81_FR_49002 81 FR 48859 - Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees as They Apply to the Recently Adopted Step Up Mechanism on Its Equity Options Platform

81 FR 48859 - Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees as They Apply to the Recently Adopted Step Up Mechanism on Its Equity Options Platform

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 143 (July 26, 2016)

Page Range48859-48860
FR Document2016-17582

Federal Register, Volume 81 Issue 143 (Tuesday, July 26, 2016) 
[Federal Register Volume 81, Number 143 (Tuesday, July 26, 2016)]
[Notices]
[Pages 48859-48860]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-17582]



[[Page 48859]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78369; File No. SR-BatsEDGX-2016-32]


Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change Related 
to Fees as They Apply to the Recently Adopted Step Up Mechanism on Its 
Equity Options Platform

July 20, 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 July 11, 2016, Bats EDGX Exchange, Inc. (the ``Exchange'' or 
``EDGX'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II 
and III below, which Items have been prepared by the Exchange. The 
Exchange has designated the proposed rule change as one establishing or 
changing a member due, fee, or other charge imposed by the Exchange 
under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) 
thereunder,\4\ which renders the proposed rule change effective upon 
filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange filed a proposal to amend the fee schedule applicable 
to Members \5\ and non-members of the Exchange pursuant to EDGX Rules 
15.1(a) and (c).
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    \5\ The term ``Member'' is defined as ``any registered broker or 
dealer that has been admitted to membership in the Exchange.'' See 
Exchange Rule 1.5(n).
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    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 
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 modify the fee schedule applicable to the 
Exchange's options platform (``EDGX Options'') to adopt fees for its 
recently adopted Step Up Mechanism (``SUM'').\6\ SUM is a feature 
within the Exchange's System \7\ that will provide automated order 
handling in designated classes for qualifying orders that are not 
automatically executed by the System. For order handling and responses 
regarding SUM, orders that are received by SUM shall be electronically 
exposed at the NBBO immediately upon receipt. The exposure shall be for 
a period of time determined by the Exchange on a class-by-class basis, 
which period of time shall not exceed one second. All Users will be 
permitted to submit responses to the exposure message during the 
exposure period.\8\ The Exchange proposes to provide an additional 
rebate per contract for orders submitted by Users in response to a SUM 
auction, as described below.
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    \6\ See SR-BatsEDGX-2016-29 (``Step Up Mechanism Filing''), 
available at: http://cdn.batstrading.com/resources/regulation/rule_filings/approved/2016/SR-BatsEDGX-2016-29.pdf.
    \7\ See Exchange Rule 16.1(a)(59) (defining the term System as 
the automated trading system used by EDGX Options for the trading of 
options contracts).
    \8\ See Step Up Mechanism Filing, supra note 6.
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    In order to encourage Users to respond to SUM auctions, the 
Exchange proposes to adopt footnote 3 to the Fee Schedule, under which 
the Exchange would provide an additional rebate of $0.05 per contract 
for any order submitted in response to a SUM auction. As with all other 
fees and rebates on EDGX Options, this rebate would only apply to 
orders that are executed; and in this case, to orders that are 
specifically executed against orders exposed via SUM.
    As noted above, all Users are permitted to submit orders in 
response to a SUM auction, and thus, the Exchange proposes to append 
footnote 3 to all fee codes on the Exchange's fee schedule other than 
those specific to routing away from the Exchange and the Exchange's 
opening process. Specifically, the additional rebate per contract for 
responding to and executing against an order exposed through a SUM 
auction would apply to fee codes: NB, NC, NF, NM, NN, NO, NP, PB, PC, 
PF, PM, PN, PO and PP.
    The proposed rebate is an additional rebate per contract, and would 
therefore be applied on top of any existing fee or rebate currently 
provided for in the Exchange's fee schedule. For example, pursuant to 
fee code NB, the Exchange charges a standard fee of $0.75 per contract 
for Broker Dealer \9\ orders in Non-Penny Pilot Securities.\10\ If a 
User were to submit a Broker Dealer order in a Non-Penny Pilot Security 
in response to a SUM auction, the resulting transaction fee would be 
$0.70 per contract after applying the proposed $0.05 per contract 
rebate for SUM responses.
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    \9\ The term ``Broker Dealer'' applies to any order for the 
account of a broker dealer, including a foreign broker dealer, that 
clears in the Customer range at the OCC.
    \10\ The term ``Non-Penny Pilot Security'' applies to those 
issues that are not Penny Pilot Securities quoted pursuant to 
Exchange Rule 21.5, Interpretation and Policy .01.
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    The additional SUM rebate would also apply in addition to any 
tiered pricing rate otherwise achieved by a Member. For instance, 
pursuant to footnote 2 of the Exchange's fee schedule, a Member's 
Market Maker \11\ orders are eligible for reduced fees or even a rebate 
to the extent the Member reaches certain volume thresholds. The 
additional rebate per contract would apply in addition to this reduced 
fee or rebate (e.g., Tier 1, which normally yields a decreased fee of 
$0.16 per contract for qualifying Members' Market Maker orders would 
instead yield a fee of $0.11 per contract for a SUM response; Tier 5, 
which normally yields a decreased fee of $0.02 per contract for 
qualifying Members' Market Maker orders would instead yield a rebate of 
$0.03 per contract for a SUM response; and so forth).
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    \11\ The term ``Market Maker'' applies to any transaction 
identified by a Member for clearing in the Market Maker range at the 
OCC, where such Member is registered with the Exchange as a Market 
Maker as defined in Rule 16.1(a)(37).
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Implementation Date
    The Exchange proposes to implement the proposed changes on July 11, 
2016.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder that are applicable to a national securities exchange, and, 
in particular, with the requirements of Section 6 of the Act.\12\ 
Specifically, the Exchange believes that

