81 FR 46126 - Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Fees Under Rule 7018
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 136 (July 15, 2016)
Federal Register Volume 81, Issue 136 (July 15, 2016)
| Page Range | 46126-46129 | |
| FR Document | 2016-16719 |
[Federal Register Volume 81, Number 136 (Friday, July 15, 2016)] [Notices] [Pages 46126-46129] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-16719] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78278; File No. SR-BX-2016-041] Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Fees Under Rule 7018 July 11, 2016. Pursuant to 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 30, 2016, NASDAQ BX, Inc. (``BX'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule [[Page 46127]] change as described in Items I, II, and III, 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange's transaction fees at Rule 7018 to: (i) Eliminate a $0.0017 per share executed credit tier that is provided for an order that accesses liquidity; and (ii) eliminate a $0.0019 per share executed fee tier charged for providing liquidity to the System. While these amendments are effective upon filing, the Exchange has designated the proposed amendments to be operative on July 1, 2016. The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqbx.cchwallstreet.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 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 purpose of the proposed rule change is to: (i) Eliminate a credit tier provided for an order that accesses liquidity; and (ii) eliminate a fee tier charged for providing liquidity to the System. First Change The purpose of the first proposed change is to eliminate a $0.0017 per share executed credit tier provided for an order that accesses liquidity. The Exchange currently provides a $0.0017 per share executed credit for an order that accesses liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with Midpoint pegging) entered by a member that accesses liquidity equal to or exceeding 0.20% of total Consolidated Volume \3\ during a month. The Exchange also has two other credit tiers based on Consolidated Volume. Specifically, the Exchange provides a $0.0016 and a $0.0015 per share executed credit for an order that accesses liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with Midpoint pegging) entered by a member that accesses liquidity equal to or exceeding 0.10% or 0.05% of total Consolidated Volume during a month, respectively. All other orders that remove liquidity (excluding orders with Midpoint pegging and excluding orders that receive price improvement and execute against an order with Midpoint pegging) receive a credit of $0.0006 per share executed. The Exchange has observed that very few members qualify for the $0.0017 per share executed credit tier and it has not been effective at providing incentive to market participants to achieve the level of Consolidated Volume needed to qualify for the credit. Accordingly, the Exchange is proposing to eliminate the $0.0017 per share executed credit tier. --------------------------------------------------------------------------- \3\ Consolidated Volume is defined as the total consolidated volume reported to all consolidated transaction reporting plans by all exchanges and trade reporting facilities during a month in equity securities, excluding executed orders with a size of less than one round lot. For purposes of calculating Consolidated Volume and the extent of a member's trading activity the date of the annual reconstitution of the Russell Investments Indexes shall be excluded from both total Consolidated Volume and the member's trading activity. As used in this rule, ``price improvement'' shall mean instances when the accepted price of an order differs from the executed price of an order. See Rule 7018. --------------------------------------------------------------------------- Second Change The purpose of the second proposed change is to eliminate a $0.0019 per share executed fee tier charged for providing liquidity to the System. The Exchange currently assesses a fee of $0.0019 per share executed for a displayed order entered by a member that adds liquidity equal to or exceeding 0.10% of total Consolidated Volume during a month. The Exchange also has two other fee tiers based on Consolidated Volume. Specifically, the Exchange assesses a $0.0017 per share executed and $0.0014 per share executed charge for a displayed order entered by a member that adds liquidity equal to or exceeding 0.15% or 0.25% of total Consolidated Volume during a month, respectively. All other displayed orders that provide liquidity are assessed a fee of $0.0020 per share executed. The Exchange has observed that few members qualify for the $0.0019 per share executed fee. Thus, the $0.0019 per share executed fee tier has been ineffective at providing incentive to members to provide the level of Consolidated Volume needed to qualify for the reduced fee and the Exchange believes that removing the tier from the fee schedule is appropriate. