81 FR 40377 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 510 To Extend the Penny Pilot Program Until December 31, 2016

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 119 (June 21, 2016)

Page Range		40377-40379
FR Document		2016-14560
Federal Register, Volume 81 Issue 119 (Tuesday, June 21, 2016)
[Federal Register Volume 81, Number 119 (Tuesday, June 21, 2016)]
[Notices]
[Pages 40377-40379]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-14560]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78080; File No. SR-MIAX-2016-16]


Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend Exchange Rule 510 To Extend the Penny 
Pilot Program Until December 31, 2016

June 15, 2016.
    Pursuant to the provisions of Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice 
is hereby given that on June 13, 2016, Miami International Securities 
Exchange LLC (``MIAX'' or ``Exchange'') filed with the Securities and 
Exchange Commission (``Commission'') a proposed rule change as 
described in Items I and II below, which Items have been prepared by 
the Exchange. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing a proposal to amend Exchange Rule 510, 
Interpretations and Policies .01 to extend the pilot program for the 
quoting and trading of certain options in pennies (the ``Penny Pilot 
Program'').
    The text of the proposed rule change is available on the Exchange's 
Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, at 
MIAX's principal

[[Page 40378]]

office, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange is a participant in an industry-wide pilot program 
that provides for the quoting and trading of certain option classes in 
penny increments (the ``Penny Pilot Program'' or ``Program''). The 
Penny Pilot Program allows the quoting and trading of certain option 
classes in minimum increments of $0.01 for all series in such option 
classes with a price of less than $3.00; and in minimum increments of 
$0.05 for all series in such option classes with a price of $3.00 or 
higher. Options overlying the PowerShares QQQ^TM (``QQQ''), 
SPDR[supreg] S&P 500[supreg] ETF (``SPY''), and iShares[supreg] Russell 
2000 ETF (``IWM''), however, are quoted and traded in minimum 
increments of $0.01 for all series regardless of the price. The Penny 
Pilot Program was initiated at the then existing option exchanges in 
January 2007 \3\ and currently includes more than 300 of the most 
active option classes. The Penny Pilot Program is currently scheduled 
to expire on June 30, 2016.\4\ The purpose of the proposed rule change 
is to extend the Penny Pilot Program in its current format through 
December 31, 2016.
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    \3\ See Securities Exchange Act Release Nos. 55154 (January 23, 
2007), 72 FR 4743 (February 1, 2007) (SR-CBOE-2006-92); 54603 
(October 16, 2006), 72 FR 4754 (February 1, 2007) (SR-ISE-2006-62); 
54688 (November 2, 2006), 71 FR 239 (December 13, 2006) (SR-Phlx-
2006-74); 54590 (October 12, 2006), 71 FR 201 (October 18, 2006) 
(SR-NYSEArca-2006-73); and 54741 (November 9, 2006), 71 FR 223 
(November 20, 2006) (SR-Amex-2006-106).
    \4\ See Securities Exchange Act Release No. 75284 (June 24, 
2015), 78 FR 37349 (June 30, 2015) (SR-MIAX-2015-40)(extending the 
Penny Pilot Program from June 30, 2015, to June 30, 2016).
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    In addition to the extension of the Penny Pilot Program through 
December 31, 2016, the Exchange proposes to extend one other date in 
the Rule. Currently, Interpretations and Policies .01 states that the 
Exchange will replace any Penny Pilot issues that have been delisted 
with the next most actively traded multiply listed option classes that 
are not yet included in the Penny Pilot Program, and that the 
replacement issues will be selected based on trading activity in the 
previous six months. Such option classes will be added to the Penny 
Pilot Program on the second trading day following July 1, 2015, and 
January 1, 2016.\5\ Because these dates have expired and the Exchange 
intends to continue this practice for the duration of the Penny Pilot 
Program, the Exchange is proposing to amend the Rule to reflect that 
such option classes will be added to the Penny Pilot Program on the 
second trading day following July 1, 2016.
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    \5\ The month immediately preceding a replacement class's 
addition to the Pilot Program (i.e., June) is not used for purposes 
of the six-month analysis. For example, a replacement added on the 
second trading day following July 1, 2016, will be identified based 
on trading activity from December 1, 2015, through May 31, 2016.
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    The purpose of this provision is to reflect the new date on which 
replacement issues may be added to the Penny Pilot Program.
2. Statutory Basis
    MIAX believes that its proposed rule change is consistent with 
Section 6(b) of the Act \6\ in general, and furthers the objectives of 
Section 6(b)(5) of the Act \7\ in particular, in that it is designed to 
prevent fraudulent and manipulative acts and practices, to promote just 
and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in facilitating transactions in 
securities, to remove impediments to and perfect the mechanisms of a 
free and open market and a national market system and, in general, to 
protect investors and the public interest.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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    In particular, the proposed rule change, which extends the Penny 
Pilot Program for six months, allows the Exchange to continue to 
participate in a program that has been viewed as beneficial to traders, 
investors and public customers and viewed as successful by the other 
options exchanges participating in it.

