81 FR 23765 - Self-Regulatory Organizations; Bats EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Exchange Rule 14.10 Setting Forth Additional Requirements for the Listing of Securities That Are Issued by the Exchange or Any of Its Affiliates
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 78 (April 22, 2016)
Federal Register Volume 81, Issue 78 (April 22, 2016)
| Page Range | 23765-23767 | |
| FR Document | 2016-09318 |
[Federal Register Volume 81, Number 78 (Friday, April 22, 2016)] [Notices] [Pages 23765-23767] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-09318] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77637; File No. SR-BatsEDGA-2016-06] Self-Regulatory Organizations; Bats EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Exchange Rule 14.10 Setting Forth Additional Requirements for the Listing of Securities That Are Issued by the Exchange or Any of Its Affiliates April 18, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on April 13, 2016, Bats EDGA Exchange, Inc. (the ``Exchange'' or ``EDGA'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b- 4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to adopt Exchange Rule 14.10 setting forth additional requirements for the listing of securities that are issued by the Exchange or any of its affiliates as well as the monitoring of such securities' trading activity on the Exchange. Proposed Rule 14.10 is based on Bats BZX Exchange, Inc. (``BZX'') Rule 14.3(e), which was recently amended and filed for immediate effectiveness with the Commission.\5\ --------------------------------------------------------------------------- \5\ See SR-BatsBZX-2016-08 (filed for immediate effectiveness on April 13, 2016). See also Securities Exchange Act Release No. 66580 (March 13, 2012), 77 FR 16110 (March 19, 2012) (SR-BATS-2012-012). --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's Web site at www.batstrading.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 parts 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 is proposing to adopt Rule 14.10 setting forth reporting requirements on the Exchange should the Exchange or EDGA Affiliate list a security on the Exchange (the ``Affiliate Security''). Proposed Rule 14.10(a)(1) would define ``EDGA Affiliate'' as ``the Exchange and any entity that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the Exchange, where ``control'' means that one entity possesses, directly or indirectly, voting control of the other entity either through ownership of capital stock or other equity securities or through majority representation on the board of directors or other management body of such entity.'' Proposed Rule 14.10(a)(2) would define ``Affiliate Security'' as ``any security issued by an EDGA Affiliate or any Exchange-listed option on any such security, with the exception of Portfolio Depositary Receipts as defined in Rule 14.8(d) and Investment Company Units as defined in Rule 14.2.'' \6\ --------------------------------------------------------------------------- \6\ The Exchange notes that BZX Rule 14.3(e)(1)(B) excludes Index Fund Shares as defined under BZX Rule 14.11(c). The Exchange rules do not currently define Index Fund Shares. Therefore, the Exchange proposes to exclude Investment Company Unit as defined under Exchange Rule 14.2 as it believes Investment Company Units to be synonymous with Index Fund Shares. --------------------------------------------------------------------------- In the event that an EDGA Affiliate seeks to list an Affiliate Security, paragraph (b)(1) of proposed Rule 14.10 would require that prior to the initial listing of the Affiliate Security on the Exchange, Exchange personnel shall determine that such security satisfies the Exchange's rules for listing, and such finding must be approved by the Regulatory Oversight Committee of the Exchange's Board of Directors. Proposed paragraph (b)(2) of proposed Rule 14.10 would state that throughout the continued listing of the Affiliate Security on the Exchange, the Exchange will prepare a quarterly report for the Regulatory Oversight Committee of the Exchange's Board of Directors and that such report describe the Exchange's monitoring of the Affiliate Security's compliance with the Exchange's listing standards. Sub- paragraph (A) of proposed Rule 14.10(b)(2) would require the report include a description of the Affiliate Security's compliance with the Exchange's minimum share price requirement, and, sub-paragraph (B) would require the report to describe the [[Page 23766]] Affiliate Security's compliance with each of the quantitative continued listing requirements. Sub-paragraph (3) of proposed Rule 14.10(b) would require the Exchange to commission an annual review and report by an independent accounting firm of the compliance of the Affiliate Security with the Exchange's listing requirements. The Exchange would be required to promptly furnish a copy of this annual report to the Regulatory Oversight Committee of the Exchange's Board of Directors. Sub-paragraph (4) of proposed Rule 14.10(b) would state that in the event the Exchange determines that the EDGA Affiliate is not in compliance with any of the Exchange's listing standards, the Exchange is required to notify the issuer of such non-compliance