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \4\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act \5\ in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- First Change The Exchange believes that eliminating the $0.0017 per share executed credit tier provided for an order that accesses liquidity is reasonable because it is not providing adequate incentive to market participants to remove liquidity from the Exchange. The Exchange must, from time to time, assess the effectiveness of the criteria it applies in providing reduced charges and credits, including the nature of the market improving behavior required to receive the reduced charge or credit. The Exchange will modify or eliminate such criteria when it believes the criteria are ineffective, which in turn may allow the Exchange to offer other incentives instead. The Exchange may also adjust the level or reduced charge or credit based on its observations of market participant behavior. In this instance, the Exchange believes that both the criteria for the $0.0017 per share executed credit and the level of the credit itself were ineffective at providing meaningful incentive to market participants to improve the market appreciably. The Exchange is limited in terms of the levels of reduced fees and credits that it can offer, and has consequently determined that it should eliminate the credit tier at this juncture. The Exchange notes that it is continuing to provide other opportunities for members to receive credits, including credit tiers that are based on Consolidated Volume. Eliminating the credit tier will apply to all market participants equally, and will impact only a small number of members that, [[Page 46128]] in any given month, qualify for the credit. Such members will continue to have opportunity to qualify for the lower Consolidated Volume-based credit tiers. Thus, the Exchange believes that the proposed elimination of the $0.0017 per share executed credit tier is an equitable allocation and is not unfairly discriminatory. Second Change The Exchange believes that elimination of the $0.0019 per share executed fee tier charged for providing liquidity to the System is reasonable because it is not providing adequate incentive to market participants to remove liquidity from the Exchange. As discussed above, the Exchange must, from time to time, assess the effectiveness of the criteria it applies in providing reduced charges and credits, including the nature of the market improving behavior required to receive the reduced charge or credit. The Exchange has observed that very few members qualify for the $0.0019 per share executed fee, with more members qualifying for the lower fee tiers. The Exchange believes that both the criteria for the $0.0019 per share executed fee and the level of the reduced fee itself were ineffective at providing meaningful incentive to market participants to improve the market appreciably. As a consequence, the Exchange has determined to eliminate the fee tier at this juncture. The Exchange notes that it is continuing to provide other opportunities for members to receive reduced fees, including reduced fee tiers that are based on Consolidated Volume. Eliminating the fee tier will apply to all market participants equally, and will impact only a small number of members that in any given month qualify for the reduced fee. All members, including the small number that currently would qualify for the eliminated fee tier, will continue to have opportunity to qualify for the lower Consolidated Volume-based fee tiers. Thus, the Exchange believes that elimination of the $0.0019 per share executed fee tier is an equitable allocation and is not unfairly discriminatory. 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 not necessary or appropriate in furtherance of the purposes of the Act. In terms of inter-market competition, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive, or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and with alternative trading systems that have been exempted from compliance with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. In this instance, the proposed changes to the charges assessed and credits available to member firms for execution of securities in securities of all three Tapes do not impose a burden on competition because the Exchange's execution services are completely voluntary and subject to extensive competition both from other exchanges and from off-exchange venues. The proposed changes to the charges assessed and credits provided to members for execution of orders do not impose a burden on competition because the Exchange's execution services are completely voluntary and subject to extensive competition both from other exchanges and from off-exchange venues. The proposed changes are reflective of this competition and the Exchange's desire to offer lower fees and credits in return for market-improving liquidity, which is ultimately limited by the Exchange's need to cover costs and make a profit. Thus, the Exchange must carefully adjust its fees and credits with the understanding that if the proposed changes are unattractive to market participants, it is likely that the Exchange will lose market share to other exchanges and off-exchange venues as a result. In this proposal, the Exchange is eliminating a credit tier and a fee tier, neither of which have proved effective at providing market participants with incentive to provide the market-improving behavior required to qualify for the two tiers. Accordingly, the Exchange is eliminating the tiers, and may offer other tiers in the future better designed to provide incentive to market participants to improve the market. The Exchange believes that the changes are pro-competitive, since any other market is free to provide similar, if not better, incentives fees and credits should they choose to do so, which may attract market participants to those markets to the detriment of the Exchange. For these reasons, the Exchange does not believe that the proposed changes will impair the ability of members or competing order execution venues to maintain their competitive standing in the financial markets. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\6\ --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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 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 Number SR-BX-2016-041 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-BX-2016-041. 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 [[Page 46129]] 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-BX-2016-041 and should be submitted on or before August 5, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\ --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-16719 Filed 7-14-16; 8:45 am] BILLING CODE 8011-01-P
