81 FR 21429 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca Equities Rule 7.16 To Specify That Sell Short Post No Preference Orders and Sell Short PNP Blind Orders Priced At or Below the National Best Bid Will Be Rejected on Arrival During the Short Sale Period

SECURITIES AND EXCHANGE COMMISSION

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

Page Range		21429-21430
FR Document		2016-08180
Federal Register, Volume 81 Issue 69 (Monday, April 11, 2016)
[Federal Register Volume 81, Number 69 (Monday, April 11, 2016)]
[Notices]
[Pages 21429-21430]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-08180]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77520; File No. SR-NYSEArca-2016-51]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca 
Equities Rule 7.16 To Specify That Sell Short Post No Preference Orders 
and Sell Short PNP Blind Orders Priced At or Below the National Best 
Bid Will Be Rejected on Arrival During the Short Sale Period

April 5, 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 March 24, 2016, NYSE Arca, Inc. (the ``Exchange'' or 
``NYSE Arca'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
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 NYSE Arca Equities Rule 7.16 
(``Short Sales'') to specify that Post No Preference (``PNP'') orders 
and PNP Blind orders priced at or below the national best bid will be 
rejected on arrival during the Short Sale Period. 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
    NYSE Arca Equities Rule 7.16 (``Rule 7.16'') governs the treatment 
of sell short orders on the Exchange to comply with the requirements of 
Rule 201 of Regulation SHO.\4\ Currently, 7.16(f)(v)(D)(ii) provides, 
in part, that PNP Blind Orders will be re-priced and displayed at a 
Permitted Price \5\ during the Short Sale Period.\6\ The Exchange 
recently determined that, during a Short Sale Period, if the Exchange's 
best bid is the national best bid, PNP Blind short sale orders do not 
re-price to a Permitted Price but rather, the orders execute at the 
national best bid.
---------------------------------------------------------------------------

    \4\ 17 CFR 242.201.
    \5\ Rule 7.16(f)(v)(C) defines the term ``Permitted Price'' as 
one minimum price increment above the current national best bid. The 
Permitted Price for securities for which the national best bid is $1 
or more is $.01 above the national best bid; the Permitted Price for 
securities for which the national best bid is below $1 is $.0001 
above the national best bid.
    \6\ A ``Short Sale Period'' is defined in Rule 7.16(f)(iv) as 
the period during which the Short Sale Price Test is in effect. A 
Short Sale Price Test is defined in Rule 7.16(f)(ii) as the period 
when the Exchange will not execute or display a short sale order 
with respect to a covered security at a price that is less than or 
equal to the current national best bid if the price of that security 
decreases 10% or more, as determined by the listing market for the 
security, from the security's closing price on the listing market as 
of the end of regular trading hours on the prior day. Rule 7.16P, 
rather than Rule 7.16, governs the treatment of sell short orders 
for symbols trading on the Exchange's Pillar trading platform.
---------------------------------------------------------------------------

    To address this issue, the Exchange is proposing to amend Rule 
7.16(f)(v) by adding new subsection (H) to provide that, during a Short 
Sale Period, the Exchange would reject on arrival sell short PNP Orders 
and sell short PNP Blind Orders priced at or below the national best 
bid.\7\
---------------------------------------------------------------------------

    \7\ Due to technology limitations, the Exchange is not able to 
address this issue without rejecting both sell short PNP Orders and 
sell short PNP Blind Orders priced at or below the national best bid 
during the Short Sale Period. As such, the proposed rule text 
specifies that the Exchange would reject both sell short PNP Orders 
and sell short PNP Blind Orders, received during the Short Sale 
period, priced at or below the national best bid.
---------------------------------------------------------------------------

    The Exchange believes that the proposed change would eliminate the 
potential for sell short PNP Orders and PNP Blind Orders to execute at 
the national best bid during a Short Sale Period.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Securities Exchange Act of 1934 (the ``Act''), in general, and furthers 
the objectives of Section 6(b)(5),\8\ in particular, because it is 
designed to prevent fraudulent and manipulative acts and practices, 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 mechanism of, a 
free and open market and a national market system and, in general, to 
protect investors and the public interest.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change would remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system because it would eliminate the potential for 
sell short PNP Orders and PNP Blind Orders to trade at the national 
best bid during a Short Sale Period. The Exchange further believes that 
the proposed rule change is reasonable and appropriate and designed to 
prevent fraudulent and manipulative acts because it provides more 
certainty to members and the investing public of how the Exchange will 
treat incoming short sale PNP Orders and short sale PNP Blind Orders 
during a Short Sale Period.