promptly and request a plan of compliance. The Exchange would also be required to file a report with the Commission within five business days of providing such notice to the issuer of its non-compliance. The required report would identify the date of the non-compliance, type of non- compliance, and any other material information conveyed to the issuer in the notice of non-compliance. Within five business days of receipt of a plan of compliance from the issuer, the Exchange would again be required to notify the Commission of such receipt, whether the plan of compliance was accepted by the Exchange or what other action was taken with respect to the plan and the time period provided to regain compliance with the Exchange's listing standards, if any. Sub-paragraph (c) of proposed Rule 14.10 would require that throughout the trading of an Affiliate Security on the Exchange, the Exchange prepare a quarterly report on the Affiliate Security for the Regulatory Oversight Committee of the Exchange's Board of Directors that describes the Exchange's monitoring of the trading of the Affiliate Security, including summaries of all related surveillance alerts, complaints, regulatory referrals, trades cancelled or adjusted pursuant to Exchange Rules, investigations, examinations, formal and informal disciplinary actions, exception reports and trading data used to ensure the Affiliate Security's compliance with the Exchange's listing and trading rules. Lastly, paragraph (d) of proposed Rule 14.10 would require the Exchange to promptly provide a copy of the reports required by sub- paragraphs (b) and (c) described above to the Commission. The listing of an Affiliate Security or where an Affiliate Security is traded on the Exchange could potentially create a conflict of interest between the Exchange's self-regulatory responsibility to vigorously oversee the listing and trading of the stock on its market, and its own commercial or economic interests. Such ``self-listing'' may raise questions as to the Exchange's ability to independently and effectively enforce its rules against an affiliate or the operator/ owner of its facility. In addition, such listing has the potential to exacerbate possible conflicts that may arise when the Exchange oversees competitors that may also be listed or traded on the Exchange. The Exchange believes that the proposed rule change, by requiring heightened reporting by the Exchange to the Regulatory Oversight Committee of the Exchange's Board of Directors and the Commission with respect to the Exchange's oversight of the listing and trading on the Exchange of any EDGA Affiliate Security, will help protect against any concern that the Exchange will not effectively enforce its rules with respect to the listing and trading of these securities. In addition, the requirements that an independent accounting firm review such issuer's compliance with the Exchange's listing standards adds a degree of independent oversight to the Exchange's regulation of the listing of these securities and should help mitigate against any potential or actual conflicts of interest. The Exchange also believes that these additional requirements contained in the proposed rule change would provide additional assurance that any Affiliate Securities listed and traded on the Exchange by an EDGA Affiliate comply with the Exchange's listing standards and trading rules on an on-going basis. Finally, the Exchange believes that the proposed rule change would eliminate any perception of a potential conflict of interest if an EDGA Affiliate seeks to list a security on the Exchange or if an Affiliate Security is traded on the Exchange. 2. Statutory Basis The Exchange believes that its proposal is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6(b) of the Act.\7\ Specifically, the proposed change is consistent with Section 6(b)(5) of the Act,\8\ 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, and to remove impediments to, and perfect the mechanism of, a free and open market and a national market system. Specifically, the Exchange believes that the proposed rule change, by requiring heightened reporting by the Exchange to the Regulatory Oversight Committee of the Exchange's Board of Directors and the Commission with respect to oversight of the listing and trading on the Exchange of Affiliate Securities, will help protect against concerns that the Exchange will not effectively enforce its rules with respect to the listing and trading of these securities. In addition, the requirement that an independent accounting firm review such issuer's compliance with the Exchange's listing standards adds a degree of independent oversight to the Exchange's regulation of the listing of these securities, which may mitigate any potential or actual conflicts of interest. Further, the additional requirements contained in the proposed rule change would help to provide additional assurance: (i) That any Affiliate Securities listed on the Exchange by an EDGA Affiliate comply with the Exchange's listing standards both upon the initial listing of the EDGA Affiliate and on an on-going basis; and (ii) regarding the Exchange's monitoring of the trading of the Affiliate Security traded on the Exchange. The Exchange believes that the proposed rule change would eliminate any perception of a potential conflict of interest if an EDGA Affiliate seeks to list a security on the Exchange and where an Affiliate Security is traded on the Exchange. