81 FR 39294 - Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.23, Opening Process
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 116 (June 16, 2016)
Federal Register Volume 81, Issue 116 (June 16, 2016)
| Page Range | 39294-39296 | |
| FR Document | 2016-14206 |
[Federal Register Volume 81, Number 116 (Thursday, June 16, 2016)] [Notices] [Pages 39294-39296] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-14206] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78035; File No. SR-BatsBYX-2016-13] Self-Regulatory Organizations; Bats BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.23, Opening Process June 10, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on June 9, 2016, Bats BYX Exchange, Inc. (the ``Exchange'' or ``BYX'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b- 4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend Rule 11.23, Opening Process, to await a two-sided quotation from the listing exchange prior to re- opening a security for trading following a halt, suspension, or pause in trading. The text of the proposed rule change is available at the Exchange's Web site at www.batstrading.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements [[Page 39295]] concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 11.23, Opening Process, to await a two-sided quotation from the listing exchange prior to re- opening a security for trading following a halt, suspension, or pause in trading. Exchange Rule 11.23 describes the Exchange's current Opening and Re-Opening Process. Subparagraph (e) to Rule 11.23 states that while a security is subject to a halt, suspension, or pause in trading, the Exchange will accept orders for queuing prior to the resumption of trading in the security for participation in the Re-Opening Process. Subparagraph (a) to Rule 11.23 states that, prior to the beginning of the Regular Trading Hours, Users \5\ who wish to participate in the Opening Process may enter orders to buy or sell.\6\ Subparagraph (a)(2) to Rule 11.23 provides that, with certain exceptions,\7\ all orders with a time-in-force instruction of Regular Hours Only may participate in the Opening Process. Subparagraph (e)(1) to Rule 11.23 states that the Re-Opening Process will occur in the same manner described in Rule 11.23(a)(2) and (b) described above,\8\ also with certain exceptions.\9\ --------------------------------------------------------------------------- \5\ See Exchange Rule 1.5(cc). \6\ Orders cancelled prior to the Opening Process will not participate in the Opening Process. \7\ The following order types and instruction may not participate in the opening process: BYX Post Only Orders, ISOs not modified by Rule 11.23(a)(1) above, and Minimum Quantity Orders. See Exchange Rule 11.23(a)(2). Limit orders with a Reserve Quantity may participate to the full extent of their displayed size and Reserve Quantity. Id. Discretionary Orders may participate only up to their ranked price for buy orders or down to their ranked price for sell orders. Id. The discretionary range of such orders will not be eligible for participation in the Opening Process. Id. All Pegged Orders and Mid-Point Peg Orders, as defined in Rule 11.9(c)(8) and (9), will be eligible for execution in the Opening Process based on their pegged prices. Id. \8\ Subparagraph (b) to Rule 11.23 states that the Exchange will open by performing the Opening Process in which the System will attempt to match buy and sell orders that are executable at the midpoint of the National Best Bid and Offer (``NBBO''). Furthermore, subparagraph (b) of Rule 11.23 also states that all orders executable at the midpoint of the NBBO will continue to be processed in time sequence, beginning with the order with the oldest time stamp. Matches occur until there are no remaining contra-side orders or there is an imbalance of orders. An imbalance of orders may result in orders that cannot be executed in whole or in part. Any unexecuted orders may then be placed by the System on the BYX Book, cancelled, executed, or routed to away Trading Centers in accordance with the Users' instructions pursuant to Exchange Rule 11.13(a)(2). \9\ Orders without a time-in-force instruction of Regular Hours Only are eligible to participate in the Re-Opening Process, but IOC, FOK, BYX Post Only Orders, and Minimum Quantity Orders will be cancelled or rejected, as applicable, and any ISO that is not IOC or FOK will be converted into a non-ISO and be queued for participation in the Re-Opening Process. See Exchange Rule 11.23(e)(1). --------------------------------------------------------------------------- Subparagraph (e)(1) to Exchange Rule 11.23 also sets forth the process by which the System sets the price of the Re-Opening Process. Currently, the System \10\ sets the price of the Re-Opening Process at the midpoint of the: (i) First NBBO subsequent to the first reported trade on the listing exchange following the resumption of trading after a halt, suspension, or pause; or (ii) NBBO when the first two-sided quotation is published by