity Market Structure Advisory Committee is providing notice that it will hold a public meeting on Tuesday, April 26, 2016, in Multi-Purpose Room LL-006 at the Commission's headquarters, 100 F Street NE., Washington, DC. The meeting will begin at 9:30 a.m. (EDT) and will be open to the public. The public portions of the meeting will be webcast on the Commission's Web site at www.sec.gov. Persons needing special accommodations to take part because of a disability should notify the contact person listed below. The public is invited to submit written statements to the Committee. The meeting will focus on updates and potential recommendations from the four subcommittees.

Federal Register, Volume 81 Issue 69 (Monday, April 11, 2016)

[Federal Register Volume 81, Number 69 (Monday, April 11, 2016)]
[Notices]
[Pages 21428-21429]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-08228]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77543; File No. 265-29]


Equity Market Structure Advisory Committee

AGENCY: Securities and Exchange Commission.

ACTION: Notice of meeting.

-----------------------------------------------------------------------

SUMMARY: The Securities and Exchange Commission Equity Market Structure 
Advisory Committee is providing notice that it will hold a public 
meeting on Tuesday, April 26, 2016, in Multi-Purpose Room LL-006 at the 
Commission's headquarters, 100 F Street NE., Washington, DC. The 
meeting will begin at 9:30 a.m. (EDT) and will be open to the public. 
The public portions of the meeting will be webcast on the Commission's 
Web site at www.sec.gov. Persons needing special accommodations to take 
part because of a disability should notify the contact person listed 
below. The public is invited to submit written statements to the 
Committee. The meeting will focus on updates and potential 
recommendations from the four subcommittees.

DATES: The public meeting will be held on Tuesday, April 26, 2016. 
Written statements should be received on or before April 20, 2016.

ADDRESSES: The meeting will be held at the Commission's headquarters, 
100 F Street NE., Washington, DC. Written statements may be submitted 
by any of the following methods:

Electronic Statements

     Use the Commission's Internet submission form (http://www.sec.gov/rules/other.shtml); or
     Send an email message to [email protected]. Please 
include File Number 265-29 on the subject line; or

Paper Statements

     Send paper statements in triplicate to Brent J. Fields, 
Federal Advisory Committee Management Officer, Securities and Exchange 
Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File No. 265-29. This file number 
should be included on the subject line if email is used. To help us 
process and review your statement more efficiently, please use only one 
method. The Commission will post all statements on the Commission's 
Internet Web site at SEC Web site at (http://www.sec.gov/comments/265-29/265-29.shtml).
    Statements also will be available for Web site viewing and printing 
in the Commission's Public Reference Room, 100 F Street NE., Room 1580, 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. All statements received will be posted without 
change; we do not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly.

FOR FURTHER INFORMATION CONTACT: Arisa Tinaves Kettig, Special Counsel, 
at (202) 551-5676, Division of Trading and Markets, Securities and 
Exchange Commission, 100 F Street NE., Washington, DC 20549-7010.

SUPPLEMENTARY INFORMATION: In accordance with Section 10(a) of the 
Federal Advisory Committee Act, 5 U.S.C.-App. 1, and the regulations 
thereunder, Stephen Luparello, Designated Federal Officer of the 
Committee, has ordered publication of this notice.


[[Page 21429]]


    Dated: April 6, 2016.
Brent J. Fields,
Committee Management Officer.
[FR Doc. 2016-08228 Filed 4-8-16; 8:45 am]
 BILLING CODE 8011-01-P