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- (B) Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not designed to address any competitive issues, but rather set forth the Exchange's controls that are in place to address the potential conflicts of interest that may arise in the listing of Affiliate Securities on the Exchange. (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 The Exchange has filed the proposed rule change pursuant to Section [[Page 23767]] 19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\ Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b- 4(f)(6) thereunder.\12\ --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A)(iii). \10\ 17 CFR 240.19b-4(f)(6). \11\ 15 U.S.C. 78s(b)(3)(A). \12\ In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change, along with a brief description and 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. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) under the Act \13\ normally does not become operative for 30 days after the date of filing. However, Rule 19b-4(f)(6)(iii) \14\ 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 states that waiver of the operative delay will allow the Exchange to implement the proposed rule change immediately in the event an Affiliate seeks to list on the Exchange or an Affiliate Security is traded on the Exchange. The Exchange further states that providing the reports required by the rule is in the best interest of investors and the public interest because it would provide greater transparency to market participants regarding the controls in place to address the potential conflicts of interest that may arise in the listing and trading of Affiliate Securities on the Exchange. Based on the foregoing, the Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest.\15\ The Commission hereby grants the Exchange's request and designates the proposal operative upon filing. --------------------------------------------------------------------------- \13\ 17 CFR 240.19b-4(f)(6). \14\ 17 CFR 240.19b-4(f)(6)(iii). \15\ 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 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-BatsEDGA-2016-06 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-BatsEDGA-2016-06. 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-BatsEDGA-2016-06 and should be submitted on or before May 13, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-09318 Filed 4-21-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 78 / Friday, April 22, 2016 / Notices 23765
The Postal Service intends for the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 (A) Self-Regulatory Organization’s
Amendment to become effective one notice is hereby given that on April 13, Statement of the Purpose of, and
business day after the date that the 2016, Bats EDGA Exchange, Inc. (the Statutory Basis for, the Proposed Rule
Commission completes its review of the ‘‘Exchange’’ or ‘‘EDGA’’) filed with the Change
Notice. Id. The Postal Service asserts Securities and Exchange Commission 1. Purpose
that the Amendment will not materially (‘‘Commission’’) the proposed rule
affect cost coverage; therefore, the change as described in Items I and II The Exchange is proposing to adopt
supporting financial documentation and below, which Items have been prepared Rule 14.10 setting forth reporting
certification originally filed in this by the Exchange. The Exchange has requirements on the Exchange should
docket remain applicable. Id. the Exchange or EDGA Affiliate list a
designated this proposal as a ‘‘non-
security on the Exchange (the ‘‘Affiliate
II. Notice of Filings controversial’’ proposed rule change
Security’’). Proposed Rule 14.10(a)(1)
pursuant to Section 19(b)(3)(A) of the
The Commission invites comments on would define ‘‘EDGA Affiliate’’ as ‘‘the
Act 3 and Rule 19b–4(f)(6)(iii) Exchange and any entity that directly or
whether the changes presented in the
thereunder,4 which renders it effective indirectly, through one or more
Postal Service’s Notice are consistent
with the policies of 39 U.S.C. 3632, upon filing with the Commission. The intermediaries, controls, is controlled
3633, or 3642, 39 CFR 3015.5, and 39 Commission is publishing this notice to by, or is under common control with the
CFR part 3020, subpart B. Comments are solicit comments on the proposed rule Exchange, where ‘‘control’’ means that
due no later than April 25, 2016. The change from interested persons. one entity possesses, directly or
public portions of these filings can be I. Self-Regulatory Organization’s indirectly, voting control of the other
accessed via the Commission’s Web site Statement of the Terms of Substance of entity either through ownership of
(http://www.prc.gov). the Proposed Rule Change capital stock or other equity securities
The Commission appoints Cassie or through majority representation on
D’Souza to represent the interests of the The Exchange filed a proposal to the board of directors or other
general public (Public Representative) adopt Exchange Rule 14.10 setting forth management body of such entity.’’
