81 FR 26598 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing of Proposed Rule Change Amending the Definition of “Block” for Purposes of Rule 72(d)-Equities and the Size of a Proposed Cross Transaction Eligible for the Cross Function in Rule 76-Equities

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 85 (May 3, 2016)

Page Range		26598-26600
FR Document		2016-10274

Federal Register, Volume 81 Issue 85 (Tuesday, May 3, 2016)

[Federal Register Volume 81, Number 85 (Tuesday, May 3, 2016)]
[Notices]
[Pages 26598-26600]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2016-10274]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77734; File No. SR-NYSEMKT-2016-49]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing of
Proposed Rule Change Amending the Definition of ``Block'' for Purposes
of Rule 72(d)--Equities and the Size of a Proposed Cross Transaction
Eligible for the Cross Function in Rule 76--Equities

April 27, 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 April 22, 2016, NYSE MKT LLC (the ``Exchange'' or ``NYSE
MKT'') 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange proposes to amend the definition of ``block'' for
purposes of Rule 72(d)--Equities and the size of a proposed cross
transaction eligible for the Cross Function in Rule 76--Equities. 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
The Exchange proposes to amend the definition of ``block'' for
purposes of Rule 72(d)--Equities and the size of a proposed cross
transaction eligible for the Cross Function in Rule 76--Equities. Under
Rule 72(d)--Equities, when a member \4\ has an order to buy and an
order to sell an equivalent amount of the same security, and both
orders are ``block'' orders, the member may cross those orders at a
price at or within the Exchange best bid or offer and does not have to
break up the cross transaction to trade with any bids or offers
previously displayed at the Exchange best bid or offer, including any
interest with priority. For purposes of Rule 72(d)--Equities, a
``block'' is at least 10,000 shares or a quantity of stock having a
market value of $200,000 or more, whichever is less.
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\4\ The reference to ``member'' in Rule 72(d)--Equities and this
rule proposal means only Floor Broker members. Designated Market
Makers (``DMMs''), while members of the Exchange, do not have any
agency relationships, and are therefore not able to effect this type
of transaction.
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Further, Rule 76--Equities governs the execution of ``cross'' or
``crossing'' orders by Floor Brokers. Rule 76--Equities applies only to
manual transactions executed at the point of sale on the trading floor
and provides that when a member has an order to buy and an order to
sell the same security that can be crossed at the same price, the
member is required to announce to the trading crowd the proposed cross
by offering the security at a price that is higher than his or her bid
by a minimum variation permitted in the security before crossing the
orders. Any other member, including the DMM, can break up the announced
bid and offer by trading with either side of the proposed cross
transaction. Supplementary [sic] .10 to Rule 76--Equities provides for
a ``Cross Function'' that Floor brokers may use to monitor compliance
with Rule 611 of Regulation NMS. To be eligible for this Cross
Function, the proposed cross transaction must be for at least 10,000
shares or a quantity of stock having a market value of $200,000 or
more.
The Exchange proposes to amend the permissible size of a crossing
transaction permitted under Rule 72(d)--Equities and Supplementary
Material .10 to Rule 76--Equities to be

[[Page 26599]]

