81_FR_34505 81 FR 34401 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 6.43 Regarding Definition of Floor Broker

81 FR 34401 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 6.43 Regarding Definition of Floor Broker

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 104 (May 31, 2016)

Page Range34401-34403
FR Document2016-12671

Federal Register, Volume 81 Issue 104 (Tuesday, May 31, 2016)
[Federal Register Volume 81, Number 104 (Tuesday, May 31, 2016)]
[Notices]
[Pages 34401-34403]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-12671]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77897; File No. SR-NYSEArca-2016-73]


 Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Amending Rule 6.43 
Regarding Definition of Floor Broker

May 24, 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 May 17, 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.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to amend Rule 6.43 (Options Floor Broker 
Defined). 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Rule 6.43 to update the definition 
of Floor Broker.\4\ The proposed rule change would harmonize the Floor 
Broker definition with the recently updated rule of another competing 
options exchange--specifically NASDAQ OMX PHLX LLC (``PHLX'').\5\
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    \4\ The Exchange notes that, other than changes to the format or 
terms used in the rule, the definition of Floor Broker has remained 
unchanged since 2001. See Securities Exchange Act Release No. 44790 
(September 13, 2001) 66 FR 48502 (September 20, 2001) (SR-PCX-2001-
26) (relating to accepting orders from Professional Customers).
    \5\ See Securities Exchange Act Release No. 76800 (December 30, 
2015), 81 FR 549, (January 6, 2016) (SR-Phlx-2015-114) (adopting 
updated definition of Floor Broker in PHLX Rule 1060 on immediately 
effective basis).
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    Rule 6.43(a) defines a Floor Broker as ``an individual (either an 
OTP Holder or OTP Firm or a nominee of an OTP Holder or OTP Firm) who 
is registered with the Exchange for the purpose, while on the Exchange 
Floor, of accepting and executing option orders received from OTP 
Holders and OTP Firms [each an ``OTP''].'' The Rule further provides 
that ``[a] Floor Broker shall not accept an order from any other source 
unless he has registered his individual for an [OTP] approved to 
transact business with the public in accordance with Rule 9, in which 
event he may accept orders for public customers of the [OTP].''
    The Exchange notes that Floor Brokers, as registered Broker/
Dealers\6\, have long handled orders from Broker/Dealers who may not be 
OTPs. In addition, Floor Brokers may accept orders from non-Broker/
Dealers (i.e., public customers).\7\ Thus, the Exchange proposes to 
clarify Rule 6.43(a) by removing the language regarding the types of 
market participants from whom a Floor Broker may accept an order.\8\ 
The updated rule would provide that a

[[Page 34402]]

Floor Broker is an individual who is registered with the Exchange for 
the purpose, while on the Options Floor, of accepting and handling 
options orders.\9\ Further, as proposed, a Floor Broker may accept 
orders from OTPs, Broker Dealers that are non-OTPs, Professional 
Customers, pursuant to Rule 6.43(b), as well as from public customers 
provided the Floor Broker is properly qualified to do business with the 
public.\10\
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    \6\ See Rule 6.43(a).
    \7\ To handle the orders of public customers, Floor Brokers must 
be properly qualified to do business with the public, per Rule 9 
(Conducting Business With The Public), generally, and Rule 9.18 
(Doing a Public Business in Options), specifically.
    \8\ See proposed Rule 6.43(a). This practice is consistent with 
the rules of other exchanges. See, e.g., supra n. 5 (PHLX Rule 1060) 
and CBOE Rule 6.70 (permitting CBOE Floor Brokers to accept orders 
from non-member broker-dealers).
    \9\ Consistent with the proposed changes to Rule 6.43(a), the 
Exchange proposes to delete the cross reference to this section from 
Rule 6.43(b)(1). See proposed Rule 6.43(b)(1).
    \10\ See supra n. 7.
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    This proposed rule change would reflect current practice on the 
Exchange, specifically that a Floor Broker may accept orders from 
Broker Dealers that are not OTPs. The proposed modification would not 
alter a Floor Broker's responsibilities. Further, the proposal would 
have no impact on a Floor Broker's ability to accept orders from the 
public.\11\
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    \11\ See id.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed change is consistent with 
Section 6(b) of the Act,\12\ in general, and furthers the objectives of 
Section 6(b)(5),\13\ in particular, in that it is designed to promote 
just and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in regulating, clearing, settling, 
processing information with respect to, and facilitation transactions 
in securities, to remove impediments to, and perfect the mechanism of a 
free and open market and, in general, to protect investors and the 
public interest.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Specifically, the Exchange believes that the proposal is designed 
to remove language that could be interpreted as a limitation on orders 
that may be accepted by Floor Brokers to reflect current practice on 
the Exchange, which would promote just and equitable principles of 
trade, and remove impediments to, and perfect the mechanism of a free 
and open market. The proposed change would make clear to market 
participants that a Floor Broker may accept an order from a non-OTP 
that is a Broker Dealer, which adds clarity and transparency to 
Exchange rules to the benefit of all market participants. Thus, the 
Exchange believes that the proposal would help prevent confusion and 
help ensure that floor brokerage services are widely available to 
various types of market participants, which should, in turn, promote 
just and equitable principles of trade.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that this proposed rule change would 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. With respect to inter-market 
competition, the proposed rule change is a competitive change that is 
substantially similar to rules in place at another competing options 
exchange.\14\ With respect to intra-market competition, the proposal 
applies to all NYSE Arca Floor Brokers.
---------------------------------------------------------------------------

