81 FR 24909 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Establish a Secondary Contingency Procedure To Enable the Exchange To Report an Official Closing Price on Behalf of an Impaired Primary Listing Exchange

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 81 (April 27, 2016)

Page Range		24909-24909
FR Document		2016-09721

Federal Register, Volume 81 Issue 81 (Wednesday, April 27, 2016)

[Federal Register Volume 81, Number 81 (Wednesday, April 27, 2016)]
[Notices]
[Page 24909]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-09721]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77678; File No. SR-NASDAQ-2016-035]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change To Establish a Secondary Contingency Procedure To 
Enable the Exchange To Report an Official Closing Price on Behalf of an 
Impaired Primary Listing Exchange

April 21, 2016.
    On March 2, 2016, The Nasdaq Stock Market LLC (``Exchange'') filed 
with the Securities and Exchange Commission (``Commission''), pursuant 
to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') 
\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to establish a 
Secondary Contingency Procedure for its closing cross. The proposed 
rule change was published for comment in the Federal Register on March 
11, 2016.\3\ The Commission has received one comment letter on the 
proposal.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 77309 (March 7, 
2016), 81 FR 13007.
    \4\ See Letter from Theodore R. Lazo, Managing Director and 
Associate General Counsel, Securities Industry and Financial Markets 
Association, to Brent J. Fields, Secretary, Commission, dated April 
5, 2016.
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    Section 19(b)(2) of the Act \5\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day for this filing is April 25, 2016.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the proposed rule change so that it has sufficient time to consider the 
proposed rule change.
    Accordingly, pursuant to Section 19(b)(2) of the Act \6\ and for 
the reasons stated above, the Commission designates June 9, 2016, as 
the date by which the Commission should either approve or disapprove, 
or institute proceedings to determine whether to disapprove, the 
proposed rule change (File No. SR-NASDAQ-2016-035).
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-09721 Filed 4-26-16; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 81 / Wednesday, April 27, 2016 / Notices 24909