in this docket. additional requirements for the listing of Proposed Rule 14.10(a)(2) would define
securities that are issued by the ‘‘Affiliate Security’’ as ‘‘any security
III. Ordering Paragraphs
Exchange or any of its affiliates as well issued by an EDGA Affiliate or any
It is ordered: as the monitoring of such securities’ Exchange-listed option on any such
1. The Commission reopens Docket trading activity on the Exchange. security, with the exception of Portfolio
No. CP2015–110 for consideration of Proposed Rule 14.10 is based on Bats Depositary Receipts as defined in Rule
matters raised by the Postal Service’s BZX Exchange, Inc. (‘‘BZX’’) Rule 14.8(d) and Investment Company Units
Notice. as defined in Rule 14.2.’’ 6
14.3(e), which was recently amended
2. Pursuant to 39 U.S.C. 505, the In the event that an EDGA Affiliate
and filed for immediate effectiveness
Commission appoints Cassie D’Souza to seeks to list an Affiliate Security,
with the Commission.5
serve as an officer of the Commission paragraph (b)(1) of proposed Rule 14.10
(Public Representative) to represent the The text of the proposed rule change would require that prior to the initial
interests of the general public in this is available at the Exchange’s Web site listing of the Affiliate Security on the
proceeding. at www.batstrading.com, at the Exchange, Exchange personnel shall
3. Comments are due no later than principal office of the Exchange, and at determine that such security satisfies
April 25, 2016. the Commission’s Public Reference the Exchange’s rules for listing, and
4. The Secretary shall arrange for Room. such finding must be approved by the
publication of this order in the Federal Regulatory Oversight Committee of the
Register. II. Self-Regulatory Organization’s
Exchange’s Board of Directors.
Statement of the Purpose of, and Proposed paragraph (b)(2) of proposed
By the Commission.
Statutory Basis for, the Proposed Rule Rule 14.10 would state that throughout
Stacy L. Ruble, Change
Secretary.
the continued listing of the Affiliate
In its filing with the Commission, the Security on the Exchange, the Exchange
[FR Doc. 2016–09306 Filed 4–21–16; 8:45 am]
Exchange included statements will prepare a quarterly report for the
BILLING CODE 7710–FW–P
Regulatory Oversight Committee of the
concerning the purpose of and basis for
Exchange’s Board of Directors and that
the proposed rule change and discussed
such report describe the Exchange’s
SECURITIES AND EXCHANGE any comments it received on the
monitoring of the Affiliate Security’s
COMMISSION proposed rule change. The text of these
compliance with the Exchange’s listing
statements may be examined at the
[Release No. 34–77637; File No. SR– standards. Sub-paragraph (A) of
places specified in Item IV below. The proposed Rule 14.10(b)(2) would require
BatsEDGA–2016–06]
Exchange has prepared summaries, set the report include a description of the
Self-Regulatory Organizations; Bats forth in Sections A, B, and C below, of Affiliate Security’s compliance with the
EDGA Exchange, Inc.; Notice of Filing the most significant parts of such Exchange’s minimum share price
and Immediate Effectiveness of a statements. requirement, and, sub-paragraph (B)
Proposed Rule Change To Adopt would require the report to describe the
mstockstill on DSK4VPTVN1PROD with NOTICES
1 15 U.S.C. 78s(b)(1).