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

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. Specifically, the Exchange 
believes that, by extending the expiration of the Pilot Program, the 
proposed rule change will allow for further analysis of the Penny Pilot 
Program and a determination of how the Program should be structured in 
the future. In doing so, the proposed rule change will also serve to 
promote regulatory clarity and consistency, thereby reducing burdens on 
the marketplace, facilitating investor protection, and fostering a 
competitive environment. In addition, consistent with previous 
practices, the Exchange believes the other options exchanges will be 
filing similar extensions of the Penny Pilot Program.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

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

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\ 
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)(iii) thereunder.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \9\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally 
does not become operative prior to 30 days after the date of the 
filing.\11\ However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the 
Commission may designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has asked the

[[Page 40379]]

Commission to waive the 30-day operative delay so that the proposal may 
become operative immediately upon filing. The Commission believes that 
waiving the 30-day operative delay is consistent with the protection of 
investors and the public interest because doing so will allow the Pilot 
Program to continue without interruption in a manner that is consistent 
with the Commission's prior approval of the extension and expansion of 
the Pilot Program and will allow the Exchange and the Commission 
additional time to analyze the impact of the Pilot Program. 
Accordingly, the Commission designates the proposed rule change as 
operative upon filing with the Commission.\13\
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    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change along with a 
brief description and 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. The 
Exchange has satisfied this pre-filing requirement.
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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) \14\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \14\ 15 U.S.C. 78s(b)(2)(B).
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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-MIAX-2016-16 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-MIAX-2016-16. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml).
    Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for Web site viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE., Washington, 
DC 20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change; the Commission does not edit 
personal identifying information from submissions. You should submit 
only information that you wish to make available publicly.
    All submissions should refer to File Number SR-MIAX-2016-16 and 
should be submitted on or before July 12, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-14560 Filed 6-20-16; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 81, No. 119 / Tuesday, June 21, 2016 / Notices 40377

