81 FR 45195 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 133 (July 12, 2016)

Page Range		45195-45196
FR Document		2016-16497

Federal Register, Volume 81 Issue 133 (Tuesday, July 12, 2016)

[Federal Register Volume 81, Number 133 (Tuesday, July 12, 2016)]
[Notices]
[Pages 45195-45196]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-16497]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission will hold a Closed Meeting on Thursday, July 
14, 2016 at 2 p.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the 
Commission, and recording secretaries will attend the Closed Meeting. 
Certain staff members who have an interest in the matters also may be 
present.
    The General Counsel of the Commission, or her designee, has 
certified that, in her opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 
200.402(a)(3), (a)(5), (a)(7), (a)(9)(ii) and (a)(10), permit 
consideration of the scheduled matter at the Closed Meeting.
    Commissioner Piwowar, as duty officer, voted to consider the items 
listed for the Closed Meeting in closed session.
    The subject matter of the Closed Meeting will be:
    Institution and settlement of injunctive actions;
    Institution and settlement of administrative proceedings;
    Adjudicatory matters;
    Opinion; and
    Other matters relating to enforcement proceedings.

[[Page 45196]]

    At times, changes in Commission priorities require alterations in 
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have 
been added, deleted or postponed, please contact Brent J. Fields from 
the Office of the Secretary at (202) 551-5400.

    Dated: July 7, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-16497 Filed 7-8-16; 11:15 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 133 / Tuesday, July 12, 2016 / Notices 45195

attractiveness as a venue for trading believe that the proposed rule change available for Web site viewing and
securities. raises any new or novel issues. printing in the Commission’s Public
Accordingly, the Commission hereby Reference Room, 100 F Street NE.,
C. Self-Regulatory Organization’s
waives the 30-day operative delay and Washington, DC 20549, on official
Statement on Comments on the
designates the proposed rule change as business days between the hours of
Proposed Rule Change Received From
operative upon filing.10 10:00 a.m. and 3:00 p.m. Copies of the
Members, Participants, or Others At any time within 60 days of the filing also will be available for
Written comments were neither filing of the proposed rule change, the inspection and copying at the principal
solicited nor received. Commission summarily may office of the Exchange. All comments
III. Date of Effectiveness of the temporarily suspend such rule change if received will be posted without change;
Proposed Rule Change and Timing for it appears to the Commission that such the Commission does not edit personal
Commission Action action is necessary or appropriate in the identifying information from
public interest, for the protection of submissions. You should submit only
Because the foregoing proposed rule investors, or otherwise in furtherance of information that you wish to make
change: (i) Does not significantly affect the purposes of the Act. If the available publicly. All submissions
the protection of investors or the public Commission takes such action, the should refer to File Number SR–PHLX–
interest; (ii) does not impose any Commission shall institute proceedings 2016–70, and should be submitted on or
significant burden on competition; and to determine whether the proposed rule before August 2, 2016.
(iii) by its terms, does not become should be approved or disapproved.
operative for 30 days from the date on For the Commission, by the Division of
which it was filed, or such shorter time IV. Solicitation of Comments Trading and Markets, pursuant to delegated
authority.11
as the Commission may designate, it has Interested persons are invited to
become effective pursuant to section submit written data, views, and Brent J. Fields,
19(b)(3)(A) of the Act and Rule 19b– arguments concerning the foregoing, Secretary.
4(f)(6) thereunder.6 including whether the proposed rule [FR Doc. 2016–16376 Filed 7–11–16; 8:45 am]
A proposed rule change filed under change is consistent with the Act. BILLING CODE 8011–01–P
Rule 19b–4(f)(6) normally does not Comments may be submitted by any of
become operative for 30-days from the the following methods:
date of filing. However, Rule 19b– SECURITIES AND EXCHANGE
Electronic Comments COMMISSION
4(f)(6)(iii) 7 permits the Commission to
designate a shorter time if such action • Use the Commission’s Internet
is consistent with the protection of comment form (http://www.sec.gov/ Sunshine Act Meeting
investors and the public interest. The rules/sro.shtml); or Notice is hereby given, pursuant to
Exchange has asked the Commission to • Send an email to rule-
the provisions of the Government in the
waive the 30-day operative delay so that comments@sec.gov. Please include File
Sunshine Act, Public Law 94–409, that
it may implement the proposed rule Number SR–PHLX–2016–70 on the
the Securities and Exchange
change on July 11, 2016, subject line.
Commission will hold a Closed Meeting
contemporaneously with a similar Paper Comments on Thursday, July 14, 2016 at 2 p.m.
Nasdaq rule that was previously Commissioners, Counsel to the
• Send paper comments in triplicate
approved by the Commission 8 and a Commissioners, the Secretary to the
to Secretary, Securities and Exchange
virtually identical proposed rule change Commission, and recording secretaries
Commission, 100 F Street NE.,
submitted by NASDAQ BX, Inc.9 will attend the Closed Meeting. Certain
The Commission believes that Washington, DC 20549–1090.
All submissions should refer to File staff members who have an interest in
waiving the 30-day operative delay is the matters also may be present.
consistent with the protection of Number SR–PHLX–2016–70. This file
The General Counsel of the
investors and the public interest. The number should be included on the
Commission, or her designee, has
Exchange proposes to modify the way in subject line if email is used. To help the
certified that, in her opinion, one or
which orders are accepted prior to the Commission process and review your
more of the exemptions set forth in 5
commencement of trading for securities comments more efficiently, please use
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
that are subject to a trading halt. The only one method. The Commission will
and 17 CFR 200.402(a)(3), (a)(5), (a)(7),
Exchange notes that the current post all comments on the Commission’s
(a)(9)(ii) and (a)(10), permit
functionality for accepting orders prior Internet Web site (http://www.sec.gov/
consideration of the scheduled matter at
to the Exchange releasing the security rules/sro.shtml). Copies of the
the Closed Meeting.
for trading is used infrequently and submission, all subsequent
Commissioner Piwowar, as duty
therefore the proposed rule change will amendments, all written statements
officer, voted to consider the items
have little impact on its customers. with respect to the proposed rule
listed for the Closed Meeting in closed
Further, the Commission does not change that are filed with the
session.
Commission, and all written The subject matter of the Closed
6 17 CFR 240.19b–4(f)(6). Furthermore, Rule 19b– communications relating to the Meeting will be:
4(f)(6)(iii) requires a self-regulatory organization to proposed rule change between the Institution and settlement of
give the Commission written notice of its intent to Commission and any person, other than
file a proposed rule change, along with a brief injunctive actions;
those that may be withheld from the
mstockstill on DSK3G9T082PROD with NOTICES