[[Page 48860]]

the proposed rule change is consistent with Section 6(b)(4) of the 
Act,\13\ in that it provides for the equitable allocation of reasonable 
dues, fees and other charges among Members and other persons using any 
facility or system which the Exchange operates or controls. The 
Exchange notes that it operates in a highly competitive market in which 
market participants can readily direct order flow to competing venues 
or providers of routing services if they deem fee levels to be 
excessive.
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    \12\ 15 U.S.C. 78f.
    \13\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes the proposed rebate is equitable and not 
unfairly discriminatory because it would be equally available and 
objectively applied to all Members orders submitted and executed in 
response to SUM auctions on the Exchange. The Exchange further believes 
the proposed rebate is equitable and reasonable as it is an additional 
rebate per contract designed to encourage Members to enter orders in 
response to SUM auctions on the Exchange. The Exchange further believes 
that the rebate is reasonable because the proposed additional rebate 
per contract does not represent a significant departure from pricing 
previously offered by the Exchange or other options exchanges. Lastly, 
the Exchange believes the proposed rebate is not unfairly 
discriminatory as all Members may enter orders in response to a SUM 
auction and receive the proposed rebate if their order is executed.

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

    The Exchange believes the proposed rebate would not impose any 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. The Exchange does not believe 
that the proposed rebate represents a significant departure from 
previous pricing offered by the Exchange or pricing offered by the 
Exchange's competitors. Rather, the Exchange believes the proposal will 
enhance competition as it is a competitive proposal that seeks to 
further the growth of the Exchange by encouraging Members to enter 
orders in response to SUM auctions.

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

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any written comments from members or other interested parties.