the listing exchange following the resumption of trading after a halt, suspension, or pause if no first trade is reported by the listing exchange within one second of publication of the first two-sided quotation by the listing exchange. --------------------------------------------------------------------------- \10\ See Exchange Rule 1.5(aa). --------------------------------------------------------------------------- The Exchange proposes to amend subparagraph (e)(1) to Rule 11.23 to now await a two-sided quotation from the listing exchange prior to opening a security for trading. As amended, subparagraph (e)(1) to Rule 11.23 would state that the System would set the price of the Re-Opening Process at the midpoint of the first NBBO subsequent to the first reported trade and first two-sided quotation on the listing exchange following the resumption of trading after a halt, suspension, or pause. The Exchange will utilize the current NBBO to calculate the security's re-opening price once a trade and two-sided quotation are received from the listing exchange, regardless of the order in which the trade or quotation are received. The Exchange believes the proposed rule change will enable the listing market's quotation to be incorporated into the NBBO, which the Exchange would, in turn, utilize in its calculation of the midpoint of the NBBO. The Exchange believes doing so would result in a re-opening price that more closely reflects the market prices and conditions for that security. Under subparagraph (e)(1) to Rule 11.23, the Exchange will continue to alternatively set the price of the Re- Opening Process at the midpoint of the NBBO when the first two-sided quotation is published by the listing exchange following the resumption of trading after a halt, suspension, or pause if no first trade is reported by the listing exchange within one second of publication of the first two-sided quotation by the listing exchange. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \11\ in general, and furthers the objectives of Section 6(b)(5) of the Act \12\ in particular, in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. The Exchange believes the proposed rule change will promote just and equitable principles of trade, removes impediments to, and perfect the mechanism of, a free and open market and a national market system because it enables the System to execute the Re-Opening Process at a price that is objectively established by the market for the security. The proposal would enable the listing market's quotation to be incorporated into the NBBO, which the Exchange would, in turn, utilize in its calculation of the midpoint of the NBBO. The Exchange believes doing so would result in a re- opening price that more closely reflect the market prices and conditions for that security. Therefore, the Exchange believes the proposed rule change promotes just and equitable principles of trade because it ensures a midpoint price that the Exchange believes would accurately reflect the market for the security. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposal will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change will enable the Exchange to incorporate the listing market's quotation into its calculation of the midpoint of the NBBO, resulting in a re- [[Page 39296]] opening price that would more closely reflect the opening market prices and conditions for that security. Therefore, the Exchange believes the proposed rule change will promote competition by enhancing the quality of the Exchange's opening process. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received written comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6) thereunder.\14\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \15\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \16\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange states that waiver of the 30-day operative delay would allow market participants to immediately realize the benefits of what may be more accurate re-opening prices. Based on the foregoing, the Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\17\ --------------------------------------------------------------------------- \15\ 17 CFR 240.19b-4(f)(6). \16\ 17 CFR 240.19b-4(f)(6)(iii). \17\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule change should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File No. SR-BatsBYX-2016-13 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 No. SR-BatsBYX-2016-13. 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 No. SR-BatsBYX-2016-13, and should be submitted on or before July 7, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-14206 Filed 6-15-16; 8:45 am] BILLING CODE 8011-01-P
![39294 Federal Register / Vol. 81, No. 116 / Thursday, June 16, 2016 / Notices
covered associate or otherwise an this questionnaire that was effective in For the Commission, by the Division of
employee of the investment adviser, or identifying the Contribution. Investment Management, under delegated
was seeking such employment; authority.