Exchange Rule 14.10 Setting Forth
2 17 CFR 240.19b–4.
Additional Requirements for the 6 The Exchange notes that BZX Rule 14.3(e)(1)(B)
3 15 U.S.C. 78s(b)(3)(A).
Listing of Securities That Are Issued excludes Index Fund Shares as defined under BZX
4 17 CFR 240.19b–4(f)(6)(iii).
by the Exchange or Any of Its Affiliates Rule 14.11(c). The Exchange rules do not currently
5 See SR–BatsBZX–2016–08 (filed for immediate define Index Fund Shares. Therefore, the Exchange
April 18, 2016. effectiveness on April 13, 2016). See also Securities proposes to exclude Investment Company Unit as
Exchange Act Release No. 66580 (March 13, 2012), defined under Exchange Rule 14.2 as it believes
Pursuant to Section 19(b)(1) of the 77 FR 16110 (March 19, 2012) (SR–BATS–2012– Investment Company Units to be synonymous with
Securities Exchange Act of 1934 (the 012). Index Fund Shares.
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![Federal Register / Vol. 81, No. 78 / Friday, April 22, 2016 / Notices 23767
19(b)(3)(A)(iii) of the Act 9 and Rule and designates the proposal operative the Commission does not edit personal
19b–4(f)(6) thereunder.10 Because the upon filing. identifying information from
proposed rule change does not: (i) At any time within 60 days of the submissions. You should submit only
Significantly affect the protection of filing of the proposed rule change, the information that you wish to make
investors or the public interest; (ii) Commission summarily may available publicly. All submissions
impose any significant burden on temporarily suspend such rule change if should refer to File Number SR–
competition; and (iii) become operative it appears to the Commission that such BatsEDGA–2016–06 and should be
for 30 days from the date on which it action is necessary or appropriate in the submitted on or before May 13, 2016.
was filed, or such shorter time as the public interest, for the protection of
For the Commission, by the Division of
Commission may designate, if investors, or otherwise in furtherance of Trading and Markets, pursuant to delegated
consistent with the protection of the purposes of the Act. If the authority.16
investors and the public interest, the Commission takes such action, the Robert W. Errett,
proposed rule change has become Commission shall institute proceedings
Deputy Secretary.
to determine whether the proposed rule
effective pursuant to Section 19(b)(3)(A) [FR Doc. 2016–09318 Filed 4–21–16; 8:45 am]
should be approved or disapproved.
of the Act 11 and Rule 19b–4(f)(6) BILLING CODE 8011–01–P
thereunder.12 IV. Solicitation of Comments
A proposed rule change filed under Interested persons are invited to
Rule 19b–4(f)(6) under the Act 13 submit written data, views, and SECURITIES AND EXCHANGE
normally does not become operative for arguments concerning the foregoing, COMMISSION
30 days after the date of filing. However, including whether the proposed rule
change is consistent with the Act. Submission for OMB Review;
Rule 19b–4(f)(6)(iii) 14 permits the Comment Request
Commission to designate a shorter time Comments may be submitted by any of
if such action is consistent with the the following methods:
Upon Written Request, Copies Available
protection of investors and the public Electronic Comments From: Securities and Exchange
interest. The Exchange has asked the Commission, Office of FOIA Services,
Commission to waive the 30-day • Use the Commission’s Internet
comment form (http://www.sec.gov/ 100 F Street NE., Washington, DC
operative delay so that the proposal may 20549–2736.
rules/sro.shtml); or
become operative immediately upon • Send an email to rule-comments@ Extension:
filing. The Exchange states that waiver sec.gov. Please include File Number SR– Rule 607, SEC File No. 270–561, OMB
of the operative delay will allow the BatsEDGA–2016–06 on the subject line. Control No. 3235–0634, Request for a
Exchange to implement the proposed New OMB Control No.