![46126 Federal Register / Vol. 81, No. 136 / Friday, July 15, 2016 / Notices
of operation during ETH, this program intermarket competition not necessary subject line if email is used. To help the
may result in additional order flow and or appropriate in furtherance of the Commission process and review your
liquidity during ETH, which creates purposes of the Act. The Exchange comments more efficiently, please use
greater trading opportunities and notes, should this program make CBOE only one method. The Commission will
benefits all market participants trading more attractive for trading, market post all comments on the Commission’s
during ETH. participants can always elect to become Internet Web site (http://www.sec.gov/
The Exchange believes limiting the TPHs and take part in this program, and rules/sro.shtml). Copies of the
program to TPHs conducting executing take advantage of potential increased submission, all subsequent
agent operations willing to accept orders trading volume and opportunities amendments, all written statements
from all customers is equitable and not during ETH that may result from the with respect to the proposed rule
unfairly discriminatory due to the program. change that are filed with the
additional risks and potential costs Commission, and all written
(including those related to staffing and C. Self-Regulatory Organization’s communications relating to the
clearing) associated with this type of Statement on Comments on the proposed rule change between the
business, as well as the benefits this Proposed Rule Change Received From Commission and any person, other than
type of operation may provide during Members, Participants, or Others those that may be withheld from the
ETH (including increased customer The Exchange neither solicited nor public in accordance with the
accessibility to the ETH trading session). received comments on the proposed provisions of 5 U.S.C. 552, will be
All TPHs that conduct this type of rule change. available for Web site viewing and
operation during ETH have an printing in the Commission’s Public
opportunity to become a designated III. Date of Effectiveness of the
Reference Room, 100 F Street, NE.,
ETH executing agent and thus eligible Proposed Rule Change and Timing for Washington, DC 20549 on official
for the monthly subsidy. Commission Action business days between the hours of
The Exchange believes the amount of The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of such
the subsidy is reasonable based on its effective pursuant to Section 19(b)(3)(A) filing also will be available for
understanding of the additional costs of the Act 10 and paragraph (f) of Rule inspection and copying at the principal
and risks associated with the executing 19b–4 11 thereunder. At any time within office of the Exchange. All comments
agent operation during ETH. 60 days of the filing of the proposed rule received will be posted without change;
Additionally, the Exchange believes the change, the Commission summarily may the Commission does not edit personal
1,000 contract volume threshold is temporarily suspend such rule change if identifying information from
reasonable based on current ETH it appears to the Commission that such submissions. You should submit only
volumes. action is necessary or appropriate in the information that you wish to make
B. Self-Regulatory Organization’s public interest, for the protection of available publicly. All submissions
Statement on Burden on Competition investors, or otherwise in furtherance of should refer to File Number SR–CBOE–
the purposes of the Act. If the 2016–041, and should be submitted on
CBOE does not believe the proposed Commission takes such action, the or before August 5, 2016.
rule change will impose any burden on Commission will institute proceedings
competition not necessary or For the Commission, by the Division of
to determine whether the proposed rule Trading and Markets, pursuant to delegated
appropriate in furtherance of the change should be approved or authority.12
purposes of the Act. All TPHs that disapproved. Robert W. Errett,
conduct executing agent operations
IV. Solicitation of Comments Deputy Secretary.
willing to accept orders from all
customers have an opportunity to be [FR Doc. 2016–16717 Filed 7–14–16; 8:45 am]
Interested persons are invited to
eligible for the program, and thus the BILLING CODE 8011–01–P
submit written data, views, and
monthly subsidy. The Exchange arguments concerning the foregoing,
believes limiting the program to TPHs including whether the proposed rule
conducting this type of operation is SECURITIES AND EXCHANGE
change is consistent with the Act. COMMISSION
equitable and not unfairly Comments may be submitted by any of
discriminatory due to the additional the following methods: [Release No. 34–78278; File No. SR–BX–
risks and potential costs (including 2016–041]
those related to staffing and clearing) Electronic Comments
Self-Regulatory Organizations;
associated with this type of business, as • Use the Commission’s Internet
well as the benefits this type of NASDAQ BX, Inc.; Notice of Filing and
comment form (http://www.sec.gov/
operation may provide during ETH Immediate Effectiveness of Proposed
rules/sro.shtml); or
(including increased customer • Send an email to rule-comments@ Rule Change To Amend Fees Under
accessibility to the ETH trading session). Rule 7018
sec.gov. Please include File Number SR–
All designated ETH executing agents CBOE–2016–041 on the subject line. July 11, 2016.