8. Applicant asserts that actual Robert W. Errett,
(4) The timing and amount of the knowledge of the Contribution at the
contribution which resulted in the Deputy Secretary.
time of its making cannot be imputed to
prohibition; the Adviser, given that the Contributor
[FR Doc. 2016–14211 Filed 6–15–16; 8:45 am]
(5) The nature of the election (e.g., BILLING CODE 8011–01–P
was not an employee of the Adviser and
federal, state or local); and
had not yet participated in any of the
(6) The contributor’s apparent intent
discussions that would ultimately lead SECURITIES AND EXCHANGE
or motive in making the contribution
to his employment with the Adviser. COMMISSION
which resulted in the prohibition, as
evidenced by the facts and Applicant represents that at no time did
any employees of the Adviser other than [Release No. 34–78035; File No. SR–
circumstances surrounding such BatsBYX–2016–13]
contribution. the Contributor have any knowledge
4. Applicant requests an order that the Contribution had been made Self-Regulatory Organizations; Bats
pursuant to section 206A and rule prior to its discovery by the Adviser in BYX Exchange, Inc.; Notice of Filing
206(4)–5(e), exempting it from the two- October 2014 as part of its standard and Immediate Effectiveness of a
year prohibition on compensation employee onboarding process. Proposed Rule Change to Rule 11.23,
imposed by rule 206(4)–5(a)(1) with 9. Applicant asserts that after learning Opening Process
respect to investment advisory services of the Contribution, the Adviser and the June 10, 2016.
provided to the Client within the two- Contributor took all available steps to
year period following the Contribution. Pursuant to Section 19(b)(1) of the
obtain a return of the Contribution and
5. Applicant submits that the Securities Exchange Act of 1934 (the
implement additional measures to ‘‘Act’’),1 and Rule 19b–4 thereunder,2
exemption is necessary and appropriate prevent a future error, including
in the public interest and consistent notice is hereby given that on June 9,
modification of the new employee 2016, Bats BYX Exchange, Inc. (the
with the protection of investors and the onboarding process to require the
purposes fairly intended by the policy ‘‘Exchange’’ or ‘‘BYX’’) filed with the
completion of the political contribution Securities and Exchange Commission
and provisions of the Advisers Act. questionnaire before the Adviser’s final
Applicant further submits that the other (‘‘Commission’’) the proposed rule
decision to hire a new employee. change as described in Items I and II
factors set forth in rule 206(4)–5(e)
similarly weigh in favor of granting an 10. Applicant states that it informed below, which Items have been prepared
exemption to the Applicant to avoid the Contributor that he could have no by the Exchange. The Exchange has
consequences disproportionate to the contact with any representative of the designated this proposal as a ‘‘non-
violation. Client other than potentially making controversial’’ proposed rule change
6. Applicant contends that given the substantive presentations to the Client’s pursuant to Section 19(b)(3)(A) of the
nature of the Rule violation and the lack representatives and consultants about Act 3 and Rule 19b–4(f)(6)(iii)
of any evidence that the Adviser or the the investment strategy the Contributor thereunder,4 which renders it effective
Contributor intended to, or actually did, manages in the event the Client upon filing with the Commission. The
interfere with the Client’s merit-based requested a presentation of that strategy. Commission is publishing this notice to
process for the selection or retention of The Contributor was directed to solicit comments on the proposed rule
advisory services, the interests of the maintain a log of such interactions in change from interested persons.
Client are best served by allowing the accordance with the retention I. Self-Regulatory Organization’s
Adviser and the Client to continue their requirements set forth in Rule 204–2(e). Statement of the Terms of Substance of
relationship uninterrupted. Applicant Applicant further states that the the Proposed Rule Change
states that causing the Adviser to serve Contributor ultimately had no contact The Exchange filed a proposal to
without compensation for the remainder with any representative of the Client amend Rule 11.23, Opening Process, to
of the two year period could result in a and no contact with any member of the await a two-sided quotation from the
financial loss that is more than 300 Client’s board. listing exchange prior to re-opening a
times the amount of the Contribution.