VI. Accelerated Approval of Proposed be, and hereby is approved on an within which to take action on the
Rule Change, as Modified by accelerated basis. proposed rule change so that it has
Amendment Nos. 1, 2, and 3 For the Commission, by the Division of sufficient time to consider the proposed
The Commission finds good cause, Trading and Markets, pursuant to delegated rule change. Accordingly, the
pursuant to Section 19(b)(2) of the authority.193 Commission, pursuant to section
Exchange Act, to approve the proposed Robert W. Errett, 19(b)(2) of the Act,5 designates August
rule change, as modified by Amendment Deputy Secretary. 10, 2016, as the date by which the
Nos. 1, 2, and 3, prior to the 30th day [FR Doc. 2016–14561 Filed 6–20–16; 8:45 am]
Commission should either approve or
after the date of publication of disapprove or institute proceedings to
BILLING CODE 8011–01–P
Amendment No. 3 in the Federal determine whether to disapprove the
Register. FINRA proposed the changes proposed rule change (File Number SR–
in Amendment No. 3 in response to SECURITIES AND EXCHANGE NASDAQ–2016–064).
issues raised by commenters.190 COMMISSION For the Commission, by the Division of
More specifically, Amendment No. 3 Trading and Markets, pursuant to delegated
[Release No. 34–78078; File No. SR– authority.6
revised the proposal to increase the
NASDAQ–2016–064]
gross open position exception from $2.5 Robert W. Errett,
million or less to $10 million or less. Self-Regulatory Organizations; The Deputy Secretary.
Second, FINRA revised the proposed NASDAQ Stock Market LLC; Notice of [FR Doc. 2016–14558 Filed 6–20–16; 8:45 am]
language in new Supplementary Designation of a Longer Period for BILLING CODE 8011–01–P
Material .05(a)(1) to delete the clause Commission Action on a Proposed
‘‘except with respect to any account or Rule Change Relating to the Listing
group of commonly controlled accounts and Trading of the Shares of the First SECURITIES AND EXCHANGE
whose assets managed by that Trust Strategic Mortgage REIT ETF of COMMISSION
investment adviser constitute more than First Trust Exchange-Traded Fund VIII [Release No. 34–78080; File No. SR–MIAX–
10 percent of the investment adviser’s 2016–16]
regulatory assets under management as June 15, 2016.
reported on the investment adviser’s On May 3, 2016, The NASDAQ Stock Self-Regulatory Organizations; Miami
most recent Form ADV.’’ The Market LLC (‘‘Nasdaq’’) filed with the International Securities Exchange LLC;
Commission believes that the changes Securities and Exchange Commission Notice of Filing and Immediate
proposed in Amendment No. 3 do not (‘‘Commission’’), pursuant to section Effectiveness of a Proposed Rule
raise any novel regulatory issues 19(b)(1) of the Securities Exchange Act Change To Amend Exchange Rule 510
because they provide greater clarity of 1934 (‘‘Act’’) 1 and Rule 19b–4 To Extend the Penny Pilot Program
with respect to the application of the thereunder,2 a proposed rule change to Until December 31, 2016
proposed rule change and will reduce list and trade shares of the First Trust
the regulatory burden on FINRA Strategic Mortgage REIT ETF of First June 15, 2016.
members, particularly smaller firms and Trust Exchange-Traded Fund VIII under Pursuant to the provisions of Section
counterparties. Therefore, the Nasdaq Rule 5735. The proposed rule 19(b)(1) of the Securities Exchange Act
Commission finds that Amendment No. change was published for comment in of 1934 (‘‘Act’’) 1 and Rule 19b–4
3 is consistent with the protection of the Federal Register on May 12, 2016.3 thereunder,2 notice is hereby given that
investors and the public interest. The Commission received no comments on June 13, 2016, Miami International
Amendment No. 3 also clarified on the proposed rule change. Securities Exchange LLC (‘‘MIAX’’ or
which paragraphs related to the Section 19(b)(2) of the Act 4 provides ‘‘Exchange’’) filed with the Securities
required written risk limit that, within 45 days of the publication and Exchange Commission
determinations become effective six of notice of the filing of a proposed rule (‘‘Commission’’) a proposed rule change
months after Commission approval of change, or within such longer period up as described in Items I and II below,
the proposed rule change. The to 90 days as the Commission may which Items have been prepared by the
Commission believes that these are designate if it finds such longer period Exchange. The Commission is
technical clarifications and do not to be appropriate and publishes its publishing this notice to solicit
change the substance of the proposed reasons for so finding or as to which the comments on the proposed rule change
implementation timeframe as proposed self-regulatory organization consents, from interested persons.
in the Order Instituting Proceedings and the Commission shall either approve the
the Amendment No. 2 Notice. I. Self-Regulatory Organization’s
proposed rule change, disapprove the Statement of the Terms of Substance of
Accordingly, the Commission finds proposed rule change, or institute
good cause pursuant to Section 19(b)(2) the Proposed Rule Change
proceedings to determine whether the
of the Exchange Act,191 for approving proposed rule change should be The Exchange is filing a proposal to
the proposed rule change, as modified disapproved. The 45th day after amend Exchange Rule 510,
by Amendment Nos. 1, 2, and 3, on an publication of the notice for this Interpretations and Policies .01 to
accelerated basis. proposed rule change is June 26, 2016. extend the pilot program for the quoting
The Commission is extending this 45- and trading of certain options in
VII. Conclusion
day time period. pennies (the ‘‘Penny Pilot Program’’).
asabaliauskas on DSK3SPTVN1PROD with NOTICES