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) of the Act \14\ and paragraph (f) of Rule 19b-4 
thereunder.\15\ 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.
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    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4(f).
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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 No. SR-BatsEDGX-2016-32 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-BatsEDGX-2016-32. 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-BatsEDGX-2016-32, and should be 
submitted on or before August 16, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-17582 Filed 7-25-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 143 / Tuesday, July 26, 2016 / Notices 48859 SECURITIES AND EXCHANGE proposed rule change. The text of these against an order exposed through a SUM COMMISSION statements may be examined at the auction would apply to fee codes: NB, places specified in Item IV below. The NC, NF, NM, NN, NO, NP, PB, PC, PF, [Release No. 34–78369; File No. SR– BatsEDGX–2016–32] Exchange has prepared summaries, set PM, PN, PO and PP. forth in Sections A, B, and C below, of The proposed rebate is an additional Self-Regulatory Organizations; Bats the most significant parts of such rebate per contract, and would therefore EDGX Exchange, Inc.; Notice of Filing statements. be applied on top of any existing fee or and Immediate Effectiveness of a rebate currently provided for in the A. Self-Regulatory Organization’s Proposed Rule Change Related to Fees Exchange’s fee schedule. For example, Statement of the Purpose of, and the as They Apply to the Recently Adopted pursuant to fee code NB, the Exchange Statutory Basis for, the Proposed Rule Step Up Mechanism on Its Equity charges a standard fee of $0.75 per Change Options Platform contract for Broker Dealer 9 orders in 1. Purpose Non-Penny Pilot Securities.10 If a User July 20, 2016. were to submit a Broker Dealer order in The Exchange proposes to modify the Pursuant to Section 19(b)(1) of the fee schedule applicable to the a Non-Penny Pilot Security in response Securities Exchange Act of 1934 (the Exchange’s options platform (‘‘EDGX to a SUM auction, the resulting ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Options’’) to adopt fees for its recently transaction fee would be $0.70 per notice is hereby given that on July 11, adopted Step Up Mechanism (‘‘SUM’’).6 contract after applying the proposed 2016, Bats EDGX Exchange, Inc. (the SUM is a feature within the Exchange’s $0.05 per contract rebate for SUM ‘‘Exchange’’ or ‘‘EDGX’’) filed with the System 7 that will provide automated responses. Securities and Exchange Commission order handling in designated classes for The additional SUM rebate would (‘‘Commission’’) the proposed rule qualifying orders that are not also apply in addition to any tiered change as described in Items I, II and III automatically executed by the System. pricing rate otherwise achieved by a below, which Items have been prepared For order handling and responses Member. For instance, pursuant to by the Exchange. The Exchange has regarding SUM, orders that are received footnote 2 of the Exchange’s fee designated the proposed rule change as by SUM shall be electronically exposed schedule, a Member’s Market Maker 11 one establishing or changing a member at the NBBO immediately upon receipt. orders are eligible for reduced fees or due, fee, or other charge imposed by the The exposure shall be for a period of even a rebate to the extent the Member Exchange under Section 19(b)(3)(A)(ii) time determined by the Exchange on a reaches certain volume thresholds. The of the Act 3 and Rule 19b–4(f)(2) class-by-class basis, which period of additional rebate per contract would thereunder,4 which renders the time shall not exceed one second. All apply in addition to this reduced fee or proposed rule change effective upon Users will be permitted to submit rebate (e.g., Tier 1, which normally filing with the