    \14\ See supra n. 5.
---------------------------------------------------------------------------

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

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \15\ and Rule 19b-4(f)(6) thereunder.\16\ 
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 prior to 
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 and Rule 19b-
4(f)(6) thereunder.\17\
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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.
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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 under 
Section 19(b)(2)(B) \18\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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-2016-73 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-NYSEArca-2016-73. 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-2016-73, and should 
be submitted on or before June 21, 2016.


[[Page 34403]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-12671 Filed 5-27-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                                                  Federal Register / Vol. 81, No. 104 / Tuesday, May 31, 2016 / Notices                                                    34401

                                                of the Act 19 and paragraph (f) of Rule                    submissions. You should submit only                   the places specified in Item IV below.
                                                19b–4 thereunder.20 At any time within                     information that you wish to make                     The Exchange has prepared summaries,
                                                60 days of the filing of the proposed rule                 available publicly. All submissions                   set forth in sections A, B, and C below,
                                                change, the Commission summarily may                       should refer to File No. SR–BatsEDGA–                 of the most significant parts of such
                                                temporarily suspend such rule change if                    2016–09, and should be submitted on or                statements.
                                                it appears to the Commission that such                     before June 21, 2016.
                                                                                                                                                                 A. Self-Regulatory Organization’s
                                                action is necessary or appropriate in the                    For the Commission, by the Division of              Statement of the Purpose of, and
                                                public interest, for the protection of                     Trading and Markets, pursuant to delegated            Statutory Basis for, the Proposed Rule
                                                investors, or otherwise in furtherance of                  authority.21
                                                                                                                                                                 Change
                                                the purposes of the Act.                                   Robert W. Errett,
                                                                                                           Deputy Secretary.                                     1. Purpose
                                                IV. Solicitation of Comments
                                                                                                           [FR Doc. 2016–12666 Filed 5–27–16; 8:45 am]              The Exchange proposes to amend
                                                  Interested persons are invited to
                                                                                                           BILLING CODE 8011–01–P                                Rule 6.43 to update the definition of
                                                submit written data, views, and
                                                                                                                                                                 Floor Broker.4 The proposed rule
                                                arguments concerning the foregoing,
                                                                                                                                                                 change would harmonize the Floor
                                                including whether the proposal is                          SECURITIES AND EXCHANGE                               Broker definition with the recently
                                                consistent with the Act. Comments may                      COMMISSION                                            updated rule of another competing
                                                be submitted by any of the following
                                                                                                           [Release No. 34–77897; File No. SR–                   options exchange—specifically
                                                methods:
                                                                                                           NYSEArca–2016–73]                                     NASDAQ OMX PHLX LLC (‘‘PHLX’’).5
                                                Electronic Comments                                                                                                 Rule 6.43(a) defines a Floor Broker as
                                                  • Use the Commission’s Internet                          Self-Regulatory Organizations; NYSE                   ‘‘an individual (either an OTP Holder or
                                                comment form (http://www.sec.gov/                          Arca, Inc.; Notice of Filing and                      OTP Firm or a nominee of an OTP
                                                rules/sro.shtml); or                                       Immediate Effectiveness of Proposed                   Holder or OTP Firm) who is registered
                                                  • Send an email to rule-comments@                        Rule Change Amending Rule 6.43                        with the Exchange for the purpose,
                                                sec.gov. Please include File No. SR–                       Regarding Definition of Floor Broker                  while on the Exchange Floor, of
                                                BatsEDGA–2016–09 on the subject line.                                                                            accepting and executing option orders
                                                                                                           May 24, 2016.                                         received from OTP Holders and OTP
                                                Paper Comments                                                Pursuant to Section 19(b)(1) 1 of the              Firms [each an ‘‘OTP’’].’’ The Rule
                                                                                                           Securities Exchange Act of 1934 (the
                                                   • Send paper comments in triplicate                                                                           further provides that ‘‘[a] Floor Broker
                                                                                                           ‘‘Act’’)2 and Rule 19b–4 thereunder,3                 shall not accept an order from any other
                                                to Secretary, Securities and Exchange
                                                                                                           notice is hereby given that, on May 17,               source unless he has registered his
                                                Commission, 100 F Street NE.,
                                                                                                           2016, NYSE Arca, Inc. (the ‘‘Exchange’’               individual for an [OTP] approved to
                                                Washington, DC 20549–1090.
                                                All submissions should refer to File No.                   or ‘‘NYSE Arca’’) filed with the                      transact business with the public in