at least 5,000 shares or a quantity of stock having a market value of
$100,000 or more, whichever is less. The Exchange's proposed definition
of block size would more closely align with how a block-sized
transaction is defined in other SEC rules and other exchanges'
rules.\5\ For example, SEC Rule 10b-18 (Purchases of certain equity
securities by the issuer and others) includes in the definition of a
block a quantity of stock that is at least 5,000 shares and has a
purchase price of at least $50,000.\6\ Additionally, Financial Industry
Regulatory Authority, Inc. (``FINRA'') defines a block-sized order as
being 10,000 shares or more, unless such orders are less than $100,000
in value.\7\ The CBOE Stock Exchange (``CBSX'') Rule 52.11 also permits
a cross of two orders so long as the crossing transaction is of at
least 5,000 shares and is for a principal amount of at least
$100,000.\8\ More recently, in approving the National Market System
Plan to Implement a Tick Size Pilot Program (``Tick Size Pilot''),\9\
the SEC approved a modified definition of ``block size'' such that an
order of at least 5,000 shares or with a market value of at least
$100,000 would be considered a block size for purposes the Tick Size
Pilot. In approving the Tick Size Pilot, the Commission noted that
among all NMS securities, trades with at least 10,000 shares or with a
market value of at least $200,000 constitute just 0.24 percent of all
trades, 13.04 percent of traded share volume and 16.27 percent of
traded dollar volume.\10\ The Exchange believes modifying the
definition of a block order in its rules would likely result in a
greater number of large size orders being executed on the Exchange.
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\5\ For purposes of Regulation NMS, a ``block size'' with
respect to an order means it is: (i) Of at least 10,000 shares or
(ii) for a quantity of stock having a market value of at least
$200,000. See 17 CFR 242.600(a)(9). The term ``block size'' is used
in Regulation NMS in the definition of an OTC Market Marker, 17 CFR
242.600(a)(52), and in an exception to specialists' and OTC Market
Makers' obligation to display customer limit orders, 17 CFR
242.604(b)(4). The definition of ``block size'' in Regulation NMS is
the same as the Exchange's current definition of ``block'' for
purposes of Rule 72(d)--Equities and the size of a proposed cross
transaction eligible for the Cross Function in Rule 76--Equities.
The Exchange's proposal to change its rules does not change the
definition of ``block size'' as used in Regulation NMS.
\6\ See 17 CFR 240.10b-18(a)(5)(ii).
\7\ See FINRA Rule 5320, Supplementary Material .01.
\8\ See CBSX Rule 52.11 Facilitation of Orders and Crossing
Trades, Chapter LII--Trading Rules and Processing of Orders. In
September 2006, the Commission approved rules governing the trading
of non-option securities traded on the Chicago Board Options
Exchange, Inc. (``CBOE''), including CBSX Rule 52.11. See Securities
Exchange Act Release No. 54422 (September 11, 2006), 71 FR 54537
(September 15, 2006) (Approving SR-CBOE-2004-21). The Commission
also approved modifications to CBOE's non-option trading rules to
conform those rules to aspects of Regulation NMS. See Securities
Exchange Act Release No. 54526 (September 27, 2006), 71 FR 58646
(October 4, 2006) (Approving SR-CBOE-2006-70). Although CBSX has
ceased trading operations, the CBSX rules are incorporated into the
rules of the CBOE.
\9\ See Securities Exchange Act Release No. 34-74892 (May 6,
2015), 80 FR 27514 (May 13, 2015) File No. 4-657 (Order Approving
the National Market System Plan To Implement a Tick Size Pilot
Program by BATS Exchange, Inc. BATS-Y Exchange, Inc., Chicago Stock
Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial
Industry Regulatory Authority, Inc., NASDAQ OMX BX, Inc., NASDAQ OMX
PHLX LLC, The NASDAQ Stock Market LLC, New York Stock Exchange LLC,
NYSE MKT LLC, and NYSE Arca, Inc., as Modified by the Commission,
for a Two-Year Period) (``Tick Size Approval Order).
\10\ See Tick Size Approval Order at 27541.
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The Exchange believes the proposed rule change would promote
increased trading by institutions as they are most frequent
participants of block-sized trading on the Exchange. If an institution
is able to execute in larger sizes, the contra party to the execution
is less likely to be a participant that reacts to short term changes in
the stock price and as such the price impact to the stock could be less
acute when larger individual executions are obtained by the
institution.\11\ As a consequence of this concern, large size orders
are often executed away from the Exchange in dark pools or via broker-
dealer internalization.
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\11\ The Commission has long recognized this concern: ``Another
type of implicit transaction cost reflected in the price of a
security is short-term price volatility caused by temporary
imbalances in trading interest. For example, a significant implicit
cost for large investors [sic] is the price impact that their large
trades can have on the market. Indeed, disclosure of these large
orders can reduce the likelihood of their being filled.'' See
Securities Exchange Act Release No. 42450 (February 23, 2000), 65 FR
10577 (February 28, 2000) (SR-NYSE-99-48).
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\12\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\13\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
promote just and equitable principles of trade, remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and protect investors and the public interest.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
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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 attract more order flow to
the Exchange that is currently trading on less transparent venues that
contribute less to price discovery and price competition than
executions and quotes that occur on lit markets. Such new order flow
will further enhance the depth and liquidity on the Exchange, which
supports just and equitable principles of trade. Specifically, as
required under Rule 76--Equities, any proposed crossing transaction,
including a transaction using the Cross Function or a cross that meets
the requirements of Rule 72(d)--Equities, must be announced in the
Crowd before trading, thus providing an opportunity for other market
participants, including other Floor brokers or the designated market
maker, to participate in the proposed crossing transaction. By reducing
the size of a block transaction, the Exchange believes that additional
order flow may be routed to Floor brokers and thus be subject to such
exposure requirements on the Trading Floor.
The Exchange believes that modifying the definition of block orders
to lower the thresholds would be consistent with the public interest
and the protection of investors because the Exchange is proposing to
align the definition of block orders to current SEC and other exchange
rules which the Exchange expects will result in increased participation
of large-sized orders on the Exchange.

