81 FR 46131 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 136 (July 15, 2016)

Page Range		46131-46131
FR Document		2016-16867

Federal Register, Volume 81 Issue 136 (Friday, July 15, 2016)

[Federal Register Volume 81, Number 136 (Friday, July 15, 2016)]
[Notices]
[Page 46131]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-16867]



[[Page 46131]]

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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 Advisory Committee on Small and Emerging 
Companies will hold a public meeting on Tuesday, July 19, 2016, in 
Multi-Purpose Room LL-006 at the Commission's headquarters, 100 F 
Street NE., Washington, DC.
    The meeting will begin at 9:30 a.m. (EDT) and will be open to the 
public. Seating will be on a first-come, first-served basis. Doors will 
open at 9:00 a.m. Visitors will be subject to security checks. The 
meeting will be webcast on the Commission's Web site at www.sec.gov.
    On June 27, 2016, the Commission published notice of the Committee 
meeting (Release No. 33-10105), indicating that the meeting is open to 
the public and inviting the public to submit written comments to the 
Committee. This Sunshine Act notice is being issued because a majority 
of the Commission may attend the meeting.
    The agenda for the meeting includes matters relating to rules and 
regulations affecting small and emerging companies under the federal 
securities laws.
    For further information, please contact Brent J. Fields in the 
Office of the Secretary at (202) 551-5400.

    Dated: July 12, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-16867 Filed 7-13-16; 11:15 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 136 / Friday, July 15, 2016 / Notices 46131