Commission. The responses to the exposure message yields a decreased fee of $0.16 per Commission is publishing this notice to during the exposure period.8 The contract for qualifying Members’ Market solicit comments on the proposed rule Exchange proposes to provide an Maker orders would instead yield a fee change from interested persons. additional rebate per contract for orders of $0.11 per contract for a SUM I. Self-Regulatory Organization’s submitted by Users in response to a response; Tier 5, which normally yields Statement of the Terms of Substance of SUM auction, as described below. a decreased fee of $0.02 per contract for the Proposed Rule Change In order to encourage Users to qualifying Members’ Market Maker respond to SUM auctions, the Exchange orders would instead yield a rebate of The Exchange filed a proposal to proposes to adopt footnote 3 to the Fee $0.03 per contract for a SUM response; amend the fee schedule applicable to Schedule, under which the Exchange and so forth). Members 5 and non-members of the would provide an additional rebate of Exchange pursuant to EDGX Rules Implementation Date $0.05 per contract for any order 15.1(a) and (c). submitted in response to a SUM The Exchange proposes to implement The text of the proposed rule change auction. As with all other fees and the proposed changes on July 11, 2016. is available at the Exchange’s Web site rebates on EDGX Options, this rebate at www.batstrading.com, at the 2. Statutory Basis would only apply to orders that are principal office of the Exchange, and at executed; and in this case, to orders that The Exchange believes that the the Commission’s Public Reference are specifically executed against orders proposed rule change is consistent with Room. exposed via SUM. the requirements of the Act and the II. Self-Regulatory Organization’s As noted above, all Users are rules and regulations thereunder that Statement of the Purpose of, and permitted to submit orders in response are applicable to a national securities Statutory Basis for, the Proposed Rule to a SUM auction, and thus, the exchange, and, in particular, with the Change Exchange proposes to append footnote 3 requirements of Section 6 of the Act.12 to all fee codes on the Exchange’s fee Specifically, the Exchange believes that In its filing with the Commission, the schedule other than those specific to Exchange included statements routing away from the Exchange and the 9 The term ‘‘Broker Dealer’’ applies to any order concerning the purpose of and basis for Exchange’s opening process. for the account of a broker dealer, including a the proposed rule change and discussed foreign broker dealer, that clears in the Customer Specifically, the additional rebate per range at the OCC. any comments it received on the contract for responding to and executing 10 The term ‘‘Non-Penny Pilot Security’’ applies srobinson on DSK5SPTVN1PROD with NOTICES to those issues that are not Penny Pilot Securities 1 15 U.S.C. 78s(b)(1). 6 See SR–BatsEDGX–2016–29 (‘‘Step Up quoted pursuant to Exchange Rule 21.5, 2 17 CFR 240.19b–4. Mechanism Filing’’), available at: http:// Interpretation and Policy .01. 3 15 U.S.C. 78s(b)(3)(A)(ii). cdn.batstrading.com/resources/regulation/rule_ 11 The term ‘‘Market Maker’’ applies to any 4 17 CFR 240.19b–4(f)(2). filings/approved/2016/SR-BatsEDGX-2016-29.pdf. transaction identified by a Member for clearing in 5 The term ‘‘Member’’ is defined as ‘‘any 7 See Exchange Rule 16.1(a)(59) (defining the term the Market Maker range at the OCC, where such registered broker or dealer that has been admitted System as the automated trading system used by Member is registered with the Exchange as a Market to membership in the Exchange.’’ See Exchange EDGX Options for the trading of options contracts). Maker as defined in Rule 16.1(a)(37). Rule 1.5(n). 8 See Step Up Mechanism Filing, supra note 6. 12 15 U.S.C. 78f. VerDate Sep<11>2014 20:28 Jul 25, 2016 Jkt 238001 PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 E:\FR\FM\26JYN1.SGM 26JYN1