                                                SR–BatsEDGA–2016–09. This file                             Securities and Exchange Commission                    accordance with Rule 9, in which event
                                                number should be included on the                           (the ‘‘Commission’’) the proposed rule                he may accept orders for public
                                                subject line if email is used. To help the                 change as described in Items I and II                 customers of the [OTP].’’
                                                Commission process and review your                         below, which Items have been prepared                    The Exchange notes that Floor
                                                comments more efficiently, please use                      by the self-regulatory organization. The              Brokers, as registered Broker/Dealers6,
                                                only one method. The Commission will                       Commission is publishing this notice to               have long handled orders from Broker/
                                                post all comments on the Commission’s                      solicit comments on the proposed rule                 Dealers who may not be OTPs. In
                                                Internet Web site (http://www.sec.gov/                     change from interested persons.                       addition, Floor Brokers may accept
                                                rules/sro.shtml). Copies of the                            I. Self-Regulatory Organization’s                     orders from non-Broker/Dealers (i.e.,
                                                submission, all subsequent                                 Statement of the Terms of the Substance               public customers).7 Thus, the Exchange
                                                amendments, all written statements                         of the Proposed Rule Change                           proposes to clarify Rule 6.43(a) by
                                                with respect to the proposed rule                                                                                removing the language regarding the
                                                                                                              The Exchange proposes to amend
                                                change that are filed with the                                                                                   types of market participants from whom
                                                                                                           Rule 6.43 (Options Floor Broker
                                                Commission, and all written                                                                                      a Floor Broker may accept an order.8
                                                                                                           Defined). The proposed rule change is
                                                communications relating to the                                                                                   The updated rule would provide that a
                                                                                                           available on the Exchange’s Web site at
                                                proposed rule change between the                           www.nyse.com, at the principal office of                 4 The Exchange notes that, other than changes to
                                                Commission and any person, other than                      the Exchange, and at the Commission’s                 the format or terms used in the rule, the definition
                                                those that may be withheld from the                        Public Reference Room.                                of Floor Broker has remained unchanged since
                                                public in accordance with the                                                                                    2001. See Securities Exchange Act Release No.
                                                provisions of 5 U.S.C. 552, will be                        II. Self-Regulatory Organization’s                    44790 (September 13, 2001) 66 FR 48502
                                                available for Web site viewing and                         Statement of the Purpose of, and                      (September 20, 2001) (SR–PCX–2001–26) (relating
                                                                                                           Statutory Basis for, the Proposed Rule                to accepting orders from Professional Customers).
                                                printing in the Commission’s Public                                                                                 5 See Securities Exchange Act Release No. 76800
                                                Reference Room, 100 F Street NE.,                          Change
                                                                                                                                                                 (December 30, 2015), 81 FR 549, (January 6, 2016)
                                                Washington, DC 20549, on official                             In its filing with the Commission, the             (SR-Phlx-2015–114) (adopting updated definition of
                                                business days between the hours of                         self-regulatory organization included                 Floor Broker in PHLX Rule 1060 on immediately
                                                10:00 a.m. and 3:00 p.m. Copies of the                                                                           effective basis).
                                                                                                           statements concerning the purpose of,                    6 See Rule 6.43(a).
                                                filing also will be available for                          and basis for, the proposed rule change                  7 To handle the orders of public customers, Floor
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                                                inspection and copying at the principal                    and discussed any comments it received                Brokers must be properly qualified to do business
                                                office of the Exchange. All comments                       on the proposed rule change. The text                 with the public, per Rule 9 (Conducting Business
                                                received will be posted without change;                    of those statements may be examined at                With The Public), generally, and Rule 9.18 (Doing
                                                the Commission does not edit personal                                                                            a Public Business in Options), specifically.
                                                                                                                                                                    8 See proposed Rule 6.43(a). This practice is
                                                identifying information from                                 21 17 CFR 200.30–3(a)(12).                          consistent with the rules of other exchanges. See,
                                                                                                             1 15 U.S.C.78s(b)(1).                               e.g., supra n. 5 (PHLX Rule 1060) and CBOE Rule
                                                  19 15   U.S.C. 78s(b)(3)(A).                               2 15 U.S.C. 78a.
                                                                                                                                                                 6.70 (permitting CBOE Floor Brokers to accept
                                                  20 17   CFR 240.19b–4(f).                                  3 17 CFR 240.19b–4.                                 orders from non-member broker-dealers).