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. Specifically, the proposed
change will align the definition of a ``block'' with current SEC and
other exchange rules, thereby promoting its competitiveness with dark
pools where such large-sized orders currently trade in more frequency
than on lit markets. As a consequence, the proposed change will promote
competition among the many trading venues, which, in turn, will
decrease the burden on competition.

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.

[[Page 26600]]

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

Within 45 days of the date of publication of this notice in the
Federal Register or such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve or disapprove the proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSEMKT-2016-49 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-NYSEMKT-2016-49. 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-NYSEMKT-2016-49 and should
be submitted on or before May 24, 2016.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-10274 Filed 5-2-16; 8:45 am]
BILLING CODE 8011-01-P

26598 Federal Register / Vol. 81, No. 85 / Tuesday, May 3, 2016 / Notices

filed any periodic reports since the By the Commission. of the most significant parts of such
period ended May 31, 2013. On August Brent J. Fields, statements.
19, 2015, a delinquency letter was sent Secretary.
A. Self-Regulatory Organization’s
by the Division of Corporation Finance [FR Doc. 2016–10407 Filed 4–29–16; 11:15 am] Statement of the Purpose of, and the
to Pioneer Exploration requesting BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule
compliance with its periodic filing
Change
obligations, but it did not receive the
delinquency letter due to its failure to SECURITIES AND EXCHANGE 1. Purpose
maintain a valid address on file with the COMMISSION The Exchange proposes to amend the
Commission as required by Commission definition of ‘‘block’’ for purposes of
[Release No. 34–77734; File No. SR–
rules (Rule 301 of Regulation S–T, 17 NYSEMKT–2016–49] Rule 72(d)—Equities and the size of a
CFR 232.301 and Section 5.4 of EDGAR proposed cross transaction eligible for
Filer Manual). Self-Regulatory Organizations; NYSE the Cross Function in Rule 76—Equities.
It appears to the Securities and MKT LLC; Notice of Filing of Proposed Under Rule 72(d)—Equities, when a
Exchange Commission that there is a Rule Change Amending the Definition member 4 has an order to buy and an
lack of current and accurate information of ‘‘Block’’ for Purposes of Rule order to sell an equivalent amount of the
concerning the securities of Premier 72(d)—Equities and the Size of a same security, and both orders are
Brands, Inc. (CIK No. 1502777), a Proposed Cross Transaction Eligible ‘‘block’’ orders, the member may cross
Wyoming corporation with its principal for the Cross Function in Rule 76— those orders at a price at or within the
place of business listed as Bonita, Equities Exchange best bid or offer and does not
California, with stock quoted on OTC have to break up the cross transaction to
April 27, 2016.
Link under the ticker symbol BRND, trade with any bids or offers previously
Pursuant to Section 19(b)(1) 1 of the
because it has not filed any periodic displayed at the Exchange best bid or
Securities Exchange Act of 1934 (the
reports since the period ended May 31, offer, including any interest with
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
2013. On August 19, 2015, a priority. For purposes of Rule 72(d)—
notice is hereby given that, on April 22,
delinquency letter was sent by the Equities, a ‘‘block’’ is at least 10,000
2016, NYSE MKT LLC (the ‘‘Exchange’’
Division of Corporation Finance to shares or a quantity of stock having a
or ‘‘NYSE MKT’’) filed with the
Premier Brands, Inc. requesting market value of $200,000 or more,
Securities and Exchange Commission
compliance with its periodic filing whichever is less.
(the ‘‘Commission’’) the proposed rule
obligations, and Premier Brands, Inc. Further, Rule 76—Equities governs
change as described in Items I and II,
received the delinquency letter on the execution of ‘‘cross’’ or ‘‘crossing’’
below, which Items have been prepared
August 22, 2015, but failed to cure its orders by Floor Brokers. Rule 76—
by the self-regulatory organization. The
delinquencies. Equities applies only to manual
Commission is publishing this notice to
It appears to the Securities and transactions executed at the point of
solicit comments on the proposed rule
Exchange Commission that there is a sale on the trading floor and provides
change from interested persons.
lack of current and accurate information that when a member has an order to buy
concerning the securities of Private I. Self-Regulatory Organization’s and an order to sell the same security
Media Group, Inc. (CIK No. 1068084), a Statement of the Terms of Substance of that can be crossed at the same price,
Nevada corporation with its principal the Proposed Rule Change the member is required to announce to
place of business listed as Barcelona, The Exchange proposes to amend the the trading crowd the proposed cross by
Spain, with stock quoted on OTC Link definition of ‘‘block’’ for purposes of offering the security at a price that is
under the ticker symbol PRVT, because Rule 72(d)—Equities and the size of a higher than his or her bid by a
it has not filed any periodic reports proposed cross transaction eligible for minimum variation permitted in the
since the period ended June 30, 2013. the Cross Function in Rule 76—Equities. security before crossing the orders. Any
On August 18, 2015, a delinquency The proposed rule change is available other member, including the DMM, can
letter was sent by the Division of on the Exchange’s Web site at break up the announced bid and offer by
Corporation Finance to Private Media www.nyse.com, at the principal office of trading with either side of the proposed
Group, Inc. requesting compliance with the Exchange, and at the Commission’s cross transaction. Supplementary [sic]
its periodic filing obligations, but it did Public Reference Room. .10 to Rule 76—Equities provides for a
not receive the delinquency letter due to ‘‘Cross Function’’ that Floor brokers
II. Self-Regulatory Organization’s may use to monitor compliance with
its failure to maintain a valid address on
Statement of the Purpose of, and Rule 611 of Regulation NMS. To be
file with the Commission as required by
Statutory Basis for, the Proposed Rule eligible for this Cross Function, the
Commission rules (Rule 301 of
Change proposed cross transaction must be for
Regulation S–T, 17 CFR 232.301 and
Section 5.4 of EDGAR Filer Manual). In its filing with the Commission, the at least 10,000 shares or a quantity of
self-regulatory organization included stock having a market value of $200,000
The Commission is of the opinion that or more.
the public interest and the protection of statements concerning the purpose of,
and basis for, the proposed rule change The Exchange proposes to amend the
investors require a suspension of trading permissible size of a crossing
in the securities of the above-listed and discussed any comments it received
transaction permitted under Rule
asabaliauskas on DSK3SPTVN1PROD with NOTICES