IT IS THEREFORE ORDERED, The Commission finds that it is The text of the proposed rule change
pursuant to section 19(b)(2) of the appropriate to designate a longer period is available on the Exchange’s Web site
Exchange Act,192 that the proposed rule at http://www.miaxoptions.com/filter/
change, as modified by Amendment 193 17 CFR 200.30–3(a)(12). wotitle/rule_filing, at MIAX’s principal
Nos. 1, 2, and 3 (SR–FINRA–2015–036) 1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4. 5 15 U.S.C. 78s(b)(2).
190 See Amendment No. 3, supra note 14. 3 See Securities Exchange Act Release No. 77781 6 17 CFR 200.30–3(a)(31).
191 15 U.S.C. 78s(b)(2). (May 6, 2016), 81 FR 29590 (‘‘Notice’’). 1 15 U.S.C. 78s(b)(1).
192 15 U.S.C. 78s(b)(2). 4 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4.

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40378 Federal Register / Vol. 81, No. 119 / Tuesday, June 21, 2016 / Notices

office, and at the Commission’s Public 31, 2016, the Exchange proposes to necessary or appropriate in furtherance
Reference Room. extend one other date in the Rule. of the purposes of the Act. Specifically,
Currently, Interpretations and Policies the Exchange believes that, by extending
II. Self-Regulatory Organization’s
.01 states that the Exchange will replace the expiration of the Pilot Program, the
Statement of the Purpose of, and
any Penny Pilot issues that have been proposed rule change will allow for
Statutory Basis for, the Proposed Rule
delisted with the next most actively further analysis of the Penny Pilot
Change
traded multiply listed option classes Program and a determination of how the
In its filing with the Commission, the that are not yet included in the Penny Program should be structured in the
Exchange included statements Pilot Program, and that the replacement future. In doing so, the proposed rule
concerning the purpose of and basis for issues will be selected based on trading change will also serve to promote
the proposed rule change and discussed activity in the previous six months. regulatory clarity and consistency,
any comments it received on the Such option classes will be added to the thereby reducing burdens on the
proposed rule change. The text of these Penny Pilot Program on the second marketplace, facilitating investor
statements may be examined at the trading day following July 1, 2015, and protection, and fostering a competitive
places specified in Item IV below. The January 1, 2016.5 Because these dates environment. In addition, consistent
Exchange has prepared summaries, set have expired and the Exchange intends with previous practices, the Exchange
forth in sections A, B, and C below, of to continue this practice for the duration believes the other options exchanges
the most significant aspects of such of the Penny Pilot Program, the will be filing similar extensions of the
statements. Exchange is proposing to amend the Penny Pilot Program.
A. Self-Regulatory Organization’s Rule to reflect that such option classes C. Self-Regulatory Organization’s
Statement of the Purpose of, and will be added to the Penny Pilot Statement on Comments on the
Statutory Basis for, the Proposed Rule Program on the second trading day Proposed Rule Change Received From
Change following July 1, 2016. Members, Participants, or Others
The purpose of this provision is to
1. Purpose reflect the new date on which Written comments were neither
The Exchange is a participant in an replacement issues may be added to the solicited nor received.
industry-wide pilot program that Penny Pilot Program. III. Date of Effectiveness of the
provides for the quoting and trading of Proposed Rule Change and Timing for
certain option classes in penny 2. Statutory Basis
Commission Action
increments (the ‘‘Penny Pilot Program’’ MIAX believes that its proposed rule
The Exchange has filed the proposed
or ‘‘Program’’). The Penny Pilot Program change is consistent with Section 6(b) of
rule change pursuant to Section
allows the quoting and trading of certain the Act 6 in general, and furthers the
19(b)(3)(A)(iii) of the Act 8 and Rule
option classes in minimum increments objectives of Section 6(b)(5) of the Act 7
19b–4(f)(6) thereunder.9 Because the
of $0.01 for all series in such option in particular, in that it is designed to
proposed rule change does not: (i)
classes with a price of less than $3.00; prevent fraudulent and manipulative
Significantly affect the protection of
and in minimum increments of $0.05 for acts and practices, to promote just and
investors or the public interest; (ii)
all series in such option classes with a equitable principles of trade, to foster
impose any significant burden on
price of $3.00 or higher. Options cooperation and coordination with
competition; and (iii) become operative
overlying the PowerShares QQQTM persons engaged in facilitating
prior to 30 days from the date on which
(‘‘QQQ’’), SPDR® S&P 500® ETF transactions in securities, to remove
it was filed, or such shorter time as the
(‘‘SPY’’), and iShares® Russell 2000 ETF impediments to and perfect the
Commission may designate, if
(‘‘IWM’’), however, are quoted and mechanisms of a free and open market
consistent with the protection of
traded in minimum increments of $0.01 and a national market system and, in
investors and the public interest, the
for all series regardless of the price. The general, to protect investors and the
proposed rule change has become
Penny Pilot Program was initiated at the public interest.
effective pursuant to Section 19(b)(3)(A)
then existing option exchanges in In particular, the proposed rule
of the Act and Rule 19b–4(f)(6)(iii)
January 2007 3 and currently includes change, which extends the Penny Pilot
thereunder.
more than 300 of the most active option Program for six months, allows the
A proposed rule change filed under
classes. The Penny Pilot Program is Exchange to continue to participate in a
Rule 19b–4(f)(6) 10 normally does not
currently scheduled to expire on June program that has been viewed as
become operative prior to 30 days after
30, 2016.4 The purpose of the proposed beneficial to traders, investors and
the date of the filing.11 However,
rule change is to extend the Penny Pilot public customers and viewed as
pursuant to Rule 19b–4(f)(6)(iii),12 the
Program in its current format through successful by the other options
Commission may designate a shorter
December 31, 2016. exchanges participating in it.
time if such action is consistent with the
In addition to the extension of the
B. Self-Regulatory Organization’s protection of investors and the public
Penny Pilot Program through December
Statement on Burden on Competition interest. The Exchange has asked the
3 See Securities Exchange Act Release Nos. 55154 The Exchange does not believe that 8 15
(January 23, 2007), 72 FR 4743 (February 1, 2007) U.S.C. 78s(b)(3)(A)(iii).
the proposed rule change will impose 9 17 CFR 240.19b–4(f)(6).
(SR–CBOE–2006–92); 54603 (October 16, 2006), 72
FR 4754 (February 1, 2007) (SR–ISE–2006–62);
any burden on competition that is not 10 17 CFR 240.19b–4(f)(6).
asabaliauskas on DSK3SPTVN1PROD with NOTICES