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                                                34402                           Federal Register / Vol. 81, No. 104 / Tuesday, May 31, 2016 / Notices

                                                Floor Broker is an individual who is                    promote just and equitable principles of                  under Section 19(b)(2)(B) 18 of the Act to
                                                registered with the Exchange for the                    trade.                                                    determine whether the proposed rule
                                                purpose, while on the Options Floor, of                                                                           change should be approved or
                                                                                                        B. Self-Regulatory Organization’s
                                                accepting and handling options orders.9                                                                           disapproved.
                                                                                                        Statement on Burden on Competition
                                                Further, as proposed, a Floor Broker
                                                                                                          The Exchange does not believe that                      IV. Solicitation of Comments
                                                may accept orders from OTPs, Broker
                                                Dealers that are non-OTPs, Professional                 this proposed rule change would                             Interested persons are invited to
                                                Customers, pursuant to Rule 6.43(b), as                 impose any burden on competition not                      submit written data, views, and
                                                well as from public customers provided                  necessary or appropriate in furtherance                   arguments concerning the foregoing,
                                                the Floor Broker is properly qualified to               of the purposes of the Act. With respect                  including whether the proposed rule
                                                do business with the public.10                          to inter-market competition, the                          change is consistent with the Act.
                                                   This proposed rule change would                      proposed rule change is a competitive                     Comments may be submitted by any of
                                                reflect current practice on the Exchange,               change that is substantially similar to                   the following methods:
                                                specifically that a Floor Broker may                    rules in place at another competing
                                                                                                                                                                  Electronic Comments
                                                accept orders from Broker Dealers that                  options exchange.14 With respect to
                                                are not OTPs. The proposed                              intra-market competition, the proposal                      • Use the Commission’s Internet
                                                modification would not alter a Floor                    applies to all NYSE Arca Floor Brokers.                   comment form (http://www.sec.gov/
                                                Broker’s responsibilities. Further, the                                                                           rules/sro.shtml); or
                                                                                                        C. Self-Regulatory Organization’s
                                                proposal would have no impact on a                                                                                  • Send an email to rule-comments@
                                                                                                        Statement on Comments on the
                                                Floor Broker’s ability to accept orders                                                                           sec.gov. Please include File Number SR–
                                                                                                        Proposed Rule Change Received From
                                                from the public.11                                                                                                NYSEArca–2016–73 on the subject line.
                                                                                                        Members, Participants, or Others
                                                2. Statutory Basis                                        No written comments were solicited                      Paper Comments
                                                   The Exchange believes that the                       or received with respect to the proposed                     • Send paper comments in triplicate
                                                proposed change is consistent with                      rule change.                                              to Secretary, Securities and Exchange
                                                Section 6(b) of the Act,12 in general, and                                                                        Commission, 100 F Street NE.,
                                                                                                        III. Date of Effectiveness of the
                                                furthers the objectives of Section                                                                                Washington, DC 20549–1090.
                                                                                                        Proposed Rule Change and Timing for
                                                6(b)(5),13 in particular, in that it is                 Commission Action                                         All submissions should refer to File
                                                designed to promote just and equitable                                                                            Number SR–NYSEArca–2016–73. This
                                                principles of trade, to foster cooperation                 The Exchange has filed the proposed                    file number should be included on the
                                                and coordination with persons engaged                   rule change pursuant to Section                           subject line if email is used. To help the
                                                in regulating, clearing, settling,                      19(b)(3)(A)(iii) of the Act 15 and Rule                   Commission process and review your
                                                processing information with respect to,                 19b–4(f)(6) thereunder.16 Because the                     comments more efficiently, please use
                                                and facilitation transactions in                        proposed rule change does not: (i)                        only one method. The Commission will