21428 Federal Register / Vol. 81, No. 69 / Monday, April 11, 2016 / Notices

change does not mandate which The Commission believes that recommendations from the four
identifier Reporting Members must use.8 requiring Reporting Members to include subcommittees.
FINRA will be able to obtain the the identity of Reportable Non-Members
identity of Reportable Non-Members in OATS reports on orders they receive DATES: The public meeting will be held
from the OATS report which will make from either a U.S.-registered broker- on Tuesday, April 26, 2016. Written
its audit trail more comprehensive.9 dealer that is not a FINRA member or statements should be received on or
FINRA will use the information to a broker-dealer that is not registered in before April 20, 2016.
identify Non-Member Firm activity in the U.S. but has received an SRO- ADDRESSES: The meeting will be held at
the over-the-counter market, as well as assigned identifier, will provide FINRA the Commission’s headquarters, 100 F
Non-Member Firm sponsored access with a more complete view of such Street NE., Washington, DC. Written
activity. market participants’ activities across
statements may be submitted by any of
III. Discussion exchanges and over-the-counter market
the following methods:
centers. This, in turn, should enhance
After careful review, the Commission FINRA’s cross-market surveillance Electronic Statements
finds that FINRA’s proposal is efforts. Improved surveillance should
consistent with the requirements of help FINRA detect and deter fraudulent • Use the Commission’s Internet
Section 15A of the Act 10 and the rules and manipulative acts and practices, submission form (http://www.sec.gov/
and regulations thereunder applicable to and thus promote just and equitable rules/other.shtml); or
a national securities association.11 In principles of trade and the protection of • Send an email message to rule-
particular, the Commission finds that investors and the public interest.
the proposed rule change is consistent comments@sec.gov. Please include File
with Section 15A(b)(6) of the Act,12 IV. Conclusion Number 265–29 on the subject line; or
which requires, among other things, that It Is Therefore Ordered pursuant to Paper Statements
FINRA rules be designed to prevent Section 19(b)(2) of the Act 13 that the
fraudulent and manipulative acts and proposed rule change (SR–FINRA– • Send paper statements in triplicate
practices, to promote just and equitable 2016–006), be and hereby is approved. to Brent J. Fields, Federal Advisory
principles of trade, and, in general, to Committee Management Officer,
For the Commission, by the Division of
protect investors and the public interest. Securities and Exchange Commission,
Trading and Markets, pursuant to delegated
The proposed rule change will 100 F Street NE., Washington, DC
authority.14
provide FINRA, via OATS reports, the 20549–1090.
Robert W. Errett,
identity of Reportable Non-Members
that route orders or to which an order Deputy Secretary. All submissions should refer to File No.
has been routed, which will make the [FR Doc. 2016–08183 Filed 4–8–16; 8:45 am] 265–29. This file number should be
OATS reports more complete. Having BILLING CODE 8011–01–P included on the subject line if email is
the information regarding which used. To help us process and review
Reportable Non-Member was involved your statement more efficiently, please
in a transaction will enable FINRA to SECURITIES AND EXCHANGE use only one method. The Commission
better surveil off-exchange market COMMISSION will post all statements on the
activity as well as enhance the Commission’s Internet Web site at SEC
[Release No. 34–77543; File No. 265–29]
surveillance it performs of exchange Web site at (http://www.sec.gov/
activity pursuant to its Regulatory Equity Market Structure Advisory comments/265–29/265–29.shtml).
Services Agreements. FINRA will be Committee Statements also will be available for
able to consistently identify Non- Web site viewing and printing in the
Member Firm activity, providing FINRA AGENCY: Securities and Exchange
Commission’s Public Reference Room,
with a more complete view of such Commission.
100 F Street NE., Room 1580,
activities across all exchanges and over- ACTION: Notice of meeting. Washington, DC 20549, on official
the-counter market centers. business days between the hours of
SUMMARY: The Securities and Exchange
Commission Equity Market Structure 10:00 a.m. and 3:00 p.m. All statements
is routed. However, the current OATS Reporting received will be posted without change;
Technical Specifications do not require that the Advisory Committee is providing notice
identity of the specific Non-Member Firm to which that it will hold a public meeting on we do not edit personal identifying
an order is routed be provided. To address this gap Tuesday, April 26, 2016, in Multi- information from submissions. You
and to conform the reporting of orders received should submit only information that
from and orders routed to Non-Member Firms, Purpose Room LL–006 at the
FINRA intends to update the OATS Reporting Commission’s headquarters, 100 F you wish to make available publicly.
Technical Specifications to reflect the revised Street NE., Washington, DC. The FOR FURTHER INFORMATION CONTACT:
requirements. See OATS Reporting Technical meeting will begin at 9:30 a.m. (EDT)
Specifications, at 4–4, and A–4 to A–5 (October 12, Arisa Tinaves Kettig, Special Counsel, at
2015 ed.). Id. at 9546–7. and will be open to the public. The (202) 551–5676, Division of Trading and
8 See Notice, supra note 3, at 9546. public portions of the meeting will be Markets, Securities and Exchange
9 See Notice, supra note 3, at 9547. FINRA stated webcast on the Commission’s Web site Commission, 100 F Street NE.,
that if the Commission approved the proposed rule at www.sec.gov. Persons needing special Washington, DC 20549–7010.
change, it would announce the effective date of the accommodations to take part because of
proposed rule no later than 60 days following
SUPPLEMENTARY INFORMATION: In
mstockstill on DSK4VPTVN1PROD with NOTICES