11. Applicant notes that it has had security for trading following a halt,
Applicant suggests that the policy
ongoing contacts with the Client that suspension, or pause in trading.
underlying the Rule is served by
predate the Contributor’s employment The text of the proposed rule change
ensuring that no improper influence is
with the Adviser, and that the is available at the Exchange’s Web site
exercised over investment decisions by
Contribution was consistent with the at www.batstrading.com, at the
governmental entities as a result of
political affiliation of the Contributor principal office of the Exchange, and at
campaign contributions and not by
and his wife. Applicant asserts that the the Commission’s Public Reference
withholding compensation as a result of
Contributor also had a legitimate Room.
unintentional violations.
7. Applicant represents that it had interest in the outcome of the campaign II. Self-Regulatory Organization’s
adopted and implemented the Policy given that he and his family live in Statement of the Purpose of, and
which is fully compliant with, and more Illinois. Applicant also asserts that the Statutory Basis for, the Proposed Rule
asabaliauskas on DSK3SPTVN1PROD with NOTICES
rigorous than, the Rule’s requirements Contributor’s action in making a Change
and that it had also implemented a contribution that would later trigger a
In its filing with the Commission, the
political contribution questionnaire for ban resulted from his lack of knowledge
Exchange included statements
all new employees, and performed about the Rule’s look-back provisions
compliance testing that included and, thus, his failure to appreciate the 1 15 U.S.C. 78s(b)(1).
random searches of campaign fact that the Contribution might impact 2 17 CFR 240.19b–4.
contribution databases for the names of potential future activities for an 3 15 U.S.C. 78s(b)(3)(A).
employees. Applicant notes that it was investment advisory firm. 4 17 CFR 240.19b–4(f)(6)(iii).
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![39296 Federal Register / Vol. 81, No. 116 / Thursday, June 16, 2016 / Notices
opening price that would more closely At any time within 60 days of the identifying information from
reflect the opening market prices and filing of the proposed rule change, the submissions. You should submit only
conditions for that security. Therefore, Commission summarily may information that you wish to make
the Exchange believes the proposed rule temporarily suspend such rule change if available publicly. All submissions
change will promote competition by it appears to the Commission that such should refer to File No. SR–BatsBYX–
enhancing the quality of the Exchange’s action is necessary or appropriate in the 2016–13, and should be submitted on or
opening process. public interest, for the protection of before July 7, 2016.
investors, or otherwise in furtherance of For the Commission, by the Division of
C. Self-Regulatory Organization’s
the purposes of the Act. If the Trading and Markets, pursuant to delegated
Statement on Comments on the
Commission takes such action, the authority.18
Proposed Rule Change Received From
Commission shall institute proceedings Robert W. Errett,
Members, Participants, or Others
to determine whether the proposed rule Deputy Secretary.
The Exchange has neither solicited change should be approved or [FR Doc. 2016–14206 Filed 6–15–16; 8:45 am]
nor received written comments on the disapproved.
BILLING CODE 8011–01–P
proposed rule change.
IV. Solicitation of Comments
III. Date of Effectiveness of the
Interested persons are invited to
Proposed Rule Change and Timing for SECURITIES AND EXCHANGE
submit written data, views, and
Commission Action COMMISSION
arguments concerning the foregoing,
Because the proposed rule change including whether the proposed rule [Release No. 34–78034; File No. SR–
does not (i) significantly affect the change is consistent with the Act. BatsBZX–2016–25]
protection of investors or the public Comments may be submitted by any of
interest; (ii) impose any significant the following methods: Self-Regulatory Organizations; Bats
burden on competition; and (iii) become BZX Exchange, Inc.; Notice of Filing
operative for 30 days from the date on Electronic Comments and Immediate Effectiveness of a
which it was filed, or such shorter time • Use the Commission’s Internet Proposed Rule Change to Rule 11.24,
as the Commission may designate, it has comment form (http://www.sec.gov/ Opening Process for Non-BZX-Listed
become effective pursuant to Section rules/sro.shtml); or Securities
19(b)(3)(A) of the Act 13 and Rule 19b– • Send an email to rule-comments@
June 10, 2016.