                                                securities, to remove impediments to,                   significantly affect the protection of                    post all comments on the Commission’s
                                                and perfect the mechanism of a free and                 investors or the public interest; (ii)                    Internet Web site (http://www.sec.gov/
                                                open market and, in general, to protect                 impose any significant burden on                          rules/sro.shtml). Copies of the
                                                investors and the public interest.                      competition; and (iii) become operative                   submission, all subsequent
                                                   Specifically, the Exchange believes                  prior to 30 days from the date on which                   amendments, all written statements
                                                that the proposal is designed to remove                 it was filed, or such shorter time as the                 with respect to the proposed rule
                                                language that could be interpreted as a                 Commission may designate, if                              change that are filed with the
                                                limitation on orders that may be                        consistent with the protection of                         Commission, and all written
                                                accepted by Floor Brokers to reflect                    investors and the public interest, the                    communications relating to the
                                                current practice on the Exchange, which                 proposed rule change has become                           proposed rule change between the
                                                would promote just and equitable                        effective pursuant to Section 19(b)(3)(A)                 Commission and any person, other than
                                                principles of trade, and remove                         of the Act and Rule 19b–4(f)(6)                           those that may be withheld from the
                                                impediments to, and perfect the                         thereunder.17                                             public in accordance with the
                                                mechanism of a free and open market.                       At any time within 60 days of the                      provisions of 5 U.S.C. 552, will be
                                                The proposed change would make clear                    filing of such proposed rule change, the                  available for Web site viewing and
                                                to market participants that a Floor                     Commission summarily may                                  printing in the Commission’s Public
                                                Broker may accept an order from a non-                  temporarily suspend such rule change if                   Reference Room, 100 F Street NE.,
                                                OTP that is a Broker Dealer, which adds                 it appears to the Commission that such                    Washington, DC 20549 on official
                                                clarity and transparency to Exchange                    action is necessary or appropriate in the                 business days between the hours of
                                                rules to the benefit of all market                      public interest, for the protection of                    10:00 a.m. and 3:00 p.m. Copies of such
                                                participants. Thus, the Exchange                        investors, or otherwise in furtherance of                 filing also will be available for
                                                believes that the proposal would help                   the purposes of the Act. If the                           inspection and copying at the principal
                                                prevent confusion and help ensure that                  Commission takes such action, the                         office of the Exchange. All comments
                                                floor brokerage services are widely                     Commission shall institute proceedings                    received will be posted without change;
                                                available to various types of market                                                                              the Commission does not edit personal
                                                                                                          14 See  supra n. 5.
                                                participants, which should, in turn,                                                                              identifying information from
                                                                                                          15 15  U.S.C. 78s(b)(3)(A)(iii).                        submissions. You should submit only
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                                                                                                          16 17 CFR 240.19b–4(f)(6).
                                                  9 Consistent with the proposed changes to Rule
                                                                                                          17 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
                                                                                                                                                                  information that you wish to make
                                                6.43(a), the Exchange proposes to delete the cross
                                                                                                        4(f)(6) requires a self-regulatory organization to give   available publicly. All submissions
                                                reference to this section from Rule 6.43(b)(1). See                                                               should refer to File Number SR–
                                                                                                        the Commission written notice of its intent to file
                                                proposed Rule 6.43(b)(1).
                                                  10 See supra n. 7.
                                                                                                        the proposed rule change at least five business days      NYSEArca–2016–73, and should be
                                                                                                        prior to the date of filing of the proposed rule          submitted on or before June 21, 2016.
                                                  11 See id.
                                                                                                        change, or such shorter time as designated by the
                                                  12 15 U.S.C. 78f(b).
                                                                                                        Commission. The Exchange has satisfied this
                                                  13 15 U.S.C. 78f(b)(5).                               requirement.                                               18 15   U.S.C. 78s(b)(2)(B).