48860 Federal Register / Vol. 81, No. 143 / Tuesday, July 26, 2016 / Notices the proposed rule change is consistent comments from members or other business days between the hours of with Section 6(b)(4) of the Act,13 in that interested parties. 10:00 a.m. and 3:00 p.m. Copies of the it provides for the equitable allocation filing also will be available for III. Date of Effectiveness of the of reasonable dues, fees and other inspection and copying at the principal Proposed Rule Change and Timing for charges among Members and other office of the Exchange. All comments Commission Action persons using any facility or system received will be posted without change; which the Exchange operates or The foregoing rule change has become the Commission does not edit personal controls. The Exchange notes that it effective pursuant to Section 19(b)(3)(A) identifying information from operates in a highly competitive market of the Act 14 and paragraph (f) of Rule submissions. You should submit only in which market participants can 19b–4 thereunder.15 At any time within information that you wish to make readily direct order flow to competing 60 days of the filing of the proposed rule available publicly. All submissions venues or providers of routing services change, the Commission summarily may should refer to File No. SR–BatsEDGX– if they deem fee levels to be excessive. temporarily suspend such rule change if 2016–32, and should be submitted on or The Exchange believes the proposed it appears to the Commission that such before August 16, 2016. rebate is equitable and not unfairly action is necessary or appropriate in the For the Commission, by the Division of discriminatory because it would be public interest, for the protection of Trading and Markets, pursuant to delegated equally available and objectively investors, or otherwise in furtherance of authority.16 applied to all Members orders submitted the purposes of the Act. Robert W. Errett, and executed in response to SUM IV. Solicitation of Comments Deputy Secretary. auctions on the Exchange. The [FR Doc. 2016–17582 Filed 7–25–16; 8:45 am] Interested persons are invited to Exchange further believes the proposed BILLING CODE 8011–01–P submit written data, views, and rebate is equitable and reasonable as it arguments concerning the foregoing, is an additional rebate per contract including whether the proposed rule SECURITIES AND EXCHANGE designed to encourage Members to enter change is consistent with the Act. COMMISSION orders in response to SUM auctions on Comments may be submitted by any of the Exchange. The Exchange further [Release No. 34–78367; File No. SR– the following methods: believes that the rebate is reasonable NYSEMKT–2016–49] because the proposed additional rebate Electronic Comments per contract does not represent a • Use the Commission’s Internet Self-Regulatory Organizations; NYSE significant departure from pricing comment form (http://www.sec.gov/ MKT LLC; Notice of Withdrawal of previously offered by the Exchange or rules/sro.shtml); or Proposed Rule Change Amending the other options exchanges. Lastly, the • Send an email to rule-comments@ Definition of ‘‘Block’’ for Purposes of Exchange believes the proposed rebate sec.gov. Please include File No. SR– Rule 72(d)—Equities and the Size of a is not unfairly discriminatory as all BatsEDGX–2016–32 on the subject line. Proposed Cross Transaction Eligible Members may enter orders in response for the Cross Function in Rule 76— to a SUM auction and receive the Paper Comments Equities proposed rebate if their order is • Send paper comments in triplicate July 20, 2016. executed. to Secretary, Securities and Exchange On April 22, 2016, NYSE MKT LLC B. Self-Regulatory Organization’s Commission, 100 F Street NE., (‘‘Exchange’’ or ‘‘NYSE MKT’’) filed Statement on Burden on Competition Washington, DC 20549–1090. with the Securities and Exchange All submissions should refer to File No. Commission (‘‘Commission’’), pursuant The Exchange believes the proposed SR–BatsEDGX–2016–32. This file to Section 19(b)(1) of the Securities rebate would not impose any burden on number should be included on the Exchange Act of 1934 (‘‘Act’’) 1 and Rule competition that is not necessary or subject line if email is used. To help the 19b–4 thereunder,2 a proposed rule appropriate in furtherance of the Commission process and review your change to amend its rules relating to purposes of the Act. The Exchange does comments more efficiently, please use pre-opening indications and opening not believe that the proposed rebate only one method. The Commission will procedures. The proposed rule change represents a significant departure from post all comments on the Commission’s was published for comment in the previous pricing offered by the Internet Web site (http://www.sec.gov/ Federal Register on May 3, 2016.3 The Exchange or pricing offered by the rules/sro.shtml). Copies of the Commission received no comments on Exchange’s competitors. Rather, the submission, all subsequent the proposed rule change. On May 31, Exchange believes the proposal will amendments, all written statements 2016, pursuant to Section 19(b)(2) of the enhance competition as it is a with respect to the proposed rule Act,4 the Commission designated a competitive proposal that seeks to change that are filed with the longer period within which to approve further the growth of the Exchange by Commission, and all written the proposed rule change, disapprove encouraging Members to enter orders in communications relating to the the proposed rule change, or institute response to SUM auctions. proposed rule change between the proceedings to determine whether to C. Self-Regulatory Organization’s Commission and any person, other than disapprove the proposed rule change.5 Statement on Comments on the those that may be withheld from the Proposed Rule Change Received From public in accordance with the 16 17 CFR 200.30–3(a)(12). srobinson on DSK5SPTVN1PROD with NOTICES Members, Participants, or Others provisions of 5 U.S.C. 552, will be 1 15 U.S.C. 78s(b)(1). available for Web site viewing and 2 17 CFR 240.19b–4. The Exchange has not solicited, and printing in the Commission’s Public 3 See Securities Exchange Act Release No. 77734 does not intend to solicit, comments on Reference Room, 100 F Street NE., (Apr. 27, 2016), 81 FR 26598. 4 15 U.S.C. 78s(b)(2). this proposed rule change. The Washington, DC 20549, on official 5 See Securities Exchange Act Release No. 77951, Exchange has not received any written 81 FR 36367 (June 6, 2016). The Commission 14 15 U.S.C. 78s(b)(3)(A). designated August 1, 2016, as the date by which it 13 15 U.S.C. 78f(b)(4). 15 17 CFR 240.19b–4(f). should approve, disapprove, or institute VerDate Sep<11>2014 20:28 Jul 25, 2016 Jkt 238001 PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 E:\FR\FM\26JYN1.SGM 26JYN1


Document Created: 2018-02-08 08:00:42
Document Modified: 2018-02-08 08:00:42
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 48859 
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