companies. on the proposed rule change. The text
of those statements may be examined at 72(d)—Equities and Supplementary
Therefore, it is ordered, pursuant to the places specified in Item IV below. Material .10 to Rule 76—Equities to be
Section 12(k) of the Securities Exchange The Exchange has prepared summaries,
Act of 1934, that trading in the set forth in sections A, B, and C below, 4 The reference to ‘‘member’’ in Rule 72(d)—

securities of the above-listed companies Equities and this rule proposal means only Floor
Broker members. Designated Market Makers
is suspended for the period from 9:30 1 15 U.S.C. 78s(b)(1). (‘‘DMMs’’), while members of the Exchange, do not
a.m. EDT on April 29, 2016, through 2 15 U.S.C. 78a. have any agency relationships, and are therefore not
11:59 p.m. EDT on May 12, 2016. 3 17 CFR 240.19b–4. able to effect this type of transaction.

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26600 Federal Register / Vol. 81, No. 85 / Tuesday, May 3, 2016 / Notices

III. Date of Effectiveness of the filing also will be available for Dated: April 28, 2016.
Proposed Rule Change and Timing for inspection and copying at the principal Brent J. Fields,
Commission Action office of the Exchange. All comments Secretary.
Within 45 days of the date of received will be posted without change; [FR Doc. 2016–10394 Filed 4–29–16; 11:15 am]
publication of this notice in the Federal the Commission does not edit personal BILLING CODE 8011–01–P
Register or such longer period up to 90 identifying information from
days (i) as the Commission may submissions. You should submit only
designate if it finds such longer period information that you wish to make SECURITIES AND EXCHANGE
to be appropriate and publishes its available publicly. All submissions COMMISSION
reasons for so finding or (ii) as to which should refer to File Number SR–
[Release No. 34–77723; File No. SR–
the self-regulatory organization NYSEMKT–2016–49 and should be BatsBZX–2016–09]
consents, the Commission will: submitted on or before May 24, 2016.
(A) By order approve or disapprove For the Commission, by the Division of Self-Regulatory Organizations; Bats
the proposed rule change, or Trading and Markets, pursuant to delegated BZX Exchange, Inc.; Notice of Filing of
(B) institute proceedings to determine authority.14 a Proposed Rule Change to Rule 14.11,
whether the proposed rule change Robert W. Errett, Managed Fund Shares, To List and
should be disapproved. Deputy Secretary. Trade Shares of the Pointbreak
[FR Doc. 2016–10274 Filed 5–2–16; 8:45 am] Agriculture Commodity Strategy Fund
IV. Solicitation of Comments of the Pointbreak ETF Trust
BILLING CODE 8011–01–P
Interested persons are invited to
April 27, 2016.
submit written data, views, and
arguments concerning the foregoing, Pursuant to Section 19(b)(1) of the
SECURITIES AND EXCHANGE
including whether the proposed rule Securities Exchange Act of 1934 (the
COMMISSION
change is consistent with the Act. ‘‘Act’’),1 and Rule 19b–4 thereunder,2
Comments may be submitted by any of Sunshine Act Meeting notice is hereby given that on April 15,
the following methods: 2016, Bats BZX Exchange, Inc. (the
Notice is hereby given, pursuant to ‘‘Exchange’’ or ‘‘BZX’’) filed with the
Electronic Comments the provisions of the Government in the Securities and Exchange Commission
• Use the Commission’s Internet Sunshine Act, Public Law 94–409, that (‘‘Commission’’) the proposed rule
comment form (http://www.sec.gov/ the Securities and Exchange change as described in Items I and II
rules/sro.shtml); or Commission will hold a closed meeting below, which Items have been prepared
• Send an email to rule- on Thursday, May 5, 2016, at 2 p.m. by the Exchange. The Commission is