the Participants will provide additional SECURITIES AND EXCHANGE which the Commission should either
recommendations, as necessary, relating COMMISSION approve or disapprove, or institute
to: (i) The harmonization of current proceedings to determine whether to
[Release No. 34–77678; File No. SR–
clearly erroneous execution rules with disapprove, the proposed rule change
NASDAQ–2016–035]
the Plan, such that clearly erroneous (File No. SR–NASDAQ–2016–035).
execution rules could not be used to Self-Regulatory Organizations; The For the Commission, by the Division of
break trades occurring within the Price Nasdaq Stock Market LLC; Notice of Trading and Markets, pursuant to delegated
Bands absent a legitimate technical Designation of Longer Period for authority.7
failure at a Self-Regulatory Commission Action on Proposed Rule Brent J. Fields,
Organization; (ii) a review of exchange- Change To Establish a Secondary Secretary.
traded products (ETPs), to determine Contingency Procedure To Enable the [FR Doc. 2016–09721 Filed 4–26–16; 8:45 am]
whether adjustments should be made to Exchange To Report an Official BILLING CODE 8011–01–P
the Plan to account for the particular Closing Price on Behalf of an Impaired
trading characteristics of ETPs; (iii) a Primary Listing Exchange
review of other issues with the SECURITIES AND EXCHANGE
operation of the Plan that may have April 21, 2016. COMMISSION
been revealed by the events of August On March 2, 2016, The Nasdaq Stock
24, 2015, including the impact of Market LLC (‘‘Exchange’’) filed with the [Release No. 34–77673; File No. SR–Phlx–
double-wide Price Bands during the Securities and Exchange Commission 2016–51]
opening period, and the advisability of (‘‘Commission’’), pursuant to Section Self-Regulatory Organizations;
coordinated reopening procedures; and 19(b)(1) of the Securities Exchange Act NASDAQ PHLX LLC; Notice of Filing
(iv) potential enhancements to the of 1934 (‘‘Act’’) 1 and Rule 19b–4 and Immediate Effectiveness of
categorization of securities into different thereunder,2 a proposed rule change to Proposed Rule Change to Qualified
tiers. An extension of the pilot period of establish a Secondary Contingency Contingent Cross Pricing
the Plan will allow the Participants’ Procedure for its closing cross. The
ongoing review and analysis to take proposed rule change was published for April 21, 2016.
place and inform any subsequent comment in the Federal Register on Pursuant to Section 19(b)(1) of the
amendments to the Plan. The March 11, 2016.3 The Commission has Securities Exchange Act of 1934
Commission believes that a one-year received one comment letter on the (‘‘Act’’) 1, and Rule 19b–4 thereunder,2
extension of the Pilot will provide the proposal.4 notice is hereby given that on April 14,
Participants with sufficient time to Section 19(b)(2) of the Act 5 provides 2016, NASDAQ PHLX LLC (‘‘Phlx’’ or
analyze the impact of change to the that within 45 days of the publication of ‘‘Exchange’’) filed with the Securities
definition of Opening Price on the notice of the filing of a proposed rule and Exchange Commission (‘‘SEC’’ or
Plan’s operation, as well as complete change, or within such longer period up ‘‘Commission’’) the proposed rule
analyses of the other outstanding to 90 days as the Commission may change as described in Items I, II, and
matters described above. designate if it finds such longer period III, below, which Items have been
For the reasons noted above, the to be appropriate and publishes its prepared by the Exchange. The
Commission finds that the Tenth reasons for so finding or as to which the Commission is publishing this notice to
Amendment to the Plan is consistent self-regulatory organization consents, solicit comments on the proposed rule
with Section 11A of the Act 16 and Rule the Commission shall either approve the change from interested persons.
608 thereunder.17 The Commission proposed rule change, disapprove the
reiterates its expectation that the proposed rule change, or institute I. Self-Regulatory Organization’s
Participants will continue to monitor proceedings to determine whether the Statement of the Terms of Substance of
the scope and operation of the Plan and proposed rule change should be the Proposed Rule Change
study the data produced, and will disapproved. The 45th day for this filing The Exchange proposes to amend the
propose any modifications to the Plan is April 25, 2016. Exchange’s Pricing Schedule at Section
that may be necessary or appropriate.18 The Commission is extending the 45- II, entitled ‘‘Multiply Listed Options
day time period for Commission action Fees.’’ Specifically, the Exchange is
IV. Conclusion
on the proposed rule change. The proposing to amend the Qualified
It is therefore ordered, pursuant to Commission finds that it is appropriate Contingent Cross (‘‘QCC’’) pricing.
Section 11A of the Act 19 and Rule 608 to designate a longer period within The text of the proposed rule change
thereunder,20 that the Tenth which to take action on the proposed is available on the Exchange’s Web site
Amendment to the Plan (File No. 4–631) rule change so that it has sufficient time at http://
be, and it hereby is, approved. to consider the proposed rule change. nasdaqomxphlx.cchwallstreet.com/, at
For the Commission, by the Division of Accordingly, pursuant to Section the principal office of the Exchange, and
Trading and Markets, pursuant to delegated 19(b)(2) of the Act 6 and for the reasons at the Commission’s Public Reference
authority.21 stated above, the Commission Room.
Brent J. Fields, designates June 9, 2016, as the date by II. Self-Regulatory Organization’s
Secretary. Statement of the Purpose of, and
1 15 U.S.C. 78s(b)(1).
[FR Doc. 2016–09722 Filed 4–26–16; 8:45 am] Statutory Basis for, the Proposed Rule
asabaliauskas on DSK3SPTVN1PROD with NOTICES

2 17 CFR 240.19b–4.
BILLING CODE 8011–01–P
3 See Securities Exchange Act Release No. 77309 Change
(March 7, 2016), 81 FR 13007. In its filing with the Commission, the
16 15 U.S.C. 78k–1. 4 See Letter from Theodore R. Lazo, Managing
17 17 CFR 242.608. Exchange included statements
Director and Associate General Counsel, Securities
18 See Securities Exchange Act Release No. 67091
Industry and Financial Markets Association, to concerning the purpose of and basis for
(May 31, 2012), 77 FR 33498 (June 6, 2012). Brent J. Fields, Secretary, Commission, dated April
19 15 U.S.C. 78k–1. 5, 2016. 7 17 CFR 200.30–3(a)(31).
20 17 CFR 242.608. 5 15 U.S.C. 78s(b)(2). 1 15 U.S.C. 78s(b)(1).
21 17 CFR 200.30–3(a)(29). 6 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4.

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Document Created: 2018-02-07 13:55:50
Document Modified: 2018-02-07 13:55:50

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 24909