SECURITIES AND EXCHANGE of 1934 (‘‘Act’’) 1 and Rule 19b–4 over Market Maker quotes at the same
COMMISSION thereunder,2 a proposed rule change to price.
amend Exchange Rule 6.64 regarding (C) Orders in the OX Book that were
Sunshine Act Meeting the process for opening trading in an not executed during the Auction
options series. The proposed rule Process, other than Opening Only
Notice is hereby given, pursuant to orders, shall become eligible for the
change was published for comment in
the provisions of the Government in the Core Trading Session immediately after
the Federal Register on April 12, 2016.3
Sunshine Act, Public Law 94–409, that the conclusion of the Auction Process.
The Commission received one comment
the Securities and Exchange (D) The OX System will not conduct
letter on the proposed rule change.4 On
Commission Advisory Committee on an Auction Process if the bid-ask
May 25, 2016, the Commission extended
Small and Emerging Companies will differential for that series is not within
the time period within which to
hold a public meeting on Tuesday, July an acceptable range. For the purposes of
approve the proposed rule change,
19, 2016, in Multi-Purpose Room LL– this rule, an acceptable range shall mean
disapprove the proposed rule change, or
006 at the Commission’s headquarters, within the bid-ask differential
institute proceedings to determine
100 F Street NE., Washington, DC. guidelines established pursuant to Rule
whether to disapprove the proposed
The meeting will begin at 9:30 a.m. 6.37(b)(1)(A)–(E).
rule change to July 11, 2016.5 On July
(EDT) and will be open to the public. (E) If the OX System does not open a
8, 2016, the Exchange submitted
Seating will be on a first-come, first- series with an Auction Process, the OX
Amendment No. 1 to the proposed rule
served basis. Doors will open at 9:00 System shall open the series for trading
change.6 The Commission is publishing
a.m. Visitors will be subject to security after receiving notification of an initial
this notice to solicit comment on
checks. The meeting will be webcast on NBBO disseminated by OPRA for the
Amendment No. 1 to the proposed rule
the Commission’s Web site at series or on a Market Maker quote,
change from interested persons and is
www.sec.gov. provided that the bid-ask differential
approving the proposed rule change, as
On June 27, 2016, the Commission does not exceed the bid-ask differential
modified by Amendment No. 1, on an
published notice of the Committee specified under Rule 6.37A(b)(4).8
accelerated basis.
meeting (Release No. 33–10105), In addition, Rule 6.64(c) provides for
indicating that the meeting is open to II. Description of the Proposed Rule how the OX System will determine the
the public and inviting the public to Change, as Modified by Amendment opening price of a series when an
submit written comments to the No. 1 Auction Process is conducted.9
Committee. This Sunshine Act notice is Exchange Rule 6.64 sets forth the OX Specifically, current Rule 6.64(c) states,
being issued because a majority of the automated opening process.7 Current in part, that the ‘‘opening price of a
Commission may attend the meeting. Rule 6.64(b) provides that, after the series will be the price, as determined
The agenda for the meeting includes primary market for the underlying by OX, at which the greatest number of
matters relating to rules and regulations security disseminates an opening trade contracts will trade at or nearest to the
affecting small and emerging companies or an opening quote, the Exchange will midpoint of the initial uncrossed NBBO
under the federal securities laws. open the related option series disseminated by OPRA, if any, or the
For further information, please automatically based on the following midpoint of the best quote bids and
contact Brent J. Fields in the Office of principles and procedures: quote offers in the OX Book.’’ 10
the Secretary at (202) 551–5400. (A) The system will determine a The Exchange proposes several
Dated: July 12, 2016. single price at which a particular option changes to Exchange Rule 6.64 and the
Robert W. Errett, series will be opened. OX opening process. The proposed
(B) Orders and quotes in the system changes would also affect the process of
Deputy Secretary.
will be matched up with one another re-opening an options series after a
[FR Doc. 2016–16867 Filed 7–13–16; 11:15 am]
based on price-time priority; provided, trading halt.11
BILLING CODE 8011–01–P First, the Exchange proposes to
however, that Orders will have priority
amend Exchange Rule 6.64(b) so that
1 15
U.S.C. 78s(b)(1).
trading in an options series will be
SECURITIES AND EXCHANGE opened automatically once the primary
2 17
CFR 240.19b–4.
COMMISSION 3 See Securities Exchange Act Release No. 77539 market for the underlying security
[Release No. 34–78284; File No. SR–
(April 6, 2016), 81 FR 21639 (‘‘Notice’’). disseminates both a quote and a trade
NYSEARCA–2016–49]
4 See letter from Anonymous, dated May 3, 2016.
that is at or within the quote.12 Further,
The letter was generally supportive of the proposed the Exchange proposes to specify that
rule change.
Self-Regulatory Organizations; NYSE 5 See Securities Exchange Act Release No. 77912 the opening process will occur at or
Arca, Inc.; Notice of Filing of (May 25, 2016), 81 FR 35105 (June 1, 2016). after 9:30 a.m. Eastern Time.13
Amendment No. 1 and Order Granting 6 See Letter to Brent J. Fields, Secretary, The Exchange also proposes to modify
Accelerated Approval of a Proposed Commission, from Martha Redding, Associate Exchange Rule 6.64(b)(E) so that if the
General Counsel, Assistant Secretary, NYSE Arca, OX System does not open a series with
Rule Change, as Modified by LLC dated July 11, 2016. As more fully described
Amendment No. 1, To Amend Rule 6.64 below, in Amendment No. 1 the Exchange proposes an Auction Process, trading in an
With Respect To Opening Trading in additional modifications to Rule 6.64(c) to clarify options series could no longer open on
an Options Series and detail how the Exchange would determine the a local Market Maker quote, but would
opening price upon dissemination of an NBBO from
July 11, 2016. OPRA. Amendment No. 1 to the proposed rule
sradovich on DSK3GMQ082PROD with NOTICES

8 See Exchange Rule 6.64(b)(A)–(E).
change is also available on the Commission’s Web 9 See Notice and current Exchange Rule 6.64(c).
I. Introduction site at: https://www.sec.gov/comments/sr-nysearca-
10 See current Exchange Rule 6.64(c).
2016-49/nysearca201649.shtml.
On March 23, 2016, NYSE Arca, Inc. 7 See Exchange Rule 6.64. The term ‘‘OX’’ refers 11 See Exchange Rule 6.64(d), which provides that

(‘‘Exchange’’) filed with the Securities to the Exchange’s electronic order delivery, the Exchange will follow the same procedures in
execution and reporting system for designated opening after a trading halt as the procedures
and Exchange Commission followed for the opening of the trading day.
option issues through which orders and quotes of
(‘‘Commission’’), pursuant to Section Users are consolidated for execution and/or display. 12 See proposed Rule 6.64(b).
19(b)(1) of the Securities Exchange Act See Exchange Rule 6.1A(a)(13) (defining ‘‘OX’’). 13 See id.

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Document Created: 2016-07-15 02:53:10
Document Modified: 2016-07-15 02:53:10

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 46131