comments@sec.gov. Please include File Commissioners, Counsel to the publishing this notice to solicit
Number SR–NYSEMKT–2016–49 on the Commissioners, the Secretary to the comments on the proposed rule change
subject line. Commission, and recording secretaries from interested persons.
will attend the closed meeting. Certain
Paper Comments I. Self-Regulatory Organization’s
staff members who have an interest in
Statement of the Terms of Substance of
• Send paper comments in triplicate the matters also may be present.
the Proposed Rule Change
to Brent J. Fields, Secretary, Securities The General Counsel of the
and Exchange Commission, 100 F Street Commission, or her designee, has The Exchange filed a proposal to list
NE., Washington, DC 20549–1090. certified that, in her opinion, one or and trade shares of the Pointbreak
more of the exemptions set forth in 5 Agriculture Commodity Strategy Fund
All submissions should refer to File (the ‘‘Fund’’) of the Pointbreak ETF
Number SR–NYSEMKT–2016–49. This U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (a)(5), (a)(7), Trust (the ‘‘Trust’’) under Rule 14.11(i)
file number should be included on the (‘‘Managed Fund Shares’’). The shares of
subject line if email is used. To help the (a)(9)(ii) and (a)(10), permit
consideration of the scheduled matter at the Fund are referred to herein as the
Commission process and review your ‘‘Shares’’.
comments more efficiently, please use the closed meeting.
Chair White, as duty officer, voted to The text of the proposed rule change
only one method. The Commission will is available at the Exchange’s Web site
post all comments on the Commission’s consider the items listed for the closed
meeting in closed session. at www.batstrading.com, at the
Internet Web site (http://www.sec.gov/ principal office of the Exchange, and at
rules/sro.shtml). Copies of the The subject matter of the closed
meeting will be: the Commission’s Public Reference
submission, all subsequent Room.
amendments, all written statements Institution and settlement of
with respect to the proposed rule injunctive actions; II. Self-Regulatory Organization’s
change that are filed with the Institution and settlement of Statement of the Purpose of, and
Commission, and all written administrative proceedings; and Statutory Basis for, the Proposed Rule
communications relating to the Other matters relating to enforcement Change
proposed rule change between the proceedings. In its filing with the Commission, the
Commission and any person, other than At times, changes in Commission Exchange included statements
those that may be withheld from the priorities require alterations in the
asabaliauskas on DSK3SPTVN1PROD with NOTICES

concerning the purpose of and basis for
public in accordance with the scheduling of meeting items. the proposed rule change and discussed
provisions of 5 U.S.C. 552, will be For further information and to any comments it received on the
available for Web site viewing and ascertain what, if any, matters have been proposed rule change. The text of these
printing in the Commission’s Public added, deleted, or postponed, please statements may be examined at the
Reference Room, 100 F Street NE., contact the Office of the Secretary at places specified in Item IV below. The
Washington, DC 20549 on official (202) 551–5400.
business days between the hours of 1 15 U.S.C. 78s(b)(1).
10:00 a.m. and 3:00 p.m. Copies of the 14 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.

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Document Created: 2016-05-03 00:30:30
Document Modified: 2016-05-03 00:30:30

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 26598