description and text of the proposed rule change at Institution and settlement of
least five business days prior to the date of filing, public in accordance with the administrative proceedings;
or such shorter time as designated by the provisions of 5 U.S.C. 552, will be Adjudicatory matters;
Commission. The Exchange has provided such
notice.
Opinion; and
10 For purposes only of waiving the 30-day
7 17 CFR 240.19b–4(f)(6)(iii). Other matters relating to enforcement
operative delay, the Commission has also
8 See supra note 3.
considered the proposed rule’s impact on proceedings.
9 See SR–BX–2016–033 submitted on June 22, efficiency, competition, and capital formation. See
2016. 15 U.S.C. 78c(f). 11 17 CFR 200.30–3(a)(12).

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45196 Federal Register / Vol. 81, No. 133 / Tuesday, July 12, 2016 / Notices

At times, changes in Commission II. Self-Regulatory Organization’s to price, and if there are two or more
priorities require alterations in the Statement of the Purpose of, and orders at the best price, then trades are
scheduling of meeting items. Statutory Basis for, the Proposed Rule allocated proportionally according to
For further information and to Change size (in a pro rata fashion). Executable
ascertain what, if any, matters have been In its filing with the Commission, the quantity is allocated to the nearest
added, deleted or postponed, please Exchange included statements whole number, with fractions 1⁄2 or
contact Brent J. Fields from the Office of concerning the purpose of and basis for greater rounded up and fractions less
the Secretary at (202) 551–5400. the proposed rule change and discussed than 1⁄2 rounded down. If there are two
any comments it received on the market participants that both are
Dated: July 7, 2016. entitled to an additional 1⁄2 contract and
proposed rule change. The text of these
Brent J. Fields, statements may be examined at the there is only one contract remaining to
Secretary. places specified in Item IV below. The be distributed, the additional contract
[FR Doc. 2016–16497 Filed 7–8–16; 11:15 am] Exchange has prepared summaries, set will be distributed to the participant
forth in sections A, B, and C below, of whose quote or order has time priority.
BILLING CODE 8011–01–P
the most significant aspects of such This is consistent with System
statements. functionality; however, it represents
SECURITIES AND EXCHANGE only one example (a situation in which
A. Self-Regulatory Organization’s there are two market participants and
COMMISSION
Statement of the Purpose of, and only one remaining contract) rather than
Statutory Basis for, the Proposed Rule a general rule regarding allocations of
[Release No. 34–78235; File No. SR–C2– Change contracts that cannot be allocated
2016–010] proportionally in whole numbers. For
1. Purpose
example, three market participants may
Self-Regulatory Organizations; C2 The proposed rule change amends be entitled to an additional fraction of
Options Exchange, Incorporated; C2’s execution and priority rules to a contract.
Notice of Filing and Immediate more accurately reflect current System
Effectiveness of a Proposed Rule The proposed rule change amends
functionality and make other technical this provision to state if there are two or
Change To Amend Rules Related to and nonsubstantive changes. First, the
Execution and Priority more resting orders or quotes at the best
proposed rule change amends Rule price, then the System allocates
6.12(a) to provide the price-time and pro contracts from an incoming order or
July 6, 2016.
rata priority algorithms apply to orders quote to resting orders and quotes
Pursuant to Section 19(b)(1) of the and quotes. The current rule text states sequentially in the order in which the
Securities Exchange Act of 1934 these trading priority allocations apply System received them (i.e., according to
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 only to orders; however, the System time) proportionally according to size