must meet the same volume threshold to Pursuant to Section 19(b)(1) of the
qualify for the same monthly subsidy. Paper Comments
Securities Exchange Act of 1934
The subsidy is designed to provide • Send paper comments in triplicate (‘‘Act’’), 1 and Rule 19b–4 thereunder,2
opportunities for more customers to to Secretary, Securities and Exchange notice is hereby given that on June 30,
Commission, 100 F Street, NE.,
sradovich on DSK3GMQ082PROD with NOTICES
submit orders during ETH, which 2016, NASDAQ BX, Inc. (‘‘BX’’ or
generates more order flow and liquidity Washington, DC 20549–1090. ‘‘Exchange’’) filed with the Securities
during that trading session and benefits All submissions should refer to File and Exchange Commission (‘‘SEC’’ or
all market participants. Number SR–CBOE–2016–041. This file ‘‘Commission’’) the proposed rule
As CBOE is the only Exchange number should be included on the
currently offering an ETH session, the 12 17 CFR 200.30–3(a)(12).
Exchange does not believe the proposed 10 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
rule change will impose any burden on 11 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 81, No. 136 / Friday, July 15, 2016 / Notices 46129
amendments, all written statements of the Act 4 and Rule 19b–4(f)(6)(iii) was created, Rule 3.3(a)(1)(B) was
with respect to the proposed rule thereunder,5 which renders it effective amended to provide that the ROC would
change that are filed with the upon filing with the Commission. The consist of at least three members, each
Commission, and all written Commission is publishing this notice to of whom would be a director of either
communications relating to the solicit comments on the proposed rule the Exchange or of NYSE Regulation
proposed rule change between the change from interested persons. and who satisfied the independence
Commission and any person, other than requirements of the Exchange.8
I. Self-Regulatory Organization’s The intercompany RSA terminated on
those that may be withheld from the
Statement of the Terms of the Substance February 16, 2016. As of that date,
public in accordance with the
of the Proposed Rule Change NYSE Regulation ceased to provide
provisions of 5 U.S.C. 552, will be
available for Web site viewing and The Exchange proposes to amend regulatory services to the Exchange,
printing in the Commission’s Public NYSE Arca Rule 3.3 (Board Committees) which re-integrated its regulatory
Reference Room, 100 F Street NE., to delete an outdated reference. The functions. NYSE Regulation has also
Washington, DC 20549, on official proposed rule change is available on the since been merged out of existence. The
business days between the hours of Exchange’s Web site at www.nyse.com, reference to a director of NYSE
10:00 a.m. and 3:00 p.m. Copies of the at the principal office of the Exchange, Regulation in Rule 3.3 is thus obsolete.
filing also will be available for and at the Commission’s Public The ROC currently consists of Exchange
inspection and copying at the principal Reference Room. directors that satisfy the Exchange’s
office of the Exchange. All comments II. Self-Regulatory Organization’s independence requirements.9 To
received will be posted without change; Statement of the Purpose of, and effectuate the proposed change, the
the Commission does not edit personal Statutory Basis for, the Proposed Rule Exchange would delete the phrase ‘‘or a
identifying information from Change director of NYSE Regulation, Inc. that
submissions. You should submit only satisfies the Public Director
information that you wish to make In its filing with the Commission, the requirements set forth in Section 3.02(a)
available publicly. All submissions self-regulatory organization included of the Bylaws of the Exchange’’ in Rule
should refer to File Number SR–BX– statements concerning the purpose of, 3.3(a)(1)(B).
2016–041 and should be submitted on and basis for, the proposed rule change
and discussed any comments it received 2. Statutory Basis
or before August 5, 2016.