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                                                                                 Federal Register / Vol. 81, No. 104 / Tuesday, May 31, 2016 / Notices                                                      34403

                                                  For the Commission, by the Division of                  responses is 5,564 ((2,396 management                 the collection of information discussed
                                                Trading and Markets, pursuant to delegated                investment company respondents × 2                    below.
                                                authority.19                                              responses per year) + (772 unit                          In Canada, as in the United States,
                                                Robert W. Errett,                                         investment trust respondents × 1                      individuals can invest a portion of their
                                                Deputy Secretary.                                         response per year)). The Commission                   earnings in tax-deferred retirement
                                                [FR Doc. 2016–12671 Filed 5–27–16; 8:45 am]               estimates that each registrant filing a               savings accounts (‘‘Canadian retirement
                                                BILLING CODE 8011–01–P                                    report on Form N–SAR would spend, on                  accounts’’). These accounts, which
                                                                                                          average, approximately 14.21 hours in                 operate in a manner similar to
                                                                                                          preparing and filing reports on Form N–               individual retirement accounts in the
                                                SECURITIES AND EXCHANGE                                   SAR and that the total hour burden for                United States, encourage retirement
                                                COMMISSION                                                all filings on Form N–SAR would be                    savings by permitting savings on a tax-
                                                                                                          79,064 hours.                                         deferred basis. Individuals who
                                                [SEC File No. 270–292, OMB Control No.
                                                                                                             The collection of information under                establish Canadian retirement accounts
                                                3235–0330]
                                                                                                          Form N–SAR is mandatory. Responses                    while living and working in Canada and
                                                Submission for OMB Review;                                to the collection of information will not             who later move to the United States
                                                Comment Request                                           be kept confidential. An agency may not               (‘‘Canadian-U.S. Participants’’ or
                                                                                                          conduct or sponsor, and a person is not               ‘‘participants’’) often continue to hold
                                                Upon Written Request, Copies Available                    required to respond to a collection of                their retirement assets in their Canadian
                                                 From: Securities and Exchange                            information unless it displays a                      retirement accounts rather than
                                                 Commission, Office of FOIA Services,                     currently valid control number.                       prematurely withdrawing (or ‘‘cashing
                                                 100 F Street NE., Washington, DC                            The public may view the background                 out’’) those assets, which would result
                                                 20549–2736.                                              documentation for this information                    in immediate taxation in Canada.
                                                Extension:                                                collection at the following Web site,                    Once in the United States, however,
                                                  Form N–SAR.                                             www.reginfo.gov. Comments should be                   these participants historically have been
                                                                                                          directed to: (i) Desk Officer for the                 unable to manage their Canadian
                                                   Notice is hereby given that, pursuant                  Securities and Exchange Commission,
                                                to the Paperwork Reduction Act of 1995                                                                          retirement account investments. Most
                                                                                                          Office of Information and Regulatory                  investment companies (‘‘funds’’) that
                                                (44 U.S.C. 3501 et seq.), the Securities                  Affairs, Office of Management and
                                                and Exchange Commission (the                                                                                    are ‘‘qualified companies’’ for Canadian
                                                                                                          Budget, Room 10102, New Executive                     retirement accounts are not registered
                                                ‘‘Commission’’) is soliciting comments                    Office Building, Washington, DC 20503,
                                                on the collection of information                                                                                under the U.S. securities laws.
                                                                                                          or by sending an email to: Shagufta_                  Securities of those unregistered funds,
                                                summarized below. The Commission                          Ahmed@omb.eop.gov; and (ii) Pamela
                                                plans to submit this existing collection                                                                        therefore, generally cannot be publicly
                                                                                                          Dyson, Director/Chief Information                     offered and sold in the United States
                                                of information to the Office of                           Officer, Securities and Exchange
                                                Management and Budget (‘‘OMB’’) for                                                                             without violating the registration
                                                                                                          Commission, c/o Remi Pavlik-Simon,                    requirement of the Investment Company
                                                extension and approval.                                   100 F Street NE., Washington, DC 20549