4(f)(6) thereunder.14 sec.gov. Please include File No. SR–
A proposed rule change filed BatsBYX–2016–13 on the subject line. Pursuant to Section 19(b)(1) of the
pursuant to Rule 19b–4(f)(6) under the Securities Exchange Act of 1934 (the
Paper Comments ‘‘Act’’),1 and Rule 19b–4 thereunder,2
Act 15 normally does not become
operative for 30 days after the date of its • Send paper comments in triplicate notice is hereby given that on June 9,
filing. However, Rule 19b–4(f)(6)(iii) 16 to Secretary, Securities and Exchange 2016, Bats BZX Exchange, Inc. (the
permits the Commission to designate a Commission, 100 F Street NE., ‘‘Exchange’’ or ‘‘BZX’’) filed with the
shorter time if such action is consistent Washington, DC 20549–1090. Securities and Exchange Commission
with the protection of investors and the All submissions should refer to File No. (‘‘Commission’’) the proposed rule
public interest. The Exchange has asked SR–BatsBYX–2016–13. This file number change as described in Items I and II
the Commission to waive the 30-day should be included on the subject line below, which Items have been prepared
operative delay so that the proposal may if email is used. To help the by the Exchange. The Exchange has
become operative immediately upon Commission process and review your designated this proposal as a ‘‘non-
filing. The Exchange states that waiver comments more efficiently, please use controversial’’ proposed rule change
of the 30-day operative delay would only one method. The Commission will pursuant to Section 19(b)(3)(A) of the
allow market participants to post all comments on the Commission’s Act 3 and Rule 19b–4(f)(6)(iii)
immediately realize the benefits of what Internet Web site (http://www.sec.gov/ thereunder,4 which renders it effective
may be more accurate re-opening prices. rules/sro.shtml). Copies of the upon filing with the Commission. The
Based on the foregoing, the Commission submission, all subsequent Commission is publishing this notice to
believes the waiver of the operative amendments, all written statements solicit comments on the proposed rule
delay is consistent with the protection with respect to the proposed rule change from interested persons.
of investors and the public interest. change that are filed with the I. Self-Regulatory Organization’s
Therefore, the Commission hereby Commission, and all written Statement of the Terms of Substance of
waives the operative delay and communications relating to the the Proposed Rule Change
designates the proposal operative upon proposed rule change between the
filing.17 The Exchange is proposing to amend
Commission and any person, other than
Rule 11.24, Opening Process for Non-
those that may be withheld from the
13 15 U.S.C. 78s(b)(3)(A). BZX-Listed Securities, to await a two-
public in accordance with the
14 17 CFR 240.19b–4(f)(6). As required under Rule sided quotation from the listing
provisions of 5 U.S.C. 552, will be
19b–4(f)(6)(iii), the Exchange provided the exchange prior to re-opening a security
Commission with written notice of its intent to file available for Web site viewing and
for trading following a halt, suspension,
the proposed rule change, along with a brief printing in the Commission’s Public
description and the text of the proposed rule or pause in trading. The Exchange has
Reference Room, 100 F Street NE.,
asabaliauskas on DSK3SPTVN1PROD with NOTICES
change, at least five business days prior to the date designated this proposal as non-
Washington, DC 20549, on official
of filing of the proposed rule change, or such controversial and provided the
shorter time as designated by the Commission. business days between the hours of
Commission with the notice required by
15 17 CFR 240.19b–4(f)(6). 10:00 a.m. and 3:00 p.m. Copies of the
16 17 CFR 240.19b–4(f)(6)(iii).
filing also will be available for 18 17 CFR 200.30–3(a)(12).
17 For purposes only of waiving the 30-day
inspection and copying at the principal 1 15 U.S.C. 78s(b)(1).
operative delay, the Commission has also
considered the proposed rule’s impact on
office of the Exchange. All comments 2 17 CFR 240.19b–4.
efficiency, competition, and capital formation. See received will be posted without change; 3 15 U.S.C. 78s(b)(3)(A).
15 U.S.C. 78c(f). the Commission does not edit personal 4 17 CFR 240.19b–4(f)(6)(iii).
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Document Created: 2016-06-16 00:37:40
Document Modified: 2016-06-16 00:37:40
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 81 FR 39294 |
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