on the proposed rule change. The text The Exchange believes that the
For the Commission, by the Division of of those statements may be examined at
Trading and Markets, pursuant to delegated
proposed rule change is consistent with
authority.7
the places specified in Item IV below. Section 6(b) of the Exchange Act 10 in
The Exchange has prepared summaries, general, and with Section 6(b)(5) 11 in
Robert W. Errett,
set forth in sections A, B, and C below, particular, in that it is designed to
Deputy Secretary. of the most significant parts of such prevent fraudulent and manipulative
[FR Doc. 2016–16719 Filed 7–14–16; 8:45 am] statements. acts and practices, to promote just and
BILLING CODE 8011–01–P
A. Self-Regulatory Organization’s equitable principles of trade, to foster
Statement of the Purpose of, and cooperation and coordination with
Statutory Basis for, the Proposed Rule persons engaged in facilitating
SECURITIES AND EXCHANGE
Change transactions in securities, and to remove
COMMISSION
impediments to and perfect the
[Release No. 34–78280; File No. SR– 1. Purpose mechanism of a free and open market
NYSEArca–2016–91] The Exchange proposes to amend and a national market system and, in
NYSE Arca Rule 3.3(a)(1)(B) to delete an general, help to protect investors and
Self-Regulatory Organizations; NYSE the public interest. Specifically, the
outdated reference to ‘‘a director of
Arca, Inc.; Notice of Filing and Exchange believes that replacing the
NYSE Regulation, Inc. that satisfies the
Immediate Effectiveness of Proposed reference to a director of NYSE
Public Director requirements set forth in
Rule Change Amending NYSE Arca
Section 3.02(a) of the Bylaws of the
Rule 3.3 To Delete an Outdated 2015), 80 FR 59837 (October 2, 2015) (SR–NYSE–
Exchange.’’
Reference 2015–27).
In 2015, the Exchange amended, 8 See NYSE Arca ROC Approval Order, 80 FR at
July 11, 2016. among other rules, Rule 3.3 in order to 34744. Article III, Section 3.02(a) of the Exchange’s
Pursuant to Section 19(b)(1) 1 of the establish a Regulatory Oversight Bylaws requires that at least 50% of the Exchange’s
Securities Exchange Act of 1934 (the Committee (‘‘ROC’’) as a committee of directors be public directors, defined as ‘‘persons
the SRO Board.6 At the time, the from the public and [who] will not be, or be
‘‘Act’’ or ‘‘Exchange Act’’) 2 and Rule affiliated with, a broker-dealer in securities or
19b–4 thereunder,3 notice is hereby Exchange’s regulatory functions were employed by, or involved in any material business
given that on June 28, 2016, NYSE Arca, performed by NYSE Regulation, Inc. relationship with, the Exchange or its affiliates.’’
Inc. (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) (‘‘NYSE Regulation’’), a former The Exchange believes that the Bylaw requirements
for ‘‘public directors’’ establish the Exchange’s
filed with the Securities and Exchange subsidiary of the Exchange’s affiliate criteria for director independence, and therefore
Commission (the ‘‘Commission’’) the New York Stock Exchange LLC serve the same purpose as the NYSE and NYSE
proposed rule change as described in (‘‘NYSE’’), pursuant to an intercompany MKT Independence Policies. See Securities
Items I and II below, which Items have Regulatory Service Agreement Exchange Act Release Nos. 74824 (April 28, 2015),
80 FR 25347, 25348 n.6 (May 4, 2015) (SR–
been prepared by the Exchange. The (‘‘RSA’’).7 When the Exchange’s ROC NYSEArca–2015–29) (‘‘Notice’’); NYSE Arca ROC
sradovich on DSK3GMQ082PROD with NOTICES
Exchange has designated this proposal Approval Order, 80 FR at 34744. See also Securities
4 15
U.S.C. 78s(b)(3)(A).
as a ‘‘non-controversial’’ proposed rule Exchange Act Release No. 67564 (August 1, 2012),
5 17
CFR 240.19b–4(f)(6)(iii). 77 FR 47161 (August 7, 2012) (SR–NYSE–2012–17);
change pursuant to Section 19(b)(3)(A) 6 See Securities Exchange Act Release No. 75155 SR–NYSEArca–2012–59; SR–NYSEMKT–2012–07)
(June 11, 2015), 80 FR 34744 (June 17, 2015) (SR– (approving NYSE’s and NYSE MKT’s director
7 17 CFR 200.30–3(a)(12). independence policy).
NYSEArca–2015–29) (‘‘NYSE Arca ROC Approval
1 15 U.S.C. 78s(b)(1). 9 See note 8, supra.
Order’’).
2 15 U.S.C. 78a. 7 See id., at 34744 & n.7; see also Securities 10 15 U.S.C. 78f(b).
3 17 CFR 240.19b–4. Exchange Act Release No. 75991 (September 28, 11 15 U.S.C. 78f(b)(5).
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Document Created: 2016-07-15 02:53:31
Document Modified: 2016-07-15 02:53:31
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| FR Citation | 81 FR 46126 |
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