                                                   Form N–SAR (OMB Control No.                                                                                  Act of 1940 (‘‘Investment Company
                                                                                                          or send an email to: PRA_Mailbox@                     Act’’).1 As a result of this registration
                                                3235–0330, 17 CFR 249.330) is the form                    sec.gov. Comments must be submitted to
                                                used by all registered investment                                                                               requirement, Canadian-U.S. Participants
                                                                                                          OMB within 30 days of this notice.                    previously were not able to purchase or
                                                companies with the exception of face
                                                amount certificate companies, to                            Dated: May 24, 2016.                                exchange securities for their Canadian
                                                comply with the periodic filing and                       Robert W. Errett,                                     retirement accounts as needed to meet
                                                disclosure requirements imposed by                        Deputy Secretary.                                     their changing investment goals or
                                                Section 30 of the Investment Company                      [FR Doc. 2016–12674 Filed 5–27–16; 8:45 am]           income needs.
                                                Act of 1940 (15 U.S.C. 80a-1 et seq.)                     BILLING CODE 8011–01–P
                                                                                                                                                                   The Commission issued a rulemaking
                                                (‘‘Investment Company Act’’), and of                                                                            in 2000 that enabled Canadian-U.S.
                                                rules 30a–1 and 30b1–1 thereunder (17                                                                           Participants to manage the assets in
                                                CFR 270.30a–1 and 17 CFR 270.30b1–1).                     SECURITIES AND EXCHANGE                               their Canadian retirement accounts by
                                                The information required to be filed                      COMMISSION                                            providing relief from the U.S.
                                                with the Commission assures the public                                                                          registration requirements for offers of
                                                                                                          [SEC File No. 270–464, OMB Control No.                securities of foreign issuers to Canadian-
                                                availability of the information and                       3235–0527]
                                                permits verification of compliance with                                                                         U.S. Participants and sales to Canadian
                                                Investment Company Act requirements.                      Submission for OMB Review;                            retirement accounts.2 Rule 7d–2 under
                                                Registered unit investment trusts are                     Comment Request                                       the Investment Company Act 3 permits
                                                required to provide this information on                                                                         foreign funds to offer securities to
                                                                                                          Upon Written Request, Copy Available                  Canadian-U.S. Participants and sell
                                                an annual report filed with the
                                                                                                           From: Securities and Exchange
                                                Commission on Form N–SAR pursuant
                                                                                                           Commission, Office of FOIA Services,                   1 15 U.S.C. 80a. In addition, the offering and
                                                to rule 30a–1 under the Investment
                                                                                                           100 F Street NE., Washington, DC                     selling of securities that are not registered pursuant
                                                Company Act, and registered                                                                                     to the Securities Act of 1933 (‘‘Securities Act’’) is
                                                                                                           20549–2736.
                                                management investment companies                                                                                 generally prohibited by U.S. securities laws. 15
                                                must submit the required information                      Extension:                                            U.S.C. 77.
                                                on a semi-annual report on Form N–                          Rule 7d–2.                                            2 See Offer and Sale of Securities to Canadian
sradovich on DSK3TPTVN1PROD with NOTICES




                                                                                                                                                                Tax-Deferred Retirement Savings Accounts, Release
                                                SAR pursuant to rule 30b1–1 under the                        Notice is hereby given that, pursuant              Nos. 33–7860, 34–42905, IC–24491 (June 7, 2000)
                                                Investment Company Act.                                   to the Paperwork Reduction Act of 1995                [65 FR 37672 (June 15, 2000)]. This rulemaking also
                                                   The Commission estimates that the                      (44 U.S.C. 350l-3520), the Securities and             included new rule 237 under the Securities Act,
                                                                                                          Exchange Commission (the                              permitting securities of foreign issuers to be offered
                                                total number of respondents is 3,168                                                                            to Canadian-U.S. Participants and sold to Canadian
                                                and the total annual number of                            ‘‘Commission’’) has submitted to the                  retirement accounts without being registered under
                                                                                                          Office of Management and Budget a                     the Securities Act. 17 CFR 230.237.
                                                  19 17   CFR 200.30–3(a)(12).                            request for extension and approval of                   3 17 CFR 270.7d–2.




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Document Created: 2016-05-28 03:58:00
Document Modified: 2016-05-28 03:58:00
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 34401 

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