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 is not 
designed to address any competitive issue but rather to eliminate the 
potential for sell short PNP Orders and PNP Blind Orders to trade at 
the national best bid during a Short Sale Period.

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

    No written comments were solicited or received with respect to the 
proposed rule change.

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

    Because the 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

[[Page 21430]]

operative for 30 days from the date on which it was filed, or such 
shorter time as the Commission may designate, it has become effective 
pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) 
thereunder.\10\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its intent to file the proposed rule change, along with a 
brief description and the text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \11\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \12\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has asked the Commission to waive the 30-day operative delay so that 
the proposal may become operative immediately upon filing. The Exchange 
stated that the proposed rule change is designed to assure compliance 
with Rule 201 of Regulation SHO \13\ by assuring that the Exchange will 
not execute or display a sell short PNP or a sell short PNP Blind order 
at or below the national best bid during a Short Sale Period. The 
Exchange further stated that waiver of the operative delay would allow 
the Exchange to implement the rule change without delay, which would 
help eliminate potential investor confusion regarding how sell short 
PNP and PNP Blind Orders will be treated on arrival during a Short Sale 
Period. The Commission believes the waiver of the operative delay is 
consistent with the protection of investors and the public interest. 
Therefore, the Commission hereby waives the operative delay and 
designates the proposal operative upon filing.\14\
---------------------------------------------------------------------------

    \11\ 17 CFR 240.19b-4(f)(6).
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ 17 CFR 242.201.
    \14\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule change 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 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-NYSEArca-2016-51 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-NYSEArca-2016-51. 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 such 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-NYSEArca-2016-51, and should 
be submitted on or before May 2, 2016.
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-08180 Filed 4-8-16; 8:45 am]
 BILLING CODE 8011-01-P
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
21430 Federal Register / Vol. 81, No. 69 / Monday, April 11, 2016 / Notices