Commission approval, and the effective date would a disability should notify the contact
be no later than 120 days following Commission person listed below. The public is accordance with Section 10(a) of the
approval. Id. invited to submit written statements to Federal Advisory Committee Act, 5
10 15 U.S.C. 78(f).
the Committee. The meeting will focus U.S.C.-App. 1, and the regulations
11 In approving this proposed rule change, the
on updates and potential thereunder, Stephen Luparello,
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition, Designated Federal Officer of the
and capital formation. See 15 U.S.C. 78c(f). 13 15 U.S.C. 78s(b)(2). Committee, has ordered publication of
12 15 U.S.C. 78o–3(b)(6). 14 17 CFR 200.30–3(a)(12). this notice.

VerDate Sep<11>2014 18:37 Apr 08, 2016 Jkt 238001 PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 E:\FR\FM\11APN1.SGM 11APN1

Federal Register / Vol. 81, No. 69 / Monday, April 11, 2016 / Notices 21429

Dated: April 6, 2016. of those statements may be examined at 2. Statutory Basis
Brent J. Fields, the places specified in Item IV below. The proposed rule change is
Committee Management Officer. The Exchange has prepared summaries, consistent with Section 6(b) of the
[FR Doc. 2016–08228 Filed 4–8–16; 8:45 am] set forth in sections A, B, and C below, Securities Exchange Act of 1934 (the
BILLING CODE 8011–01–P
of the most significant parts of such ‘‘Act’’), in general, and furthers the
statements. objectives of Section 6(b)(5),8 in
A. Self-Regulatory Organization’s particular, because it is designed to
SECURITIES AND EXCHANGE Statement of the Purpose of, and the prevent fraudulent and manipulative
COMMISSION Statutory Basis for, the Proposed Rule acts and practices, to promote just and
[Release No. 34–77520; File No. SR– Change equitable principles of trade, to foster
NYSEArca–2016–51] cooperation and coordination with
1. Purpose persons engaged in facilitating
Self-Regulatory Organizations; NYSE NYSE Arca Equities Rule 7.16 (‘‘Rule transactions in securities, to remove
Arca, Inc.; Notice of Filing and 7.16’’) governs the treatment of sell impediments to, and perfect the
Immediate Effectiveness of Proposed short orders on the Exchange to comply mechanism of, a free and open market
Rule Change Amending NYSE Arca with the requirements of Rule 201 of and a national market system and, in
Equities Rule 7.16 To Specify That Sell Regulation SHO.4 Currently, general, to protect investors and the
Short Post No Preference Orders and 7.16(f)(v)(D)(ii) provides, in part, that public interest.
Sell Short PNP Blind Orders Priced At PNP Blind Orders will be re-priced and The Exchange believes that the
or Below the National Best Bid Will Be displayed at a Permitted Price 5 during proposed rule change would remove
Rejected on Arrival During the Short the Short Sale Period.6 The Exchange impediments to and perfect the
Sale Period recently determined that, during a Short mechanism of a free and open market
Sale Period, if the Exchange’s best bid and a national market system because it
April 5, 2016. is the national best bid, PNP Blind short would eliminate the potential for sell
Pursuant to Section 19(b)(1) 1 of the sale orders do not re-price to a short PNP Orders and PNP Blind Orders
Securities Exchange Act of 1934 (the Permitted Price but rather, the orders to trade at the national best bid during
‘‘Act’’),2 and Rule 19b–4 thereunder,3 execute at the national best bid. a Short Sale Period. The Exchange
notice is hereby given that on March 24, To address this issue, the Exchange is further believes that the proposed rule
2016, NYSE Arca, Inc. (the ‘‘Exchange’’ proposing to amend Rule 7.16(f)(v) by change is reasonable and appropriate
or ‘‘NYSE Arca’’) filed with the adding new subsection (H) to provide and designed to prevent fraudulent and
Securities and Exchange Commission that, during a Short Sale Period, the manipulative acts because it provides
(the ‘‘Commission’’) the proposed rule Exchange would reject on arrival sell more certainty to members and the
change as described in Items I and II short PNP Orders and sell short PNP investing public of how the Exchange
below, which Items have been prepared Blind Orders priced at or below the will treat incoming short sale PNP
by the self-regulatory organization. The national best bid.7 Orders and short sale PNP Blind Orders
Commission is publishing this notice to The Exchange believes that the during a Short Sale Period.
solicit comments on the proposed rule proposed change would eliminate the
change from interested persons. potential for sell short PNP Orders and B. Self-Regulatory Organization’s
PNP Blind Orders to execute at the Statement on Burden on Competition
I. Self-Regulatory Organization’s The Exchange does not believe that
national best bid during a Short Sale
Statement of the Terms of Substance of the proposed rule change will impose
Period.
the Proposed Rule Change any burden on competition that is not
The Exchange proposes to amend 4 17 CFR 242.201. necessary or appropriate in furtherance
NYSE Arca Equities Rule 7.16 (‘‘Short 5 Rule 7.16(f)(v)(C) defines the term ‘‘Permitted of the purposes of the Act. The
Sales’’) to specify that Post No Price’’ as one minimum price increment above the proposed change is not designed to
current national best bid. The Permitted Price for
Preference (‘‘PNP’’) orders and PNP securities for which the national best bid is $1 or address any competitive issue but rather
Blind orders priced at or below the more is $.01 above the national best bid; the to eliminate the potential for sell short
national best bid will be rejected on Permitted Price for securities for which the national PNP Orders and PNP Blind Orders to
arrival during the Short Sale Period. The best bid is below $1 is $.0001 above the national
best bid.
trade at the national best bid during a
proposed rule change is available on the 6 A ‘‘Short Sale Period’’ is defined in Rule Short Sale Period.
Exchange’s Web site at www.nyse.com, 7.16(f)(iv) as the period during which the Short Sale
C. Self-Regulatory Organization’s
at the principal office of the Exchange, Price Test is in effect. A Short Sale Price Test is
defined in Rule 7.16(f)(ii) as the period when the Statement on Comments on the
and at the Commission’s Public
Exchange will not execute or display a short sale Proposed Rule Change Received From
Reference Room. order with respect to a covered security at a price Members, Participants, or Others
that is less than or equal to the current national best
II. Self-Regulatory Organization’s bid if the price of that security decreases 10% or No written comments were solicited
Statement of the Purpose of, and more, as determined by the listing market for the or received with respect to the proposed
Statutory Basis for, the Proposed Rule security, from the security’s closing price on the
rule change.
Change listing market as of the end of regular trading hours
on the prior day. Rule 7.16P, rather than Rule 7.16, III. Date of Effectiveness of the
In its filing with the Commission, the governs the treatment of sell short orders for
symbols trading on the Exchange’s Pillar trading Proposed Rule Change and Timing for
self-regulatory organization included
platform. Commission Action
mstockstill on DSK4VPTVN1PROD with NOTICES