rule change immediately in the event an Paper Comments
Affiliate seeks to list on the Exchange or • Send paper comments in triplicate Notice is hereby given that, pursuant
an Affiliate Security is traded on the to Secretary, Securities and Exchange to the Paperwork Reduction Act of 1995
Exchange. The Exchange further states Commission, 100 F Street NE., (44 U.S.C. 3501 et seq.), the Securities
that providing the reports required by Washington, DC 20549–1090. and Exchange Commission (the
the rule is in the best interest of All submissions should refer to File ‘‘Commission’’) has submitted to the
investors and the public interest Number SR–BatsEDGA–2016–06. This Office of Management and Budget a
because it would provide greater file number should be included on the request for extension of the previously
transparency to market participants subject line if email is used. To help the approved collection of information
regarding the controls in place to Commission process and review your discussed below.
address the potential conflicts of comments more efficiently, please use Regulation E (17 CFR 230.601–
interest that may arise in the listing and only one method. The Commission will 230.610a) exempts from registration
trading of Affiliate Securities on the post all comments on the Commission’s under the Securities Act of 1933 (15
Exchange. Based on the foregoing, the Internet Web site (http://www.sec.gov/ U.S.C. 77a et seq.) (‘‘Securities Act’’)
Commission believes that waiving the rules/sro.shtml). Copies of the securities issued by a small business
30-day operative delay is consistent submission, all subsequent investment company (‘‘SBIC’’) which is
with the protection of investors and the amendments, all written statements registered under the Investment
public interest.15 The Commission with respect to the proposed rule Company Act of 1940 (15 U.S.C. 80a–1
hereby grants the Exchange’s request change that are filed with the et seq.) (‘‘Investment Company Act’’) or
Commission, and all written a closed-end investment company that
9 15 U.S.C. 78s(b)(3)(A)(iii). communications relating to the has elected to be regulated as a business
10 17 CFR 240.19b–4(f)(6). proposed rule change between the development company (‘‘BDC’’) under
11 15 U.S.C. 78s(b)(3)(A).
Commission and any person, other than the Investment Company Act, so long as
12 In addition, Rule 19b–4(f)(6)(iii) requires the
those that may be withheld from the the aggregate offering price of all
Exchange to give the Commission written notice of
the Exchange’s intent to file the proposed rule public in accordance with the securities of the issuer that may be sold
change, along with a brief description and text of provisions of 5 U.S.C. 552, will be within a 12-month period does not
the proposed rule change, at least five business days available for Web site viewing and exceed $5,000,000 and certain other
prior to the date of filing of the proposed rule printing in the Commission’s Public conditions are met. Rule 607 under
change, or such shorter time as designated by the
Regulation E (17 CFR 230.607) entitled,
mstockstill on DSK4VPTVN1PROD with NOTICES
Commission. The Exchange has satisfied this Reference Room, 100 F Street NE.,
requirement. Washington, DC 20549, on official ‘‘Sales material to be filed,’’ requires
13 17 CFR 240.19b–4(f)(6). business days between the hours of sales material used in connection with
14 17 CFR 240.19b–4(f)(6)(iii).
10:00 a.m. and 3:00 p.m. Copies of the securities offerings under Regulation E
15 For purposes only of waiving the 30-day
filing also will be available for to be filed with the Commission at least
operative delay, the Commission has also five days (excluding weekends and
considered the proposed rule’s impact on
inspection and copying at the principal
efficiency, competition, and capital formation. See office of the Exchange. All comments
15 U.S.C. 78c(f). received will be posted without change; 16 17 CFR 200.30–3(a)(12).
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Document Created: 2017-08-22 23:37:39
Document Modified: 2017-08-22 23:37:39
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 81 FR 23765 |
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