operative for 30 days from the date on change should be approved or For the Commission, by the Division of
which it was filed, or such shorter time disapproved. Trading and Markets, pursuant to delegated
as the Commission may designate, it has authority.15
IV. Solicitation of Comments Robert W. Errett,
become effective pursuant to Section
19(b)(3)(A) of the Act 9 and Rule 19b– Interested persons are invited to Deputy Secretary.
4(f)(6) thereunder.10 submit written data, views, and [FR Doc. 2016–08180 Filed 4–8–16; 8:45 am]
A proposed rule change filed arguments concerning the foregoing, BILLING CODE 8011–01–P
pursuant to Rule 19b–4(f)(6) under the including whether the proposed rule
Act 11 normally does not become change is consistent with the Act.
operative for 30 days after the date of its Comments may be submitted by any of SECURITIES AND EXCHANGE
filing. However, Rule 19b–4(f)(6)(iii) 12 the following methods: COMMISSION
permits the Commission to designate a [Release No. 34–77516; File No. SR–
shorter time if such action is consistent Electronic Comments
NYSEArca–2016–15]
with the protection of investors and the • Use the Commission’s Internet
public interest. The Exchange has asked comment form (http://www.sec.gov/ Self-Regulatory Organizations; NYSE
the Commission to waive the 30-day rules/sro.shtml); or Arca, Inc.; Notice of Filing of Proposed
operative delay so that the proposal may Rule Change, as Modified by
become operative immediately upon • Send an email to rule- Amendment No. 1, To Amend Rule
filing. The Exchange stated that the comments@sec.gov. Please include File 6.67(c) by Revising the Clearing
proposed rule change is designed to Number SR–NYSEArca–2016–51 on the Member Requirements for Entering an
assure compliance with Rule 201 of subject line. Order Into the Electronic Order
Regulation SHO 13 by assuring that the Paper Comments Capture System (‘‘EOC’’)
Exchange will not execute or display a
sell short PNP or a sell short PNP Blind • Send paper comments in triplicate April 5, 2016.
order at or below the national best bid to Brent J. Fields, Secretary, Securities Pursuant to Section 19(b)(1) 1 of the
during a Short Sale Period. The and Exchange Commission, 100 F Street Securities Exchange Act of 1934 (the
Exchange further stated that waiver of NE., Washington, DC 20549–1090. ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
the operative delay would allow the All submissions should refer to File notice is hereby given that, on March
Exchange to implement the rule change Number SR–NYSEArca–2016–51. This 22, 2016, NYSE Arca, Inc. (the
without delay, which would help file number should be included on the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
eliminate potential investor confusion subject line if email is used. To help the the Securities and Exchange
regarding how sell short PNP and PNP Commission process and review your Commission (the ‘‘Commission’’) the
Blind Orders will be treated on arrival comments more efficiently, please use proposed rule change as described in
during a Short Sale Period. The only one method. The Commission will Items I and II below, which Items have
Commission believes the waiver of the post all comments on the Commission’s been prepared by the self-regulatory
operative delay is consistent with the Internet Web site (http://www.sec.gov/ organization. On March 30, 2016, the
protection of investors and the public rules/sro.shtml). Copies of the Exchange filed Amendment No. 1 to the
interest. Therefore, the Commission submission, all subsequent proposed rule change. The Commission
hereby waives the operative delay and amendments, all written statements is publishing this notice to solicit
designates the proposal operative upon with respect to the proposed rule comments on the proposed rule change,
filing.14 change that are filed with the as modified by Amendment No. 1, from
At any time within 60 days of the Commission, and all written interested persons.
filing of the proposed rule change, the communications relating to the I. Self-Regulatory Organization’s
Commission summarily may proposed rule change between the Statement of the Terms of the Substance
temporarily suspend such rule change if Commission and any person, other than of the Proposed Rule Change
it appears to the Commission that such those that may be withheld from the
action is necessary or appropriate in the The Exchange proposes to amend
public in accordance with the
public interest, for the protection of Rule 6.67(c) by revising the
provisions of 5 U.S.C. 552, will be
investors, or otherwise in furtherance of requirements for entering an order into
available for Web site viewing and
the purposes of the Act. If the the Electronic Order Capture System
printing in the Commission’s Public
Commission takes such action, the (‘‘EOC’’). The proposed rule change is
Reference Room, 100 F Street NE.,
Commission shall institute proceedings available on the Exchange’s Web site at
Washington, DC 20549 on official
to determine whether the proposed rule www.nyse.com, at the principal office of
business days between the hours of
the Exchange, and at the Commission’s
10:00 a.m. and 3:00 p.m. Copies of such
9 15 U.S.C. 78s(b)(3)(A). Public Reference Room.
filing also will be available for
10 17 CFR 240.19b–4(f)(6). As required under Rule inspection and copying at the principal II. Self-Regulatory Organization’s
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file office of the Exchange. All comments Statement of the Purpose of, and
the proposed rule change, along with a brief received will be posted without change; Statutory Basis for, the Proposed Rule
description and the text of the proposed rule the Commission does not edit personal Change
change, at least five business days prior to the date identifying information from
of filing of the proposed rule change, or such In its filing with the Commission, the
submissions. You should submit only
mstockstill on DSK4VPTVN1PROD with NOTICES

shorter time as designated by the Commission. self-regulatory organization included
11 17 CFR 240.19b–4(f)(6). information that you wish to make statements concerning the purpose of,
12 17 CFR 240.19b–4(f)(6)(iii). available publicly. All submissions and basis for, the proposed rule change
13 17 CFR 242.201. should refer to File Number SR– and discussed any comments it received
14 For purposes only of waiving the 30-day
NYSEArca–2016–51, and should be
operative delay, the Commission has also submitted on or before May 2, 2016. 1 15 U.S.C. 78s(b)(1).
considered the proposed rule’s impact on
2 15 U.S.C. 78a.
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 15 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.

VerDate Sep<11>2014 18:37 Apr 08, 2016 Jkt 238001 PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 E:\FR\FM\11APN1.SGM 11APN1
Document Created: 2016-04-09 00:11:32
Document Modified: 2016-04-09 00:11:32
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 21429