statements concerning the purpose of, 7 Due to technology limitations, the Exchange is
and basis for, the proposed rule change not able to address this issue without rejecting both
Because the proposed rule change
and discussed any comments it received sell short PNP Orders and sell short PNP Blind does not (i) significantly affect the
on the proposed rule change. The text Orders priced at or below the national best bid protection of investors or the public
during the Short Sale Period. As such, the proposed interest; (ii) impose any significant
rule text specifies that the Exchange would reject
1 15 U.S.C. 78s(b)(1). both sell short PNP Orders and sell short PNP Blind
burden on competition; and (iii) become
2 15 U.S.C. 78a. Orders, received during the Short Sale period,
3 17 CFR 240.19b–4. priced at or below the national best bid. 8 15 U.S.C. 78f(b)(5).

VerDate Sep<11>2014 18:37 Apr 08, 2016 Jkt 238001 PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 E:\FR\FM\11APN1.SGM 11APN1

Document Created: 2016-04-09 00:11:43
Document Modified: 2016-04-09 00:11:43

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
Action		Notice of meeting.
Dates		The public meeting will be held on Tuesday, April 26, 2016. Written statements should be received on or before April 20, 2016.
Contact		Arisa Tinaves Kettig, Special Counsel, at (202) 551-5676, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-7010.
FR Citation		81 FR 21428