notice is hereby given that, on June 29, applies these rules of trading priority to (i.e., on a pro rata basis). The System
2016, C2 Options Exchange, resting orders and quotes, which is allocates contracts to the first resting
Incorporated (‘‘C2’’ or ‘‘Exchange’’) filed consistent with the Exchange’s intention order or quote proportionally according
with the Securities and Exchange and, the Exchange believes, to size (based on the number of
Commission (‘‘Commission’’) the Participants’ expectations.5 Resting contracts to be allocated and the size of
proposed rule change as described in quotes may trade with incoming orders the resting orders and quotes). Then, the
Items I, II, and III, below, which Items in the same manner as resting orders, System recalculates the number of
have been prepared by the Exchange. and the proposed rule change merely contracts to which each remaining
The Exchange filed the proposal as a updates the rule text to explicitly state resting order and quote is afforded
‘‘non-controversial’’ proposed rule this. The proposed rule change also proportionally according to size (based
change pursuant to Section makes nonsubstantive changes to Rule on the number of remaining contracts to
19(b)(3)(A)(iii) of the Act 3 and Rule 6.12(a), including correcting be allocated and the size of the
19b–4(f)(6) thereunder.4 The punctuation and using consistent remaining resting quotes and orders)
Commission is publishing this notice to language in both subparagraphs (1) and and allocates contracts to the next
solicit comments on the proposed rule (2).6 resting order or quote. The System
change from interested persons. Second, the proposed rule change repeats this process until it allocates all
amends Rule 6.12(a)(2) to add detail contracts from the incoming order or
I. Self-Regulatory Organization’s regarding how the System distributes
Statement of the Terms of Substance of quote. The System rounds fractions 1⁄2
contracts pursuant to the pro-rata or greater up and fractions less than 1⁄2
the Proposed Rule Change algorithm and rounds fractions of down prior to each allocation. This
contracts. Current Rule 6.12(a)(2) states proposed provision is consistent with
The Exchange proposes to amend its
resting orders are prioritized according the current rule that states contracts are
rules related to execution and priority.
The text of the proposed rule change is 5 Previous rule filings state these rules of trading
distributed to quotes and orders in time
available on the Exchange’s Web site priority apply to the allocation of both resting priority. It adds detail regarding the
(http://www.cboe.com/AboutCBOE/ orders and quotes. See, e.g., SR–C2–2010–005. sequential nature of the allocation
CBOELegalRegulatoryHome.aspx), at Additionally, Rule 6.12(a)(2) states an additional process and applies the provision to
contract (if contracts cannot be distributed equally situations in which any number of
mstockstill on DSK3G9T082PROD with NOTICES

the Exchange’s Office of the Secretary, among Participants) will be distributed to the
and at the Commission’s Public Participant whose quote or order has time priority, orders or quotes may be entitled to non-
Reference Room. supporting the rule’s applicability to orders and whole numbers of contracts. The
quotes. Exchange believes this is a fair,
6 The proposed rule change similarly amends
1 15 U.S.C. 78s(b)(1). objective process and simple systematic
Rules 6.12(b)(1), 6.12(h), 6.16, 6.18(d), 6.34(d), and
2 17 CFR 240.19b–4. 6.51(b)(2)(B) to include references to quotes in rule
process to allocate ‘‘extra’’ contracts
3 15 U.S.C. 78s(b)(3)(A)(iii).
provisions that currently only reference orders but when more than one market participant
4 17 CFR 240.19b–4(f)(6). also apply in the same manner to quotes. may be entitled to those extra contracts

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Document Created: 2016-07-12 01:59:30
Document Modified: 2016-07-12 01:59:30

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		81 FR 45195