54688 (November 2, 2006), 71 FR 239 (December 11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
5 The month immediately preceding a
13, 2006) (SR–Phlx–2006–74); 54590 (October 12, 4(f)(6)(iii) requires the Exchange to give the
2006), 71 FR 201 (October 18, 2006) (SR– replacement class’s addition to the Pilot Program Commission written notice of the Exchange’s intent
NYSEArca–2006–73); and 54741 (November 9, (i.e., June) is not used for purposes of the six-month to file the proposed rule change along with a brief
2006), 71 FR 223 (November 20, 2006) (SR–Amex– analysis. For example, a replacement added on the description and the text of the proposed rule
2006–106). second trading day following July 1, 2016, will be change, at least five business days prior to the date
4 See Securities Exchange Act Release No. 75284 identified based on trading activity from December of filing of the proposed rule change, or such
(June 24, 2015), 78 FR 37349 (June 30, 2015) (SR– 1, 2015, through May 31, 2016. shorter time as designated by the Commission. The
6 15 U.S.C. 78f(b). Exchange has satisfied this pre-filing requirement.
MIAX–2015–40)(extending the Penny Pilot Program
from June 30, 2015, to June 30, 2016). 7 15 U.S.C. 78f(b)(5). 12 17 CFR 240.19b–4(f)(6)(iii).

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Document Created: 2016-06-21 01:30:24
Document Modified: 2016-06-21 01:30:24
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		81 FR 40377